Streetbeat News

Corporate Responsibility

MSFT

Microsoft CEO Satya Nadella stated that the company is not focused on China as a domestic market but continues to serve Chinese multinationals operating globally. Despite the U.S. imposing export restrictions on AI chips for China, Microsoft maintains a presence in China with its R&D center and Bing search engine. The company complies with U.S. policy decisions regarding trade and national security. Microsoft's revenue is primarily from the U.S. and Europe, and while it uses China for manufacturing, Nadella doesn't see current U.S.-China tensions as a major issue for Microsoft.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:27 pm

MRCY

Mercury Systems has announced the departure of Dr. Mitch Stevison, the Executive Vice President and President of Mercury's Mission Systems. Chairman and CEO Bill Ballhaus will take over leadership of the Mission Systems team.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:26 pm

ATNI

ATN International's CFO, Justin Benincasa, is set to retire in March 2024. Carlos Doglioli has been announced as his successor for the CFO position. The transition is planned for a future date, allowing time for an orderly handover of responsibilities.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:22 pm

ATNI

ATN International announced a leadership transition with CEO Michael Prior moving to Executive Chairman and COO Brad Martin being appointed as the new CEO and Board member.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:20 pm

TSNDF

Detroit has issued 37 new recreational marijuana business licenses, including the city's first consumption lounge. The licenses aim to promote equity, with a significant number earmarked for African Americans, women, and Detroit residents. The Office of Marijuana Ventures and Entrepreneurship (OMVE) encourages unsuccessful applicants to continue pursuing opportunities. This is the second round of licenses after the initial 33 were granted last year. Detroit's recreational marijuana retailers face a 10% state excise tax, and revenue distribution from the Marihuana Regulation Fund will be announced soon. TerrAscend Corp. (OTCQX:TSNDF), through its subsidiary Gage Cannabis, supports social equity in the industry by granting funds to Midwest CannaNurses, a Detroit-based education consulting business.

Portfolio Pulse from Joana Scopel

November 15, 2023 | 9:05 pm

SMRT

SmartRent has appointed Daryl Stemm as its new Chief Financial Officer. Stemm's experience and leadership are expected to contribute to SmartRent's financial strategy and growth.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:01 pm

TRU

TransUnion (NYSE:TRU) stock is rising after the company announced a transformation program aimed at reducing costs, accelerating innovation, and driving growth. The program includes transitioning more roles to its Global Capability Centers and utilizing Neustar's technology for a new data management platform. The company expects $120 to $140 million in annual operating expense savings and a $70 to $80 million capital expenditure reduction by 2026.

Portfolio Pulse from Ryan Gustafson

November 15, 2023 | 8:44 pm

GOOGL

META

SNAP

A federal judge has denied a motion to dismiss a lawsuit against social media companies, including Meta (META) and Alphabet (GOOGL), over allegations of causing teen addiction. The judge ruled that Section 230 does not cover violations of children's privacy and manipulative product design. Meta faces additional lawsuits from several states on similar grounds. The ruling may lead to more lawsuits claiming social media contributes to a mental health crisis among U.S. youth. Google defended its practices, stating it collaborates with child development specialists to create age-appropriate experiences.

Portfolio Pulse from Neil Dennis

November 15, 2023 | 8:31 pm

STNE

During its Investor Day in New York, Stone (NASDAQ:STNE) outlined plans to more than double its profitability in the next four years, targeting an adjusted net income of R$4.3 billion by 2027. The company aims to exceed R$600 billion in Total Payment Volume (TPV) with a take rate above 2.70% in the Micro, Small, and Medium Enterprise (MSMB) market, surpass R$14 billion in client deposits, and achieve a credit portfolio above R$5.5 billion. Stone's strategy focuses on growth in the MSMB market, enhancing customer engagement through financial services and software integration, and improving operational efficiency. The company will prioritize four verticals: retail, food, pharma, and gas stations. After appointing a new CEO, Pedro Zinner, StoneCo. has restructured to accelerate the integration of financial services with software assets. The company reported a tripling of adjusted net income to R$435 million for Q3 2023, with a net revenue of R$3.1 billion and an Adjusted EBT of R$545 million.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:30 pm

ACN

MSFT

Accenture (ACN) and Avanade have launched new offerings with Microsoft Fabric to accelerate data readiness and AI adoption. They are also expanding capabilities around Microsoft Copilot solutions for generative AI. Accenture's $3B investment in data and AI includes building a practice of 4,000 Fabric-certified professionals. The companies are working with Microsoft to enhance its self-service analytics and with global businesses like Repsol and Ferrovial to adopt generative AI. Accenture and Avanade have a combined 240,000 Microsoft-skilled professionals, including 65,000 dedicated to Microsoft technologies.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:12 pm