Streetbeat News

Corporate Responsibility

MSFT

Sam Altman, CEO of OpenAI, was briefly sacked and then reinstated amid media speculation about safety concerns related to a powerful AI model called Q*. Microsoft Corp, a major backer of OpenAI, was mentioned in the context of providing access to computer terminals worldwide. Q* is reported to solve novel math problems, indicating progress in AI but not yet achieving AGI, which OpenAI aims to develop safely. Concerns around AGI include job displacement, privacy, and cybersecurity. The situation highlights the lack of structured global discourse on AI's future.

Portfolio Pulse from Neil Dennis

November 24, 2023 | 6:33 pm

UBS

UBS Group AG's CEO Sergio Ermotti, at a Swiss Risk Association event, claimed UBS to be one of the world's safest large banks, with a strong cushion to prevent taxpayer loss. He mentioned that in a recovery scenario, a private international buyer would be preferable. Ermotti also called for enhanced regulatory measures and revisions to the international liquidity framework to suit the digital banking era.

Portfolio Pulse from Nabaparna Bhattacharya

November 24, 2023 | 6:18 pm

BAYRY

BAYZF

Bayer AG faces investor concerns after unexpected legal and trial setbacks, including a terminated anti-clotting drug trial and adverse legal rulings regarding its Roundup weed-killer. Despite these issues, Bayer's recent $5.75 billion bond issuance attracted orders over $22 billion. Investors questioned the timing of the bond issuance and sought clarity on the financial impact of these setbacks. Bayer reassured investors of its financial reserves for Roundup litigation.

Portfolio Pulse from Vandana Singh

November 24, 2023 | 5:48 pm

GS

Goldman Sachs Group, Inc. (NYSE:GS) ended its sponsorship deal with golfer Patrick Cantlay, which was part of its consumer banking marketing efforts. The deal, signed in 2020, was worth at least $1.1 million annually plus performance bonuses. The decision follows Goldman Sachs' strategic shift under CEO David Solomon, which includes closing its personal loan division and halting other unprofitable consumer banking ventures. Cantlay, who has earned over $42 million since turning professional, was previously featured with the Marcus brand but will no longer wear the Goldman logo.

Portfolio Pulse from Nabaparna Bhattacharya

November 24, 2023 | 3:56 pm

TSLA

TWTR

Elon Musk is expected to visit Israel next week, meeting with President Herzog and PM Netanyahu, and visiting towns hit by Hamas. Musk, owner of X (formerly Twitter), faces criticism for not combating antisemitism on the platform. Advertisers like Apple and Disney have reduced spending on X. Musk announced X will donate ad and subscription revenue from the Gaza war to hospitals in Israel and the Red Cross/Crescent in Gaza. Musk also plans to provide Starlink internet to Gaza, promising it will be used for humanitarian reasons. A ceasefire between Israel and Hamas is set to begin.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 3:47 pm

BITF

BTBT

BTDR

Major crypto miners are preparing for the Bitcoin halving event in April 2024 by focusing on capital reserves, fleet efficiency, and the use of stranded energy. At Benzinga's Future of Digital Assets event, executives from SATO Technologies, Bitfarms, and Bitdeer Technologies Group discussed strategies to mitigate the halving's impact. They emphasized the importance of sustainable energy sources, geographical diversification, and the role of institutional investors in mining. The industry is also committed to environmental sustainability by leveraging and creating renewable energy resources.

Portfolio Pulse from Murtuza Merchant

November 24, 2023 | 3:40 pm

M

Macy's CEO Jeffrey Gennette, during a live interview on Bloomberg TV, expressed confidence in the future of department stores and acknowledged the potential usefulness of AI in retail.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 3:38 pm

HSBC

HSBC Holdings Plc's British customers experienced difficulties with mobile and online banking services during Black Friday, affecting their shopping. HSBC is investigating the issue, which particularly disrupted card purchase authorizations via the mobile app. Customers could still use a one-time code received via SMS for purchases. Downdetector reported over 4,000 users with problems, which later decreased. The majority of issues were with mobile banking, followed by online banking and mobile login. HSBC shares were up 1.45% at $38.59.

Portfolio Pulse from Anusuya Lahiri

November 24, 2023 | 3:17 pm

STM

STMicroelectronics NV (STM) has signed a fifteen-year Power Purchase Agreement with ERG to supply renewable energy to its Italian operations from 2024 to 2038. The deal involves the sale of approximately 250 GWh of renewable energy annually from Sicilian wind farms, contributing to STM's goal of becoming carbon neutral by 2027. STM recently reported Q3 FY23 revenue growth of 2.5% YOY to $4.43 billion, surpassing estimates, with an EPS of $1.16.

Portfolio Pulse from Lekha Gupta

November 24, 2023 | 3:02 pm

PBH

Insight Pharmaceuticals, a subsidiary of Prestige Consumer Healthcare, has issued a voluntary nationwide recall of TING 2% Miconazole Nitrate Athlete's Foot Spray Antifungal Spray Powder. The recall is due to the detection of benzene, a known carcinogen, in the product. This recall may affect the company's reputation and could lead to financial implications due to potential returns, legal action, or regulatory penalties.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 1:32 pm