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Corporate Responsibility

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) is reducing its global workforce by approximately 12% as part of a strategic reorganization aimed at improving financial performance and fostering sustainable growth. The company anticipates $14 million in restructuring charges but expects to save about $33 million annually in operating expenses. ChargePoint, with $397 million in cash and equivalents at the end of Q3 FY24, is focused on execution, operational excellence, and efficiency, while maintaining its lead in innovation. The company aims to achieve positive non-GAAP adjusted EBITDA in Q4 FY24. CHPT shares fell by 8.92% to close at $1.94 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 11:42 am

FSR

Fisker Inc. has announced that it will hold the largest owner meetup in the company's history on January 20. This event is expected to bring together Fisker vehicle owners, enthusiasts, and potential customers, showcasing the company's commitment to building a strong community around its brand. The meetup may also serve as a platform for Fisker to share updates on its products and business strategy, potentially influencing customer sentiment and investor interest.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 11:33 am

WWW

Wolverine World Wide (WWW) has completed the sale of the Sperry brand to Authentic Brands Group and The ALDO Group on January 10, 2024. The deal will result in total proceeds of around $130 million in Q1, which will be used to pay down debt.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 11:33 am

INFY

Infosys Ltd (NYSE:INFY) has announced a definitive agreement to acquire InSemi, a semiconductor design and embedded services provider. The financial terms of the deal were not disclosed. This acquisition is aimed at bolstering Infosys' Engineering R&D capabilities and underscores its commitment to assisting global clients with digital transformation.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 10:48 am

AMZN

GOOG

MSFT

NVDA

Amazon's AI chatbot Q, which uses Anthropic's Claude AI model, has been criticized for producing incorrect outputs after a rushed launch. Amazon is increasing its team of human reviewers to address these issues. Despite the challenges, including internal competition for AWS's computing resources, Amazon is committed to improving Q's performance to compete with rivals like Microsoft, Google, and OpenAI. Amazon has invested up to $4 billion in Anthropic and is considering upgrading to a better version of Claude to enhance Q's capabilities.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 7:28 am

AMZN

U.S. intelligence agencies are leveraging AI to detect cyber intrusions into critical infrastructure, focusing on Chinese hackers. AI's role in cybersecurity is highlighted by its ability to uncover covert attacks on transport systems, pipelines, and ports. Rob Joyce of the NSA emphasized the threat of cybercriminals using advanced tactics. Concerns are raised about AI misuse and the economic divide in cyber defenses. U.S. Attorney Breon Peace noted the rise of generative AI tools in cybercrime. Amazon's Chief Security Officer, Stephen Schmidt, acknowledged the use of AI in Amazon's cybersecurity. The urgency for AI defenses is driven by the increasing threats from China and the need to protect critical infrastructure.

Portfolio Pulse from Ananya Gairola

January 11, 2024 | 7:12 am

ACIW

ACI Worldwide (NASDAQ:ACIW), a leader in real-time payments software, has announced the successful migration of Co-op's payments and fraud prevention technology to ACI's cloud platform on Microsoft Azure. This move leverages ACI's Payments Orchestration Platform for in-store, online, and mobile transactions, enhancing Co-op's operational efficiency, scalability, security, and data protection. The migration aligns with ACI's strategic alliance with Microsoft to offer cloud-based payment solutions.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:10 am

BA

TSLA

UAL

Elon Musk has been criticized by civil rights groups for suggesting that diversity hiring at Boeing (BA) and United Airlines (UAL) compromises air travel safety. The NAACP and National Urban League condemned Musk's comments, which linked the Boeing 737 Max 9 safety issues to DEI initiatives. Musk, CEO of X (formerly known as Twitter), has also faced backlash for promoting hate speech and white supremacist theories on the platform. The European Union is investigating X's content moderation policies. Allegations of racial harassment at Tesla (TSLA), another Musk-led company, were also highlighted by the National Urban League.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 7:09 am

GOOG

GOOGL

MSFT

Alphabet Inc.'s Google (NASDAQ:GOOGL) (NASDAQ:GOOG) is laying off hundreds from its hardware and Google Assistant teams amid cost-cutting efforts and competition from Microsoft Corp (NASDAQ:MSFT) and OpenAI's ChatGPT. The Alphabet Workers Union criticized the layoffs, highlighting Google's profitability. This follows a trend in the tech sector of significant layoffs, with Google having already reduced its workforce by 6% last year.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 6:58 am

HGV

Hilton Grand Vacations Inc. (NYSE:HGV) has priced a private offering of $900 million in 6.625% senior secured notes due 2032 to finance its proposed acquisition of Bluegreen Vacations Holding Corporation. The notes will mature on January 15, 2032, and the offering is expected to close on January 17, 2024, subject to customary closing conditions. The offering is exempt from the registration requirements of the Securities Act of 1933.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 6:47 am