Streetbeat News

Acquisitions Mergers

MSFT

Elon Musk, on X (formerly Twitter), expressed his support for OpenAI's semi-independence rather than a merger with Microsoft Corporation (NASDAQ:MSFT). Musk has been critical of Microsoft's significant control over OpenAI, citing concerns over the concentration of power in tech. His comments reflect ongoing concerns about the relationship between OpenAI and Microsoft, including the control over OpenAI's ChatGPT and its operation in Microsoft data centers.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 12:30 pm

XFIN

ExcelFin Acquisition's merger partner, Baird Medical Devices, announced that its subsidiary, Betters (Suzhou) Medical, has received FDA clearance to market its microwave ablation systems in the U.S. This regulatory approval could potentially open up a significant market for Baird Medical Devices and by extension, ExcelFin Acquisition.

Portfolio Pulse from Charles Gross

November 22, 2023 | 11:20 am

BP

BP PLC and Corio Generation are investing $1.16 billion in wind farm projects in South Korea, as part of the countries' cooperation in carbon-free energy. The projects are expected to boost the local economy and create jobs by increasing demand for South Korean-made equipment. BP aims to expand its investments in South Korea's renewable energy sector. The news comes during South Korean President Yoon Suk Yeol's state visit to Britain. BP shares are trading lower by 0.50% premarket.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 11:20 am

MSFT

The article compares the performance of Microsoft Corporation (NASDAQ: MSFT) under the leadership of former CEO Steve Ballmer and current CEO Satya Nadella. It highlights that a $1000 investment in Microsoft at the start of Ballmer's tenure would have decreased in value, while the same investment at the start of Nadella's tenure would have grown tenfold. The article credits Nadella's success to his 'cloud-first, mobile-first' strategy and key acquisitions like LinkedIn and investments in OpenAI.

Portfolio Pulse from Ananya Gairola

November 22, 2023 | 11:07 am

BZUN

Baozun Inc (NASDAQ: BZUN) reported Q3 FY23 revenue growth of 4.7% Y/Y to $249.95 million, slightly missing consensus estimates. The growth was primarily due to its new business line, BBM, launched in Q1 2023. Adjusted EPS showed a loss of $(0.18) per ADS, beating the consensus loss estimate of $(0.20). Product sales revenue increased by 42.4%, while services revenue declined by 10.3%. The company also plans to acquire a 51% equity stake in Hangzhou Location Information Technology Co. BZUN shares dropped by 0.61% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 22, 2023 | 10:51 am

MSFT

Sam Altman, co-founder of OpenAI, attempted to remove board member Helen Toner over differences in AI development philosophy but was ousted himself. The conflict centered on a research paper by Toner criticizing OpenAI's safety approach, which led to a boardroom battle involving other members and chief scientist Ilya Sutskever. Despite the turmoil, Altman is set to return as OpenAI CEO, and a new board is being formed with Bret Taylor, Larry Summers, and Adam D'Angelo.

Portfolio Pulse from Rounak Jain

November 22, 2023 | 10:37 am

CRH

MLM

CRH PLC has agreed to sell its European lime operations to SigmaRoc plc for approximately $1.1 billion. The divested business includes 16 locations across Europe, with $610 million in sales and $137 million in EBITDA for 2022. The deal will be completed in phases, starting in early 2024. CRH also recently purchased Martin Marietta Materials Inc's South Texas cement and concrete operations for $2.1 billion. CRH reported a sales increase of 8% year-over-year and an improved EBITDA margin for the first nine months of the year. CRH shares rose by 4.07% to close at $61.13 on Tuesday.

Portfolio Pulse from Lekha Gupta

November 22, 2023 | 10:08 am

BZUN

Baozun has signed a Term Sheet to acquire a 51% stake in Hangzhou Location Information Technology Co., Ltd. through capital increase and equity transfer in November 2023.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 10:05 am

BX

Blackstone Group Inc. (NYSE:BX) is close to finalizing a $2.5 billion deal to acquire Civica, a U.K.-based software developer. The acquisition includes Civica's debt and is part of Blackstone's strategic expansion in Europe, following other U.K. investments. Civica, currently owned by Partners Group, was acquired in 2017 for approximately $1.4 billion. The company provides software services to public agencies and generates recurring revenue, fitting Blackstone's investment strategy of focusing on high-growth, stable cash flow businesses.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 9:28 am

CRM

MSFT

Salesforce CEO Marc Benioff has launched a recruitment drive targeting OpenAI talent, offering immediate jobs and comparable pay to join Salesforce's Einstein-Trusted AI research team. The move has elicited a mix of reactions online, with some OpenAI researchers publicly declining the offer. Amidst a staff rebellion at OpenAI, Salesforce's recruitment efforts mirror Microsoft's strategy to attract ChatGPT-parent researchers. The number of OpenAI staff interested in Salesforce's offer is unknown.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 7:31 am