Streetbeat News

Corporate Responsibility

CDZI

Cadiz Inc. has appointed Susan Kennedy as its new CEO, effective January 1, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 2:21 pm

AAPL

DIS

MSFT

NYT

Apple Inc (AAPL) and Walt Disney Co (DIS) are set to face shareholder votes on their use of AI after the SEC denied their requests to exclude AI-related proposals from annual meetings. The proposals, filed by the AFL-CIO, seek reports on AI use and ethical guidelines. Concerns include AI's potential to replace workers and the use of their work without fair compensation. The AFL-CIO has filed similar measures at other tech companies and emphasizes transparency and compensation for creators. The SEC's decision aligns Apple and Disney with companies like Microsoft Corp (MSFT), which already disclose AI practices.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:57 pm

BABA

BIDU

Baidu, Inc's founder Robin Li has called for a shift from developing large language models to creating applications for existing models like Baidu's 'Ernie'. Despite this, competition in China's AI sector is increasing, with many homegrown models emerging. Baidu has faced challenges such as high executive turnover and internal conflicts, partly attributed to the joint presence of Li and his wife Melissa Ma. Baidu's focus on AI and large language models, including Ernie, is seen as crucial for its future amidst a crowded market and regulatory challenges. Alibaba Group Holding Limited's CEO also highlighted a shift towards AI, aiming to become an 'open technology platform'. Baidu's shares saw a slight decrease in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:54 pm

BABA

PDD

Alibaba Group Holding Ltd (BABA) has reduced its stake in GoGoX Holdings from 12.23% to 8.89% over two months, making Yao Jinbo the largest shareholder. This move comes as Alibaba prepares for the IPO of Cainiao Smart Logistics Network. GoGoX, despite its expansion in Asia, has lost over 90% of its market value since its Hong Kong debut in June 2022 and expects continued losses in 2023. Alibaba is also facing challenges such as regulatory crackdowns and competition from PDD Holdings Inc (PDD), which has outperformed Alibaba's stock. Additionally, Alibaba's subsidiary Lazada laid off staff in Singapore as part of ongoing leadership changes.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:51 pm

RMCO

Royalty Management has provided a year-end 2023 business update, focusing on growth through high-value assets and cash flow generation. The company aims to initiate a dividend by the end of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:38 pm

RCAC

Revelstone Capital Acquisition Corp. (RCAC) has cancelled its special meeting initially scheduled for January 5, 2024, to approve the business combination with Set Jet, Inc. The meeting was intended to consider proposals in the definitive proxy statement/prospectus filed on December 13, 2023. The cancellation means that redemption requests for RCAC's Class A common stock will not be accepted until a new meeting date is set.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:33 pm

PRME

Prime Medicine has appointed Allan Reine as its Chief Financial Officer (CFO), effective January 17. Reine's extensive experience in finance and biotech, including his previous role as CFO at Pulmatrix, is expected to strengthen Prime Medicine's financial leadership as the company continues to grow.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:25 pm

CDP

COPT Defense Properties (NYSE:CDP) announced Robert L. Denton, Sr. as the new Chairman of the Board, effective January 1, 2024. Thomas F. Brady resigned as Chairman but will remain on the Board. Denton has been an Independent Trustee since 1999 and has extensive experience in real estate and finance. Brady has served as Chairman since May 2013 and has been on the Board since 2002. The leadership change is part of the company's ongoing evolution as a specialized REIT serving the U.S. Government and defense contractors.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:23 pm

DZSI

DZS (NASDAQ:DZSI) has announced securing $25 million in funding and the divestiture of its Asia business to DASAN Networks Inc. (DNI) for $48 million. The deal includes $5 million in cash and the elimination of about $43 million of debt. The divestiture will allow DZS to focus on the Americas, EMEA, and ANZ regions, aligning with its strategic investments in technology and acquisitions. The additional working capital is expected to support DZS's growth, with government stimulus funds deployment beginning in 2024. The company anticipates improved gross margins by the end of 2024 and is hosting a conference call on January 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:17 pm

TWST

Twist Bioscience has announced the appointment of Adam Laponis as its new Chief Financial Officer. This strategic move could signal a strengthening of the company's financial leadership, potentially impacting investor confidence and future financial planning.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:13 pm