Streetbeat News

Corporate Responsibility

JPM

JPMorgan Chase & Co (NYSE:JPM) has announced a major reshuffling of its top management, positioning key executives for more operational experience and potential succession. Jennifer Piepszak and Troy Rohrbaugh are now Co-CEOs of the expanded Commercial & Investment Bank segment. Marianne Lake becomes the sole CEO of Consumer and Community Banking (CCB). Viswas Raghavan will lead global investment banking, while Marc Badrichani is leaving the company. JPMorgan also reported a 12% Y/Y increase in Q4 net revenue, beating consensus estimates. JPM shares saw a slight increase in premarket trading.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 1:35 pm

BHP

VALE

Brazilian federal judge orders Vale SA (NYSE:VALE) and BHP Group Ltd (NYSE:BHP) to pay $9.67 billion for damages related to the 2015 dam collapse in Mariana. The collapse resulted in 19 deaths and severe pollution of the Rio Doce River. The funds are designated for repair and compensation actions. Vale has not been notified of the decision but remains committed to supporting the reparation through the Renova Foundation. Vale's and BHP's shares are down in premarket trading.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 12:55 pm

BP

EQNR

Equinor ASA (EQNR) and BP PLC (BP) have restructured their offshore wind power project ownership. Equinor will take full ownership of the Empire Wind lease and projects, including BP's 50% share of the South Brooklyn Marine Terminal lease. BP will own Beacon Wind Holdings LLC and operate Beacon Wind projects. The deal is cash-neutral, except for standard settlements, and reflects both companies' strategic priorities. The transaction is expected to close in Q2 or Q3 2024, pending regulatory approval, and will result in a $200 million reported loss for Equinor. The deal will increase Equinor's capital expenditure to $1.2 billion in 2024 and $1.5 billion in 2025. Equinor's shares dropped by 0.69% to $28.65, while BP's shares rose by 0.74% to $35.41 in premarket trading.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 12:21 pm

STEL

Climb Global Solutions has been recognized by Wasabi Partner as the Distributor of the Year for both North America and EMEA regions. This award highlights Climb Global Solutions' performance and partnership with Wasabi, potentially indicating strong sales and distribution capabilities in these territories.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 12:06 pm

BV

BrightView Holdings has released its 2024 Corporate Responsibility Report, highlighting the replacement of its fleet with electric and fuel-efficient vehicles. By the end of fiscal 2023, 17% of its vehicles are hybrid or electric, showcasing the company's commitment to sustainability and reducing its carbon footprint.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 11:40 am

HUT

Hut 8 Mining Corp. has announced that Chief Commercial Officer Matt Prusak is leaving the company as part of a planned transition to Celsius Bitcoin Mining Company. This move is part of a broader strategy as the company adapts to the evolving cryptocurrency mining landscape.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 11:38 am

AMZN

CRM

GOOG

SAP

Salesforce Inc (CRM) is laying off nearly 700 employees, about 1% of its workforce, as part of cost-cutting measures urged by investors like Elliott Management. Despite this, Salesforce has 1,000 open roles, indicating a strategic realignment rather than a downsizing. The company's stock has risen nearly 80% over the past year. Other tech companies, including Alphabet Inc (GOOG, GOOGL) and SAP SE (SAP), are also restructuring to focus on AI, with Alphabet planning more layoffs. Amazon (AMZN) has made cuts in some divisions while investing in cloud infrastructure for AI in Japan.

Portfolio Pulse from Anusuya Lahiri

January 26, 2024 | 11:34 am

YS

YS Biopharma's unit received a letter alleging a breach of a financial covenant related to EBITDA margin. R-Bridge has urged the unit to prepay a loan of $44.7 million by January 31, citing a material adverse effect.

Portfolio Pulse from Charles Gross

January 26, 2024 | 11:33 am

FSR

Fisker Inc. leadership is set to attend the National Automobile Dealers Association Show, signaling a strategic shift towards forming dealer partnerships. This move indicates Fisker's commitment to expanding its distribution network and potentially improving its market reach and customer service capabilities.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 11:32 am

META

Meta Platforms Inc. is developing 'Flipside,' a new Instagram feature for sharing candid photos in a private feed with selected friends. This aligns with Meta's focus on privacy and safety, especially for teens, and competes with apps like BeReal.

Portfolio Pulse from Rounak Jain

January 26, 2024 | 11:25 am