Streetbeat News

Corporate Responsibility

GTI

Graphjet Technology announced the immediate resignation of CFO Tham Choi Kuen due to health reasons. Aiden Lee Ping Wei, the current CEO, will serve as interim CFO, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 8:10 pm

INTS

Intensity Therapeutics received a Nasdaq non-compliance letter due to Daniel Donovan's resignation from the Audit Committee, violating Nasdaq Listing Rule 5605, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 8:05 pm

AMZN

Amazon.com's senior vice president of advertising products and tech, Colleen Aubrey, is stepping aside for a new, yet undisclosed role within the company. Aubrey, a key member of Amazon's 'S-team' advising CEO Andy Jassy, has contributed to the company's advertising sales growth, which saw a 24% increase to $47 billion in 2023 from $38 billion in 2022. The company has also expanded its advertising reach by including ads in its Prime Video service. Details about Aubrey's successor or the reasons for the change have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 7:59 pm

AA

CMP

NEM

USAU

U.S. Gold (NASDAQ:USAU) closed a $4.9M offering, aiming to boost its CK project in Wyoming. Compass Minerals (NYSE:CMP) faces an investigation by Glancy Prongay & Murray LLP due to potential federal securities law violations after a 17.1% stock drop, linked to the U.S. Forest Service's decision against using its fire retardants. Newmont (NYSE:NEM) appointed Francois Hardy as CTO, enhancing its executive leadership. Analysts have updated Alcoa's (NYSE:AA) ratings and price targets following its Q1 earnings, with mixed views on its stock value.

Portfolio Pulse from austin@walkonholdings.com

April 19, 2024 | 7:51 pm

NKE

Nike announced it will lay off 740 workers at its Oregon headquarters as part of a second wave of mass layoffs, following a previous announcement by CEO John Donahoe of a 2% workforce reduction. The layoffs, which are part of a broader restructuring effort aimed at cutting $2 billion in costs over three years, do not affect Nike's store, distribution center, or U.S. manufacturing facility employees. This move comes amid a sales slump and market share loss to competitors, with Nike projecting only a 1% sales increase for the fiscal year ending May 31 and expecting sales to decline in the following six months before a projected acceleration due to new product launches.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 6:47 pm

LULU

Lululemon Athletica plans to close a smaller distribution center in Sumner, Washington by the end of 2024, leading to a reduction of just over 100 positions. Some employees will be retained and relocated to other facilities, including a distribution center in the Greater Los Angeles area.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 6:18 pm

DIS

NFLX

PARA

WBD

Warner Bros. Discovery Inc. (NASDAQ:WBD) CEO David Zaslav received a compensation of $49.7 million in 2023, a significant increase from the previous year, amid industry challenges such as strikes and workforce reductions. Despite these challenges, WBD exceeded cash flow projections by $1 billion due to strategic growth and cost-saving measures, although the stock faced a setback in the latest quarter. Zaslav's pay is in line with industry standards, comparable to Netflix Inc. (NASDAQ:NFLX) co-CEOs and other media executives.

Portfolio Pulse from Shivani Kumaresan

April 19, 2024 | 4:56 pm

GE

The New York State Agency announced it failed to reach final contract agreements with three offshore wind projects, citing General Electric's decision to scrap its 18 MW turbine as causing material changes to the proposed projects. This development could impact the progress and implementation of these offshore wind initiatives.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 4:52 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares surged following the announcement that CBI exchanged its common shares for exchangeable shares, leading to the resignation of three board members. This move is part of Canopy's USA strategy, aiming for acquisitions of Wana, Jetty, and Acreage. CGC's stock rose over 20% on Thursday and continued to climb in early trading Friday.

Portfolio Pulse from Erica Kollmann

April 19, 2024 | 4:16 pm

VNDA

Butler Hall Capital, owning 350,000 shares of Vanda Pharmaceuticals Inc. (VNDA), has urged VNDA's board to consider a sale following a bid from Future Pak, LLC, offering a 79.0%-91.4% premium over VNDA's April 16th, 2024 closing price. The bid, which includes a potential increase in cash consideration, comes as VNDA's stock has significantly underperformed, with declines of 52.9% and 42.9% in 2022 and 2023, respectively. Butler Hall criticizes the board's rejection of the offer and the management's compensation, especially given the company's poor stock performance and underutilization of its assets, including $6.75/share in net cash and the newly acquired Ponvory assets.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 4:12 pm