Streetbeat News

Corporate Responsibility

MSFT

Elon Musk continues his criticism of OpenAI, urging the company to change its name due to its refusal to open-source its AI technology. This follows OpenAI's official response to Musk's lawsuit, which accuses the company and its CEO of prioritizing profits over open-source principles, specifically pointing to Microsoft Corp. (NASDAQ:MSFT) as a major investor benefiting from this strategy. Musk, who has founded his own AI startup, xAI, emphasizes the importance of adhering to OpenAI's founding open-source principles.

Portfolio Pulse from Rounak Jain

March 06, 2024 | 9:19 am

VSH

Vishay Intertechnology, Inc. (VSH) has acquired Nexperia's Newport Wafer Fab in South Wales, U.K. for $177 million in cash. The facility, an automotive-certified, 200mm semiconductor wafer fab, is the UK's largest, with a capacity of over 30,000 wafers per month. Vishay intends to transform the facility into a manufacturing excellence center focusing on Net Zero Transformation, emphasizing decarbonization and electrification.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:16 am

SSNC

Circulate Capital, an ESG investor, has appointed SS&C Technologies Holdings, Inc. (SSNC) as its fund administrator to further its environmental impact goals. This partnership aims to enhance the management and administration of funds dedicated to environmental sustainability.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:05 am

META

Meta Platforms Inc. (NASDAQ:META) employees are experiencing anxiety over potential layoffs as the company's 'Year of Efficiency' initiative becomes a permanent strategy. Despite recent financial successes, including a record-high stock price and increased bonuses, the fear of job cuts persists. Meta has already reduced its workforce by 22% in the past 18 months, and ongoing reorganizations could lead to further layoffs. Employees are given three months to find new positions within the company or face termination, with those receiving lower performance ratings offered severance to leave without a formal Performance Improvement Plan.

Portfolio Pulse from Ananya Gairola

March 06, 2024 | 5:55 am

DIS

Jim Cramer has advised investors to be cautious with Walt Disney Co (NYSE:DIS) stock, which has hit a 52-week high, due to concerns over the sustainability of its recent rally. Disney is currently facing a proxy battle with activist investor Nelson Peltz, and despite efforts to revitalize its film slate, Cramer suggests trimming positions in Disney stock.

Portfolio Pulse from Benzinga Neuro

March 06, 2024 | 4:52 am

DIS

Nelson Peltz of Trian Fund Management is leading an activist battle against Walt Disney Co (NYSE:DIS), aiming to 'restore the magic' by addressing the company's underperformance. Trian's plan includes refining Disney Parks strategy, developing a direct-to-consumer strategy, improving accountability, and enhancing cost structure. Trian criticizes Disney's late entry into streaming, poor acquisitions, and suggests a CEO succession plan. Disney faces another activist challenge from Blackwells Capital, suggesting a spin-off of real estate holdings and investment in virtual/augmented reality. Disney's annual meeting on April 3 is highly anticipated amid these activist battles.

Portfolio Pulse from Chris Katje

March 05, 2024 | 11:52 pm

FITB

Fifth Third Bancorp announced in an SEC filing that it is not pursuing new office commercial real estate (CRE) originations and expects to continue generating savings into 2024 and beyond.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:55 pm

GILD

Gilead Sciences, Inc. (NASDAQ:GILD) announced new real-world data supporting the use of Veklury (remdesivir) for hospitalized COVID-19 patients, presented at the 31st Conference on Retroviruses and Opportunistic Infections. The data show Veklury's association with reduced long-COVID symptoms and mortality, especially among immunocompromised patients. One study highlighted a 10% lower risk of post-COVID conditions with Veklury use. Another analysis from the Omicron era indicated a 25% lower mortality risk among immunocompromised patients treated with Veklury. Additionally, a combination of Veklury and dexamethasone was associated with significantly lower mortality compared to dexamethasone alone, across various oxygen requirements.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:42 pm

ACRV

Acrivon Therapeutics, Inc. (NASDAQ:ACRV) announced its participation in the AACR Annual Meeting in April 2024, where it will present data on its proprietary AP3 platform and development candidates, including ACR-2316, a novel WEE1/PKMYT1 inhibitor, and findings on overcoming resistance to ACR-368, a CHK1/2 inhibitor. The presentations will highlight the platform's ability to generate potent, selective agents and address drug resistance mechanisms.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:39 pm

ITOS

iTeos Therapeutics, Inc. (NASDAQ:ITOS) announced a poster presentation of preclinical data on EOS-984, targeting ENT1, at the AACR Annual Meeting 2024. The presentation will detail EOS-984's role in inhibiting ENT1 to relieve immune suppression.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:36 pm