Streetbeat News

Corporate Responsibility

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) announced a reorganization that includes a 12% workforce reduction, aiming for long-term growth. The company expects $14 million in restructuring charges but anticipates $33 million in annual operating expense savings. CEO Rick Wilmer emphasized a focus on execution, operational excellence, and efficiency. ChargePoint has $397 million in cash and equivalents and aims for positive non-GAAP adjusted EBITDA by Q4 2024. The stock rose 3.09% to $2.01 following the news.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 2:10 pm

DLPN

Dolphin Entertainment, Inc. (NASDAQ:DLPN) has completed the formation of its 'Super Group' with the acquisition of Special Projects in Q4 2023. CEO Bill O'Dowd's letter to shareholders highlights the company's strategic initiatives, including accelerated synergies and cross-selling in core businesses, expansion into new verticals like skin care/cosmetics/beauty, and receiving equity stakes in marketed assets. Dolphin anticipates the premiere of the 'Blue Angels' documentary, the launch of a celebrity-partnered product, and the announcement of owned or co-owned live events. These ventures are expected to contribute to long-term growth and increased shareholder value without requiring cash investment from Dolphin.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:09 pm

CMG

HD

KR

LOW

TGT

WMT

Walmart Inc has temporarily closed around a dozen stores due to power outages from a severe winter storm on the East Coast. The storm has affected over 90 million people, causing power outages for 811,000 homes and businesses. Walmart reported minimal business impact as customers stocked up on essentials. Home Depot Inc experienced a brief closure at one store, Lowe's Companies Inc is operating some stores on backup power, and Chipotle Mexican Grill Inc adjusted store hours with isolated closures. Target Corp and Kroger Co have not reported significant operational impacts. Lowe's is dispatching critical supplies to affected areas. Walmart's stock is slightly down in premarket trading.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 2:05 pm

VTR

Ventas, Inc. has issued a statement in response to the nomination of three directors by Land & Buildings Investment Management. The company emphasizes that its Board of Directors, which consists of 11 members with 10 being independent, is strong, diverse, and experienced. The Board is committed to acting in the best interests of the company and its shareholders, and it has a process for director succession and search, having appointed four new independent directors in the last four years. Ventas will evaluate the nominees through its Nominating, Governance and Corporate Responsibility Committee and will provide a formal recommendation in its proxy statement before the 2024 Annual Meeting of Stockholders. Currently, no action is required from Ventas shareholders.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:53 pm

AREC

American Resources Corporation has signed a Memorandum of Understanding (MoU) with Duesenfeld to receive regular deliveries of high-quality LFP (lithium iron phosphate) black mass, Duesenfeld Black®, which ReElement, a division of American Resources, will refine into battery-grade products. Duesenfeld's technology is recognized for its sustainable processing of end-of-life lithium-ion batteries.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:46 pm

BTM

Bitcoin Depot (NASDAQ:BTM), a leading Bitcoin ATM operator, has announced the hiring of 13 new sales representatives across the U.S., including Hawaii and Puerto Rico. This move is part of the company's aggressive expansion strategy for 2024, aiming to significantly increase the number of Bitcoin Depot kiosk locations and set a new record for installed BTMs by the end of 2024. The new hires are expected to secure 100-200 new kiosk locations monthly and will contribute to Bitcoin Depot's growth and partnerships with regional and national retailers.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:45 pm

GRFS

Grifols CEO has responded to Gotham's use of the company's financial information, stating that the data has been previously reviewed and approved by regulators and their accounting firm. The CEO also acknowledged that the company could improve its communication.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:40 pm

META

The Chan Zuckerberg Initiative (CZI) is shifting its focus to become a 'science-first philanthropy,' as reported by Business Insider. This strategic pivot will see CZI investing the majority of its resources into scientific research, integrating its Biohub Network with CZI for efficiency. The organization's first COO, Josué Estrada, is set to leave in March, with Marc Malandro, VP of operations for science, taking over. This move follows layoffs in CZI's education segment and the discontinuation of its education policy grants portfolio, reflecting a similar 'year of efficiency' campaign by Meta Platforms Inc. (NASDAQ:META).

Portfolio Pulse from Rounak Jain

January 11, 2024 | 1:39 pm

CNSL

Consolidated Communications Holdings, Inc. (CNSL) has filed an investor presentation with the SEC, advocating for shareholder approval of its acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation. The all-cash offer represents a 70% premium over the unaffected share price and is higher than precedent transactions. CNSL warns of significant risks if the transaction is not approved, including liquidity constraints impacting its fiber transformation plans. No other bidders have emerged, suggesting this is the best available deal. Shareholders are urged to vote 'FOR' the transaction before the January 31, 2024 deadline.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:14 pm

HON

NXPI

Honeywell has signed a Memorandum of Understanding (MoU) with NXP Semiconductors to improve building energy management systems. The collaboration aims to enhance machine learning and autonomous decision-making capabilities, leading to more energy-efficient and convenient solutions. Financial terms of the agreement were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 1:12 pm