Streetbeat News

Acquisitions Mergers

GTAC

Art marketplace Tyfon is set to go public through a combination with Global Technology Acquisition Corp. I (GTAC). The post-transaction enterprise value is estimated at $434 million.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 11:04 am

JPM

KRE

NYCB

SQLV

New York Community Bancorp (NYCB) shares are trading higher premarket after agreeing to sell $5 billion in mortgage warehouse loans to JPMorgan Chase Bank. The transaction is expected to improve NYCB's capital and liquidity metrics. The sale is projected to close in Q3 2024.

Portfolio Pulse from Lekha Gupta

May 15, 2024 | 10:24 am

FXI

META

PINS

SNAP

SPY

Frank McCourt is organizing a bid to acquire TikTok's U.S. operations, as reported by the Wall Street Journal. This move could have significant implications for social media companies and ETFs with exposure to the tech sector.

Portfolio Pulse from Charles Gross

May 15, 2024 | 9:28 am

HUDA

Hudson Acquisition I (HUDA) and Aiways Europe have entered into a business combination agreement valued at $400 million. The de-SPAC is expected to close around December 31, 2024, with HUDA's shareholders becoming minority and non-controlling shareholders in the combined entity. This deal aims to strengthen Aiways Europe's presence in Europe by providing growth capital and aligning with European design concepts.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 7:03 am

VSEC

VSE Corporation has priced a public offering of 2,112,676 common stock at $71 per share, expecting net proceeds of approximately $141.0 million. The funds will be used to repay borrowings, support future acquisitions, and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 6:18 am

AMC

GME

HOOD

The recent surge in GameStop (GME) and other meme stocks draws parallels to the 2021 rally, potentially facing similar dampening factors such as stock offerings, congressional action, misleading social media activity, brokerage restrictions, and shifting investor focus. Notably, stock offerings by companies like GME and AMC, as well as the role of platforms like Robinhood (HOOD), are highlighted as key influences.

Portfolio Pulse from Chris Katje

May 14, 2024 | 9:30 pm

AYRWF

CRLBF

CURLF

GTBIF

TCNNF

VRNOF

Smart and Safe Florida has launched a campaign with four ads advocating for the legalization of recreational marijuana in Florida, known as Amendment 3, set for a vote in November 2024. The campaign, supported by major cannabis companies including Trulieve, Verano Holdings, Curaleaf Holdings, AYR Wellness, Cresco Labs, Green Thumb Industries, and INSA, has spent over $5 million on ads. Trulieve alone has contributed over $40 million towards the initiative. The ads emphasize the benefits of a regulated market, including safety, revenue for schools, and freedom from outdated laws.

Portfolio Pulse from Maureen Meehan

May 14, 2024 | 9:21 pm

ATLX

GROY

Atlas Lithium's advanced lithium processing plant nears completion, set to enhance lithium production in Brazil. The Biden administration imposes new tariffs on Chinese imports, including electric vehicles and steel, to protect U.S. jobs. Gold Royalty reports a record revenue increase, driven by new and existing projects. Ampco-Pittsburgh sees a rise in net sales but a decrease in income from operations due to various challenges.

Portfolio Pulse from austin@walkonholdings.com

May 14, 2024 | 8:57 pm

BTCUSD

DOGEUSD

ETHUSD

RNDRUSD

SHIBUSD

SOLUSD

Cryptocurrency markets are experiencing a downturn due to recent spikes in PPI and consumer inflation data, with major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin trading lower. Notable developments include OKX's entry into the Australian market, Wisconsin's investment in BlackRock's Bitcoin ETF, and Ark Invest's stock transactions. Analysts view the corrections as healthy and part of the market's cycle, emphasizing the importance of support levels and market opportunities during these periods.

Portfolio Pulse from Khyathi Dalal

May 14, 2024 | 8:48 pm

APO

PARA

SONY

Deal talks between Paramount Global Inc. (NASDAQ:PARA) and Sony Group Corp. (NYSE:SONY) and Apollo Global Management Inc. (NYSE:APO) are faltering, with Sony rethinking its $26B bid for Paramount. Factors such as the lack of a signed NDA and a recent decline in Sony's stock price are influencing the decision. Paramount's stock dropped over 5% upon the news, while Sony's ADR stock rose 6.5%. The situation leaves room for other contenders like the Skydance-RedBird partnership.

Portfolio Pulse from Piero Cingari

May 14, 2024 | 8:40 pm