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Acquisitions Mergers

AAPL

GFS

NVDA

TSM

Taiwan Semiconductor Manufacturing Corp. (TSMC) is expected to receive up to $5 billion in grants from the U.S. government for a chip fabrication facility in Arizona to meet the demand from major customers like Apple and Nvidia. The facility is part of TSMC's $40 billion investment in semiconductor manufacturing in Phoenix, aiming to start production in 2025. This move aligns with the U.S. CHIPS Act's goal to boost domestic semiconductor production.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 7:39 pm

JWSM

Starwood Capital Entities and Jaws Mustang Acquisition Corp (JWSM) have signed a non-binding letter of intent for a potential business combination. This deal involves Starwood's portfolio of hotels, including 1 Hotels in Manhattan and Brooklyn, and the De Vere Portfolio in the UK. The combined entity aims to be a growth-oriented, publicly-listed hospitality company on a national securities exchange.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 7:02 pm

BBAI

BigBear.ai, Inc. (NYSE:BBAI) reported Q4 financial results below expectations, with a loss of 14 cents per share against an estimated 5 cents, and sales of $40.563 million missing the $42.755 million forecast. Despite a year-over-year sales increase of 0.51%, the stock dropped. The company also completed the acquisition of Pangiam Intermediate Holdings. After a surge due to Nvidia's earnings, BBAI shares are still up nearly 50% over the past month but fell 31.7% to $2.56 following the earnings report.

Portfolio Pulse from Erica Kollmann

March 08, 2024 | 6:58 pm

BLK

CDIO

BlackRock, Inc. (NYSE:BLK) is set to acquire SpiderRock Advisors, a provider of customized option overlay strategies in the U.S. wealth market, expanding its offerings in personalized separately managed accounts (SMAs). The financial terms were not disclosed, but the deal is not expected to materially impact BlackRock's earnings. This follows BlackRock's minority investment in SpiderRock Advisors in 2021 and a recent minor stake acquisition in Cardio Diagnostics Holdings Inc. (NASDAQ:CDIO). SpiderRock Advisors managed about $4.8 billion in client assets as of February 2024. The acquisition is anticipated to close in the second quarter of 2024.

Portfolio Pulse from Nabaparna Bhattacharya

March 08, 2024 | 6:46 pm

NYCB

New York Community Bancorp (NYSE:NYCB) faces volatility after announcing a $1 billion equity infusion and management changes. Analysts offer mixed views, with concerns about the dilutive impact of the deal and the uncertain path ahead despite the potential for a turnaround under new CEO Joseph Otting. The bank's shares are down 8% to $3.36, reflecting a 64% year-to-date decline in 2024.

Portfolio Pulse from Chris Katje

March 08, 2024 | 6:42 pm

AVGO

GOOG

META

Broadcom Inc (NASDAQ:AVGO) shares fell despite reporting strong Q4 results, with analysts highlighting its AI, dividends, and M&A benefits. JPMorgan, Goldman Sachs, BofA Securities, Truist Securities, Mizuho Securities, and Oppenheimer all maintained or upgraded their ratings, citing robust AI demand and the VMware acquisition's synergy. AI-related sales expectations for FY24 were increased from $7.5B to $10B, notably with significant orders from Alphabet (NASDAQ:GOOG) and Meta Platforms Inc (NASDAQ:META).

Portfolio Pulse from Priya Nigam

March 08, 2024 | 6:40 pm

MNMD

MindMed (NASDAQ:MNMD) announced an underwritten offering and private placement expected to raise $175M, following positive 12-week clinical data on its LSD therapy for generalized anxiety. The offering involves 16,666,667 common shares at $6.00 each, with participation from new investors including Deep Track Capital and Commodore Capital. Oppenheimer Equity Research has given the stock an outperform rating, with a 12-18 month price target of $29.00, highlighting the company's systematic approach and promising data in the psychedelic field.

Portfolio Pulse from Lara Goldstein

March 08, 2024 | 6:01 pm

FBTC

GBTC

IBIT

Bitcoin spot ETFs, including Fidelity Wise Origin Bitcoin Fund (FBTC) and Blackrock's IBIT, are experiencing strong net inflows, challenging Grayscale's Bitcoin Trust (GBTC). On March 7, Bitcoin spot ETFs saw $472 million in net inflows, with FBTC alone witnessing $473 million. This has contributed to Bitcoin reaching a new all-time high of $70,000. Grayscale's other products, like GLNK, GLPT, and GSOL, have been upgraded for trading on the OTCQX Best Market. The emergence of new Bitcoin spot ETFs signifies the growing acceptance of cryptocurrency investment products.

Portfolio Pulse from Murtuza Merchant

March 08, 2024 | 5:28 pm

INTC

JPM

NVDA

Astera Labs Inc, backed by Intel Corp (NASDAQ:INTC), is planning an IPO to raise up to $534 million, leveraging the AI boom. The company, specializing in semiconductor connectivity for AI applications, will list on Nasdaq under the ticker ALAB. The IPO is managed by Morgan Stanley (NYSE:MS) and JPMorgan Chase & Co (NYSE:JPM), with a significant investment from Intel's venture arm. This move comes amid a surge in AI-related stocks, like NVIDIA Corp (NASDAQ:NVDA), highlighting the growing interest in AI investments.

Portfolio Pulse from Anusuya Lahiri

March 08, 2024 | 5:25 pm

SGD

Safe and Green Development Corporation (NASDAQ:SGD) shares surged after announcing financing for the Norman Berry Expansion in Atlanta, Georgia. The project involves constructing a facility for elderly and assisted living, with further phases planned. CEO David Villarreal highlighted the acquisition of additional land expected to increase the project's value. SGD shares are up 241% at $2.25.

Portfolio Pulse from Erica Kollmann

March 08, 2024 | 5:22 pm