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Corporate Responsibility

FANG

U.S. oil companies, including Diamondback Energy Inc., are exploring the use of small nuclear reactors to power operations in Texas's Permian Basin. This initiative, led by a nonbinding letter of intent with Oklo Inc., aims to reduce carbon emissions and ensure reliable electricity. Oklo's advanced fission reactor technology is also being discussed with other oil firms.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 3:30 pm

AAP

TUP

Tupperware Brands Corp (NYSE:TUP) is experiencing delays in filing its annual and quarterly financial reports due to material weaknesses in internal control over financial reporting, significant attrition, and the loss of its accounting firm, PricewaterhouseCoopers. The company has appointed KPMG LLP as its new auditor for fiscal year 2023. Tupperware's recent quarterly report showed a revenue decrease of 14% and a net loss of $55.8 million. The company's shares are currently trading flat at $1.34.

Portfolio Pulse from Shivani Kumaresan

April 01, 2024 | 3:29 pm

BIG

Big Lots (NYSE:BIG) has opened two Asia-based buying offices in Shanghai, China, and Ho Chi Minh City, Vietnam, to enhance its product sourcing capabilities, including closeout deals and extreme bargains. This move is expected to generate significant operational cost savings starting in FY2024 by integrating its long-time third-party agent's sourcing team in-house. The initiative aims to strengthen Big Lots' overseas procurement and assortment optimization, supporting its strategy to offer new and expanded assortments at extreme value prices.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 3:00 pm

CGC

Institutional Shareholder Services (ISS) has recommended Canopy Growth shareholders to vote in favor of creating exchangeable shares to advance Canopy USA. This move, part of a strategy announced on October 25, 2022, aims to accelerate Canopy Growth's entry into the U.S. cannabis market by enabling the acquisition of U.S. THC businesses like Acreage Holdings, Mountain High Products, Wana Wellness, and others through Canopy USA. Approval of the proposal would lead to Canopy Growth deconsolidating Canopy USA's financial results and holding a non-controlling interest, accounted for as an equity method investment. The vote is scheduled for April 12, 2024.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 2:58 pm

DIS

Disney board member Carolyn Everson expressed her stance against appointing a 'highly disruptive' individual to the board, emphasizing her perspective as a shareholder. Her comments were reported by CNBC.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 2:48 pm

DIS

Disney board member Everson stated that the company's top priority is overseeing the succession process, with several internal and external candidates being considered for leadership roles, according to CNBC.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 2:44 pm

SAVE

Spirit Airlines Inc (NYSE:SAVE) shares surged after the company announced an agreement with International Aero Engines, providing Spirit with a monthly credit through 2024 due to GTF engine issues. This compensation is in response to the need for accelerated inspection and potential replacement of certain engine parts, identified by Pratt & Whitney last year. The financial impact of this agreement on Spirit's liquidity is estimated to be between $150 million and $200 million.

Portfolio Pulse from Adam Eckert

April 01, 2024 | 2:41 pm

D

The Virginia State Corporation Commission approved over a dozen new solar projects for Dominion Energy Virginia, totaling 764 MW of electricity, enough to power nearly 200,000 homes. These projects, including both owned and PPAs, will support over 1,600 jobs and generate $570 million in economic benefits. Dominion Energy's solar fleet will exceed 4,600 MW upon completion, making it the second largest in the nation. The projects are expected to be completed by 2026, with an estimated cost increase of $1.54 to the average residential monthly bill.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 2:03 pm

AAPL

On its 48th anniversary, Apple Inc. (NASDAQ:AAPL) reflects on a journey from a startup to a tech giant with a market capitalization that reached $3 trillion under CEO Tim Cook. Apple's stock, which debuted at $0.121652 in 1980, now stands at $171.48, marking a 140,859% increase. An initial $1,000 investment in Apple would now be worth $1,336,055. The company continues to innovate, with recent ventures into AI and the launch of the Apple Vision Pro headset.

Portfolio Pulse from Rounak Jain

April 01, 2024 | 1:58 pm

MP

MP Materials (NYSE:MP) has been awarded a $58.5 million tax credit to support the construction of America's first fully-integrated rare earth magnet manufacturing facility. This initiative is part of a competitive process overseen by the Department of Energy, aimed at enhancing technical, commercial viability, and environmental impact. The facility will produce neodymium-iron-boron (NdFeB) magnets, crucial for various applications including electric vehicles and defense systems. MP Materials plans to start commercial production of precursor materials in Fort Worth by this summer and finished magnets by late 2025, with General Motors as a foundational customer. The raw materials will be sourced from MP's rare earth mine in Mountain Pass, California, ensuring an end-to-end supply chain with integrated recycling and sustainability.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 1:09 pm