Streetbeat News

Acquisitions Mergers

X

United States Steel Corporation (NYSE:X) shares are trading higher following a report suggesting ArcelorMittal is discussing a possible bid for the company. This follows an eventful week for U.S. Steel, with concerns about the economic health of China and weakened metal demand. Earlier, U.S. Steel rejected Cleveland-Cliffs' offer to acquire the company and received an all-cash public offer from Esmark Inc.

Portfolio Pulse from Ryan Gustafson

August 16, 2023 | 8:08 pm

CTRE

ENSG

BMO Capital Markets analyst Juan C. Sanabria has upgraded CareTrust REIT, Inc. (CTRE) from Market Perform to Outperform, raising the price target to $24 from $23.50. Sanabria sees limited risks for CTRE in the near-to-medium term and applauds the company's growing pipeline of opportunities and accretive acquisitions. The analyst also notes that CTRE's top tenant, The Ensign Group, Inc. (ENSG), is a blue-chip SNF operator with 3.3x EBITDAR rent coverage.

Portfolio Pulse from Nabaparna Bhattacharya

August 16, 2023 | 7:39 pm

INTC

TSEM

Intel Corporation (NASDAQ:INTC) and Tower Semiconductor (NASDAQ:TSEM) have terminated their pending merger agreement due to failure to secure necessary regulatory approvals. Despite this, Intel's CEO expressed positive sentiment towards Tower and the possibility of future collaborations. Intel's stock price fell by 2.56% following the news.

Portfolio Pulse from Ryan Gustafson

August 16, 2023 | 7:19 pm

MT

X

United Steel Workers International President has called ArcelorMittal's bid consideration for U.S Steel as 'foolish' in a Reuters interview.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 7:09 pm

CEQP

Crestwood Equity Partners has entered into a definitive merger agreement with Energy Transfer in an all-equity transaction valued at approximately $7.1 billion. This has led to a rise in Crestwood's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 6:33 pm

FTTUSD

GS

NKE

Cryptocurrency custody firm BitGo Inc. has raised $100 million in a funding round, increasing its valuation to $1.75 billion. The company, which safeguards crypto assets, oversees assets for creditors of digital asset exchange FTX (CRYPTO: FTT) and counts Swan Bitcoin, Mysten Labs Inc., and Nike Inc (NYSE:NKE) among its clients. BitGo's past investors include Goldman Sachs Group Inc. (NYSE:GS). The new funds will be used for strategic acquisitions.

Portfolio Pulse from Murtuza Merchant

August 16, 2023 | 6:09 pm

CLF

META

PYPL

TWTR

X

Elon Musk's acquisition of Twitter, now rebranded as X, could be impacted by the proposed buyout of United States Steel Corporation (NYSE:X) by Cleveland-Cliffs Inc (NYSE:CLF). The buyout was rejected by United States Steel, which is exploring strategic alternatives. The outcome could affect Musk's potential to secure the X stock ticker if he decides to take Twitter public again. Meanwhile, Twitter's valuation has fallen since Musk's $44 billion acquisition, with Fidelity recently valuing the company at $27 billion.

Portfolio Pulse from Chris Katje

August 16, 2023 | 5:48 pm

OXY

WYGPF

Occidental Petroleum Corp (OXY) has acquired existing technology provider Carbon Engineering Ltd for $1.1 billion to expedite future direct air recapture (DAC) projects. The acquisition is expected to generate incremental revenue from technology licensing and royalties. The deal also reinforces OXY's commitment to DAC technology in its low carbon ventures. OXY has a DAC specific construction partnership with Worley Ltd (WYGPF).

Portfolio Pulse from Shivani Kumaresan

August 16, 2023 | 5:37 pm

DWAC

The merger between Trump Media & Technology Group (TMTG) and Digital World Acquisition Corporation (DWAC) has faced several setbacks and is yet to be approved. The vote for the merger has been extended to Dec. 31, 2023. Despite facing legal challenges and potential jail time, former President Donald Trump is expected to maintain control of the media company even if he sells most of his shares. This is due to a new class of stock that will see Trump as the only holder, giving him 55% voting power of the new entity.

Portfolio Pulse from Chris Katje

August 16, 2023 | 5:12 pm

MSFT

OpenAI has acquired Global Illumination, a company that leverages AI to build creative tools and digital experiences. The entire team, which has previously contributed to Instagram, Facebook, YouTube, Google, Pixar, and Riot Games, has joined OpenAI to work on core products including ChatGPT.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 5:07 pm