Streetbeat News

Corporate Responsibility

AAMC

Altisource Asset Management Corp (AAMC) announced the appointment of William C. Erbey as the new CEO and Chairman of the Board, effective December 21, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 9:06 pm

Unity Software Inc. (NYSE:U) shares have risen over 40% in the past month, boosted by a broad market rally and the Federal Reserve's decision to keep interest rates unchanged with potential rate cuts in 2024. Unity announced a strategic reset, including workforce and office reductions, which led to a 35% stock increase post-announcement. HSBC analyst Mohammed Khallouf initiated coverage with a Hold rating and a $37 price target. Unity's stock is trading above its 50-day moving average but below its 52-week high.

Portfolio Pulse from Erica Kollmann

December 26, 2023 | 8:34 pm

PARA

PARAA

National Amusements, the parent company of Paramount and CBS, reported a data breach affecting 82,128 individuals, with personal and financial information stolen. The breach occurred in December 2022 but was only disclosed a year later. Paramount also experienced a separate security incident in August, with customer personal information compromised. The impact on Paramount Global (PARA, PARAA) could be negative due to potential reputational damage and financial implications.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 3:55 pm

GBTC

Grayscale Bitcoin Trust (OTC:GBTC) announced the resignation of chairman Barry E. Silbert and board member Mark Murphy, effective Jan. 1, 2024. New board appointments include CFO Mark Shifke as chairman, with Matthew Kummell and Edward McGee joining the board. The changes come as excitement builds for the potential approval of a Spot Bitcoin ETF, with the SEC's approval window open from Jan. 5 to Jan. 10, 2024. BlackRock Inc and Grayscale have met with the SEC to discuss their ETF applications, with a final amendment deadline set for Dec. 29.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 3:27 pm

INTC

Intel's stock price is on the rise after reports emerged that the company is set to receive a $3.2 billion grant from the Israeli government for the construction of a new $25 billion chip manufacturing plant.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 3:22 pm

INTC

Intel Corp (NASDAQ:INTC) stock is trading higher after reports that Israel will grant the company $3.2 billion to build a new $25 billion chip plant. The Israeli government's grant aims to support Intel's expansion, which is part of its strategy to strengthen the global supply chain. Intel has also pledged to spend 60 billion shekels ($16.6 billion) with Israeli suppliers over the next decade, and the new plant is expected to create thousands of jobs. Construction has begun, with the plant set to open in 2027 and operate until 2035. Intel shares rose 2.21% to $49.06.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 2:56 pm

AEP

PNM

American Electric Power Co Inc (AEP) and PNM Resources Inc (PNM) have agreed to sell approximately 50% of their stakes in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC for $230 million. The portfolio consists of 15 solar projects totaling 625 megawatts. AEP's portion of the sale is about $115 million, and it anticipates netting approximately $104 million after taxes and fees. The transaction is expected to close in February 2024 and is not anticipated to materially impact financial results. The sale aligns with AEP's strategy to focus on core regulated operations and de-risk the company. The proceeds will help strengthen AEP's balance sheet and support efforts to provide safe, reliable, and affordable electricity. The sale is pending regulatory approvals.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 2:23 pm

BAC

JPM

UBS

WFC

In 2023, major banks including UBS Group AG and Wells Fargo & Co have cut over 60,000 jobs due to declining revenues and industry pressures. UBS's acquisition of Credit Suisse contributed to 13,000 job cuts, while Wells Fargo reduced 12,000 positions. Other banks like Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, and JP Morgan Chase also cut a total of 30,000 staff. The trend reflects cost-cutting measures and a pessimistic outlook for banking jobs in 2024, with banks expected to maintain cautious hiring strategies.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 1:59 pm

GRCL

HOLI

NVDA

SSYS

TSLA

USDT-USD

Sam Altman's Worldcoin outperformed Bitcoin and Ethereum during Christmas as technical indicators turned bullish. Tether issued $1B USDT on Ethereum's network. Solana surpassed $100 with increased network activity, and Dogecoin's growing addresses could signal a rally. Over 90,000 Bitcoin wallets are now worth $1M+. The SEC is in talks with major players regarding a Bitcoin ETF. US markets saw pre-market movement in stocks like Gracell Biotechnologies, Stratasys, and Hollysys Automation Technologies. The FBI is concerned about China's AI misuse for espionage. In tech, Nvidia is poised to become the biggest chipmaker by revenue, and Tesla's stock rebounded post-Christmas. An AI startup backed by LVMH can verify the authenticity of Louis Vuitton bags.

Portfolio Pulse from Akanksha Bakshi

December 26, 2023 | 1:55 pm

SBUX

Major global coffee chains are targeting Singapore for expansion, viewing it as a strategic location for scaling operations. Brands like Luckin Coffee, Kenangan Coffee, Fore Coffee, Tim Hortons, and Louisa Coffee have opened new outlets in Singapore. Despite competition from established brands like Starbucks (NASDAQ:SBUX) and Dunkin' Donuts, these chains see Singapore as a key market for growth. Starbucks plans to enhance customer experience and double hourly income in the U.S. by FY25 to stay competitive.

Portfolio Pulse from Benzinga Neuro

December 26, 2023 | 1:44 pm