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Acquisitions Mergers

RDDT

Reddit's IPO has sparked a polarizing debate among its users, with discussions focusing on concerns over unpaid moderators, lack of user loyalty, financial viability, copyright issues, and the purpose of going public. Some Redditors are considering shorting the stock, citing these issues as potential risks to the company's future success.

Portfolio Pulse from Surbhi Jain

March 05, 2024 | 2:01 pm

ESLT

Elbit Systems Ltd. (NASDAQ:ESLT) shares fell after announcing expected non-cash expenses of $52 million for Q4 2023, due to the write-off of inventory and contract assets from closing an underperforming subsidiary and discontinuing a project. The company plans to release its Q4 and full-year 2023 financial results on March 26, 2024. Despite this, Elbit secured a $300 million contract last month for military systems for European armored vehicles. ESLT shares dropped 1.63% in premarket trading.

Portfolio Pulse from Lekha Gupta

March 05, 2024 | 1:45 pm

CARR

Carrier Global Corporation (NYSE:CARR) has agreed to sell its Industrial Fire business to Sentinel Capital Partners for $1.425 billion, as part of its portfolio transformation. This follows Carrier's acquisition of Viessmann Climate Solutions and sales of its Global Access Solutions and Commercial Refrigeration businesses. The proceeds will be used to pay down debt, with the transaction expected to close in Q3 2024. Carrier had $10 billion in cash and equivalents as of the end of 2023. CARR shares dipped slightly in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 05, 2024 | 1:37 pm

BLDP

Ballard Power Systems (NASDAQ:BLDP) announced a 15 MW fuel cell system order from a UK-based renewable off-grid power generation company. The order, to be delivered between late 2024 and 2025, signifies growth in Ballard's supply relationship and showcases the performance of its fuel cell technology in stationary power applications. This first order under a new multi-year supply agreement could expand to 446 systems if the customer exercises an option to purchase an additional 296 systems by March 2026.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:35 pm

WDC

Western Digital Corp. (NASDAQ:WDC) is progressing with its plan to separate into two independent, publicly traded companies, focusing on HDD and Flash businesses, by the second half of 2024. The company has made significant advancements in preparation, including establishing legal entities, transferring contracts, and appointing executive leaders for both future companies. David Goeckeler is appointed as CEO Designate for the Flash company, while Irving Tan will become CEO of the standalone HDD company, continuing as Western Digital.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:31 pm

NCTY

The9 Limited (NCTY) has announced its plan to acquire a 51% stake in Shenma, with the deal comprising a $1M cash payment and the issuance of Class A ordinary shares to Shenma valued at $14.3M.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:23 pm

TRIN

Trinity Capital Inc. (NASDAQ:TRIN) has committed $50 million in equipment financing to Electric Hydrogen, a manufacturer of electrolyzer systems for producing green hydrogen. This financing supports Electric Hydrogen's gigafactory in Devens, MA, which is set to begin production in Q2. Electric Hydrogen aims to decarbonize industrial processes with its technology and has raised over $600 million in total capital, including a recent $380 million Series C equity raise.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:19 pm

DGLY

Digital Ally's subsidiary, Kustom Entertainment, has acquired the Country Stampede Music Festival, a historic and impactful event, as part of its expansion strategy leading into the 2024 festival season. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:19 pm

JOBY

Joby Aviation has acquired a new facility in Ohio and has started hiring to support its initial manufacturing operations. This move marks a significant step for Joby as it ramps up its efforts to begin production.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:17 pm

QUIK

QuickLogic Corporation (NASDAQ:QUIK), a developer of embedded FPGA IP and other solutions, has been selected by a large multi-national company to provide eFPGA IP for the TSMC N12e, 12nm process. This IP, scheduled for delivery in fiscal year 2024, is aimed at creating an ultra-low-power SoC for commercial and industrial IoT applications, leveraging AI for data acceleration. QuickLogic's technology was chosen for its ability to adapt to changing AI algorithms, low power consumption, and high throughput.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:16 pm