Streetbeat News

Corporate Responsibility

RACE

Ferrari plans to hire 250 new employees in the first half of 2024 and launch a broad-based share ownership plan for its 5,000+ employees, starting in Italy. The plan includes a one-off grant of shares and additional shares after 36 months. Ferrari also renewed its Competitiveness Award agreement, allowing employees to convert part of the award into company shares. The company is committed to sustainability by including an ESG indicator in the award calculation. Additionally, Ferrari is expanding its health and parenting support initiatives, including free annual medical check-ups and extended support for parents.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:51 pm

BMWYY

BYDDF

GM

TM

TSLA

VLKAF

Tesla Inc (NASDAQ:TSLA) is facing a decline in EV market share in China, with October 2023 deliveries down 2.6% from September, while BYD Co Ltd (OTCPK:BYDDF) saw a 5% increase. Tesla's aggressive discounts in China have affected margins, but with factory upgrades complete, the revamped Model 3 has begun deliveries. The Chinese market is focusing on AI and smart cockpits, with domestic and non-Chinese OEMs, including Volkswagen AG (OTCPK:VLKAF), Bayerische Motoren Werke AG (OTCPK:BMWYY), Toyota Motor Corp (NYSE:TM), and General Motors Co (NYSE:GM), investing in R&D. Elon Musk's new AI venture, xAI, has produced Grok, which may be integrated into Tesla vehicles to leverage their onboard computing for AI applications.

Portfolio Pulse from Surbhi Jain

November 13, 2023 | 5:46 pm

SQM

Codelco and SQM have reached a pre-agreement for the exploitation of lithium in the Salar de Atacama, which falls short of the Chilean government's initial goal to control the company with 51% of the shares before 2030. The agreement allows Codelco to gradually increase its stake in a public-private company, reaching 51% only after 2030. The negotiation, advised by the Carey law firm, has been criticized for potential conflicts of interest and for not aligning with the government's strategy to control lithium exploitation sooner. The terms appear to favor SQM, preventing competition for the exploitation rights and potentially not increasing state revenue compared to the current contract. The situation raises concerns about the transparency of the negotiations and the management of Codelco, which is also facing criticism for its economic performance and decisions such as purchasing shares of a company with questionable assets.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:18 pm

MCOM

Micromobility.com Inc. (NASDAQ:MCOM) announced shareholder approval for a 1-for-150 reverse stock split and an increase in authorized shares from 400 million to 1 billion. The reverse split is set for December 4, 2023, aiming to optimize capital structure and support growth. The company also plans to remove Class B common stock to simplify its structure and attract investors. Additionally, MCOM issued a $4.0 million convertible promissory note to Yorkville, convertible at $0.25 per share, to strengthen working capital with a maturity date of March 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:03 pm

IDT

Tori Samples, Senior Product Manager at Stellar Development Foundation, will speak at Benzinga's Future Of Digital Assets conference. She discusses the role of blockchain in providing financial services to displaced and marginalized populations. Samples highlights the success of Boss Money, a digital wallet for refugees and migrants in Africa, which was acquired by IDT Corporation in 2022. She also mentions Stellar Aid Assist, a tool for humanitarian organizations to send funds efficiently using blockchain technology. Samples emphasizes the importance of focusing on user benefits rather than the technology itself for wider adoption.

Portfolio Pulse from Tori Samples

November 13, 2023 | 3:36 pm

DIS

VZ

Verizon has launched 'Wish on a StAR,' a web-based AR experience in collaboration with Toys for Tots, coinciding with the release of Disney's movie 'Wish.' The AR experience allows users to donate to local Toys for Tots chapters by interacting with a virtual night sky. Verizon will also make a monetary donation and has offered tickets to an advanced screening of 'Wish' for certain purchases at its stores. The initiative aims to support underprivileged children during the holiday season.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 3:03 pm

XPO

XPO Logistics, a leading North American freight transportation provider, has been recognized for its commitment to military hiring. It was named one of Military.com's Top 25 Employers for Veterans and earned the 2024 Military Friendly® Employer Status with a Silver ranking from Viqtory. XPO has a dedicated recruiting team for veteran employment and will sign a commitment with the U.S. Army PaYS program to further support the military community.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 3:02 pm

HOLI

A buyer consortium led by Recco Control Technology and Dazheng Group is urging Hollysys Automation Technologies Ltd. (HOLI) to proceed with a transparent sale process. The consortium, which includes TFI Asset Management and Great Wall Capital, has offered $26.50 per share, valuing Hollysys at approximately $1.64 billion. They request the Special Committee to evaluate this offer and allow due diligence. Shareholders holding over 30% of Hollysys, including Ascendent Capital Partners with 13.7%, demand a special meeting. The consortium is concerned about the board's refusal to convene this meeting and questions the directors' accountability.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:59 pm

BSFC

SYY

Blue Star Foods Corp. (BSFC) has entered into a 2-year bid award purchase agreement with Sysco Corporation (SYY) to supply its sustainable seafood brands. The agreement is effective immediately and includes Blue Star's brands such as Blue Star, Pacifika, and Good Stuff. CEO John Keeler expressed confidence in gaining market share in 2024 due to the partnership and Sysco's strategic sourcing capabilities.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:18 pm

FTHM

Fathom Holdings Inc. has announced the appointment of Marco Fregenal as its new CEO, succeeding Joshua Harley. Additionally, Scott Flanders has been named as the Chair of the Board. These leadership changes could signal a new strategic direction for the company.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 2:12 pm