Streetbeat News

Acquisitions Mergers

JWN

Sycamore Partners, a buyout equity firm, is reportedly interested in privatizing Nordstrom Inc (NYSE:JWN), causing Nordstrom's shares to surge by 6% on the NYSE. The Nordstrom CEO and president, who are brothers, have confirmed exploring privatization options. Negotiations with Sycamore or other potential buyers are ongoing, with no deal guaranteed. Nordstrom faces challenges amid inflation and high interest rates, with a net long-term debt of $2.6 billion. Macy's Inc (NYSE:M) is also seen as a potential acquisition target in the department store sector.

Portfolio Pulse from Shivani Kumaresan

May 03, 2024 | 10:47 am

BWAQ

Blue World Acquisition (BWAQ), a blank check company, has extended its deadline to complete an initial business combination to June 2, 2024. This extension provides BWAQ with additional time to identify and merge with a target company, a common practice among SPACs (Special Purpose Acquisition Companies) to ensure they find a suitable merger or acquisition opportunity.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 10:21 am

ADTX

EVFM

Aditxt received a notice on April 26 from Evofem, stating that Evofem is terminating their merger agreement due to Aditxt's failure to provide the initial parent equity investment as required.

Portfolio Pulse from Charles Gross

May 03, 2024 | 10:05 am

MSFT

OpenAI CEO Sam Altman has declared a strong commitment to developing artificial general intelligence (AGI), stating financial costs, which could range from $500 million to $50 billion, are not a concern. Microsoft Corp. (NASDAQ:MSFT), as OpenAI's largest investor, has invested $13 billion in the AI startup. Altman's focus is on creating significant societal value through AGI, despite the high costs and challenges, including a lawsuit from Elon Musk alleging profit maximization for Microsoft.

Portfolio Pulse from Rounak Jain

May 03, 2024 | 9:58 am

AAPL

AMGN

STEM

Apple Inc. shares surged 6% in pre-market trading after announcing better-than-expected Q2 results, a $110-billion stock buyback program, and a dividend increase. Other stocks also moved significantly in pre-market trading, with notable gainers including Vaxxinity, El Pollo Loco, AXT, Inc., and Amgen Inc., each reporting positive financial results or corporate actions. Conversely, companies like NanoVibronix, Sprout Social, and Stem, Inc. saw declines due to disappointing financial results or corporate developments.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 9:57 am

AAPL

Apple, Inc. (NASDAQ:AAPL) announced a record-breaking $110 billion stock buyback program and a 4.2% dividend increase, making it the largest buyback in U.S. history and surpassing the market caps of major companies like Boeing and Starbucks. This move reflects a broader trend among companies to boost shareholder returns amid stagnant revenue growth. Apple's buyback, part of a surge in U.S. stock repurchases, highlights the tech sector's dominant role in buyback activity. Despite criticism for focusing on stock performance over product innovation, Apple's stock rose 5.77% in premarket trading.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 9:43 am

AMZN

BABA

DXYZ

MSFT

Four Chinese AI startups, Zhipu AI, Moonshot AI, MiniMax, and 01.ai, have reached unicorn status, challenging US giants like OpenAI and Anthropic, backed by Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) respectively. These startups, supported by domestic giants including Alibaba (NYSE:BABA), have seen valuations soar to over $1 billion each. Despite US restrictions on chip exports, these companies have secured necessary resources to continue their growth. Additionally, the US and China are set to hold high-level AI talks, amidst a backdrop of significant price cuts by Alibaba for its cloud services.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 9:23 am

AAPL

TSLA

Apple Inc. (AAPL) announced a significant stock buyback program of $110 billion, surprising many including Tesla's CEO Elon Musk. This move, along with a dividend hike, has drawn attention and speculation about whether Tesla will follow suit amidst its own challenges. The tech sector sees a trend of increasing stock buybacks, with total US stock repurchases expected to surpass $1 trillion. Meanwhile, Tesla, facing investor pressure for buybacks in 2022, is navigating through tough market conditions, making capital preservation a priority.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 6:11 am

AAPL

AMGN

COIN

TSLA

Apple, Coinbase, Block, Amgen, and Tesla stocks were in focus following their latest financial results and strategic moves. Apple announced a $110-billion stock buyback and a dividend increase after beating Q2 expectations. Coinbase's Q1 results exceeded estimates with record institutional trading volume. Block reported strong Q1 earnings, surpassing analyst expectations. Amgen's Q1 earnings also beat estimates with a significant sales increase. Tesla slightly rose after reports of abandoning its gigacasting manufacturing process amid challenges.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 3:07 am

AAPL

Apple, Inc. (AAPL) reported fiscal year 2024 Q2 results surpassing expectations, leading to a 7%+ stock price rally. The positive outcome was attributed to earnings in line with forecasts, optimistic June quarter revenue guidance by CEO Tim Cook, a smaller-than-expected decline in China sales, and a massive $110 billion buyback program. CFO Luca Maestri confirmed the guidance, expecting single-digit revenue growth despite forex impacts, and projected double-digit Services revenue growth. Apple plans to integrate generative AI into its products and expand into new markets, while the DOJ probe remains an overhang.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 2:02 am