Streetbeat News

Corporate Responsibility

PRPL

Purple Innovation's stock is up following the announcement of an improved balance sheet, providing more financial flexibility for growth. The company also reaffirmed its 2023 guidance.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:26 pm

BB

BlackBerry Limited (NYSE:BB) plans to offer $160 million in Convertible Senior Notes due 2029 in a private offering to qualified institutional buyers. The company will also provide an option to purchase an additional $25 million of the notes. Proceeds will repay existing debentures and for general corporate purposes. The notes are unsecured and rank senior to current obligations. The offering's terms will be set at pricing, and the closing is subject to customary conditions and Toronto Stock Exchange approval.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:20 pm

ALSN

Allison Transmission has announced a strategic partnership with SANY, a global heavy equipment manufacturer, to supply transmissions for SANY's mining vehicles. Allison will provide its Off Road Series (ORS) and Wide Body Dump Series (WBD) transmissions for SANY's next-generation mining dump trucks and other vehicles. This partnership is expected to help Allison gain significant market share in the global mining industry, particularly in Africa, Asia, and South America.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:12 pm

AAPL

AMZN

GOOG

RIVN

TSLA

Apple Inc (AAPL) has scaled down its ambitions for the Apple Car, now aiming for a 2028 launch with features similar to Tesla Inc's (TSLA) current EV capabilities. The project, known as Titan, has faced multiple delays and reduced expectations. Apple's revenue growth has slowed, prompting the company to explore new categories, including the upcoming Apple Vision Pro headset. The EV industry overall is facing challenges, with some OEMs slowing down electrification efforts. Meanwhile, competitors like Amazon.com Inc (AMZN) and Alphabet Inc's (GOOG) Waymo are advancing their EV and autonomous driving initiatives.

Portfolio Pulse from Adam Eckert

January 23, 2024 | 8:37 pm

BA

Boeing has issued a memo to its suppliers emphasizing the importance of meeting quality requirements, specifically mentioning the need for properly tightening bolts. The memo, as reported by Reuters, urges suppliers to review their bolt tightening procedures during manufacturing to ensure compliance.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 7:41 pm

ALLY

BMO Capital Markets analyst James Fotheringham maintained a Market Perform rating on Ally Financial Inc. (NYSE:ALLY) and increased the price target from $36 to $37. The analyst adjusted earnings estimates, lowering near-term estimates by 7% due to slower loan growth but raised the 2025 EPS estimate by 4% anticipating NIM recovery and a lower tax rate. The company's guidance suggests lower NIM, higher loan losses, and slower loan growth, but also higher other revenues and lower operating costs. A CEO transition is expected soon, which could lead to changes in guidance. Ally Financial's shares saw a slight increase of 0.17% to $36.38.

Portfolio Pulse from Nabaparna Bhattacharya

January 23, 2024 | 7:17 pm

VRM

Vroom, Inc. has announced that it will discontinue its ecommerce operations and wind down its used vehicle dealership business, leading to a decline in its stock price.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 4:58 pm

XPER

Rubric Capital Management is pressuring Xperi Inc. to implement cost reductions and consider strategic options for its AI division. Rubric plans to nominate two directors, Thomas Lacey and Deborah Conrad, to Xperi's board.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 4:49 pm

BA

UAL

United Airlines CEO confirmed during a conference call that the company is not cancelling its orders for the Boeing Max 10 aircraft, but is removing it from their internal planning considerations.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 4:35 pm

UAL

United Airlines executive mentioned in a conference call that the company has an order of 277 Max 10 aircraft to be delivered throughout the remainder of the decade, with an additional 200 options for Max 10 aircraft.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 4:30 pm