Streetbeat News

Acquisitions Mergers

HYMTF

Kia Corporation, an affiliate of Hyundai Motor (OTCPK: HYMTF), has appointed renowned auto designers Oliver Samson and Seungmo Lim as Senior Chief Designers for its Europe and China Design Centers, respectively. Both designers have extensive experience with leading automakers, including Mercedes, Geely, Nio Inc, Changan Automobile, and BMW. Their recruitment is part of Kia's strategy to elevate its electric vehicle (EV) design, focusing on the development of smaller, more affordable EVs like the EV5, EV4, and EV3, priced between $35,000 and $50,000.

Portfolio Pulse from Anan Ashraf

March 27, 2024 | 8:49 am

CRH

CRH has successfully completed the second phase of its European Lime divestment, a deal valued at $1.1 billion. This move is part of CRH's strategic repositioning within the European market.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 7:35 am

HON

Honeywell is set to acquire Civitanavi Systems for €200M, aiming to enhance its aerospace autonomy capabilities and expand its presence in Europe. Civitanavi's expertise in high-precision inertial navigation and stabilization solutions is expected to drive long-term growth in Honeywell's commercial and defense sectors. The integration of technologies from both companies will offer new opportunities for autonomous operations in these areas.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 7:12 am

GCTS

GCT and Concord Acquisition have completed their merger, launching GCT on the NYSE under the ticker 'GCTS' with a pro-forma valuation of approximately $667 million. The transaction provided GCT with around $50 million in gross proceeds to support the development of a 5G chipset portfolio and expansion into new markets. Approximately $49 million was raised through PIPE and convertible note financing from existing and new investors. Existing GCT stockholders retained their equity, and most outstanding convertible notes will convert to common stock.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 7:00 am

CCL

DJT

GME

HOOD

TSLA

On Tuesday, U.S. stock indices ended lower, with notable movements in shares of Trump Media & Technology, Robinhood, GameStop, Carnival, and Tesla. Trump Media & Technology surged 16.10% after a successful business combination with Digital World. Robinhood rose 1.05% following a livestream event by its CEO. GameStop's stock increased by 2.51% despite a disappointing earnings report. Carnival dipped by 0.47% but received a positive outlook from Mizuho. Tesla's stock rose by 2.92% amid optimistic analyst forecasts.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 4:48 am

ALCPF

NVDA

PWR

WICOF

Bank of America is bullish on AI, spotlighting top supply chain stocks, including NVIDIA Corp (NASDAQ:NVDA) suppliers, as beneficiaries of the AI boom. BofA analysts emphasize the scarcity of AI/computing suppliers, boosting their value and bargaining power. Key stocks in the AI supply chain highlighted include server original design manufacturers Quanta Services (NYSE:PWR), Wistron (OTC:WICOF), and Foxconn Industrial Internet; hardware tech firms Unimicron and NYPCB; and semiconductor companies Alchip Techs (OTC:ALCPF), eMemory, and MediaTek. The AI computing industry's rapid growth is underscored by Nvidia's expansions into AI applications, collaborations with Johnson & Johnson and General Electric, and developments in humanoid robots.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 2:56 am

MRNA

NVDA

RBLX

RXRX

TRMB

Cathie Wood's Ark Invest increased its stake in Moderna Inc. (MRNA) through the Ark Innovation ETF (ARKK), purchasing 72,800 shares valued at approximately $7.82 million. This reflects confidence in Moderna's growth potential, despite a 26.89% decline over the past 12 months, with an 8% gain since the start of the year. Additionally, Ark Invest sold Nvidia Corp (NVDA) shares through the ARK Genomic Revolution ETF (ARKG) and engaged in other trades including buying Roblox Corp (RBLX) and Recursion Pharmaceuticals (RXRX) shares, and selling Trimble Inc (TRMB) shares.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 2:30 am

AAPL

GOOGL

MSFT

Gene Munster of Deepwater Asset Management predicts Apple Inc.'s WWDC 2024 will be a 'Generative AI Launch Party,' focusing on integrating generative AI into its operating systems, apps, and Siri. The event, announced by Apple for June 10-14, is expected to be Apple's most significant announcement since 2007. Munster also anticipates Apple will follow Microsoft and Google in AI integration, enhancing services like iMessage, Mail, and Siri with AI capabilities. This comes as Apple reportedly shifts focus from its EV initiative to generative AI development.

Portfolio Pulse from Ananya Gairola

March 27, 2024 | 1:33 am

DJT

Former President Donald Trump's net worth has surged, placing him among the world's 500 richest people, due to the successful listing of Trump Media & Technology Group (NASDAQ:DJT) on Nasdaq. The company's merger with Digital World Acquisition Corp resulted in a significant increase in Trump's wealth, with his 58% stake in the company now estimated at $3.9 billion. Shares of the merged entity rose 16.1% to $57.99, further boosting Trump's net worth to an estimated $6.5 billion.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 1:03 am

AMD

FEPI

INTC

MSFT

PSI

Micron Technology, Inc's CEO Sanjay Mehrotra met with China's Minister of Commerce to discuss expansion and investment in China, amidst a backdrop of China's push to replace U.S. tech with local innovations. This includes new guidelines targeting U.S. microprocessors and software. Micron, facing a lawsuit from Chinese chipmaker Yangtze Memory Technologies, has seen its stock gain over 101% in the last 12 months. Mizuho analyst Vijay Rakesh has reiterated Micron with a Buy, raising the price target to $130.

Portfolio Pulse from Anusuya Lahiri

March 26, 2024 | 8:59 pm