Streetbeat News

Corporate Responsibility

BABAF

Alibaba Group's (OTC:BABAF) market value dropped by $20 billion after halting plans to spin off its cloud segment due to U.S. export restrictions on AI chips. This caused a 10% decline in its Hong Kong-listed shares, the largest in over a year. Investors are concerned about potential undisclosed issues within Alibaba, as the decision follows similar concerns from Tencent Holdings regarding U.S. export restrictions. Alibaba's market value has significantly decreased since October 2020, affected by regulatory crackdowns, economic slowdown, and internal challenges. Despite this, Alibaba is committed to growing its cloud business and investing in AI, with a strategic review to differentiate core and non-core businesses.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 11:07 am

JOBY

Joby Aviation has been awarded a $9.8 million California Competes Grant to expand its facilities in California. The company has committed to creating 690 new jobs by 2027 and plans to invest $41.3 million in the expansion efforts.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 11:05 am

AES

VNM

Reuters has reported that AES Corp is currently in discussions to sell a significant coal-fired power plant in Vietnam. This move is part of a broader trend where energy companies are divesting from coal assets due to environmental concerns and shifting towards renewable energy sources.

Portfolio Pulse from Charles Gross

November 17, 2023 | 10:15 am

AIRE

AMAT

ATGL

BABA

BIDU

CHPT

JD

ZTO

ChargePoint Holdings, Inc. (NYSE:CHPT) reported preliminary Q3 revenue of $108 million to $113 million, significantly below the expected $150 million to $165 million, and anticipates a non-cash impairment charge of $42 million, leading to a negative GAAP gross margin of 21% to 23%. The company also announced a CEO transition, appointing Rick Wilmer as the new president and CEO. ChargePoint shares dropped 24.3% in pre-market trading. Other stocks such as ATGL, AMAT, AIRE, ZTO, BABA, JD, and BIDU also experienced pre-market losses following various financial results and market movements.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 10:13 am

BYDDF

BYDDY

Chinese EV manufacturer BYD Co Ltd has announced that it has offset carbon emissions equivalent to 740.4 million trees as of November 11, 2023. The company, which is the world's largest EV seller, ceased production of internal combustion engine vehicles in March 2022 to focus on new energy vehicles. BYD has sold 2.4 million new energy vehicles year-to-date, up from 1.4 million in the same period last year, with battery-electric vehicles being the majority.

Portfolio Pulse from Anan Ashraf

November 17, 2023 | 8:31 am

CMCL

Caledonia Mining Corporation announced that its Chief Operating Officer, Mr. Dana Roets, is stepping down. The company has not yet named a successor, and the reasons for Mr. Roets' departure have not been disclosed. This change in leadership may lead to uncertainty among investors regarding the company's operational continuity and future performance.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 7:21 am

SSL

Sasol Limited has announced the appointment of Mr. Simon Baloyi as its new President and CEO, effective April 1, 2024. He will succeed the current CEO, Mr. Fleetwood Grobler, who will transition to an executive advisor role until the end of 2024 to facilitate a structured handover.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 7:10 am

BA

Boeing, in partnership with the U.S. government, has launched an initiative to promote the use of sustainable aviation fuel (SAF) in the Asia-Pacific region. The goal of this initiative is to achieve net-zero emissions by 2050, aligning with global efforts to combat climate change and reduce the aviation industry's carbon footprint.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 6:35 am

WLFC

Willis Lease Finance Corporation, through its subsidiary, has secured a £4.721 million grant from the UK Government's Advanced Fuels Fund Competition. This grant is aimed at supporting the development of advanced fuels for transport, which is a step towards sustainable and environmentally friendly transportation solutions.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 6:25 am

GM

General Motors (NYSE:GM) is integrating its electric delivery startup BrightDrop into its operations to provide a unified point of contact for fleet customers. BrightDrop, launched in January 2021, has become a key player in the commercial EV sector. GM plans to ramp up production of BrightDrop Zevo in spring 2024, supported by a new battery module factory in Canada. The integration includes consolidating commercial digital solutions like BrightDrop Core under GM's software and services organization, emphasizing GM's commitment to an all-electric future with its Ultium battery platform.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 5:57 am