Streetbeat News

Corporate Responsibility

EXPR

Express, Inc. (EXPR) has provided preliminary Q2 2023 results, expecting net sales to be in the range of $400M-$450M and diluted loss per share to be between $0.50-$0.60. The company has also announced strategic actions to deliver $200M in annualized savings by 2025, including a 1-for-20 reverse stock split. The company has already identified and implemented $80M for 2023 and $120M for 2024. The cost reductions for 2024 include a workforce reduction expected to generate savings of approximately $30M.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 8:19 pm

SELB

Selecta Biosciences Inc (NASDAQ:SELB) has announced a strategic initiative to maximize stockholder value by focusing on its gout treatment candidate, SEL-212. The company plans to suspend further investment in other pipeline assets to focus on potential licensing and corporate development activities. This is expected to extend its cash runway into 2027. Selecta will continue to develop SEL-212 in partnership with Sobi, with a BLA submission expected in the first half of 2024. The company will also continue the development of IdeXork under a licensing agreement with Astellas Gene Therapies.

Portfolio Pulse from Vandana Singh

August 17, 2023 | 5:04 pm

TSLA

Elon Musk's companies, Tesla Inc (NASDAQ:TSLA) and Starlink, are aiding in recovery efforts in Hawaii following devastating wildfires. Starlink has shipped 650 satellite internet kits to the islands, providing free internet to those affected. Tesla Owners of Silicon Valley, a large Tesla owner club, has also raised over $6,000 for local relief efforts.

Portfolio Pulse from Chris Katje

August 17, 2023 | 3:23 pm

AMZN

DWAC

GOOG

Rumble CEO, Chris Pavlovski, stated that free expression cannot be expected from companies hosted with AWS or Google Cloud. He mentioned that this is why President Trump's Truth Social chose Rumble Cloud for hosting.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:43 pm

PTON

Peloton Interactive Inc has launched Peloton for Business, a B2B fitness and wellness service aimed at enterprise clients across seven key verticals. The service includes equipment and content-based solutions, and access to a Peloton Bike at no charge. Greg Hybl has been appointed as Senior Vice President and General Manager of Peloton for Business. The new offering is expected to enhance Peloton's existing B2B services, which have seen over 7.5 million rides on Peloton Bikes in commercial settings globally.

Portfolio Pulse from Lekha Gupta

August 17, 2023 | 2:42 pm

RBLX

The Bear Cave has published a report alleging that Roblox (NYSE:RBLX) has facilitated hundreds of known child abuse cases, with popular Roblox game developers being arrested on child abuse allegations. The report also claims that Roblox games include images of dismembered bodies and Nazi logos, and the company has been linked to child suicide attempts and the widespread production of child pornography. The Bear Cave believes Roblox has facilitated more child abuse than any public company in history.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:32 pm

AMZN

BALL

BILI

CVS

GOOG

LNVGY

MSFT

NVO

TPR

TSLA

TSN

WMT

WOOF

Blue Shield of California ends its partnership with CVS Health's Caremark and partners with Amazon for at-home drug deliveries. Alphabet's Verily Life Sciences intensifies cost-cutting measures. Microsoft-backed OpenAI acquires Global Illumination. Petco expands partnership with DoorDash. Ball Corp plans to sell its aerospace business. Tesla's autopilot system is under scrutiny again. Novo Nordisk's Wegovy could potentially prevent 1.5 million heart attacks and strokes over ten years. Tyson Foods plans to divest its China poultry business. Walmart and Bilibili report strong Q2 earnings while Tapestry and Lenovo miss estimates.

Portfolio Pulse from Vandana Singh

August 17, 2023 | 1:38 pm

IYH

JNJ

PFE

XLV

New York psychologist, Dr. Junhong Cao, has highlighted the potential of the ancient Chinese concept of 'wu wei' or 'action through inaction' as a counterbalance to modern day stress and burnout. She suggests that companies and investors in the mental well-being and health sectors, such as Johnson & Johnson, Pfizer Inc., and ETFs like the Health Care Select Sector SPDR Fund and the iShares U.S. Healthcare ETF, could find value in these perspectives.

Portfolio Pulse from Bibhu Pattnaik

August 17, 2023 | 1:27 pm

ILMN

Illumina Inc. (NASDAQ:ILMN) has announced the opening of a new office and state-of-the-art Illumina Solutions Center in Bengaluru, India. The expansion comes after 16 years of partnership with Premas Life Sciences in India. The new facility will help grow the genomics market in India, which is recognized as the most populous country in the world. Illumina has also supported initiatives to increase access to sequencing capability in India, including philanthropic funding with the Bill & Melinda Gates Foundation and the Rockefeller Foundation to support COVID-19 surveillance.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 1:22 pm

DWAC

Digital World Acquisition Corp. (DWAC) has postponed its special meeting of stockholders from August 17, 2023, to September 5, 2023. The meeting is to consider an amendment that would extend the time for the company to complete a business combination, cease operations if it fails to do so, and redeem or repurchase 100% of the company's Class A common stock up to four times, each by an additional three months, for a total of 12 additional months.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 1:20 pm