Streetbeat News

Corporate Responsibility

DIS

Nelson Peltz and Trian Fund Management are seeking to obtain more than two seats on Disney's board, hinting at a possible proxy fight. Disney is aiming for $7.5 billion in cost savings and views the move as potentially motivated by a personal vendetta from Ike Perlmutter, a former executive. Despite restructuring efforts and cost-saving targets, Disney declined Trian's offer for board inclusion. Disney's stock (DIS) saw a slight increase of 0.06% to $92.56.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 5:25 pm

BKR

COP

CRC

CVX

USO

XOM

The COP28 Climate Summit in Dubai has nations reaffirming commitments to reduce fossil fuel reliance, posing a potential challenge to oil companies. Despite this, oil stocks like Chevron, Exxon Mobil, and ConocoPhillips remained stable on the summit's opening day. Discussions on carbon capture and storage (CCS) are anticipated, with companies like California Resources Corp, Baker Hughes, and ExxonMobil positioned to benefit. ETFs tracking the carbon capture industry include KRBN, SMOG, and CRBN.

Portfolio Pulse from Neil Dennis

November 30, 2023 | 5:12 pm

AAPL

AMZN

DIS

IBM

MSFT

WBD

Elon Musk's explicit response to advertisers boycotting Twitter could further alienate companies and impact the platform's financial stability. Companies like Disney, Warner Bros. Discovery, IBM, Apple, Amazon, Coca-Cola, and Microsoft have paused ads on Twitter. Twitter's ad revenue, which constitutes 90% of its income, has reportedly declined since Musk's acquisition. The platform also faces a high debt burden and reduced valuations, with Fidelity marking it down by 58%. Musk remains optimistic about Twitter's future valuation.

Portfolio Pulse from Chris Katje

November 30, 2023 | 5:11 pm

RWBYF

Red White & Bloom Brands Inc. (RWBYF), a Canadian MSO, reported increased Q3 2023 revenue of CA$20.1 million and a net loss decrease to CA$6.5 million. Adjusted EBITDA rose to CA$1.6 million. The company reduced expenses and expanded into Ohio, with a focus on high-margin products and the upcoming Aleafia acquisition. RWBYF's stock surged 70.25% to $0.0475 per share.

Portfolio Pulse from Patricio Liddle

November 30, 2023 | 4:43 pm

DIS

The Walt Disney Company (NYSE:DIS) responded to Nelson Peltz's statement regarding its Board of Directors. Disney highlighted its restructuring efforts, cost savings of $7.5 billion, and strategic focus on streaming profitability, ESPN's digital platform, film studio economics, and growth in Experiences. Disney expects free cash flow to near pre-COVID levels by fiscal 2024. The company also announced the appointment of new board members and the non-reelection of Francis A. deSouza. Peltz, with Isaac Perlmutter's backing, plans to present his case to shareholders. Disney will recommend its director nominees in an upcoming proxy statement.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:26 pm

DIS

The Walt Disney Company responded to Nelson Peltz's statement, announcing it is on track to achieve approximately $7.5 billion in cost savings, which is $2 billion more than the original target. Disney also expects its free cash flow to approach pre-COVID levels in FY24.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:18 pm

OTGLY

CD Projekt ADR (OTC:OTGLY) is focusing on the development of 'Polaris,' unofficially known as The Witcher 4, with nearly half of their development staff involved. The team is expected to grow to over 400 by mid-2024. Other projects include 'Sirius,' a Witcher-based game with multiplayer elements, 'Canis Majoris,' another AAA Witcher RPG, and a Cyberpunk 2077 sequel 'Orion.' Additionally, CD Projekt Red is working on an original IP 'Hadar.' Despite technological advancements with Unreal Engine 5, the complexity of these projects may extend development beyond the anticipated three years. The company has also experienced three rounds of layoffs this year, leading to the creation of the Polish Gamedev Workers Union.

Portfolio Pulse from Franca Quarneti

November 30, 2023 | 4:06 pm

DFS

Discover Financial Services (NYSE:DFS) stock is trading higher after the company announced plans to explore the sale of its Discover Student Loans portfolio. The board has authorized the exploration of strategic alternatives for the student loans business, including the sale of the portfolio and the transfer of loan servicing to a third party. Discover will cease accepting new student loan applications on February 1, 2024. Interim CEO John Owen stated that this move aligns with the company's focus on core banking products and growth opportunities to enhance shareholder value. No deadline has been set for the completion of this process.

Portfolio Pulse from Adam Eckert

November 30, 2023 | 4:02 pm

Ford's CFO discussed strategies for reducing the cost of second-generation electric vehicles (EVs), emphasizing increased volume, optimized design, and smaller batteries. The company anticipates a significant cost reduction with the introduction of third-generation EVs, marking a 'step change' over the second generation.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:48 pm

CDNS

Cadence Design Systems, Inc. (CDNS) announced that Samsung Foundry successfully taped out a 5G networking SoC design using Cadence's Quantus Extraction Solution and Tempus Timing Solution. This first-time deployment of Cadence signoff solutions resulted in a 2X productivity boost and significant PPA gains for Samsung Foundry. The use of Cadence's integrated flow and tools like the Tempus ECO Option and hierarchical static timing analysis feature contributed to faster design closure and reduced project timelines.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 3:46 pm