Streetbeat News

Corporate Responsibility

NPAB

James Bradley has resigned as CFO of New Providence Acquisition Corp II, according to an SEC filing on April 2.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:11 pm

MEI

Methode Electronics announced the retirement of CFO Ronald Tsoumas effective July 12, 2024. The company is searching for a successor with an executive search firm's help. If no successor is found by then, David Rawden from AlixPartners will serve as interim CFO.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:06 pm

BE

Bloom Energy, a leading company in fuel cell electricity production, is set to receive up to $75 million in federal tax credits. This funding aims to expand and enhance the operating efficiency of its manufacturing plant in Fremont, California.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:03 pm

JPM

JPMorgan Chase CEO Jamie Dimon highlighted the transformative potential of artificial intelligence (AI) in his annual letter, comparing its impact to historical inventions like the printing press and steam engine. He noted JPMorgan's active use of AI and machine learning in over 400 use cases across various business areas, emphasizing the technology's role in enhancing operations, employee productivity, and customer service. Dimon expressed optimism about AI's ability to augment jobs and potentially change workforce composition, despite acknowledging possible job reductions in certain areas.

Portfolio Pulse from Chris Katje

April 08, 2024 | 7:19 pm

JWN

Nordstrom Inc. has appointed Lori Marten as the Executive Vice President and General Merchandising Manager of Nordstrom Rack, its off-price division. This move is part of Nordstrom's strategy to focus on growth and profitability, with plans to open 22 new Rack stores in addition to the 19 opened in 2023. Marten, a 25-year retail veteran, will lead the merchandising team and drive the merchandise strategy for both Nordstrom Rack stores and NordstromRack.com. The company reported a 14.6 percent increase in Rack's sales in the fourth quarter, contributing to Nordstrom's net earnings of $134 million for the quarter.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 4:47 pm

AAOI

Applied Optoelectronics, Inc. (AAOI) has reached a settlement in its patent infringement lawsuit against Molex, LLC. This resolution may impact AAOI's financial and market position positively, as it potentially safeguards its intellectual property and could lead to financial compensation or beneficial terms.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 4:43 pm

TSLA

In an interview on X Spaces, Tesla CEO Elon Musk discussed with Norges Bank CEO that the main constraints on AI development are the supply of voltage transformers and the availability of electricity. This highlights challenges in scaling AI technologies.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 4:07 pm

AGR

Avangrid, Inc. (NYSE:AGR) and Statkraft have signed a Virtual Power Purchase Agreement (VPPA) for Renewable Energy Certificates (RECs) from Avangrid's Streator Cayuga Ridge South Wind Farm in Illinois. This marks the first U.S. agreement between Avangrid and Statkraft, expanding their partnership beyond Europe. The VPPA aims to support the clean energy transition and manage merchant risk at Avangrid's renewable energy facilities.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 4:03 pm

AGCO

AGCO Corporation (NYSE:AGCO) announced the launch of PTx, a new precision ag technology brand, combining technologies from Precision Planting and the new joint venture, PTx Trimble. PTx aims to accelerate AGCO's technology transformation, offering retrofit and factory-fit solutions to farmers globally through specialized dealers and OEM partnerships. The initiative is led by Seth Crawford and aims to provide seamless, intelligent, and farmer-centric technologies. The JV with Trimble was completed on April 1, 2024, with Andrew Sunderman named as General Manager of PTx Trimble.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 3:52 pm

AMD

AOTG

INTC

NVDA

SOXQ

Advanced Micro Devices, Inc (NASDAQ:AMD) announced plans to open-source the MES firmware for Radeon GPUs, enhancing control over graphics cards. This move is part of AMD's strategy to increase open-source accessibility of its GPU technology. The initiative is significant for Tiny Corp and could allow AMD to integrate third-party chiplets, offering more modular computing solutions. Analysts anticipate significant revenue growth for AMD, citing its MI300s as a growth catalyst and its CPUs' dominance in cloud servers. AMD's stock has seen over a 78% increase in the last 12 months, with exposure to AI beneficiaries available through AOT Growth And Innovation ETF (NASDAQ:AOTG) and Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ).

Portfolio Pulse from Anusuya Lahiri

April 08, 2024 | 2:56 pm