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Acquisitions Mergers

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) plans to increase its Normal, Illinois factory's annual production capacity to 215,000 vehicles, focusing on the R2 SUV, expected to start at $45,000. The company halted its Georgia plant construction, moving R2 production to Illinois by the first half of 2026. This shift is projected to save Rivian over $2.25 billion in costs. Rivian reported a Q1 revenue of $1.20 billion, surpassing estimates, but its loss per share was wider than expected. The company has adjusted its capital expenditure outlook for 2024 and 2025.

Portfolio Pulse from Anan Ashraf

May 08, 2024 | 10:30 am

OPY

Oppenheimer Europe, a subsidiary of Oppenheimer Holdings, announced the expansion of its European investment banking operations with the hiring of Dmitry Gladkov and Konstantin Derkatschew.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:14 am

AER

AerCap announced a deal with Safran Aircraft Engines and Shannon Engine Support for the purchase of 150 new CFM LEAP spare engines, valued at around $3B. This significant investment in new engines underscores AerCap's commitment to expanding its spare engine portfolio and enhancing its offerings to clients.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:10 am

FFND

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped in premarket trading after reporting Q1 results with revenue of $1.204 billion, surpassing estimates but with a larger loss per share than expected. The company maintained its 2024 production guidance but reduced capital expenditure guidance by $550 million. Speculation about a potential Apple partnership and a significant free cash flow loss were also factors affecting the stock's performance. Future Fund Active ETF (NYSE:FFND), which holds Rivian shares, might also be impacted by Rivian's stock movement.

Portfolio Pulse from Shanthi Rexaline

May 08, 2024 | 10:07 am

DIS

The Walt Disney Company (NYSE:DIS) reported a significant loss of 2.3 million subscribers for Disney+ Hotstar in India during its second-quarter earnings. The Average Monthly Revenue Per Paid Subscriber also fell by 45% to $0.70. Star India, another Disney venture, saw a 17% decline in quarterly revenue to $105 million, though its operating losses decreased to $27 million from $99 million the previous year. Disney took over $2 billion in charges for goodwill impairments related to Star India and other Indian ventures, following a joint venture agreement with Reliance Industries.

Portfolio Pulse from Utkarsh Roshan

May 08, 2024 | 9:44 am

GLNCY

HAP

HJEN

SHEL

Shell plc (NYSE:SHEL) has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC, a joint venture between Chandra Asri Capital and Glencore Asian Holdings. The sale includes all assets and commercial contracts of Shell Energy and Chemicals Park Singapore. The decision follows a strategic review initiated by Shell in June 2023. The transaction, expected to complete by end of 2024, includes crude supply and products offtake agreements. Shell aims to high-grade its Chemicals and Products business, aligning with its commitment to deliver more value with fewer emissions.

Portfolio Pulse from Shivani Kumaresan

May 08, 2024 | 9:36 am

SELF

Global Self Storage's board has rejected Etude's acquisition offers, labeling them as opportunistic. The board believes these offers undervalue the company and its future growth potential, emphasizing their commitment to their strategic business plan despite current macro-economic challenges.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 8:15 am

LTRY

Sports.com, Inc., a subsidiary of Lottery.com, has expanded its content portfolio by acquiring the rights to broadcast the next three Extreme Fighting Championship events in Saudi Arabia and the UAE.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 8:02 am

DIS

EMR

PTON

TEVA

UBER

The CNN Money Fear and Greed index indicated a decline in market sentiment, remaining in the 'Fear' zone. U.S. stocks were mixed, with the Dow Jones gaining for the fifth session. Walt Disney Co shares dropped 9.5% due to weak quarterly sales, while Peloton Interactive shares surged over 15% amid buyout rumors. The Logistics Manager's Index also fell. Sectors like materials, utilities, and consumer staples saw gains, contrasting with losses in consumer discretionary and information technology. The Dow Jones, S&P 500, and Nasdaq Composite showed varied performance. Upcoming earnings from Teva Pharmaceutical, Uber Technologies, and Emerson Electric are anticipated.

Portfolio Pulse from Avi Kapoor

May 08, 2024 | 7:49 am

AVGO

INTC

NVDA

QCOM

The U.S. Commerce Department has revoked the export licenses of Intel Corp (NASDAQ:INTC) and Qualcomm Inc. (NASDAQ:QCOM), preventing them from selling chips to Huawei Technologies. This decision, influenced by concerns over national security and technological advancements in China, follows the launch of Huawei's AI-enabled MateBook X Pro laptop, powered by Intel. The move is part of broader U.S. efforts to restrict China's access to advanced technology, impacting companies like Intel, Qualcomm, and indirectly mentioned NVIDIA Corp (NASDAQ:NVDA) and Broadcom Inc (NASDAQ:AVGO), which have significant revenue dependencies on the Chinese market.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 7:08 am