Streetbeat News

Assets

JELD

JELD-WEN Holding, Inc. has completed the sale of its Australasia business to Platinum Equity, generating net proceeds of approximately $446 million. The company plans to use the funds to repay debt. The sale allows JELD-WEN to focus on its core regions, North America and Europe. Following the announcement, JELD shares are trading higher by 2.62% to $18 in the premarket session.

Portfolio Pulse from Nabaparna Bhattacharya

July 03, 2023 | 11:05 am

FARM

THS

Treehouse Foods, Inc. (THS) has completed the acquisition of certain assets from Farmer Brothers Company (FARM) for $100 million. The assets include FARM's Northlake, Texas, coffee facility and non-Direct Store Delivery coffee business. The acquisition is expected to enhance THS's single-serve pod and ready-to-drink coffee businesses and its private-label coffee offerings. THS financed the acquisition through its revolving credit facility and acquired around $30 million of inventory. The company plans to retain around 180 FARM employees at the facility.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 10:48 am

MZDAY

PCRFY

TSLA

Panasonic Energy, a subsidiary of Panasonic Holdings Corp, plans to build four more factories to boost its annual capacity of batteries for electric vehicles by 2031. The company is open to potential joint ventures for EV battery production, including with automaker Mazda Motor Corp. The company aims to boost annual EV capacity to 200-gigawatt hours (GWh) by early 2031, around four times greater than its capacity in March this year.

Portfolio Pulse from Anusuya Lahiri

July 03, 2023 | 10:40 am

MNKD

MannKind Corporation's contract manufacturer in Germany experienced a fire in its manufacturing unit, which is expected to delay the production of clinical supplies of MNKD-101 by 3-6 months.

Portfolio Pulse from Charles Gross

July 03, 2023 | 10:13 am

USO

According to a UAE source, OPEC+ is seeking to avoid the accumulation of global oil stocks. This news was reported by Bloomberg.

Portfolio Pulse from Charles Gross

July 03, 2023 | 9:46 am

BNO

VDE

Oil prices traded slightly lower due to possibilities of a slowdown led by extended rate hikes by the Federal Reserve. Recent data supports further rate hikes by the Fed. Factory activity growth in China showed signs of slowing down in June. Analysts anticipate tighter supplies and a potential price boost in the second half of the year. The United States Brent Oil Fund LP (BNO) closed 1.15% higher, while the Vanguard Energy Index Fund ETF (VDE) gained 0.68%.

Portfolio Pulse from Bhavik Nair

July 03, 2023 | 7:03 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin saw gains after the SEC labeled Bitcoin ETF filings from BlackRock and Fidelity as 'inadequate'. Analysts suggest that Bitcoin could reach $310K if institutions invest 5% of their assets under management (AUM) into BTC. The global crypto market capitalization stood at $1.12 trillion, an increase of 0.79% over the last day. U.S. stock futures showed little change, signaling the beginning of the second half of a remarkable year on Wall Street.

Portfolio Pulse from Mehab Qureshi

July 03, 2023 | 3:47 am

ADAUSD

ETHUSD

Ethereum co-founder Vitalik Buterin has expressed concerns about staking a large portion of his ETH holdings due to security reasons. He mentioned the difficulty in setting up multi-signature wallets for staking. In response, Cardano creator Charles Hoskinson criticized Buterin's stance, stating that all of Cardano's ADA is staked. Buterin also highlighted the EigenLayer protocol, which allows Ethereum validators to re-stake their assets onto emerging networks.

Portfolio Pulse from Bibhu Pattnaik

July 02, 2023 | 8:16 pm

BTC-USD

TWTR

Former Twitter CEO, Jack Dorsey, commented on recent decisions made by Elon Musk, including the implementation of reading post limits. Dorsey acknowledged the challenges of managing Twitter and expressed hope that Twitter would build on 'censorship-resistant open protocols' like Bitcoin. Musk recently announced temporary limitations on how many tweets users can read daily, with different restrictions for paid and unpaid users.

Portfolio Pulse from Bibhu Pattnaik

July 02, 2023 | 5:29 pm

BLK

COIN

SAN

SCHW

Several traditional financial institutions have reversed their previous cautious stance on Bitcoin, increasing their exposure to the cryptocurrency. BlackRock, Deutsche Bank, Santander Bank, Citadel Securities, and Societe Generale have all shown interest in offering crypto-related services. This shift comes despite regulatory actions against crypto-centric firms like Coinbase and Binance. Bitcoin's price has increased by nearly 15% over the past two weeks, demonstrating its resilience.

Portfolio Pulse from Murtuza Merchant

July 02, 2023 | 2:17 pm