Streetbeat News

Acquisitions Mergers

BG

Bunge Global SA (NYSE:BG) announced its executive leadership for the post-merger entity with Viterra, appointing Viterra CEO David Mattiske and Bunge's Julio Garros as Co-COOs. They will oversee commercial activities of the combined company, under the continued leadership of Bunge's CEO Greg Heckman and CFO John Neppl.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:03 am

MSFT

Microsoft Corp. has invested $1.5 billion in UAE's leading AI firm G42, securing a board seat and indicating a strategic pivot towards reducing G42's presence in China. The deal includes G42's use of Microsoft's Azure cloud for AI applications and plans to establish a $1 billion fund for developers. This investment is part of Microsoft's broader strategy to enhance its AI and cloud capabilities, aligning with predictions of leading in public cloud by 2032 and benefiting from increased IT spending on AI technologies.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 9:51 am

CPRI

TPR

Traders express skepticism over the $8.5 billion acquisition of Capri Holdings Ltd (NYSE:CPRI) by Tapestry Inc (NYSE:TPR) due to antitrust concerns, despite Tapestry's confidence and secured European and Japanese approvals. The deal's completion is uncertain as U.S. regulatory approval is pending, and the market's reaction reflects this uncertainty with Capri's stock trading below the offer price and Tapestry's shares closing lower.

Portfolio Pulse from Shivani Kumaresan

April 16, 2024 | 9:44 am

DSSMY

IP

International Paper (IP) is set to acquire DS Smith (DSSMY) for $9.9 billion, aiming to create a global leader in sustainable packaging solutions. The deal is expected to deliver significant shareholder value, enhance customer offerings, and achieve at least $514 million in synergies. It will be EPS accretive in the first year and maintain a strong investment-grade balance sheet, reflecting both companies' commitment to sustainability and responsible growth.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 8:39 am

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

GS

JNJ

MS

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

GS

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