Streetbeat News

Corporate Responsibility

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Samsung Electronics Co has postponed mass production at its new $17 billion chip plant in Taylor, Texas, from the second half of 2024 to 2025, impacting U.S. semiconductor production goals. Similarly, Taiwan Semiconductor Manufacturing Co (TSMC) has delayed production at its Arizona fab to 2025. These delays come amidst a shortage of experienced workers and challenges such as environmental permit issues and slow financial support from the U.S. government, which has only granted $35 million of the promised $100 billion for semiconductor plants.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 11:21 am

DDL

Dingdong (Cayman) Limited has announced the appointment of Song Wang as its new Chief Financial Officer (CFO), effective December 26, 2023. Song Wang is currently serving as the Director and Senior Vice President of the company.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 11:01 am

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Tarena International, Inc. (NASDAQ:TEDU) has entered into an agreement to sell its professional education business to a consortium led by Tarena Weishang Technology. The consortium includes an affiliate of the company's founder. The transaction is advised by Kroll, LLC and is expected to close by the end of March 2024.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:45 am

META

Elon Musk reacted to a report by TRG Datacenters stating that over one million people search 'How to delete Instagram' monthly. The report indicates Instagram is the most sought-after app to delete, followed by Snapchat, Twitter (X), Telegram, and Facebook. In the U.S., Instagram leads the list, followed by Facebook, Twitter, TikTok, and Snapchat. Musk has previously criticized Instagram and other social media platforms owned by Mark Zuckerberg.

Portfolio Pulse from Ananya Gairola

December 26, 2023 | 9:58 am

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In Atlantic City, N.J., Catholic nuns' efforts to prevent a cannabis dispensary from opening near their convent were unsuccessful as city officials approved the business. The city aims to become the East Coast hub for cannabis, with Mayor Marty Small Sr. and cannabis czar Kashawn McKinley leading the initiative. The Franciscan Sisters of the Renewal Convent raised concerns about the dispensary's impact on their educational and sobriety programs. Despite opposition from religious groups, the city's cannabis industry is expanding, with several multi-state operators including Acreage Holdings, Ascend Wellness, AYR Wellness, Curaleaf, Green Thumb, Columbia Care, TerrAscend, and Verano Holdings.

Portfolio Pulse from Maureen Meehan

December 26, 2023 | 6:16 am

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Madryn Asset Management has sent a letter to Institutional Shareholder Services expressing concerns over the proposed merger between SomaLogic and Standard Biotools. Madryn argues that the current merger terms undervalue SomaLogic's assets, offering no premium and effectively discounting the company's cash position. The letter also points out potential conflicts of interest, as hedge fund manager Eli Casdin is a director of both companies. Madryn emphasizes that SomaLogic, with over $450 million in cash and clear value catalysts, does not need a rushed merger that would disadvantage its common shareholders.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:10 am

DIS

An Illinois family mistakenly bought $10,000 worth of Disney+ gift cards instead of theme park tickets. The story, shared by Andie Coston on TikTok, went viral with over 3.1 million views. Initially, the gift cards could not be returned as the numbers were scratched off. However, Disney resolved the issue by converting the Disney+ gift cards into Disney Parks gift cards. The incident occurred during a challenging time for Disney, with CEO Bob Iger facing setbacks such as a drop in share prices and underperforming movies, as well as a public dispute with Elon Musk and potential streaming competition from a Warner Bros. Discovery Inc. and Paramount Global merger.

Portfolio Pulse from Benzinga Neuro

December 26, 2023 | 5:41 am

Wayfair CEO Niraj Shah emphasized the importance of hard work, long hours, and a blend of work and life in a year-end memo to employees. Despite reducing its workforce by 5% in 2022, Shah stated that Wayfair is 'back to winning' but highlighted that success requires sustained effort. He also urged fiscal responsibility, sharing a story about reducing costs for ethernet cables. Wayfair's Q3 2023 loss improved year-over-year, but its stock declined by 1.57% on Friday.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 3:04 pm

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), remains upset with the Biden administration for excluding Tesla from a 2021 EV summit, despite Tesla's significant EV deliveries compared to GM. Musk's tweet on X (formerly Twitter) reiterates his frustration, and the article also touches on Musk's ventures in AI and the optimistic outlook for Tesla's market cap by analyst Daniel Ives.

Portfolio Pulse from Ramakrishnan M

December 25, 2023 | 3:00 pm

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TSLA

Ross Gerber, a Tesla investor and CEO of Gerber Kawasaki Wealth and Investment Management, expressed boredom with his Tesla Model Y and has replaced it with a Rivian R1S SUV. Despite this, Gerber remains a Tesla fan and his firm holds Tesla as its largest position with shares worth about $100 million. His decision to switch to Rivian was partly influenced by Elon Musk's controversial support for a post, which Musk later apologized for. Gerber's comments highlight the competition in the high-end EV market in Los Angeles.

Portfolio Pulse from Anan Ashraf

December 24, 2023 | 5:13 pm