Streetbeat News

Corporate Responsibility

NSC

Norfolk Southern has issued a letter to its shareholders ahead of its Annual Meeting on May 9, 2024, advocating for the election of its 13 nominees using the white proxy card. The company emphasizes its goal to achieve a sub-60% operating ratio within three to four years, aiming to close the margin gap with its industry peers.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:32 pm

DMTK

DermTech plans to maintain laboratory operations while undergoing a strategic review, expecting a one-time restructuring charge of about $1.6 million in Q2 2024. The company is confident in its capacity to process orders for the DermTech Melanoma Test.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:20 pm

INSG

Inseego Corp. has voluntarily paid off and terminated its asset-backed loan facility with Siena Lending Group to enhance capital structure flexibility and reduce financing costs. This move eliminates the monthly fees and interest expenses on a principal amount of $8.5 million, saving the company $1.9 million in 2023 alone. With improved liquidity and financial performance, Inseego believes it can meet its working capital needs more efficiently. The company also paid termination fees and an exit fee to South Ocean Funding, LLC and North Sound Ventures, LP, affiliates holding over 5% of Inseego's stock.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:12 pm

TEVA

Teva Pharmaceuticals announced in an SEC filing that starting January 1, 2024, Canada will be excluded from Teva's North America segment, indicating a significant operational restructuring.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:09 pm

LUMO

Lumos Pharma has announced that abstracts reviewing data from its Phase 2 OraGrowth210 and OraGrowth212 trials will be presented at upcoming medical meetings. This development could indicate progress in their research and potential for future growth.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:08 pm

FOSL

Kanen Wealth Management (KWM) has sent a critical letter to Fossil Group's board, expressing concern over the company's slow execution of its Transform and Grow (TAG) plan and its failure to return to profitability. Fossil's shares have dropped approximately 80% since the announcement of TAG in February 2023. Despite efforts like closing stores and reducing headcount, Fossil reported a loss for the year. KWM, owning just under 4% of Fossil's 7% debt due in 2026, suggests more rapid actions to reduce expenses and proposes buying back baby bonds at a discount to improve capital allocation.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:31 pm

BPTS

Biophytis shares are trading higher following the announcement of a new Scientific Advisory Board to support its phase 2 OBA clinical study in obesity.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:27 pm

PRI

Primerica, Inc. (NYSE:PRI) has issued a statement refuting claims made by a blogger aimed at driving down its stock price, labeling the assertions as false and misleading. The company highlights its long-standing commitment to providing financial services to middle-income families in the U.S. and Canada, its significant insurance coverage, and the trust placed in it by millions of clients managing substantial investment volumes. Primerica emphasizes its adherence to industry standards and regulations, its high client satisfaction and loyalty ratings, and its confidence in the value it offers to clients and stockholders.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 6:38 pm

ALK

BA

HA

Alaska Airlines CEO Ben Minicucci, in a CNBC interview, expressed optimism about Boeing's quality plan and is hopeful for the completion of the Hawaiian Air merger later this year.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 5:29 pm

LGCOF

SSNLF

Samsung Group is implementing a six-day workweek for executives across all units to address business uncertainties, including currency depreciation, rising oil prices, and high borrowing costs, following disappointing results in 2023. This includes executives from Samsung Electronics Co. Ltd (OTC:SSNLF), which reported a significant operating loss in its semiconductor business. The move is part of a broader trend among South Korean conglomerates to navigate industry downturns and geopolitical risks.

Portfolio Pulse from Franca Quarneti

April 18, 2024 | 5:11 pm