Streetbeat News

Corporate Responsibility

NYCB

Joseph Otting is set to become the CEO, and Alessandro DiNello will be named as Non-Executive Chairman of a well-capitalized national bank with over $100 billion in assets. The bank, which is undergoing a reconstitution of its board and management team, aims to deliver a diversified and de-risked business model.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:14 pm

NYCB

New York Community Bancorp, Inc. (NYCB) announced a significant equity investment exceeding $1 billion from a consortium led by Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital Partners. The investment is anchored by notable figures such as former U.S. Treasury Secretary Steven Mnuchin. This capital infusion is aimed at bolstering NYCB's balance sheet and liquidity, with the bank planning to add four new directors to its Board, including Mnuchin and former Comptroller of the Currency Joseph Otting, who will also serve as the new CEO. The move is seen as a positive endorsement of NYCB's turnaround strategy and is expected to position the bank for long-term profitability and growth.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:13 pm

INTC

Intel's CFO announced plans to cut an additional $5B to $7B in spending to enhance cash flow, as discussed at the Morgan Stanley Technology, Media, and Telecom Conference.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 6:54 pm

NYCB

New York Community Bancorp Inc (NYSE:NYCB) shares plummeted following reports the bank is seeking a capital infusion through a potential equity sale. The stock was halted multiple times after The Wall Street Journal reported the bank's efforts to shore up confidence. Concerns arose after weak financial results, a dividend cut, and fears over commercial real-estate loan losses. The situation worsened with Moody's downgrading the bank's ratings to junk and the replacement of its CEO and board director.

Portfolio Pulse from Adam Eckert

March 06, 2024 | 6:40 pm

AAPL

Apple announced its decision to exercise its court-determined right to terminate 'any or all' of Epic Games' units and affiliates at its discretion, citing 'past and ongoing' behavior by Epic. This follows a court ruling that Apple has the right to terminate Epic Games' developer account due to an 'egregious breach' of contractual obligations.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:29 pm

APM

Aptorum Group Limited (NASDAQ:APM) shares surged by 778% to $12.73 following the announcement of a merger agreement with the privately held YOOV Group Holding Ltd. The merger, approved by both companies' boards, involves Aptorum's subsidiary merging into YOOV, a business AI and automation platform. Additionally, Aptorum and its major shareholder, Jurchen Investment Corporation, have initiated a significant restructuring process, including a split-off agreement where Aptorum will transfer its legacy business assets and liabilities to Aptorum Therapeutics Limited. Post-merger, Aptorum and YOOV shareholders will own approximately 10% and 90% of the combined company, respectively.

Portfolio Pulse from Vandana Singh

March 06, 2024 | 5:27 pm

ENB

Enbridge's Mainline system is not expected to lose significant oil volume to the Trans Mountain Expansion. The company forecasts a 4.5 BCFD increase in gas production in Western Canada by 2040. CEO states there are no plans for business spinoffs and is optimistic about meeting Canada's oil growth with additional pipeline capacity without significant capital expenditure.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:20 pm

AAPL

Epic Games announced that Apple has terminated its developer account, preventing Epic from developing the Epic Games Store for iOS. This move by Apple could have implications for both companies in terms of app distribution and revenue generation on the iOS platform.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:36 pm

PARA

At the Morgan Stanley Tech Conference, Paramount Global's CFO announced a strategic focus on growing 'profitable subscribers' rather than investing heavily in local content for international markets. Additionally, the digital ad market is showing 'healthy' growth.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:34 pm

STLA

Stellantis announces a €5.6 billion investment in South America, the largest in the region's automotive industry, to support over 40 new products and develop decarbonization technologies. This investment aims to reinforce Stellantis' leadership, contribute to the Dare Forward 2030 carbon net zero objectives, and enhance clean, safe, and affordable mobility. The investment will also focus on Bio-Hybrid technologies, with the Betim, Brazil facility becoming a global center for this innovation. Stellantis aims to become a carbon net zero corporation by 2038.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:33 pm