Streetbeat News

Acquisitions Mergers

HTCR

HeartCore Enterprises, Inc. has signed its 13th Go IPO contract, expecting to receive $500,000 in initial fees and $300,000 in success fees. Additionally, the company has received a warrant to acquire 3% of PharmaBio's stock on a fully diluted basis.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:08 pm

META

QQQ

SNAP

VUG

XLC

The U.S. House of Representatives has advanced a bill that could lead to a TikTok ban unless ByteDance sells its U.S. operations, amid concerns of national security risks. This has sparked interest from potential buyers and could benefit competitors like Meta Platforms Inc and Snap Inc, as users may migrate to other platforms. ETFs with exposure to these companies, such as XLC, QQQ, and VUG, might also see an impact. The bill has raised tensions between the U.S. and China, with China indicating it could block the sale, complicating the situation further.

Portfolio Pulse from Natan Ponieman

March 18, 2024 | 8:07 pm

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares dropped after announcing the pricing of its $525 million convertible senior notes offering and amid pre-planned sales by co-founder Michael Saylor. The company's stock had previously rallied due to its bitcoin acquisition strategy, with the latest purchase pushing its holdings to approximately 205,000 bitcoin. The decline in MicroStrategy's stock also aligns with a recent dip in bitcoin prices. The company plans to use the net proceeds from the offering to buy more bitcoin.

Portfolio Pulse from Adam Eckert

March 18, 2024 | 7:58 pm

FSR

NKLA

Nikola Corp (NASDAQ:NKLA) shares dropped 5% to $0.61 amid broader EV sector volatility and news of peer Fisker Inc (NYSE:FSR) potentially facing bankruptcy. Fisker's financial instability could negatively impact investor confidence in the EV sector, including Nikola. Fisker also announced a $150 million financing commitment, subject to conditions. Nikola's stock performance is influenced by sector trends, with a 52-week range of $0.52 to $3.71.

Portfolio Pulse from Henry Khederian

March 18, 2024 | 7:57 pm

GOEV

NVEI

SAIC

SOND

SWIN

WKSP

U.S. stocks traded higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. Communication services shares led the gains, while industrials saw modest increases. Science Applications International Corp (SAIC) shares fell after reporting a revenue decline in Q4 fiscal 2024. Canoo Inc. (GOEV), Wearable Devices Ltd. (WLDS), and Nuvei Corporation (NVEI) saw significant stock price increases due to various positive developments. Solowin Holdings (SWIN), Sonder Holdings Inc. (SOND), and Worksport Ltd. (WKSP) experienced substantial drops in their share prices due to financial results and other issues. Oil and gold prices were up, while silver saw a slight decline.

Portfolio Pulse from Avi Kapoor

March 18, 2024 | 7:15 pm

ATMU

CMI

Cummins Inc. (CMI) successfully completed its exchange offer, finalizing the separation of Atmus Filtration Technologies Inc. (ATMU). Cummins exchanged 5,574,051 of its own shares for 67,054,719 shares of Atmus, with the offer being oversubscribed. The exchange did not include any remaining shares of Atmus, marking a complete separation. The process was managed by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, aiming to enhance shareholder value and allow both companies to focus on their respective markets.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 7:06 pm

GOOGL

HCP

NVDA

PEP

TSLA

Stocks rallied with significant contributions from Google and Tesla, amid rising oil prices and inflation concerns. The S&P 500 and Nasdaq 100 saw gains, with a notable AI agreement between Alphabet Inc. and Apple Inc. Nvidia's upcoming GPU Technology Conference and rising Treasury yields also influenced the market. Oil prices increased, while Bitcoin and gold saw mixed movements. Sector ETFs and individual stocks like Tesla, PepsiCo, HashiCorp, Science Applications International, and Shift4 Payments showed notable price changes.

Portfolio Pulse from Piero Cingari

March 18, 2024 | 6:02 pm

CVX

HES

XOM

Exxon Mobil Corporation's CEO, Darren Woods, clarified that Exxon is not interested in acquiring Hess Corporation, focusing instead on securing preemption rights over Hess' Guyana assets amid a dispute with Chevron Corporation. This comes as Chevron plans to buy Hess for $53 billion in an all-stock transaction, a deal currently delayed by a second FTC request. Exxon's stance aims to protect its investments and shareholder interests in the Guyana consortium, which also includes CNOOC Ltd.

Portfolio Pulse from Lekha Gupta

March 18, 2024 | 5:42 pm

DIS

Trian Group, owning $3.5 billion of Disney (DIS) stock, released a letter urging shareholders to vote for change by electing Nelson Peltz and Jay Rasulo as new independent directors at Disney's 2024 Annual Meeting. Trian criticizes Disney's current board for the company's underperformance and believes Peltz and Rasulo can help restore Disney's financial health and strategic focus.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 5:40 pm

HUT

MARA

Needham analyst John Todaro initiated coverage on Hut 8 Corp. (NASDAQ:HUT) with a Buy rating and a $12.00 price target, citing diversification strategy and large bitcoin holdings as key strengths ahead of the Bitcoin halving event. Hut 8's diversification includes self-hosted mining, managed services, hosting, cloud compute, and equipment sales. The company's recent merger with US Bitcoin, which doubled its self-mining hash rate and monthly bitcoin production, was also highlighted as a positive development. Todaro sees potential in Hut's plan for AI-related cloud computing data centers, though it requires significant capital expenditures.

Portfolio Pulse from Erica Kollmann

March 18, 2024 | 5:06 pm