Streetbeat News

Acquisitions Mergers

GWAV

Greenwave Technology Solutions' shares surged following the announcement of regaining compliance with the Nasdaq Shareholder Equity Requirement and a $14.87 million increase in shareholder's equity, achieved through an Exchange Agreement with DWM Properties.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:06 pm

CLF

X

Nippon Steel Corp. has made a formal commitment to the United Steelworkers union, promising no layoffs and an additional $1.4 billion in capital spending, as part of its efforts to acquire United States Steel Corp. for $14.1 billion. This move comes amid opposition from President Joe Biden and Pennsylvania Senators Bob Casey and John Fetterman, who are concerned about the deal's impact on American ownership and workers. The company aims to strengthen US Steel and the American steel industry, despite political and union resistance. Cleveland-Cliffs Inc. has also shown interest in acquiring US Steel, raising antitrust concerns.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:03 pm

DOMA

IREN

MESO

MU

U.S. stocks were lower, with the Dow Jones falling around 250 points on Monday. However, several stocks recorded gains, led by Micron Technology, Inc. (MU) which rose 6.6% after B of A Securities maintained a Buy rating and raised its price target. Other notable movers include Doma Holdings Inc. (DOMA), Mesoblast Limited (MESO), and Iris Energy Limited (IREN), among others, due to various positive developments such as merger transactions, FDA updates, and analyst ratings.

Portfolio Pulse from Avi Kapoor

April 01, 2024 | 5:02 pm

NVEI

Nuvei's stock is trading higher following the announcement of an agreement for the company to be taken private by Advent International, in partnership with existing Canadian shareholders Philip Fayer, Novacap, and CDPQ, at a price of $34 per share.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:50 pm

HD

Home Depot's shares are trading lower following the announcement last week of its agreement to acquire SRS Distribution in a deal valued at $18.25 billion.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:47 pm

NVEI

Nuvei Corporation (NASDAQ:NVEI) (TSX:NVEI) is set to go private in an all-cash transaction led by Advent International, with support from shareholders Philip Fayer, Novacap, and CDPQ. The deal values Nuvei at approximately $6.3 billion, offering $34.00 per share, a significant premium over its recent trading prices. The transaction, expected to close by early 2025, will see Nuvei continue operations in Montreal under the leadership of CEO Philip Fayer. This move is anticipated to leverage Advent's resources and expertise in the payments sector, aiming for global expansion and innovation.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:32 pm

HD

Home Depot Inc (NYSE:HD) shares fell after announcing the acquisition of SRS Distribution for $18.25 billion. Analysts from Wedbush and Telsey Advisory Group predict the acquisition will strengthen Home Depot's market positioning and drive earnings growth. Wedbush raised its price target from $380 to $410, citing the deal's potential to increase Home Depot's total addressable market by $50 billion. Telsey Advisory Group raised its price target from $335 to $360, noting the acquisition's accretive impact on non-GAAP earnings, despite being dilutive on a GAAP basis due to amortization expense.

Portfolio Pulse from Priya Nigam

April 01, 2024 | 4:29 pm

SGML

Sigma Lithium Corporation (NASDAQ:SGML) shares surged after announcing Q4 FY23 results, including $37.7 million in revenue from three shipments of Quintuple Zero Green Lithium, and a Final Investment Decision to double production. The company reported a net loss of $(9.5) million and an adjusted EBITDA of $31.3 million. Capital expenditures were $6.5 million, with free cash flow around $30 million. Sigma Lithium plans to increase its annual lithium capacity to 520,000 tonnes by 2025, aiming to power approximately 1.8 million electric vehicles. The company also disclosed a delay in filing its annual information form and annual report due to additional audit procedures.

Portfolio Pulse from Lekha Gupta

April 01, 2024 | 4:23 pm

NUE

Nucor Corporation (NYSE:NUE) has acquired Southwest Data Products, Inc. for $115 million, launching Nucor Data Systems to serve the data center infrastructure industry. The acquisition enhances Nucor's capabilities in serving the rapidly growing data center market, with SWDP's facilities in San Bernardino, California, adding 147 employees to Nucor. This move aligns with Nucor's strategy to supply low embodied carbon steel for the green and digital economy, supported by its $7.1 billion in cash and equivalents as of December 31, 2023. NUE shares rose 1.15% to $200.19.

Portfolio Pulse from Shivani Kumaresan

April 01, 2024 | 4:10 pm

SGRP

VXF

SPAR Group, Inc. (NASDAQ:SGRP) shares surged after reporting Q4 financial results surpassing expectations and announcing the sale of its interests in South Africa and Brazil for approximately $22 million. The company's adjusted EPS was $0.11, beating the consensus of $(0.01), with sales of $65.10 million also exceeding expectations. Gross profit increased to $14.9 million from $13.4 million the previous year, attributed to various strategic initiatives. The divestitures are expected to close in Q2. Investors can also gain exposure to SGRP through the Vanguard Extended Market ETF (NYSE:VXF).

Portfolio Pulse from Lekha Gupta

April 01, 2024 | 3:49 pm