Streetbeat News

Corporate Responsibility

IDAI

Trust Stamp, a technology company specializing in biometric identity verification, announced it will be granted U.S. Patent No. 11,972,637 on April 30, 2024, for its 'Systems and Methods for Liveness-Verified, Biometric-Based Encryption.' This patent solidifies Trust Stamp's position in the market for secure and innovative identity verification solutions.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 3:09 pm

WFC

Wells Fargo & Company (NYSE:WFC) is set to release its Q1 earnings on April 12, 2024, with analysts forecasting a decrease in earnings per share to $1.09 from $1.23 and a slight drop in revenue to $20.2 billion from $20.73 billion year-over-year. The company also announced Jason M. Rosenberg as the new Head of Public Affairs. Ahead of the earnings call, analysts have revised their ratings and price targets for WFC, with mixed views on the stock's outlook.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 2:27 pm

SPOT

Spotify's press release highlights the success of Canadian music on its platform, noting that Canadian artists were discovered 3.8 billion times last year and royalties exceeded $435 million CAD from 2018 to 2023. The release criticizes the CRTC's outdated criteria for defining Canadian content, which excludes many successful artists due to the global nature of their collaborations. It mentions artists like Tate McRae and Ikky as examples of Canadian success stories not fitting the CRTC criteria. Spotify advocates for an updated definition of Canadian and Indigenous music to reflect the global success of Canadian artists, as their revenue on Spotify grew by over 15% in 2023, outpacing the global industry.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 2:13 pm

KMX

CarMax's CFO announced during a conference call that the company is reducing its 30-day money back guarantee to 10 days due to many consumers taking advantage of the policy before the 30-day mark. The CFO clarified that supply issues are not the concern, but rather the pricing of vehicles.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 2:05 pm

PPRUF

PPRUY

Kering SA has appointed Stefano Cantino as deputy CEO of Gucci to revitalize the brand. Cantino, with extensive experience at Louis Vuitton and Prada, will assume his role on May 2, reporting to Gucci's President and CEO, Jean-François Palus. This move comes as Gucci seeks to improve its performance, which has lagged behind competitors.

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 1:33 pm

BABA

CGRO

PDD

PGJ

Alibaba Group Holding Limited (NYSE:BABA) stock is on the rise following a report of co-founder Jack Ma supporting the company's restructuring and focus on AI technology to compete with PDD Holdings Inc (NASDAQ:PDD). Alibaba Cloud is offering significant discounts to international clients and plans to extend its AI platform to Singapore. The stock has fallen over 25% in the past year but saw a slight increase in premarket trading. Exposure to Alibaba stock can also be gained through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 1:30 pm

APO

PARA

SONY

SPOT

Four directors from Paramount Global (NASDAQ:PARA) are set to leave amid ongoing merger discussions with Skydance Media. The departures include high-profile executives from Spotify (NYSE:SPOT) and Sony (NYSE:SONY), and are happening as Paramount negotiates a potential merger with Skydance, valued at around $5 billion. Meanwhile, Apollo Global Management (NYSE:APO) had made a competing $26 billion offer, which was not pursued due to financing uncertainties. PARA shares dropped slightly in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 1:28 pm

INMD

BTL Industries, Inc. has filed a petition with the U.S. Patent Office to cancel all 58 claims of U.S. Patent No. 8,961,511, which is owned by InMode Ltd. BTL's CEO, David Chmel, stated they believe InMode's patent claims are invalid and have requested the initiation of invalidation proceedings.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:27 pm

TSLA

Wedbush analyst Dan Ives emphasized the critical role of Elon Musk in Tesla Inc.'s valuation, attributing 70% of the company's value to Musk. Despite recent stock downturns and negative impacts from Musk's actions and comments, Ives suggests Musk's continued leadership is vital for Tesla's success. He recommends Musk commit to a 3-5 year tenure as CEO to reassure shareholders, especially given the importance of Musk's contributions to Tesla's AI initiatives. Tesla's stock showed a slight pre-market increase despite a recent downturn following disappointing first-quarter deliveries.

Portfolio Pulse from Pooja Rajkumari

April 11, 2024 | 1:17 pm

AMSWA

American Software, Inc. (NASDAQ:AMSWA) announced an agreement to eliminate its Class B Common Stock, exchanging each share for 1.2 shares of Class A Common Stock. This move, subject to shareholder approval, aims to simplify the company's equity capital structure and improve corporate governance. The reclassification is part of efforts to enhance shareholder value and align voting rights with economic interests. The transaction requires approval from a majority of both Class A and Class B shareholders, with the Class B shareholder already agreeing to vote in favor.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:08 pm