Streetbeat News

Corporate Responsibility

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

GIGM

GigaMedia has announced the appointment of Chih-Hong Tsai and Wan-Wan Lin as new independent non-executive directors. This change comes after the departure of Casey Kuo-Chong Tung and Billy Bing-Yuan Huang from their director positions. The company is undergoing a board reshuffle which could influence its governance and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 12:47 pm

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) stock is down on Friday following news of the company restructuring its cloud business and canceling its 12.12 shopping festival on Taobao and Tmall. Instead, a 'year-end good price' event will be held in December. Alibaba's cloud business reorganization includes a leadership overhaul and the appointment of three new executives. The company is focusing on regaining market share in China's domestic enterprise sector and capitalizing on AI. Alibaba's cloud division has faced management instability since the departure of former president Jeff Zhang in 2022. PDD Holdings Inc's (NASDAQ:PDD) Pinduoduo was also mentioned as a competitor during the Singles Day event.

Portfolio Pulse from Anusuya Lahiri

November 24, 2023 | 12:43 pm

VIOT

Viomi Technology Co., Ltd (NASDAQ:VIOT) has upgraded its water purification business to a strategic business unit, emphasizing the company's focus on this area and its R&D strengths. The company reported a 1.7% revenue increase in its Home water solutions unit to $39.5 million for the first half of the year. Viomi appointed Qi Chen, a former general manager at A.O.Smith (China) Water Heater Co., as president of the new strategic business unit. Viomi's cash and equivalents stood at $95.4 million as of June 30, 2023. VIOT shares dropped 3.88% to $0.9228 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

November 24, 2023 | 12:17 pm

EIS

Elon Musk, CEO of Tesla, is reportedly planning a visit to Israel and the Gaza Strip next week. This follows a recent backlash Musk faced for endorsing anti-Semitic content. During his visit, Musk is expected to meet with Israeli President Yitzhak Herzog and Prime Minister Benjamin Netanyahu. The trip is significant as Musk's relationship with Israel has been complex, especially after offering Starlink services to provide connectivity in Gaza, which was met with opposition from Israel's Communications Minister. Additionally, Musk's endorsement of an anti-Semitic post led to advertisers leaving his social media platform, X. Musk has since announced that X will donate all revenue from advertising and subscriptions related to the Gaza conflict to hospitals in Israel and the Red Cross/Crescent in Gaza. The iShares MSCI Israel ETF (EIS) closed up 1.54% on Wednesday.

Portfolio Pulse from Shanthi Rexaline

November 24, 2023 | 11:39 am

STM

STMicroelectronics (NYSE:STM) has entered into a 15-year Power Purchase Agreement with ERG's subsidiary ERG Power Generation 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, totaling 3.75 TWh over the duration, from ERG's Sicilian wind farms. This will support STM's semiconductor manufacturing sites in Agrate and Catania, as well as its R&D and sales and marketing sites in Italy.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 11:04 am

BA

Boeing Co's (NYSE:BA) Starliner spacecraft is scheduled for its first crewed flight to the International Space Station (ISS) in mid-April, potentially launching on April 14. The mission, delayed due to a parachute issue, will carry astronauts Butch Wilmore and Suni Williams aboard an Atlas V rocket. Success would lead to NASA certifying Starliner for crew rotation missions alongside SpaceX's Crew Dragon. Boeing received a $4.2 billion contract from NASA in 2014 for Starliner's development.

Portfolio Pulse from Anan Ashraf

November 24, 2023 | 10:55 am

HTZ

TSLA

Elon Musk encourages renting Tesla vehicles through Hertz to try them out, despite Hertz's plans to downsize its EV fleet, including Tesla cars, due to higher repair costs and lower resale values affecting EBITDA. Hertz CEO Stephen Scherr indicated a shift towards purchasing EVs from other manufacturers and a non-rigid timeline for having 25% of its fleet electric by end of 2024.

Portfolio Pulse from Anan Ashraf

November 24, 2023 | 10:25 am

MSFT

Top engineers at OpenAI threatened to resign if CEO Sam Altman was not reinstated, demonstrating their influence. Altman was dismissed but quickly reinstated after the threat. AI engineers at OpenAI earn high salaries, with specialized roles potentially reaching $800,000 annually. Microsoft, which holds a 49% stake in OpenAI, offered jobs to these engineers, causing internal discontent due to compensation disparities. The incident highlights the value of AI talent and the competitive dynamics in the tech industry.

Portfolio Pulse from Ananya Gairola

November 24, 2023 | 9:22 am

GOOG

GOOGL

Alphabet Inc.'s Google Maps has received a design update that has been met with mixed reactions. Former designer Elizabeth Laraki criticized the new color scheme as 'colder, less accurate and less human.' While some users appreciate the clearer display of roads and traffic, others support Laraki's views. The update comes as Google Maps faces increased competition from Apple Maps, which has made significant improvements and has taken a portion of Google Maps' mobile traffic on iPhones.

Portfolio Pulse from Ananya Gairola

November 24, 2023 | 8:49 am