Streetbeat News

Corporate Responsibility

NKE

Nike Inc (NYSE:NKE) announced plans to cut approximately 2% of its global workforce, over 1,600 jobs, to reduce costs. The layoffs, which will not affect store and distribution center employees or the innovation team, aim to reallocate resources towards key areas such as running, women's apparel, and the Jordan brand. Despite these cuts, Nike faces challenges, including a slight revenue miss in Q2 FY23 and anticipates up to $2 billion in cost savings over the next three years amidst rising macro headwinds.

Portfolio Pulse from Lekha Gupta

February 16, 2024 | 11:49 am

KALV

KalVista Pharmaceuticals announced its plans to present Phase 3 data for Sebetralstat at the 2024 American Academy of Allergy, Asthma & Immunology Annual Meeting. This marks a significant milestone in the development of Sebetralstat, potentially impacting the company's future prospects.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 11:33 am

SBUX

Starbucks announced the release of accessibility guidelines for its U.S. store portfolio, including a new store in Washington, D.C., featuring optimized acoustics, power-operated doors, and improved features for customers with low vision among other enhancements.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 11:04 am

XOM

The New York State Common Retirement Fund is restricting investments in eight oil and gas companies, including Exxon Mobil Corp (NYSE:XOM), due to climate change concerns. The fund plans to divest its corporate bonds and actively manage public equity holdings in these companies, deemed not transition-ready for a sustainable future. The total value of these holdings is approximately $26.8 million, with around $25 million in Exxon shares to be divested, while maintaining about $500 million in other Exxon holdings in passive index funds.

Portfolio Pulse from Lekha Gupta

February 16, 2024 | 10:54 am

NWG

Paul Thwaite has been appointed as the Group Chief Executive Officer and Executive Director of NatWest Group plc (NWG) with immediate effect, following his initial 12-month appointment in July 2023.

Portfolio Pulse from Charles Gross

February 16, 2024 | 10:53 am

HTOO

Fusion Fuel announced receiving approval from the European Commission for its 630 MW HEVO-Portugal project under the IPCEI framework. This marks a significant step for the company in advancing green hydrogen production in Europe.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 9:32 am

GOOG

GOOGL

Alphabet Inc.'s Google announced the launch of a free, open-source AI-powered tool aimed at enhancing cybersecurity by detecting malware in services like Gmail and Google Drive. Additionally, Google plans to release a white paper at the Munich Security Conference, advocating for AI research and regulations in cybersecurity. This initiative is part of Google's broader effort to counter the increasing use of AI in cybercrime, as highlighted by a recent Microsoft report on state-sponsored criminal groups using AI tools like ChatGPT for cyber operations.

Portfolio Pulse from Ananya Gairola

February 16, 2024 | 5:48 am

LCID

TSLA

Lucid Group Inc (NASDAQ:LCID) announced a $6 million cash bonus for CEO Peter Rawlinson, recognized for his contributions to the Lucid Gravity SUV unveiling. Elon Musk criticized the bonus on X, suggesting it's inversely proportional to performance. Lucid's stock has fallen 65.9% over the past year, despite a recent 5.2% increase.

Portfolio Pulse from Anan Ashraf

February 16, 2024 | 2:47 am

F

Ford Motor Co (NYSE: F) is reevaluating its future vehicle production locations due to the financial impact and operational changes stemming from the 2023 UAW strikes. CEO Jim Farley highlighted the significant relationship shift with the UAW and mentioned the company's contemplation on non-US factories. The strikes led to higher wages for Ford workers, potentially affecting margins and future investments. Ford anticipates $2 billion in costs this year, expected to offset the new UAW contract costs. Farley's remarks suggest a possible shift in Ford's manufacturing strategy, which could impact its transition to electric vehicles.

Portfolio Pulse from Chris Katje

February 15, 2024 | 11:50 pm

LCID

Lucid Group announced a $6M cash bonus for CEO Peter Rawlinson, recognizing his contributions to the Lucid Gravity SUV's launch. The bonus was approved by the Board on February 9, 2024, following the vehicle's debut at the Los Angeles Auto Show in November 2023.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 10:26 pm