Streetbeat News

Acquisitions Mergers

AGI

Alamos Gold has committed to purchasing securities in GFG Resources' private placement to maintain its 9.99% interest in the company post-offering. GFG Resources aims to raise up to C$3.3 million through this offering.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 11:05 am

BA

UAL

United Airlines Holdings, Inc. (NASDAQ:UAL) has expanded its Flight Training Center in Denver with a new 150,000-square-foot building, increasing its pilot training capacity. The expansion allows for training up to 240 additional pilots per day, supporting the airline's growth and its plan to add a significant number of new aircraft to its fleet. United has hired over 2,300 pilots in 2023 and plans to restart direct flights to Israel in March, being the first U.S. carrier to do so since the Gaza war in October. The airline's shares closed higher by 2.75% to $45.26.

Portfolio Pulse from Nabaparna Bhattacharya

February 23, 2024 | 10:58 am

ARKK

NVDA

PATH

TWLO

Cathie Wood's ARK Innovation ETF (ARKK) has not held Nvidia (NVDA) shares since early 2023, missing out on Nvidia's significant gains driven by the AI boom. Despite Wood's prediction of the AI revolution's impact on economic growth, ARK opted to invest in less obvious AI companies like UiPath (PATH) and Twilio (TWLO), considering Nvidia overpriced. Nvidia's stock has surged 57% in 2024, significantly outperforming the S&P 500 and Nasdaq 100, after reporting impressive earnings and strong guidance.

Portfolio Pulse from Benzinga Neuro

February 23, 2024 | 9:17 am

BWA

BorgWarner Inc. (NYSE:BWA) has advised its stockholders to reject an unsolicited mini-tender offer from TRC Capital Investment Corporation, which aims to purchase up to 4 million shares at $28.80 each. This offer price is a 4.51% discount below BorgWarner's closing price on February 20, 2024, and a 5.94% discount from its closing price on February 22, 2024. The offer represents about 1.74% of BorgWarner's outstanding shares as of December 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 7:45 am

NVDA

Nvidia Corporation (NASDAQ:NVDA) has officially recognized Huawei Technologies as a significant competitor in the artificial intelligence (AI) chip market. This acknowledgment was made in a recent filing with the Securities and Exchange Commission, highlighting Huawei's involvement in AI chips and cloud services. Despite challenges from U.S. sanctions and chip constraints, Huawei remains a leader in the Chinese smartphone market. Meanwhile, Nvidia's market cap is nearing $2 trillion, reflecting its strong market position amidst growing AI demand.

Portfolio Pulse from Benzinga Neuro

February 23, 2024 | 7:33 am

SCBFF

Standard Chartered Plc (OTC:SCBFF) announced a $1 billion buyback and a final dividend of 21 cents a share after reporting a 63% increase in fourth-quarter adjusted pretax profit to $1.06 billion, beating estimates. The bank launched a 'Fit for Growth' program aiming to save $1.5 billion over three years, despite facing challenges in China and a significant stock value drop after its third-quarter earnings report.

Portfolio Pulse from Benzinga Neuro

February 23, 2024 | 7:23 am

CCEP

KO

Coca-Cola Europacific Partners (CCEP) and Aboitiz Equity Ventures Inc. (AEV) have completed the acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) from The Coca-Cola Company (KO) for $1.8 billion. This acquisition, which gives CCEP a 60% ownership and AEV 40%, is expected to be immediately EPS accretive, diversifies CCEP's footprint in the Asia-Pacific region, and aligns with its long-term growth strategy.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 7:22 am

AMZN

GOOGL

MSFT

Saudi Arabia's Public Investment Fund (PIF) is positioning the kingdom as a potential AI hub outside the U.S., leveraging its energy resources and funding capabilities. The announcement was made by Yasir Al-Rumayyan at an investment event in Miami. Saudi Arabia plans to use its position as a global leader in energy and its financial resources to support AI projects, with PIF allocating over 70% of its funds domestically and 20%-25% internationally, aiming to increase its annual fund deployment to $70 billion by 2025-2030. This move aligns with Saudi Arabia's strategy to attract global tech giants and invest in AI infrastructure, despite financial strains.

Portfolio Pulse from Benzinga Neuro

February 23, 2024 | 7:11 am

SQNS

Renesas Electronics Corporation has terminated its Memorandum of Understanding and tender offer for the acquisition of Sequans Communications S.A. (SQNS). The offer was to purchase Sequans' shares at $0.7575 per share and ADSs at $3.03 per ADS in cash.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 6:54 am

FLNG

Flex LNG Management AS announced the extension of the Time Charter for Flex Courageous by 2 years, from 2025 to 2027, with an option to extend until 2029. CEO Øystein Kalleklev highlighted the company's strong charter coverage for 2024 and the strategic positioning of their fleet.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 6:34 am