Streetbeat News

Corporate Responsibility

RYCEY

Rolls-Royce Holdings PLC plans to cut 2000-2500 jobs globally as part of its multi-year transformation to become a simpler, more streamlined organization. The company aims to enhance capabilities in procurement and supply chain management, remove duplication, and deliver cost efficiencies. Chief Technology Officer Grazia Vittadini will leave the company in April 2024. RYCEY shares closed higher by 1.95% at $2.61 on Monday.

Portfolio Pulse from Shivani Kumaresan

October 17, 2023 | 10:18 am

Goldman Sachs CEO David Solomon has decided to step back from DJing at high-profile events due to increasing media scrutiny. The decision was made about a year ago, and Solomon has not DJed at any public event since then. His DJing hobby had previously drawn the attention of Goldman Sachs’ board of directors. Solomon's leadership style and the firm's financial performance under his leadership have also been under scrutiny.

Portfolio Pulse from Benzinga Neuro

October 17, 2023 | 8:51 am

FFIE

Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has unveiled a 'master plan' to achieve financial stability without overreliance on external funding. The plan focuses on cost reduction and in-house sourcing of capital-intensive systems. The company expects the plan to lead to positive cash flow and profitability. Faraday Future reported no revenue but a net loss of $124.9 million in Q2. The company's shares have plummeted by 95.02% year-to-date.

Portfolio Pulse from Anan Ashraf

October 17, 2023 | 8:15 am

MMAT

Meta Materials has announced the immediate appointment of Jim Fusaro as its new Chief Executive Officer. The company has not provided any further details about the appointment.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 7:11 am

FFIE

Faraday Future has unveiled a masterplan aimed at achieving sustainability and further stability. The plan also seeks to reduce the company's dependence on external funding sources.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 6:49 am

BTCUSD

MCD

McDonald's Corp (MCD) has been drawn into the Israel-Hamas conflict as its Middle East franchisees express support for either side through social media. McDonald's Israel announced plans to provide free meals to the Israel Defense Forces, while McDonald's Oman pledged $100,000 towards relief efforts in Gaza. American broadcaster Max Keiser linked the conflict to the use of fiat money and gold, suggesting Bitcoin (BTC) as a solution.

Portfolio Pulse from Mehab Qureshi

October 17, 2023 | 5:09 am

LUNAUSD

Former FTX executive Nishad Singh testified about the extravagant expenditures he observed while working with FTX founder Sam Bankman-Fried, including a $20 million spending he perceived as wasteful. Singh also mentioned an investment in Genesis Digital Assets, a crypto mining initiative in Kazakhstan, and Anthropic, an AI company. He also discussed a $500-million investment facilitated through Alameda Research. Singh expressed concern over a term sheet proposing millions in bonuses and a billion-dollar investment in a VC firm. He also mentioned a $30 million Bahamas penthouse and an $8-billion accounting error at FTX.

Portfolio Pulse from Murtuza Merchant

October 16, 2023 | 7:06 pm

GOOG

META

MSFT

Meta Platforms Inc (NASDAQ:META) highlighted its focus on artificial intelligence (AI) at its annual Connect conference, with emphasis on its large language model (LLM), Llama. Llama is seen as an open-source counterpart to Microsoft Corp's (NASDAQ: MSFT) GPT and Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google's PaLM 2. Despite the costs associated with AI research, Meta believes Llama will reshape the LLM landscape and lead to cost savings. However, some industry players find Meta's licensing terms for Llama 2 restrictive.

Portfolio Pulse from Anusuya Lahiri

October 16, 2023 | 5:05 pm

MSFT

LinkedIn, a subsidiary of Microsoft, announced that it will be reducing approximately 668 roles across its Engineering, Product, Talent, and Finance teams. This decision is expected to impact the company's operational efficiency and cost structure.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 3:15 pm

AAPL

ALB

AZN

BTCUSD

CVS

HON

MANU

NVAX

NWSA

PFE

RAD

WBA

Bitcoin's price spiked on false rumors of an ETF approval by BlackRock. Albemarle Corporation withdrew its offer to acquire Liontown Resources. Pfizer cut its annual revenue guidance by $9B due to a slump in COVID-19 vaccine sales, and BioNTech warned of €900M write-offs. Rite Aid filed for Chapter 11 bankruptcy. AstraZeneca's Tagrisso-Chemo combo is under FDA priority review. Honeywell projects a 10% increase in new business jet deliveries in 2024. WeWork appointed David Tolley as CEO. Novavax faces a setback as the EMA delays a decision on its COVID-19 vaccine. Activist shareholder Starboard Value acquired a stake in News Corp. Goldman Sachs is reconsidering its consumer lending venture. Manchester United shares fell as the Qatari group pulled away from acquisition. Apple is reshuffling its executive ranks and focusing on reducing the price of Vision Pro. Walgreens and CVS pharmacy staff are planning a nationwide walkout over poor working conditions.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:35 pm