Streetbeat News

Acquisitions Mergers

IRRX

Integrated Rail and Resources Acquisition Corp. (IRRX) has announced an extension to December 15, 2023, to consummate a business combination. The extension was communicated by the company's sponsor, DHIP Natural Resources Investments, LLC. IRRX is a blank check company focusing on natural resources, railroads, and/or railroad logistics companies.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 11:38 pm

META

Elon Musk's acquisition of Twitter in 2022 for $44 billion and subsequent changes to the platform have escalated his rivalry with Mark Zuckerberg, according to a new book by Ben Mezrich. The book, 'Breaking Twitter: Elon Musk and the Most Controversial Corporate Takeover In History', suggests that Musk sees Meta Platforms Inc CEO Zuckerberg as a rival and that the takeover of Twitter has had a potential negative impact on Musk's health and reputation.

Portfolio Pulse from Chris Katje

November 09, 2023 | 10:48 pm

OUST

Ouster, Inc. (NYSE:OUST), a provider of lidar sensors, announced major software achievements to serve the growing demand for lidar-powered smart infrastructure solutions. This includes the unification of Blue City and Ouster Gemini, the addition of new AI perception models, and booking software coupled sales worth millions of dollars. Ouster expanded its product portfolio to include software solutions earlier this year, starting with the release of Ouster Gemini, its digital lidar perception platform. The company then added Blue City, a traffic management solution, to its offerings following its merger with Velodyne. Ouster booked software coupled sales worth millions of dollars in the third quarter, including a significant deal to deploy its digital lidar hardware coupled with Ouster Gemini at over 130 logistics sites.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 10:44 pm

COIN

Blockchain-focused venture capital firm Lightspeed Faction has launched its first $285 million venture fund, Faction, to invest in early-stage blockchain projects. The fund will provide resources on various topics to blockchain entrepreneurs. Faction's team includes members from Amber Group, Blockchain.com, and Coinbase Global Inc. Lightspeed Faction is a joint venture with Lightspeed Venture Partners, combining Faction's crypto-only approach with Lightspeed's Silicon Valley roots and business scaling resources.

Portfolio Pulse from Murtuza Merchant

November 09, 2023 | 9:57 pm

CMCSA

DIS

NFLX

PEP

The Walt Disney Company reported its fiscal Q4 results, topping profit estimates and revealing its commitment to purchase a 33% stake in Hulu from Comcast Corporation. The company also announced the appointment of a new CFO, PepsiCo veteran Hugh Johnston. Disney's results were boosted by the end of the SAG-AFTRA strike, a 5% rise in revenue to $21.24 billion, and a net income of $264 million. The company's streaming figures were stronger than expected, with Disney+ net additions rising by nearly 7 million from the previous quarter. Disney also raised its cost-cutting target to $7.5 billion and provided an outlook for its content spend for 2024 of $25 billion.

Portfolio Pulse from Upwallstreet

November 09, 2023 | 9:45 pm

CPRI

Capri Holdings has announced that it will not provide financial guidance due to the proposed merger transaction with Tapestry.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 9:31 pm

GRNT

Granite Ridge Resources has increased its FY23 midpoint production guidance to 23,250 Boe per day, expecting an 18% midpoint annual production volume growth compared to 2022. The company also increased the midpoint of total capital expenditures for FY23 by $55 million to $350 million, primarily due to additional acquisitions. The company's third quarter results show a 23% increase in daily production levels and an 11% increase in net producing well count.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 9:28 pm

CELH

KO

MNST

PEP

STZ

Prime, a sports drink brand launched by YouTubers Logan Paul and KSI, has sold one billion bottles in two years, posing potential competition to beverage giants Coca-Cola and PepsiCo. Prime has secured key retail locations and endorsement deals, contributing to its rapid growth. Coca-Cola and PepsiCo have stakes in Monster Beverage Corporation and Celsius Holdings respectively, both of which compete with Prime in the energy drink market. Prime's success could make it an acquisition target for larger beverage companies.

Portfolio Pulse from Chris Katje

November 09, 2023 | 9:03 pm

BILL

BILL Holdings, Inc. (NYSE:BILL) shares traded lower following a false report suggesting the company was nearing a deal to acquire Melio Payments. The company clarified it is not pursuing any such acquisition. The stock experienced above-average trading volume of 17.45 million shares compared to its average volume of 2.29 million. Shares of BILL were down 9.27% at $56.43.

Portfolio Pulse from Ryan Gustafson

November 09, 2023 | 8:49 pm

BKKT

Bakkt Holdings, Inc. (NYSE:BKKT) plans to expand its crypto capabilities into Latin American, European, and Asian markets by the end of 2023. The company will partner with Hapi, a stock trading platform, and 3.0verse, a crypto app. Bakkt also plans to join EDX Markets' clearing house and custodial network. Despite recent share price volatility, Bakkt expects an increasing share of its revenue to come from subscription-based annual recurring revenue.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 8:44 pm