Streetbeat News

Corporate Responsibility

CVS

CVS Health has invested approximately $35M in two new affordable housing developments in Hawai'i, in collaboration with various partners. The investment aims to provide 369 new affordable housing units across Maui and O'ahu, addressing the critical need for housing, especially in areas affected by the 2023 Maui wildfires.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:28 am

BB

BlackBerry has announced a partnership with the SANS Institute to establish the BlackBerry Cybersecurity Center of Excellence (CCoE) in Malaysia. This initiative aims to offer SANS training courses to enhance cybersecurity skills and grow the cyber workforce in Malaysia and the Indo-Pacific region.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:16 am

GOOG

GOOGL

Google's Gemini, an AI-generated image tool by Alphabet Inc. (GOOG, GOOGL), has been criticized for producing inaccurate historical images. Google acknowledged the issue, stating efforts are underway to address these inaccuracies and improve representation and bias in image generation. The criticism was highlighted by tech figures and verified by Benzinga's tests, which showed Gemini's inability to generate images of Alphabet's founders accurately.

Portfolio Pulse from Ananya Gairola

February 22, 2024 | 7:05 am

GOOGL

Google (NASDAQ:GOOGL) is set to start manufacturing its Pixel smartphones in India, beginning with the Pixel 8 Pro in Southern India and the Pixel 8 in Northern India. This move aims to diversify its supply chain and tap into the Indian market, following a trend among tech companies like Apple and Samsung. The decision reflects a shift from manufacturing in Vietnam due to US-China tensions and aligns with the 'China+2' strategy for supply chain resilience.

Portfolio Pulse from Shomik Sen Bhattacharjee

February 22, 2024 | 6:07 am

TSLA

Tesla Inc (TSLA) will proceed with the expansion of its Giga Berlin factory despite a local vote against cutting trees for the expansion. Executive Rohan Patel stated the vote has 'zero impact' on future plans, emphasizing the company's commitment to environmental sustainability and community engagement. The expansion aims to double the plant's capacity for battery and car production, despite the non-binding local vote posing a challenge.

Portfolio Pulse from Anan Ashraf

February 22, 2024 | 3:56 am

NPSCY

X

A Reuters poll indicates nearly half of Japanese companies view a potential Trump presidency as a business risk, primarily due to concerns over protectionist policies. The apprehension stems from Trump's stance on blocking the acquisition of United States Steel Corporation (NYSE:X) by Nippon Steel Corporation (OTC:NPSCY), which could impact future acquisitions and shareholder interests in U.S. Steel.

Portfolio Pulse from Benzinga Neuro

February 22, 2024 | 2:06 am

BROS

Dutch Bros is undertaking a large-scale organizational design initiative, moving certain positions to its Phoenix, Arizona office. This move is expected to cost $24 to $31 million, with an additional $6 to $10 million in capital expenditures for the Arizona office expansion. By January 1, 2025, about 40% of the support center staff will be located in Arizona.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 10:37 pm

CHRD

ERF

Chord Energy Corporation (CHRD) and Enerplus Corporation (ERF) announced a definitive arrangement to combine in an $11 billion transaction, creating a premier Williston Basin-focused E&P company. The combined entity will have 1.3 million net acres, 287,000 Boepd production in 4Q23, and is expected to generate significant free cash flow and shareholder returns. The deal, comprising 90% stock and 10% cash, will see Chord shareholders owning 67% and Enerplus shareholders 33% of the new company. The merger aims to enhance operating scale, drive returns, and achieve cost synergies up to $150 million annually, with a post-transaction return of capital at 75%+ of free cash flow.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 10:26 pm

ERII

Energy Recovery, Inc. (NASDAQ:ERII) announced CFO Joshua Ballard will step down at the end of June 2024. The company is working with Korn Ferry to find his replacement. Ballard has been instrumental in the company's financial and operational growth since joining in 2018. The transition aims to maintain the company's momentum in diversifying beyond its core desalination business.

Portfolio Pulse from Happy Mohamed

February 21, 2024 | 10:19 pm

RYN

XOM

Rayonier (NYSE:RYN) has expanded its underground pore space lease agreements with ExxonMobil (NYSE:XOM) to cover an additional 33,000 acres, bringing the total to approximately 59,000 acres. This expansion supports carbon capture and storage (CCS) initiatives, leveraging ExxonMobil's extensive CO2 pipeline network in the United States. Rayonier's CEO, David Nunes, highlighted the significance of this partnership in advancing towards a low-carbon economy and maximizing the value of their timberland portfolio through land-based solutions.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 10:11 pm