Streetbeat News

Corporate Responsibility

HSAI

OUST

Hesai Technology (NASDAQ:HSAI) has responded to allegations by the House of Representatives Select Committee on the Chinese Communist Party, denying claims about its lidar technology. Hesai asserts that its lidars do not store or wirelessly transmit data, as confirmed by TÜV Rheinland and Dekra. The company has ISO/SAE 21434 certification and passed TISAX assessments. Hesai lidars, which cannot capture biometric data, are not designed for military use and are EAR99 classified. Hesai also won an ITC case against Ouster (NYSE:OUST), proving it did not infringe on Ouster's IP. Hesai is a publicly traded company that operates independently of the Chinese government and has not received government equity investments or intervention.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:00 pm

EGRX

Eagle Pharmaceuticals Inc (NASDAQ:EGRX) CEO Scott Tarriff has resigned and retired effective immediately. Michael Graves, Chairman of the Board, is now Interim Executive Chairman. The company is also not in compliance with Nasdaq's listing requirements due to not filing its 10-Q report for Q3 2023. Eagle Pharmaceuticals has 60 days to submit a compliance plan to Nasdaq. EGRX shares dropped 27.1% to $5.99.

Portfolio Pulse from Vandana Singh

November 29, 2023 | 6:46 pm

INTC

NVDA

SSNGY

TSM

NVIDIA Corporation's CEO, Jensen Huang, stated that the U.S. may take up to two decades to achieve independence from foreign chip manufacturing. At the DealBook conference, he highlighted the global dependency of NVIDIA's supply chain and the impracticality of U.S. supply chain independence in the short term. Despite U.S. efforts to localize chip production, Huang emphasized NVIDIA's commitment to China, its largest market, and the need to develop new chips that comply with U.S. regulations for export. Leading chipmakers like TSMC, Samsung, and Intel are expanding their U.S. operations. NVIDIA's stock (NVDA) saw a slight increase of 0.74% to $481.75.

Portfolio Pulse from Nabaparna Bhattacharya

November 29, 2023 | 6:34 pm

BRK.A

BRK.B

Berkshire Hathaway Inc. has accused Jimmy Haslam, the former owner of Pilot Travel Centers, of promising illicit payments to executives to inflate the company's earnings. In a court filing, Berkshire alleges Haslam engaged in a scheme to boost short-term profit, thereby increasing the value of his 20% stake in Pilot. The case was filed in Delaware Chancery Court, claiming Haslam offered 'side' bonuses to 15 senior executives and managers.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 6:11 pm

EGRX

Eagle Pharmaceuticals' stock is down following the announcement of a Nasdaq deficiency notice for a late 10-Q filing and the immediate resignation of Founder, President, and CEO Scott Tarriff.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:51 pm

WETG

WeTrade Group Inc. (NASDAQ:WETG) disclosed that its Q3 financial statements were falsely reported and not released by current management. Discrepancies include incorrect office address, misrepresented cash and bank deposits, unreported comprehensive income from a subsidiary, undisclosed BTC strategy funding, false claims of subsidiary dissolution and employee payments, inaccurate share capital information, and unmentioned legal proceedings. The report's validity is questioned, impacting trust and regulatory compliance.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 4:55 pm

EPOW

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) announced that its subsidiary, Sunrise (Guizhou) New Energy Materials Co., Ltd., has secured a $28 million investment to supplement the company's cash flow. This investment will support the fulfillment of substantial orders from major clients, including CATL and BYD, and top energy storage battery companies.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 4:06 pm

CRM

MSFT

Salesforce Inc (CRM) is set to report Q3 earnings with analysts expecting $2.06 EPS and $8.72 billion in revenue. Focus areas include operating costs, profit margins, leadership changes at Slack, and Einstein GPT integration. Salesforce has been managing costs by reducing its workforce, resulting in lower operating expenses in Q2. The company has a high gross profit margin compared to the sector and aims to be highly profitable. The consensus rating is a Buy with a target price around $248-$278. Shares were up 2.1% to $229.83 ahead of the earnings report.

Portfolio Pulse from Surbhi Jain

November 29, 2023 | 4:05 pm

AEIS

EAST

QBAK

XXII

22nd Century Group, Inc. (XXII) appoints Lawrence Firestone as chairman and CEO. The company also announced the sale of its GVB Biopharma operations to Specialty Acquisition Corporation for $2.25 million. Firestone has extensive experience, including roles as CEO of Eastside Distilling, Inc. (EAST) and Qualstar Corporation (QBAK), and CFO of Advanced Energy Industries (AEIS) and Applied Films Corporation (AFCO). 22nd Century reported an 8.2% drop in net revenue and a significant operating loss. The Blinc Group promoted Pete Sahani to CEO, with the former CEO taking a new role. XXII shares rose 10.6977% to $0.2380.

Portfolio Pulse from Jelena Martinovic

November 29, 2023 | 3:53 pm

INTU

Intuit CEO Sasan K. Goodarzi is scheduled to appear on CNBC at 11:00 am ET.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:45 pm