Streetbeat News

Corporate Responsibility

CANO

Cano Health Inc (NASDAQ:CANO) has entered a Restructuring Support Agreement with its lenders, initiating Chapter 11 proceedings to reduce debt. The company secured $150 million in new financing to support operations during restructuring. CEO Mark Kent highlighted the company's focus on core businesses and expected annualized cost reductions of $290 million by end of 2024. Cano Health aims to emerge from restructuring in Q2 2024, with plans for debt conversion and exploring strategic partnerships or sale. CANO stock dropped 51.30% to $1.12 in premarket trading.

Portfolio Pulse from Vandana Singh

February 05, 2024 | 12:03 pm

AMG

AMG has completed its investment in Ara Partners, a private markets firm that specializes in industrial decarbonization. This move is aimed at enhancing AMG's exposure to secular growth areas.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 12:02 pm

TM

Toyota Motor Co (NYSE:TM) has clarified its stance on electric vehicles (EVs), stating that while it is not anti-EV, it does not view EVs as the sole solution to achieving carbon neutrality. The company is committed to a diversified strategy that includes battery electric vehicles (BEVs), hybrids, and potentially hydrogen fuel cell vehicles. This comes amid criticism from organizations like Greenpeace for Toyota's slow EV adoption and continued diesel production. Toyota's approach to environmental sustainability and its impact on the EV market share has been a topic of debate.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 11:56 am

DTC

Solo Brands, Inc. (NYSE:DTC) announced the appointment of Laura Coffey as CFO and Michael McGoohan as Chief Growth Officer and EVP. Coffey, with over 25 years of retail experience, previously served as CFO for The Vitamin Shoppe. McGoohan's role is a new position aimed at leading commercial operations and strategic growth. Both will report to CEO Christopher Metz.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:53 am

AAPL

META

Phil Schiller of Apple Inc. has expressed concerns about the EU's 'Alternative App Store' proposal under the Digital Markets Act, stating it could compromise iPhone users' security and privacy. Despite efforts to mitigate risks, including a notarization process for apps, limitations in user protections and feature access remain. The proposal has also faced criticism from Meta Platforms Inc.'s CEO, Mark Zuckerberg.

Portfolio Pulse from Rounak Jain

February 05, 2024 | 11:46 am

HBB

Hamilton Beach Brands Holding Company (HBB) has acquired HealthBeacon PLC, a medical technology firm. This move is part of HBB's strategy to expand in the home health and wellness market. HealthBeacon, known for developing connected devices for managing injectable medication for chronic conditions at home, was already a strategic partner of HBB. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:37 am

TSLA

Cathie Wood criticized the Delaware Chancery Court's decision to nullify Elon Musk's $56 billion compensation plan from 2018 as 'un-American.' She defended Tesla and Musk's achievements, highlighting the company's success and Musk's role in exceeding Ark's bull-case price target for Tesla shares ahead of schedule. Wood also emphasized the positive impact of Tesla's performance on shareholders. The court's decision comes at a challenging time for Tesla, facing demand slowdown and margin erosion.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 8:23 am

TSLA

Tesla Inc. (NASDAQ:TSLA) has announced the return of Full Self-Driving (FSD) beta transfers for recent vehicle buyers and extended the lifetime Supercharging benefit to include Model 3. This decision follows customer feedback and earlier speculation, with the FSD beta transfer now available for Model S, X, 3, or Y purchases in North America before the end of March. Additionally, the free lifetime Supercharging offer, previously exclusive to Model S, X, and Y, is now extended to Model 3 buyers taking delivery by March 31.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 7:31 am

LVMHF

LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMHF) has launched a new watch division aiming to capture a larger share of the global luxury watch market, projected to reach $37 billion by 2032. The company's jewelry and watch division recorded $11.8 billion in sales in 2023, with a 7% organic growth. Frederic Arnault has been appointed as the CEO of LVMH Watches, overseeing brands like TAG Heuer, Hublot, and Zenith. This move follows a significant restructuring within LVMH and aims to revitalize the company's focus on luxury watches amidst challenges in the luxury retail industry.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 6:36 am

ICLN

TSLA

Short-seller Jim Chanos criticized Tesla CEO Elon Musk's proposal for a carbon tax as a measure against climate change, labeling Musk as 'Subsidy King' and 'new darling of the Right'. Musk advocates for a carbon tax to combat climate change, citing a $5.3 trillion annual carbon subsidy per the IMF. Chanos, known for his bets against Tesla and Enron, recently closed his hedge fund. The debate highlights differing views on addressing climate change and the role of electric vehicles and renewable energy.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 6:24 am