Streetbeat News

Corporate Responsibility

LLY

Eli Lilly, during a conference call, stated that the proposed U.S. BIOSECURE Act could affect elements of the pharmaceutical supply chain. However, the company does not currently foresee this having a material impact on its business operations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 4:14 pm

CLVR

Clever Leaves Holdings Inc. (NASDAQ:CLVR) announced its plan to voluntarily delist from NASDAQ due to financial strains, aiming to reduce operational costs and regulatory compliance burdens. The delisting process is set to begin around May 6, with the final trading day on NASDAQ expected around May 16. This move is part of a broader restructuring plan, following a 60% plunge in share value since the announcement. Despite a revenue increase and operational efficiencies reported in 2023, the company faces challenges in the cannabis industry.

Portfolio Pulse from Rolando García

April 30, 2024 | 4:09 pm

PARA

Paramount Global reported Q1 results with revenue missing estimates and EPS beating estimates. The company announced CEO Bob Bakish's departure, replaced by a 3-person team. Analysts are divided on Paramount's value, citing uncertainty around potential merger activity and leadership changes. Bank of America sees shares as volatile, KeyBanc highlights a potential merger with Skydance impacting Class B shareholders, Needham downgrades due to leadership and strategic uncertainty, and Benchmark suggests a deal may be imminent but remains optimistic.

Portfolio Pulse from Chris Katje

April 30, 2024 | 4:07 pm

MMM

3M announced in a Q1 2024 SEC filing that it has approved and committed to actions affecting approximately 500 positions, leading to a pre-tax charge of $104M.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:46 pm

INGR

LBB Specialties announces a principal partnership with Ingredion Incorporated (NYSE:INGR), becoming the exclusive channel partner in the U.S. and Canada for Ingredion's personal care product portfolio, including FARMAL bio-based polymers and NATIVACARE natural polymers. This collaboration aims to enhance LBB Specialties' commitment to innovation and sustainability, offering high-quality, nature-based solutions for the personal care industry. Ingredion's portfolio is recognized for its plant-based solutions that meet consumer demands for clean, sustainable, and effective personal care ingredients.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:28 pm

LVMHF

LVMH has 'strongly' denied reports that it is exploring options for the Marc Jacobs brand, according to Reuters. This denial comes in response to speculation about potential strategic moves for Marc Jacobs.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:13 pm

WFC

Wells Fargo's CEO announced the bank's ongoing commitment to upgrading its branch network, signaling continued investment in physical locations to enhance customer service and banking experience.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:11 pm

WMT

Walmart has inaugurated a new high-tech consolidation center in Minooka, Illinois, spanning over 492,000 square feet and expected to create 700 jobs. This facility, the third of its kind in Walmart's supply chain, will utilize automated technology to triple the volume throughput and enhance supply chain efficiency. It aims to ensure product availability across all 4,700 Walmart stores by facilitating small to medium-sized regional suppliers. The technology will also streamline purchase order fulfillment for suppliers, reduce lead times, and enable faster delivery, with the savings potentially passed on to customers through lower prices.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:03 pm

C

Citi CEO announced at the annual meeting that the firm will become smaller, with fewer employees, planning to manage headcount reduction through attrition.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:02 pm

C

Citigroup CEO Fraser announced at the annual meeting that the decision to exit the municipal bond business was due to the economics not being viable for increasing returns. The bank remains committed to its six largest retail markets in the U.S., including NYC, emphasizing the importance of retail banking as a feeder to its wealth business. Fraser also mentioned efforts to make Citi a more conducive workplace, which is expected to positively impact morale.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:01 pm