Streetbeat News

Corporate Responsibility

NSC

Norfolk Southern has announced new productivity and accountability strategies, including adjustments to the executive compensation plan in response to shareholder feedback. These changes aim to enhance performance by holding management accountable for achieving key objectives.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 6:46 am

TSLA

U.S. Treasury Secretary Janet Yellen began her visit to China, focusing on strengthening economic relations while addressing concerns over China's manufacturing overcapacity and its global implications. Yellen emphasized the importance of a level playing field for American workers and firms and the need for open dialogue. She criticized China's industrial subsidies and expressed concerns over China's green energy exports potentially harming American firms. The visit highlights ongoing economic tensions, particularly in sectors like semiconductors, green energy, and electric vehicles (EVs), with companies like Tesla and BYD mentioned in the context of the growing EV market.

Portfolio Pulse from Benzinga Neuro

April 05, 2024 | 6:42 am

DIS

Nelson Peltz praised Elon Musk in a CNBC interview, highlighting Musk's brilliance and humility. Musk endorsed Peltz for Disney's board, aiming to improve its share price. This contrasts Musk's previous criticisms of Disney and CEO Bob Iger. Musk's support for Peltz came despite Disney's victory over Trian and Blackwells' nominees in a shareholder vote.

Portfolio Pulse from Ananya Gairola

April 05, 2024 | 5:44 am

TSLA

Elon Musk, CEO of Tesla Inc. and SpaceX, announced a 'major purge' on his social media platform X (formerly Twitter) to address the overwhelming explosion of adult content. This decision comes in response to user complaints about the excessive spam and adult content on the platform. Musk's announcement has raised concerns among users about potential follower count reduction, reminiscent of previous account purges for inactivity. The proliferation of explicit material on X, including scams and promotions for OnlyFans, has escalated, causing discomfort among users and raising concerns about the platform's ability to protect minors.

Portfolio Pulse from Ananya Gairola

April 05, 2024 | 4:19 am

GOOG

GOOGL

YouTube CEO Neal Mohan stated that if OpenAI used YouTube videos to train its AI model Sora, it would violate YouTube's policies. OpenAI CTO Mira Murati was unsure if YouTube content was used. YouTube's terms allow certain content to be used in accordance with its terms of service, but not video transcripts or bits. The controversy around OpenAI's Sora and its training methods has sparked discussions on data protection laws and ethical AI deployment.

Portfolio Pulse from Ananya Gairola

April 05, 2024 | 3:36 am

META

Meta Platforms Inc. (NASDAQ:META) is opposing the FTC's proposal to update a 2020 privacy agreement, citing its voluntary disclosure of technical issues in the Messenger Kids app and a $5.5 billion investment in privacy initiatives. Despite Meta's efforts, the FTC aims to tighten settlement terms, focusing on minors' data and facial recognition technology. Meta's legal challenges continue as it faces scrutiny over privacy practices, including a recent lawsuit against the FTC and allegations of data privacy breaches.

Portfolio Pulse from Ananya Gairola

April 05, 2024 | 2:08 am

AAPL

Apple Inc. has conducted its third significant round of layoffs this year, affecting over 600 employees in California. This restructuring follows the termination of its self-driving car and next-generation display projects. The layoffs included 87 employees from a facility focused on advanced screen technologies and 371 from the main car project office in Santa Clara. These cuts mark the end of two major 'moonshot' efforts by Apple, with the car project being scrapped due to executive indecision and escalating costs, and the display program facing engineering and supply chain challenges. Some employees were reassigned, but the majority faced job losses. This move indicates Apple's focus on prioritizing resources and streamlining operations, expected to generate significant cost savings.

Portfolio Pulse from Sudhanshu Singh

April 05, 2024 | 1:30 am

RBLX

Roblox Corp. (NYSE:RBLX) faces criticism for allegedly exploiting young developers by paying them a fraction of their in-game earnings. Roblox Studio head Stefano Corazza defends the platform, presenting it as an opportunity for global employment and income generation. Despite some developers making significant sums, the majority earn much less, with Roblox paying out less than 30% of game earnings to creators.

Portfolio Pulse from Franca Quarneti

April 04, 2024 | 10:04 pm

OLPX

Olaplex Holdings announced that CFO Eric Tiziani will step down on May 3 to pursue another opportunity. Paul Kosturos has been named Interim CFO, and the company has initiated an external search for a new CFO with a leading executive search firm.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 9:22 pm

EIS

President Joe Biden has called for an immediate ceasefire in the Gaza war, marking a significant shift in U.S. policy towards Israel. This comes after an Israeli military operation killed seven individuals associated with the World Central Kitchen. The White House demands concrete actions from Israel to address civilian harm and ensure the safety of aid workers. In response, Israel has committed to adjusting its military tactics and promised a swift inquiry into the incident. Israeli stocks, including the iShares MSCI Israel ETF (EIS), have seen a significant drop following these developments.

Portfolio Pulse from Piero Cingari

April 04, 2024 | 8:58 pm