Streetbeat News

Acquisitions Mergers

APO

FNDA

LUMN

RXT

TXSS

Rackspace Technology Inc (RXT) is reportedly close to finalizing a $275M restructuring plan with its creditors, aiming to reduce its debt and reorganize repayment priorities. The deal includes a new cash influx and a debt exchange offer, with favorable terms for creditors involved in prior negotiations. Apollo Global Management Inc (APO), a primary investor, has not commented. The restructuring reflects broader trends among companies facing economic challenges. Rackspace's financial results are awaited on March 12, 2024, with an expected quarterly EPS loss. The company's financial health is underlined by its first-lien notes trading at significantly reduced values. RXT shares saw a 7.1% increase to $2.25 recently. Investors can also gain exposure through TXSS and FNDA ETFs.

Portfolio Pulse from Anusuya Lahiri

March 12, 2024 | 3:25 pm

BGXX

Bright Green Corp (NASDAQ:BGXX) has signed a $250M agreement with Dalsem Greenhouse Technologies BV to expand its drug production facility in New Mexico, adding 7M square feet of manufacturing space. The expansion, supported by $60M in financing, aims to enhance the production of Schedule I and II controlled substances, aligning with the 'Drugs Made in America' initiative. The project, benefiting from solar power and federal tax credits, positions Bright Green as a competitive, low-cost, carbon-neutral drug manufacturer in the U.S.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 3:02 pm

OXY

XOM

Saudi Aramco and ADNOC are venturing into lithium production from brine in their oilfields to diversify and meet the growing demand for EVs, similar to Exxon Mobil's efforts in Arkansas. Despite a profit decline, Aramco increased its dividend payout. The long-term prospects for lithium remain promising despite recent price drops. Gulf companies are exploring eco-friendly Direct Lithium Extraction (DLE) technologies, avoiding traditional, environmentally harmful methods. Exxon Mobil and Occidental Petroleum are also investigating DLE technologies.

Portfolio Pulse from Stjepan Kalinic

March 12, 2024 | 3:00 pm

ARM

INTC

Arm Holdings Plc's stock has seen a significant increase since its September debut, driven by high demand for semiconductors in AI computing. With the expiration of a six-month lockup period, there's speculation about potential insider sales. SoftBank, holding a 90% stake in Arm, has not disclosed its future share plans. Analysts are generally bullish on Arm's prospects despite potential volatility. Arm's collaboration with Intel Corp on custom silicon and foundry services is also highlighted.

Portfolio Pulse from Anusuya Lahiri

March 12, 2024 | 3:00 pm

NTHI

NEONC TECHNOLOGIES HOLDINGS, INC (NASDAQ:NTHI) is set to IPO on March 13, offering shares priced between $11.25 and $13.75 with a 180-day insider lock-up period ending on September 09, 2024. The company focuses on developing new drugs for diseases like melanoma, breast, and lung cancer.

Portfolio Pulse from Benzinga Insights

March 12, 2024 | 3:00 pm

RAN

RanMarine Technology B.V. (NASDAQ:RAN) is set to IPO on March 13, offering shares at $5.50 each with a 180-day insider lock-up period ending on September 09, 2024. The company specializes in autonomous surface vessels for cleaning water pollutants and collecting water quality data.

Portfolio Pulse from Benzinga Insights

March 12, 2024 | 3:00 pm

BALY

Bally's Corporation (NYSE:BALY) has formed a special committee to evaluate a preliminary, non-binding acquisition proposal from Standard General. The proposal, dated March 11, 2024, offers $15.00 in cash per share for all outstanding shares of Bally's not already owned by Standard General. The proposal's details are available in Standard General's Schedule 13D/A filing with the SEC. There is no guarantee that a definitive offer will be made, accepted, or that a transaction will be completed.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 2:44 pm

BABA

EBIZ

ONLN

Alibaba Group Holding Ltd (NYSE:BABA) is investing approximately $640 million in Hong Kong's creative industries over the next five years, aiming to boost its media and entertainment division amidst intense competition. This follows a significant sales increase in its unit, attributed to China's strong box office performance. Alibaba is also enhancing staff incentives by merging stock options with cash rewards, starting April 1, 2024, to improve employee earnings' certainty and liquidity. The stock rose over 2% on Tuesday. Competitor JD.com Inc (NASDAQ:JD) increased salaries for its retail division last year. Alibaba can be accessed through ProShares Online Retail ETF (NYSE:ONLN) and Global X E-Commerce ETF (NASDAQ:EBIZ).

Portfolio Pulse from Anusuya Lahiri

March 12, 2024 | 2:43 pm

DIS

FOXA

NFLX

WBD

Disney CEO Bob Iger acknowledged Netflix's superior technology in streaming, despite Disney+'s subscriber growth. Disney aims for streaming profitability by September, emphasizing the importance of Disney+, Hulu, and ESPN+. The company is finalizing its Hulu stake buyout from NBCUniversal and has consolidated U.S. sports rights with Fox Corporation and Warner Bros Discovery. Iger highlighted the need for Disney to adopt Netflix's technology to reduce costs and improve margins. Disney's diverse business includes parks, movies, TV, streaming, and a new venture into gaming with a $1.5 billion investment in Epic Games.

Portfolio Pulse from Upwallstreet

March 12, 2024 | 2:22 pm

RPAY

Repay Holdings is exploring the sale of its business to private equity firms, while GTCR is in the process of selling RevSpring, a payments company. This move indicates a strategic shift for both companies, potentially aiming for growth or restructuring.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:43 pm