Streetbeat News

Acquisitions Mergers

SHEL

Shell (NYSE:SHEL) has sold its 50% stake in SouthCoast Wind Energy LLC to Ocean Winds North America LLC, streamlining its renewables portfolio. This move aligns with Shell's Powering Progress strategy to focus on renewable generation projects in key markets. The financial terms of the deal were not disclosed. Shell also aims to reduce customer emissions from its oil products by 15-20% by 2030.

Portfolio Pulse from Lekha Gupta

March 21, 2024 | 9:57 am

APO

PARA

Shari Redstone, a key figure in the ownership of Paramount Studio, reportedly prefers a deal with Skydance over an $11 billion bid from Apollo Global Management. This preference could influence the future ownership and strategic direction of Paramount Studio.

Portfolio Pulse from Charles Gross

March 21, 2024 | 9:38 am

GOOG

GOOGL

RDDT

Wedbush's Dan Ives highlighted the upcoming Reddit Inc. IPO as a potential 'watershed' moment for the tech industry, emphasizing its engagement, advertising potential, and AI data generation capabilities. Ives predicts Reddit will hit $1 billion in revenue next year. The IPO is drawing attention for its potential impact on tech and AI, with Reddit having secured a $60 million deal with Alphabet Inc. ahead of its IPO, which could be priced at the top range of $31 to $34 per share.

Portfolio Pulse from Rounak Jain

March 21, 2024 | 9:38 am

DIS

Ross Gerber, CEO of Gerber Kawasaki, publicly supports Disney's CEO Bob Iger during a proxy battle with activist investors. Gerber praises Iger's leadership and Disney's recent successes, including a new deal with ESPN and the addition of Taylor Swift to their platform. George Lucas also supports Iger, highlighting the broad industry backing against activist investor Nelson Peltz. Disney's strategic moves, including a studio overhaul, aim to revitalize its business amidst challenges.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 9:11 am

BABA

XPEV

Alibaba Group Holding Ltd. (NYSE:BABA) sold approximately 33 million U.S.-traded shares of XPeng Inc. (NASDAQ:XPEV), totaling $317 million. The sale price was $9.60 each, a 2.9% discount to XPeng's closing price of $9.89. This follows a previous sale in December and comes despite ongoing collaboration between the two companies in R&D and marketing. XPeng reported a Q4 sales growth of 153.9% and expects vehicle deliveries to increase by 15.2% - 23.4% year-on-year in Q1. XPeng's stock closed down 3.84% at $9.51.

Portfolio Pulse from Anan Ashraf

March 21, 2024 | 8:48 am

CLVT

Clarivate has announced its intention to acquire a significant majority of assets from MotionHall, an AI start-up. This acquisition aims to enhance strategy and business development for clients in the life sciences and healthcare sectors.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:02 am

DOGE

RDDT

Glauber Contessoto, known for his Dogecoin fortune, predicts the meme coin $RDDT could outperform Reddit's upcoming IPO. Reddit aims to raise $748 million, valuing the company at $6.5 billion. RDDT, with a market cap of $7.82 million, would need a 9465.22% increase to match Reddit's IPO valuation. The Reddit IPO is highly anticipated, being five times oversubscribed, and will trade under the ticker 'RDDT' on the NYSE.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 7:44 am

SOLO

Shareholders of ElectraMeccanica Vehicles have approved the company's acquisition by Xos. This strategic move could potentially enhance the market position and financial stability of both companies.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 7:41 am

ACN

Accenture plc (NYSE:ACN) is anticipated to report a decrease in Q2 earnings to $2.66 per share from $2.69 the previous year, with projected revenue of $15.84 billion. The company recently acquired Flo Group to enhance its supply chain logistics in Europe. Shares rose 0.6% to $380.44. Analysts from Stifel, Citigroup, Wedbush, Deutsche Bank, and Baird have updated their ratings and price targets for ACN, reflecting a generally positive outlook.

Portfolio Pulse from Avi Kapoor

March 21, 2024 | 6:41 am

COIN

LTCUSD

Coinbase Global is set to launch futures trading for Litecoin, Dogecoin, and Bitcoin Cash on April Fool's Day, following their filing with the Commodity Futures Trading Commission. This move, amidst market volatility and Coinbase's own technical issues, reflects growing interest in cryptocurrencies. Litecoin surged 6.78% to $86.03 upon the announcement. The decision raises regulatory questions regarding the classification of these Bitcoin offshoots as commodities futures versus securities futures.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 4:18 am