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Acquisitions Mergers

BYDDF

STLA

TSLA

VWAGY

BYD Co Ltd, backed by Warren Buffett, aims to become the leading battery-electric vehicle (BEV) seller in Europe, surpassing Volkswagen AG, Tesla Inc., and Stellantis NV. The company plans significant investments in factories, dealerships, and marketing in Europe, including a budget model priced under €20,000. Despite a 42% drop in electric vehicle deliveries in Q1 2024, BYD's market share in Western Europe was 1.7%. The company is constructing a new factory in Hungary and scouting locations for a second plant.

Portfolio Pulse from Benzinga Neuro

May 10, 2024 | 2:41 pm

QABA

UBSI

United Bankshares, Inc. (NASDAQ:UBSI) has announced its plan to acquire Piedmont Bancorp, expanding its footprint into the Atlanta area. The deal, valued at approximately $267 million, involves an exchange ratio of 0.300 of United's shares for each share of Piedmont. This merger is expected to close between late Q4 2024 and early Q1 2025, enhancing United's presence in the Mid-Atlantic and Southeast with over $32 billion in assets and more than 240 locations. UBSI stock has seen an 18% increase over the past year.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 2:26 pm

CLSK

CleanSpark, Inc. (NASDAQ:CLSK) reported strong Q2 financial results with revenue of $111.8 million, surpassing analyst expectations and marking a 162.77% increase from the previous year. The company also announced the acquisition of two new Bitcoin mining locations in Wyoming for $18.75 million, expected to add over four EH/s once operational. CleanSpark highlighted its improved margins, low power costs, and strong cash and Bitcoin position, positioning it well for future opportunities.

Portfolio Pulse from Erica Kollmann

May 10, 2024 | 2:10 pm

TMUS

VZ

T-Mobile US Inc (TMUS) and Verizon Communications Inc (VZ) are reportedly in talks to acquire parts of U.S. Cellular in a deal valued over $2 billion. This move aims to expand their wireless spectrum licenses, crucial for enhancing 5G connectivity. The deal, still under discussion, seeks to navigate antitrust concerns by splitting U.S. Cellular's assets between the two giants. U.S. Cellular's strategic value lies in its coverage across 21 states and possession of valuable spectrum licenses.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 1:38 pm

LI

NIO

QQQ

XPEV

The Biden administration plans to announce new tariffs targeting China's EV and solar sectors, maintaining most tariffs from the Trump era. This move is part of a broader effort to counteract China's economic practices. Fitch Ratings and Goldman Sachs have expressed concerns over the potential economic impacts, including a possible decline in US and global GDP. Chinese EV stocks listed in the US, such as NIO, Li Auto, and XPeng, showed mixed reactions, while US tech stock futures, including the Invesco QQQ Trust, saw slight increases.

Portfolio Pulse from Piero Cingari

May 10, 2024 | 1:36 pm

CRH

CRH plc (NYSE:CRH) shares rose in premarket trading after reporting positive Q1 FY24 results, including a 2% revenue increase to $6.5 billion and the announcement of a share repurchase program. Adjusted EBITDA increased by 15% to $445 million, with an EPS of $0.16 compared to a loss in the previous year. The company also declared a quarterly dividend of $0.35 per share and continues to project favorable market conditions and positive pricing momentum for FY24.

Portfolio Pulse from Lekha Gupta

May 10, 2024 | 1:03 pm

F

Ford Motor Co. (NYSE:F) plans to increase production at its Valencia plant in Spain by assembling 300,000 units of a new model annually starting in 2027. This move, confirmed by Spain's Industry Ministry, aims to enhance the plant's workload and future readiness, particularly for the production of a new SUV. Despite a recent decision to delay the production of an all-electric SUV and pickup truck in North America, Ford's commitment to expanding its SUV lineup and operations in Spain remains strong. The company's stock saw a slight decrease of 0.16% to close at $12.13, following the announcement of first-quarter earnings for 2024 that surpassed estimates.

Portfolio Pulse from Benzinga Neuro

May 10, 2024 | 1:01 pm

ITOS

LIDR

NVAX

Shares of iTeos Therapeutics, Novavax, and AEye are trading higher due to significant corporate developments. iTeos announced a $120 million offering and Q1 results, Novavax reported strong Q1 earnings and updated guidance, and AEye revealed a partnership with LITEON Technology.

Portfolio Pulse from ryanfaloona@benzinga.com

May 10, 2024 | 12:41 pm

CRH

CRH's CEO announced in a conference call that the company plans to spend close to $4 billion on mergers and acquisitions (M&A) in 2024, including both announced deals and those still in the pipeline.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:38 pm

EPAM

EPAM Systems, Inc. (NYSE:EPAM) shares are trading higher in the premarket session on Friday, following a 27% slump after reporting Q1 FY24 results. The company's sales declined 3.8% year over year to $1.165 billion, slightly beating analyst estimates. EPAM cited uneven demand for its services and increased compensation costs as reasons for the decline. The company also completed two acquisitions, expanded its geographical reach, and repurchased shares under its share repurchase program. However, it lowered its FY24 revenue and adjusted EPS outlook, indicating operational challenges and market concerns.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 12:35 pm