Streetbeat News

Acquisitions Mergers

MATICUSD

MadFi, the team behind BONSAI, a memecoin, has raised $1 million in an angel round to support its growth on the Lens Protocol, a decentralized social media platform. BONSAI, launched in March 2024 and initially distributed via airdrop to Lens users, has become the platform's primary currency, facilitating content monetization and user engagement. The coin's valuation has reached nearly $100 million. The funding round saw participation from crypto investment firms and notable figures like Robert Leshner and Sandeep Nailwal. MadFi plans to use the funds to develop 'Open Actions' to enhance creator monetization on Lens.

Portfolio Pulse from Murtuza Merchant

April 05, 2024 | 6:52 pm

FQVLF

GOLD

Zambia aims to increase its copper production to 1 million tons by 2026, leveraging the revival of Konkola Copper Mines and investments in existing mines like First Quantum Minerals' Kansanshi and Barrick's Lumwana. The emergence of KoBold Metals' AI-powered Mingomba project, potentially one of the world's largest mines, further boosts this goal. Despite facing debt restructuring challenges, Zambia remains optimistic about reaching its copper production targets.

Portfolio Pulse from Stjepan Kalinic

April 05, 2024 | 6:28 pm

BDSX

GCTS

HUBC

MDIA

STIX

ZGN

U.S. stocks saw significant gains with the S&P 500 rising over 1%. GCT Semiconductor shares surged 52% after signing an MOU with Aramco for 4G and 5G development in Saudi Arabia. MediaCo Holding shares skyrocketed 190% due to a major stake acquisition by Standard General. HUB Cyber Security also gained 35% after announcing $8 million in financing. Conversely, Semantix, Ermenegildo Zegna, and Biodesix saw notable declines in their stock prices.

Portfolio Pulse from Avi Kapoor

April 05, 2024 | 6:20 pm

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RIVN

TSLA

Tesla regained its title as the world's top EV seller, surpassing BYD, despite a challenging quarter. BYD continues its aggressive expansion, planning to launch an electric pickup that could compete with Tesla's Cybertruck and Ford's F-150 Lightning. Ford faces challenges with demand for the Lightning and cut workforce at its plant. BYD also announced an ultra-cheap car and a supercar, targeting various market segments. Rivian announced reaching 100,000 EVs produced and unveiled new models, aiming to continue its growth amidst rising competition.

Portfolio Pulse from Upwallstreet

April 05, 2024 | 6:14 pm

AKR

KIM

ROIC

SKT

BofA Securities analyst Jeffrey Spector updated ratings for several retail REITs following a Retail Executive Summit. Acadia Realty Trust (AKR) was upgraded to Buy with a price target of $20, reflecting a positive growth outlook. Tanger Inc. (SKT) was upgraded to Neutral with a price target of $31, due to a strong platform and balance sheet. Kimco Realty Corporation (KIM) was downgraded to Neutral with a price target of $20, following less accretion from its acquisition of RPT Realty. Retail Opportunity Investments Corp. (ROIC) was downgraded to Underperform with a price target of $12, due to higher risk from dilutive acquisitions.

Portfolio Pulse from Lekha Gupta

April 05, 2024 | 5:52 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares have fallen over 30% in the past five days amid concerns over its financial health and a request for a probe into its merger with Digital World Acquisition. The Congressional Integrity Project has asked for an investigation into potential influence peddling and corruption. Trump Media reported a revenue of $4.13 million for 2023 but warned of ongoing financial losses and negative cash flows.

Portfolio Pulse from Erica Kollmann

April 05, 2024 | 5:41 pm

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