Streetbeat News

Corporate Responsibility

AAPL

Apple Inc. (NASDAQ:AAPL) is reportedly disbanding its 121-member AI team in San Diego, offering employees the choice to relocate to Austin or face termination by April 26. The Data Operations Annotations team, responsible for improving Siri, was informed of the decision, which comes ahead of the launch of Apple's Vision Pro mixed-reality headset. This move is seen as a cost-saving measure or strategic shift in AI operations, amidst Apple avoiding significant layoffs despite missing earnings expectations.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 11:39 am

VLVLY

Volvo Group has entered into an option agreement with John Cockerill Defense to potentially sell its defense vehicle subsidiary, Arquus. The deal is expected to be finalized in Q1 2024 after staff consultations. The agreement will negatively impact Volvo Group's operating income by approximately SEK 900 million in Q4 2023. Arquus contributes about 1% to Volvo Group's revenues and employs around 1,200 people in France. The negative earnings effect will be reported under Group Functions & Other and will not affect adjusted operating income.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:28 am

TRI

Thomson Reuters Corporation (TRI) has acquired a majority stake of 53.81% in Pagero Group AB, a leader in e-invoicing and indirect tax solutions. Thomson Reuters increased its tender offer to SEK 50 per share, valuing Pagero at approximately SEK 8.1 billion. The acquisition enhances Thomson Reuters' ONESOURCE indirect tax offerings and is expected to provide significant growth opportunities due to increasing global e-invoicing regulations. The offer is unconditional and fully financed, with the acceptance period ending on February 9, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:22 am

BRK

BYDDY

SGML

TSLA

Chinese EV manufacturer BYD Co Ltd, supported by Warren Buffett's Berkshire Hathaway, is in discussions with Brazilian lithium producer Sigma Lithium Corp regarding a potential acquisition. The talks could result in various outcomes, including a supply contract, joint venture, or full takeover. Sigma Lithium, valued at $2.9 billion, began exporting lithium from Brazil last year and is considering a strategic review that may lead to a sale or public listing of its Brazilian subsidiary. BYD's interest in Sigma aligns with its strategy to control significant parts of its supply chain. This move reflects China's ambition to dominate the clean tech industry's global resources. BYD has surpassed Tesla in battery-only EV sales and is expanding its international presence, including a new battery production facility in China and the launch of a chartered cargo ship for global EV exports.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 8:51 am

F

TSLA

Elon Musk, CEO of Tesla, mocked Ford's patent filing for technology that enables vehicle repossession by disabling features like air conditioning or autonomously moving the car to a repossession agency. The patent, filed in February 2023, was intended as a solution for uncooperative owners during repossession. The story resurfaced on Twitter, prompting Musk's comment. Ford previously stated they do not plan to deploy the feature, and Benzinga has reached out for further clarification.

Portfolio Pulse from Anan Ashraf

January 15, 2024 | 6:40 am

BZFD

GOOGL

META

MSFT

The IMF warns that AI could influence 40% of global jobs, with advanced economies facing up to 60% of jobs affected. This could worsen income inequality and social tensions. Companies like Buzzfeed Inc are investing in AI, raising job security concerns. The EU is progressing with AI legislation, while the US is still deciding on regulations. Tech giants like Microsoft, Alphabet, and Meta are focusing on AI and cost control, despite business growth.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 6:22 am

F

Ford Motor Company (NYSE:F) is expected to excel in 2024 by focusing on profitable hybrids and improving quality control. Ford's hybrid sales grew significantly in Q4 2023, outpacing EV sales. Jim Cramer supports Ford's hybrid strategy, suggesting resource allocation to this area. Analysts from Morgan Stanley and Wells Fargo see potential for Ford amid a challenging auto industry by strategic capital allocation and product focus. Ford plans to reduce all-electric Lightning production and address high warranty costs due to recalls and inflation.

Portfolio Pulse from Benzinga Neuro

January 15, 2024 | 3:33 am

AMZN

Amazon.com Inc (NASDAQ:AMZN) is allegedly using 'quiet firing' tactics to reduce its workforce without the negative publicity of layoffs. This includes assigning more employees to low performance brackets, strict office return policies, and not allocating work. Former AWS senior employee Justin Garrison described his departure as a 'silent sacking' and suggested it's a strategy to cut costs without affecting stock prices. Amazon spokesperson denied the claims, stating performance management is expected in a company of Amazon's size. Concerns are raised about losing expertise, particularly in cloud services, but Amazon remains a desirable workplace.

Portfolio Pulse from Bibhu Pattnaik

January 14, 2024 | 7:11 pm

BGXX

Bright Green Corporation has appointed Groovy Singh as its new CEO, taking over from the current CEO, Seamus Mcauley.

Portfolio Pulse from Charles Gross

January 14, 2024 | 4:05 pm

AAPL

ALK

Apple Inc. (AAPL) faced a week of varied developments including a delay in the launch of the next-gen AirTag, board member retirements, security concerns over AirDrop, and an iPhone surviving a 16,000-foot drop. The AirTag's second-gen launch is postponed to 2025 due to overstock. Al Gore and James Bell retired from the board, with Wanda Austin proposed as a new member. Chinese researchers claim to have cracked AirDrop, potentially compromising user security. An iPhone fell from an Alaska Air Group (ALK) flight and survived. The ITC rejected Apple's plea to suspend an import ban on certain Apple Watch models.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 9:56 am