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UBER

Uber has acknowledged the existence of near-term challenges in its Freight category but remains optimistic about its long-term prospects. The company believes that its technology, shipper platform, and marketplace flywheel will provide a sustainable cost advantage and drive profitable growth over time.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:02 am

FSRN

MGA

Fisker Inc's Austrian unit, Fisker GmbH, has filed for bankruptcy protection in Austria, aiming to restructure and protect its business. This move does not affect other Fisker entities. The company has been facing financial difficulties, with its shares delisted from the NYSE and a significant cash shortage. Fisker manufactures its Ocean SUV at Magna International's plant in Graz, Austria.

Portfolio Pulse from Anan Ashraf

May 08, 2024 | 11:01 am

ALB

MLM

Albemarle has entered into an innovative agreement with Martin Marietta Materials for the beneficial use of extracted limestone from Albemarle's proposed Kings Mountain Mine project. This collaboration highlights a strategic partnership aimed at utilizing resources efficiently and could signal positive environmental and operational synergies between the two companies.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:52 am

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