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BHP Group Ltd cuts a quarter of its contractor workforce at the West Musgrave project amid nickel division challenges. United States Steel Corporation forecasts Q1 earnings with strong steel demand. Buenaventura receives operating permit for Yumpag mine, targeting significant silver production. Piedmont Lithium appoints Dawne Hickton to its Board. Alcoa Corporation's price target is raised by BofA Securities.

Portfolio Pulse from Austin DeNoce

March 18, 2024 | 8:49 pm

TEL

TE Connectivity's Board of Directors has approved the re-incorporation of the company from Switzerland to Ireland. This was formalized through a merger agreement with its subsidiary, TE Connectivity Plc (Ireland), on March 18, 2024. Post-merger, TE Connectivity Ireland will become the public parent company, officially changing TE's jurisdiction of organization to Ireland.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:47 pm

STT

State Street Corporation (NYSE:STT) has issued $1 billion of senior debt, with a significant portion underwritten by diverse firms. This move aligns with State Street's commitment to inclusion, diversity, and equity in the financial services industry. The underwriting syndicate included Blaylock Van, LLC, Cabrera Capital Markets LLC, CAVU Securities LLC, Mischler Financial Group, Inc., Tigress Financial Partners LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., and UBS Securities LLC. This marks State Street's twelfth consecutive offering that supports its sustainability and impact initiatives.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:39 pm

DRQ

Dril-Quip, Inc. (DRQ) and Innovex Downhole Solutions have agreed to merge in an all-stock transaction. Post-merger, DRQ stockholders will own about 52% and Innovex stockholders about 48% of the new entity. The deal is expected to be immediately accretive to earnings and free cash flow.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:32 pm

RGF

The Real Good Food Company, Inc. (NASDAQ:RGF) announced Tim Zimmer as the new CEO effective March 15, 2024, succeeding Gerard Law. Zimmer brings over 30 years of experience from roles at Smithfield Foods, Sara Lee Foods, Kraft Foods, and Nestle. The company also appointed Mark Dietz as Senior VP of Operations to enhance supply chain efficiencies. RGF plans to close its City of Industry facility by June 30, 2024, for cost savings and improved margins. Consumption of RGF's branded products increased by 53% year over year as of February 2024. The company's recent refinancing reduced cash debt service, enhancing liquidity. Additionally, RGF is restating its financial statements for 2022 and 2023 due to inventory errors, estimating a reduction in inventory balance between $7 million and $12 million.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:24 pm

KR

Kroger has entered into a definitive agreement to sell its specialty pharmacy business, which caters to patients with chronic illnesses requiring complex care. The transaction is subject to customary closing conditions and is expected to close in the second half of 2024.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:20 pm

PBM

Psyence Biomedical Ltd. (NASDAQ:PBM) welcomed a study published in Molecular Psychiatry, showing nature-derived psilocybin may be more therapeutic than synthetic versions, particularly in neuroplasticity effects. The study, not funded by Psyence Biomed, was conducted by Hebrew University. Psyence Biomed, focusing on nature-derived psilocybin for Palliative Care, is preparing for a Phase llb clinical trial targeting Adjustment Disorder in cancer patients. The U.S. Palliative Care market is expected to grow to $28.6 billion by 2030. Psyence Biomed's approach could potentially improve patient quality of life and reduce healthcare costs.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:11 pm

HTCR

HeartCore Enterprises, Inc. has signed its 13th Go IPO contract, expecting to receive $500,000 in initial fees and $300,000 in success fees. Additionally, the company has received a warrant to acquire 3% of PharmaBio's stock on a fully diluted basis.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:08 pm

META

QQQ

SNAP

VUG

XLC

The U.S. House of Representatives has advanced a bill that could lead to a TikTok ban unless ByteDance sells its U.S. operations, amid concerns of national security risks. This has sparked interest from potential buyers and could benefit competitors like Meta Platforms Inc and Snap Inc, as users may migrate to other platforms. ETFs with exposure to these companies, such as XLC, QQQ, and VUG, might also see an impact. The bill has raised tensions between the U.S. and China, with China indicating it could block the sale, complicating the situation further.

Portfolio Pulse from Natan Ponieman

March 18, 2024 | 8:07 pm

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares dropped after announcing the pricing of its $525 million convertible senior notes offering and amid pre-planned sales by co-founder Michael Saylor. The company's stock had previously rallied due to its bitcoin acquisition strategy, with the latest purchase pushing its holdings to approximately 205,000 bitcoin. The decline in MicroStrategy's stock also aligns with a recent dip in bitcoin prices. The company plans to use the net proceeds from the offering to buy more bitcoin.

Portfolio Pulse from Adam Eckert

March 18, 2024 | 7:58 pm