Streetbeat News

Acquisitions Mergers

HUT

Hut 8 Corp has provided its first update with detailed reporting metrics after completing a business combination. The update likely includes financial performance, operational metrics, and strategic direction post-merger. Investors will be keen on understanding how the combination has affected the company's prospects.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 11:32 am

BLUE

HUM

JWN

KSS

MOR

NAAS

OTLY

PINS

SNAP

Cigna Group (CI) shares rose by 11.6% in pre-market trading after calling off its proposed merger with Humana Inc. (HUM), which was estimated to be worth $140 billion. Macy's (M) shares also jumped 19.1% due to a $5.8 billion acquisition bid. Other stocks such as NaaS Technology (NAAS), bluebird bio (BLUE), Oatly Group (OTLY), Kohl's Corporation (KSS), Nordstrom (JWN), Snap (SNAP), and MorphoSys AG (MOR) saw gains in pre-market trading. Pinterest (PINS) and Humana (HUM) also recorded increases.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 11:07 am

NVDA

Nvidia Corp. (NASDAQ:NVDA) is planning to expand its presence in Vietnam by deepening partnerships with top tech firms such as Viettel, FPT, Vingroup, and VNG. CEO Jensen Huang announced the expansion during his first visit to Hanoi, highlighting that Nvidia already has millions of clients in Vietnam. The company has invested $250 million in Vietnam, focusing on AI deployment in various industries. The Vietnamese government is incentivizing investments in the semiconductor and AI industries, and Nvidia's move is seen as a diversification strategy amid the U.S. chip ban affecting sales in China.

Portfolio Pulse from Shanthi Rexaline

December 11, 2023 | 9:02 am

APO

Apollo (NYSE:APO) has launched the Apollo Clean Transition Equity ELTIF, a fund focused on private equity opportunities in clean energy and sustainable industry, after receiving approval from Luxembourg's CSSF. The fund will be offered through Apollo Private Markets SICAV, aiming to provide European wealth investors with greater access to such investments.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 8:04 am

BTCUSD

Javier Milei, a pro-Bitcoin leader, has assumed the presidency of Argentina amid a severe economic crisis. In his inaugural address, he outlined the dire economic situation and the need for immediate action, including significant austerity measures. Milei has been critical of Argentina's central bank and has previously suggested radical changes such as abolishing the Central Bank and adopting the U.S. dollar. His election has positively impacted the cryptocurrency market and Argentine ADRs trading in the U.S. He appointed former Central Bank president Luis Caputo as his economy minister.

Portfolio Pulse from Benzinga Neuro

December 11, 2023 | 7:06 am

An investor consortium, including Arkhouse Management and Brigade Capital Management, has proposed a $5.8 billion acquisition of Macy's Inc. (NYSE:M) at $21 per share, a 32% premium over the previous day's closing price. Macy's, facing competition from digital retailers, has seen its share price decline from $70 in 2015 to $17.39 recently. The group believes Macy's is undervalued and is ready to increase the offer after due diligence. Macy's, led by CEO Jeff Gennette, is undergoing a turnaround strategy and reported $1.2 billion in profits on $24.4 billion in revenue last fiscal year.

Portfolio Pulse from Benzinga Neuro

December 10, 2023 | 10:22 pm

ELV

HUM

IYH

UNH

XLV

Cigna Corporation (NYSE:CI) has decided to abandon its proposed merger with Humana Inc. (NYSE:HUM) due to disagreements over financial terms. Instead, Cigna is shifting its focus to smaller acquisitions and has announced a $10 billion stock buyback program, increasing its total planned buybacks to $11.3 billion. The company remains positive about the benefits of a partnership with Humana and plans to repurchase at least $5 billion of common stock by mid-2024. The collapse of the deal leaves Cigna evaluating the sale of its Medicare Advantage business while continuing to expand its Evernorth health services unit.

Portfolio Pulse from Bibhu Pattnaik

December 10, 2023 | 7:00 pm

GOOGL

TSLA

Tesla, Inc. (TSLA) is facing a challenge with the departure of key executives, including AI Infra & AI Platform Engineering Manager Tim Zaman, who announced his move to Alphabet Inc.'s (GOOGL) (GOOG) DeepMind. Zaman's exit follows the departure of Ganesh Venkataramanan, head of the Dojo supercomputer project. AI is crucial for Tesla's autonomous driving technology, and these exits may impact the company's AI ambitions and its valuation, especially concerning robotaxi services.

Portfolio Pulse from Shanthi Rexaline

December 10, 2023 | 6:06 pm

HUM

Cigna has decided not to pursue a merger with Humana after the two companies were unable to agree on terms, according to The Wall Street Journal citing sources.

Portfolio Pulse from Charles Gross

December 10, 2023 | 5:36 pm

DIS

DKNG

The article covers various sports betting updates including the College Football Playoff selections, NFL standings and Super Bowl odds, a major MLB trade involving Juan Soto, Jon Rahm's move to LIV Golf, and the groups for Euro 2024 and Copa America. DraftKings Inc. provided early betting lines for college football and reported a significant win by an NBA bettor. The New York Yankees' World Series odds improved after acquiring Soto, and the Philadelphia Eagles are now underdogs against the Dallas Cowboys.

Portfolio Pulse from Chris Katje

December 09, 2023 | 3:16 pm