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Corporate Responsibility

FDX

A tornado caused a partial collapse of a FedEx facility in Portage, Michigan, trapping up to 50 employees. All were successfully evacuated with no serious injuries reported. The incident highlights the importance of emergency preparedness and inter-agency cooperation. FedEx is working on contingency plans to mitigate service impacts.

Portfolio Pulse from Aaron Bry

May 08, 2024 | 3:37 pm

EIS

SPY

U.S. Defense Secretary Austin emphasized the importance of Israel accounting for civilians in the Rafah 'battlespace', highlighting U.S. expectations for operational conduct.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:46 pm

IBM

SAP

IBM and SAP SE have announced an expansion of their collaboration to include new generative AI capabilities and industry-specific cloud solutions aimed at enhancing client productivity and innovation. This partnership, known as the Value Generation initiative, is designed to help clients optimize business outcomes, accelerate innovation, and gain competitive advantage by becoming next-generation enterprises.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:04 pm

LYB

LyondellBasell is exploring strategic options for its European assets, focusing on aligning its operations with circularity and net zero ambitions. This move indicates a shift towards sustainability and may involve divestitures, partnerships, or operational adjustments in Europe.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:03 pm

FRME

First Merchants Corporation announced the appointment of Jean L. Wojtowicz as the new Chair of the Board of Directors for both First Merchants Corporation and First Merchants Bank, effective May 7, 2024. She succeeds Charles E. Schalliol, who is retiring after 17 years in the role. Wojtowicz, with 20 years on the board and a background in financial management as the founder and President of Cambridge Capital Management Corporation, is set to focus on navigating the financial landscape to ensure long-term stability and growth for stakeholders.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:03 pm

INTC

QCOM

Qualcomm has confirmed reports that the U.S. has revoked its and Intel's export licenses to sell to Huawei, a major Chinese tech company. Qualcomm stated its commitment to comply with all applicable export control regulations.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:57 pm

NODK

NI Holdings, Inc. (NASDAQ:NODK) has agreed to sell its commercial insurance subsidiary, Westminster American Insurance Company, for $10.5 million in cash to a private party. The sale, approved by the Board of Directors and pending regulatory approval, is expected to close in 2024. The proceeds are intended for general corporate purposes. This decision reflects a strategic shift for NI Holdings due to significant market changes, including impacts from the COVID-19 pandemic, inflation, tort liability rulings, and the reinsurance market. The company aims to refocus on its core businesses to improve returns.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:11 pm

ADBE

Adobe has launched Acrobat AI Assistant, a generative AI-powered tool for enterprise customers, enhancing productivity in document management. This new feature, available as an add-on subscription for all Reader and Acrobat enterprise and individual customers, integrates seamlessly into Acrobat workflows across desktop, web, and mobile. It enables employees to generate insights and create various documents with ease, backed by enterprise-grade data security and governance.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:07 pm

OTEX

Open Text Corporation (OTEX) has completed a $2 billion debt reduction using proceeds from its AMC divestiture. This includes $940 million to terminate its Term Loan B due 2025 and $1.06 billion to reduce its Acquisition Term Loan due 2030.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:07 pm

BOOT

Spruce Point Capital Management issued a critical report on Boot Barn Holdings, Inc. (NYSE:BOOT), highlighting concerns about the CEO's background, the company's omnichannel marketing, ecommerce, customer growth, and new store unit economics. The report questions the portrayal of new stores and the impact of cultural phenomena on sales, identifies financial restatements in associated companies, and predicts a 40% to 50% long-term downside risk to BOOT's share price.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 1:02 pm