Streetbeat News

Acquisitions Mergers

AMSYF

AUMN

BHP

RGLD

Jefferies initiated coverage on Royal Gold with a Hold rating and a $117 price target. Golden Minerals halted operations at Velardeña due to underperformance, exploring sale or wind-up options. BHP Group is restructuring its global operations, starting in Australia, to cut costs and improve productivity amid a nickel market slowdown. Reliance's board member James Donald Hoffman sold 40,000 shares. ArcelorMittal reported a decrease in annual revenue and production compared to the previous year.

Portfolio Pulse from Austin DeNoce

February 29, 2024 | 10:53 pm

AMSYF

AUMN

BHP

RGLD

Jefferies initiated coverage on Royal Gold with a Hold rating and a $117 price target. Golden Minerals halted operations at Velardeña due to underperformance, exploring sale or wind-up options. BHP Group is restructuring global operations, starting in Australia, to cut costs and improve productivity amid nickel market slowdown. Reliance's board member James Donald Hoffman sold 40,000 shares. ArcelorMittal reported a decrease in annual revenue and production but remains a leading steel producer.

Portfolio Pulse from Austin DeNoce

February 29, 2024 | 10:52 pm

BAC

BLK

HOOD

SCHW

UBS

WFC

Merrill (Bank of America Corp.) and Wells Fargo & Co. have started offering Bitcoin ETFs to their wealth management clients, following SEC's approval of Bitcoin ETFs. This move is part of a broader trend with firms like Charles Schwab Corp., Robinhood Markets Inc., UBS Group AG, and potentially Morgan Stanley exploring similar offerings. BlackRock Inc. and Fidelity Investments have seen significant inflows into their Bitcoin ETFs, indicating strong demand. However, Vanguard Group Inc. remains skeptical about cryptocurrency investments.

Portfolio Pulse from Murtuza Merchant

February 29, 2024 | 10:18 pm

NYCB

New York Community Bancorp Inc (NYSE:NYCB) shares plummeted in after-hours trading following the company's announcement of material weaknesses in internal controls and a leadership transition. The weaknesses, related to internal loan review, are due to ineffective oversight and monitoring. The company expects to report ineffective disclosure controls in its 2023 Form 10-K. Additionally, Alessandro DiNello has been appointed as president and CEO, replacing Thomas Cangemi, who remains on the board. This news follows a recent downgrade by Moody's and a significant share price drop.

Portfolio Pulse from Adam Eckert

February 29, 2024 | 10:06 pm

ARIZ

FUFU

Arisz Acquisition Corp. (NASDAQ:ARIZ) has completed its business combination with BitFuFu, a leading company in the digital asset mining industry. The combined entity, BitFuFu Inc., will trade on Nasdaq under the ticker symbols 'FUFU' for Class A ordinary shares and 'FUFUW' for warrants, starting March 1, 2024. This merger, approved by shareholders of both companies, marks BitFuFu's entry into the public market, aiming to expand its global footprint and offerings in cloud-mining, self-mining, and miner hosting. The merger is supported by a $74M PIPE investment to accelerate BitFuFu's growth.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:06 pm

GIA

QTI

GigCapital5, Inc. (NASDAQ:GIA) and QT Imaging, Inc. have announced the completion of their business combination on March 4, 2024, with QT Imaging Holdings, Inc. expected to start trading on Nasdaq under the ticker 'QTI' on March 5, 2024. This marks GigCapital5's fifth business combination, leveraging QT Imaging's innovative medical imaging technology. QT Imaging, known for its advanced breast imaging system, is poised for growth in the healthcare market.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:04 pm

BLK

BTCUSD

Alex Thorn from Galaxy Digital predicts Bitcoin (BTC) will reach a new all-time high within weeks, driven by institutional investments, including a record inflow into Bitcoin ETFs led by BlackRock (NYSE:BLK), and the increasing adoption by notable figures and platforms. The surge is attributed to Bitcoin's scarcity, long-term holder conviction, and the transformative impact of Bitcoin ETFs in the U.S., suggesting a maturing market.

Portfolio Pulse from Murtuza Merchant

February 29, 2024 | 10:01 pm

NRGV

Energy Vault Holdings, Inc. (NRGV) announced the interconnection of its first EVx 100 MWh gravity energy storage system in Rudong, China, and the groundbreaking of three additional systems. These developments are part of a larger expansion in China, with nine EVx systems totaling 3.7 GWh under construction. The Rudong and Zhangye City systems have been designated as 'new energy storage pilot demonstration projects' by China's National Energy Administration. This recognition and the ongoing construction underscore the growing adoption of Energy Vault's technology in China's renewable energy sector.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:01 pm

VSEC

VSE Corp (VSEC) has provided its full year 2024 revenue growth and Adjusted EBITDA margin guidance for its Aviation and Fleet segments. The Aviation segment is expected to see a revenue growth of 24%-28% and an Adjusted EBITDA margin of 15%-16%. The Fleet segment is projected to have a revenue growth of 13%-17% and an Adjusted EBITDA growth of 8%-12%. VSE plans to update this guidance in the second quarter after completing the acquisition of TCI.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:52 pm

The GE Board of Directors has officially approved the spin-off of GE Vernova, which, along with GE Aerospace, is set to launch on April 2, 2024. This strategic move is aimed at streamlining GE's operations and focusing on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:52 pm