Streetbeat News

Corporate Responsibility

MSFT

Microsoft Corp (NASDAQ:MSFT) is laying off 1,900 employees from its Gaming division, which includes Activision Blizzard and Xbox, as part of a post-acquisition strategy to align strategies and execution plans. The layoffs represent about 8% of the 22,000 employees in the division. Leadership changes include the departure of Blizzard president Mike Ybarra and chief design officer Allen Adham. A new president will be announced next week. A previously announced survival game by Blizzard is being canceled. These changes follow Microsoft's $68.7 billion acquisition of Activision Blizzard and come ahead of Microsoft's fiscal second quarter 2024 earnings report. Analysts expect strong performance from Microsoft, with Azure's AI workload growth expected to boost revenue.

Portfolio Pulse from Anusuya Lahiri

January 25, 2024 | 3:41 pm

AMZN

CVS

TSN

UNH

Tyson Foods Inc (TSN) has chosen to partner with startup Rightway, moving away from CVS Health Corp's (CVS) Caremark for pharmacy benefits management. This move, affecting 140,000 employees, is part of Tyson's strategy to reduce drug costs and increase transparency in pricing. The industry is seeing a shift towards smaller PBMs as companies like Blue Shield of California partner with Amazon.com (AMZN), Mark Cuban’s Cost Plus Drug Company, and Abarca for similar services. Major PBMs like CVS' Caremark, Cigna Inc's (CI) Evernorth, and UnitedHealth Group's (UNH) OptumRx, which control a significant market share, are facing criticism for non-transparent practices. Tyson's decision reflects a broader industry trend towards transparency and cost reduction in pharmacy benefits management.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 2:49 pm

TSN

Tyson Foods, Inc. has inaugurated a new $355 million food production facility in Bowling Green, Kentucky, to expand its bacon production. The 400,000-square-foot plant will produce two million pounds of bacon weekly, including Jimmy Dean and Wright Brand products. This expansion aims to meet the growing demand for bacon, which accounts for over $1 billion in sales for Tyson across retail and foodservice. The facility is expected to create nearly 450 jobs and is strategically located for supply chain efficiency. Tyson's bacon brands have shown significant growth, with Jimmy Dean being the fastest-growing retail food brand and Wright Brand leading in the stack category.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 2:14 pm

LUMN

Lumen Technologies, Inc. (NYSE:LUMN) has entered into an amended transaction support agreement with creditors representing over $12.5 billion of debt. The agreement extends debt maturities to 2029 and beyond, provides $1.325 billion in new long-term debt, and access to a new $1 billion revolving credit facility. The TSA is expected to close in Q1 2024, subject to conditions. This move is part of Lumen's transformation and turnaround plan, aiming to disrupt the telecom industry. The company filed a Current Report on Form 8-K with the SEC detailing the agreement.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 2:13 pm

USFD

US Foods Holding Corp. (NYSE:USFD) has reached a tentative agreement with Teamsters Local 705, representing its drivers in Bensenville, Illinois. The 5-year contract includes wage, benefits, and healthcare contribution increases, as well as safety enhancements. The agreement is expected to be ratified on February 3, 2024, and is seen as mutually beneficial, recognizing the efforts of the drivers and supporting the company's growth in the Chicagoland area.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 2:04 pm

APEI

American Public University System (APU) has partnered with Ardent Health Services to offer a 15-percent tuition grant to over 23,000 Ardent team members and their families for education at APU.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 2:00 pm

BUD

Bud Light, a brand of Anheuser-Busch (NYSE:BUD), is planning a 60-second ad for Super Bowl 2024 as part of a broader marketing campaign to recover from last year's consumer boycott. The boycott led to a significant sales drop and the loss of its top-selling U.S. beer status to Modelo Especial. The brand has been rebuilding its image, including a new partnership with UFC and a shift in public sentiment indicated by musician Kid Rock resuming consumption of Bud Light.

Portfolio Pulse from Benzinga Neuro

January 25, 2024 | 1:54 pm

AAPL

FSR

GOOGL

LCID

NVDA

RIVN

TSLA

Tesla's Bitcoin reserves remain at $184M without buying or selling in Q4. Apple outperforms Huawei in China despite competition and ban. NVIDIA introduces AI-powered video and new GPU. Apple's iOS 17.3 allows pronoun sharing, and its headset exceeds sales expectations. Tesla reports downbeat results affecting EV stocks like Rivian, Lucid, and Fisker. Google's Alphabet dodges a $1.67B lawsuit. Tesla acknowledges EV adoption issues but won't increase ad spend. Elon Musk discusses regulations and Optimus bot deployment.

Portfolio Pulse from Akanksha Bakshi

January 25, 2024 | 1:54 pm

AAL

The CFO of American Airlines has announced plans to grow the airline's capacity by mid single digits in 2024. This strategic move indicates an expansion of services and potential growth for the company.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:43 pm

XXII

22nd Century Group announced the mutual termination of the employment and retention agreements with CFO R. Hugh Kinsman, according to an SEC filing. Kinsman will continue to serve as the company's CFO on an at-will basis, and the termination is not expected to impact his role within the company.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 1:39 pm