Streetbeat News

Acquisitions Mergers

TSLA

Tesla Inc (NASDAQ:TSLA) is planning to expand its operations in India by exporting cars next year and establishing a $2 billion manufacturing facility within two years. Potential factory locations include Gujarat, Maharashtra, and Tamil Nadu. The company aims to produce some batteries locally and increase auto parts purchases from India to $15 billion. Tesla's entry into India could significantly impact the local EV sector. The company is also considering producing and selling battery storage systems in India. CEO Elon Musk is expected to visit India in 2024. TSLA shares were up 0.51% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 21, 2023 | 3:00 pm

MSFT

Microsoft Corp (NASDAQ:MSFT) has strengthened its AI industry position by acquiring former OpenAI CEO Sam Altman. Microsoft's stock has increased by 55% over the year and is approaching the significant $400 level. The stock closed with a gain of over 2% and ended at $377.44 after the closing bell on November 20, indicating a potential long-term upward trend.

Portfolio Pulse from Zaheer Anwari

November 21, 2023 | 2:54 pm

AUPH

GILD

Traders are speculating that Gilead Sciences may be on the verge of acquiring Aurinia Pharmaceuticals, following a comment from Gordon Haskett.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 2:38 pm

HUT

US Bitcoin Corp (USBTC) stockholders have approved a business combination with Hut 8 Mining Corp. (NASDAQ:HUT). The merger, expected to close by November 30, 2023, will create a new entity, Hut 8 Corp. ('New Hut'), to be listed on Nasdaq and the Toronto Stock Exchange under the ticker 'HUT'. The combined company will focus on economical mining, diversified revenue streams, and ESG practices, expanding into high performance computing, hosting, and managed infrastructure operations.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 2:23 pm

AJG

Arthur J. Gallagher & Co. has acquired Hughes Insurance Agency, Inc., a company based in Queensbury, New York. The financial terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 2:14 pm

JEF

OMF

OneMain Holdings has agreed to acquire auto finance company Foursight Capital for $115 million in cash from Jefferies Financial Group. This acquisition is expected to enhance OneMain's auto lending capabilities and diversify its product offerings.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 2:04 pm

GMGI

Golden Matrix Group Inc. (NASDAQ:GMGI) reported preliminary revenue estimates showing record revenues of over $44 million for fiscal 2023, a 22% increase from $36 million in fiscal 2022. The company also achieved a record $11.7 million in Q4 revenues. CEO Brian Goodman highlighted the strength of the B2B platform in Asia Pacific, growth in the B2C segment through RKings Competitions Ltd. and MEXPLAY, and a 14% increase in cash-on-hand. Additionally, GMGI filed a preliminary proxy statement for the acquisition of MeridianBet Group with the SEC, anticipating a strategic expansion in gaming markets worldwide. Final financial results are expected to be filed on or before January 29, 2024.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 2:02 pm

CMCSA

INTC

AI21 has completed a $208 million Series C funding round, reaching a valuation of $1.4 billion with investments from Intel Capital and Comcast Ventures. This funding increases AI21's total capital to $336 million, aiming to accelerate the adoption of AI-first enterprise solutions. Intel Capital's Anthony Lin highlighted AI21's full-stack offering, while AI21's co-CEO Ori Goshen emphasized the importance of catering to enterprises' specific needs.

Portfolio Pulse from Anusuya Lahiri

November 21, 2023 | 2:00 pm

ANGH

DKS

SHOT

Dick's Sporting Goods reported an increase in Q3 adjusted EPS to $2.85 from $2.60 year-over-year, with sales rising to $3.04B from $2.96B. Anghami received a commitment for up to $50M cash investment from OSN Group at a valuation of $3.65 per share, which will give OSN a majority stake. Safety Shot announced a West Coast launch in California on December 7th.

Portfolio Pulse from ryanfaloona@benzinga.com

November 21, 2023 | 1:49 pm

RELI

Reliance Global Group, Inc. (RELI) has announced a Letter of Intent to acquire a benefits enrollment company, which is expected to more than double Reliance's revenue to $35M in FY24. The acquisition is set to close in Q1 2024, subject to definitive agreement and customary closing conditions. The target company is a leading provider of voluntary benefits to 45,000 employees in the U.S. and is anticipated to generate over $21M in revenue during FY24.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 1:32 pm