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FXI

GM

General Motors Co (GM) has announced plans to increase its electric vehicle (EV) manufacturing capacity in China, aiming to produce more than 1 million units annually by 2025.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 1:54 pm

AGR

Avangrid, Inc. (NYSE:AGR), a sustainable energy company, has reached a capacity of 8.6 GW through its over 70 wind and solar facilities across the U.S., equivalent to powering over 2.8 million homes with renewable energy. The company is the third largest renewable energy operator in the country and operates in 24 states. To celebrate this milestone, Avangrid will launch a social media campaign highlighting its investments and presence in each state.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 1:53 pm

AAPL

INDA

Foxconn, a major supplier for Apple, has withdrawn from a $19.5 billion joint venture in India that was set to produce semiconductor and display components. The reason for the withdrawal was not provided. This move is a significant setback to India's ambitions to become a global high-tech manufacturing hub. Despite this, Foxconn continues to build other factories across India.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 1:36 pm

BTGOF

BT Group PLC's CEO, Philip Jansen, has announced his intention to step down within the next 12 months. The Board has begun the search for a new CEO, with an update expected this summer. This follows BT Group's announcement in May of plans to cut its global workforce from 130k to between 75k-90k over FY28-FY30. BTGOF shares closed higher by 2.30% at $1.555 on Friday.

Portfolio Pulse from Lekha Gupta

July 10, 2023 | 1:31 pm

JUPW

Jupiter Wellness has signed an Asset Purchase Agreement with GBB Drink Lab to acquire all operating assets, including the 'Safety Shot' rapid alcohol detox drink. This has led to a rise in Jupiter Wellness' shares.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 1:27 pm

JUPW

Jupiter Wellness, Inc. (NASDAQ:JUPW) has acquired the assets of GBB Drink Lab Inc., including the Safety Shot beverage, a rapid alcohol detoxification product. The asset is valued at $53 million. The global hangover cure products market is expected to reach $4.67 billion by 2028. The Safety Shot business segment is forecasted to produce approximately $25 million in revenues and $4 million in net income by Q1 2024 for Jupiter Wellness.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 12:59 pm

FSR

Fisker Inc. has announced a $340 million convertible notes offering, which could potentially increase to $680 million. The company also granted the investor the right to purchase up to approximately $226.6 million in additional notes over a six-month period. The proceeds will be used for general corporate purposes, including working capital, an additional battery pack line to support growth, sales and marketing, capital expenditures, and the development of future products. The offering is expected to close on Tuesday.

Portfolio Pulse from Adam Eckert

July 10, 2023 | 12:59 pm

SIVBQ

SVB Financial Group has filed a lawsuit against the U.S. Federal Deposit Insurance Corporation (FDIC) to recover $1.93 billion that was seized during the takeover of Silicon Valley Bank in March. The FDIC claims that SVB Financial's failure reduced its insurance fund by $16 billion and it can legally hold the seized funds. The bank is facing reorganization-related issues due to a lack of funds.

Portfolio Pulse from Lekha Gupta

July 10, 2023 | 12:55 pm

HILS

Hillstream BioPharma (NASDAQ:HILS) has announced a strategic reprioritization of its pipeline to focus on HER2/HER3 solid tumors via bispecific and ADC antibodies and biologics. The company's lead bispecific antibody, HSB-3215, is designed to target novel conformational epitopes on HER2 and HER3. Hillstream also plans to optimize its BsAb pipeline with BiSpecific ADCs and develop novel bovine-derived biologics in collaboration with ABSI and Minotaur. The company has appointed Sireesh Appajosyula as its new COO.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 12:47 pm

BHC

IEP

ILMN

XRX

Carl Icahn, activist investor, has been struggling to recover after a short-seller attack led to a 40% drop in his investment company's shares, Icahn Enterprises L.P. (NASDAQ:IEP). Icahn and the banks that loaned him money have finalized amended loan agreements, disconnecting his personal loans from the trading price of his company's shares. Icahn owns approximately 85% of IEP, worth $18 billion before the report and $10.7 billion as of Friday. IEP's holdings include Illumina Inc (NASDAQ: ILMN), Xerox Holdings Corporation (NASDAQ: XRX), and Bausch Health Companies Inc (NYSE: BHC).

Portfolio Pulse from Vandana Singh

July 10, 2023 | 12:15 pm