Streetbeat News

Corporate Responsibility

SYY

Sysco Corporation (NYSE:SYY) announced Kevin Hourican's appointment as Chair of the Board, succeeding Edward D. Shirley who stepped down due to health reasons. Hourican will retain his CEO role, emphasizing the company's resilience and strategic growth. Larry Glasscock is appointed Lead Independent Director, with John Hinshaw taking over his previous role in the Corporate Governance and Nominating Committee.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:03 pm

VNCE

Vince Holding announced a transformation program aimed at enhancing its margin profile, projecting over $30M in savings over the next three years, with around $10M expected in FY24.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:40 am

VNCE

Vince Holding Corp. anticipates a decline in Q1 fiscal 2024 net sales in the high-single-digit range, with a full-year fiscal 2024 net sales increase in the low-single-digit range. The company aims to improve profitability in fiscal 2024 through strategies like reducing promotions and pulling back from the off-price channel. The Authentic Transaction completed in May 2023 introduces new royalty fees, impacting year-over-year comparisons and operating margins. Q1 operating margin is expected to decline by 400 to 375 basis points, while the full-year operating margin for fiscal 2024 is projected to be flat to up 25 basis points.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:39 am

SCL

Stepan Company announced it is on track to achieve its $50M cost reduction goal for 2024, having already realized $18M in pre-tax savings in the first quarter. This progress underscores the company's commitment to improving its financial health and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:04 am

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares surged after CEO Elon Musk's unexpected visit to China, meeting Premier Li Qiang and other officials, sparking a series of positive announcements. Future Fund's Gary Black speculates this effort is to secure approval for Musk's 2018 compensation plan at the 2024 shareholder meeting, especially after a positive Q1 earnings call and a deal with Baidu ($BIDU). Tesla's recent proxy statement calls for a re-vote on Musk's compensation plan, previously rescinded by a court. Tesla's stock fell over 2% in premarket trading following a 15% rise.

Portfolio Pulse from Shanthi Rexaline

April 30, 2024 | 11:03 am

ZBRA

Zebra Technologies is implementing its 2024 Productivity Plan and Voluntary Retirement Plan to achieve $120M in annual savings. The company anticipates $50M in savings in 2023, an additional $25M in Q1 2024, and a total of $60M for the full year 2024. The Exit and Restructuring plans will cost approximately $130M, with $120M already incurred by Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:39 am

META

MSFT

The 'GPT2-Chatbot' has recently gained attention for potentially outperforming OpenAI's GPT-4 in various tasks, including solving an International Math Olympiad problem and complex reasoning tasks. OpenAI CEO Sam Altman expressed a 'soft spot' for GPT2, hinting at its significance. Amidst speculation about its origins, some believe it could be an OpenAI creation, while others think it might come from a different entity. This development occurs as OpenAI prepares to launch GPT-5, expected to be a major upgrade over GPT-4, with Microsoft possibly integrating it into its Copilot Pro subscription. Meanwhile, Meta Platforms has introduced its Llama 3 model, claiming superior performance in benchmarks, though GPT-4 was not included in its comparisons.

Portfolio Pulse from Rounak Jain

April 30, 2024 | 10:38 am

OCSL

Oaktree Specialty Lending Corporation (OCSL) has announced a reduction in its permanent base management fee from 1.5% to 1% on gross assets, aiming to enhance shareholder value.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:05 am

CLOD

IGV

ORCL

Oracle Corp. (NYSE:ORCL) has more employees in California than in its Texas headquarters, despite moving there three years ago. Chairman Larry Ellison announced another move to Nashville, citing the city's healthcare sector prominence and quality of life. Despite the headquarters shift, Oracle maintains significant operations in California and has more employees in Missouri following the acquisition of Cerner in 2022. Oracle's stock has gained over 22% in the last 12 months, with exposure through Themes Cloud Computing ETF (NASDAQ:CLOD) and IShares Expanded Tech-Software Sector ETF (BATS:IGV).

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 9:52 am

EAF

Institutional Shareholder Services Inc. (ISS) released a report on April 26, 2024, supporting shareholder concerns about GrafTech (EAF), highlighting the company's significant underperformance and destruction of shareholder value since its IPO on April 19, 2018. The report underscores the urgent need for change at GrafTech, citing poor Total Shareholder Return (TSR) compared to peers and relevant indexes over various periods.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 8:25 am