Streetbeat News

Corporate Responsibility

TSLA

Tesla (TSLA) has initiated another round of layoffs, affecting employees across various departments including software, service, and engineering. This follows a series of layoffs over the last three weeks, with the total number potentially reaching 20% of its workforce. The layoffs were anticipated after the firing of Rebecca Tinucci and her team, with CEO Elon Musk citing hiring inefficiencies, role duplication, and a need for restructuring for growth as reasons. This comes amid Tesla's recent poor financial performance due to lower-than-expected vehicle deliveries.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 3:28 pm

RTX

SAVE

A Spirit Airlines executive mentioned during a conference call that the airline could conclude 2025 with approximately 70 aircraft grounded due to issues with Pratt & Whitney engines.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:44 pm

SAVE

Spirit Airlines plans to furlough up to 260 pilots in September as part of its right-sizing initiatives to achieve a $100M cost reduction goal. The company aims to resolve issues with loyalty bond and convertible notes holders this summer. The impact of Pratt engine issues on Spirit's business is significant, as stated in their conference call.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:41 pm

ALE

CSB

WCEO

ALLETE, Inc. (NYSE:ALE) has agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners for $6.2 billion, including debt. The deal, at $67.00 per share in cash, represents a premium over recent share prices and is expected to close in mid-2025. Post-acquisition, ALLETE will become a private company. The acquisition is seen as a move to bolster ALLETE's clean energy initiatives. ALLETE's recent financial performance showed a miss on both EPS and sales estimates. Investors can gain exposure to ALLETE through ETFs like CSB and WCEO.

Portfolio Pulse from Lekha Gupta

May 06, 2024 | 2:39 pm

MSFT

Microsoft is preparing to launch a new AI model named MAI-1, aiming to compete directly with Google and OpenAI. This move signifies Microsoft's commitment to advancing in the AI technology race and positions it as a key player against significant competitors.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 2:23 pm

SPCE

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has initiated operations at its new Delta spaceship ground testing facility in Southern California, featuring an 'Iron Bird' test rig for subsystem verification. This move marks a significant step in the development of the Delta Class spaceships, aiming to streamline production and enhance safety. The facility will test and validate various subsystems, including avionics and hydraulics, to expedite the Delta Class development. Virgin Galactic plans to increase the testing scope throughout the year, supporting a transition from prototype to production model and maintaining the 2026 commercial service launch timeline.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:57 pm

EMN

SEE

Eastman and Sealed Air have partnered to develop certified compostable protein trays, offering a sustainable alternative to traditional polystyrene trays. This collaboration highlights the commitment of both companies to sustainable innovation in packaging solutions.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:49 pm

LDWY

Lendway has appointed Elizabeth McShane as its new Chief Financial Officer. This strategic move could signal a strengthening of Lendway's financial leadership and potentially drive future financial strategies and growth.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:14 pm

NVAX

Novavax has responded to Shah Capital, stating it values shareholder input on its strategy and believes it has the right board to oversee the company's direction, according to a spokesperson cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:11 pm

MULN

Mullen Automotive, Inc. (NASDAQ: MULN), an electric vehicle manufacturer, announced the adoption of a limited duration stockholder rights plan, effective immediately and expiring on May 1, 2025. This Rights Plan aims to ensure fair and equal treatment of all stockholders, protect the company from control attempts without a premium, and is not a financing transaction. No new shares or convertible securities are being issued in connection with this plan.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:05 pm