Streetbeat News

Acquisitions Mergers

BABA

Alibaba Group Holding Limited (NYSE:BABA) is selling its 20% stake in Suning.com to Hangzhou Haoyue Enterprise Management for 2.8 billion yuan ($389 million), marking a significant loss from its $4.6 billion investment in 2015. This sale is part of Alibaba's major restructuring and shift towards focusing on its overseas business and live commerce, despite the stake's valuation falling by approximately 90%. Alibaba's international e-commerce business unit saw a 44% revenue growth to $4 billion in the December quarter.

Portfolio Pulse from Anusuya Lahiri

February 23, 2024 | 5:08 pm

NVDA

TSM

Nvidia Corp. (NASDAQ:NVDA) reached a $2 trillion market cap, joining an elite group of companies after a strong earnings report and a 240% rise in 2023. The company's success is attributed to its dominance in AI accelerators and high-performance chips. Nvidia's journey from its founding in 1993, through its IPO in 1999, to achieving this milestone highlights its significant growth and potential in the AI sector. Despite some concerns about an AI bubble, the outlook for Nvidia remains positive.

Portfolio Pulse from Shanthi Rexaline

February 23, 2024 | 4:38 pm

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NVDA

TSLA

Tesla Inc (TSLA) and Nvidia Corporation (NVDA) are highlighted for their advancements in AI and semiconductors, crucial for EV development. Tesla's in-house AI chip efforts pose a potential challenge to Nvidia. Worksport partners with Infineon Technologies (IFFNNF) to enhance its portable power stations and solar-powered tonneau covers, aiming to support EVs like Ford Motor's (F) F-150 Lightning. Infineon bets on the AI boom to boost chip sales, despite a cautious outlook for 2023/2024.

Portfolio Pulse from Upwallstreet

February 23, 2024 | 4:35 pm

H

Hyatt Hotels Corporation (NYSE:H) shares surged after reporting Q4 earnings and revenue that beat analyst expectations. Adjusted EPS was 64 cents, surpassing the forecast of 39 cents, with revenue at $1.66 billion against the expected $1.61 billion. The company saw a 9.1% increase in system-wide RevPAR and a 5.9% increase in owned and leased hotels RevPAR, attributed to recovery in Greater China and stronger U.S. group demand. Hyatt added 29 new hotels to its portfolio, including six in Greater China through a strategic relationship. The company forecasts a 3% to 5% growth in FY24 system-wide RevPAR and a net room growth of 5.5% to 6%. FY24 net income is expected to be around $560 million, with adjusted EBITDA between $1.175 billion and $1.225 billion. Shares rose 8.84% to $147.52.

Portfolio Pulse from Nabaparna Bhattacharya

February 23, 2024 | 4:21 pm

NEM

Newmont (NYSE:NEM) plans to sell assets to reduce its $8 billion debt, following the acquisition of Newcrest. The company aims to focus on tier-one assets in favorable mining jurisdictions and expects to lower debt by $1 billion short term and achieve $100 million in free cash flow by integrating Newmont and Newcrest. Despite a 6.9% drop in gold production in 2023 and various charges, Newmont reported higher gold reserves and a commitment to dividends, with a goal to improve gold production to 6.7 million ounces by 2028.

Portfolio Pulse from Stjepan Kalinic

February 23, 2024 | 4:13 pm

VOD

Traders are closely monitoring Vodafone (VOD) following unconfirmed comments circulated from an M&A blog, suggesting that the company has received a takeover approach from a European company. The details of the potential acquisition, including the name of the European company and the terms of the offer, remain speculative at this stage.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 3:52 pm

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LULU

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SDS

SH

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Benzinga's Stock Whisper Index highlights Mastercard, Visa, Lululemon Athletica, Super Micro Computer, Adobe, and inverse S&P 500 ETFs (SDS, SH) as stocks and ETFs of interest. Mastercard and Visa face potential challenges from the Capital One-Discover merger. Lululemon's stock is buoyed by a positive rating from Needham. Super Micro benefits from NVIDIA's strong earnings. Adobe faces competition from OpenAI's new tool, Sora. Interest in SDS and SH ETFs rises as investors anticipate a pullback in the S&P 500.

Portfolio Pulse from Chris Katje

February 23, 2024 | 3:46 pm

CLMT

Calumet Specialty Products Partners LP (NASDAQ:CLMT) reported a Q4 fiscal 2023 sales decline of 2.3% Y/Y to $976.50 million, beating consensus estimates. The company saw a net loss per unit improvement but missed consensus estimates. Gross profit and margins declined, while operating loss improved. Adjusted EBITDA decreased compared to the previous year. Calumet plans to transition from an MLP to a C-Corp by mid-2024. The company faced operational challenges but saw improvements in its Performance Brands segment. It also announced a private placement of $200 million in Senior Secured First Lien Notes due 2029. CLMT shares dropped 5.75% to $16.22.

Portfolio Pulse from Akanksha Bakshi

February 23, 2024 | 3:26 pm

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TECK

Teck Resources Ltd (NYSE:TECK) exceeded Q4 2023 earnings estimates with record copper production and strong steelmaking coal sales, driven by higher copper prices. The company announced progress on the sale of its coal unit to Glencore PLC (OTCPK: GLCNF) for $9 billion, expected to close by Q3 2024. Teck also declared a dividend and authorized a stock buyback of up to $500 million.

Portfolio Pulse from Stjepan Kalinic

February 23, 2024 | 2:54 pm

DIT

AMCON Distributing Company (NYSE:DIT) has acquired a new distribution facility in Colorado City, Colorado, marking a significant expansion of its operations. The facility, spanning 249,200 square feet on 38 acres, will enhance AMCON's service in the Rocky Mountain, Intermountain, and Southwest regions. The company plans to invest further in the facility to expand its frozen and refrigerated capabilities, supporting its foodservice initiatives. The move aligns with AMCON's strategic growth objectives and aims to bolster its distribution capabilities across several states.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 2:16 pm