Streetbeat News

Corporate Responsibility

RNW

ReNew Energy Global PLC has successfully refinanced $325 million of debt three months before its maturity. The company anticipates that this refinancing will lead to a reduction in interest costs by over 200 basis points for this particular pool of debt.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 12:02 pm

BAC

Bank of America reported the addition of 4.6 million new credit card accounts in the fourth quarter, indicating potential growth in its consumer banking segment.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 11:47 am

COIN

HUT

Hut 8 Mining Corp. has announced an amended and restated credit facility with Coinbase for $65 million. The new loan is expected to be utilized for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 11:33 am

IFF

International Flavors & Fragrances Inc (NYSE:IFF) shares rose after announcing a new CEO, J. Erik Fyrwald, and reaffirming FY23 guidance. Fyrwald, former CEO of Syngenta, will succeed Frank Clyburn on February 6, 2024. The company expects FY23 sales of $11.3-$11.6 billion and adjusted operating EBITDA at the mid to high end of $1.85-$2.0 billion. IFF sold its Cosmetic Ingredients business for $810 million, expected to close in Q1 2024, and is progressing with further divestitures. IFF also continues its cooperation with Icahn Capital, planning to renominate directors for the 2024 proxy season.

Portfolio Pulse from Lekha Gupta

January 12, 2024 | 10:41 am

GOOG

GOOGL

Alphabet Inc.'s Google has conducted a significant layoff, affecting over 1,000 employees across various departments, including hardware and Google Assistant teams. The layoffs are part of a cost-cutting initiative in response to increased competition in AI, as seen with Microsoft and OpenAI's ChatGPT. Regulatory filings indicate 703 positions cut in California, and a childcare center in Mountain View has been closed.

Portfolio Pulse from Rounak Jain

January 12, 2024 | 9:12 am

META

Meta Platforms Inc. (NASDAQ:META) has proposed a $51 million settlement for a class-action lawsuit in Canada, where users' images were allegedly used without consent in Facebook's 'sponsored stories' ads. The program, which ran from January 2011 to May 2014, affected an estimated 4.3 million people. The settlement requires approval from a B.C. Supreme Court judge, with a hearing scheduled for March. This follows a series of privacy-related lawsuits that Meta has settled, including a $90 million settlement in February 2022, a $37.5 million settlement in August, and a $725 million settlement for the Cambridge Analytica data privacy breach.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 8:46 am

DIS

Pixar Animation Studios, owned by Walt Disney Co (NYSE:DIS), is planning to reduce its workforce due to overstaffing after completing certain projects. While TechCrunch reported potential staff reductions of up to 20%, this figure was refuted by a source who stated that the exact number of job cuts has not been finalized. The layoffs are not expected to affect Pixar's theatrical output. Disney CEO Bob Iger's strategy to reduce in-house streaming content and license from third parties has not significantly boosted Disney's stock, which rose only 1.5% in 2023.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 7:07 am

GOOG

GOOGL

Google and the Chilean government have announced a partnership to build the Humboldt Cable Project, an undersea fiber-optic cable connecting South America with the Asia Pacific region. The cable will run from Valparaiso, Chile, to Sydney, Australia, and is expected to last 25 years. This project is significant amid the tech rivalry between China and the U.S. for influence in Latin America. Google's involvement is part of its broader efforts to expand its fiber-optic network, following the launch of a 20Gbps internet service through Google Fiber.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 6:49 am

BYDDY

F

GM

STLA

TM

TSLA

Tesla, Inc. (TSLA) has outperformed legacy automakers in U.S. sales growth over the past eight years, despite a general industry slowdown. Elon Musk praised his team in response to a Tesla influencer's post showing Tesla's U.S. sales increase by 632,088 units from 2015 to 2018. Legacy automakers like GM, Ford, and Stellantis reported sales declines, while Hyundai, Kia, Volkswagen, Geely, Subaru, and Mazda saw growth. Tesla's Q4 deliveries hit a record 484,507 units, with annual deliveries of 1.81 million. Tesla's production efficiency, diversified bases, and product appeal contribute to its success, while legacy automakers scale back EV ambitions. BYD has recently surpassed Tesla in battery EV manufacturing. Tesla's stock closed down 2.87% at $227.22.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 6:42 am

IBM

MSFT

OpenAI CEO Sam Altman met with U.S. House Speaker Mike Johnson to discuss AI risks and regulatory strategies. They acknowledged AI's potential and the need for risk mitigation. Altman expressed optimism for the legislative process, while Europe leads in AI regulation. Microsoft supports OpenAI, which shifted to a capped-profit model in 2019. President Biden's executive order requires AI developers to report safety test results. IBM's CEO Arvind Krishna commented on the challenges of creating perfect AI regulations.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 5:58 am