Streetbeat News

Corporate Responsibility

CING

Cingulate Inc. received a notice from Nasdaq on December 26, 2023, for non-compliance with its independent director and committee requirements following the resignation of three board members.

Portfolio Pulse from Charles Gross

December 28, 2023 | 11:35 am

FSR

Fisker has upgraded its loyalty program to provide lifetime benefits, rewards, exclusive perks, and giveaways to its customers. This enhancement aims to improve customer retention and brand loyalty.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 11:34 am

BC

Brunswick Corporation has successfully completed solar panel installations at three of its global facilities, marking its first solar project in Mexico. This initiative is part of Brunswick's sustainability efforts and commitment to renewable energy.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 11:03 am

BYDDF

POAHF

TSLA

XIACF

Xiaomi Corp. has unveiled its first electric vehicle, the SU7, aiming to compete with Tesla and Porsche in the EV market. The SU7, developed with batteries from CATL and BYD, represents a $10 billion opportunity for Xiaomi. The company is partnering with Beijing Automotive Group Co. and is working on obtaining a sales license in China, with sales expected to start next year. Xiaomi's CEO Lei Jun is committed to winning in the EV space, with significant investment in R&D.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 9:04 am

BABA

JD

JD.com Inc (NASDAQ:JD) plans to significantly increase the fixed salaries of its front-line staff starting in 2024, despite facing a volatile Chinese consumer market and stiff competition from rivals like Alibaba Group Holding Ltd (NYSE:BABA) and ByteDance Ltd. The company's retail employees are expected to receive pay increases averaging over 20%. JD.com has spent approximately 25.9 billion yuan on HR costs in the past quarter and has implemented discounts to boost consumer spending. The revenue growth has been modest at 1.7% in the last quarter, with expectations of a gradual recovery in the e-commerce sector.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 8:49 am

GM

General Motors Co (GM) has filed a lawsuit against San Francisco seeking a $121 million tax refund for overpaid taxes and penalties, claiming its autonomous vehicle subsidiary, Cruise, should not factor into tax assessments due to its separate operation and minimal sales contribution. GM is looking to recover $108 million in taxes over seven years, plus $13 million in interest and penalties. The lawsuit comes as Cruise faces safety concerns and operational suspensions, with an EBIT-adjusted loss of $732 million reported in the last quarter.

Portfolio Pulse from Anan Ashraf

December 28, 2023 | 6:16 am

TSLA

Elon Musk criticized a media report suggesting a robot 'attacked' an employee at Tesla's Texas gigafactory. The incident, involving a Kuka robot arm, occurred in 2021 and was unrelated to Tesla's humanoid bot Optimus. Musk clarified the robot was a standard industrial arm, not the Optimus, and expressed disappointment over the media's portrayal of the event.

Portfolio Pulse from Anan Ashraf

December 28, 2023 | 6:11 am

UBS

Credit Suisse has been fined $3 million by the Monetary Authority of Singapore for failing to provide accurate post-trade disclosures, resulting in overcharging clients for bond transactions. The bank, now under UBS Group AG's control, has compensated the affected clients and paid the fine. Credit Suisse has also enhanced its policies to prevent future misconduct. This follows a series of financial issues for the bank, including a $4 billion Q2 loss and a money-laundering probe involving Chinese nationals.

Portfolio Pulse from Benzinga Neuro

December 28, 2023 | 6:10 am

META

MSFT

Yann LeCun, Meta Platforms Inc.'s chief AI scientist, criticized OpenAI, calling it a 'contract research house' for Microsoft Corp. He pointed out OpenAI's shift from its original non-profit model to a for-profit subsidiary after Microsoft's investment. LeCun also criticized OpenAI's closed source approach and expressed skepticism about OpenAI being the first to develop AGI, despite the integration of OpenAI's technologies into Microsoft's services.

Portfolio Pulse from Rounak Jain

December 28, 2023 | 2:41 am

UUUU

Tom Brock will step down as CFO of Energy Fuels on December 31, 2023. Nathan Bennett, the current Corporate Controller, will take over as Interim CFO starting January 1, 2024, according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 10:34 pm