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Microsoft Corporation (NASDAQ:MSFT) has hired Mustafa Suleyman, co-founder of DeepMind, to lead a new consumer-facing AI unit named Microsoft AI, which will include products like Copilot, Bing, and Edge. Suleyman, along with Karen Simonyan and several members from Inflection, a company they co-founded, will join Microsoft. This move is part of Microsoft's ambitious AI strategy, with Suleyman reporting directly to CEO Satya Nadella. Inflection announced the departure of Suleyman and Simonyan, introducing Sean White as the new CEO. Microsoft's partnership with OpenAI is expected to remain unaffected by these changes.

Portfolio Pulse from Neil Dennis

March 19, 2024 | 7:26 pm

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U.S. stocks traded higher with the Nasdaq Composite gaining over 50 points. Caleres Inc reported upbeat Q4 results, beating analyst estimates. Ontrak, Inc. and Fusion Pharmaceuticals Inc. saw significant share price increases, while Greenwave Technology Solutions, Inc., Seelos Therapeutics, Inc., and Comtech Telecommunications Corp. experienced declines. The energy sector rose by 1%, while communication services fell by 0.2%. Oil prices increased, and housing starts in the U.S. surged by 10.7%.

Portfolio Pulse from Avi Kapoor

March 19, 2024 | 7:02 pm

GIL

A Gildan spokesperson revealed that multiple counterparties have shown interest in exploring a potential friendly transaction with Gildan, according to Reuters.

Portfolio Pulse from Happy Mohamed

March 19, 2024 | 6:48 pm

GIL

A spokesperson for Gildan Activewear has stated that it is in the company's best interests to reach out to other potential bidders to maximize the value of any potential transaction, according to Reuters.

Portfolio Pulse from Happy Mohamed

March 19, 2024 | 6:47 pm

Alcoa has initiated discussions with potential buyers for its San Cibrao facility and has proposed changes to the viability agreement, according to Europa Press.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 6:16 pm

MMM

Barclays analyst Julian Mitchell upgraded 3M Company (NYSE:MMM) to Overweight from Equal Weight and raised the price target to $126 from $111, citing optimism from a new CEO, bottoming cycle, and upcoming spin-off of Solventum. The new CEO is expected to review the portfolio and improve productivity and margins. The company is also seen as advancing in the bottoming demand phase of Short Cycle Industrial and Electronics markets. Solventum is expected to spin off on April 1, 2024, and be listed as SOLV, with projected organic revenue growth of -2% to 0%, and adjusted EPS of $6.10-$6.40. 3M's Q4 FY23 adjusted EPS was $2.42, beating estimates, but sales of $7.69 billion slightly missed expectations. MMM shares are up 0.10% at $104.90.

Portfolio Pulse from Lekha Gupta

March 19, 2024 | 6:14 pm

GIL

Gildan Activewear, Inc. (GIL) shares are experiencing an uptick after a report by the Globe and Mail indicated that the company's board is considering selling the company.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 5:54 pm

GIL

Gildan Activewear's board has decided to put the company up for sale following a prolonged battle for control. This move could potentially attract various buyers interested in the clothing manufacturing sector.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 5:52 pm

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Peraso Inc. reported worse-than-expected Q4 EPS results, causing its shares to fall by over 23%. Other stocks experienced significant movements, with notable gainers including Ontrak, Fusion Pharmaceuticals, and Spire Global, among others. Losers included Greenwave Technology Solutions, Seelos Therapeutics, and Comtech Telecommunications, with various reasons such as disappointing financial results, downgrades, and restructuring of debt.

Portfolio Pulse from Avi Kapoor

March 19, 2024 | 5:48 pm

SPR

Boeing Company (NYSE:BA) shares are slightly up, despite being down over 30% YTD. A Reuters report indicates Boeing's suppliers improved on-time deliveries to 80% in 2023, but still below satisfactory levels. Bloomberg reports Boeing is considering selling two defense businesses to improve its balance sheet. Boeing is also in talks with Spirit Aerosystems Holdings, Inc. (NYSE:SPR) for a potential acquisition to address quality and manufacturing issues. Analysts have a mixed outlook on BA, with an average 12-month price target of $247.71.

Portfolio Pulse from Erica Kollmann

March 19, 2024 | 5:33 pm