Streetbeat News

Corporate Responsibility

TSLA

Tesla Inc's Chair, Robyn Denholm, is set to sell up to $50 million worth of her Tesla stock, as per a new SEC filing. The planned sale of up to 281,116 shares is part of a trading arrangement set to expire on August 16, 2024, and follows her substantial compensation in 2022, including over 600,000 shares. This news comes amid discussions of CEO Elon Musk's next compensation plan, which may involve 25% control over Tesla's shares. Tesla previously faced a lawsuit over excessive board compensation, resulting in a $735 million settlement.

Portfolio Pulse from Benzinga EV Insights

January 29, 2024 | 7:29 pm

NSANY

Nissan has announced plans to manufacture lithium-ion batteries using lower-cost materials, aiming to install them in electric vehicles (EVs) sold in emerging markets by 2026. This move is part of Nissan's strategy to make EVs more affordable and accessible in these regions, potentially increasing the company's market share in the growing EV sector.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 6:33 pm

STLA

Stellantis NV (NYSE:STLA) has begun in-house production of hydrogen fuel cell commercial vans in Europe, with facilities in Hordain, France, and Gliwice, Poland. The company aims to expand its zero-emission vehicle range and strengthen its position in the commercial vehicle segment. The vans offer a range of up to 400-500 kilometers and refueling times of 4-5 minutes. Stellantis will produce eight hydrogen fuel cell versions of mid-size and large vans, including models from Fiat Professional, Citroën, Peugeot, and Opel/Vauxhall. Additionally, Stellantis has invested in Tiamat, a French company specializing in sodium-ion battery technology. STLA shares were down 1.16% at $20.97 in the last check.

Portfolio Pulse from Lekha Gupta

January 29, 2024 | 6:24 pm

GILD

HOOK

MRK

RHHBY

Roche Holdings AG (OTC:RHHBY) has terminated its collaboration with HOOKIPA Pharma Inc (NASDAQ:HOOK) on the HB-700 program for KRAS mutated cancers. HOOKIPA will regain full control of the program in April 2024 and plans to submit an IND in Q1 2024, seeking a new partner. HOOKIPA is refocusing on its HB-200 program for HPV16+ HNSCC and infectious disease programs with Gilead Sciences Inc (NASDAQ:GILD). The company will reduce its workforce by 30% and rebalance costs. HOOKIPA's cash position was $117.5 million as of December 31, 2023, bolstered by Gilead's purchase of 15 million shares in December. HOOKIPA's stock price dropped 15% to $0.59.

Portfolio Pulse from Vandana Singh

January 29, 2024 | 5:55 pm

CVX

HES

PXD

XOM

Activist investor Bluebell Capital Partners has urged BP plc (NYSE:BP) to reduce its green energy commitments, claiming these have depressed BP's share price. Bluebell's call contrasts with previous activist campaigns, such as Engine No. 1's successful push for ExxonMobil Corp. (NYSE:XOM) to adopt more environmentally friendly policies. Exxon and Chevron (NYSE:CVX) have recently made large acquisitions in the shale oil and gas sector, with Exxon purchasing Pioneer Natural Resources Co (NYSE:PXD) and Chevron acquiring Hess Corp (NYSE:HES). Bluebell suggests BP cut investments in bioenergy, hydrogen, and renewables by $28 billion by 2030. The debate over oil majors' green energy targets and potential M&A activity is expected to intensify in the coming months.

Portfolio Pulse from Neil Dennis

January 29, 2024 | 5:20 pm

REVG

REV Group Inc (NYSE:REVG) shares surged after announcing a special dividend and strategic actions, including the sale of its Collins Bus Corporation to Forest River Bus, LLC for $303.0 million and the planned exit from transit bus manufacturing by shutting down its ENC business. The company will reorganize into two segments, Specialty Vehicles and Recreational Vehicles, and expects to generate $250 million in net cash proceeds, returning $180 million to shareholders as a special dividend. The dividend is payable on February 16, 2024, to shareholders of record on February 9, 2024. Remaining proceeds will be used to reduce debt. REV Group will update its fiscal 2024 guidance in its upcoming earnings release.

Portfolio Pulse from Lekha Gupta

January 29, 2024 | 5:04 pm

JNJ

Johnson & Johnson (NYSE:JNJ) settled an opioid lawsuit with Washington state, agreeing to pay $149.5 million to address the financial and societal impacts of opioid misuse allegedly caused by the company. The settlement, which is more than the $98.9 million offered in a 2021 multistate settlement, requires $123.3 million to be used to combat the opioid epidemic. J&J was accused of misleading marketing practices and supplying raw materials for opioids. The payment is due within 21 days of local government ratification by May.

Portfolio Pulse from Nina Zdinjak

January 29, 2024 | 4:19 pm

AAPL

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading higher despite a 33% decline over the past month. DJ Novotney, a former Apple Inc. (NASDAQ:AAPL) VP of hardware engineering, is joining Rivian as SVP of vehicle programs. Additionally, rumors suggest a March 2024 launch for Rivian's R2 model, based on a Laguna Beach City Council agenda report about a planned event titled 'Rivian R2 Launch'.

Portfolio Pulse from Erica Kollmann

January 29, 2024 | 4:13 pm

MSFT

NSIT

Insight Enterprises has signed a multibillion dollar global strategic partnership framework agreement with Microsoft to drive digital transformation using Microsoft cloud technologies. The financial terms of the agreement were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 3:46 pm

GOOG

GOOGL

Alphabet Inc (GOOG, GOOGL), parent company of Google, is set to report Q4 earnings on Jan. 30 with expectations of $1.59 EPS and $85.22 billion in revenues. Analysts will focus on Google's AI positioning, the impact of layoffs, and shareholder returns. Google's core businesses are strong, and its AI assets are competitive despite challenges from ChatGPT. Layoffs indicate strategic restructuring, and the company's cash flow and share repurchases are key to shareholder value. The stock is rated a Buy with a target of $131.85, trading at $153.79 on Jan. 26.

Portfolio Pulse from Surbhi Jain

January 29, 2024 | 3:29 pm