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GOOG

GOOGL

MSFT

Alphabet Inc (GOOG, GOOGL) saw its market value increase by $87 billion after showcasing its Gemini AI, comparable to OpenAI's ChatGPT. This event underscores the importance of AI in investor confidence and Alphabet's need to leverage AI for sales growth. Despite lagging behind Microsoft Corp (MSFT) in AI integration, Alphabet's Gemini Pro for businesses has reassured investors of its AI capabilities. Alphabet trades at a lower earnings multiple than Microsoft, suggesting growth potential, but Microsoft is seen as having an edge in communication and product execution. GOOG shares dipped slightly by 0.11% recently.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 2:38 pm

FCCO

First Community Corporation (FCCO) announced leadership changes at First Community Bank. J. Ted Nissen will become CEO of the bank while retaining his role as President and join the Board of Directors on July 1, 2024. Joseph A. 'Drew' Painter and Vaughan R. Dozier, Jr. will become Executive Vice Presidents as Co-Chief Commercial and Retail Banking Officers starting January 1, 2024. Michael C. 'Mike' Crapps remains President and CEO of First Community Corporation, focusing on governance and growth strategies.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:16 pm

MMM

3M has sold its 50% equity stake in Combi Packaging Systems, LLC to SIAT Group, a portfolio company of H.I.G. Capital. Combi is a U.S.-based packaging machinery producer and distributor. 3M will continue to sell its 3M-Matic products and focus on innovating packaging solutions. The sale is not expected to have a material impact on 3M's financial results.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:06 pm

GE

GE Vernova, a segment of GE, has signed a framework agreement with Forestalia to install up to 693 MW of onshore wind turbines in Aragon, Spain. The agreement includes 110 GE 6.1-158 turbines across 16 sites, with the first phase of 33 turbines already in progress. This deal extends GE's wind energy presence in Spain and contributes to the country's energy transition and decarbonization efforts. Deliveries are scheduled to be completed by the end of 2024, and the partnership also includes GE's first European PPA signed in 2022.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:02 pm

CLPS

CLPS Incorporation (NASDAQ:CLPS) has acquired Purple Potato Finance Limited, expanding its credit card business in Hong Kong. Purple Potato, a licensed money lender, complements CLPS's subsidiary Qinson Credit Card Services Limited (QCC), which has a robust credit card system, CAKU 2.0. The acquisition aligns with CLPS's diversification strategy and aims to leverage Hong Kong's financial infrastructure and the anticipated recovery of its tourism industry.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:40 pm

JCI

Johnson Controls International disclosed in an SEC filing that it executed actions related to workforce reductions during Q4. These actions are likely part of cost management or restructuring efforts.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:38 pm

RIVN

T

Rivian Automotive, Inc. (RIVN) and AT&T (T) have announced a partnership where AT&T will purchase Rivian electric vehicles for its fleet, starting in early 2024. This initiative is part of AT&T's strategy to achieve carbon neutrality by 2035 and includes optimizing routes, using AI for efficiency, and reducing fleet emissions. Rivian will also benefit from AT&T's exclusive connectivity provision for its vehicles in the U.S. and Canada, enhancing the driving experience with over-the-air updates.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:14 pm

MRDB

MariaDB plc (NYSE:MRDB) has completed the spinoff of its SkySQL business into a new independent entity, SkySQL Inc. The new company has acquired the rights to the SkySQL database-as-a-service (DBaaS) product and will take over its development, sales, and support. This move allows MariaDB to concentrate on its core MariaDB Enterprise Server product.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:06 pm

HTGC

PHAT

Phathom Pharmaceuticals has amended its term loan facility with Hercules Capital, increasing the total loan facility to up to $300 million. The amendment includes favorable terms such as an extension of the maturity date from October 1, 2026, to December 1, 2027. Phathom has already drawn $40 million from the amended facility, bringing the total outstanding to $140 million. The company estimates that the amended terms will result in approximately $20 million in cash savings based on the original maturity date and assuming $200 million in advances.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:04 pm

BAX

Baxter International Inc. has successfully completed the initial phase of its IV bag recycling program pilot, in partnership with Northwestern Medicine. The program has diverted over six tons of polyvinyl chloride (PVC) waste from landfills, repurposing it for recycling.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 1:02 pm