Streetbeat News

Acquisitions Mergers

PSHG

Performance Shipping Inc. (NASDAQ:PSHG) has secured 5-year time charter contracts with Clearlake Shipping for three newbuilding LNG-ready, scrubber-fitted, LR2 Aframax tanker vessels at $31,000 per vessel per day. The contracts, which have options to extend for a 6th and 7th year, are expected to commence between Q4 2025 and Q2 2026. The firm period's gross revenue is anticipated to be $169.8 million, covering 88% of the construction costs and increasing the company's fixed revenue backlog to approximately $211.4 million.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:30 pm

RUM

Rumble, through a post on X (formerly Twitter), announced that its CEO, Chris Pavlovski, has made an offer for TikTok. The announcement was made via Rumble's official account, indicating a potential strategic move by the company.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:21 pm

RDDT

Reddit, Inc. (NYSE:RDDT) plans to go public with an IPO aiming to raise $748 million at a valuation of $6.4 billion, offering shares priced between $31 and $34. The Reddit community is divided on the IPO's valuation, with discussions on financial health, profitability plans, and long-term potential. Concerns include negative shareholder's equity, net income loss, and skepticism about future performance, while some users express confidence in Reddit's long-term prospects.

Portfolio Pulse from Surbhi Jain

March 12, 2024 | 1:19 pm

APO

PARA

Apollo Global Management has approached Paramount Global with a proposal for a potential deal. The specifics of the deal, including whether it involves a full acquisition, partnership, or another form of collaboration, have not been disclosed. This move by Apollo indicates a strategic interest in the media and entertainment sector, potentially aiming to leverage Paramount's extensive content library and distribution networks.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:19 pm

AM

DTM

ETRN

GIFI

MPC

As of March 12, 2024, five energy stocks are considered overbought based on their RSI values, indicating potential short-term performance concerns. These include Gulf Island Fabrication, Inc. (GIFI), Equitrans Midstream Corporation (ETRN), Marathon Petroleum Corporation (MPC), DT Midstream, Inc (DTM), and Antero Midstream Corporation (AM). Each company has shown significant stock price movements recently, attributed to various operational successes and strategic initiatives.

Portfolio Pulse from Avi Kapoor

March 12, 2024 | 1:18 pm

SASI

Sigma Additive Solutions, Inc. (SASI) announced its corporate name change to NextTrip, Inc., effective March 13, 2024, following the acquisition of NextTrip Holdings, Inc. The company will start trading under the new ticker symbol 'NTRP' on the Nasdaq. This transition reflects its shift towards travel and travel media operations, leveraging partnerships with over 200 travel organizations and offering over 2 million hotels worldwide. NextTrip is preparing to launch its travel booking platform and a content ecosystem, including Compass.TV, to drive growth and shareholder value.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:15 pm

SHCR

Sharecare (NASDAQ:SHCR) is exploring strategic alternatives, including a potential sale, carveout divestitures, or continuing as a standalone company. The company has engaged with interested parties and formed a special committee to evaluate proposals. Despite no definitive decisions being made, Sharecare aims to maximize shareholder value and will provide an update in its upcoming earnings call.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:11 pm

LIQT

LiqTech International, Inc. (NASDAQ:LIQT) has received its first U.S.-based oil & gas produced water order from Razorback Direct Oilfield Solutions and Services LLC, marking a significant milestone in its North American expansion. The order is for a containerized pilot system for produced water treatment, leveraging LiqTech's silicon carbide ceramic membranes technology. This follows a distribution agreement between LiqTech and Razorback Direct aimed at commercializing LiqTech's filtration technology for water treatment in the U.S. oil & gas sector. The successful operation of a similar system in the Middle East, demonstrating high efficiency and minimal chemical use, supports the potential for this technology in the U.S. market.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:08 pm

BTCY

Biotricity Inc. (NASDAQ:BTCY) announced the expansion of its Cardiac AI Cloud platform, leveraging advancements in AI to improve operational efficiency and margins. The company is developing a cardiac AI clinical model to support clinical decisions, with plans to file for FDA clearance by year-end. The healthcare AI market is expected to reach $208.2 billion by 2030, with remote patient monitoring anticipated to hit $96.67 billion. Biotricity's expansion includes partnerships with Google's TensorFlow and Amazon Web Services, aiming to enhance diagnostic accuracy and patient outcomes through predictive analytics and the analysis of over 500 billion heartbeats.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:04 pm

BYDDY

TSLA

XIACF

BYD (OTC:BYDDY) and Xiaomi (OTC:XIACF) are intensifying competition in the EV market by focusing on making electric vehicles more affordable, aiming to outcompete gasoline vehicles. BYD has surpassed Tesla (NASDAQ:TSLA) as the largest EV manufacturer globally and is updating its technology to lower prices further. Xiaomi is entering the EV market with its SU7 sedan, ready to join the price war. This aggressive pricing strategy is leading to a broader adoption of EVs in China, though it's also causing a decline in deliveries for major players like BYD and Tesla.

Portfolio Pulse from Benzinga Neuro

March 12, 2024 | 1:04 pm