Streetbeat News

Acquisitions Mergers

ASTR

Astra Space, Inc. (NASDAQ:ASTR) has announced a definitive merger agreement where the acquiring entity, formed by Astra's co-founders Chris Kemp and Dr. Adam London, will purchase all Astra common stock not already owned for $0.50 per share in cash. This price is significantly lower than the closing price of $0.86 on March 6, 2024. The transaction, recommended by a special committee of independent directors and approved by the board with certain abstentions, is expected to close in Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:12 pm

VMEO

Vimeo's stock price has increased due to ongoing momentum from recent news about potential acquisition interest from Bending Spoons.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:02 pm

PLTR

SHLD

Palantir Technologies Inc (PLTR) secured a $178 million contract extension from the U.S. Army to develop the TITAN ground station system, powered by AI/ML technologies. Mizuho analyst Gregg Moskowitz maintained a Neutral rating on PLTR but raised the price target from $18 to $21, highlighting the company's AI expansion prospects. The deal represents a significant extension and includes software and hardware solutions. Palantir's AIPCon event is expected to showcase its AI capabilities with over 60 customers. Investors can also gain exposure to PLTR through Global X Funds Global X Defense Tech ETF (SHLD) and Tidal ETF Trust II The Meet Kevin Pricing Power ETF (PP). PLTR shares rose 3.40% to $27.05.

Portfolio Pulse from Anusuya Lahiri

March 07, 2024 | 7:39 pm

DIA

MAGS

META

NVDA

QQQ

SPY

The S&P 500 reached new highs, driven by Fed Chair Powell's hints at potential rate cuts. Nvidia surpassed $900, and Bitcoin neared record levels. The Roundhill Magnificent Seven ETF and specific stocks like Meta Platforms and Nvidia showed significant gains. Treasury yields fell, and the dollar weakened. The ECB maintained interest rates, with President Lagarde emphasizing independence from the Fed. Gold hit new highs, and major US indices and ETFs saw varied performance. Several companies experienced notable stock movements due to earnings reports and other news.

Portfolio Pulse from Piero Cingari

March 07, 2024 | 6:32 pm

WMT

Walmart Inc (NYSE:WMT) announced plans to open its third milk processing facility in Robinson, Texas by 2026, expected to create 400 jobs and serve over 750 stores in the South. Additionally, Walmart launched on-demand early morning delivery for a wide range of products, enhancing its delivery services. WMT shares saw a slight increase of 0.12% to $60.62.

Portfolio Pulse from Shivani Kumaresan

March 07, 2024 | 6:28 pm

GROM

Grom Social Enterprises Inc. (NASDAQ:GROM) shares surged after announcing a non-binding letter of intent to acquire Arctic7, aiming to enter the gaming industry. The acquisition is seen as a strategic move to leverage the $185 billion gaming market opportunity and to integrate Arctic7's expertise into Grom's entertainment ecosystem. Despite a 91.95% YTD loss, GROM's current performance outpaces its historical averages, with an RSI of 54.42 indicating neutral market conditions.

Portfolio Pulse from Erica Kollmann

March 07, 2024 | 6:28 pm

MSAI

MultiSensor AI Holdings (MSAI) shares are trading higher following the termination of a provision in its Business Combination Agreement with SportsMap Tech Acquisition Corp. This provision would have mandated the issuance of 2.4 million shares to former holders of Infrared Camera Holdings.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:12 pm

NNDM

SSYS

Stratasys, Ltd. (NASDAQ:SSYS) reported Q4 FY23 revenue of $156.3 million, surpassing the consensus of $154.2 million, with an adjusted gross margin increase to 48.8%. Despite a decrease in adjusted operating income and EBITDA, the company met the adjusted EPS consensus of $0.02. Stratasys provided a FY24 outlook with expected revenue of $630 million-$645 million and adjusted EPS of $0.12-$0.19. The company also highlighted its innovation in additive manufacturing, mentioning the F3300 and its first customer, Toyota. Additionally, Stratasys received a preliminary acquisition proposal from Nano Dimension Ltd (NASDAQ:NNDM) at $16.50 per share in cash. SSYS shares surged 7.16% to $12.43.

Portfolio Pulse from Lekha Gupta

March 07, 2024 | 5:54 pm

NYCB

Former Treasury Secretary Steven Mnuchin and a group of investors have invested over $1 billion in New York Community Bancorp Inc (NYSE:NYCB), aiming to transform it into a 'very attractive' regional bank. Mnuchin will join the board, and Joseph Otting will become CEO. The investment is seen as a lifeline but is 'tremendously dilutive' to shareholders. NYCB's shares rose 6.65% to $3.68 following the announcement.

Portfolio Pulse from Adam Eckert

March 07, 2024 | 5:36 pm

CCLP

KGS

Kodiak Gas Services, Inc. (NYSE:KGS) shares fell after reporting a Q4 EPS loss of $(0.09), missing estimates of $0.29, despite beating revenue expectations with $225.98 million. The company provided FY24 guidance with adjusted EBITDA of $460-$490 million and Discretionary Cash Flow of $295-$310 million. Kodiak also announced the acquisition of CSI Compressco LP (NASDAQ:CCLP) in a deal valued at approximately $854 million.

Portfolio Pulse from Lekha Gupta

March 07, 2024 | 5:31 pm