Streetbeat News

Acquisitions Mergers

OXY

WES

Occidental Petroleum is reportedly exploring the sale of Western Midstream Partners, a pipeline operator focused on U.S. natural gas, with a market value exceeding $18 billion, including debt.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:06 pm

BYDDF

FAURY

TSLA

Auto parts giant Forvia SE is restructuring its workforce, planning to cut up to 10,000 jobs to save around €500 million annually by 2028. This move is in response to the shift towards electric vehicles (EVs), influenced by EU policies, declining European car sales, and competition from Chinese EV manufacturers. Forvia reported a 10.9% year-over-year increase in 2023 sales, reaching €27.25 billion. The company aims to improve profitability in Europe and reduce reliance on the Chinese market, amidst the automotive industry's challenges in transitioning to EVs. Notably, BYD Co Ltd has overtaken Tesla Inc as the leading global EV seller.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:00 pm

SBGI

Sinclair Broadcast Group (NASDAQ:SBGI) has announced a new distribution agreement with TEGNA to expand the reach of its multicast network, The Nest, to 79% of US OTA TV households, making it available in 44 of the top-50 markets. This expansion includes 35 additional channels in major markets. Additionally, Sinclair's Comet network will be upgraded on TEGNA's KHOU TV in Houston. The Nest, launched in Oct '23, offers a variety of programming and is part of Sinclair's growing portfolio of multicast networks, which have seen significant year-over-year growth.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:40 pm

GLD

QQQ

SPY

USO

VZIO

WMT

Walmart Inc's (NYSE:WMT) recent earnings report showed a beat on estimates, with significant e-commerce sales and a dividend increase, but painted a tepid consumer spending picture. The report is contrary to stock market bulls' expectations of continued excess consumer spending. Walmart's stock rise is partly due to its acquisition of Vizio Holding Corp (NYSE:VZIO). Early trade money flows are neutral for Microsoft Corp (NASDAQ:MSFT), negative for several tech giants and ETFs like SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust Series 1 (NASDAQ:QQQ), and positive for gold and oil, with popular ETFs being SPDR Gold Trust (NYSE:GLD) and United States Oil ETF (NYSE:USO).

Portfolio Pulse from The Arora Report

February 20, 2024 | 4:35 pm

NKLA

M&M Residual, owning about 4.5% of Nikola Corporation (NKLA), criticized CEO Steve Girsky's leadership, attributing a significant stock decline and operational failures to his tenure. The shareholder group reaffirmed its nomination of five director candidates despite the board's rejection. Nikola's stock has plummeted over 65% in the last year, with concerns about its future viability.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 4:30 pm

ARM

BIRK

IPO

KSPI

TBBB

The IPO market is expected to rebound in 2024 after a downturn, with notable companies like Plaid, Chime, and Skims potentially going public. ARM Holdings, Birkenstock, Kaspi, Amer Sports, and BBB Foods have seen successful IPOs recently. The Renaissance IPO ETF has also performed well. Market conditions are improving, but volatility may increase due to the presidential election.

Portfolio Pulse from Neil Dennis

February 20, 2024 | 3:51 pm

MCQEF

Goldman Sachs (NYSE:GS) and Macquarie (OTCPK: MCQEF), along with hedge funds, are entering the uranium derivatives market as uranium prices have doubled to $102 per pound due to a supply shortfall and increased demand for nuclear energy. Goldman Sachs is writing options on physical uranium, marking its first derivative for the metal. The bank has been involved in the uranium market since 2009 and holds significant uranium inventories. The interest in physical uranium is growing, with financial institutions holding a significant portion of the global annual consumption.

Portfolio Pulse from Stjepan Kalinic

February 20, 2024 | 3:43 pm

MMC

Marsh McLennan Agency (MMA), a subsidiary of Marsh & McLennan Companies (MMC), announced the acquisition of two Louisiana-based agencies, Querbes & Nelson and Louisiana Companies, effectively doubling its presence in the state. The acquisitions, expected to close by the end of Q1 2024, aim to enhance MMA's service offerings in key industries such as energy, construction, and healthcare. The terms of the acquisitions were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:31 pm

MEDS

TRxADE HEALTH, Inc. (NASDAQ:MEDS) shares surged over 140% following the announcement of the sale of assets of its subsidiary Trxade, Inc. to Micro Merchant Systems (MMS) for $22.5 million. The deal includes a potential additional payment of $7.5 million to Trxade if MMS receives $1.6 million or more in certain collections from third parties within four months post-closing. The legal firm Dykema facilitated the transaction, which was completed in three weeks. TRxADE will retain pharmaceutical wholesaling assets through its subsidiary, Integra Pharma Solutions, LLC.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 3:29 pm

DFS

IOVA

OMI

VZIO

WMT

Walmart Inc. reported better-than-expected Q4 FY24 results, with net sales growth of 5.7% to $173.39 billion and adjusted EPS of $1.80, surpassing consensus estimates. The company also announced a 9% increase in its annual cash dividend for FY25. Other stocks like Iovance Biotherapeutics, Phathom Pharmaceuticals, VIZIO Holding Corp, Discover Financial Services, Barclays PLC, Korea Electric Power Corporation, Qurate Retail, InterContinental Hotels Group, Armstrong World Industries, Telephone and Data Systems, and Owens & Minor recorded gains in Tuesday's session.

Portfolio Pulse from Avi Kapoor

February 20, 2024 | 3:26 pm