Streetbeat News

Corporate Responsibility

CHPT

ChargePoint Holdings Inc (NASDAQ:CHPT) shares increased by 5% after announcing preliminary Q3 results and a new CEO, despite reporting lower-than-expected revenue. The company's revenue is projected to be between $108 million to $113 million, below the forecast of $150 million to $165 million, due to market pressures, delivery delays, and economic conditions. New CEO Rick Wilmer plans to improve operations. ChargePoint's cash position remains stable, but the final Q3 results may still change.

Portfolio Pulse from Henry Khederian

November 20, 2023 | 5:19 pm

EIS

SPY

USO

U.S. Defense Secretary has urged Israel to ensure that humanitarian assistance reaches the people of Gaza. This statement highlights the U.S. government's concern for the humanitarian situation in the region.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 5:17 pm

RMAX

RE/MAX, LLC has received preliminary approval for a settlement in antitrust class action lawsuits. The lawsuits alleged that the company's policies led to inflated commissions for real estate brokers. This preliminary approval is a step towards resolving the litigation and may involve financial implications for the company, including potential payouts or changes to its business practices.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:54 pm

NVDA

Valeo Schalter und Sensoren is suing Nvidia for allegedly stealing trade secrets, including source code for AI-assisted parking technology. The issue came to light when former Valeo employee and now Nvidia staff, Mohammad Moniruzzaman, inadvertently revealed the stolen files during a video call with both companies' employees. Moniruzzaman has been criminally convicted in Germany, and Nvidia has stated it was unaware of the theft and has cooperated fully with the investigation. Valeo, a century-old Paris-based automotive tech company, has partnered with Nvidia to develop parking-assistance software for an unnamed car manufacturer. Nvidia has faced similar legal challenges in the past, including a 2019 lawsuit for patent infringement which is still ongoing.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:53 pm

NRG

NRG Energy Inc (NYSE:NRG) has appointed Lawrence Coben as Interim President and CEO, succeeding Mauricio Gutierrez. The company also announced the appointment of four new independent directors in cooperation with Elliott Investment Management L.P. This is part of NRG's Board refreshment process, which aims to reduce the Board size to 11 members by H2 FY24. NRG is conducting a review of its operations to improve efficiency and enhance shareholder returns. The company reaffirmed its FY23 and FY24 financial outlooks, including adjusted EBITDA, operating cash flow, and FCFbG. NRG reiterated its 2024 capital allocation plan, including debt reduction, share repurchases, and a dividend increase, as well as its cost savings plan. Despite these announcements, NRG shares dropped by 2.66% to $46.80 after a Q3 earnings miss earlier this month.

Portfolio Pulse from Lekha Gupta

November 20, 2023 | 4:51 pm

BYON

JAT Capital Management LP has submitted a demand to inspect the books and records of Beyond, Inc, as per an amended 13D filing with the SEC. This demand is made under Section 220 of the Delaware General Corporation Law, which allows shareholders to examine a company's books and records for a proper purpose.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:29 pm

BID

Sotheby's is set to auction six shirts worn by Lionel Messi during Argentina's 2022 World Cup victory, with estimates exceeding $10 million. The shirts, including one from the final, could become the most valuable sports memorabilia ever auctioned. The current record is held by Michael Jordan's 1998 NBA Finals Jersey at $10.1 million. The auction, running from November 30 to December 14, follows the sale of Diego Maradona's 'Hand of God' shirt for $9.3 million. The auction is organized by AC Momento, a US tech startup, and a portion of proceeds will support the UNICAS project in partnership with the Leo Messi Foundation.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:08 pm

GOOG

GOOGL

META

MSFT

Meta Platforms, Inc. (META) has disbanded its Responsible AI (RAI) team, reallocating most members to its Generative AI product division and others to the AI Infrastructure team. This move follows the company's introduction of AI features and a shift in focus towards AI, as indicated by CEO Mark Zuckerberg's recent emphasis over the metaverse. Competitors like Alphabet Inc. (GOOG, GOOGL) and Microsoft Corp. (MSFT) have called for AI regulation. META's stock saw a slight increase in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 20, 2023 | 3:38 pm

AMZN

Amazon.com, Inc. (NASDAQ:AMZN) has launched 'AI Ready,' a program to provide free AI training to 2 million people by 2025. The initiative includes free courses, a scholarship with AWS, and a partnership with Code.org. AWS will offer over $12 million in Udacity scholarships to students from underserved communities. Additionally, Amazon has introduced the Hour of Code Dance Party: AI Edition in collaboration with Amazon Future Engineer and Code.org. Amazon's CEO Andy Jassy sees generative AI as a potential source of 'tens of billions in revenues.' AMZN stock saw a slight increase of 0.05% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 20, 2023 | 3:33 pm

WSFS

KBRA released its Q3 2023 U.S. Bank Compendium and 2024 Outlook, indicating a Stable outlook for the U.S. banking industry. The report suggests that most banks with KBRA ratings will maintain their ratings in an uncertain economic environment. It covers earnings, NIM stabilization, funding costs, credit trends, and capital measures. WSFS Financial Corporation (NASDAQ:WSFS) is featured with an A-/Stable outlook. The Compendium includes various performance metrics and a quarterly ESG bulletin.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 3:09 pm