Streetbeat News

Corporate Responsibility

LYFT

Lyft has announced that in 2024, it expects to generate positive free cash flow for the first time in the company's history. The company also anticipates that roughly half of its adjusted EBITDA dollars will convert to free cash flow for the full year 2024.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 9:52 pm

SGC

Superior Group of Companies, Inc. (NASDAQ:SGC) has launched a Board Observer Program aimed at increasing diversity within public company boards by exposing traditionally underrepresented groups to corporate governance. The program, which does not guarantee board membership, invites participants to attend board and committee meetings to gain insight and contribute perspectives. Dr. Kelly Richmond Pope is named as the program's first participant. SGC plans to select one or two observers annually for a twelve-month period.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 9:48 pm

CDXS

Codexis, Inc. (CDXS) has secured a strategic financing deal worth up to $40 million with Innovatus Capital Partners to strengthen its cash position and support the development and commercialization of its ECO Synthesis manufacturing platform for RNAi therapeutics. The deal includes $30 million upfront and an additional $10 million upon reaching certain revenue thresholds. This financing is expected to extend Codexis' cash runway through the end of 2026 and support the creation of an ECO Synthesis Innovation Lab for siRNA production.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 9:47 pm

ANEB

Anebulo Pharmaceuticals has announced the appointment of Richie Cunningham as its new Chief Executive Officer. This leadership change is expected to bring new strategies and potentially positive shifts in the company's direction.

Portfolio Pulse from Happy Mohamed

February 13, 2024 | 9:44 pm

GHLD

Guild Mortgage (NYSE:GHLD) is set to acquire the retail lending assets of Academy Mortgage, significantly expanding its market presence. This acquisition will add approximately 200 branches and over 1,000 employees, including more than 600 licensed mortgage originators, to Guild. The deal is expected to increase Guild's annual origination volume by 25%, making it the 8th largest non-bank retail mortgage lender in the U.S. Both companies share a strong commitment to the purchase mortgage market and customer service, with Academy's branches transitioning to the Guild brand post-acquisition. Academy Mortgage CEO Adam Kessler will join Guild's senior leadership team. The transaction is seen as a strategic move to enhance Guild's platform, increase market share, and create long-term value by leveraging synergies and focusing on the purchase mortgage market.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 9:41 pm

OXY

Occidental Petroleum Corp (NYSE:OXY) is set to report its Q4 earnings on Feb. 14, with expectations of 71 cents in EPS and $6.95 billion in revenues. The company, a significant holding in Warren Buffett's portfolio, has faced recent underperformance but shows potential for growth and carbon neutrality. Analysts focus on revenue, earnings, debt management, and carbon neutrality initiatives. The consensus rating is Neutral with a price target of $64.04, while the stock was trading at $57.62.

Portfolio Pulse from Surbhi Jain

February 13, 2024 | 9:04 pm

SSTI

Chicago announced it will not renew its $49M contract with SoundThinking for the ShotSpotter gunshot detection system, citing concerns over inaccuracy, racial bias, and misuse by law enforcement. The system, criticized by an AP investigation and community groups, will be phased out by late September. Mayor Brandon Johnson, fulfilling a campaign promise, aims to focus on strategies that effectively reduce violent crime and build trust within the community. Violent crime in Chicago has seen a 30% drop in homicides at the start of 2024.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 8:30 pm

EXAI

Exscientia Plc (NASDAQ:EXAI) terminated CEO Andrew Hopkins due to inappropriate relationships with employees. Chief Science Officer Dave Hallett steps in as interim CEO. Chairman David Nicholson resigned after it was revealed he knew of Hopkins' conduct. EXAI shares dropped 19.80% to $6.02.

Portfolio Pulse from Vandana Singh

February 13, 2024 | 7:17 pm

XOM

Exxon Mobil Corp (NYSE:XOM) is facing accusations from climate activist investors, alleging the company used 'bullying' tactics and undermined shareholders' rights by continuing a lawsuit against them. The controversy revolves around Exxon's lawsuit to block a shareholder resolution demanding more action on reducing greenhouse gas emissions. Despite withdrawing their resolution, the activist groups Follow This and Arjuna Capital are still facing legal action from Exxon, which argues the resolution violated US securities rules. Exxon aims for net zero emissions by 2050, but faces criticism for its legal strategies. The company's Q4 FY23 earnings beat consensus but showed a decline from the previous year, and its stock is down 1.65%.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 6:32 pm

CYTK

Cytokinetics CEO clarified at the Oppenheimer 34th Annual Healthcare Life Sciences Conference that the company is not actively seeking a sale. However, they are open to discussions if approached, due to their fiduciary obligations.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:19 pm