Streetbeat News

Acquisitions Mergers

ENB

MPLX

Enbridge Inc. (NYSE:ENB) has entered into a joint venture with WhiteWater/I Squared Capital and MPLX LP (NYSE:MPLX) to expand natural gas pipeline and storage assets in the Permian Basin. The JV aims to connect Permian Basin gas supply to LNG and US Gulf Coast demand. The venture includes stakes in Whistler and Rio Bravo pipelines, ADCC pipeline, and Waha Gas Storage assets. The deal, expected to close in Q2 2024, is seen as immediately accretive to Enbridge's DCF per share.

Portfolio Pulse from Lekha Gupta

March 26, 2024 | 4:35 pm

RUM

Rumble CEO Chris Pavlovski appeared on Fox Business's Cavuto's Coast to Coast to discuss the company's offer to buy TikTok. This move indicates Rumble's strategic interest in expanding its social media footprint by potentially acquiring a major player in the industry.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 4:34 pm

MSTR

MicroStrategy Incorporated (NASDAQ:MSTR) shares surged over 30% in the past five days, following the announcement of MicroStrategy Auto, an AI bot for business intelligence, and the acquisition of 9,245 additional Bitcoins. The company now holds approximately 214,246 bitcoins. The stock's performance is also influenced by interest rates, with its forward P/E suggesting it is a growth stock. MicroStrategy's revenue has grown at an average rate of 0.56% annually over the past 5 years.

Portfolio Pulse from Erica Kollmann

March 26, 2024 | 4:25 pm

ISUZY

TM

Toyota Motor Corp plans to start mass production of an electric Hilux pickup in Thailand by end of 2025, following Isuzu Motors' announcement to produce a battery-powered D-MAX there. This move is part of a broader shift towards electric vehicle adoption in Southeast Asia, with significant investments in the region. Toyota aims to sell 250,000 vehicles in Thailand this year and will trial battery Hilux pickups in Pattaya next month. TM shares rose 0.77% to $254.37.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 4:24 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) shares surged after announcing a global licensing agreement with ForSeeCon Eye Corporation for its ophthalmology pipeline, including Vitargus licensed products. ABVC will receive a $30 million licensing payment and is entitled to further payments and royalties. The partnership aims to enhance the quality of life for patients undergoing Vitrectomy procedures.

Portfolio Pulse from Erica Kollmann

March 26, 2024 | 4:23 pm

BEKE

KE Holdings Inc. (NYSE:BEKE) reported a net profit of 5.89 billion yuan for 2023, a significant turnaround from a 1.4 billion yuan loss in 2022. The company's revenue increased by 28.2% to 77.8 billion yuan. KE Holdings also announced a final dividend of $0.351 per ADS, following a special interim dividend earlier in the year. Despite the downturn in China's property market, KE Holdings expanded its market share and reduced the turnover days for accounts receivable in new home transactions. The company's non-brokerage services also saw significant growth, and it maintained a strong capital position, including a $719 million ADS buyback program.

Portfolio Pulse from The Bamboo Works

March 26, 2024 | 4:00 pm

DJT

Rumble CEO Chris Pavlovski congratulated one of their largest cloud partners and advertising publishers, $DJT, on going public. He credited Devin Nunes for his significant role in this achievement. The news was shared on X, leading to increased trading volume for $DJT.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 3:50 pm

AMKBY

BOAT

CCL

F

GM

GOGL

RCL

SBLK

The collapse of the Francis Scott Key Bridge in Baltimore, caused by the container ship Dali operated by Synergy Group and chartered by AP Moller Maersk (OTC:AMKBY), has significant implications for global trade, particularly affecting shipping routes and supply chains. Baltimore, a crucial U.S. port, has suspended vessel traffic, impacting the automobile industry and shipping lines. Shares of Maersk were down nearly 6%, while the SonicShares Global Shipping ETF (NYSE:BOAT) and stocks of companies within it, such as Golden Ocean Group Ltd (NASDAQ:GOGL) and Star Bulk Carriers Corp (NASDAQ:SBLK), also saw declines. Conversely, shares of U.S. carmakers General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F), and cruise lines Carnival Corp (NYSE:CCL) and Royal Caribbean Cruises Ltd (NYSE:RCL), were trading higher.

Portfolio Pulse from Neil Dennis

March 26, 2024 | 3:32 pm

KULR

LMT

KULR Technology Group, Inc. (NYSE:KULR) shares surged after receiving a significant six-figure contract from Lockheed Martin Corporation (NYSE:LMT) to develop phase change material heat sinks for thermal regulation of electronics in long-range precision missiles. This contract, following successful evaluations of KULR's cooling solutions, highlights its role in innovative thermal management for high-stakes applications.

Portfolio Pulse from Lekha Gupta

March 26, 2024 | 3:29 pm

MMM

3M (NYSE:MMM) has invested in EVOLOH, a cleantech company focusing on scaling up electrolyzer manufacturing for affordable and efficient green hydrogen production. This investment is part of 3M's commitment to supporting the hydrogen economy and clean energy transition. EVOLOH's technology, which does not require precious metals or rare earth materials, aims to lower the costs of electrolyzer modules, installation, and maintenance. 3M Ventures participated in EVOLOH's $20 million Series A fundraising to help scale manufacturing capabilities. This move aligns with 3M's broader initiatives in hydrogen technology development, including high-performance catalyst technology and a joint project with HD Hyundai for hydrogen storage solutions.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 3:01 pm