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Corporate Responsibility

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The latest report on the highest-paid CEOs of S&P 500 companies in 2023 reveals significant pay increases for several top executives, particularly in the technology sector. Notable mentions include Hock Tan of Broadcom, Nikesh Arora of Palo Alto Networks, and Tim Cook of Apple. The report also highlights the disparity between CEO pay and median worker pay, a topic of legislative interest.

Portfolio Pulse from Chris Katje

May 23, 2024 | 7:56 pm

DRI

LULU

Red Lobster, once the largest seafood restaurant chain, has filed for Chapter 11 bankruptcy. The chain, previously owned by Darden Restaurants Inc (NYSE:DRI), is auctioning off kitchen equipment but will not fully shut down. Issues like the 'Endless Shrimp' promotion and frequent leadership changes contributed to its downfall. Thai Union, a major stakeholder and supplier, is also implicated in the chain's financial troubles.

Portfolio Pulse from Aaron Bry

May 23, 2024 | 6:36 pm

BHP

SHTLF

South32 Ltd, a mining company spun out of BHP Group, is interested in acquiring Anglo American's share of their jointly owned manganese assets. This move aligns with South32's strategy to expand its influence in the global metals market. BHP is also extending its bid for Anglo American, focusing on prized copper assets.

Portfolio Pulse from Stjepan Kalinic

May 23, 2024 | 6:35 pm

FDIS

TSLA

XLY

Tesla Inc. (NASDAQ:TSLA) has removed its target to sell 20 million vehicles annually from its latest impact report, indicating a shift in focus towards autonomy. The 2023 report highlights environmental impact, water use, and workforce initiatives but omits diversity metrics. Tesla sold 1.8 million vehicles in 2023 and plans to introduce cheaper models by late 2024. The company is also laying off over 10% of its global workforce to cut costs. Tesla stock has lost more than 7% in the last 12 months, and shares are currently trading lower by 2.91% at $174.87.

Portfolio Pulse from Shivani Kumaresan

May 23, 2024 | 5:57 pm

PFE

Pfizer Inc. (NYSE:PFE) has announced a $1.5 billion cost reduction initiative to be completed by 2027, building on a previous $4 billion plan. The initiative aims to enhance operational efficiencies and improve the product portfolio. Despite a recent 2.6% rise in share price, Pfizer's stock remains down 24% over the past year. The company has raised its annual earnings forecast and reported a better-than-expected first-quarter profit, partly due to cost reductions. Technical indicators suggest a bullish outlook for Pfizer stock in the near term.

Portfolio Pulse from Surbhi Jain

May 23, 2024 | 5:36 pm

MICS

The Singing Machine shares are trading lower after the company announced it authorized management to explore a range of corporate transactions.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 4:49 pm

TD

TD Bank has terminated over a dozen employees due to conduct issues related to anti-money-laundering failings. Some of these employees in the U.S. are facing criminal charges.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 4:38 pm

TSLA

Elon Musk discussed the future impact of AI, suggesting that in a 'benign' scenario, AI could lead to widespread job displacement, necessitating a universal basic income. This could have significant implications for companies like Tesla (TSLA) that are heavily invested in AI technologies.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 4:25 pm

MS

Morgan Stanley shares are trading lower after Executive Chairman James Gorman announced he would step down on Dec. 31, 2024. Despite a smooth transition to new CEO Ted Pick and strong first-quarter revenues, the stock fell 1.04% to $99.69.

Portfolio Pulse from Nabaparna Bhattacharya

May 23, 2024 | 4:16 pm

AAPL

Apple is facing allegations from the Democratic Republic of Congo (DRC) that it is sourcing minerals from conflict areas in eastern Congo. Lawyers representing the DRC claim that minerals mined by armed groups are being smuggled through neighboring countries and may end up in Apple products. Despite Apple's claims of ethical sourcing, the DRC's lawyers argue that these claims lack verifiable evidence.

Portfolio Pulse from Stjepan Kalinic

May 23, 2024 | 3:52 pm