Streetbeat News

Acquisitions Mergers

NOC

Northrop Grumman Corp (NYSE:NOC) reported a 9% year-over-year sales growth to $10.133 billion in Q1 fiscal 2024, surpassing consensus estimates. EPS rose to $6.32 from $5.50, beating expectations. The company highlighted robust defense spending and a strong backlog as key drivers of its positive outlook, including expected free cash flow growth. Segment sales and operating income saw increases, with notable awards including $3.1 billion for restricted programs. Despite a cash outflow, NOC plans to return over $2 billion to investors through dividends and share repurchases in 2024. The company reaffirmed its fiscal 2024 guidance, expecting sales between $40.8 billion and $41.2 billion and adjusted EPS of $24.45-$24.85.

Portfolio Pulse from Akanksha Bakshi

April 25, 2024 | 4:22 pm

AMZN

ONLN

XLY

Amazon's AWS plans to invest $11 billion in Indiana for a new data center campus, marking the state's largest capital investment. This move will create at least 1,000 jobs and support AI technologies. AWS leads the global cloud market with a 31% share. Amazon's stock has risen over 66% in the past year, and its growth in AI and cloud services is expected to continue. Investors can gain exposure to Amazon through ETFs like XLY and ONLN.

Portfolio Pulse from Anusuya Lahiri

April 25, 2024 | 4:17 pm

ATNI

HTZ

MRK

ORN

PCSA

PI

ULBI

U.S. stocks traded lower, with the S&P 500, Nasdaq, and Dow all experiencing declines. Merck & Co. raised its 2024 outlook after reporting strong Q1 financial results. Impinj, Ultralife Corporation, and Processa Pharmaceuticals saw significant stock increases after positive financial reports, while ATN International, Hertz Global Holdings, and Orion Group Holdings faced declines due to disappointing financial performances.

Portfolio Pulse from Avi Kapoor

April 25, 2024 | 4:04 pm

HON

Honeywell International Inc (NASDAQ:HON) reported Q1 fiscal 2024 sales of $9.105 billion, a 3% increase Y/Y, beating consensus estimates. Adjusted EPS was $2.25, surpassing the $2.17 consensus. The growth was driven by Aerospace Technologies and Energy and Sustainability Solutions. The company also announced the acquisition of Civitanavi Systems to enhance its Aerospace navigation offerings. Honeywell expects Q2 sales between $9.2 billion and $9.5 billion, with adjusted EPS of $2.25 to $2.35. The 2024 outlook anticipates sales between $38.1 billion and $38.9 billion, with adjusted EPS of $9.80 to $10.10.

Portfolio Pulse from Akanksha Bakshi

April 25, 2024 | 3:43 pm

PLUG

Plug Power, Inc. (NASDAQ:PLUG) shares fell by 4% on Thursday despite announcing two new contracts for Basic Engineering and Design Packages (BEDP) for projects in Europe and the U.S., totaling up to 350 megawatts of electrolyzers. This addition brings Plug Power's global BEDP contracts to 4.5 gigawatts, including a significant 500 megawatts contract in Europe earlier this year. The company plans to deliver 40 electrolyzer systems by 2024, expanding its presence in multiple regions worldwide.

Portfolio Pulse from Nabaparna Bhattacharya

April 25, 2024 | 3:40 pm

VWAGY

XPEV

XPeng Inc (NYSE:XPEV), a Chinese EV manufacturer, is considering overseas production due to a European investigation into Chinese-made EVs for potential unfair advantages from state subsidies. The European Commission's probe, deemed protectionist by China, has prompted XPeng to review its strategy as it aims to increase its international sales from 1%-2% to around 10% this year. Despite challenges, XPeng plans to expand in Europe and eyes the U.S. market, emphasizing the global transition to green technology.

Portfolio Pulse from Shivani Kumaresan

April 25, 2024 | 3:36 pm

BK

Computershare Limited (ASX: CPU) has agreed to acquire BNY Trust Company of Canada from BNY Mellon (NYSE:BK). This acquisition aligns with Computershare's strategy to expand its corporate trust services in North America. BNY Trust Company of Canada, established in 2001, offers trust and agency services and has around 1,800 corporate trust mandates. The deal, expected to close in the second half of 2024, includes the transfer of relevant staff to Computershare's Toronto office, subject to regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 3:34 pm

LUV

Southwest Airlines Co (NYSE:LUV) reported a Q1 fiscal 2024 operating revenue increase of 10.9% Y/Y to $6.33 billion, missing consensus estimates. Adjusted EPS fell to $(0.36), and the company experienced an adjusted operating loss of $(377) million. Despite record passenger numbers, challenges included lower-than-expected leisure passenger volume and Boeing delivery delays. The company announced cost control measures and operational closures at four airports. Q2 guidance anticipates a RASM decrease and increased costs, with LUV shares dropping 9.3%.

Portfolio Pulse from Akanksha Bakshi

April 25, 2024 | 3:14 pm

TRYPF

Tryp Therapeutics Inc. (OTCQB:TRYPF) has received approval from Exopharm Limited shareholders for a merger, creating Tryptamine Therapeutics Limited. The merger, valued at CA$12.8 million, offers Tryp shareholders a significant premium, with Exopharm issuing 4.52 shares for each Tryp share. Trading of Tryp shares will halt on April 29, 2024, ahead of the ASX listing under ticker 'TYP' by mid-May 2024. This strategic move aims to enhance shareholder value and expand clinical programs, leveraging Australia's biotech landscape.

Portfolio Pulse from Patricio Liddle

April 25, 2024 | 3:05 pm

GRUSF

Grown Rogue International Inc. (OTC:GRUSF) has increased its ownership in Michigan cannabis operations to 80% through two transactions totaling $2.8 million. The company now holds a larger stake in Golden Harvests, LLC, which controls its Michigan operations, and has the option to acquire the remaining 20%. The transactions were financed through cash and sellers' notes, with future payments expected to be covered by cash on hand and operational cash flow. Grown Rogue's CEO highlighted Michigan's importance to the company's growth and operational excellence.

Portfolio Pulse from Jelena Martinovic

April 25, 2024 | 3:02 pm