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Corporate Responsibility

ERIC

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Oppenheimer analyst Timothy Horan maintains a Perform rating on AT&T Inc (NYSE:T), following a conference where AT&T's CFO Pascal Desroches discussed the company's strategies and new deal with Ericsson (NASDAQ:ERIC). Desroches highlighted AT&T's shift to a bundled connectivity provider, Open RAN efforts with Ericsson, and a reduction in capital expenditure to $21-22 billion next year. AT&T expects to improve free cash flow and sees fiber as a key growth driver, aiming to leverage government subsidies for expansion. The company anticipates 500K phone net adds in Q4 and targets a leverage ratio of 2.5x by 1H25, after which it may adjust its capital allocation strategy. AT&T's shares dropped by 1.18% to $16.42.

Portfolio Pulse from Anusuya Lahiri

December 12, 2023 | 6:33 pm

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PFE

SGEN

Pfizer Inc has received all necessary regulatory approvals to complete its $43 billion acquisition of Seagen Inc. To address FTC concerns, Pfizer agreed to donate Bavencio royalties to the American Association for Cancer Research. Pfizer will reorganize into three divisions, with the Pfizer Oncology Division integrating oncology operations from both companies. Merck KGaA regained rights to Bavencio, replacing profit share with a 15% royalty to Pfizer. Pfizer's Angela Hwang will leave the company, and the new structure will be effective January 1, 2024. Pfizer will provide financial guidance for 2024 in an upcoming webcast.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 6:04 pm

LHX

L3Harris Technologies (NYSE:LHX) outlined its financial goals and value creation strategy at its 2023 Investor Day, targeting $23B in revenue, 16% segment operating margins, and $2.8B free cash flow by 2026. The company plans to focus on operational improvements, reduce expenses, and enhance productivity to drive margin expansion and cash flow growth. L3Harris will halt its M&A program to strengthen its balance sheet and return excess capital to shareholders after reaching a leverage target by the end of 2024. The capital deployment priorities include R&D investments, capital expenditures, debt reduction, and shareholder returns.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 6:02 pm

WBA

Walgreens Boots Alliance Inc. is considering a potential exit from its UK-based Boots drugstore chain, which could be valued at about £7 billion. The company is exploring options, including a London IPO, and may invite fresh offers for Boots. The process is expected to start next year at the earliest. Walgreens, now in cost-cutting mode under new CEO Tim Wentworth, had its credit rating cut to junk by Moody's due to high debt. The company previously attempted to sell Boots in 2022 but abandoned the effort due to unsatisfactory valuations and a turbulent credit market.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 5:32 pm

GO

Grocery Outlet's stock is trading lower following the announcement of a CFO transition and the reaffirmation of its Q4 and FY23 guidance. Additionally, Goldman Sachs downgraded Grocery Outlet from Buy to Sell and reduced the price target from $33 to $24.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 5:09 pm

NVEI

Nuvei Corporation has achieved ISO27001 and ISO27017 certification for information security management, extending its certification globally and to its full cloud environment. This demonstrates Nuvei's commitment to stringent security standards and solidifies its position as a leading payment technology provider. The certifications are expected to support Nuvei's goal of accelerating revenue for its business customers by providing a secure transaction environment.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 4:04 pm

LCID

Lucid Motors' stock price is trading lower following the announcement that CFO Sherry House is resigning to pursue other opportunities. The departure of a key executive often raises concerns about the company's financial leadership and strategy, potentially affecting investor confidence.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 3:54 pm

HSY

MDLZ

UK regulators are seizing American candies like Jolly Rancher, Swedish Fish, and Lemonhead due to additives banned under EU and UK law linked to cancer and other health issues. Consumer Reports urges the US to expand its list of banned food additives, following California's recent ban on certain chemicals. The FDA faces pressure to update food additive regulations, with New York and Pennsylvania considering similar bans. The seized products, including Twizzlers and Mountain Dew, contain substances like mineral oil, BHT, and color additives linked to health risks.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 3:48 pm

AGFY

Agrify Corporation (NASDAQ:AGFY) reported a significant year-over-year decline in Q2 revenue and gross profit, with revenue dropping 73% to $5.1 million. Despite this, CEO Raymond Chang remains optimistic, citing progress in restructuring the balance sheet, cost reduction, product improvement, and international market certification. Operating expenses decreased notably from $93.1 million to $5.9 million, and net loss improved both sequentially and year-over-year. The company is focused on achieving profitability through further cost reductions and increased efficiency.

Portfolio Pulse from Jelena Martinovic

December 12, 2023 | 3:34 pm

NYT

The New York Times has appointed its first newsroom leader to focus on artificial intelligence, indicating the company's commitment to integrating AI into its journalism practices. This move reflects the growing importance of AI in the media industry and the NYT's efforts to stay at the forefront of technological advancements.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 3:34 pm