Streetbeat News

Acquisitions Mergers

MSTR

MicroStrategy Inc (NASDAQ:MSTR) shares are trading higher after TD Cowen and Canaccord Genuity significantly raised their price targets on the stock, following MicroStrategy's announcement of acquiring an additional 12,000 Bitcoin. The company's focus on accumulating Bitcoin and the recent rise in crypto prices have positively impacted its stock value.

Portfolio Pulse from Adam Eckert

March 12, 2024 | 3:53 pm

IONM

Assure Holdings Corp. (NASDAQ:IONM) stock surged 38% to $0.47 after announcing the sale of certain IONM business assets to MPOWERHealth for up to $4.5 million. The deal includes $2.5 million upfront and up to $2.0 million based on case volume, covering healthcare facility contracts, clinical equipment, and most employees. The sale aims to repurpose Assure's business towards a merger with Danam Health, enhancing MPOWERHealth's IONM services.

Portfolio Pulse from Henry Khederian

March 12, 2024 | 3:52 pm

DWAC

Former President Donald Trump reportedly attempted to sell Truth Social to Elon Musk, owner of X (formerly Twitter), but failed. The conversation did not lead to a deal, but they have remained in contact. Trump also sought campaign donations from Musk for the 2024 election and invited him to speak at the GOP convention, which Musk declined. The report emerges as the SPAC merger between Digital World Acquisition Corp (DWAC) and Truth Social's parent company, Trump Media & Technology Group (TMTG), faces delays and litigation. Trump, facing significant legal fees and penalties, views TMTG as a financial lifeline. Musk, having bought Twitter and rebranded it to X, has criticized Truth Social and is seen as a competitor.

Portfolio Pulse from Chris Katje

March 12, 2024 | 3:45 pm

GLNCY

LICY

Li-Cycle Holdings Corp (NYSE:LICY) has announced a $75 million investment from Glencore plc (OTC:GLNCY) through a senior secured convertible note. This investment follows a previous one in June 2022 and aims to improve Li-Cycle's liquidity. The company is also reviewing its strategy for the Rochester Hub and has agreed to add two Glencore nominees to its Board. Li-Cycle's shares surged 29.46% to $0.5193 following the announcement.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 3:44 pm

ALK

JBLU

SAVE

At the J.P. Morgan Industrials Conference, Alaska Air's CEO commented that the judge's decision on the JetBlue-Spirit deal is beneficial for Alaska Air. He also noted that Alaska Air's agreement with Hawaiian Airlines is distinct from the JetBlue-Spirit merger.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 3:42 pm

FPX

MILN

UBER

Uber Freight aims for a tenfold expansion in Europe by 2028, targeting 2 billion euros in freight management. Despite a 25% revenue dip in 2023 due to lower trucking rates, improvements are seen with resolving supply chain issues. Uber Technologies Inc. (UBER) reported a 15% revenue growth in Q4 fiscal 2023, with shares up 0.50% in premarket trading. Investors can also gain exposure to Uber through FPX and MILN ETFs.

Portfolio Pulse from Anusuya Lahiri

March 12, 2024 | 3:28 pm

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