Streetbeat News

Acquisitions Mergers

AAPL

TSLA

Bitcoin's social dominance has fallen by over 30% as its price dropped below $42,000. An investor group has proposed a $5.8 billion acquisition of Macy's. Cigna has called off its merger with Humana and is moving towards a $10 billion buyback strategy. Apple's analyst has raised the price target to $250, anticipating a $4 trillion valuation by 2024. Tesla's Cybertruck is nearing delivery, and the vehicle has been approved for a $7,500 federal tax credit. Coca-Cola is testing alcoholic beverages in India, and Starlink kits are now available at Costco.

Portfolio Pulse from Akanksha Bakshi

December 11, 2023 | 1:04 pm

HRT

HireRight, a provider of employee background check solutions, has received a non-binding acquisition proposal from private equity firms General Atlantic and Stone Point Capital. The offer is to acquire all outstanding shares of HireRight for $12.75 per share in cash. This proposal represents a significant decision point for the company's future.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:01 pm

NVDA

Nvidia Corp (NASDAQ:NVDA) is expanding its global presence, focusing on partnerships in Vietnam with leading tech firms to develop AI and digital infrastructure. The company has invested $250 million in Vietnam and is considering establishing an R&D facility there. Nvidia's stock has seen a 232% year-to-date increase. Meanwhile, YTL Power International's shares surged after announcing a $4.3 billion AI data center partnership with Nvidia in Malaysia. Analyst Matt Ramsay of TD Cowen maintains a Buy rating on Nvidia, which traded slightly higher premarket on Monday.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 1:00 pm

CYN

GGE

NIR

Green Giant Inc. (GGE) shares plummeted by 37.1% in pre-market trading due to a proposed public offering. Other stocks experienced significant movement in pre-market trading, with notable gainers including NextPlay Technologies (NXTP), Onconova Therapeutics (ONTX), and Macy's (M), which received a $5.8 billion acquisition bid. Losers included Near Intelligence (NIR), which filed for Chapter 11, and Cyngn Inc. (CYN), which announced a $5 million public offering.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 12:59 pm

AMAT

ASML

GFS

IBM

WOLF

New York State is investing $10 billion to create a semiconductor research facility at the University at Albany, in collaboration with NY Creates and major chip companies. The facility will feature advanced equipment from ASML Holding NV and involve key industry players like IBM, Micron Technology, Applied Materials, and Tokyo Electron. The project aims to make New York a significant research hub, create 700 jobs, attract $9 billion in private investment, and reduce reliance on foreign chip technologies. GlobalFoundries, ON Semiconductor, and Wolfspeed also have existing facilities in New York, with Micron planning a new factory near Syracuse.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 12:57 pm

Macy's stock is trading higher after reports of a $5.8 billion buyout offer from an investor group.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 12:48 pm

OXY

Occidental (OXY) plans to increase its quarterly common stock dividend from $0.18 to $0.22 per share starting February 2024. The company also announced the acquisition of CrownRock's assets, which is expected to add scale in the Midland Basin and drive value creation for shareholders with immediate free cash flow accretion. Occidental's CEO Vicki Hollub expressed confidence in integrating CrownRock's team and continuing Occidental's operational and financial success. CrownQuest Operating CEO Tim Dunn praised the acquisition as beneficial for all parties involved.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 12:43 pm

CASY

HUM

LCID

ORCL

PINS

QQQ

SPY

U.S. stocks are expected to start the week with limited momentum as investors await the Federal Reserve's rate-setting meeting and the November inflation report. Last week, stocks saw gains, with the Nasdaq Composite, S&P 500 Index, Dow Industrials, and Russell 2000 all closing positively. Analysts suggest that a 'higher for longer' interest rate scenario may be preferable, as rate cuts often signal an approaching recession. Premarket trading saw slight declines in SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ). Stocks in focus include Humana (HUM) and Cigna (CI), which rose after canceling a proposed combination, with Cigna also announcing a stock buyback plan. Lucid Group (LCID) fell after being removed from the Nasdaq 100 Index, while Pinterest (PINS) rose on positive analyst action. Casey’s General Stores (CASY) and Oracle Corp. (ORCL) are set to report earnings.

Portfolio Pulse from Shanthi Rexaline

December 11, 2023 | 12:27 pm

LXEO

Lexeo Therapeutics (NASDAQ:LXEO) reported a wider Q3 loss of $(12.36) per share compared to $(10.38) per share in the same quarter last year. The company completed its IPO in November 2023, raising $111.5 million, which is expected to fund operations into Q4 2025.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 12:10 pm

HEES

H&E Equipment Services (HEES) has signed a definitive agreement to acquire Precision Rentals, which has a fleet valued at approximately $70 million and an average fleet age of 37 months. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 12:04 pm