Streetbeat News

Corporate Responsibility

AMZN

Amazon's CEO, Andy Jassy, has reaffirmed the company's return-to-office policy, stating that it's 'past time' for employees to adhere to the rule. Despite internal disputes and a petition signed by approximately 30,000 employees, the company remains firm on its stance. Non-compliant employees face 'voluntary resignation'. Jassy also revealed that he had discussions with 60 to 80 other company CEOs about remote work, and most of them preferred to bring employees back to the office.

Portfolio Pulse from Benzinga Neuro

August 30, 2023 | 1:18 am

QSI

Quantum-Si (QSI) has announced an organizational restructuring, which includes the termination of approximately 16% of its workforce.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 8:22 pm

NKLA

Nikola Corporation's shares are trading higher despite a 50.94% drop for the month. The company recently announced an agreement to sell up to $325 million in senior convertible notes, expecting to generate net proceeds of about $124.5 million. This news led to a fall in the stock price. Additionally, Nikola voluntarily recalled approximately 209 Class 8 Tre battery-electric vehicles, causing another dip in shares. The company's stock also traded lower following the sudden resignation of President and CEO Michael Lohscheller in early August.

Portfolio Pulse from Ryan Gustafson

August 29, 2023 | 7:42 pm

ADBE

ADDYY

CRM

IBM

META

MSFT

US tech companies are increasingly opting for 'reassignment' of employees to different roles within the company, rather than laying them off. This trend is particularly notable among tech giants and retail companies such as Meta Platforms, Microsoft, Adidas, Salesforce, IBM, and Adobe. The shift allows companies to retain their workforce and align it with changing corporate objectives, while avoiding the costs and disruption associated with layoffs.

Portfolio Pulse from AJ Fabino

August 29, 2023 | 7:20 pm

WMT

Walmart Inc is reportedly asking its pharmacists to voluntarily take wage cuts and reduce their working hours as a cost-saving measure, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 5:31 pm

APLS

BEAM

Apellis Pharmaceuticals Inc has announced a corporate restructuring plan to catalyze the growth of its flagship products, Syfovre and Empaveli. The company will focus on treating rare kidney disorders and will not initiate new clinical development programs with systemic pegcetacoplan. Research will be focused on retinal and central nervous system diseases. The restructuring includes a reduction of around 225 employees, expected to conclude in Q3 2023, and is projected to save up to $300 million through 2024. Apellis' shares are down 4.65%.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 5:27 pm

AAPL

Apple Inc. is diversifying its supply chain towards India and Vietnam amid US-China tensions, showing support for the 'right to repair' movement, and potentially introducing a game-changing design with iPhone 15. These moves could impact product pricing, expose Apple to potential lawsuits, and increase competition in the smartphone market.

Portfolio Pulse from Mohit Manghnani

August 29, 2023 | 3:41 pm

FSLR

NEP

TSLA

Real estate mogul Grant Cardone has criticized the media for sensationalizing climate change. Despite this, Wall Street remains bullish on green stocks. Analysts predict significant upside for Tesla Inc., First Solar Inc., and NextEra Energy Partners LP. Tesla's electric vehicles are helping to reduce greenhouse gas emissions, with shares surging 122% in 2023. First Solar's solar panels are contributing to a reduction in emissions, with shares up 21% year to date. NextEra Energy Partners, which owns, manages, and acquires clean energy projects, plans to sell its natural gas pipeline assets to become a renewables pure play.

Portfolio Pulse from Jing Pan

August 29, 2023 | 2:58 pm

AMZN

BBY

CTLT

ELF

GOOG

INTC

META

MMM

MSFT

NIO

China is taking measures to shield its economy from the real estate sector crisis by reducing bank deposit and mortgage rates. President Biden targets cancer and diabetes drugs in a controversial Medicare price battle. Google collaborates with Nvidia in AI expansion. 3M Co settles a multi-billion dollar lawsuit. Catalent Inc finalizes a deal with Elliott Investment Management and reports mixed Q4 earnings. e.l.f. Beauty acquires Naturium skincare brand. Intel Corp eyes a next-generation data center chip. Meta Platforms Inc tackles China-linked disinformation surge. Microsoft's president cautions against weaponizing AI. Amazon raises its free shipping minimum for non-Prime customers. Google ventures into renewable energy mapping. Nio Inc and Best Buy Co Inc report their Q2 results.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 2:06 pm

AAPL

ABBV

AMGN

AMZN

AZN

BMY

GLD

GOOG

JNJ

META

MRK

MSFT

NVDA

NVO

NVS

QQQ

SLV

SPY

TSLA

USO

The stock market is awaiting new economic data, including job openings, consumer confidence, and employment change. Medicare has released a list of 10 drugs for price reduction, impacting companies like Bristol-Myers Squibb, Johnson & Johnson, Merck, AstraZeneca, Novartis, Amgen, AbbVie, and Novo Nordisk. Tesla is activating a large NVIDIA cluster for self-driving training. Amazon's CEO warns remote workers about a shift back to office work. Negative money flows are observed in Amazon, Tesla, Nvidia, Microsoft, Alphabet, Meta Platforms, and Apple, while mixed flows are seen in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

August 29, 2023 | 1:58 pm