Streetbeat News

Corporate Responsibility

BLNK

FDIS

TSLA

XLY

Elon Musk's decision to overhaul Tesla's EV charging team and cut about 500 people may disrupt the Biden administration's EV infrastructure plans. This move has led to a surge in inquiries from landlords to other charging companies and could impact the National Electric Vehicle Infrastructure (NEVI) program's rollout. Tesla's strategy shift may also create opportunities for competitors like Blink Charging. Tesla's stock and exposure through ETFs like XLY and FDIS could be influenced by these developments.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 2:46 pm

LCID

NKLA

RIVN

Rivian, Lucid, and Nikola are implementing cost-cutting measures and strategic adjustments to navigate a challenging market, aiming for profitability amid slowed EV adoption and increased competition. These efforts include job cuts, production optimizations, and capital expenditure reductions. Despite these efforts, Rivian and Lucid reported wider Q1 losses than expected, while Nikola beat expectations slightly but with lower revenue. The companies are focusing on cash preservation and operational efficiency to survive the 'EV winter'.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:46 pm

TSLA

Climate protesters attempted to break into Tesla's factory in Germany, leading to multiple arrests. The incident highlights the ongoing tension between environmental activists and the electric vehicle manufacturer.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:43 pm

SPY

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, highlighted the strength of the U.S. technology sector as a key reason for the U.S. dollar's status as the world's reserve currency. This statement underscores the importance of the tech industry in maintaining the economic and financial leadership of the United States on the global stage.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:30 pm

TGT

VDC

XLP

Target Corp (NYSE:TGT) has decided to limit the sale of LGBTQ-themed products in certain stores during Pride Month, opting instead to offer the full range online. This decision follows a backlash that affected its revenue, with the company moving Pride displays to less prominent locations in some Southern stores last year. Target's approach aims to balance customer feedback and market research. Despite challenges, including a wave of anti-LGBTQ legislation, Target remains committed to supporting the LGBTQ+ community. The company reported a 1.7% revenue growth in Q4 FY23. Target's stock, part of ETFs like Vanguard Consumer Staples ETF (NYSE:VDC) and Consumer Staples Select Sector SPDR Fund (NYSE:XLP), has risen over 4% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 2:10 pm

RMCF

Rocky Mountain Chocolate Factory's CFO, A. Allen Arroyo, is set to resign on May 17, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 1:10 pm

NVAX

A Novavax executive revealed expectations for data readouts for their combination COVID-Flu shot and standalone Flu vaccine by mid 2025. They also anticipate that royalties and milestones from their deal with Sanofi will surpass the value of their own commercial efforts. The transition from an innovator to a commercial business has been challenging for the company.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 1:06 pm

QTWO

Q2 Holdings has announced the appointment of its CEO, Matt Flake, as the new chairman, succeeding R.H. Seale. This leadership change could signal a strategic shift or continuity in the company's direction, impacting investor sentiment and potentially the stock's performance.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 1:03 pm

EQBK

Equity Bancshares, Inc. (NYSE:EQBK) announced the promotion of Richard M. Sems to CEO and Julie A. Huber to COO of Equity Bank, aiming to align the bank for future growth.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:32 pm

BOC

Boston Omaha Corporation announced the departure of Co-CEO and Co-Chair Alex Rozek, effective May 9, 2024. Adam Peterson will continue as the sole Chair and CEO, leading the diversified company into its next phase.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:08 pm