Streetbeat News

Acquisitions Mergers

HPLT

Heidmar Inc. has announced the termination of its Business Combination Agreement with Home Plate Acquisition Corporation (HPLT), Heidmar Marine Inc., Home Plate Sponsor LLC, HP Merger Subsidiary Corp., and certain shareholders. The agreement was initially dated March 19, 2023.

Portfolio Pulse from Bill Haddad

October 04, 2023 | 8:14 pm

COP

TTE

ConocoPhillips has completed the purchase of the remaining 50% interest in Surmont from TotalEnergies EP Canada Ltd. for approximately $2.7 billion cash. The deal also includes future contingent payments of up to approximately $0.3 billion. ConocoPhillips now owns 100% of Surmont and will continue as operator. The company expects the transaction to enhance its returns-focused value proposition, improve its return on capital employed, lower its free cash flow breakeven, and deliver significant free cash flow for decades.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 8:10 pm

GRBK

Green Brick Partners has announced a new land acquisition in Vero Beach, Florida. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 8:07 pm

TTE

Suncor Energy (NYSE:SU) has agreed to acquire TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project, for $1.468 billion. The acquisition will add 61,000 barrels per day of net bitumen production capacity and 675 million barrels of proved and probable reserves to Suncor's existing oil sands portfolio. The deal is expected to close on April 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 8:04 pm

BUD

TLRY

Tilray, Inc. (NASDAQ: TLRY) reported a 15% YoY increase in net revenue to $177 million in its Q1 financial results. Despite frustrations over the company's stock performance, CEO Irwin Simon expressed satisfaction with the company's progress, including its 13.4% share of the Canadian cannabis market and its position as the fifth-largest craft brewer in the U.S., following its acquisition of eight beer and beverage brands from Anheuser-Busch. Simon also expressed optimism about potential cannabis legalization in the U.S. and the recent Senate Banking Committee approval of cannabis banking reforms.

Portfolio Pulse from Maureen Meehan

October 04, 2023 | 7:09 pm

NVDA

TSM

Semiconductor manufacturer Kneron has raised an additional $49 million in a Series B funding round, with contributions from Foxconn Technology Group and Horizon Ventures, among others. The funding will be used to accelerate the commercialization of Kneron's artificial intelligence (AI) chips, which are designed for use in consumer electronics and automobiles. The chips are cheaper than those produced by Nvidia, and are seen as a potential rival to Nvidia's dominance in the AI chip market. Kneron's chips are produced by Taiwan Semiconductor Manufacturing Co. (TSMC), but the company plans to diversify its production to manufacturers in the U.S. and Europe due to rising tensions between the U.S. and China.

Portfolio Pulse from Aditi Ganguly

October 04, 2023 | 5:26 pm

CABGY

Carlsberg AS (OTC:CABGY) has terminated its license agreements with Baltika Breweries, ending Baltika's authorization to produce, market, and sell all products under the Carlsberg brand in Russia. This move is in response to the Russian government's temporary seizure of Baltika's management. Carlsberg is exploring all options, including legal measures, to safeguard its employees, assets, and operations in Russia. Carlsberg has decided to fully impair the value of its business in Russia, which will be recognized in other comprehensive income in the full-year accounts and will not impact the income statement.

Portfolio Pulse from Nabaparna Bhattacharya

October 04, 2023 | 4:57 pm

AMZN

AYI

EADSY

GOOG

HELE

JNJ

MMM

PLTR

PODD

SFTBF

SNY

TEVA

UAL

UBER

UBS

Palantir is expanding its collaboration with PwC to combine AI capabilities. Anthropic, a competitor to OpenAI, is securing additional funding from Alphabet and Amazon. Sanofi and Teva have collaborated to co-develop a drug for inflammatory bowel disease. Insulet's CFO is resigning to join 3M. United Airlines has ordered 110 more aircraft from Boeing and Airbus. Zoom has unveiled AI-powered innovations. Over 75,000 employees of Kaiser Permanente have initiated a three-day strike. Softbank's CEO emphasized the importance of AGI. Uber is expanding its service offerings to include package return. UBS is offering enticing interest rates to attract clients. A New Jersey appeals court overturned a verdict linked to asbestos exposure in Johnson & Johnson's talc powder products. BP is looking to sell a stake in its U.S. oil and gas pipeline network. Helen Of Troy and Acuity Brands reported their earnings.

Portfolio Pulse from Vandana Singh

October 04, 2023 | 4:37 pm

HON

VSEC

VSE Corporation has entered into an asset purchase and perpetual license agreement with Honeywell International Inc. VSE acquired the perpetual license and asset for $105 million, which included $12 million of existing inventory. The agreement will allow VSE to exclusively manufacture and support certain of Honeywell's fuel control systems. This is expected to provide long-term, sustainable revenue and an improved mid-term EBITDA margin outlook for VSE Aviation. VSE has increased its Aviation segment FY23 revenue growth outlook from 25% - 30% to 30% - 35%.

Portfolio Pulse from Shivani Kumaresan

October 04, 2023 | 4:31 pm

ORAN

Shares of Orange SA (NYSE:ORAN) rose in early trading on Wednesday. The company's stock is favored by investors due to improving competitive trends, lower investment needs, consolidation opportunities, infra ownership, and growing dividend returns. Analyst Titus Krahn upgraded the rating for Orange from Underperform to Buy, raising the price target from €8.80 ($9.23) to €13.00 ($13.64). A pending deal with Masmovil Ibercom SA is also a factor for investors to consider.

Portfolio Pulse from Priya Nigam

October 04, 2023 | 4:13 pm