Streetbeat News

Corporate Responsibility

META

SNAP

At a Senate Judiciary Committee hearing, Meta Platforms Inc's CEO Mark Zuckerberg apologized to families of child abuse victims for harm caused on social media platforms. The hearing followed a whistleblower's testimony that Instagram was not doing enough to protect young people. Senators accused Zuckerberg of having 'blood on his hands'. Snap Inc's CEO Evan Spiegel and other social media executives also attended. Incidents of online enticement doubled in 2023, with tech companies criticized for inadequate efforts to combat child exploitation.

Portfolio Pulse from Neil Dennis

January 31, 2024 | 8:42 pm

TSLA

A Delaware judge voided Elon Musk's 2018 compensation plan for Tesla, worth over $55 billion. Wedbush analyst Daniel Ives, who has an Outperform rating on Tesla with a price target of $315, called the situation a 'tornado' for Tesla's board. The board must decide whether to appeal, replace the package, or create a new one. Ives expects a statement from the board within 24 hours and believes a new compensation plan is needed to secure Musk's leadership through the EV and AI growth phase. Tesla shares were up 0.67% to $192.87 following the news.

Portfolio Pulse from Chris Katje

January 31, 2024 | 7:49 pm

CRM

GOOG

MSFT

PYPL

SQ

U

Tech sector layoffs surged by 304% in January 2024 compared to December 2023, with 28,963 employees laid off from 105 companies. Notable layoffs include Alphabet Inc (over 1,000 employees), PayPal Holdings, Inc (2,500 employees), Block Inc (over 1,000 employees), Microsoft Corp (1,900 employees), Salesforce Inc (700 employees), and Unity Software Inc (1,800 employees). The layoffs are attributed to restructuring and cost-cutting efforts.

Portfolio Pulse from Surbhi Jain

January 31, 2024 | 7:40 pm

EBAY

eBay Inc. (NASDAQ:EBAY) has agreed to pay $59 million to settle a U.S. Department of Justice inquiry over alleged violations of drug laws on its marketplace. eBay will enhance its monitoring and reporting processes but denies any wrongdoing. The settlement, which eBay has already accounted for, will be paid from cash on hand. The company also announced a workforce reduction of 9% and a cutback in contract workers. eBay's cash and investments totaled $5.4 billion as of September 30, 2023.

Portfolio Pulse from Nabaparna Bhattacharya

January 31, 2024 | 6:35 pm

NAVI

Navient Corporation (NASDAQ:NAVI) reported Q4 FY23 adjusted revenues of $193 million, missing consensus estimates of $201.17 million, and adjusted earnings of $0.21 per share, below the expected $0.75. The company's net interest income fell due to rising interest rates and loan portfolio paydowns. Navient announced plans to outsource student loan servicing, explore strategic options for its business processing division, and streamline its infrastructure. Shares fell by 1.06% to $17.76.

Portfolio Pulse from Nabaparna Bhattacharya

January 31, 2024 | 6:26 pm

ADDYY

Adidas has decided not to write off most of its Yeezy inventory, which suggests that the company may still see value in the Yeezy-branded products despite the severed ties with Kanye West. This decision could indicate that Adidas plans to sell the inventory, potentially under a different name, or has found other ways to utilize the products to mitigate losses.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 5:39 pm

ABBV

TEVA

Teva Pharmaceutical Industries' CEO, Francis, has stated that the company still anticipates launching a near copy of Humira in the U.S., despite AbbVie's current hold of approximately 99% of the market in 2023.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 5:21 pm

BIIB

IONS

Biogen Inc (NASDAQ:BIIB) is discontinuing its Aduhelm Alzheimer's drug and the ENVISION clinical study, shifting focus to other Alzheimer's treatments like Leqembi and new modalities such as BIIB080 and BIIB113. The decision is not due to safety or efficacy concerns but to reallocate resources within its Alzheimer's franchise. BIIB080 is licensed from Ionis Pharmaceuticals Inc (NASDAQ:IONS). Biogen took a $60 million charge for the program's close-out costs in Q4 2023 and terminated its license with Neurimmune, returning the rights to aducanumab to them. Biogen's shares rose 0.81% to $249.07.

Portfolio Pulse from Vandana Singh

January 31, 2024 | 5:10 pm

MNTS

Momentus Inc. has announced the completion of all requirements under its National Security Agreement (NSA), leading to the termination of the NSA by the Committee on Foreign Investment in the United States (CFIUS). This marks a significant step for the company, potentially removing a major regulatory hurdle that could have impacted its operations and partnerships.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:28 pm

BA

During a conference call, a Boeing executive stated that the company plans to allocate more engineers to work on the Max 7 aircraft.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:20 pm