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Corporate Responsibility

PSHZF

Harvard University President Claudine Gay resigned amid allegations of plagiarism and controversy over her Congressional testimony. Bill Ackman, hedge fund manager and Harvard alum, criticized the university's handling of the situation, stating it has stained Harvard's reputation. Ackman's comments were made before Gay's resignation was announced.

Portfolio Pulse from Anthony Noto

January 02, 2024 | 7:54 pm

TSEM

Tower Semiconductor (TSEM) reported no significant impact or damage to its buildings or operations following the recent earthquake in Ishikawa Prefecture, Japan. The company's two manufacturing facilities nearby were only minimally affected, with no operational disruptions. All employees are safe, and the company is working on requalifying tools and repairing any minor damages to fab tools and materials. Tower Semiconductor extends sympathy to those affected by the earthquake.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 5:16 pm

SNX

Shyft Global Services, a division of TD SYNNEX (NYSE:SNX), has acquired Cokeva, Inc., a leader in IT equipment repair, test, and refurbishment. The acquisition expands Shyft's repair capabilities and global footprint, adding a 220,000 sq. ft. facility in Roseville, California with ISO 9001:2015 and ISO 5/Class 100 certifications. This move adds over 200 repair service experts to Shyft and enhances its service offerings to OEMs in various industries, aligning with Shyft's commitment to sustainability and the circular economy.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 5:06 pm

SASI

Sigma Additive Solutions has been granted U.S. Patent #11858207, which covers defect detection technology for additive manufacturing systems. This patent strengthens Sigma's intellectual property portfolio and enhances its position in the additive manufacturing industry, potentially leading to increased market share and revenue through licensing or enhanced product offerings.

Portfolio Pulse from Charles Gross

January 02, 2024 | 3:48 pm

MSFT

Microsoft's President, Brad Smith, praised the UK's Competition and Markets Authority (CMA) for its fair approach in approving the Activision Blizzard deal after initial resistance. The CMA had concerns about Microsoft gaining an unfair advantage in cloud gaming, leading to the deal being blocked in April 2023. Microsoft restructured the deal, including selling game streaming rights of 'Call of Duty' to Ubisoft, and received approval in October 2023. The FTC in the US is still challenging the deal.

Portfolio Pulse from Rounak Jain

January 02, 2024 | 3:32 pm

MNKD

MannKind Corporation's stock is trading higher following the announcement of a royalty purchase agreement with Sagard Healthcare, which could be worth up to $200 million.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:31 pm

VTNR

Vertex Energy, Inc. (NASDAQ:VTNR) has amended its existing term loan agreement, adding $50 million of liquidity to its balance sheet. The amendment allows for an additional $50 million in borrowings, bringing the total outstanding balance to $198 million. The loan bears interest at a base rate plus 1025 basis points and maintains its original maturity date of April 1, 2025. The lenders may also offer an extra $25 million of lending availability. The move aims to provide strategic flexibility and support the evaluation of potential transaction opportunities to strengthen the company's balance sheet.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:24 pm

NIO

Regal Hotels International Holdings Ltd. and Cosmopolitan International Holdings Ltd. have signed a memorandum of cooperation with Saudi Arabia to develop up to 50 hotels in the Middle East, with an investment of up to $5 billion. The partnership aims to build 30 hotels in Saudi Arabia as part of the kingdom's efforts to diversify its economy away from oil. The companies will also establish an asset management platform to fund hotel-related projects. The Middle East is increasing investments in China and Hong Kong, with significant funds flowing into Chinese corporates from Middle Eastern states.

Portfolio Pulse from The Bamboo Works

January 02, 2024 | 2:34 pm

SATS

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TMUS

VZ

Dish Network Corp has completed its merger with EchoStar Corp, with Dish continuing as a subsidiary under EchoStar's complete ownership. The merger is a strategic shift for Dish to focus on wireless services, competing with Verizon, T-Mobile, and AT&T. Dish Network's common stock was exchanged for EchoStar's stock as part of the deal. The merger aims to enhance Dish's financial capabilities for developing its 5G network and mobile services. Dish has been facing a decline in TV subscribers and a significant debt, which the merger with EchoStar aims to alleviate. The FCC approved the deal with minimal scrutiny.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:30 pm

SNPS

Sassine Ghazi, in his 2024 letter to stakeholders, discusses Synopsys' (SNPS) progress and future plans. The letter likely outlines the company's achievements, strategic goals, and possibly financial performance, which is common in such communications to investors and the public.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 2:09 pm