Streetbeat News

Corporate Responsibility

F

TSLA

Elon Musk, CEO of Tesla, mocked Ford's patent filing for technology that enables vehicle repossession by disabling features like air conditioning or autonomously moving the car to a repossession agency. The patent, filed in February 2023, was intended as a solution for uncooperative owners during repossession. The story resurfaced on Twitter, prompting Musk's comment. Ford previously stated they do not plan to deploy the feature, and Benzinga has reached out for further clarification.

Portfolio Pulse from Anan Ashraf

January 15, 2024 | 6:40 am

BZFD

GOOGL

META

MSFT

The IMF warns that AI could influence 40% of global jobs, with advanced economies facing up to 60% of jobs affected. This could worsen income inequality and social tensions. Companies like Buzzfeed Inc are investing in AI, raising job security concerns. The EU is progressing with AI legislation, while the US is still deciding on regulations. Tech giants like Microsoft, Alphabet, and Meta are focusing on AI and cost control, despite business growth.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 6:22 am

F

Ford Motor Company (NYSE:F) is expected to excel in 2024 by focusing on profitable hybrids and improving quality control. Ford's hybrid sales grew significantly in Q4 2023, outpacing EV sales. Jim Cramer supports Ford's hybrid strategy, suggesting resource allocation to this area. Analysts from Morgan Stanley and Wells Fargo see potential for Ford amid a challenging auto industry by strategic capital allocation and product focus. Ford plans to reduce all-electric Lightning production and address high warranty costs due to recalls and inflation.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 3:33 am

AMZN

Amazon.com Inc (NASDAQ:AMZN) is allegedly using 'quiet firing' tactics to reduce its workforce without the negative publicity of layoffs. This includes assigning more employees to low performance brackets, strict office return policies, and not allocating work. Former AWS senior employee Justin Garrison described his departure as a 'silent sacking' and suggested it's a strategy to cut costs without affecting stock prices. Amazon spokesperson denied the claims, stating performance management is expected in a company of Amazon's size. Concerns are raised about losing expertise, particularly in cloud services, but Amazon remains a desirable workplace.

Portfolio Pulse from Bibhu Pattnaik

January 14, 2024 | 7:11 pm

BGXX

Bright Green Corporation has appointed Groovy Singh as its new CEO, taking over from the current CEO, Seamus Mcauley.

Portfolio Pulse from Charles Gross

January 14, 2024 | 4:05 pm

AAPL

ALK

Apple Inc. (AAPL) faced a week of varied developments including a delay in the launch of the next-gen AirTag, board member retirements, security concerns over AirDrop, and an iPhone surviving a 16,000-foot drop. The AirTag's second-gen launch is postponed to 2025 due to overstock. Al Gore and James Bell retired from the board, with Wanda Austin proposed as a new member. Chinese researchers claim to have cracked AirDrop, potentially compromising user security. An iPhone fell from an Alaska Air Group (ALK) flight and survived. The ITC rejected Apple's plea to suspend an import ban on certain Apple Watch models.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 9:56 am

BRK

DJCO

Berkshire Hathaway Inc. (BRK) board member Chris Davis warns of potential activist investor pressure after CEO Warren Buffett's departure. Buffett, 93, is nearing the end of his tenure, following the death of his right-hand man, Charlie Munger. Davis praises Buffett and Munger's stewardship and expresses concern over future shareholder proposals that may seek short-term value at the expense of long-term gains. Berkshire's structure, designed by Buffett and Munger, faces scrutiny for efficiency, which could lead to calls for changes. The Daily Journal Corp. (DJCO) also acknowledges the irreplaceable role of Munger in its operations.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 6:38 am

DIS

ESPN, a subsidiary of The Walt Disney Co. (NYSE:DIS), is involved in a controversy over deceptive practices to win over 30 Emmy awards. The Athletic reported that ESPN submitted fake names to win Emmys since 2010, which were later reassigned to real on-air talent. The National Academy of Television Arts & Sciences (NATAS) discovered the scheme, leading to an investigation, the return of the awards, and disqualification of ESPN staff from future Emmys. ESPN has admitted to the error, disciplined those involved, and revised their submission process.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 5:41 am

GOOG

GOOGL

NET

Cloudflare CEO Matthew Prince acknowledged the discomfort of watching a viral video of an employee's firing, stating that while the decision to fire was correct, the process should have been more humane. The video, showing a former employee confused about her performance feedback, has sparked criticism of Cloudflare's culture. Prince emphasized the need for improvement in handling such situations. The news comes amid broader tech layoffs, including over 1,000 at Google.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 3:14 am

TGT

Target is experiencing disruptions in shipments from India and Pakistan due to the Red Sea crisis. However, according to Reuters citing sources, the overall impact on Target's shipments is considered 'minor'.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:02 pm