Streetbeat News

Corporate Responsibility

NKLA

A fire that occurred at Nikola Corp's headquarters last month remains unsolved, with no evidence supporting arson. The fire affected multiple battery electric trucks, but no one was injured. This comes after the discovery of a significant defect in the battery module of Nikola’s electric trucks. Nikola reported retail sales of 66 battery-electric trucks for the second quarter and wholesale sales of 45 trucks. The company plans to introduce its hydrogen fuel cell electric truck this quarter.

Portfolio Pulse from Anan Ashraf

July 07, 2023 | 7:22 am

CMI

F

GM

HINOY

STLA

Several truck and engine manufacturers have partnered with the California Air Resources Board (CARB) to develop zero-emission vehicles. The partnership includes Cummins Inc, Daimler Truck North America, Ford Motor Company, General Motors Company, Hino Motors Ltd, Izuzu Technical Center of America, Navistar, Stellantis N.V., Truck and Engine Manufacturers Association, and Volvo Group North America. The companies have committed to adopting zero-emission tech in California, and CARB has agreed to provide a lead time of four years and three years of regulatory stability before imposing further requirements.

Portfolio Pulse from Anan Ashraf

July 07, 2023 | 6:08 am

META

TWTR

Twitter's new CEO, Linda Yaccarino, called for unity among users, sparking a debate about the disparity between paid and unpaid voices on the platform. This comes amidst the rapid rise of Meta Platforms Inc.'s new decentralized social media platform, Threads, which gained 30 million users in under 24 hours. Yaccarino's appeal was met with criticism from users who expressed dissatisfaction with Twitter's treatment of users and the perceived favoritism towards paid subscribers.

Portfolio Pulse from Ananya Gairola

July 07, 2023 | 3:35 am

TSLA

New York's nearly $1 billion investment in Tesla's solar-panel factory has largely failed to deliver on its promises. The factory, leased to Tesla for $1 a year, was expected to produce enough solar-panel shingles to cover 1,000 roofs each week by 2020, but is averaging just 21 installations a week. Despite the shortcomings, the state has amended the terms of its subsidy 12 times to accommodate Tesla.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 1:46 am

MKTW

MarketWise has announced the appointment of Erik Mickels as its new CFO, effective from August 15, 2023. Stephen M. Park, who has been serving as the Interim CFO since March 7, 2023, will step down from his role.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:18 pm

RIBT

RiceBran Technologies has adopted a Tax Benefits Preservation Plan to protect the availability of its U.S. federal and state Net Operating Losses (NOLs) and other tax attributes.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:08 pm

AMZN

Amazon's CEO, Andy Jassy, in a CNBC interview, stated that there are no plans to spin out Amazon Web Services (AWS).

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:25 pm

FSLR

JPM

First Solar Inc (FSLR) announced the establishment of a five-year revolving credit and guarantee facility worth $1 billion, with $250 million available for letters of credit. J.P. Morgan Chase Bank served as the Lead Arranger and Administrative Agent for the facility. The agreement supports First Solar's growth and liquidity objectives.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 8:21 pm

EVER

EverQuote, an online insurance marketplace, is planning to exit the health insurance sector. This move is expected to allow the company to focus more strategically and improve capital utilization.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:13 pm

EVER

EverQuote has announced plans to exit its health insurance vertical, which includes its marketplace and direct to consumer agency serving the Medicare and 'Under 65' health insurance market, and represented about 10% of the company's revenue in 2022. The company has also begun implementing a workforce reduction plan, which will result in severance charges of approximately $2.0 million to $3.0 million, primarily recognized in Q2 2023. EverQuote is also reviewing the potential impact of this decision on its balance sheet.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 8:13 pm