Streetbeat News

Acquisitions Mergers

AAPL

AMD

GOOGL

INTC

META

XLE

US stocks saw a mixed session with tech giants like Apple, Alphabet, and Meta facing regulatory scrutiny, while energy stocks surged due to rising crude prices. The Energy Select Sector SPDR Fund reached levels close to its all-time highs. Intel and AMD stocks were volatile after China's move to phase out U.S. microprocessors. Bitcoin reclaimed $70,000. Notable stock movements included gains for Bitcoin-related companies and Micron Technology, while United Airlines and Take-Two Interactive faced declines.

Portfolio Pulse from Piero Cingari

March 25, 2024 | 5:58 pm

SCLX

Scilex Holding Co (SCLX) and Ya II PN have mutually agreed to terminate their Amended and Restated Standby Equity Purchase Agreement, initially dated February 8, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:49 pm

EGY

VAALCO Energy's shares are trading higher following the announcement of finalized agreements in Equatorial Guinea, indicating positive market reception.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:21 pm

LBAI

PFS

Provident Financial Services, Inc. (PFS) and Lakeland Bancorp, Inc. (LBAI) have received regulatory approvals from the FDIC and the New Jersey Department of Banking and Insurance for their merger. The only remaining approval needed is from the Federal Reserve. The merger, expected to complete in Q2, will see the combined entity operate under the Provident name, aiming for growth and enhanced service offerings. Provident must raise $200 million in Tier 2 subordinated debt and adhere to specific capital and lending ratios post-merger.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:01 pm

CENX

Century Aluminum (CENX) shares surged following the announcement that it was chosen by the Department of Energy to receive a $500 million grant for constructing a new green aluminum smelter, aimed at accelerating industrial decarbonization.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 4:11 pm

DWAC

A New York appeals court has reduced Donald Trump's appeals bond from $454 million to $175 million and extended the deadline by 10 days in a civil fraud case. This ruling allows Trump and his sons to continue business operations in New York. The bond reduction and extension provide Trump with a financial lifeline, potentially preventing the seizure of his assets by New York Attorney General Letitia James. Trump previously secured a $91.6-million appeal bond with Chubb Limited's unit for a different lawsuit. Meanwhile, Trump's media company merged with Digital World Acquisition Corp (DWAC), which saw its shares rise 12%.

Portfolio Pulse from Chris Katje

March 25, 2024 | 4:08 pm

DOW

Dow Chemical Company (NYSE:DOW) announced its plan to invest in a new world-scale carbonate solvents facility in the U.S. Gulf Coast to support the electric vehicle (EV) and energy storage markets. This facility, selected for award negotiations by the U.S. Department of Energy, aims to capture over 90% of CO2 from its manufacturing process, aligning with Dow's decarbonization strategy and the U.S. government's goals to reduce greenhouse gas emissions. The project is backed by agreements with leading EV manufacturers and electrolyte manufacturers, enhancing Dow's MobilityScience portfolio.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 4:08 pm

ABBV

AKAN

CYTO

FSR

LABP

NKTX

SINT

U.S. stocks traded lower with the Dow Jones, NASDAQ, and S&P 500 all seeing declines. Energy shares rose by 1%, while communication services fell by 0.5%. Sales of new single-family houses in the U.S. dropped slightly. Landos Biopharma's stock surged 170% after announcing AbbVie will acquire it. Nkarta and Altamira Therapeutics also saw significant gains, while Sintx Technologies, Akanda Corp., and Fisker Inc. experienced sharp declines.

Portfolio Pulse from Avi Kapoor

March 25, 2024 | 4:07 pm

AMZN

GOOG

GOOGL

FTX is planning to sell two-thirds of its stake in Anthropic for $884 million, according to a report by the Wall Street Journal. This move is significant for the cryptocurrency exchange and could have implications for its financial strategy and market position.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 4:07 pm

HMC

NSANY

TSLA

Nissan Motor Co Ltd (OTC:NSANY) announced the launch of 30 new models over the next three years, with 16 being electrified, in response to the rapid developments in the EV industry. This move contrasts with other automakers like Tesla Inc (NASDAQ:TSLA), Ford Motor (NYSE:F), and General Motors (NYSE:GM), which are bracing for cooling EV demand. Nissan aims to sell an additional 1 million vehicles by fiscal year 2026, targeting an operating profit margin of over 6% and total shareholder returns of over 30%. The company is also exploring a strategic partnership with Honda Motor Co Ltd (NYSE:HMC) to produce key EV components and develop AI in automotive software platforms.

Portfolio Pulse from Upwallstreet

March 25, 2024 | 4:07 pm