Streetbeat News

Acquisitions Mergers

AMD

INTC

NVDA

Intel Corp (NASDAQ:INTC) is experiencing a stock price increase due to its plans to raise at least $2 billion in equity for a semiconductor plant in Ireland. This follows a partnership with Brookfield Infrastructure Partners for manufacturing expansion in Arizona and comes amidst Intel's efforts to compete in the AI market, notably against Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc (NASDAQ:AMD). Intel's stock rose over 53% last year, with plans to launch the Gaudi 3 AI accelerator in 2024.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 6:47 pm

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) is expanding its global footprint by seeking partnerships in Saudi Arabia and the UAE, aligning with China's initiative to strengthen Gulf relations. This strategic move aims to help Alibaba recover from recent regulatory challenges and strategic missteps in China. The company's recent financial performance showed a slight miss in revenue and adjusted earnings expectations. Meanwhile, PDD Holdings Inc (NASDAQ:PDD) is mentioned as a domestic competitor, having experienced a significant stock price increase last year, contrasting Alibaba's decline.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 6:43 pm

CNDT

Conduent Inc (NASDAQ:CNDT) reported mixed Q4 FY23 results with a 3.3% Y/Y revenue decline to $953 million, surpassing analyst expectations. The company saw a 6% Q/Q and 10% Y/Y increase in its new business TCV pipeline, primarily in the Government and Transportation Segment. Adjusted EBITDA rose 8.4% Y/Y to $103 million, and adjusted EPS was $0.03, missing estimates by $0.01. Conduent repurchased 6.6 million shares and ended the quarter with $498 million in cash. It also announced the sale of its Curbside Management and Public Safety Solutions businesses for $230 million, expected to close in 1H 2024. For FY24, Conduent forecasts adjusted revenue of $3.60 billion-$3.70 billion. Shares rose 2.5% to $3.4850.

Portfolio Pulse from Lekha Gupta

February 14, 2024 | 6:27 pm

AZTR

DTSS

SONY

Sony Group Corporation's shares fell by 6.3% after reporting Q3 financial results with sales growth of 22% and an EPS beat, but revised its FY23 sales outlook downwards. Other stocks showed significant movements, with notable gainers including Datasea Inc., Earlyworks Co., Ltd., and enGene Holdings Inc., and losers like Azitra, Inc., Ohmyhome Limited, and QuidelOrtho Corporation.

Portfolio Pulse from Avi Kapoor

February 14, 2024 | 6:18 pm

AVGO

DASH

KKR

PTON

UBER

Tiger Global Management LLC has made significant changes to its investment portfolio as of December 31, 2023, compared to the previous quarter. The firm reduced its stake in Uber Technologies Inc by 40.6% to 3.05 million shares and dissolved its stakes in KKR & Co and Peloton Interactive. Additionally, Tiger Global took a new position in Broadcom with 182,300 common shares and increased its stake in DoorDash by 79.1% to 2.2 million Class A shares.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 6:16 pm

ACI

Colorado Attorney General Phil Weiser has filed a lawsuit to prevent the proposed merger between Kroger and Albertsons, arguing that it could potentially harm competition and negatively impact consumers.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 5:57 pm

HMC

SONY

TSLA

Sony and Honda's joint venture, Sony Honda Mobility, plans to launch three electric vehicle (EV) models by the late 2020s to compete with Tesla. The lineup includes a sedan in 2025, an SUV in 2027, and an affordable compact by 2028, all sharing the same chassis for cost efficiency. The Afeela Sedan is expected to be priced over 10 million yen ($66,413). Additionally, Honda recently recalled 750,114 vehicles in the US over airbag concerns but reported no injuries. Honda aims for up to 1.3 million sales for the Honda brand and 150,000 for Acura in 2024. HMC shares dropped 1.06% to $33.70.

Portfolio Pulse from Lekha Gupta

February 14, 2024 | 5:36 pm

QRTEA

Michael Burry has taken a new position in Qurate Retail, purchasing 600,000 shares, as revealed in a 13F filing.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 5:32 pm

DOOR

Owens Corning Inc (NYSE:OC) reported Q4 FY23 net sales growth of 1% Y/Y to $2.30 billion, beating consensus estimates. Adjusted EPS rose to $3.21 from $2.49 a year ago, surpassing expectations. The company saw an 18% Y/Y increase in adjusted EBIT to $392 million and a 13% rise in adjusted EBITDA to $518 million. Owens Corning expects Q1 FY24 net sales to be slightly below Y/Y with mid-teen EBIT margins and has forecasted FY24 corporate expenses and capital additions. Additionally, Owens Corning announced the acquisition of Masonite International Corp (NYSE:DOOR) for $3.9 billion. OC shares dropped 1.75% to $144.47.

Portfolio Pulse from Lekha Gupta

February 14, 2024 | 5:23 pm

AXP

JAZZ

PEP

TLRY

Emily Paxhia, co-founder of Poseidon Investment Management, leverages her psychology background to analyze and invest in the cannabis industry. Poseidon, established in 2013, has successfully invested in major cannabis companies like Aphria (now part of Tilray Brands) and GW Pharmaceuticals (acquired by Jazz Pharmaceuticals). Paxhia's expertise has positioned Poseidon as a leader in cannabis investment, focusing on companies with strong market potential and recession-resistant products.

Portfolio Pulse from Nina Zdinjak

February 14, 2024 | 5:14 pm