Streetbeat News

Corporate Responsibility

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

GL

Globe Life (GL) shares dropped following a report by Fuzzy Panda Research, alleging extensive insurance fraud within the company. The report claims that sales agencies involved in over $200 million of AIL's ALP, constituting more than 60% of AIL's new business, engaged in fraudulent activities such as writing policies for deceased or fictitious individuals, forging customer signatures, unauthorized bank withdrawals, and actuarial fraud. Additionally, it alleges illegal kickbacks to Globe Life executives exceeding $65 million.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:04 pm

SGBX

Safe & Green Holdings Corp. (NASDAQ:SGBX) has entered into a design/build agreement with Talent Services LLC for the design and production of eight modular units that meet the Department of Energy's Net-Zero Energy Ready Requirements. These units, ranging from one to three bedrooms, are expected to be delivered in North Carolina by Q4 2024. This project, potentially expanding to 600 units over seven years, aligns with Safe & Green's commitment to sustainable, modular construction.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:02 pm

AMZN

Amazon has appointed Andrew Ng, a prominent figure in artificial intelligence, to its Board of Directors. This move signifies Amazon's commitment to advancing its AI capabilities, leveraging Ng's extensive experience in the field.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:01 pm

FCOM

META

XLC

Meta Platforms, Inc. (NASDAQ:META) has introduced new safety features on Instagram to protect teenagers from 'sextortion' scams, including obscuring nude images and providing direct reporting options. The initiative aims to enhance online safety for teens, with a global launch planned for teen accounts. Meta's move, which does not extend to WhatsApp and Messenger, follows previous efforts to safeguard teen users and comes amid broader scrutiny over child safety on its platforms. Meta's stock has seen significant growth, with over 143% gain in the last 12 months, and is part of ETFs like The Communication Services Select Sector SPDR Fund (NYSE:XLC) and Fidelity MSCI Communication Services Index ETF (NYSE:FCOM).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 12:44 pm

INBS

Intelligent Bio Solutions' subsidiary, Fingerprinting, has been granted a new European patent with unitary effect for its DSR-Plus Cartridge Reader. This development could enhance the company's competitive edge in the European market by protecting its innovative technology.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:44 pm