Streetbeat News

Acquisitions Mergers

NSIT

Insight Enterprises, a global provider of Insight Intelligent Technology Solutions, has acquired SADA, a six-time Google Cloud Partner of the Year. This acquisition brings 850 professionals dedicated to the Google Cloud ecosystem into Insight's fold, expanding its team to over 14,500 members across 26 countries.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:08 am

GCT

GigaCloud Technology Inc (NASDAQ:GCT) shares rose approximately 8% after reporting strong Q3 FY23 results. Revenue increased by 39.2% Y/Y to $178.2 million, surpassing the consensus of $163.8 million. The company's marketplace GMV grew by 40.8% Y/Y, and the number of active sellers and buyers also saw significant increases. Gross profit soared by 117.3% Y/Y, and adjusted EBITDA increased by 150.4% Y/Y. EPS of $0.59 beat the consensus of $0.38. The company also highlighted its strong cash position and the completion of the Noble House and Wondersign acquisitions. For Q4, GigaCloud expects revenues to significantly exceed consensus estimates.

Portfolio Pulse from Lekha Gupta

December 01, 2023 | 10:50 am

LNG

NFE

PSX

REX

Four energy stocks are considered overbought based on their RSI values, which may signal a potential short-term decline. REX American Resources (REX) reported record Q3 results, causing a 33% stock increase. Phillips 66 (PSX) is in talks with Elliot Investment Management, with a 9% stock gain. New Fortress Energy (NFE) reported strong Q3 revenue and reaffirmed guidance, leading to a 26% increase over the past month. Cheniere Energy (LNG) posted better-than-expected sales, with an 8% gain over the past month.

Portfolio Pulse from Lisa Levin

December 01, 2023 | 10:04 am

DIS

PSHZF

Bill Ackman defended Elon Musk's commitment to free speech amid criticism over anti-Semitic comments and advertisers pulling out from Musk's social media platform, X. Ackman's firm, The Pershing Square Foundation, remains invested in X and supports companies advertising there. Ackman criticized Disney (DIS) for suspending ads on X and suggested Nelson Peltz could influence Disney's decision once on the board. Despite a potential $75 million loss in ad revenue for X, Ackman praised Musk's ownership of X but proposed a trust as a better long-term owner. Pershing Square Holdings (PSHZF) shares fell 1.55%.

Portfolio Pulse from Shanthi Rexaline

December 01, 2023 | 9:09 am

SJM

The J. M. Smucker Company (NYSE:SJM) is expected to release its Q2 fiscal 2024 earnings on Dec. 5, 2023, with an anticipated EPS of $2.48, up from $2.40 the previous year, and revenue estimates of $1.95 billion. The company recently agreed to sell its Fermented Food Condiment Brands in Canada to TreeHouse Foods for $20 million. Smucker's stock closed up 1.1% at $109.73. Analysts have provided mixed ratings and price target changes, with Deutsche Bank, Bernstein, TD Cowen, JP Morgan, and Consumer Edge Research analysts adjusting their outlooks and price targets.

Portfolio Pulse from Lisa Levin

December 01, 2023 | 7:39 am

BWA

BorgWarner Inc. has finalized the acquisition of the Electric Hybrid Systems business segment from Eldor Corporation. This move enhances BorgWarner's ePropulsion portfolio, particularly in high-voltage power electronics beyond the inverter. The company's President and CEO, Frédéric Lissalde, expressed satisfaction with the completion of the acquisition and welcomed Eldor's employees to BorgWarner.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 7:20 am

MSTR

MicroStrategy Inc, under CEO Michael Saylor, added 16,130 BTC to its holdings in November, bringing its total to 174,530 BTC. Galaxy Digital CEO Mike Novogratz praised Saylor, noting MicroStrategy's stock outperformed BTC despite selling $600 million of stock to buy Bitcoin. Novogratz sees this as a sign of strong institutional demand for a potential Bitcoin ETF. MicroStrategy's aggressive Bitcoin investment strategy and the anticipation of a Bitcoin ETF are highlighted as significant market developments.

Portfolio Pulse from Mehab Qureshi

December 01, 2023 | 6:50 am

TIXT

TELUS Corporation has enhanced its 5G capabilities by acquiring 3800 MHz spectrum licenses for $620 million. This acquisition gives TELUS an average of 72 MHz of 3800 MHz spectrum nationally, complementing the 3500 MHz spectrum they obtained in 2021. TELUS now holds around 100 MHz of prime 5G mid-band spectrum across 96% of Canada, including all major markets.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 6:50 am

ARKW

COIN

PSTG

SHOP

TDOC

TXG

Ark Invest, led by Cathie Wood, sold 37,377 shares of Coinbase Global Inc (COIN) through the ARK Next Generation Internet ETF (ARKW). The firm also adjusted its portfolio by adding shares of Robinhood, 10X Genomics Inc (TXG), Teladoc Inc (TDOC), and Pure Storage Inc (PSTG), while selling shares of Shopify Inc (SHOP). These trades reflect Ark's strategic shifts in response to market trends and anticipation of a Bitcoin spot ETF approval.

Portfolio Pulse from Benzinga Neuro

December 01, 2023 | 3:56 am

BRK.A

BRK.B

Charlie Munger, the late former Vice Chairman of Berkshire Hathaway, stated that the company could have doubled its value by using leverage in its investments, a strategy they avoided to protect shareholders. Munger acknowledged that while leverage could have significantly increased Berkshire's worth with minimal risk, the potential disappointment to shareholders, particularly in a scenario where a large portion of their investment could be lost, was a deterrent. He also noted that Berkshire did use some leverage through its insurance float. Berkshire Hathaway shares closed slightly higher on Thursday.

Portfolio Pulse from Benzinga Neuro

December 01, 2023 | 3:34 am