Streetbeat News

Acquisitions Mergers

NXPL

NextPlat Corp has entered into a definitive business combination agreement with Progressive Care. A wholly owned subsidiary of NextPlat will merge with and into Progressive Care, indicating a significant corporate action that could affect both companies' futures.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:44 pm

AAPL

Wedbush analyst Dan Ives highlights Apple Inc.'s significant opportunity in AI, leveraging its 2 billion user base. The upcoming WWDC is seen as a pivotal moment for Apple to unveil its AI strategy, potentially including an AI App Store. Despite being slower in AI adoption compared to rivals, Apple is expected to make a significant leap with the iPhone 16. Apple's focus on AI could enhance its services category and ensure user privacy with on-device AI features. The company's AI initiatives, including acquisitions like DarwinAI, could represent a $33 billion annual opportunity.

Portfolio Pulse from Rounak Jain

April 12, 2024 | 12:20 pm

JPM

JPMorgan Chase's CFO commented on the current quarter's performance in investment banking as 'nice' but expressed caution regarding future activity due to regulatory headwinds in mergers and acquisitions (M&A).

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:10 pm

PRTG

Portage Biotech Inc. (NASDAQ:PRTG) is expanding its strategic alternatives review and pausing further enrollment in the ADPORT-601 clinical trial to extend its cash runway. The company is exploring options including partnerships, asset sales, a company sale, mergers, restructurings, or a wind down. There's no assurance that this process will result in any agreements or successful transactions.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:06 pm

EZGO

EZGO Technologies Ltd. (NASDAQ:EZGO) has entered into a $1.84 million procurement agreement with Hangzhou Huiyu Zhichuang Industrial Co., Ltd. for the sale of twelve security patrol robots and one intelligent patrol platform. This agreement highlights EZGO's strong R&D and manufacturing capabilities in the short-distance transportation solutions sector in China. The company is expected to complete delivery and installation within 9 months, showcasing advanced features like self-navigation and live video streaming. This deal is anticipated to expand EZGO's business with Huiyu Group and secure sustained orders, reinforcing its position in smart transportation solutions.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:03 pm

BP

EIPX

HJEN

BP p.l.c. (NYSE:BP) shares are trading higher premarket after reports emerged that Abu Dhabi National Oil Company (ADNOC) considered buying the company, although discussions did not progress beyond preliminary stages. ADNOC ultimately decided BP wasn't the right fit for its strategy, citing political considerations and BP's underperformance compared to competitors. Despite this, BP's direct talks with ADNOC and consultations with investment banks on a potential deal were noted. Additionally, BP expects higher upstream production in Q1 2024. Investors can also gain exposure to BP through Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Energy Income Partners Strategy ETF (NYSE:EIPX).

Portfolio Pulse from Lekha Gupta

April 12, 2024 | 11:42 am

HES

Hess Corporation (NYSE:HES) has announced the final investment decision to proceed with the Whiptail development in the Stabroek Block, expected to yield 250,000 barrels of oil daily by 2027. The project, valued at $12.7 billion, aims to exploit over 850 million barrels of oil, featuring up to 10 drill centers and 48 wells.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 11:28 am

BLK

DIVL

FDFF

BlackRock, Inc. (NYSE:BLK) reported strong first-quarter FY24 results with an 11% revenue growth to $4.728 billion, surpassing consensus estimates. The company saw increases in investment advisory, administration fees, and technology services revenue, alongside a net inflow of $57 billion. Adjusted operating income and EPS also rose significantly. Total AUM reached $10.5 trillion. BLK announced a quarterly dividend of $5.10 and share repurchases worth $375 million. The company is focusing on growth in infrastructure, technology, and retirement solutions. BlackRock also issued $3 billion in debt for an acquisition and is considering selling a U.K. gas pipeline network. BLK shares rose 2.68% in premarket trading.

Portfolio Pulse from Lekha Gupta

April 12, 2024 | 11:22 am

MU

NVDA

SSNLF

Samsung Electronics Co plans to announce a $44 billion investment in a chip plant in Taylor, Texas, with over $6 billion in U.S. government grants. This move is part of the U.S. strategy to boost domestic semiconductor production under the 2022 Chips and Science Act. Samsung's investment aims to enhance its chip technology, aligning with AI industry leaders like NVIDIA Corp and Micron Technology, and follows a collaboration with Arm Holdings for next-gen CPU technology.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 10:49 am

F

Ford Motor Company (NYSE: F) is delivering 144,000 redesigned F-150 and Ranger trucks to North American dealers to address quality issues and has resumed F-150 Lightning electric truck shipments with a price reduction of up to $5,500. This move is part of Ford's strategy to enhance quality assurance and customer satisfaction, aiming for a pre-tax profit between $10 billion and $12 billion in 2024. The delay in truck distribution may affect Ford's Q1 financial results, with 60,000 F-150s pending shipment this quarter. Ford's actions, including a price cut on the Lightning model, reflect efforts to remain competitive in the EV market and avoid past warranty repair costs.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 10:14 am