Streetbeat News

Corporate Responsibility

FSR

Fisker Inc. has filed a Form 8-K with the SEC, reporting new agreements with an investor regarding its 2025 convertible notes. The agreements include the release of liens on intellectual property upon a deal with a strategic OEM partner and the waiver of financial covenants related to restricted cash. Fisker's outstanding debt has been reduced by $185.5M to $324.5M, reflecting the conversion of debt to equity by the investor.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:03 pm

CCL

RCL

Royal Caribbean Cruises Ltd. (NYSE:RCL) has built the world's largest cruise ship, the Icon of the Seas, which will set sail from Miami with week-long cruises to the eastern Caribbean. The ship features unique amenities, including eight neighborhoods, an Aquadome, and various entertainment options. Despite the debate on social media regarding its environmental impact and symbolism of 'late-stage capitalism,' the ship offers affordable vacation options starting at $1,700 per week. RCL's stock has risen over 53% since October and 423% since its COVID-19 low, while Carnival Corp. (NYSE:CCL) has seen less growth, remaining stagnant since April 2020.

Portfolio Pulse from Caleb Naysmith

January 22, 2024 | 4:02 pm

ALK

BA

Alaska Air has reported that their checks on Boeing 737-900ER aircraft have revealed no issues so far. This follows a directive for inspections due to potential fuselage skin cracks.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:47 pm

RL

Ralph Lauren CEO Patrice Louvet appeared live on CNBC to discuss the company's strategies in the Chinese market and the impact of artificial intelligence on their business. Louvet's insights are particularly relevant as China is a significant market for luxury brands, and AI is increasingly becoming a critical factor in retail for personalization and supply chain optimization.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:31 pm

M

Macy's Inc (NYSE:M) has rejected a $5.8 billion takeover bid from Arkhouse Management Co LP and Brigade Capital Management LP at $21.00 per share due to concerns over the financing plan's viability and lack of compelling value for shareholders. The Board will not provide due diligence information to the bidders. Macy's is not in sales talks and seeks a buyer with strong financing and a track record in retail buyouts. The company also announced a 13% corporate workforce reduction and the closure of five stores.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 3:18 pm

OPTT

PGNT

Paragon Technologies, Inc. (PGNT), holding 4.8% of Ocean Power Technologies, Inc. (OPTT), is urging shareholders to vote using the BLUE proxy card against OPT's current Board and CEO, citing a 90% decline in OPTT's share price since their tenure. Paragon claims OPT's statements about votes on the BLUE card not counting are misleading and expects the Delaware courts to resolve the issue of OPT's refusal to recognize Paragon's director nominees. Paragon is soliciting votes for its own nominees for the upcoming annual meeting.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:08 pm

LYB

VGK

LyondellBasell (LYB) has been awarded a €40 million grant from the EU Innovation Fund to support the construction of an advanced recycling demonstration plant in Wesseling, Germany. The MoReTec plant will utilize innovative technology to recycle polyolefin waste into pyrolysis oil and gas for polymer production, operating on renewable electricity and aiming to increase plastic circularity. The plant, part of the EU's commitment to fund clean-tech projects for decarbonization, is expected to start in 2026.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:51 pm

PWSC

PowerSchool (NYSE:PWSC), a leading provider of cloud-based software for K-12 education, has acquired Allovue, a provider of K-12 financial planning, budgeting, and analytics software. This acquisition enhances PowerSchool's data & analytics capabilities, offering comprehensive tools for budget management and transparency in K-12 finances. The integration of Allovue's solutions will provide real-time budgeting information, collaboration, and analytics to schools and districts. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:46 pm

CHRS

SDZNY

SDZXF

Coherus BioSciences Inc (NASDAQ:CHRS) is trading higher after announcing the sale of its Cimerli ophthalmology franchise to Sandoz Group AG for $170 million plus inventory costs. This move is part of Coherus' strategy to focus on its core oncology business, which includes the Udenyca franchise and Loqtorzi, a PD-1 inhibitor. The deal is expected to close in the first half of 2024, and the proceeds will be used to pay down debt and reduce overhead costs. CHRS shares rose 13.7% on the news.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 2:41 pm

TNP

TEN Ltd. (NYSE:TNP) has sold a 2005-built suezmax tanker, Eurochampion 2004, adding approximately $40 million to its cash balances. The company also completed the delivery of two LNG-powered aframax tankers, Chios DF and Ithaki DF, as part of its dual-fuel renewal program. These actions are in line with TEN's strategy for fleet renewal, combining vessel divestments with acquisitions of eco-friendly ships on long-term contracts. The company is exploring further growth opportunities and strategic sales for a seamless fleet transition.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:22 pm