Streetbeat News

Acquisitions Mergers

SMRT

SmartRent's stock price increased following a letter from Land & Buildings to the Board, urging the exploration of strategic alternatives.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 1:16 pm

AAUKF

BHP

RIO

Anglo American (OTCQX:AAUKF) has rejected BHP's (NYSE:BHP) second takeover bid of $42.7 billion for its copper assets, citing the proposal's unattractiveness and high execution risks. The bid, which was 10% higher than the first, required Anglo to divest its iron and platinum assets in South Africa, a condition Anglo found unappealing. Copper's growing demand in renewable energy technologies makes these assets highly valuable. Rio Tinto (NYSE:RIO) is also interested in Anglo American, with its existing operations in South Africa potentially making it a more suitable bidder.

Portfolio Pulse from Stjepan Kalinic

May 14, 2024 | 1:15 pm

SHIBUSD

K9 Finance DAO, Shiba Inu's liquid staking partner, proposes to burn 410 million KNINE tokens to honor Ethereum co-founder Vitalik Buterin. The burn aims to replicate the price surge SHIB experienced in 2021 after Buterin burned 41% of its circulating supply. The proposal, which ends on May 18, has seen majority support from the community. Additionally, K9 Finance plans to invest in ETH and stablecoins to earn passive income. Shibburn data shows a 200% increase in burn rate, and Shibariumscan data indicates growth in active accounts and transactions, suggesting a positive trend for SHIB.

Portfolio Pulse from Khyathi Dalal

May 14, 2024 | 1:09 pm

CSGP

MTTR

SMRT

Land & Buildings, holding over 3% of SmartRent (SMRT) shares, urges the company to explore strategic alternatives, including a sale, due to its underperformance and loss of financial community confidence. They highlight SmartRent's failure to meet growth targets and suggest that a sale could yield a significant premium for shareholders, citing the recent acquisition of Matterport (MTTR) by CoStar Group (CSGP) as an example of potential upside.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 1:07 pm

GME

SPWR

SunPower Corp (NASDAQ:SPWR) shares surged as high short-interest stocks rallied, influenced by Keith Gill's return to social media and the Biden administration's tariff increase on Chinese solar panels. Gill, known for initiating the 2021 meme stock craze, posted on X, leading to a spike in GameStop (NYSE:GME) and similar stocks. SunPower's short float is notably high at 59.04%, making it a target for traders. Additionally, the U.S. is doubling the import tax on Chinese solar cells to 50%, aiming to protect domestic industries.

Portfolio Pulse from Adam Eckert

May 14, 2024 | 1:03 pm

NVEI

Nuvei Corporation (NASDAQ:NVEI) has announced the filing and mailing of a management proxy circular to shareholders regarding its go-private transaction with Advent International. The transaction offers a purchase price of US$34.00 per share, a 56% premium over the last closing price before the potential transaction was reported. Shareholders are advised to vote 'FOR' the arrangement before the June 14, 2024 deadline.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 12:49 pm

BABA

ONLN

PGJ

Alibaba Group Holding Limited (NYSE:BABA) reported fiscal Q4 2023 results with a 7% revenue growth to $30.73 billion, surpassing estimates but saw a significant 86% drop in net income to $453 million due to investment losses. Adjusted earnings per ADS missed estimates by $0.01. The company announced a $4.0 billion dividend for FY 2024 and repurchased 65 million ADS worth $4.8 billion. Alibaba is preparing for a primary listing in Hong Kong by the end of August 2024. BABA stock dipped over 4% in premarket trading. Investors can also gain exposure through the Invesco Golden Dragon China ETF (NASDAQ:PGJ) and the ProShares Online Retail ETF (NYSE:ONLN).

Portfolio Pulse from Anusuya Lahiri

May 14, 2024 | 12:35 pm

FTXN

IEO

MPC

Marathon Petroleum Corporation (NYSE:MPC) announced significant management changes, appointing Maryann T. Mannen as CEO, effective August 1, 2024. Mannen, with a 38-year tenure in the energy sector, succeeds Michael J. Hennigan, who will become Executive Chairman. The company also reported a sharp decline in adjusted EBITDA for the first quarter of FY24, despite exceeding revenue consensus. MPC shares fell by 0.95% following the announcement. Investors can also gain exposure to MPC through IShares U.S. Oil & Gas Exploration & Production ETF (NYSE:IEO) and First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN).

Portfolio Pulse from Lekha Gupta

May 14, 2024 | 12:25 pm

TSLA

Tesla Inc is using advertisements to encourage shareholder votes on CEO Elon Musk's previously rescinded $55 billion pay package and the company's potential relocation from Delaware to Texas. Despite traditionally avoiding advertising, Tesla has recently explored ads on various platforms, including Google and X, for this purpose. The move comes amid criticisms, including from investor Ross Gerber, for not advertising its product sales while focusing on Musk's pay package promotion.

Portfolio Pulse from Anan Ashraf

May 14, 2024 | 12:17 pm

AGS

Emmett Investment Management, owning about 1.5% of PlayAGS, Inc. (AGS), opposes its proposed take-private deal with Brightstar Capital Partners, claiming it undervalues the company. Emmett intends to vote against the transaction, as detailed in an open letter to AGS stockholders.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 12:16 pm