Streetbeat News

Corporate Responsibility

AAPL

DIS

IBM

META

WBD

Linda Yaccarino, CEO of social media platform X, defended the platform's free speech stance after Elon Musk's confrontational remarks to boycotting advertisers at the DealBook summit. Musk, who apologized for an antisemitic tweet, told advertisers boycotting X to 'Go f*** yourself', including a direct comment to Disney CEO Bob Iger. X faces an advertiser boycott from major companies like Apple, Disney, IBM, Warner Bros. Discovery, and Washington Post, potentially losing over $75 million in ad revenue. Musk criticized the boycott and highlighted issues with Meta's Instagram.

Portfolio Pulse from Rounak Jain

November 30, 2023 | 7:59 am

TSLA

UAW President Shawn Fain is targeting Tesla and Toyota in a bid to unionize their workers, highlighting the disparity between workers' pay and the wealth of CEOs like Elon Musk. The UAW has successfully negotiated with Detroit's 'Big Three' and is now focusing on Tesla (TSLA) and Toyota (TM), among other automakers. Fain's message emphasizes economic justice for workers living paycheck to paycheck, while companies and CEOs make billions. Senator Bernie Sanders supports the UAW's efforts to unionize 150,000 workers at non-union auto plants.

Portfolio Pulse from Anan Ashraf

November 30, 2023 | 3:48 am

MSFT

Sam Altman has been reinstated as CEO of OpenAI, with Microsoft Corporation (NASDAQ:MSFT) obtaining a non-voting observer role on OpenAI's board. This follows a period of internal turmoil at OpenAI, including Altman's unexpected departure, Greg Brockman's removal, and employee demands for leadership changes. Microsoft's new role provides greater insight into OpenAI, where it holds a 49% stake.

Portfolio Pulse from Ananya Gairola

November 30, 2023 | 3:01 am

BSBK

Bogota Financial Corp. has announced that Joseph Coccaro will retire as Director, President, and CEO effective November 30, 2023. Kevin Pace has been named as his successor. The transition is expected to take place smoothly with Pace taking over leadership roles.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 11:03 pm

AVGO

Broadcom Inc. (NASDAQ:AVGO) is exploring 'strategic alternatives' for two VMware business units following its $69 billion acquisition of VMware. CEO Hock Tan communicated this in a leaked email, stating that the End-User Computing and Carbon Black cybersecurity units will be reviewed. Despite supporting these units during the transition, past actions by Broadcom suggest potential spin-offs or sales. Post-acquisition changes include employee layoffs and the departure of top VMware executives. Broadcom's stock saw a slight increase in after-hours trading.

Portfolio Pulse from Ryan Gustafson

November 29, 2023 | 11:02 pm

DIS

Bob Iger, CEO of Walt Disney Company (NYSE:DIS), addressed various issues at the NYT DealBook Summit 2023. He discussed underperforming box office results, particularly citing 'The Marvels' and admitted that increasing Disney+ content was a mistake leading to diluted quality. Iger commented on the advertising pullout from Twitter, now known as X, due to Elon Musk's public positions. He walked back on asset sales, stating Disney's linear TV networks are not for sale. Iger also touched on the conflict with Florida Governor Ron DeSantis and the company's special district rights. He spoke about succession planning, ensuring a robust process, and mentioned the activist investor battle with Nelson Peltz. Disney announced the addition of James P. Gorman and Jeremy Darroch to its board of directors.

Portfolio Pulse from Chris Katje

November 29, 2023 | 10:40 pm

BMWYY

HMC

HYMTF

LCID

STLA

TSLA

The United Auto Workers (UAW) union has launched a campaign to unionize workers at 13 non-union automakers in the U.S., targeting nearly 150,000 workers from companies like BMW, Honda, Hyundai, Lucid, Mazda, Mercedes-Benz, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen, and Volvo. UAW President Shawn Fain, after securing contracts with GM, Ford, and Stellantis, is looking to expand the union's reach beyond the 'Big Three' Detroit automakers by 2028. The UAW's membership has declined over the years, but recent successes have led to wage increases at non-union companies, known as the 'UAW bump.' Past efforts to unionize at foreign-based automaker plants and Tesla's Fremont plant have seen limited success.

Portfolio Pulse from Michael Cohen

November 29, 2023 | 10:37 pm

LZB

La-Z-Boy anticipates Q3 sales to range between $515M-$535M, aligning closely with the consensus estimate of $533.06M. The company predicts ongoing challenging consumer trends in its industry and is planning accordingly for the third quarter of fiscal 2024.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 10:08 pm

TRUFF

Red Light Holland Corp. (OTCQB:TRUFF), a Canada-based mushroom producer, reported a 33% increase in revenue and a cash balance of $12M for the quarter ended Sept. 30, 2023. Despite a net loss, the company's management remains confident in their business strategy, emphasizing growth, cautious spending, and revenue generation in the psychedelics sector. The company plans to continue its expansion, including the development of a new farm and distribution of psilocybin microdosing capsules in New Zealand and Australia.

Portfolio Pulse from Lara Goldstein

November 29, 2023 | 10:04 pm

DFS

Discover Financial Services (DFS) has announced in a filing that it will stop originating student loans as of February 1, 2024. Current Discover Student Loans customers and their existing loans or payments will not be affected by this change.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 9:40 pm