Streetbeat News

Corporate Responsibility

GPI

Group 1 Automotive (GPI) announced plans to reduce costs in the U.K. during Q1 2024, including a headcount reduction of about 10%. This move is aimed at improving operational efficiency amid market conditions.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 11:10 am

F

Ford Motor Co (NYSE:F) will supply over 1,000 F-150 Lightning and Mustang Mach-E electric vehicles to Ecolab as part of the latter's initiative to electrify its North American fleet by 2030. Ecolab aims to reduce costs and save approximately $1,400 in fuel per vehicle annually. Ford's electric truck and SUV will join Ecolab's predominantly Ford fleet, continuing a nearly 100-year partnership between the companies. In 2023, Ford's F-150 Lightning was the best-selling electric truck in America.

Portfolio Pulse from Anan Ashraf

January 31, 2024 | 10:45 am

TSLA

Delaware Chancery Court Chief Judge Kathleen McCormick struck down Tesla CEO Elon Musk's $55 billion 2018 compensation plan, causing uncertainty among analysts and investors. The decision could lead to an appeal or a new compensation package. Analysts like Gary Black and Daniel Ives commented on the potential impacts, while Musk suggested Tesla might change its incorporation to Texas. Tesla's stock fell 3.35% in premarket trading following the news.

Portfolio Pulse from Shanthi Rexaline

January 31, 2024 | 10:17 am

MSFT

Microsoft CEO Satya Nadella expressed his reliance on the AI tool Copilot, which integrates with Microsoft products and services. In an interview, he emphasized its importance in his daily work routine. Microsoft, which backs OpenAI, offers free access to GPT-4 through Copilot for Android users and has extended its features to all Windows users. Copilot assists with tasks like window arrangement, content summarization, photo editing, and image generation.

Portfolio Pulse from Ananya Gairola

January 31, 2024 | 9:48 am

TSLA

Tesla CEO Elon Musk apologized for the delay in fixing the auto-wiper issue on Tesla vehicles, responding to a Tesla driver's initial positive feedback on social media. However, the same driver later reported that the problem persists, with other users also noting ongoing issues with the auto-wiper functionality. Despite Musk's previous promise of a software update to address the problem, Tesla drivers continue to experience difficulties with the feature.

Portfolio Pulse from Anan Ashraf

January 31, 2024 | 7:17 am

WTRG

Essential Utilities has completed the sale of its Allegheny County microgrid and district energy projects to Cordia. Essential, along with its subsidiary Peoples, will now concentrate on its primary role as a regulated utility, while still supporting local energy innovations that ensure safety, reliability, and sustainability for the region.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 6:27 am

ACCYY

TNL

Travel + Leisure Co. has agreed to acquire the vacation ownership business of Accor for $48.4 million. The acquisition is expected to be immediately accretive to Travel + Leisure Co. and aligns with their strategy of expanding their vacation brand portfolio. This deal also sets the stage for the development of new timeshare products in the Asia Pacific, Middle East, Africa, and Turkey regions under the Accor Vacation Club brand.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 6:25 am

TSLA

Redwood Materials, co-founded by Tesla's J.B. Straubel, used a Tesla Cybertruck to transport 10,000 pounds of recycled battery materials in Nevada. This showcases the Cybertruck's utility in heavy-duty work and supports Redwood's mission to create a circular supply chain for battery materials. Redwood is expanding its operations, including building a cathode plant, and has raised significant capital for enhancing its capacity and selling U.S.-produced battery materials. The company's efforts are crucial as the demand for lithium-ion batteries is expected to increase substantially.

Portfolio Pulse from Benzinga Neuro

January 31, 2024 | 5:59 am

META

SNAP

Tech CEOs including Elon Musk, Mark Zuckerberg (Meta), and Evan Spiegel (Snap) are set to testify at a Senate Judiciary Committee hearing on child safety in social media. They are expected to make policy commitments and endorse legislation such as the SHIELD Act, KOSA, and the Stop CSAM Act. Snap has previously supported KOSA and Meta has advocated for legislation on parental consent for app downloads by teens. Snap's CEO will announce the company's stance against extending encryption that hinders scanning for child sexual abuse material.

Portfolio Pulse from Benzinga Neuro

January 31, 2024 | 5:46 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), initiated a poll on Twitter asking if Tesla should change its state of incorporation from Delaware to Texas after a Delaware judge struck down his $56 billion pay package. The judge ruled in favor of a shareholder lawsuit claiming the board breached fiduciary duties by awarding Musk the package in 2018. Musk criticized the ruling and suggested incorporating in Nevada or Texas instead. The poll showed 89.7% support for Texas incorporation. The decision can be appealed in the Delaware Supreme Court.

Portfolio Pulse from Anan Ashraf

January 31, 2024 | 3:43 am