Streetbeat News

Corporate Responsibility

GM

General Motors Co (NYSE:GM) is reportedly halting its Ultra Cruise program to refocus on its existing Super Cruise driver assistance system. Ultra Cruise, which was set to launch in 2023, was a comprehensive system using camera, radar, and LiDAR sensors. The decision comes as GM faces challenges in autonomous driving technology, with its Cruise division suspending U.S. operations after an incident and announcing cost-cutting measures. GM's third-quarter EBIT-adjusted loss for Cruise was $732 million, up 47% from the previous year.

Portfolio Pulse from Anan Ashraf

January 16, 2024 | 10:40 am

SPI

SPI Energy Co., Ltd. announced that its subsidiary, Solar4America Technology Inc., will showcase its latest American-made solar modules and announce the production of American solar cells at the Intersolar North America/Energy Storage North America event in San Diego. This development highlights SPI Energy's commitment to renewable energy and solar storage solutions for various customer segments.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 8:51 am

GS

IBKR

MS

PNC

SURG

U.S. stock futures are trading lower, with investor focus on upcoming earnings reports. Goldman Sachs (GS) is expected to report earnings of $3.41 per share on $10.80 billion revenue. SurgePays (SURG) appointed Jeremy Gies as President. Morgan Stanley (MS) is anticipated to report earnings of $1.09 per share on $12.75 billion revenue. Interactive Brokers Group (IBKR) is projected to post earnings of $1.54 per share on $1.15 billion revenue. PNC Financial Services (PNC) is expected to report earnings of $2.94 per share on $5.29 billion revenue.

Portfolio Pulse from Avi Kapoor

January 16, 2024 | 8:07 am

TSLA

Andrej Karpathy, Tesla Inc.'s AI director, clarified on X that his AI vision isn't to replicate Jarvis from 'Iron Man' but to blend traits from various AI characters in movies. He aims for a holistic AI that is helpful, conversational, and empowering. The post indicates a broader approach to AI development at Tesla. Sam Altman, CEO of OpenAI, also discussed AI portrayals in movies and their relevance to the current AI landscape. A report mentioned 61% of Americans are concerned about AI's rapid growth and potential risks to humanity.

Portfolio Pulse from Ananya Gairola

January 16, 2024 | 7:56 am

IHS

IHS Holding Limited (NYSE:IHS), also known as IHS Towers, and Wendel Group have reached a settlement agreement regarding ongoing litigation. Additionally, IHS Towers plans to propose changes to its Articles of Association to enhance corporate governance and shareholder engagement. These changes will be presented for approval at the 2024 AGM.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 7:51 am

CSCO

Cisco (NASDAQ:CSCO) has partnered with the OECD to launch a research initiative focused on digital well-being. This collaboration aims to explore how technology affects our lives and can be a driver of progress when used correctly. Cisco's commitment to bridging the digital divide aligns with this effort to enhance access to technology and its benefits.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 7:03 am

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), expressed his desire for increased voting control, up to 25%, to lead the company's AI and robotics initiatives. He suggested he might develop AI products outside Tesla if not granted this control. Musk's comments come as Tesla's stock has declined, erasing over $94 billion in market cap. Tesla is investing in the Optimus robot and Dojo supercomputer, with the latter expected to add $500 billion to Tesla's value. Musk's compensation has been a topic of debate, with his last options package confirmed in early 2023.

Portfolio Pulse from Ananya Gairola

January 16, 2024 | 5:00 am

TSLA

Tesla CEO Elon Musk seeks at least 25% voting control to comfortably grow AI/robotics at Tesla, stating he would otherwise build products outside the company. Musk currently holds approximately 13% of Tesla shares. Analysts Gary Black and Dan Ives are optimistic that the board will resolve the voting rights and compensation issues, with Black suggesting a share buyback could help Musk reach the desired ownership level. Ives believes Tesla's AI potential is undervalued and predicts a $1 trillion market cap for Tesla in 2024. A pending lawsuit by shareholder Richard Tornetta challenges Musk's 2018 compensation package, alleging excessive influence over the board.

Portfolio Pulse from Anan Ashraf

January 16, 2024 | 3:12 am

RHP

Ryman Hospitality Properties, Inc. (NYSE:RHP) has postponed its Investor Day due to inclement weather in Nashville. The event is rescheduled for January 30th, 2024. Despite the postponement, the company released preliminary financial results for Q4 and FY 2023, with record net income and Adjusted EBITDAre. Q4 AFFO per diluted share is expected to be $2.07-$2.10, and FY23 AFFO per diluted share is projected at $5.29-$5.43. Net income for FY23 is anticipated to be between $336M-$348M. The company's Hospitality and Entertainment segments have achieved record operating income and Adjusted EBITDAre.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:38 pm

NTB

The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) announced key senior management appointments. Michael Neff has been promoted to Group Chief Operating Officer, Jody Feldman to Managing Director of Bermuda, and Kevin Dallas to Group Chief Experience Officer. These appointments aim to enhance operational effectiveness and client services, supporting the bank's strategic priorities for long-term growth. Neff, Feldman, and Dallas bring extensive experience in financial services and marketing strategy to their new roles.

Portfolio Pulse from Benzinga Newsdesk

January 15, 2024 | 11:34 pm