Streetbeat News

Corporate Responsibility

JBLU

SAVE

The proposed merger between JetBlue Airways Corp (JBLU) and Spirit Airlines Inc (SAVE) was blocked by a U.S. District Court judge, causing a significant drop in stock prices for both companies. Analysts have downgraded Spirit Airlines stock, with BofA Securities rating it as Underperform and Susquehanna Financial Group downgrading it from Neutral to Negative, both setting a price target of $5. JetBlue's CEO is stepping down, and the incoming CEO may lead without pursuing the merger further.

Portfolio Pulse from Surbhi Jain

January 17, 2024 | 6:59 pm

SONY

TTWO

UBSFF

Swen Vincke, head of Larian Studios, opposes the dominance of gaming subscription services, fearing it could harm content quality and industry diversity. He insists on a direct-to-player model and confirms that Larian's games, including Baldur's Gate 3, will not be available on subscription services. Vincke's views echo concerns from industry leaders at Sony and Take-Two Interactive, who have reservations about subscription models dictating game development and limiting creativity.

Portfolio Pulse from Franca Quarneti

January 17, 2024 | 6:43 pm

ETN

Eaton Corporation (NYSE:ETN) shares fell after announcing Olivier Leonetti as the new EVP and CFO, effective February 5, 2024. He replaces Thomas B. Okray, who is leaving for personal reasons. Despite the leadership change, CEO Craig Arnold expects to report strong Q4 and full-year 2023 results. Eaton previously raised its full-year adjusted EPS outlook to $8.95-$9.05 and forecasted 8-10% organic revenue growth for Q4. ETN shares dropped by 1.88% to $237.19.

Portfolio Pulse from Nabaparna Bhattacharya

January 17, 2024 | 6:22 pm

BLK

JPM

JPMorgan Chase CEO Jamie Dimon expressed skepticism about Bitcoin, criticizing it for its alleged use in illicit activities and questioning the cryptocurrency's supply limit. He acknowledged the potential of blockchain and cryptocurrencies with use cases, particularly those involving smart contracts and tokenization. Dimon's views contrast with other financial leaders like BlackRock CEO Larry Fink, who supports the tokenization of financial assets. The Bitcoin community responded to Dimon's comments, defending Bitcoin's value proposition of absolute scarcity.

Portfolio Pulse from Khyathi Dalal

January 17, 2024 | 5:59 pm

DEO

Diageo plc (NYSE:DEO) closed at $142.85 on Dec. 15, with a 52-week range of $135.63 to $190.02. The company reported a 5% increase in dividends for the final quarter and fiscal year over the previous year and expects to declare an interim dividend for FY ending June 2024 in January. The annualized dividend is $3.08, yielding 2.7%. To earn $1,000 per month from dividends, an investment of approximately $444,444 is needed. Diageo has transitioned to reporting in U.S. dollars and will declare future dividends in USD. The stock price was $145.28 on Dec. 22.

Portfolio Pulse from Shankar Iyer

January 17, 2024 | 5:44 pm

AMZN

BRK.A

LVMHF

ORCL

TSLA

A report by Oxfam highlights the growing wealth inequality, with the top five richest people, including CEOs of Tesla, LVMH, Amazon, Oracle, and Berkshire Hathaway, increasing their wealth by 114% over the past three years. The wealth of the world's richest 10 people grew three times faster than inflation, while the poorest 60% saw a 0.2% decrease. The report suggests policy changes like wealth taxes and living wages to address the disparity.

Portfolio Pulse from Chris Katje

January 17, 2024 | 5:11 pm

CHPT

ChargePoint Holdings, Inc. (NYSE:CHPT) has seen its stock price drop over 20% in the past week following a strategic reorganization announcement, which includes a 12% workforce reduction. The company anticipates $33 million in annual savings and $14 million in restructuring charges. ChargePoint maintains a strong financial position with $397 million in cash and a $150 million undrawn credit facility. The stock is trading below its 50-day moving average and has a high short interest of 22.92%.

Portfolio Pulse from Erica Kollmann

January 17, 2024 | 5:05 pm

MSFT

At the Davos event, OpenAI CEO suggested that AI could evolve into a new computer operating system in the future. This statement underscores the potential for AI to become a foundational technology, akin to an operating system, which could have significant implications for companies like Microsoft (MSFT) that are investing heavily in AI.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 3:54 pm

PYPL

On CNBC, PayPal Holdings CEO Alex Chriss discussed the company's strategy and the future of PayPal and its service Venmo, which led to a spike in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 3:49 pm

AAPL

DIS

Walt Disney Company (NYSE:DIS) shares are trading lower despite announcements including Disney+ content streaming on Apple's (NASDAQ:AAPL) Apple Vision Pro at no extra cost, CEO Bob Iger's 2023 compensation doubling to $31.59 million, and the board's rejection of Nelson Peltz and James Rasulo's nominations by Trian Fund Management.

Portfolio Pulse from Erica Kollmann

January 17, 2024 | 3:36 pm