Streetbeat News

Corporate Responsibility

LNW

Light & Wonder, Inc. (LNW) has officially appointed Oliver Chow as the company's Executive Vice President, Chief Financial Officer, and Treasurer. Chow has been serving as the Interim CFO since August 2023 and has over 15 years of experience in entertainment and gaming, with previous senior finance roles at Aristocrat and other companies. CEO Matt Wilson expressed confidence in Chow's abilities and experience. Chow is committed to supporting the company's growth and financial strategy.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:13 pm

ASYS

Amtech Systems, Inc. (ASYS) forecasts Q1 revenue to be between $21M-$24M, which is significantly lower than the estimated $34.15M. The company warns that operating results could be materially impacted by various factors including order timing, shipments, logistical challenges, and semiconductor industry cycles. Despite a challenging near-term outlook with nominally negative EBITDA, Amtech is optimistic about the long-term, having taken actions to reduce structural costs by $4M annually and align product pricing. The company's financials are also subject to currency risk due to a portion of its results being denominated in Chinese Renminbis.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:13 pm

VIR

Vir Biotechnology announced it has $1.7 billion in cash, cash equivalents, and investments as of Q3. The company also plans to reduce its cost structure by at least $40 million annually to improve financial efficiency.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:11 pm

NVTA

Invitae Corporation has sold the assets of Ciitizen and announced strategic cost-cutting measures, including workforce reductions and other operating expense reductions. These initiatives, along with the Ciitizen transaction, are expected to yield annualized cash savings of around $90-100 million, not accounting for one-time severance payments.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:10 pm

VIR

Vir Biotechnology announced a workforce reduction of about 12% and plans to consolidate its geographic footprint. The company expects to save at least $40M annually from these cost optimization efforts.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:09 pm

ALGN

Health Canada has issued an updated medical device license for Align Technology, Inc.'s Invisalign Palatal Expander System, designed for skeletal and dental expansion in patients of various ages. The system, which includes Invisalign First aligners, offers a removable and clinically effective alternative to traditional palatal expanders. The product is currently available on a limited basis in Canada and is pending FDA 510(k) clearance in the U.S., with availability in other markets expected in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:07 pm

MCY

Mercury General Corporation has announced the appointment of Victor Joseph as President and COO, effective January 1, 2024. This executive change may signal a strategic shift or continuity in leadership, which could impact the company's operations and future direction.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:01 pm

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