Streetbeat News

Corporate Responsibility

AMZN

TGT

VCR

WMT

XLY

A ProPublica investigation has revealed that Walmart Inc. (NYSE: WMT) is implicated in a fraud network involving gift cards and money laundering, with losses exceeding $1 billion from 2013 to 2022 according to the FTC. Despite Walmart's efforts to dismiss a lawsuit alleging negligence in preventing fraud, the company's financial services are under scrutiny for lack of effective anti-fraud measures. The case of Qinbin Chen, who laundered $7 million in Walmart gift cards, highlights the issue. Walmart's expansion into financial services, including the acquisition of One, raises concerns about its ability to manage these services amidst compliance issues. The situation may also impact related companies like Amazon.com Inc. (NASDAQ: AMZN) and Target Corporation (NYSE: TGT), as well as ETFs like XLY and VCR.

Portfolio Pulse from Bibhu Pattnaik

January 28, 2024 | 7:17 pm

ALK

UAL

United Airlines Holdings Inc. (UAL) is resuming flights with Boeing Co.'s (BA) 737 Max 9 aircraft after a temporary grounding. The grounding was due to an incident involving an Alaska Air Group Inc (ALK) flight where a door plug blew out mid-flight. The FAA has given final approval for the Max 9 fleet's return. United, a major Boeing customer, had expressed concerns over Boeing's quality control. Alaska Airlines has already restarted Max 9 operations, with Aeromexico and Turkish Airlines expected to follow. Boeing has committed to improving quality standards to regain confidence from customers, regulators, and the public.

Portfolio Pulse from Bibhu Pattnaik

January 28, 2024 | 4:05 pm

AAPL

RIVN

DJ Novotney, a key executive involved in Apple's self-driving car project, has left the company to join Rivian Automotive as its senior vice president of vehicle programs. Novotney's departure is part of a series of executive exits from Apple, which may impact its car project. Rivian, on the other hand, could benefit from Novotney's experience as it works on its next-gen EV platform.

Portfolio Pulse from Shanthi Rexaline

January 28, 2024 | 2:21 pm

AAPL

AMD

META

MSFT

NVDA

TSLA

This week in AI featured Elon Musk denying xAI's capital raise reports, tech giants backing Biden's AI initiative, Apple's potential AI integration in iPhones, concerns over deepfake threats to US elections, and Tesla's plans to invest in AMD and Nvidia hardware. Musk refuted a Financial Times story about xAI raising $6 billion. Microsoft, Nvidia, and Meta support Biden's AI project. Apple is likely to incorporate generative AI into iPhones, and Tesla aims to purchase chips from AMD and invest in Nvidia hardware for AI advancements.

Portfolio Pulse from Benzinga Neuro

January 28, 2024 | 12:27 pm

AAPL

RIVN

DJ Novotney, Apple's Vice President of Hardware, has left the company to take on a top product role at Rivian. This move could signal a significant shift in talent between the tech giant and the electric vehicle manufacturer, potentially impacting their respective product development strategies.

Portfolio Pulse from Charles Gross

January 28, 2024 | 12:56 am

CMPS

GHRS

IXHL

PSIL

A new study suggests suggestibility plays a role in the antidepressant effects of psilocybin therapy. The EU has allocated $7M for psychedelic research for various disorders. In Australia, the first psychedelic-assisted medical treatments in 50 years were provided. Incannex Healthcare's CEO discussed the company's role in psychedelic-assisted therapies on the Benzinga Psychedelics Podcast. Psychedelics stocks showed varied performance, with COMPASS Pathways, GH Research, and Incannex Healthcare closing higher, while others like Seelos Therapeutics and Enveric Biosciences closed lower. The AdvisorShares Psychedelics ETF (PSIL) closed at $1.43.

Portfolio Pulse from Lara Goldstein

January 27, 2024 | 3:00 pm

MSFT

Microsoft CEO Satya Nadella has committed to taking swift action against the spread of non-consensual explicit deepfake images, such as the recent AI-generated fake nude images of Taylor Swift. Microsoft, a major investor in OpenAI, is investigating the incident and has emphasized the importance of creating a safe digital environment. The company has updated its Code of Conduct and strengthened content safety filters to prevent misuse of its services.

Portfolio Pulse from Ananya Gairola

January 27, 2024 | 10:26 am

AAPL

TSLA

Tesla Inc (TSLA) reported R&D expenses of about $4 billion in FY23, which is significantly lower than Apple's (AAPL) $29.92 billion and Microsoft's $27.2 billion in the same period. Elon Musk highlighted the effectiveness of Tesla's R&D spending in response to a comparison made by a Tesla investor, Sawyer Merritt. Musk considers the entire company as R&D, emphasizing innovation per dollar spent.

Portfolio Pulse from Anan Ashraf

January 27, 2024 | 5:10 am

AAPL