Streetbeat News

Acquisitions Mergers

VFS

VinFast Auto Ltd (NASDAQ:VFS) has signed letters of intent with 15 dealers in Thailand to expand its distribution network, planning to open 22 showrooms in the Greater Bangkok Area and other major cities. This move is part of VinFast's strategy to leverage Thailand's high electric vehicle adoption rate and its goal to expand to at least 50 countries by 2024. VFS shares rose 0.85% to $4.74 in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 27, 2024 | 11:35 am

AMD

INTC

NVDA

SK Hynix expects its high-bandwidth memory (HBM) chips, used in AI chipsets, to make up a significant portion of its DRAM sales by 2024, benefiting Nvidia as a key recipient. SK Hynix, a leading supplier of HBM3 chips to Nvidia, anticipates these chips will represent 15% of global DRAM sales in 2024, up from 8% in 2023. The company also plans a $4 billion chip-packaging facility in Indiana, supported by the U.S. Chips Act. This development comes amid heightened U.S.-China semiconductor tensions, with China reducing its reliance on U.S. microprocessors from Intel and AMD.

Portfolio Pulse from Anusuya Lahiri

March 27, 2024 | 11:30 am

PRGS

MariaDB shares have seen an increase in their trading value following an announcement by Progress Software that it is evaluating a potential offer to acquire the company.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 11:23 am

KMB

Kimberly-Clark announces a strategic overhaul aiming for over $3B in gross productivity savings and $500M in working capital savings. The company targets organic net sales growth ahead of market growth and adjusted EPS growth in mid-to-high single digits. Additionally, it commits to a 100% natural forest-free ambition across its product portfolio.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 10:57 am

BX

MRNA

Blackstone (NYSE:BX) has entered into a collaboration with Moderna, Inc. (NASDAQ:MRNA) to provide up to $750 million in funding for Moderna's flu vaccine development. This partnership aims to support Moderna's ambitious goal to launch multiple vaccine products in the coming years through mRNA medicines. The funding from Blackstone Life Sciences will help advance Moderna's influenza program, with Blackstone eligible for milestones and royalties on successful flu products.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 10:38 am

CRAK

IEO

PSX

Phillips 66 (NYSE:PSX) is considering selling its 25% stake in the Rockies Express Pipeline, valued over $1 billion, including debt. The company aims for a premium over the stake's book value of $451 million, with over $500 million in debt obligations. The pipeline spans 1,700 miles from Wyoming and Colorado to Eastern Ohio. Phillips 66 is in discussions with potential buyers, including private equity and infrastructure funds, without rushing the divestment process. Elliott Investment Management, a significant investor, has previously advised Phillips 66 on improving performance and shareholder value. PSX shares dropped 1.02% in premarket trading.

Portfolio Pulse from Lekha Gupta

March 27, 2024 | 10:28 am

AMKBY

The Francis Scott Key Bridge in Baltimore collapsed after a cargo ship operated by Synergy Group and chartered by AP Moller Maersk (OTC:AMKBY) struck it, leading to significant damages and presumed deaths. The bridge is a crucial part of the region's transportation network, affecting over 30,000 vehicles daily. The incident has global trade implications and is expected to result in substantial insurance payouts, potentially comparable to the $1.5 billion from the Costa Concordia crash. President Biden has pledged federal support for the bridge's reconstruction, while legal nuances regarding liability are being discussed.

Portfolio Pulse from Ramakrishnan M

March 27, 2024 | 10:24 am

GCAD

HON

PPA

Honeywell International Inc (NASDAQ:HON) announced its plan to acquire Civitanavi Systems S.p.A., a provider of navigation technology for aerospace, defense, and industrial markets, for €6.30 per share, totaling approximately €200 million. The acquisition, expected to close in Q3 2024, aims to enhance Honeywell's autonomous operation capabilities in aircraft and other vehicles. Honeywell, with $8 billion in cash as of the end of 2023, sees this as a strategic move to expand its offerings in the European Union and align with the future of aviation and automation. Investors can also gain exposure to Honeywell through the Gabelli Commercial Aerospace And Defense ETF (NYSE:GCAD) and Invesco Aerospace & Defense ETF (NYSE:PPA).

Portfolio Pulse from Lekha Gupta

March 27, 2024 | 10:09 am

HYW

Hywin Holdings Ltd. (NASDAQ:HYW) announced a strategic business transformation, shifting focus from traditional wealth management to public market funds, NAV-based products, and insurance brokerage services. The company plans to exit the distribution of asset-backed products, historically tied to real estate, due to adverse market conditions. Hywin aims to diversify income by developing health management services and expanding into consumer industries. The transformation includes a structural reorganization, eliminating around 300 positions, and the resignation of two senior executives effective March 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 10:04 am

BX

FDX

QCOM

China's President Xi Jinping met with American business leaders from companies including Blackstone Inc (BX), FedEx Corp (FDX), and Qualcomm Inc (QCOM) in Beijing to discuss rekindling foreign investment interests amid a decline in foreign direct investment into China. The meeting, organized by the National Committee on U.S.-China Relations, the U.S.-China Business Council, and the Asia Society think tank, aims to mend China-US business ties in the face of regulatory concerns and a challenging global order.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 8:59 am