Streetbeat News

Acquisitions Mergers

AAPL

XIACF

Apple Inc. scales back its electric vehicle (EV) plans, while Chinese smartphone companies, notably Xiaomi Corp., are aggressively expanding into the EV market. Xiaomi's entry with the SU7 sedan has garnered significant investor interest, demonstrated by a 9% stock increase and nearly 90,000 orders within 24 hours. Huawei is also entering the EV space through partnerships. Apple's pivot to home robotics marks a strategic shift away from EVs, opening opportunities for companies like Xiaomi and Huawei.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 11:00 am

LRLCY

L'Oreal SA is reportedly considering acquiring a minority stake in the Omani luxury fragrance brand Amouage, which is valued at over €3 billion. Amouage, known for its high-end perfumes, reported retail sales exceeding $210 million in 2023. L'Oreal's shares closed lower by 2.28% at $90.94.

Portfolio Pulse from Shivani Kumaresan

April 04, 2024 | 10:30 am

AIZ

Assurant, Inc. (NYSE:AIZ) has acquired iSmash, the UK's leading tech repair retailer, specializing in express repair services for smartphones, tablets, and laptops. iSmash, founded in 2013, has expanded to 38 retail locations and employs 152 people across the UK. The terms of the acquisition were not disclosed.

Portfolio Pulse from Charles Gross

April 04, 2024 | 9:20 am

DIS

The boardroom battle at Walt Disney Co. (NYSE:DIS) was highlighted by Ken Squire of 13D Monitor on CNBC, emphasizing it was not aimed at CEO Bob Iger but was about holding the board accountable for long-term succession planning. Despite Nelson Peltz's proxy fight and nomination for the board, Disney emerged victorious, electing its slate of board members. Jeffrey Sonnenfeld disagreed with Squire's view, praising Disney's board strength. Elon Musk also weighed in, supporting Peltz's board nomination.

Portfolio Pulse from Ananya Gairola

April 04, 2024 | 8:07 am

NVDA

SK Hynix announced a $3.87 billion investment in its first U.S. chip packaging facility in Indiana, focusing on high-bandwidth memory chips for AI systems, including NVIDIA GPUs. This move aligns with the Biden administration's efforts to boost U.S. chip production and is expected to enhance supply-chain resilience, create jobs, and foster a local semiconductor ecosystem. The investment is seen as a response to the CHIPS and Science Act and aims to mitigate risks like those from recent disruptions in global chip production.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 7:51 am

CAG

Conagra Brands, Inc. (NYSE:CAG) is expected to report lower Q3 earnings with an estimate of 65 cents per share, down from 76 cents per year ago, and revenue of $3.01 billion. The company also divested its 51.8% stake in Agro Tech Foods Limited. Shares fell 1.7% to $29.06. Analysts have adjusted their ratings and price targets, with changes including downgrades and reductions in price targets.

Portfolio Pulse from Avi Kapoor

April 04, 2024 | 7:51 am

DIS

Jim Cramer expressed concerns about Disney's stock after activist investor Nelson Peltz lost his bid for a board seat. The defeat caused a $1.30 drop in Disney's stock, despite the company's recent upward trajectory and support from its largest shareholder, Vanguard. Tesla CEO Elon Musk had supported Peltz, believing his board presence could boost the stock. Disney's stock has been volatile, falling below $120 after the annual meeting.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 5:35 am

DJT

Trump Media & Technology Group Corp (NASDAQ:DJT), backed by former US President Donald Trump, received emergency loans in 2022 from a trust linked to Russian-American businessman Anton Postolnikov, who is under federal investigation. These loans were crucial for Trump Media's public debut and its merger with Digital World Acquisition Corporation. The company's stock recently fell after disclosing significant losses and being linked to a $22 million insider trading scheme.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 3:36 am

INTC

TSM

Malaysia is emerging as a significant hub for semiconductor manufacturing amid the U.S.-China tech war, attracting major global chip firms like Intel Corp, GlobalFoundries, and Infineon due to its skilled labor force and infrastructure. Intel has invested over $7 billion in Malaysia, highlighting the country's growing importance in the semiconductor industry, which is being reshaped by geopolitical tensions and global shifts.

Portfolio Pulse from Benzinga Neuro

April 04, 2024 | 3:05 am

MSFT

The EU's antitrust chief, Margrethe Vestager, has expressed concerns over Microsoft Corporation's acquisition of talent from Inflection AI, including its co-founders. This move, which involved hiring most of Inflection's staff for Microsoft's new AI unit, bypassed traditional regulatory scrutiny. Vestager warned that if such practices become a trend, they could potentially trigger antitrust action. This comes amid the EU's ongoing scrutiny of Microsoft's investment in ChatGPT-parent OpenAI for potential anti-competitive practices.

Portfolio Pulse from Ananya Gairola

April 04, 2024 | 2:36 am