Streetbeat News

Corporate Responsibility

ATVI

MSFT

Activision Blizzard, now a Microsoft subsidiary, has agreed to a $55 million settlement with the California Civil Rights Department over gender discrimination claims. The settlement, which is pending court approval, will provide relief to women who faced discrimination from October 2015 to December 2020. This follows a previous $18 million settlement with the EEOC and comes after Microsoft's $69 billion acquisition of Activision Blizzard, which was approved after Microsoft agreed to sell some game streaming rights to Ubisoft to address competition concerns.

Portfolio Pulse from Ananya Gairola

December 16, 2023 | 5:10 am

TSLA

Elon Musk responded with a simple 'Ok' to a Tesla user's complaint on X about the Full Self-Driving (FSD) mode disengaging when the car exceeds 85 mph. The user suggested a 10-second timer warning instead of an immediate strike. Musk's brief acknowledgment comes as Tesla continues to develop and test FSD, which is still in beta mode and requires driver supervision. Musk has previously indicated that Tesla is close to achieving full self-driving capability, with version 12 of FSD expected to no longer be beta.

Portfolio Pulse from Anan Ashraf

December 16, 2023 | 3:38 am

PSHZF

TSLA

Elon Musk has expressed support for Bill Ackman's stance against anti-Semitism at Ivy League universities, specifically Harvard. Ackman has called for the resignation of Harvard's president, Claudine Gay, due to her handling of anti-Semitic incidents. Musk's support is reciprocated, as Ackman previously defended Musk against accusations of anti-Semitism. Ackman's Pershing Square Foundation remains invested in Musk's company, X (formerly Twitter). Musk is also planning to launch his own university in Texas, with a $100 million pledge to his charity focusing on STEM education.

Portfolio Pulse from Rounak Jain

December 16, 2023 | 2:17 am

GBNH

Greenbrook TMS Inc. has amended its credit facility with Madryn Asset Management, securing an additional $4,015,548.22 in debt financing. The total outstanding under the credit facility is now approximately $76 million. The new funds will be used for debt service obligations and general corporate purposes. Madryn has the option to convert up to $365,050 of the new loan into common shares at $1.90 per share. The liquidity covenant has been extended to January 15, 2024. The transactions are classified as 'related party transactions' and the company is using the 'financial hardship' exemption to bypass formal valuation and minority approval requirements.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:34 pm

GIL

Pzena Investment Management, a firm owning over 10 million shares of Gildan Activewear Inc., has issued a letter to Gildan's Board of Directors urging the re-appointment of Glenn Chamandy as CEO. Pzena has a 28-year history and is taking an active stance in the company's leadership decisions.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:25 pm

EME

EMCOR Group announced a change in its executive team, with Jason Nalbandian set to become CFO, succeeding Mark Pompa on April 1, 2024. Additionally, R. Kevin Matz will step down as Executive Vice President Shared Services on the same date.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:18 pm

AMZN

GOOGL

META

Bots are compromising trust in the retail space by posting fake online reviews, which can influence consumer behavior. A Brightlocal survey found that 98% of people read online reviews before using local businesses, with 87% using Google to evaluate them. However, 42% of consumers have seen fake reviews on platforms like Facebook and Google. The issue is significant, with 54% noticing fake reviews on Amazon, 50% on Google, and 42% on Facebook. Fake reviews are identified by their lack of detail, excessive praise, or extreme negativity.

Portfolio Pulse from Neil Dennis

December 15, 2023 | 8:55 pm

META

TikTok is aggressively targeting ad dollars by asking top ad-buying firms to increase their spending by 50% to 150% next year. This move is aimed at diverting advertising revenue from TV networks and Meta Platforms' Instagram. Despite the unlikelihood of achieving the full increase, TikTok's bold strategy indicates its confidence in the growth of its ad business and its appeal to advertisers due to its young audience and expanding reach.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 8:00 pm

RIVN

T

Rivian Automotive, Inc. (NASDAQ:RIVN) shares have seen an increase, trading higher by over 18% in the past five days and over 30% in the past month. The surge is attributed to a new deal with AT&T (NYSE:T) for the purchase of Rivian's electric vehicles in early 2024, aimed at improving safety, reducing costs, and cutting AT&T's carbon footprint. AT&T will also be the exclusive connectivity provider for Rivian's vehicles. Additionally, the broader stock market, including clean energy stocks, received a boost from the Fed's decision to leave rates unchanged and the outcomes of the COP28 climate summit.

Portfolio Pulse from Erica Kollmann

December 15, 2023 | 7:55 pm

C

Citigroup, Inc. (NYSE:C) is planning to separate its Mexican retail unit Banamex from its corporate and investment banking business in Mexico by the second half of 2024. Banamex is expected to go public in 2025. Earlier, Citi halted a $7 billion sale of Banamex, surprising investors. Negotiations with Grupo Mexico were discontinued due to the Mexican government's involvement in Grupo Mexico's activities and specific sale demands. Citi is considering a dual stock listing in Mexico and New York.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 6:34 pm