Streetbeat News

Corporate Responsibility

NSC

Key regulators, including the U.S. Department of Transportation (DOT) and the Surface Transportation Board (STB), have expressed support for Norfolk Southern Corporation's (NYSE: NSC) leadership and strategy, emphasizing the company's focus on safety and service. They have raised concerns about Ancora's plan for NSC, warning it could jeopardize safety and service. The DOT and STB's statements highlight Norfolk Southern's progress in safety and service improvements, while criticizing Ancora's approach and potential impact on the railroad's performance and the broader economy.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:05 pm

RKT

Rocket Cos. has appointed Shawn Malhotra, a former Thomson Reuters executive, as its new Chief Technology Officer (CTO) to lead its companywide artificial intelligence (AI) efforts. This strategic move aims to unify and accelerate Rocket's AI initiatives across its portfolio, including Rocket Mortgage, Rocket Homes, and Rocket Money. Malhotra's role will focus on data science, product engineering, technology operations, and information security, with a primary emphasis on AI to enhance the home-buying experience. The appointment follows the departure of Rocket Mortgage's CIO, Brian Woodring, and is part of Rocket's broader strategy to integrate technology into its core operations.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:03 pm

MSTR

Michael Saylor, MicroStrategy's executive chairman, criticized the current global financial system for being outdated and championed Bitcoin as a superior digital asset, calling it 'digital gold' and the 'apex property of the human race.' He emphasized Bitcoin's attributes like decentralization, scarcity, and security, advocating for a financial system overhaul to accommodate the digital era. His views were shared at a conference attended by Fortune 1000 company representatives, highlighting the need for a system that reflects the digital age's proficiency.

Portfolio Pulse from Murtuza Merchant

May 06, 2024 | 4:37 pm

AMGN

Amgen's CEO, Robert Bradway, discussed innovation in healthcare at the Milken Conference, highlighting the company's efforts to gain approval for a small cell lung cancer treatment and to transform the understanding of obesity and its related diseases.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:31 pm

SBFM

Sunshine Biopharma announced the dismissal of Borgers as its independent accountant following Borgers' settlement with the SEC.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:22 pm

AMADY

Amadeus announced that CFO Till Streichert will step down in Q3 of 2024. Luis Maroto, the current CEO, will temporarily take over the CFO responsibilities in addition to his existing duties. The transition indicates a significant change in the company's financial leadership.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 3:33 pm

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