Streetbeat News

Acquisitions Mergers

NGL

NGL Energy Partners LP (NGL) has sold its North and South Ranches in New Mexico for approximately $70 million, surpassing its $150 million asset sale guidance for FY24. The sale is part of NGL's focus on portfolio optimization and commitment to environmental sustainability in its water management operations.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 4:50 pm

FET

NEAR

RNDR

SOL

TAO

The crypto venture capital landscape in 2024 is shifting towards projects with real-world utility, particularly in AI and Layer-2 solutions. Traditional VCs are re-engaging, with significant interest in AI-related cryptocurrencies like Bittensor, Near Protocol, Fetch, and Render. The industry is moving away from memecoins and NFT hype, focusing on technological sophistication and scalability. Infrastructure projects, especially those involving zero-knowledge proofs and restaking, are also attracting attention. However, NFTs and GameFi sectors are experiencing a decline in funding.

Portfolio Pulse from Murtuza Merchant

April 05, 2024 | 4:40 pm

GOOG

GOOGL

HUBS

LCG

SPRX

HubSpot Inc (HUBS) shares are trading higher due to rumors of a potential acquisition by Alphabet Inc (GOOG, GOOGL). Analysts from Piper Sandler and Canaccord Genuity have maintained positive ratings on HUBS, with price targets of $675 and $750, respectively. The potential acquisition is seen as a strategic move for Alphabet, given HubSpot's strong presence in the SaaS market and its synergy with Google Workspace. HubSpot's stock has gained 67% in the past 12 months, and exposure to HUBS can also be gained through Sterling Capital Focus Equity ETF (LCG) and Spear Alpha ETF (SPRX).

Portfolio Pulse from Anusuya Lahiri

April 05, 2024 | 4:19 pm

BDSX

GCTS

HUBC

MDIA

STIX

ZGN

U.S. stocks traded higher with the Nasdaq Composite gaining over 200 points. The Dow and S&P 500 also saw increases. Notably, MediaCo Holding Inc. (MDIA) shares surged 207% after a significant stake acquisition by Standard General L.P. GCT Semiconductor Holding, Inc. (GCTS) and HUB Cyber Security Ltd. (HUBC) experienced substantial gains following a development MOU and financing announcement, respectively. Conversely, Semantix, Inc. (STIX), Ermenegildo Zegna N.V. (ZGN), and Biodesix, Inc. (BDSX) saw notable declines. The U.S. labor market outperformed expectations with 303,000 nonfarm payrolls added in March.

Portfolio Pulse from Avi Kapoor

April 05, 2024 | 4:19 pm

XXII

22nd Century Group Inc (NASDAQ:XXII) stock surged 45% to $2.15 after announcing a new contract manufacturing agreement for conventional cigarette products, expected to increase carton production volumes by over 20% and start generating revenue in Q2 2024. The deal is seen as a significant step towards expanding the company's contract manufacturing business in North Carolina and advancing its VLN® franchise, with aims for revenue scaling, margin improvement, and breakeven operations by Q1 2025.

Portfolio Pulse from Henry Khederian

April 05, 2024 | 3:59 pm

BKR

PBA

Baker Hughes Company (NASDAQ:BKR) has been awarded a contract to supply liquefaction technologies to Cedar LNG in Canada, a project emphasizing sustainability by using renewable electricity. This contract, awarded by Black & Veatch, includes the delivery of turbomachinery equipment. The Cedar LNG project is a collaboration between the Haisla Nation and Pembina Pipeline Corporation (NYSE:PBA), highlighting Baker Hughes' commitment to providing lower carbon solutions in the LNG market.

Portfolio Pulse from Akanksha Bakshi

April 05, 2024 | 3:54 pm

Jersey Mike's Subs is exploring a sale that could value the company at around $8 billion. The sandwich chain has engaged in discussions with Blackstone (BX) among other potential buyers, according to sources cited by the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 3:47 pm

FLGC

Flora Growth Corp. (NASDAQ:FLGC) announced a $3.2M public offering of 1.7 million common shares, with proceeds aimed at general corporate needs. The offering, managed by Aegis Capital Corp., aligns with Flora's expansion in Germany, including a recent acquisition and plans to capitalize on new cannabis legislation. Shares rose 11.36% to $2.45 following the news.

Portfolio Pulse from Jelena Martinovic

April 05, 2024 | 3:43 pm

BLK

FBTC

BlackRock Inc. (BLK) has expanded its Authorized Participants (APs) for the IBIT Bitcoin ETF, adding Goldman Sachs (GS), Citigroup (C), and others, aiming to enhance liquidity and investor reach. This move reflects the growing integration of Bitcoin into mainstream finance and has seen IBIT and Fidelity's FBTC ETF outperform significantly, capturing a substantial portion of net inflows.

Portfolio Pulse from Murtuza Merchant

April 05, 2024 | 3:41 pm

PARA

Skydance Media, RedBird Capital, and KKR are in exclusive talks with Paramount Global for a significant stake, potentially leading to a merger with Skydance's studio. The deal, still under negotiation, could see Skydance and partners owning around 45% to just over 50% of Paramount Global. The transaction aims to transform Paramount into a more future-focused media company, leveraging Oracle's technology. Paramount Global's financial struggles include a 1.7% revenue decline in 2023 and a downgrade to junk status by S&P Global Ratings. Other potential buyers like Apollo Global Management and Warner Bros. Discovery have shown interest in Paramount Global.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 3:12 pm