Streetbeat News

Acquisitions Mergers

BP

EIPX

HJEN

BP p.l.c. (NYSE:BP) shares are trading higher premarket after reports emerged that Abu Dhabi National Oil Company (ADNOC) considered buying the company, although discussions did not progress beyond preliminary stages. ADNOC ultimately decided BP wasn't the right fit for its strategy, citing political considerations and BP's underperformance compared to competitors. Despite this, BP's direct talks with ADNOC and consultations with investment banks on a potential deal were noted. Additionally, BP expects higher upstream production in Q1 2024. Investors can also gain exposure to BP through Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Energy Income Partners Strategy ETF (NYSE:EIPX).

Portfolio Pulse from Lekha Gupta

April 12, 2024 | 11:42 am

HES

Hess Corporation (NYSE:HES) has announced the final investment decision to proceed with the Whiptail development in the Stabroek Block, expected to yield 250,000 barrels of oil daily by 2027. The project, valued at $12.7 billion, aims to exploit over 850 million barrels of oil, featuring up to 10 drill centers and 48 wells.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 11:28 am

BLK

DIVL

FDFF

BlackRock, Inc. (NYSE:BLK) reported strong first-quarter FY24 results with an 11% revenue growth to $4.728 billion, surpassing consensus estimates. The company saw increases in investment advisory, administration fees, and technology services revenue, alongside a net inflow of $57 billion. Adjusted operating income and EPS also rose significantly. Total AUM reached $10.5 trillion. BLK announced a quarterly dividend of $5.10 and share repurchases worth $375 million. The company is focusing on growth in infrastructure, technology, and retirement solutions. BlackRock also issued $3 billion in debt for an acquisition and is considering selling a U.K. gas pipeline network. BLK shares rose 2.68% in premarket trading.

Portfolio Pulse from Lekha Gupta

April 12, 2024 | 11:22 am

MU

NVDA

SSNLF

Samsung Electronics Co plans to announce a $44 billion investment in a chip plant in Taylor, Texas, with over $6 billion in U.S. government grants. This move is part of the U.S. strategy to boost domestic semiconductor production under the 2022 Chips and Science Act. Samsung's investment aims to enhance its chip technology, aligning with AI industry leaders like NVIDIA Corp and Micron Technology, and follows a collaboration with Arm Holdings for next-gen CPU technology.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 10:49 am

F

Ford Motor Company (NYSE: F) is delivering 144,000 redesigned F-150 and Ranger trucks to North American dealers to address quality issues and has resumed F-150 Lightning electric truck shipments with a price reduction of up to $5,500. This move is part of Ford's strategy to enhance quality assurance and customer satisfaction, aiming for a pre-tax profit between $10 billion and $12 billion in 2024. The delay in truck distribution may affect Ford's Q1 financial results, with 60,000 F-150s pending shipment this quarter. Ford's actions, including a price cut on the Lightning model, reflect efforts to remain competitive in the EV market and avoid past warranty repair costs.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 10:14 am

BLK

Blackrock has issued $3 billion in debt to partially fund its planned acquisition of Global Infrastructure Partners. This strategic move aims to bolster Blackrock's position in the infrastructure investment sector.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 10:01 am

ILMN

VGK

The European Union has approved Illumina's plan to divest Grail, a significant move that could impact Illumina's strategic direction and financial outlook. This decision by the EU may influence Illumina's stock as it navigates the divestiture process.

Portfolio Pulse from Charles Gross

April 12, 2024 | 9:48 am

BTCUSD

Hong Kong is poised to become a key player in the cryptocurrency ETF market, potentially accelerating Bitcoin's rise to $100,000. Insider sources indicate that spot Bitcoin ETFs may launch in Hong Kong this month, with Chinese asset managers like China Asset Management, Harvest Fund Management, and Bosera Asset Management leading the initiative. The introduction of these ETFs is expected to attract significant global investment, mirroring the success seen in the U.S., where Bitcoin ETFs have amassed $58 billion in assets. This development comes despite China's ban on cryptocurrency trading, highlighting Hong Kong's strategic position to tap into the crypto market through more lenient regulations.

Portfolio Pulse from Ramakrishnan M

April 12, 2024 | 7:33 am

SOL

Marginfi, a Solana-based DeFi protocol, experienced over $214 million in withdrawals following the resignation of its CEO, Edgar Pavlovsky, due to internal disagreements. The departure led to significant fund outflows and a public dispute with Solana staking pool SolBlaze over governance token management. Competitor Solend capitalized on the situation by offering airdrops to dissatisfied Marginfi users. Despite these challenges, Marginfi is committed to mending its partnership with SolBlaze and moving forward.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 6:52 am

TSLA

Mercedes-Benz, India's leading luxury car seller, views Tesla Inc.'s potential entry into the Indian market positively, expecting it to boost the overall electric vehicle (EV) market growth. Mercedes plans to keep its EV charging bays open for Tesla and other brands, reflecting confidence in the expanding market. Despite Tesla's lower price points, Mercedes remains optimistic, citing a record-breaking first quarter in 2024 with plans to introduce three new electric models. The company anticipates EVs could account for 25% of its sales by 2030.

Portfolio Pulse from Shomik Sen Bhattacharjee

April 12, 2024 | 6:13 am