Streetbeat News

Corporate Responsibility

NAVI

Navient Corporation plans to outsource its student loan servicing operations to create a variable expense model. The company is also exploring strategic options for its Business Processing division, which may include a potential divestment.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 9:31 pm

TSLA

Elon Musk's Neuralink has successfully performed its first human implant procedure, with the patient recovering well. The FDA approved Neuralink's first in-human clinical study in May 2023. The device, named 'Telepathy,' is designed to help paralysis patients control devices through thought. Jim Cramer praised the achievement on CNBC, contrasting it with his recent skepticism towards Tesla (NASDAQ:TSLA), and suggested that Musk could be recognized as one of the greatest minds ever for this advancement.

Portfolio Pulse from Adam Eckert

January 30, 2024 | 8:37 pm

ADBE

Adobe Systems Incorporated has decided to discontinue investment in its XD web-design program following the collapse of its deal to acquire Figma, a rival design software company. Adobe will now focus on delivering future product design features through partnerships rather than in-house development.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 7:38 pm

VUZI

Vuzix, a company specializing in augmented reality (AR) technology, has announced its capability to supply optical waveguides with integrated vision correction prescriptions. This advancement could potentially enhance the usability of AR products for individuals with vision impairments. Vuzix CEO Paul Travers is set to present this development at the SPIE Photonics West event today.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 7:02 pm

ABNB

AMZN

BAC

IBM

NVDA

IBM (NYSE:IBM) has issued a return to office mandate for its managers, requiring them to work from an office or client location at least three days a week. This move contrasts with companies like Nvidia (NASDAQ:NVDA) and Airbnb (NASDAQ:ABNB), which maintain work-from-home policies. Bank of America (NYSE:BAC) also demands staff return to the office, threatening disciplinary action. Research from the University of Pittsburgh suggests RTO mandates may be more common in firms with poor stock performance, using RTO to reassert control and shift blame for bad performance. However, this is questioned by the strong market gains of companies like IBM and Amazon (NASDAQ:AMZN) in 2023.

Portfolio Pulse from Neil Dennis

January 30, 2024 | 6:37 pm

REGN

TSVT

2seventy Bio has announced that it will concentrate solely on the commercialization and development of its cancer treatment, Abecma, and is selling its research and development pipeline to Regeneron Pharmaceuticals. This strategic move is aimed at focusing the company's resources on Abecma, which is a significant product in its portfolio.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 5:15 pm

SQNXF

THQQF

Embracer Group AB has canceled a Deus Ex game in development and laid off 97 staff at Eidos Montreal. The studio will shift focus to an original franchise. This is part of a larger restructuring at Embracer, which has also affected other studios such as Volition and Free Radical Design. The layoffs and cancellations follow a failed $2 billion deal with Savvy Games Group. Embracer acquired Eidos Montreal from Square Enix Holdings in 2022 but has not commented on the Deus Ex cancellation.

Portfolio Pulse from Franca Quarneti

January 30, 2024 | 4:43 pm

LCID

Lucid Group Inc (NASDAQ:LCID) shares dropped Tuesday morning after a 27% rally on Monday. The decline follows a broader EV sector weakness, influenced by Tesla's disappointing financial results. Lucid's upcoming Q4 financial report is expected to show a loss of 29 cents per share. A new partnership with Ma'aden Rolling for aluminum sheets and the appointment of Matt Everitt as General Counsel are recent positive developments. Technical analysis suggests Lucid's stock is below its 200-day moving average, indicating a bearish signal.

Portfolio Pulse from Adam Eckert

January 30, 2024 | 2:48 pm

AMZN

Amazon has announced that the average pay for its customer fulfillment and operations roles is now over $20.50 per hour, marking a more than 50% increase over the past five years. This update highlights Amazon's commitment to competitive compensation for these positions.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 2:28 pm

SQ

Block Inc (NYSE:SQ) saw its shares rise in premarket trading after an upgrade from Wedbush analyst Moshe Katri, who changed the rating from Neutral to Outperform and increased the price target from $70 to $90. Katri highlighted Block's focus on financial discipline, internal efficiencies, and GAAP earnings, including initiatives such as capping employee headcount, reducing corporate overhead, and terminating unprofitable businesses. Management's efforts are expected to lead to Block's strongest year of profitability in 2024, with significant margin expansion and a substantial increase in adjusted operating income and EBITDA.

Portfolio Pulse from Priya Nigam

January 30, 2024 | 2:27 pm