Streetbeat News

Acquisitions Mergers

HOLI

Hollysys Automation Technologies Ltd. (HOLI) is set to be acquired by Ascendent Capital Partners for $26.50 per share in an all-cash transaction. This acquisition represents a strategic move by Ascendent to enhance its portfolio in the automation technology sector.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:12 pm

BTOG

Bit Origin has secured a $6.74 million investment for constructing a new 25 MW crypto mining data center in Cheyenne, Wyoming. The company expects the data center to be completed by early Q2 2024 and to house between 4,480 to 8,400 bitcoin miners. This expansion is anticipated to significantly boost Bit Origin's revenue and cash flow starting in the second half of 2024. Additionally, Bit Origin has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes and warrants to ATW Digital Assets Opportunity.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:10 pm

INPX

Inpixon has received shareholder approval for the merger with XTI Aircraft Company, with completion expected around year-end. The merged entity will be named XTI Aerospace, Inc. and plans to trade on the Nasdaq under the symbol 'XTIA', pending listing approval.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:04 pm

BlackBerry shares dropped following the announcement of its decision to separate its IoT and Cybersecurity units and to cancel the planned subsidiary IPO of its IoT business.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:04 pm

AMD

BIDU

NVDA

TCEHY

TSM

Chinese companies, including Tencent Holdings Ltd (TCEHY) and Huawei, are promoting their AI chips as alternatives to Nvidia Corp's (NVDA) products amid U.S. export restrictions. Nvidia holds a dominant position in China's AI chip market, but these restrictions have opened opportunities for companies like Hygon Information Technology and Iluvatar CoreX. Tencent is also offering its Zixiao chips through its cloud services, which include options from Nvidia and Advanced Micro Devices, Inc (AMD). Baidu Inc (BIDU) and other Chinese tech firms are seeking domestic AI chip sources, while Taiwan Semiconductor Manufacturing Company Ltd (TSM) faces U.S. curbs on working with Chinese firms. Nvidia's stock saw a slight increase in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 1:56 pm

PSTX

SNAP

Poseida Therapeutics (PSTX) presented positive early results from its Phase 1 trial of P-BCMA-ALLO1 for multiple myeloma at the ASH Meeting, causing a 73% surge in its stock. Cigna (CI) shares rose 14% after it reportedly dropped plans to acquire Humana and announced a $10 billion buyback. Snap (SNAP) shares increased by 6% following an upgrade by Wells Fargo from Equal-Weight to Overweight and a price target raise from $8 to $22.

Portfolio Pulse from ryanfaloona@benzinga.com

December 11, 2023 | 1:56 pm

BBGI

CAUD

FERN

GOLQ

LGIQ

TCOA

Collective Audience, Inc. (NASDAQ:CAUD) has appointed Peter Bordes as CEO, succeeding Brent Suen. Bordes brings over 30 years of experience in AdTech, media, AI, fintech, and technology sectors. Suen praised Bordes' leadership and vision, which align with the company's goals to build a full stack integrated platform, acquire complementary technologies, and form new partnerships. Bordes' appointment is expected to open new business opportunities and drive growth. He has been an influential angel investor and holds board positions at several companies. In connection with his hiring, Bordes received 71,429 shares of restricted common stock of Collective Audience, vesting over six months.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:50 pm

ACI

ASAN

SAN

Jim Cramer, on CNBC's 'Mad Money Lightning Round,' recommended buying Banco Santander (SAN) due to its strong performance in Brazil and Mexico. He expressed skepticism about the Kroger (KR) and Albertsons (ACI) merger, predicting government intervention to block it. Cramer also commented on Asana (ASAN), stating he wants to see profitability before endorsing the stock. SAN shares rose 1.2%, ASAN gained 3.9%, KR fell 0.5%, and ACI increased by 0.7% in Friday's trading session.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 1:50 pm

HUM

Cigna Group (NYSE:CI) shares rose after the company ceased acquisition talks with Humana Inc (NYSE:HUM) due to price disagreements. Cigna announced a $10 billion increase in share repurchase authorization, planning to buy back at least $5 billion in stock by mid-2024, including an accelerated repurchase in Q1 2024. Despite the failed deal, Cigna remains focused on smaller acquisitions and reaffirmed its 2023 and 2024 earnings outlook. CI shares jumped 13.6% to $293.89, while HUM shares increased 1.95% to $491.00 in premarket trading.

Portfolio Pulse from Vandana Singh

December 11, 2023 | 1:47 pm

Alcoa Corporation (NYSE:AA) is engaging with the Spanish government to address financial losses at its San Ciprián complex, which includes an alumina refinery and an aluminum smelter. The refinery has been operating at half capacity since Q3 2022 to reduce losses. The smelter was curtailed in January 2022 but is set for a phased restart in January 2024. Alcoa faces challenges such as uncompetitive energy costs, delayed alternative energy supplies, a European market slowdown, and lower sales prices. Despite investing $65 million in 2023 to meet Viability Agreement terms, Alcoa seeks long-term solutions with government and worker representatives due to unsustainable business conditions.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:45 pm