Streetbeat News

Corporate Responsibility

OTLK

Outlook Therapeutics has announced a strategic realignment of its resources to focus on regulatory and commercial priorities for ONS-5010 in the US and EU. Joel Prieve, previously SVP of Commercial Operations, is now SVP of Licensing and M&A. Terry Dagnon, former COO, has transitioned to Senior Advisor. The company is collaborating with the FDA to design a new clinical trial to support the ONS-5010 BLA resubmission.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:08 pm

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Workers at Verano's Zen Leaf dispensary in Chicago have voted to join Teamsters Local 777, aiming for better working conditions and fair wages. This follows successful unionization at other Zen Leaf locations in Illinois. The Teamsters' unionization efforts in the cannabis industry are gaining momentum, with recent successes at companies like Ayr Wellness, The Cannabist Company, Cresco Labs, Grassdoor, and Strawberry Fields across various states.

Portfolio Pulse from Nina Zdinjak

December 06, 2023 | 1:01 pm

AMD

INTC

Intel Corporation (NASDAQ:INTC) has accused AMD Inc. (NASDAQ:AMD) of misleading consumers with the naming of its Ryzen 7000 series mobile processors, suggesting they are based on the older Zen 2 architecture rather than the latest Zen 4. Intel's presentation, which has been removed, likened AMD's marketing to 'snake oil' tactics. This public accusation marks an escalation in the rivalry between the two semiconductor companies.

Portfolio Pulse from Benzinga Neuro

December 06, 2023 | 12:53 pm

SPOT

Spotify Technology SA (NYSE:SPOT) is ending two podcasts, Heavyweight and Stolen, from its Gimlet Media studio, allowing producers to move the shows elsewhere. The move is part of a strategic shift to focus on licensed content over in-house productions, coinciding with recent job cuts affecting 17% of its workforce. Despite these changes, Spotify's stock has risen 143.4% year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 12:35 pm

NPWR

NET Power, a company specializing in low-carbon power generation, has entered into a strategic supplier agreement with Lummus Technology, a global provider of process technologies and value-driven solutions. Under this agreement, Lummus will supply heat transfer equipment, which is crucial for NET Power's proprietary Allam-Fetvedt Cycle technology. This technology enables power generation with near-zero emissions. The partnership aims to enhance the deployment of NET Power's technology globally, leveraging Lummus' extensive experience and presence in the energy sector.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:33 pm

AMZN

BABA

PDD

Amazon.com Inc (NASDAQ:AMZN) is slashing fees for sellers of low-priced clothing to compete with Chinese fast-fashion company Shein. Amazon will charge only 5% for clothing under $15 and 10% for items between $15 and $20, down from the previous 17%. Shein is planning a confidential U.S. IPO at a valuation of up to $90 billion. Amazon's move comes as it faces challenges in the apparel sector, including the closure of its Amazon-style clothing stores. Alibaba Group Holding Limited (NYSE:BABA) was recently surpassed in value by PDD Holdings Inc (NASDAQ:PDD), which operates the shopping app Temu.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 12:33 pm

OMI

Owens & Minor, a healthcare logistics company, will present its strategy for increasing profitability at its 2023 Investor Day event. The company has set ambitious financial targets for 2028, aiming for revenues to exceed $12 billion.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:29 pm

GXO

GXO Logistics is conducting a proof-of-concept pilot for Agility Robotics' bipedal robot, Digit, which is designed to work alongside humans in logistics and warehouse environments. The pilot aims to test Digit's capabilities in real-world scenarios to enhance efficiency and safety in GXO's operations.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:26 pm

CZOO

Cazoo Group Ltd (NYSE:CZOO) has updated the settlement methodology for the exchange of its $630 million 2.00% Convertible Senior Notes due 2027. The exchange will now include $200 million of 4.00%/2.00% senior secured notes due 2027 and a significant portion of Class A ordinary shares, representing 92% of the total Class A shares post-exchange. The new settlement method rounds to the nearest permitted denomination instead of rounding down for the New Notes, which will be issued in minimum denominations of $1,000. The settlement date is set for December 6, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 11:46 am

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NVDA

NVIDIA Corp. CEO Jensen Huang has recognized Huawei Technologies as a significant competitor in the AI chip market. During his visit to Singapore, he acknowledged the competition from Huawei, Intel, and various startups. Huawei has impressed the industry with a sophisticated smartphone processor and is a key player in China's independent chip environment. NVIDIA plans to launch new products for the Chinese market, complying with U.S. regulations. Baidu Inc. has switched from NVIDIA to Huawei for AI chips, highlighting shifts in global tech partnerships due to U.S. tech export restrictions.

Portfolio Pulse from Benzinga Neuro

December 06, 2023 | 11:40 am