Streetbeat News

Acquisitions Mergers

ARKK

NVDA

Cathie Wood, founder of ARK Invest, defended the sale of Nvidia (NVDA) shares by highlighting the fund's early investment in NVDA at around $5 in 2014 and the substantial profits made since then. Despite selling nearly $4 million worth of NVDA shares after a post-earnings rally, Wood emphasized ARK's successful early investment strategy. NVDA shares have surged 236.5% over the past 12 months, significantly outperforming ARK's flagship fund, ARK Innovation ETF (ARKK), which has seen much lower returns. ARK's decision to sell NVDA shares has been criticized, especially as NVDA's value soared, adding $273 billion in a single day after its latest earnings beat.

Portfolio Pulse from Benzinga Neuro

February 27, 2024 | 1:30 am

AJX

RITM

Rithm Capital and Great Ajax have announced a strategic transaction, with Great Ajax also entering a one-year term loan agreement with a Rithm subsidiary for up to $70M. This deal, pending shareholder approval, includes a management agreement where a Rithm affiliate will serve as the external manager for Great Ajax, aiming to pivot its strategy towards commercial real estate investments.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 10:58 pm

APA

CPE

APA anticipates the completion of its acquisition of Callon Petroleum (CPE) around April 1, 2024. Both companies have set March 27, 2024, for shareholder votes on the deal. The Hart-Scott-Rodino Antitrust waiting period expired on February 22, 2024, indicating regulatory clearance.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 10:54 pm

AMR

FEAM

VALE

5E Advanced Materials (FEAM) is nearing initial production at its Boron Americas Complex, with operations and commercial activities ramping up for a Q2 2024 start. Alcoa Corporation (AA) plans to acquire Alumina Limited (AWCMF) in an all-stock deal valued at $2.2 billion, aiming to strengthen its market position. Vale (VALE) and Sumitomo Metal Mining (SMMYY) are selling a 14% stake in PT Vale Indonesia to PT Mineral Industri Indonesia, aligning with ownership transfer obligations. Alpha Metallurgical (AMR) reported a significant increase in Q4 net income and adjusted EBITDA, continuing its share buyback program.

Portfolio Pulse from Austin DeNoce

February 26, 2024 | 10:39 pm

JBLU

SAVE

JetBlue Airways Corporation (JBLU) and Spirit Airlines Inc (SAVE) have appealed to a U.S. appeals court to reverse a decision blocking their $3.8 billion merger, arguing it would enhance competition and lower prices. The U.S. Department of Justice had previously halted the merger, citing antitrust concerns. The legal battle continues with hearings scheduled for June, ahead of the July 24 merger deadline.

Portfolio Pulse from Michael Cohen

February 26, 2024 | 10:27 pm

AMH

PEAK

American Homes 4 Rent will replace Physicians Realty Trust in the S&P MidCap 400 before trading opens on March 1, due to Healthpeak Properties Inc.'s acquisition of Physicians Realty Trust. Healthpeak Properties will change its symbol from PEAK to DOC post-merger.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 10:21 pm

ATUS

CHTR

Altice USA, Inc. (NYSE:ATUS) shares surged after-hours amid rumors that Charter Communications, Inc. (NASDAQ:CHTR) is considering acquiring the company, despite no official approach confirmed. The potential takeover comes as both companies face subscriber count challenges, with Charter's stock down nearly 25% YTD and Altice's down over 40% YTD before the rumors.

Portfolio Pulse from Erica Kollmann

February 26, 2024 | 10:09 pm

JBLU

SAVE

JetBlue Airways (JBLU) and Spirit Airlines (SAVE) have appealed to a U.S. court to overturn a ruling that blocked their $3.8 billion merger, arguing it would enhance competition and reduce prices for most consumers. The merger was previously halted by a judge for potentially harming consumers by eliminating Spirit's low fares. The Justice Department will respond to the appeal in April, with the court hearing set for June. The merger aims to create a stronger competitor to the four major U.S. airlines, controlling 10.2% of the domestic market.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 9:59 pm

CVX

HES

XOM

Chevron's $53B deal to acquire Hess is facing challenges as Exxon Mobil and China's CNOOC claim rights to pre-empt Chevron's bid for a stake in a significant oil project off Guyana. This emerging dispute, highlighted in a Chevron regulatory filing, could potentially derail the acquisition. Exxon operates the Guyana project, one of the largest oil finds in recent years, and along with CNOOC, is challenging Chevron's purchase of Hess.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 9:57 pm

Air Lease Corporation (AL) has entered into long-term lease agreements with Thai Airways International for three new Boeing 787-9 aircraft, set to be delivered in 2025. These aircraft, part of ALC's order book with Boeing (BA), will be used by Thai Airways to enhance its global network, including flights to Europe, Australia, and Intra-Asia. This deal marks the beginning of a partnership between ALC and Thai Airways, aimed at modernizing the airline's fleet and improving passenger experience.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 9:53 pm