Streetbeat News

Acquisitions Mergers

VCTR

Amundi and Victory Capital have announced a strategic alliance, with Amundi US set to merge into Victory Capital. Amundi will also become a strategic shareholder in Victory Capital. The partnership includes reciprocal 15-year exclusive distribution agreements, aimed at broadening US investment opportunities.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:31 am

TSLA

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has indicated a strategic shift towards 'wartime CEO' mode, focusing on the robotaxi project after laying off over 10% of the global workforce. The layoffs aim to reduce costs and eliminate duplicate roles amid Tesla's faltering fundamentals since 2022. Senior executives Drew Baglino and Rohan Patel have departed, and projects, including a cathode factory at Giga Texas, have been dropped in favor of the robotaxi initiative. Tesla's workforce has significantly increased over the years, but its revenue per employee in 2023 was lower than competitors like GM and Ford. Amidst this, Tesla is preparing to unveil its robotaxi on August 8, despite concerns over the cancellation of a low-cost electric vehicle project.

Portfolio Pulse from Anan Ashraf

April 16, 2024 | 7:29 am

MSFT

Microsoft invests $1.5B in Abu Dhabi's G42 to boost AI development and global expansion, aiming to position the UAE as a leading AI hub. The partnership includes collaboration on secure AI technologies, cloud capabilities, and the establishment of a $1B fund for developers. Microsoft's Brad Smith will join the G42 Board, emphasizing the commitment to AI safety and security standards.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:11 am

BTCUSD

Crypto.com CEO Kris Marszalek predicts a surge in Bitcoin sales leading up to the 'halving' event around Apr. 20, expected to boost Bitcoin's price over time. Despite potential short-term selling pressure, Marszalek views the event as positive for the market. The introduction of Bitcoin ETFs and endorsements like that from BlackRock Inc have fueled optimism, despite recent price volatility and skepticism among finance professionals. Bitcoin's price has seen a significant year-to-date increase, trading at $62,682 with a recent decline of 1.23%.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 6:12 am

BAC

JNJ

SNPO

The CNN Money Fear and Greed index moved to the 'Fear' zone, indicating a decline in market sentiment. U.S. stocks, including the S&P 500, closed lower amid Middle East conflict concerns. Snap One Holdings Corp. (SNPO) shares surged after an acquisition announcement by Resideo Technologies. Goldman Sachs (GS) reported strong Q1 earnings. The market awaits earnings from Johnson & Johnson (JNJ), Morgan Stanley (MS), and Bank of America (BAC).

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:09 am

CRM

DJT

RIVN

TSLA

On Monday, U.S. stock indices fell, with DJT, RIVN, GS, CRM, and TSLA being the most watched stocks. DJT plummeted 18.35% after announcing a new stock issuance. RIVN dropped 8%, continuing a 5-day decline. GS rose 2.92% on strong Q1 earnings. CRM fell 7.28% amid acquisition talks with Informatica. TSLA decreased 5.59%, reportedly due to workforce adjustments.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:07 am

TSLA

Tesla, Inc. (NASDAQ: TSLA) has reportedly put on hold the development of its proposed $25,000 electric vehicle, known as Model 2 or codenamed NV9, according to Electrek. This decision comes amid a round of massive layoffs, including high-profile executives, and a shift in focus towards the self-driving project. CEO Elon Musk had previously emphasized the importance of the low-cost EV and its production at Giga Texas and Giga Mexico, aiming for a second-half of 2025 start. However, the project's defunding and the layoffs of team members involved raise concerns about Tesla's future growth, particularly as the Model 2 vehicle and its sub-$30,000 price point were seen as crucial for driving mass demand globally.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 2:45 am

ARKB

BITB

BRRR

DEFI

GBTC

Cryptocurrency analyst Willy Woo predicts Bitcoin ETFs could drive Bitcoin's price to surpass gold's market cap, with price targets of $91k in bear and $650k in bull markets. The SEC approved Bitcoin ETFs from Grayscale, Bitwise, Hashdex, Valkyrie, and ARK 21Shares. Bitcoin's market cap could rise to $12.8 trillion, exceeding gold's $16.1 trillion cap. Bitcoin ETFs saw $111 billion traded in March, despite a recent 8% price drop and $83M net outflows in spot Bitcoin ETFs.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 2:38 am

BLK

IBIT

Despite BlackRock Inc.'s acceptance of Bitcoin, skepticism remains among finance professionals. Portfolio manager Mike Green criticizes Bitcoin as an 'extractive bubble,' yet Simplify Asset Management launched two Bitcoin-exposed funds. Companies like Vanguard and State Street have not offered Bitcoin ETFs, and Goldman Sachs views Bitcoin as unsuitable for investment portfolios. The Miami event highlighted ongoing doubts about Bitcoin's viability as a reserve currency, despite its recent price surge.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 1:49 am

BLOZF

CMPS

IGC

TPB

The cannabis industry is witnessing significant executive changes across various companies, with new CEOs, CFOs, COOs, and board members being appointed. These changes come as the industry prepares for the Benzinga Cannabis Capital Conference in Florida, highlighting the sector's dynamic nature and growth. Notably, U.S.-based cannabis executives' salaries have surpassed the $500,000 mark, indicating the industry's lucrative potential. Companies like Decibel Cannabis, Schwazze, DIZPOT, and others have announced leadership changes, aiming to strengthen their market positions and expand operations.

Portfolio Pulse from Jelena Martinovic

April 16, 2024 | 12:22 am