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Corporate Responsibility

SBGI

Sinclair Broadcast Group, Inc. (SBGI) has reached a global settlement with Diamond Sports Group (DSG), withdrawing DSG's $1.5 billion litigation against Sinclair and other defendants. Sinclair will make a $495 million cash payment to DSG, resulting in a net cost of approximately $250-325 million after tax benefits and other considerations. The settlement includes the full release of all claims against Sinclair and its subsidiaries.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:09 am

SBGI

Diamond Sports Group has entered into a Restructuring Support Agreement with key creditors to reorganize and emerge from Chapter 11 bankruptcy. The agreement includes over 85% of first lien, over 50% of second lien, and over 66% of unsecured bond holders. Sinclair Inc., Diamond's parent company, will pay $495 million in cash and provide support services as part of a settlement to aid Diamond's reorganization and separation from Sinclair.

Portfolio Pulse from Charles Gross

January 17, 2024 | 11:06 am

GOOGL

Google (NASDAQ:GOOGL) has been tracking user activity in incognito mode, contrary to previous assurances of privacy. A 2020 class-action lawsuit led to a $5 billion settlement in 2023, without Google admitting wrongdoing. Google updated the incognito mode disclaimer to clarify that user activity is still tracked, raising privacy concerns.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 10:58 am

HYMTF

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), boasted about the rapid development of Tesla's humanoid robot project, Optimus, claiming it matched and surpassed the achievements of Boston Dynamics in a shorter time frame. Tesla's Optimus, introduced two years ago, has seen significant advancements with its latest Gen 2 version featuring increased walking speed, weight reduction, and improved dexterity. Boston Dynamics, acquired by Hyundai Motor Group (OTC:HYMTF) in 2021, has its own humanoid robot, Atlas, which was first revealed in 2013.

Portfolio Pulse from Anan Ashraf

January 17, 2024 | 10:49 am

BP

BP PLC (NYSE:BP) has announced the appointment of Murray Auchincloss as its permanent CEO, effective immediately. Auchincloss had been serving as interim CEO since September 2023 and was BP's CFO since July 2020. The company's previous CEO, Bernard Looney, resigned last year. BP is set to report its Q4 results on February 6, 2024. BP shares closed lower by 1.66% at $34.28 on Tuesday.

Portfolio Pulse from Lekha Gupta

January 17, 2024 | 10:05 am

AAPL

Apple Inc. has opened a new 15-storey office in Bengaluru, India, which can accommodate up to 1,200 employees. This move signifies Apple's efforts to diversify its operations beyond China and expand its presence in India, the second-largest global smartphone market. The Bengaluru office features specialized lab spaces, collaborative work areas, wellness facilities, and an on-site Caffe Macs. Apple's expansion in India includes other major cities and reflects its commitment to the Indian market, where it employs nearly 3,000 people and collaborates with local suppliers.

Portfolio Pulse from Shomik Sen Bhattacharjee

January 17, 2024 | 10:03 am

COST

Costco Wholesale Corporation (NASDAQ:COST) is testing a new scanning system at store entrances to prevent unauthorized access by non-members using others' membership cards. The system, piloted in a Washington State store, requires members to scan their cards upon entry. This initiative, which also includes checking photo IDs at self-checkout registers, aims to address membership sharing issues and streamline the shopping process. Costco's membership fees are vital to its profitability and low prices, and the company is expanding globally, with a strong presence in China.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 9:09 am

DIS

Disney CEO Bob Iger's total compensation for 2023 has more than doubled to $31.6 million, up from $15 million in 2022. His package includes a base salary, stock awards, stock option awards, performance-based compensation, and other compensation. Despite Disney's challenges, such as box office failures and a shift to streaming, Iger's earnings have increased significantly. Disney also announced additional expense cuts of $2 billion, adding to a previous $5.5 billion reduction. Iger, who returned as CEO after Bob Chapek's short tenure, has had his contract extended through 2026.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 8:41 am

TSLA

Tesla Inc. (NASDAQ:TSLA) has acknowledged in the Cybertruck owner's manual that the vehicle's stainless steel exterior may change color and reflectivity over time. The company recommends immediate removal of corrosive substances to prevent this and advises against using chemical, corrosive, or non-pH neutral substances on the exterior. Tesla also highlighted the Cybertruck's durability, with steel doors that are bulletproof as demonstrated in a recent event.

Portfolio Pulse from Anan Ashraf

January 17, 2024 | 6:44 am

MFC

Manulife has entered into a multi-year partnership with UpLink, the World Economic Forum's innovation platform, to promote longevity innovation. The partnership will involve annual Global Longevity Innovation challenges and support efforts to address challenges of global ageing.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 6:41 am