Streetbeat News

Corporate Responsibility

WKHS

Workhorse Group is finalizing a workforce reduction of approximately 20%, excluding direct labor, as part of cost-cutting measures to strengthen its financial position. The company is in negotiations for financing to provide a financial runway and is transitioning its Aero business to a DaaS model, which includes stopping drone production and development and terminating related employees. Executive officers have agreed to defer 20% of their cash compensation for at least three months.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 1:02 pm

AAPL

META

Mark Zuckerberg, CEO of Meta Platforms Inc. (META), has countered claims by tech analyst Benedict Evans that Apple Inc.'s (AAPL) Vision Pro is similar to Meta's Quest lineup, emphasizing differences in product capabilities and vision. Zuckerberg highlighted the Quest's superiority in terms of weight, motion blur, and precision inputs, despite acknowledging Vision Pro's higher resolution. He also refuted the notion that VR headsets are solely for gaming, pointing out the outdated narrative and emphasizing the Quest's good resolution and other advantages.

Portfolio Pulse from Ananya Gairola

March 12, 2024 | 12:56 pm

MMM

3M shares are trading higher following the announcement of William M. Brown as the new CEO.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:45 pm

ZCMD

Zhongchao Inc. has announced the provision of medication assistance services to over 7,000 patients suffering from Systemic Lupus Erythematosus (SLE), involving approximately 130,000 units of medications. This initiative is aimed at supporting patients with SLE, a chronic autoimmune disease, by ensuring they have access to necessary medications.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:32 pm

BRDG

Bridge Investment Group Holdings Inc. (BRDG) announced its expanded 'Bridge to Opportunity' program, including a new partnership with Entryway to provide employment and housing for at-risk individuals. The program, leveraging Bridge's 90,000+ residential units, focuses on education, healthy communities, and financial wellness, with philanthropic commitments totaling $75M over 10 years. Initiatives include funding social programming, providing affordable housing, and supporting community services through partnerships and Opportunity Zone developments.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 12:19 pm

IINN

Inspira Technologies (NASDAQ:IINN) announced breakthrough results for its VORTX™ device, demonstrating superior blood oxygenation and carbon dioxide removal with zero pressure gradient, meeting 100% of regulatory guidelines. This achievement could revolutionize medical devices by minimizing patient risk and reducing manufacturing costs by moving away from fiber membrane-based devices.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 12:13 pm

ALRN

Aileron Therapeutics announced the appointment of Brian Windsor as President and CEO, effective March 11, 2024, succeeding Manuel Aivado. Aivado will continue to serve on the Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:08 pm

NYCB

New York Community Bancorp, Inc. (NYSE:NYCB) shares are up in premarket trading after closing a $1.05 billion investment deal with Liberty Strategic Capital, Hudson Bay Capital Management, Reverence Capital Partners, and others. The deal, announced on March 6, led to a 6% drop in share prices initially. The equity raise is seen as a vote of confidence in the company's turnaround strategy, enhancing its balance sheet and liquidity. The board has been reduced to ten members, adding four new directors. The company will issue 525 million shares, with investors owning 39.6% on a fully diluted basis. Moody's downgraded NYCB's long-term issuer rating to B3 due to delayed financial reporting and internal control weaknesses.

Portfolio Pulse from Nabaparna Bhattacharya

March 12, 2024 | 11:44 am

TSLA

Tesla Inc (NASDAQ:TSLA) is enforcing a no-resale clause against Cybertruck owners attempting to sell their vehicles, as evidenced by the company canceling orders and blacklisting a customer named Dennis from Arizona. This action follows reports of Cybertrucks being sold for as much as $250,000. Tesla's motor vehicle agreement prohibits reselling the Cybertruck within a year of delivery without Tesla's written consent, under penalty of $50,000 or more.

Portfolio Pulse from Anan Ashraf

March 12, 2024 | 11:38 am

IMVT

Immunovant has been awarded a U.S. patent for IMVT-1402, a significant development that could enhance the company's intellectual property portfolio and potentially impact its market position.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 11:32 am