Streetbeat News

Acquisitions Mergers

TSLA

Tesla Inc (NASDAQ:TSLA) received over $17 million in federal grants for EV charging infrastructure before announcing layoffs within its supercharger team and scaling back its deployment goals. Despite the cutbacks, experts believe Tesla's involvement in the charging network is beneficial due to its expertise. The company plans to continue expanding its supercharger network, albeit at a slower pace, after laying off 10% of its workforce to focus on vehicle autonomy.

Portfolio Pulse from Anan Ashraf

May 02, 2024 | 7:50 am

AAPL

GOOGL

Court documents unsealed in an antitrust lawsuit against Alphabet Inc. reveal that Google paid Apple $20 billion in 2022 to remain the default search engine on Safari. This payment is a key focus of the case, highlighting Google's alleged monopolistic control over online search and advertising. The disclosure, marking the first public confirmation of the payment amount, underscores the deal's significance to Apple's financials, constituting 17.5% of its operating income in 2020. The case's outcome, with closing arguments scheduled soon, could impact both companies' strategies and market dominance.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 7:34 am

NVDA

SSNLF

SK Hynix, a key supplier to NVIDIA Corp, has announced that its high-bandwidth memory (HBM) chips, essential for AI chipsets, are nearly sold out for 2025 due to booming demand in the AI industry. This surge in demand has led to SK Hynix reporting its first profitable quarter in five, highlighting the rapid expansion of AI services and the increasing importance of HBM chips in this sector. The company's investment in the U.S. semiconductor industry, including a $4 billion chip-packaging facility in Indiana, underscores the strategic importance of HBM chips and the broader semiconductor industry's growth.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 6:43 am

BYDDY

TM

TSLA

Tesla Inc. (NASDAQ:TSLA) has reportedly halted its gigacasting manufacturing process, a move aimed at cutting costs amid declining sales and increasing competition, particularly from BYD Co. (OTC:BYDDY) (OTC:BYDDF) and traditional automakers like Toyota Motor Corp (NYSE:TM). This decision marks a strategic shift for Tesla, which had previously aimed to innovate car manufacturing by casting large sections of the vehicle's underbody in one piece. Despite this pause, Tesla plans to focus on producing more affordable cars using existing platforms and has not completely abandoned the small-vehicle platform intended for the so-called Model 2, now pivoting towards developing a self-driving robotaxi.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 5:42 am

ENSV

Enservco Corporation (NYSE:ENSV) announced board changes and a corporate update, including the appointment of Marc Kramer to its Board of Directors, following Steve Weyel's resignation. Kramer brings extensive experience in transportation and logistics, aligning with Enservco's strategic shift towards logistics through the Buckshot Acquisition. The company is exploring strategic initiatives to reduce reliance on its seasonal frac heating business, aiming for a transformation into a year-round logistics business with strong cash flow. Shareholder approval of related proposals is pending.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:52 am

PXD

XOM

Exxon Mobil Corp is finalizing a $60 billion acquisition of Pioneer Natural Resources, avoiding FTC concerns by not adding Pioneer's CEO to its board. Allegations of collusive activity by Pioneer's CEO with OPEC on oil pricing are noted, but Exxon is not implicated. Both companies' stock prices saw declines recently.

Portfolio Pulse from Erica Kollmann

May 01, 2024 | 10:01 pm

GMS

GMS Inc. (NYSE:GMS), a leading distributor of specialty building products in North America, has expanded its strategic growth by acquiring Howard & Sons Building Materials, a distributor based in Southern California. This acquisition, completed on May 1, 2024, includes a portfolio of Wallboard, Steel Framing, and Complementary Products. Howard & Sons, known for its strong manufacturer partnerships, will now operate under the GMS brand, J&B Materials.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:54 pm

VIA

Via Renewables President and CEO Keith Maxwell announced that in Q2, the company entered into an agreement to acquire approximately 12,500 RCEs in its existing markets, indicating a strategic expansion.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:48 pm

CTRE

CareTrust REIT, Inc. (NYSE:CTRE) has funded a $26.7 million mortgage loan for a skilled nursing portfolio acquisition in Tennessee, operated by affiliates of The Ensign Group, Inc. The loan, secured by a first priority lien, has a seven-year maturity and a 9.10% annual interest rate. CareTrust has an option to purchase the facilities in the future. Year-to-date investments exceed $205 million, with an investment pipeline of approximately $260 million. The company issued 11.6 million shares at $23.55 each, raising about $273.2 million, increasing outstanding shares to ~142.1 million.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:43 pm

PNTG

Pennant has acquired the operations of Veranda Senior Living at Paramount, a 73-unit assisted living and memory care community in Meridian, Idaho. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:33 pm