Streetbeat News

Corporate Responsibility

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Illinois celebrated the opening of its 100th social equity-owned cannabis dispensary, highlighting its efforts to foster diversity in the cannabis industry. A state-commissioned study found that 60% of cannabis licenses were awarded to minority- or women-owned businesses. Illinois' cannabis sales have surpassed $1 billion, benefiting companies like Cresco Labs, Green Thumb Industries, and Curaleaf Holdings.

Portfolio Pulse from Patricio Liddle

July 16, 2024 | 5:19 pm

GATX

Unifor members at GATX Rail in Red Deer, Alberta, have ratified a new 4-year collective agreement. This development involves members of Unifor Local 21-A.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 5:10 pm

GM

MULN

Mullen Automotive (NASDAQ:MULN) shares are trading lower after the company announced leadership changes at its unit, Bollinger Motors. Former GM executive James Taylor was named CEO, while Robert Bollinger will remain on the Board. Bollinger Motors plans to debut the Bollinger B4 Chassis Cab in late 2024 and has qualified for federal clean vehicle incentives.

Portfolio Pulse from Nabaparna Bhattacharya

July 16, 2024 | 5:02 pm

MTCH

Match Group, Inc. (NASDAQ:MTCH) shares are trading higher after activist-investment fund Starboard Value sent a letter outlining initiatives for growth, profitability, and capital allocation. Starboard, holding a 6.6% stake, suggested focusing on Tinder, Hinge, and other apps, and advocated for aggressive share buybacks. Match Group shares are up 8.65% on heavy volume.

Portfolio Pulse from Erica Kollmann

July 16, 2024 | 3:33 pm

ALLY

Lule Demmissie, CEO of eToro's U.S. operations, steps down and transitions to an advisory role, with Andrew McCormick taking over. Demmissie, who joined eToro in 2021 from Ally Financial's Ally Invest, highlighted eToro's achievements and unique positioning. McCormick aims to expand eToro's U.S. presence and enhance its offerings.

Portfolio Pulse from Renato Capelj

July 16, 2024 | 3:17 pm

MMM

3M (NYSE:MMM) has made a strategic investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production. This move aligns with 3M's commitment to advancing climate technologies and supporting the transition to a low-carbon economy.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 3:01 pm

NKTX

Nkarta shares are trading higher after the company appointed Nadir Mahmood as President.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 2:54 pm

PM

VDC

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Philip Morris International Inc (NYSE:PM) is investing $600 million to establish a manufacturing facility in Aurora, Colorado, expected to create 500 direct jobs and generate $550 million in annual economic impact. The plant will produce Swedish Match ZYN nicotine pouches, aiming to shift adult smokers away from traditional cigarettes. The construction phase will create nearly 5,000 jobs and contribute nearly $1 billion to the economy. PMI's stock has gained over 7% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

July 16, 2024 | 2:42 pm

MS

Morgan Stanley CEO Ted Pick stated that the company is in the early stages of a multi-year investment banking cycle. Dividends are the highest priority for capital use, and acquisitions are not being considered in the short term. Potential opportunities may be explored in 2-3 years. Macroeconomic uncertainties present trading opportunities.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 2:33 pm

SNDL

SNDL Inc. (NASDAQ:SNDL) announced a restructuring project that includes consolidating its cannabis segments into a single unit. The project aims to enhance efficiency, reduce corporate overheads, and save over $20 million annually. The restructuring will require an $11 million investment over 18 months, with savings expected by mid-2025.

Portfolio Pulse from Jelena Martinovic

July 16, 2024 | 2:26 pm