Streetbeat News

Acquisitions Mergers

NCNO

Rich Data Co (RDC), an AI decisioning platform for banks, has raised $17.5 million in a Series B funding round. The round was led by Westpac and nCino, with additional support from BMYG and Octava Fund. The capital will be used for RDC's expansion into North America and to strengthen its position in the global banking sector.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 6:59 am

MSFT

Sam Altman has been reinstated as CEO of OpenAI, with Microsoft Corporation (NASDAQ:MSFT) obtaining a non-voting observer role on OpenAI's board. This follows a period of internal turmoil at OpenAI, including Altman's unexpected departure, Greg Brockman's removal, and employee demands for leadership changes. Microsoft's new role provides greater insight into OpenAI, where it holds a 49% stake.

Portfolio Pulse from Ananya Gairola

November 30, 2023 | 3:01 am

AYRWF

HITI

New York's cannabis retail landscape is expanding with new dispensaries opening, including Dazed Cannabis in Union Square and Good Grades in Queens. The Shinnecock Indian Nation opened Little Beach Harvest, a tribally-owned dispensary in Southampton. In Ohio, AYR Wellness Inc. opened AYR Dispensary Dayton, capitalizing on the state's recent legalization of adult-use cannabis. High Tide Inc. continues its expansion in Canada, opening two more Canna Cabana stores and acquiring assets in Vancouver.

Portfolio Pulse from Jelena Martinovic

November 30, 2023 | 1:39 am

GOOG

GOOGL

META

Google has reached a deal with the Canadian government to pay $74 million annually to the Canadian news sector, averting a news block in Canada. The agreement is in response to the proposed Online News Act (Bill C-18), which would require digital platforms to compensate local publishers for news content. While Google has complied, Meta Platforms Inc. continues to block news content on Facebook and Instagram in Canada.

Portfolio Pulse from Ananya Gairola

November 30, 2023 | 1:31 am

BK

COIN

Swiss asset management firm Pando Asset AG has filed an S-1 registration statement for a spot Bitcoin ETF, aiming to list it on Nasdaq under the symbol PBC. The Bank of New York Mellon (BK) is to be the administrator, while Coinbase (COIN) is the custodian. Pando acknowledges competitive risks, including the potential for inadequate liquidity and the challenge of accumulating significant assets. The SEC has over 10 pending Bitcoin ETF applications from companies like BlackRock (BLK), Fidelity, and Ark Invest.

Portfolio Pulse from Murtuza Merchant

November 30, 2023 | 12:49 am

AVGO

Broadcom Inc. (NASDAQ:AVGO) is exploring 'strategic alternatives' for two VMware business units following its $69 billion acquisition of VMware. CEO Hock Tan communicated this in a leaked email, stating that the End-User Computing and Carbon Black cybersecurity units will be reviewed. Despite supporting these units during the transition, past actions by Broadcom suggest potential spin-offs or sales. Post-acquisition changes include employee layoffs and the departure of top VMware executives. Broadcom's stock saw a slight increase in after-hours trading.

Portfolio Pulse from Ryan Gustafson

November 29, 2023 | 11:02 pm

DIS

Bob Iger, CEO of Walt Disney Company (NYSE:DIS), addressed various issues at the NYT DealBook Summit 2023. He discussed underperforming box office results, particularly citing 'The Marvels' and admitted that increasing Disney+ content was a mistake leading to diluted quality. Iger commented on the advertising pullout from Twitter, now known as X, due to Elon Musk's public positions. He walked back on asset sales, stating Disney's linear TV networks are not for sale. Iger also touched on the conflict with Florida Governor Ron DeSantis and the company's special district rights. He spoke about succession planning, ensuring a robust process, and mentioned the activist investor battle with Nelson Peltz. Disney announced the addition of James P. Gorman and Jeremy Darroch to its board of directors.

Portfolio Pulse from Chris Katje

November 29, 2023 | 10:40 pm

ERJ

Porter Airlines has exercised purchase rights for an additional 25 Embraer E195-E2 jets, adding to their existing order of 50 jets. The deal is valued at $2.1 billion at list prices.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 10:25 pm

DFS

The board of Discover Financial Services has given management the green light to explore the sale of its Discover Student Loans portfolio. This strategic move could lead to a potential divestiture of the student loans segment, as the company evaluates its options.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:38 pm

DIS

The Walt Disney Company (NYSE:DIS) has appointed James P. Gorman, CEO of Morgan Stanley, and Sir Jeremy Darroch, former CEO of Sky, as new directors effective January and February 2024, respectively. The appointments aim to strengthen Disney's board with expertise in financial management and international media, aligning with strategic growth and shareholder value. Francis A. deSouza will not seek reelection to focus on new technology ventures.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:33 pm