Streetbeat News

Acquisitions Mergers

Zeekr's IPO is set to open between $26-$27 per share, significantly above the initial pricing of $21 per share. This indicates strong investor interest and a positive market reception for Zeekr's debut.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 3:38 pm

LCID

Ford Motor Company has announced the hiring of Sherry House, former CFO of Lucid Group, as part of its strategic move to bolster its electric vehicle (EV) business. House, with her extensive experience in the automotive, tech, and startup sectors, is set to join Ford in June and become CFO early next year. This move comes as Ford aims for profitable growth in EVs, software, and services. Meanwhile, Ford's shares dropped by 1.36% following the announcement.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 3:29 pm

CEG

ELV

HWM

LUMN

SOUN

Benzinga's Stock Whisper Index highlights five stocks: Elevance Health, Constellation Energy Corp, SoundHound AI, Howmet Aerospace, and Lumen Technologies. These stocks are identified for their potential as undervalued or emerging opportunities. Elevance Health reported a revenue increase and raised its full-year earnings guidance. Constellation Energy beat EPS estimates but missed on revenue, with shares reaching new highs. SoundHound AI reported a significant revenue increase and beat EPS estimates. Howmet Aerospace also reported higher revenue and raised its full-year guidance. Lumen Technologies, despite a share price drop, highlighted progress in its turnaround strategy.

Portfolio Pulse from Chris Katje

May 10, 2024 | 3:11 pm

LOT

TSLA

Lotus Technology Inc. (LOT) has seen its stock rally over 40% in the last two weeks, driven by speculation around the exercise of warrants to raise up to $173 million. Despite a rocky start post-SPAC merger, Lotus, backed by Geely, is gaining investor interest amid its positioning in the luxury EV market and its first significant revenue report in 2023. Tesla (TSLA) is also mentioned in comparison to Lotus's financials and market positioning.

Portfolio Pulse from The Bamboo Works

May 10, 2024 | 3:06 pm

BLNK

FDIS

TSLA

XLY

Elon Musk's decision to overhaul Tesla's EV charging team and cut about 500 people may disrupt the Biden administration's EV infrastructure plans. This move has led to a surge in inquiries from landlords to other charging companies and could impact the National Electric Vehicle Infrastructure (NEVI) program's rollout. Tesla's strategy shift may also create opportunities for competitors like Blink Charging. Tesla's stock and exposure through ETFs like XLY and FDIS could be influenced by these developments.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 2:46 pm

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

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

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