Streetbeat News

Corporate Responsibility

AAPL

Epic Games announced that Apple has reinstated its developer account, allowing Epic Games to submit apps to the Apple App Store once again. This development follows a period of contention between the two companies, which began when Epic Games attempted to bypass Apple's in-app purchase system, leading to its developer account being suspended.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 5:53 pm

FL

NKE

Foot Locker (NYSE:FL) shares plummeted nearly 30% following a holiday loss and a delay in achieving its profitability goal, as it aims to reduce reliance on Nike (NYSE:NKE). Despite a sales increase to $2.38 billion in Q4, Foot Locker reported a significant loss due to heavy promotions. The company also adjusted its fiscal year outlook and delayed its $9.5 billion annual sales target to 2028. Efforts to diversify away from Nike and enhance its omnichannel presence are ongoing but challenging.

Portfolio Pulse from Upwallstreet

March 08, 2024 | 5:37 pm

BABA

CGRO

PGJ

Alibaba Group Holding Limited (NYSE:BABA) announced a leadership change in its gaming division, Lingxi Games, to bring in younger management, aligning with its 2023 strategy for a dynamic startup culture. This is part of Alibaba's broader restructuring into a holding company model. The leadership shift includes the departure of Zhan Zhonghui and two other executives, with Zhou Bingshu taking over. Lingxi Games, known for the successful mobile game "Three Kingdom Tactics," reflects the potential impact of this transition. Alibaba's various activities, including AI investments and a cloud computing discount campaign, aim to stimulate consumer spending, with potential benefits from NPC policies. Investors can gain exposure to Alibaba through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO). BABA shares were up 0.84% at $73.15 in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 08, 2024 | 4:28 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) has reported an ongoing cyberattack by Russian state-sponsored hackers, known as Nobelium or 'Midnight Blizzard', who have stolen some of Microsoft's source code by spying on senior executives' email accounts. The attack, which is a continuation of the group's activities including the SolarWinds breach, has not compromised customer-facing systems, but Microsoft is taking measures to assist potentially affected customers.

Portfolio Pulse from Rounak Jain

March 08, 2024 | 3:16 pm

BP

BP Plc reclaimed £1.8 million from former CEO Bernard Looney's pay following his dismissal for undisclosed relationships with employees. Looney's total remuneration was reduced, with bonuses and share awards worth £3 million revoked. Murray Auchincloss succeeded Looney as CEO, earning £8 million last year. BP plans to buy back $3.5 billion of shares in the first half of 2024 and at least $14 billion through 2025. BP shares rose by 0.52% to $36.62.

Portfolio Pulse from Shivani Kumaresan

March 08, 2024 | 2:56 pm

EPOW

Sunrise New Energy Co., Ltd. (EPOW) has secured a $14 million financing from China Everbright Bank, enhancing its liquidity for seamless production and delivery to major clients including CATL, BYD, and HiTHIUM.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:33 pm

META

MSFT

'Godfather of AI' Yann LeCun, Meta Platforms Inc.'s chief AI scientist, explained on the Lex Fridman podcast why AI chatbots like OpenAI's ChatGPT and Microsoft Corp.'s Copilot sometimes 'hallucinate' or generate nonsensical responses. He attributed this to the autoregressive prediction model used by these chatbots, where the probability of generating an irrelevant answer increases with each word produced. This phenomenon occurs especially when the chatbot encounters questions outside its training scope.

Portfolio Pulse from Rounak Jain

March 08, 2024 | 2:24 pm

SGD

Safe and Green Development Corp (SGD) has announced financing for the expansion of the Norman Berry facility in Atlanta, Georgia. This move is aimed at enhancing the company's operational capabilities and growth in the region.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:09 pm

AAPL

Apple Inc. is reportedly adding new accessibility features to its upcoming iOS 18 and macOS 15 updates, aiming to enhance inclusivity and user-friendliness. These features include Adaptive Voice Shortcuts, an upgraded Live Speech function, expanded adjustable Text Size, and potentially an on-device eye-tracking feature. The updates are part of Apple's strategy to improve software quality and integrate generative AI capabilities, with more details expected at WWDC 2024.

Portfolio Pulse from Benzinga Neuro

March 08, 2024 | 1:43 pm

NEPT

Neptune Wellness Solutions has announced the appointment of an interim President, CEO, and an interim COO. This leadership change could signal a strategic shift or stabilization effort by the company.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 1:32 pm