Streetbeat News

Acquisitions Mergers

EQX

Equinox Gold's stock trades lower following the announcement of a binding share purchase agreement with Orion Mine Financing Management to acquire a 40% interest in Greenstone Gold Mine GP.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 11:57 am

EQX

Equinox Gold announced it will acquire Orion Mine Finance Management's 40% interest in Greenstone Gold Mine GP for $995M, payable in shares, cash on closing, and future cash payments. The acquisition will be funded through a new term loan and equity financing.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 11:55 am

ALCPF

INTC

TSM

WICOF

Intel's introduction of the Gaudi 3 AI chip is expected to benefit TSMC, Alchip, and Wistron significantly, with Morgan Stanley projecting a surge in demand. TSMC will fabricate the chips, Alchip will provide design services, and Wistron will supply baseboards. The demand for AI is driving TSMC's revenue growth, and Alchip's strategic relocation to Japan aligns with its involvement in Gaudi chips. Intel's stock, currently consolidating, may rise with the Gaudi 3 launch and resolution of supply issues by the second half of 2024.

Portfolio Pulse from Benzinga Neuro

April 24, 2024 | 11:52 am

ALCPF

INTC

TSM

WICOF

Morgan Stanley predicts significant benefits for TSMC, Alchip, and Wistron from Intel's new AI chip, Gaudi 3. TSMC will fabricate the chip, Alchip will provide design services, and Wistron will supply baseboards. The demand for AI chips is expected to drive revenue growth for these companies, with Intel's Gaudi shipments potentially reaching 300-400k units in 2025, generating $2-3bn in revenue. TSMC and Alchip are considered long-term winners in the AI semiconductor market.

Portfolio Pulse from Benzinga Neuro

April 24, 2024 | 11:51 am

META

NVDA

Meta Platforms Inc. (META) plans to purchase 350,000 Nvidia Corp. (NVDA) H100 GPUs by 2024, initially for Instagram Reels enhancement, not AI. Zuckerberg's revelation on a podcast highlighted the shift from Reels to AI as a strategic move. Meta's AI model, Llama 3, reportedly outperforms competitors, marking the investment as beneficial. The original intent was to make Instagram Reels competitive with TikTok, but the GPUs' application in AI development was a serendipitous outcome.

Portfolio Pulse from Rounak Jain

April 24, 2024 | 11:42 am

GXO

GXO Logistics has reaffirmed its full-year 2024 guidance on a standalone basis and updated its guidance to account for the expected impact of the Wincanton acquisition. CEO Malcolm Wilson highlighted solid preliminary first quarter results and anticipates continued sequential organic growth throughout 2024.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 11:13 am

VCIG

Legacy Credit has announced a significant investment in VCI Global Limited, acquiring a stake exceeding 5% through a private placement. This move indicates a strong vote of confidence in VCI Global's future prospects and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 10:55 am

EIPX

KEAT

TTE

TotalEnergies SE (NYSE:TTE) has announced a deal with Trident Energy involving the acquisition of an additional 10% stake in the Moho license and the sale of its interests in the Nkossa and Nsoko II licenses in the Republic of Congo. This move aligns with TotalEnergies' strategy to focus on low-cost, low-emission assets. The completion of this deal is contingent on regulatory approvals and Trident Energy's acquisition of Chevron Congo. TotalEnergies also reported the start of construction for New York State's largest onsite solar generating and storage system at JFK International Airport and a strategic partnership with OK Petroleum in Long Island, NY. Investors can gain exposure to TotalEnergies through ETFs such as First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and Keating Active ETF (NASDAQ:KEAT). TTE shares saw a slight increase of 0.05% in premarket trading.

Portfolio Pulse from Lekha Gupta

April 24, 2024 | 10:54 am

LII

Lennox International (LII) has reaffirmed its FY24 revenue guidance, projecting around 7% growth, with 2% attributed to the AES acquisition. Additionally, Lennox has updated its EPS guidance for FY24 from the range of $18.50-$20.00 to a narrower range of $19.00-$20.00, with an estimated average of $19.72.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 10:49 am

CRM

CSCO

DDOG

HCP

IBM

IBM is reportedly close to acquiring HashiCorp, a move that could significantly impact both companies by enhancing IBM's strategic shift towards hybrid-cloud and artificial intelligence. HashiCorp, known for its cloud infrastructure solutions and partnerships with tech giants, could see its stock value increase due to the acquisition premium. The deal, however, is still uncertain. This acquisition aligns with IBM's recent focus under CEO Arvind Krishna, including a $5 billion acquisition of Apptio. Meanwhile, Salesforce's withdrawal from acquiring Informatica indicates a cautious sector approach.

Portfolio Pulse from Shivani Kumaresan

April 24, 2024 | 10:23 am