Streetbeat News

Corporate Responsibility

TT

Trane Technologies (TT) has entered into a partnership with the U.S. Department of Energy to participate in a new Heat Pump Technology Challenge aimed at advancing building decarbonization. This initiative is part of a broader effort to promote energy efficiency and reduce carbon emissions in the building sector, which is a significant contributor to global greenhouse gas emissions. The collaboration underscores Trane Technologies' commitment to sustainability and its role in developing innovative solutions for environmental challenges.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:40 am

PARA

PARAA

Byron Allen has expressed interest in acquiring Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) with intentions to privatize the company before launching an IPO. Allen's interest comes amidst Paramount's potential merger with SkyDance and follows significant events including a $14.3 billion acquisition offer from Allen, the departure of CEO Bob Bakish, and a $26 billion bid from Sony Group Corp and Apollo Global Management Inc. Paramount's recent earnings surpassed EPS estimates but missed on revenue.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 10:35 am

WWW

Wolverine Worldwide announced Taryn Miller as its new CFO, effective May 9, 2024. Michael D. Stornant will retire after nearly 30 years but will assist Miller until early 2025 for a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:32 am

AZN

AstraZeneca (NASDAQ:AZN) has announced the global discontinuation of its COVID-19 vaccine, Vaxzevria, citing an oversupply of updated vaccines. The company has begun withdrawing the vaccine, halting production and supply due to reduced demand. This decision follows the acknowledgment of potential blood clotting side effects. Despite this, AstraZeneca reported a 17% increase in first-quarter sales to $12.68 billion, driven by product sales and alliance revenue, and is shifting focus towards respiratory and obesity drugs.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 10:23 am

OPY

Oppenheimer Europe, a subsidiary of Oppenheimer Holdings, announced the expansion of its European investment banking operations with the hiring of Dmitry Gladkov and Konstantin Derkatschew.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:14 am

LL

LL Flooring anticipates $13M in capital expenditures for FY24 amidst a challenging macroeconomic environment, with no financial guidance provided due to uncertainties. The company expects to maintain adjusted gross margins through cost management and strategic initiatives, despite pressures from inflation and a volatile interest rate environment. A potential sale leaseback of its Sandston, VA Distribution Center is being pursued to optimize the supply chain and improve liquidity.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:02 am

MSFT

Microsoft Corp (NASDAQ:MSFT) is closing its engineering center in Lagos, Nigeria due to economic challenges, impacting over 200 jobs. This decision reflects Microsoft's strategic adjustments amid global economic conditions, even as it continues to invest in AI and cloud services in other regions, including significant investments in the U.S., Indonesia, and Malaysia.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 10:01 am

ACMR

ACM Research, Inc. (NASDAQ:ACMR) has appointed David Kim as the CEO of ACM Research Korea, leveraging his over thirty years of experience in semiconductor manufacturing, including senior roles at Hyundai Electronics and SK Hynix.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 9:54 am

GLNCY

HAP

HJEN

SHEL

Shell plc (NYSE:SHEL) has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC, a joint venture between Chandra Asri Capital and Glencore Asian Holdings. The sale includes all assets and commercial contracts of Shell Energy and Chemicals Park Singapore. The decision follows a strategic review initiated by Shell in June 2023. The transaction, expected to complete by end of 2024, includes crude supply and products offtake agreements. Shell aims to high-grade its Chemicals and Products business, aligning with its commitment to deliver more value with fewer emissions.

Portfolio Pulse from Shivani Kumaresan

May 08, 2024 | 9:36 am

DIS

Byron Allen publicly supports Disney CEO Bob Iger, expressing confidence in his leadership amid the company's challenges, including a revenue miss and a decline in entertainment revenue. Allen's endorsement comes as Disney faces scrutiny over its future direction and succession plans. Despite these hurdles, Disney is adjusting its streaming and content strategy, with Iger optimistic about securing NBA rights. Disney's stock saw a significant increase, closing up 9.51% at $105.39.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 9:05 am