Streetbeat News

Acquisitions Mergers

WIRE

Encore Wire (NASDAQ:WIRE) has agreed to a merger with Prysmian at $290 per share in cash, valuing Encore Wire at approximately €3.9 billion. This transaction represents a premium of about 20% to the 30-day VWAP and 29% to the 90-day VWAP as of April 12, 2024. The deal implies an Enterprise Value of €3.9 billion for Encore Wire, equating to multiples of 8.2x and 6.3x EV/2023A EBITDA with and without run rate synergies, respectively.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:05 am

CISS

MTB

SCHW

WIRE

Goldman Sachs, Charles Schwab, Encore Wire, C3is Inc., and M&T Bank are stocks to watch with various expected earnings reports and significant corporate actions. Goldman Sachs is anticipated to report a slight decrease in earnings per share compared to last year, with an increase in revenue. Encore Wire is being acquired by Prysmian, while C3is Inc. has entered an agreement to acquire a bulk carrier. Charles Schwab and M&T Bank are also expected to release their quarterly earnings, with specific earnings per share and revenue projections.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:48 am

AAPL

Apple Inc. CEO Tim Cook's visit to Vietnam signifies a deeper commitment to the region, with plans to increase investments in local suppliers and support community initiatives. This move is part of Apple's broader strategy to diversify its manufacturing base beyond China, amid declining iPhone shipments and efforts to mitigate geopolitical risks. The company is also expanding its global footprint, with increased activities in Latin America and new product launches on the horizon.

Portfolio Pulse from Benzinga Neuro

April 15, 2024 | 5:30 am

CTRI

IBTA

Centuri Holdings, Inc (CTRI) and IBOTTA, INC (IBTA) are set to go public on April 18, 2024, with their IPOs. CTRI's price range is $18.00 to $21.00, offering 12,400,000 shares at $19.50 each. IBTA's price range is $76.00 to $84.00, offering 5,625,000 shares at $80.00 each. Both have a 180-day insider lock-up period.

Portfolio Pulse from Benzinga Insights

April 14, 2024 | 7:41 pm

AAPL

GOOG

MSFT

TSLA

This week in the tech world, Elon Musk aligned with Steve Jobs on the importance of craftsmanship in product development. Tesla Inc. is seeking assistance from Apple Inc. in a court case related to a fatal Autopilot crash. Apple's AI future looks promising according to Wedbush's Dan Ives, citing its large user base. New EU regulations are boosting small browsers, challenging the dominance of companies like Apple, Microsoft Corp., and Alphabet Inc.'s Google. Apple is preparing for a major iPad overhaul, launching new models and accessories.

Portfolio Pulse from Benzinga Neuro

April 14, 2024 | 5:57 am

GOOG

GOOGL

NVDA

TSM

This week in AI, Google's Sundar Pichai navigates AI challenges while Alphabet Inc. retains its title as America's Most Innovative Company. Nvidia Corp. experiences a pullback from record highs but remains a standout stock, likened to basketball legend Caitlin Clark. AI's potential to consume 25% of US power by 2030 raises concerns, and Rep. Josh Gottheimer profits from trading Taiwan Semiconductor Manufacturing Co. shares. Cathie Wood's Ark Investment Management sells nearly $4M in Nvidia shares, adjusting its position in the AI market.

Portfolio Pulse from Benzinga Neuro

April 14, 2024 | 5:55 am

VFS

Vingroup's electric vehicle unit, VinFast Auto Ltd (NASDAQ:VFS), faces financial challenges with a $5.7 billion loss over the past three years amid global expansion efforts. Despite substantial capital injections from Vingroup and its affiliates, VinFast's reliance on sales to related entities and a downturn in global EV demand pose risks. Vingroup's stock has fallen 38% since VinFast's U.S. listing, and the company has recently sold assets to support VinFast, which has seen its shares plummet by 97% since its peak post-debut.

Portfolio Pulse from Nabaparna Bhattacharya

April 13, 2024 | 7:59 pm

Macy's Inc (NYSE:M) is at a critical juncture as it appoints two new board members following a proxy fight with Arkhouse Management. The company is considering a buyout proposal from Arkhouse and Brigade Capital Management, who previously offered $21 per share. The board is exploring all options to maximize shareholder value amidst this takeover bid, which could significantly alter Macy's future. The stock closed lower by 3.16% to $19.30 recently.

Portfolio Pulse from Nabaparna Bhattacharya

April 13, 2024 | 7:26 pm

SOFI

President Joe Biden announced a $7.4 billion student debt forgiveness for 277,000 people, sparking criticism from Elon Musk and Bill Ackman, who argue it's a vote-buying strategy using taxpayer money. Critics are concerned about the impact on the fiscal deficit, with the national debt already at $34.65 trillion. The Wharton School estimates the plan's cost at $84 billion, in addition to the $475 billion for the SAVE plan. Following the announcement, shares of private student loan companies like SoFi Technologies, Inc. (NASDAQ:SOFI) fell.

Portfolio Pulse from Shanthi Rexaline

April 13, 2024 | 5:03 pm

CRM

INFA

Salesforce, Inc. (NYSE:CRM) is in advanced talks to acquire Informatica Inc. (NYSE:INFA), a data-management software provider. The acquisition price is reportedly lower than Informatica's recent stock price of $38.48. Salesforce, known for its acquisitive strategy, has over 70 acquisitions since 2006. The deal, if completed, would be one of Salesforce's largest, following its $28 billion acquisition of Slack Technologies. Salesforce's stock has risen about 15% this year, with a market cap of approximately $285 billion.

Portfolio Pulse from Nabaparna Bhattacharya

April 13, 2024 | 3:04 pm