Streetbeat News

Corporate Responsibility

GM

GM's autonomous vehicle subsidiary, Cruise, is laying off 900 employees, or 24% of its workforce, following a series of safety incidents and regulatory actions. The layoffs primarily affect commercial operations and related corporate functions. This decision comes after Cruise's robotaxi fleet was grounded due to an October accident where a pedestrian was injured, and the company faced subsequent safety probes and leadership changes. Affected employees will receive severance packages, and the company is refocusing on launching a driverless L4 service in one city using the Bolt platform. GM supports Cruise's decision, emphasizing safety and long-term success.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:30 pm

BOX

Box, Inc. (NYSE:BOX) has launched three new consulting services to facilitate the adoption of AI in enterprises. These services, offered through Box Consulting, aim to help customers implement an AI content strategy securely and effectively. The services include AI Transform Services, AI Deploy Services, and AI Enable Services, each designed to cater to different organizational needs. Box's AI technology is included in all Enterprise Plus plans, and the company has seen hundreds of enterprises explore its AI capabilities since entering beta last month.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:03 pm

CHWY

Chewy hosts Investor Day and releases a presentation detailing key initiatives for 2024, which may include strategic plans, financial goals, and market expansion strategies.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:54 pm

META

Meta Platforms Inc. CEO Mark Zuckerberg is constructing a secretive $100 million compound on Kauai, Hawaii. The project, known as Kualoa Ranch, includes lavish amenities and has been underway since 2014. The use of NDAs and the compound's bunker-like features have sparked speculation and controversy. Zuckerberg has faced lawsuits over land acquisitions but also donated to local nonprofits. The trend of tech billionaires seeking secluded properties for privacy is highlighted by similar actions from Elon Musk, who is under investigation by the DOJ and SEC.

Portfolio Pulse from Rounak Jain

December 14, 2023 | 3:38 pm

DIS

Trian Fund Management, owning $3 billion of Disney stock, intends to nominate Nelson Peltz and James A. Rasulo to Disney's Board at the 2024 Annual Meeting. Trian criticizes Disney's performance, noting lower EPS than a decade ago and underperformance compared to peers and the market. They attribute this to a Board too connected to the CEO and disconnected from shareholder interests. Peltz and Rasulo are presented as experienced candidates capable of addressing Disney's governance and operational challenges.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:31 pm

AMZN

MSFT

Microsoft Corp's (NASDAQ:MSFT) stock is trading lower following reports that the company has put the integration of LinkedIn's data center technology with Azure on hold. This decision marks a significant shift from the initial strategy announced in 2019, after Microsoft's acquisition of LinkedIn for $27 billion. The pause is attributed to reallocating resources to external Azure customers due to high demand and challenges in adapting LinkedIn's software for Azure. Despite this, Azure's revenue grew by 29% in the third quarter, while LinkedIn's revenue increased by 8%. Microsoft's stock has risen over 54% year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 3:29 pm

BLK

DTRUY

NEE

UBER

Uber Freight and Greenlane have announced a strategic collaboration to accelerate the development and installation of electric truck charging stations, supported by a $650 million joint venture between Daimler Truck North America, NextEra Energy Resources, LLC, and BlackRock. This initiative aims to boost the adoption of Heavy Duty Battery Electric Vehicles (HD BEVs) by leveraging Uber Freight's logistics network and Greenlane's charging infrastructure expertise. The collaboration will focus on identifying key corridors for early HD BEV deployment and integrating charging solutions into Uber Freight's platform. Greenlane plans to build its first charging corridors in Southern California, Texas Triangle, and the northeastern United States.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:10 pm

RIVN

T

Rivian Automotive Inc (RIVN) shares rose after announcing a deal with AT&T Inc (T) for AT&T to purchase Rivian EVs for its fleet. The pilot program aims to reduce transport emissions, with AT&T adding Rivian Commercial Vans and R1 vehicles to its fleet in early 2024. The deal supports AT&T's goal of carbon neutrality by 2035 and includes optimizing routes and fleet size reduction. Rivian's VP of strategy and fleet, Dagan Mishoulam, highlighted the importance of reducing emissions from commercial vans. Additionally, AT&T will be the exclusive provider of connectivity for Rivian vehicles in the U.S. and Canada, enabling over-the-air software updates and feature improvements.

Portfolio Pulse from Adam Eckert

December 14, 2023 | 2:55 pm

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