Streetbeat News

Acquisitions Mergers

GS

Goldman Sachs is exiting the robo-investing sector for the general public by striking a deal with Betterment, which will acquire clients and assets from Goldman's Marcus Invest platform. Despite this move, Goldman Sachs remains committed to expanding its Marcus savings-account product.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 4:09 pm

ACI

HEPA

KR

MLEC

MTTR

NIVF

VAXX

WRNT

U.S. stocks traded higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. Albertsons Companies Inc reported upbeat fourth-quarter earnings, while Matterport, Inc announced a significant acquisition deal by CoStar Group, causing its shares to spike. Other notable movements included Moolec Science SA and NewGenIvf Group Limited experiencing substantial share increases, whereas Vaxxinity, Inc, Hepion Pharmaceuticals, Inc, and Warrantee Inc faced sharp declines.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 4:07 pm

HUT

Hut 8 Corp (NASDAQ:HUT) has merged with US Bitcoin Corporation (USBTC), closing in November 2023. This merger is seen positively by Benchmark analyst Mark Palmer, who initiated coverage with a Buy rating and a $12 price target. The merger is expected to provide diversified revenue streams and increase profitability for Hut 8, especially as the company focuses on expanding its energy capacity and halting the purchase of new mining rigs in anticipation of more efficient technology. Shares of Hut 8 rose by 9.56% to $8.83 following the announcement.

Portfolio Pulse from Priya Nigam

April 22, 2024 | 4:02 pm

CMG

Chipotle Mexican Grill, Inc. (NYSE:CMG) has opened its first restaurant in Kuwait City, marking its first new country entry in over a decade, in partnership with Alshaya Group. The location offers multiple ordering methods, including a kiosk system and QR codes. Chipotle and Alshaya also plan to open a location in Dubai later this year. This expansion is part of Chipotle's international growth, with existing locations in Canada, the U.K., France, and Germany. The move has been well-received, with shares trading up 0.12% at $2,872.46.

Portfolio Pulse from Shivani Kumaresan

April 22, 2024 | 3:22 pm

YYAI

Connexa Sports Technologies Inc. has changed its ticker symbol to YYAI to better reflect its future business model, following the announcement to acquire 70% of YYEM. This change aligns with the company's strategy to enhance shareholder value through acquisitions and divestitures, such as the planned divestment of the Slinger Bag business.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 3:21 pm

UUUU

Energy Fuels announced the acquisition of all issued shares of Base Resources for approximately A$375 million, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 3:18 pm

RAN

RanMarine Technology B.V. (NASDAQ:RAN) is set to IPO on April 23, offering shares at $5.50 each with a 180-day insider lock-up period ending on October 20, 2024. The company specializes in autonomous surface vessels for removing pollutants and collecting water quality data.

Portfolio Pulse from Benzinga Insights

April 22, 2024 | 3:00 pm

MLI

Mueller Industries Inc (NYSE:MLI) is set to acquire Nehring Electrical Works Company for approximately $600 million, aiming to expand its presence in the electrical and power infrastructure sector. Nehring, known for its wire and cable solutions, reported $400 million in net sales for the year ended December 31, 2023. The acquisition, funded by cash on hand, is expected to close in Q2 2024 and be accretive to Mueller's 2024 financial results. Mueller's cash reserves post-acquisition will still support further growth opportunities.

Portfolio Pulse from Shivani Kumaresan

April 22, 2024 | 2:59 pm

MTTR

Matterport shares are trading higher following the announcement that it will be acquired by CoStar Group, indicating a positive market reaction to the acquisition news.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 2:53 pm

SHIB-USD

Shiba Inu (SHIB) has seen a 19% increase in value over two days, raising $12M for its new blockchain through a token sale of TREAT to non-U.S. investors. The funds were raised from notable investors including Polygon Ventures and Animoca Brands. The new Layer-3 blockchain aims to enhance privacy, with TREAT serving as its utility and governance token. Additionally, a temporary outage in the Shibarium network was resolved, and significant increases in transaction volumes and fees were reported. Analyst Javon Marks predicts a potential 69% recovery for SHIB to its 2024 highs.

Portfolio Pulse from Khyathi Dalal

April 22, 2024 | 2:35 pm