Streetbeat News

Acquisitions Mergers

SOUN

SoundHound AI Inc (NASDAQ:SOUN) is in focus ahead of its Q4 earnings report, expected to post a loss of 6 cents per share with $17.746 million in revenue. The stock surged over 70% in the last five sessions and nearly 300% in the last month, partly due to speculation about AI in cellular tech and Nvidia's investments. Northland Capital Markets downgraded the stock from Outperform to Market Perform. Shares were up 9.46% at $6.94 at the time of writing.

Portfolio Pulse from Adam Eckert

February 29, 2024 | 3:16 pm

STER

First Advantage (NASDAQ:FA) is set to acquire Sterling Check (NASDAQ:STER) in a deal valued at $2.20 billion, to be completed in Q3 of 2024. The acquisition involves a cash and stock transaction for STER stock. First Advantage is a global leader in employment background screening, while Sterling Check provides technology-enabled background and identity verification services. This strategic acquisition aims to enhance First Advantage's service offerings and market position.

Portfolio Pulse from Benzinga Insights

February 29, 2024 | 3:10 pm

EVRI

IGT

Everi Holdings (NYSE:EVRI) has announced a merger with International Game Technology (NYSE:IGT), expected to be completed in 2024. Everi will provide IGT with $6.20 billion for IGT stock, though it's not specified if the payment will be in cash or stock. Both companies operate in the gaming and entertainment industry, with Everi focusing on casino and gaming technology, and IGT on gaming experiences across various channels.

Portfolio Pulse from Benzinga Insights

February 29, 2024 | 3:10 pm

MTRS

METROS DEVELOPMENT CO., LTD. (NASDAQ:MTRS) is set to IPO on March 1, with shares priced between $8.00 and $9.00. The company, a real estate consulting firm focusing on identifying and purchasing underdeveloped properties for resale to developers, will have an insider lock-up period ending on August 28, 2024.

Portfolio Pulse from Benzinga Insights

February 29, 2024 | 3:00 pm

SCTL

Societal CDMO Inc (NASDAQ:SCTL) is trading higher after the announcement that CoreRx Inc. will acquire all outstanding shares for $1.10 per share in cash. The transaction, expected to close early in Q2 2024, is seen as delivering substantial value to shareholders despite some long-term investor dissatisfaction with the takeover price. SCTL shares surged 132.6% to $1.07.

Portfolio Pulse from Vandana Singh

February 29, 2024 | 2:54 pm

AAPL

MARA

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have seen significant gains, leading to $750M in liquidations. Gemini will refund $1.1B to Earn Program customers. Apple's shareholders rejected a proposal for AI transparency. Marathon Digital's shares fell despite Bitcoin's rally. Dogecoin's market cap surpassed MicroStrategy and Robinhood. Analysts predict a 600% surge in Dogecoin's price. The ETF tracking Congressional Democrats' trades outperformed the S&P 500. US markets show uncertainty ahead of inflation data. Goldman Sachs CEO and Peter Schiff express concerns about the US economy. SEC investigates OpenAI CEO, and Apple faces a vote on AI transparency. Tesla is accused of polluting Berlin's water, and GXO Logistics leads a bidding war for Wincanton.

Portfolio Pulse from Akanksha Bakshi

February 29, 2024 | 2:45 pm

CRON

Cronos Group Inc. (NASDAQ:CRON) reported its Q4 and full-year 2023 results, showing a reduced net loss and increased revenue. The company highlighted its global expansion, including entering Germany and Australia, and launching the Lord Jones brand in Canada. Q4 net loss improved to $(45) million from $(78.9) million in the same quarter of 2022, and full-year net loss improved to $(74.6) million from $(168.73) million in 2022. Shares traded 0.51% lower at $2.25 in Thursday's pre-market session.

Portfolio Pulse from Nina Zdinjak

February 29, 2024 | 2:21 pm

AZTD

FOUR

Fiserv, Inc (NYSE:FI) and Amadeus IT Group are competing to acquire Shift4 Payments Inc (NYSE:FOUR), valued at nearly $7 billion. Shift4 Payments, a payment processing firm, reported a 31% year-on-year gross revenue growth to $705.4 million, missing consensus estimates. The company processes over $200 billion annually for more than 200,000 clients. Tidal ETF Trust Aztlan Global Stock Selection DM SMID ETF (NYSE:AZTD), with a 4% exposure to Shift4 Payments, saw a 2.4% gain in the last six months. Shift4's shares increased by 2.44% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

February 29, 2024 | 2:11 pm

BABA

BIDU

PGJ

TCEHY

Alibaba Group Holding Limited (NYSE:BABA) announced a significant price reduction of up to 55% on its core cloud products to regain market share from competitors like Tencent Holdings Ltd (OTC:TCEHY) and Baidu Inc (NASDAQ:BIDU). The discounts aim to democratize cloud capabilities amidst the growing AI era. This follows the cancellation of a spinoff and IPO for its cloud unit, Aliyun. Analysts are mixed on the impact of these price cuts on Alibaba's market share and revenue growth. In related news, Alibaba led a $1 billion investment in Moonshot AI. The Invesco Golden Dragon China ETF (NASDAQ:PGJ), with a 9% exposure to Alibaba, gained 13% last month.

Portfolio Pulse from Anusuya Lahiri

February 29, 2024 | 2:01 pm

ARKB

BITB

BLK

BTCW

FBTC

GBTC

IBIT

Spot Bitcoin ETFs in the US have reached a new all-time high with $676.8 million in daily inflows, led by iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Bitwise's Bitcoin ETF, ARK 21Shares Bitcoin ETF, and WisdomTree Bitcoin ETF. Despite Grayscale Bitcoin Trust experiencing outflows, the market sentiment is positive with total inflows nearing $7.4 billion. Trading volumes also hit a record $7.69 billion in one day, primarily driven by BlackRock's iShares Bitcoin ETF. Morgan Stanley is considering adding spot Bitcoin ETF products, highlighting Bitcoin's growing acceptance and potential for increased investment.

Portfolio Pulse from Murtuza Merchant

February 29, 2024 | 1:53 pm