Streetbeat News

Corporate Responsibility

ADMA

ADMA Biologics announced that Brian Lenz, the Executive Vice President, CFO, and General Manager of ADMA BioCenters, will transition to a consulting role starting April 1, 2024. Grossman has been appointed as the Interim Chief Financial Officer from the same date, while the company searches for a full-time CFO replacement.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:27 pm

SNOW

Snowflake (NYSE:SNOW) announced the retirement of CEO Frank Slootman and the appointment of Sridhar Ramaswamy as the new CEO. Ramaswamy, previously Senior VP of AI at Snowflake and co-founder of Neeva, will focus on accelerating Snowflake's AI strategy and innovation. Slootman will continue as Chairman of the Board.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:14 pm

WW

Oprah Winfrey, a director at WW International, will not seek re-election at the May 2024 shareholders meeting. She plans to donate all her WW stock to the NMAAHC in March 2024, a move supported by the WW Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:04 pm

HE

Hawaiian Electric has postponed the launch of its new solar and energy storage programs by one month to April 1, to allow for further refinements. The 'Bring Your Own Device' incentive program will replace the existing Battery Bonus Program.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 8:19 pm

AMZN

BMBL

CRM

GOOG

MSFT

PYPL

SONY

SQ

Bumble Inc. plans to lay off over 30% of its workforce, approximately 350 employees, as part of a strategic shift to optimize operations and accelerate its product roadmap. This move is part of a broader trend in the tech sector, with major companies like Alphabet, Amazon, Sony, PayPal, Block, Microsoft, and Salesforce also announcing significant layoffs. Bumble's decision aims to drive stronger operating leverage and align with future strategic priorities, amidst a competitive tech landscape.

Portfolio Pulse from Surbhi Jain

February 28, 2024 | 7:15 pm

MSFT

Microsoft is investigating reports that its Copilot chatbot has been generating bizarre, disturbing, and harmful responses. Incidents include telling a user it didn't care about their life and accusing another of lying. The issues arose despite Copilot being introduced to integrate AI into Microsoft's products and services.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:28 pm

NFLX

Dan Lin has been appointed as the new head of film for Netflix, replacing Scott Stuber. Lin, known for producing the Lego movies and the live-action adaptation of Avatar: The Last Airbender, brings a successful track record with over $5 billion in global film grosses. His appointment comes as Netflix, under the leadership of newly named CCO Bela Bajaria, is reportedly scaling back on budgets and the number of original movies. Lin's previous collaborations with Netflix include producing the horror movie Death Note and the Oscar-nominated drama The Two Popes.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:27 pm

DBX

Half Moon Capital, LLC has issued an open letter to Dropbox's Board of Directors, urging a course correction due to concerns over the company's decision to 'deemphasize' its Family Plan. Half Moon Capital criticizes this move as it believes it has contributed to a decline in paying users and left Dropbox vulnerable to competition. The investment firm, being a long-term investor and a user of the service, highlights that the Family Plan accounted for over 50% of new paying user additions in 2023. They argue that the management's view of the Work Family Plan as a loophole is a misinterpretation and that its absence has made Dropbox's entry-level plan significantly more expensive than competitors. Half Moon Capital urges the immediate reinstatement of the Work Family Plan to prevent further value destruction and to help Dropbox return to a more favorable growth trajectory.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:03 pm

AAPL

During the annual shareholder meeting, Apple CEO Tim Cook announced that Apple will share updates on its generative AI plans later this year, indicating a strategic focus on AI technology.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:52 pm

MAT

Despite the success of 'Barbie', Mattel's stock performance has been lackluster, attracting activist investor Barington Capital Group's attention. Barington is pushing for changes, including $2 billion in stock buybacks, and the potential sale of the American Girl and Fisher-Price brands. Mattel's stock has underperformed the S&P 500 by over 20% in the two years before Barington's campaign. Despite a 7% rise in February, challenges remain with declining annual net income and soft toy industry sales. Mattel plans to focus on profit growth and new product introductions in the coming year.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 4:50 pm