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Acquisitions Mergers

MSFT

Microsoft Corp. (NASDAQ:MSFT) shares saw a strong premarket advance on Monday, potentially reversing Friday's losses. This follows the news that OpenAI co-founder Sam Altman, who was ousted on Friday, will join Microsoft, along with ex-president Greg Brockman and their team. Microsoft CEO Satya Nadella expressed commitment to the OpenAI partnership and confidence in Microsoft's product roadmap. The company has integrated OpenAI's technology into its products and invested $10 billion in OpenAI earlier this year. Microsoft's stock rose 2.56% to $379.33 in premarket trading.

Portfolio Pulse from Shanthi Rexaline

November 20, 2023 | 10:35 am

BOX

MSFT

Microsoft CEO Satya Nadella has been widely praised for hiring OpenAI co-founders Sam Altman and Greg Brockman, along with their former colleagues, to lead a new advanced AI research team. The move is seen as a strategic masterstroke, executed swiftly and decisively. Industry leaders and peers, including Aaron Levie of Box Inc. and Balaji Srinivasan, formerly of Coinbase, have commended Nadella's quick action. Elon Musk, also a co-founder of OpenAI, humorously commented on the situation, sparking a series of 'Revenge of Clippy' memes.

Portfolio Pulse from Rounak Jain

November 20, 2023 | 9:58 am

MSFT

Sam Altman and Greg Brockman, after being ousted from OpenAI, will lead a new advanced AI research team at Microsoft (NASDAQ:MSFT). Microsoft CEO Satya Nadella confirmed the move, which allows Microsoft to retain OpenAI talent and aligns with their commitment to innovation and partnership with OpenAI. This decision follows the support Altman received from OpenAI executives and employees.

Portfolio Pulse from Rounak Jain

November 20, 2023 | 8:16 am

MSFT

Elon Musk, co-founder of OpenAI and CEO of Tesla, expressed concern over the boardroom battle at OpenAI, which led to the ouster of CEO Sam Altman. Musk, who left OpenAI in 2018, is worried about the company becoming profit-driven and has previously called for regulation of AI technology. OpenAI's chief scientist, Ilya Sutskever, is rumored to be behind Altman's removal, which may be linked to Altman's efforts to start an AI chip company. OpenAI received a $10 billion investment from Microsoft in January.

Portfolio Pulse from Shanthi Rexaline

November 20, 2023 | 7:58 am

CCEP

KO

Coca-Cola Europacific Partners plc (CCEP) and Aboitiz Equity Ventures Inc. (AEV) have entered into a definitive agreement to acquire Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Company (KO). The deal values CCBPI at $1.8 billion and will result in a 60:40 ownership split between CCEP and AEV. The acquisition is subject to regulatory approvals and other customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 7:22 am

MSFT

OpenAI has named former Twitch CEO Emmett Shear as its new CEO after Mira Murati's efforts to reinstate former CEO Sam Altman failed. Murati, who was interim CEO, and the board, represented by Quora CEO Adam D'Angelo, were in talks to bring back Altman and ex-President Greg Brockman. Microsoft, an investor in OpenAI, supported Altman, who was removed by the board for lack of transparency. Altman's potential AI chip startup and funding efforts may have contributed to the board's decision.

Portfolio Pulse from Shanthi Rexaline

November 20, 2023 | 7:15 am

BX

Blackstone Inc. (NYSE:BX) is the leading bidder for a $17 billion portfolio of commercial-property loans from Signature Bank's assets being sold by the FDIC. The deal is part of the FDIC's efforts to sell off approximately $33 billion of Signature’s real estate loans following the bank's collapse. The terms are not finalized, and the sale could still go to another bidder or be split among multiple buyers. Blackstone's bid is preferred due to lower costs, but does not include loans for rent-stabilized or rent-controlled units. The market is watching this sale for pricing cues amid a slowdown due to rising borrowing costs affecting property values and transactions.

Portfolio Pulse from Benzinga Neuro

November 19, 2023 | 8:45 pm

HWEL

Healthwell Acquisition Corp. I (NASDAQ:HWEL) has cancelled its special stockholder meeting scheduled for December 4, 2023, and withdrawn the proposals from its November 13, 2023 SEC filing. The company plans to liquidate, ceasing all operations except for winding up. Healthwell will redeem its Class A common stock at an estimated price of $10.50 per share from its IPO trust account, extinguishing stockholder rights. Warrants will expire worthless, and Healthwell's sponsor waived redemption rights for Class B common stock. The liquidation and dissolution are subject to Delaware law and other legal requirements. The liquidation process will be managed by Continental Stock Transfer & Trust Company, with the redemption expected within ten business days after commencement.

Portfolio Pulse from Benzinga Newsdesk

November 19, 2023 | 8:29 pm

AMZN

GOOGL

MSFT

Sam Altman, former CEO of OpenAI, received significant support from investors and employees after his exit, raising the possibility of his reinstatement. Microsoft CEO Satya Nadella has expressed support for Altman's future projects. Analyst Daniel Ives anticipates Microsoft may increase control over OpenAI and notes potential for rivals Amazon and Alphabet to capitalize on the situation. Altman's departure may be linked to his plans to start an AI chip company with substantial funding. OpenAI's board faced an ultimatum to resign and is discussing Altman's return, with potential governance changes if he does.

Portfolio Pulse from Shanthi Rexaline

November 19, 2023 | 3:41 pm

CSCO

DIS

PLTR

VLVLY

VRTX

Barron's weekend stock picks include Disney, Palantir, and Cisco, with each facing different challenges and opportunities. Disney is under pressure from two activist investors to increase shareholder value. Palantir's stock is on the rise due to positive results and analyst optimism. Vertex Pharmaceuticals' stock fell over concerns about its pain pill trial. Volvo's stock drop is seen as a potential opportunity. Cisco Systems faces a poor outlook due to pandemic fallout, despite good quarterly results.

Portfolio Pulse from Justin Chan

November 19, 2023 | 1:18 am