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Corporate Responsibility

NFLX

Scott Stuber, head of Netflix's movie studio, is leaving the company to start his own media business after the March Academy Awards. His departure marks the end of a significant era for Netflix, which is set to announce Q4 earnings later on Tuesday. Netflix has seen substantial growth, with a 50% increase in operating profits over the past year and a recovery post-Hollywood writers' strike. Stuber's exit could affect Netflix's future film strategy and growth.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 5:46 am

AAPL

MBGAF

RIVN

STLA

Rivian Automotive Inc (NASDAQ:RIVN) has hired Jonas Reinke, a former executive from Apple Inc (NASDAQ:AAPL) and Porsche, as Vice President for Product Management to oversee the launch of its R2 platform. Reinke brings extensive experience in automotive product management. Rivian's R2 platform is set to begin production in 2026, with unveilings in early 2024, aiming to fill a market gap in the $45,000 to $50,000 midsize SUV range. The company has also recently hired Arnhelm Mittelbach from Mercedes-Benz Group AG (OTC:MBGAF) and Carlo Materazzo from Stellantis (NYSE:STLA) for key positions.

Portfolio Pulse from Anan Ashraf

January 23, 2024 | 5:21 am

AAPL

Apple Inc. has paid a $13.7 million fine to Russia's Federal Antimonopoly Service for alleged abuse of dominant market position related to its in-app payment system. The fine was paid on Jan. 19 and has been transferred to Russia's federal budget. Apple had previously disagreed with the decision but has not commented on the recent payment. This settlement comes amidst ongoing scrutiny of Apple's App Store policies and their impact on developers and competition.

Portfolio Pulse from Ananya Gairola

January 23, 2024 | 4:59 am

UAL

United Airlines CEO Scott Kirby has expressed dissatisfaction with Boeing's handling of quality issues and the ongoing grounding of aircraft. Kirby has discussed the matter with U.S. Transportation Secretary Pete Buttigieg and has been seeking support for a management change at Boeing. The FAA has increased scrutiny on Boeing, and United Airlines has had to cancel flights, affecting thousands of passengers. Despite these issues, United Airlines reported better-than-expected Q4 financial results.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 4:52 am

LCID

Saudi Arabia's Public Investment Fund (PIF), the majority owner of Lucid Group Inc (NASDAQ:LCID), has announced a multi-year partnership with electric motorsport series Formula E, Extreme E, and E1. The partnership, named Electric 360, aims to support the growth of electric motorsports through leadership events, STEM initiatives, and community apprenticeship programs. Financial details were not disclosed. PIF's involvement in electric mobility, including its 60% ownership of Lucid and partnership with Foxconn to form Ceer Motors, aligns with Saudi Arabia's diversification from oil.

Portfolio Pulse from Anan Ashraf

January 23, 2024 | 3:37 am

AAPL

GOOG

GOOGL

MASI

SSNLF

Samsung Electronics Co. is entering the health tech sector with noninvasive glucose and continuous blood pressure monitoring technology, challenging Apple Inc. and other tech giants. Samsung plans to integrate health features into various devices, including the Galaxy Ring. The company is also enhancing its blood pressure features and exploring new sensors for earbuds. Apple, facing an IP dispute with Masimo Corporation, had to remove the blood oxygen feature from its latest Apple Watch models in the U.S. This intensifies the competition between Samsung and Apple, who recently surpassed Samsung in global smartphone shipments.

Portfolio Pulse from Ananya Gairola

January 23, 2024 | 1:47 am

GOOGL

JPM

MCD

NKE

WMT

Sen. Bernie Sanders and Democratic lawmakers have introduced the Tax Excessive CEO Pay Act, aiming to tax companies with high CEO-to-worker pay ratios. The bill targets companies where CEOs earn 50 times more than the median worker, with a maximum tax penalty of 5 percentage points for ratios exceeding 500 to 1. Companies like Walmart, Alphabet, Home Depot, JPMorgan Chase, Nike, and McDonald's could be affected. The bill seeks to generate $150 billion over 10 years and encourages companies to narrow pay gaps by increasing worker wages or reducing CEO pay. Passage is uncertain due to the need for 60 Senate votes and expected resistance in the Republican-led House.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 12:45 am

SPRU

Spruce Power Holding (SPRU) has reached a settlement agreement to pay $19.5 million to resolve a class action litigation. The settlement received preliminary approval from the court and a final approval hearing is scheduled for April 30, 2024. The settlement fund will cover all claims, legal fees, and administrative costs, with no reversion to the company. SPRU's D&O liability insurers will fund $4 million, while SPRU will cover the remaining $15.5 million, which was accrued in Q3 2023 earnings.

Portfolio Pulse from Charles Gross

January 22, 2024 | 10:39 pm

VRM

Vroom, Inc. (NASDAQ:VRM) shares plummeted over 50% in after-hours trading following the announcement that the company is discontinuing its used vehicle dealership operations. The decision is part of the Value Maximization Plan to preserve liquidity and maximize stakeholder value. The plan includes halting transactions on vroom.com, liquidating vehicle inventory through wholesale channels, stopping vehicle acquisitions, and reducing the workforce. CEO Thomas Shortt cited the inability to raise necessary capital in the current market as the reason for the decision.

Portfolio Pulse from Ryan Gustafson

January 22, 2024 | 10:29 pm

CGAU

Centerra Gold announced that Ryan Snyder will be promoted to Executive Vice President and CFO, effective April 8, 2024. The current CFO, Darren Millman, is leaving the company to pursue another opportunity.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 10:04 pm