Streetbeat News

Acquisitions Mergers

CLF

X

Cleveland-Cliffs' CEO has indicated interest in making a bid for U.S. Steel if their current deal with Nippon falls through, suggesting a bid price in the $30s.

Portfolio Pulse from Happy Mohamed

March 14, 2024 | 7:32 pm

SSNT

SilverSun Technologies reported a fiscal year 2023 EPS of $(0.20), a decrease from $(0.05) in 2022, despite a 21.2% increase in revenue to $54,516,941. The company saw a gross profit increase of 20.3% to $21,613,809 and a significant rise in EBITDA to $2,716,154. However, a $2,986,107 expense from a terminated merger with Rhodium Enterprises impacted earnings. As of December 31, 2023, cash on hand was $6,143,298 with $1,241,383 in long-term liabilities.

Portfolio Pulse from Happy Mohamed

March 14, 2024 | 7:25 pm

AAPL

GS

MRAAF

TSM

Apple Inc, along with its suppliers Taiwan Semiconductor Manufacturing Co (TSMC) and Murata Manufacturing Co, are increasing their investment in a green initiative to $280 million. TSMC and Murata are contributing $50 million and $30 million, respectively, to the Restore Fund, managed by Climate Asset Management. This fund aims to support carbon removal through nature-based solutions. Additionally, Apple is advancing its chip technology with TSMC's 2-nanometer fabrication process. Despite a downturn in the consumer electronics market, TSMC's stock rose 58% last year, outperforming Apple's 14% increase.

Portfolio Pulse from Anusuya Lahiri

March 14, 2024 | 7:18 pm

AAPL

AMZN

MUSQ

SONY

The 96th Academy Awards highlighted the integral role of music in cinema, with 'Oppenheimer' and 'Barbie' being notable winners. Universal Music Group and Sony Music Entertainment artists were among the winners and nominees, showcasing their influence in the industry. Apple's 'Killers of the Flower Moon' also received nominations. The MUSQ Global Music Industry ETF offers investment exposure to the music sector, including companies like Amazon, Apple, Sony, and Universal.

Portfolio Pulse from Melanie Schaffer

March 14, 2024 | 7:07 pm

RUM

Rumble shares are trading lower following Steven Mnuchin's announcement of forming an investor group to buy TikTok. This comes after Rumble's CEO expressed willingness to join a consortium for acquiring TikTok if ByteDance divests.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 6:50 pm

PFE

ZLAB

CStone Pharmaceuticals faced a significant stock price drop after being removed from the Stock Connect list, which allows mainland investors to trade Hong Kong stocks. The removal followed its exclusion from the Hang Seng index due to its market value falling below the eligibility level. CEO Jason Yang has shown confidence in the company by increasing his stake. CStone has shifted focus to R&D and licensed out several products, including sugemalimab to Pfizer. Other companies like Brii Biosciences, Jacobio Pharmaceuticals, and Yonghe Medical also suffered stock price declines after being dropped from the Stock Connect list.

Portfolio Pulse from The Bamboo Works

March 14, 2024 | 6:48 pm

BBW

BTTX

DKS

EGY

FSR

HEAR

SPRB

U.S. stocks traded lower with the Dow Jones falling over 100 points. Dick's Sporting Goods reported better-than-expected Q4 results and strong guidance. Turtle Beach announced an acquisition and a tender offer, while VAALCO Energy and Build-A-Bear Workshop reported strong financial results. Conversely, Spruce Biosciences, Fisker, and Better Therapeutics saw significant drops, with Fisker preparing for possible bankruptcy and Better Therapeutics seeking strategic alternatives.

Portfolio Pulse from Avi Kapoor

March 14, 2024 | 6:47 pm

META

MSFT

The U.S. House of Representatives passed a bill requiring ByteDance to sell TikTok or face a U.S. ban, potentially sparking a bidding war. Steven Mnuchin and Bobby Kotick are interested buyers, with the sale's strategic value attracting major financial and tech players. The bill's passage could impact U.S.-China relations and highlights TikTok's significant user and financial value.

Portfolio Pulse from Neil Dennis

March 14, 2024 | 6:33 pm

GNS

Genius Group has completed its merger with FatBrain AI, following NYSE approval. The all-stock transaction includes AI software assets, customer relationships, and specific operations of FatBrain AI. This merger is expected to increase Genius Group's 2023 pro forma revenue guidance by approximately 150% to an estimated $76 million to $80 million, and its pro forma net profit guidance by $4 million to $7 million to $9 million.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 6:12 pm

IFNNY

NVDA

TSLA

WKSP

Tesla Inc (NASDAQ:TSLA) faces a cooling EV market, impacting its growth projections. Worksport (NASDAQ:WKSP) is innovating in the automotive industry with its solar-powered products and partnership with Infineon Technologies AG (OTC:IFNNY) to use GaN semiconductors, aiming to surpass the current silicon-based solutions like those from NVIDIA Corporation (NASDAQ:NVDA). Nvidia is also exploring new technologies beyond silicon, as indicated by its upcoming GTC AI Conference.

Portfolio Pulse from Upwallstreet

March 14, 2024 | 6:06 pm