Streetbeat News

Acquisitions Mergers

PLMI

Veea, a digital transformation company, and Plum Acquisition Corp. I have signed a non-binding letter of intent for a business combination. The agreement will see Veea's shareholders exchange their shares for equity in the new combined public entity. A definitive business combination agreement is expected to be finalized in the coming weeks, with further details to be announced.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 6:24 am

RIVN

TSLA

Rivian Automotive, Inc. (NASDAQ:RIVN) received approval to start construction of a new manufacturing facility in Georgia for its affordable R2 EVs. The plant represents a $5 billion investment and is expected to create 7,500 jobs. This move comes as Rivian aims to compete in the EV market, particularly in the $45,000 to $50,000 price range for midsize SUVs, where Tesla, Inc. (NASDAQ:TSLA) currently has a significant market share. Rivian's stock closed up 0.46% at $15.40 following the news.

Portfolio Pulse from Shanthi Rexaline

November 13, 2023 | 6:16 am

China is reportedly considering lifting its commercial ban on Boeing Co.'s 737 Max, potentially announcing a deal during the APEC Summit. Relations between China and the U.S. are improving, which may lead to a breakthrough in sales for Boeing. The 737 Max, a significant revenue source for Boeing, has been grounded in China since 2019 following two fatal crashes. A deal would be pivotal for Boeing, especially as the travel industry recovers and aircraft demand increases.

Portfolio Pulse from Anan Ashraf

November 13, 2023 | 3:43 am

ATAI

CMPS

CYBN

DRUG

ENVB

GHRS

HUGE

IXHL

MNMD

PSIL

SILO

The article discusses various aspects of the psychedelics industry, including the potential of psychedelic treatments for PTSD in veterans, a possible $100M IPO by a psychedelics company, and Cybin Inc.'s new $64M offering. It also covers worldwide events related to psychedelics and provides a performance overview of the AdvisorShares Psychedelics ETF (PSIL) and several psychedelics stocks. Cybin Inc. announced an underwritten offering of units at $0.45, with $30M fully funded upon closing and an additional $34M upon full exercise of warrants. The article also lists the closing prices of several psychedelics stocks on November 10, with most showing a downward trend.

Portfolio Pulse from Lara Goldstein

November 13, 2023 | 1:39 am

AAPL

GOOGL

MSFT

Apple Inc. (AAPL) has been highlighted in several key tech developments, including leading the AI race according to Morgan Stanley, potential in-house battery development for iPhones post-2025, a delay in its self-driving car project, and a new macOS feature to curb warranty fraud. Google (GOOGL) is appealing to EU regulators to make Apple's iMessage compatible with other services, while Microsoft (MSFT) is also mentioned as a competitor in AI.

Portfolio Pulse from Benzinga Neuro

November 12, 2023 | 4:00 pm

BIDU

MSFT

NVDA

Baidu Inc. has shifted from using NVIDIA Corporation's AI chips to Huawei's, placing an order for 1,600 chips worth approximately $61.83 million. Microsoft Corporation temporarily blocked employee access to OpenAI's ChatGPT over data security concerns. OpenAI's GPT-4 upgrade has seen higher than expected usage, with plans to expand access to all subscribers. Former President Barack Obama emphasized the need for deliberate AI regulation. Elon Musk criticized the Microsoft-OpenAI partnership, suggesting Microsoft has significant control over ChatGPT.

Portfolio Pulse from Benzinga Neuro

November 12, 2023 | 4:00 pm

AMZN

NKE

Nike Inc. (NYSE:NKE) has hired Muge Erdirik Dogan, an Amazon.com Inc. (NASDAQ:AMZN) veteran, as its new Chief Technology Officer (CTO). Dogan, who previously served as President of Amazon Fashion, brings 16 years of experience at Amazon to Nike, aligning with the company's strategy to enhance direct online sales and digital technology in retail. Nike's CEO, John Donahoe, expressed confidence in Dogan's ability to drive growth and innovation while maintaining focus on athletes and consumers. The news comes as Amazon announces the closure of its Amazon Style stores and Nike faces legal challenges with competitors over patent infringements.

Portfolio Pulse from Ananya Gairola

November 11, 2023 | 3:06 am

AAPL

AMZN

Apple Inc. (AAPL) has reportedly made a special arrangement with Amazon.com Inc. (AMZN) to ensure a cleaner presentation of its products on Amazon's website, with fewer ads for competing products displayed on Apple's product pages. This agreement, stemming from a 2018 deal allowing Apple to sell directly on Amazon, was highlighted in an internal email from Amazon's then-retail CEO, Jeff Wilke. The FTC is currently suing Amazon for using 'irrelevant junk ads' to increase ad revenue, a practice allegedly initiated by founder Jeff Bezos.

Portfolio Pulse from Rounak Jain

November 11, 2023 | 3:00 am

BLK

BlackRock (NYSE:BLK), the world's largest asset manager, is reportedly 'increasingly confident' that the SEC will approve its spot Bitcoin ETF by January 2024. A former BlackRock manager suggested that such approval could lead to $200 billion flowing into Bitcoin markets, potentially raising Bitcoin's price to $330,000. The SEC is expected to decide on twelve ETFs by November 17, with experts predicting a 90% chance of approval by January 10, 2024. Additionally, BlackRock has registered an iShares Ethereum Trust, indicating a possible future application for a spot Ethereum ETF.

Portfolio Pulse from Benzinga Neuro

November 11, 2023 | 2:50 am

APGB

Apollo Strategic Growth Capital II (NYSE:APGB), a SPAC, announced it will liquidate and dissolve, redeeming all outstanding Class A ordinary shares at approximately $10.58 per share. The company will not pursue an initial business combination and will cease operations except for winding up after November 28, 2023. The trust account balance as of November 10, 2023, was about $189.53 million. The company's securities will stop trading on the NYSE on November 27, 2023, and the shares will be cancelled the following day. The company's warrants will expire worthless, and the sponsor has waived redemption rights for founder shares and private placement warrants. APGB will delist from the NYSE and terminate its securities registration.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 11:41 pm