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Corporate Responsibility

ARKW

TSLA

Elon Musk, CEO of Tesla and SpaceX, discussed Bitcoin during an X Space event, expressing openness to using Bitcoin on X but maintaining a passive stance towards it. He compared Bitcoin to gold and noted it's not suitable for payments. Musk revealed personal holdings in Dogecoin and SpaceX's investment in Bitcoin. The SEC approved the ARK 21Shares Bitcoin ETF, which will start trading with a reduced expense ratio and a fee waiver incentive. Musk also commented on Dogecoin in response to the SEC's tweet about Bitcoin Spot ETFs. Bitcoin's value rose to $47,500 following the news.

Portfolio Pulse from Mehab Qureshi

January 11, 2024 | 4:52 am

LEV

Lion Electric has received a $38M grant to supply 97 electric school buses and associated charging infrastructure. This grant will support the company's growth in the electric vehicle market, particularly in the school transportation sector.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:40 pm

C

Citigroup CFO Mark Mason stated that the charges disclosed today are part of an effort to build credibility and show transparency, and do not alter the company's strategy.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:10 pm

KINS

Kingstone Companies, Inc. CEO Meryl Golden issued a letter to shareholders reviewing 2023 accomplishments and 2024 expectations. The company faced macro-economic challenges in 2023 but anticipates positive changes in 2024, including abating inflation, declining reinsurance rates, and falling interest rates. Kingstone's Non-Core business outside New York is expected to reduce its impact on the loss ratio from 7.2% in 2023 to 2.8% in 2024. The company has also achieved a significant reduction in its expense ratio, which is forecasted to drop from 36% in 2022 to 29% in 2024. Personal lines average premiums are expected to increase, leading to wider margins and higher underwriting profits.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:59 pm

HBAN

Huntington Bancshares Incorporated (NASDAQ:HBAN) announced the retirement of Paul Heller, Chief Technology and Operations Officer, effective March 1, 2024. Heller has been with Huntington since 2012 and has significantly contributed to the company's technology and operations. Amit Dhingra, Kendall Kowalski, and Prashant Nateri have been named to the bank's executive leadership team in conjunction with Heller's retirement. All three have extensive experience in the industry and have been with Huntington for several years.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:40 pm

NSTB

Northern Star Investment Corp. II (NSTB) received a noncompliance notice from the NYSE due to the resignation of two independent directors on December 19, 2023. Both directors were part of the audit committee, with one being financially sophisticated. Their resignations were not due to disagreements with the company's operations, policies, or practices.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:39 pm

TTGT

Informa PLC is set to contribute Informa Tech's digital businesses and $350M cash for a 57% stake in a new entity, New TechTarget. The deal anticipates FY23 revenue of $230M and Adjusted EBITDA of $70M for TechTarget. New TechTarget is expected to generate $275M in revenue and $50M in Adjusted EBITDA in 2024. The plan includes double-digit organic revenue growth, 50% revenue under long-term contracts, and 35%+ Adjusted EBITDA margins within three years. The new entity aims for $1 billion annual revenue within five years and forecasts $45M in EBITDA synergies within three years. The headquarters will be in Newton, Massachusetts, with Gary Nugent as CEO. The transaction, approved by both boards, is expected to close in the second half of 2024, subject to shareholder and regulatory approvals. New TechTarget will trade on NASDAQ under the symbol TTGT.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:37 pm

AAPL

Apple Inc (NASDAQ:AAPL) is distributing nearly $100 to eligible iPhone 6 and 7 owners as part of the settlement for the 'batterygate' scandal. The payments follow the finalization of a settlement in August 2023, where Apple agreed to pay between $310 million and $500 million without admitting wrongdoing. The settlement was reached after users complained of performance throttling, which Apple claimed was to prevent shutdowns due to battery degradation. Claims were required to be filed by October 2020, and around three million claims were recorded, with social media users reporting receiving payments of $92.17 this week.

Portfolio Pulse from Adam Eckert

January 10, 2024 | 9:35 pm

ADP

ADP has announced the appointment of Thomas Lynch as its Independent, Non-Executive Board Chair, effective January 31, 2024. Carlos Rodriguez will remain a member of the ADP Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:11 pm

CHPT

ChargePoint, a leading electric vehicle (EV) charging network, has announced a reorganization plan that includes a workforce reduction of 12%. This move is aimed at streamlining operations and reducing costs as the company adapts to the evolving EV market. The reduction is expected to impact various departments and could lead to short-term operational disruptions but may improve long-term financial stability.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:07 pm