Streetbeat News

Corporate Responsibility

CC

Chemours shares are trading higher, potentially rebounding from last week's decline. The drop was attributed to the company's announcement of identifying four material weaknesses in its internal control over financial reporting.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:37 pm

ONB

Old National Bancorp's shares are trading lower following the announcement that the company has placed its CFO on leave.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:25 pm

NVEI

Nuvei Corporation (NASDAQ:NVEI) (TSX:NVEI) is set to go private in an all-cash transaction led by Advent International, with support from shareholders Philip Fayer, Novacap, and CDPQ. The deal values Nuvei at approximately $6.3 billion, offering $34.00 per share, a significant premium over its recent trading prices. The transaction, expected to close by early 2025, will see Nuvei continue operations in Montreal under the leadership of CEO Philip Fayer. This move is anticipated to leverage Advent's resources and expertise in the payments sector, aiming for global expansion and innovation.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:32 pm

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