Streetbeat News

Corporate Responsibility

XOM

Exxon Mobil Corporation (NYSE:XOM) has introduced a new compensation policy for its traders, offering cash bonuses to a specific group of risk-taking traders. This change is a significant departure from the company's previous practice of providing regular salaries with modest stock awards. The cash bonuses will be awarded based on company results, global trading results, and individual performance, and are set to be distributed from December 2024. The move aims to attract and retain talented employees and aligns with industry standards for performance-linked compensation.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 6:56 pm

VEON

VEON Ltd.'s subsidiary Kyivstar is recovering from a cyber-attack that occurred on December 12, 2023, and is now restoring voice services. The full financial impact of the attack is currently unknown as service restoration is ongoing. Kyivstar is also working to restore data and SMS services within the next 24 hours and is cooperating with Ukrainian authorities to investigate the attack. VEON and Kyivstar have confirmed that consumer data was not compromised and are taking steps to enhance security measures.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:54 pm

NFLX

Netflix, Inc. (NASDAQ:NFLX) stock is trading higher, with a nearly 6% increase over the past five days. The company announced it will have 86 games available by year-end, with 40 currently available and nearly 90 in development. Netflix also released its first 'What We Watched' viewership report to improve transparency and plans to release such reports biannually. Co-CEO Ted Sarandos emphasized the importance of accurate data for various stakeholders. NFLX is trading above its 50-day moving average and near its 52-week high.

Portfolio Pulse from Erica Kollmann

December 13, 2023 | 6:52 pm

OPTT

PGNT

Ocean Power Technologies, Inc. (OPTT) has sent a letter to shareholders urging them to vote 'FOR' all company proposals using the WHITE proxy card at the upcoming Annual Meeting on January 31, 2024. The letter emphasizes the company's transition from R&D to commercialization, particularly in national security and defense markets, and highlights recent contract wins and the goal of reaching profitability by 2025. OPTT's Board, with a majority of independent directors, is presented as having the right mix of experience to lead the company forward. Shareholders are advised to ignore materials from Paragon Technologies, Inc. (PGNT), as their nominees will not be counted following a court ruling.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:51 pm

CMCSA

DIS

PARA

SNAP

Major U.S. companies Walt Disney and Comcast have increased their advertising spending on Instagram, while Paramount has tripled its spending on Snapchat, following a pause in advertising on Elon Musk's social media platform X due to antisemitic content concerns. Sensor Tower data indicates Disney and Comcast raised their ad spending by 40% and 6% respectively. The shift in ad spending highlights the challenges Musk faces with advertisers leaving X, which has also experienced a 16% drop in monthly active users since Musk's acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:16 pm

ETSY

Etsy shares are trading lower following the announcement of a restructuring plan that involves an 11% reduction in the Etsy marketplace workforce.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:15 pm

MSTR

The FASB has released an Accounting Standards Update (ASU) to improve accounting and disclosure practices for certain crypto assets. The new standard requires entities to measure these assets at fair value each reporting period, with changes recognized in net income. This aims to reflect the actual economic impact of crypto assets on financial statements and mandates enhanced disclosure about crypto asset holdings. The ASU will be effective for fiscal years after Dec. 15, 2024, but early adoption is allowed. MicroStrategy (NASDAQ:MSTR) is among the firms that will be impacted by this change.

Portfolio Pulse from Murtuza Merchant

December 13, 2023 | 6:04 pm

GOOG

GOOGL

META

QCOM

Alphabet Inc's Google, Meta Platforms Inc, Qualcomm Inc, and other tech companies have formed the Coalition for Open Digital Ecosystems (CODE) in response to EU technology regulations. CODE aims to promote open digital platforms and systems to encourage growth and innovation in Europe. The coalition will focus on digital openness and influence the implementation of the Digital Markets Act (DMA) and future EU regulatory frameworks. CODE's membership includes a variety of technology firms from different regions and sectors.

Portfolio Pulse from Anusuya Lahiri

December 13, 2023 | 5:16 pm

OPTT

PGNT

Paragon Technologies, Inc., holding 4.9% of Ocean Power Technologies, Inc. shares, criticizes OPT for financial mismanagement and attempts to divert attention from its poor financial performance. Paragon highlights OPT's increased losses, declining share price, and executive compensation exceeding revenues. Paragon, seeking board representation, accuses OPT of misleading shareholders with non-guaranteed contract announcements and urges voting for their proxy card to address mismanagement.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:51 pm

ACN

Accenture (NYSE:ACN) and Google Cloud have announced the launch of a joint generative AI Center of Excellence (CoE) to help businesses harness the power of generative AI. The CoE will provide industry expertise, technical knowledge, and resources to build and scale applications using Google Cloud's generative AI portfolio. The initiative includes deployment of Gemini, Google's latest AI model, and aims to improve operations, create new business lines, and enhance customer experiences. The CoE will offer specialized services, access to large language models, rapid prototyping services, and AI-optimized infrastructure to accelerate the adoption and deployment of generative AI applications.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:28 pm