Streetbeat News

Corporate Responsibility

INTU

The FTC has found Intuit Inc. guilty of deceptive advertising for claiming TurboTax was a 'free' service, despite most tax filers being ineligible for the free version. The Commission's order requires Intuit to cease deceptive ads and accurately disclose eligibility for free products. This decision is seen as a victory for consumers and a warning to other businesses about misleading 'free' claims.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 9:11 pm

SPY

The Federal Reserve's Inspector General reported that former Boston Fed President Eric Rosengren's trading activities created an appearance of a conflict of interest. The trades in question occurred during 2020 when the Fed was actively involved in market interventions due to the COVID-19 pandemic. Rosengren's transactions included real estate investment trusts (REITs), which could have been influenced by Fed policies. The report did not find actual wrongdoing but highlighted the need for clearer guidelines to prevent such perceptions in the future.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 7:07 pm

SPY

The Federal Reserve's Inspector General concluded that former Dallas Fed President Robert Kaplan did not violate any trading laws or rules. However, the Inspector General noted that Kaplan's trading activities created the appearance of a conflict of interest.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 7:06 pm

LUV

Southwest Airlines Co. (NYSE:LUV) announced the approval of a new five-year collective bargaining agreement by its pilots, represented by SWAPA. The contract covers nearly 11,000 pilots, offering industry-leading compensation, modified scheduling, and quality-of-life improvements such as paid maternity and parental leave. The agreement also maintains Southwest's operational advantages and introduces a new process for pilot network recovery. This follows the ratification of new agreements by nine union-represented workgroups since October 2022, with negotiations ongoing for two other workgroups.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 6:38 pm

CMTL

Comtech Telecommunications Corp (NASDAQ:CMTL) shares surged 19.6% after announcing a $45 million strategic investment from White Hat Capital Partners LP and Magnetar. The investment, involving convertible preferred stock, aims to enhance financial flexibility, support recent contracts, and meet customer demand. The funds will be allocated to working capital, debt repayment, and growth initiatives. CEO Ken Peterman views this as a pivotal moment for the company's transformation.

Portfolio Pulse from Henry Khederian

January 22, 2024 | 6:31 pm

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), co-founded OpenAI but left due to disagreements, launching a competitor, xAI. Musk invested over $40 million in OpenAI, which he envisioned as open-source, but it became profit-focused. Musk's xAI, with $134.7 million raised from investors, aims to innovate in AI, challenging OpenAI's market position. Musk's experience and strategic vision could make xAI a formidable player in the AI space, despite OpenAI's first-mover advantage.

Portfolio Pulse from Caleb Naysmith

January 22, 2024 | 5:37 pm

GOOGL

Alphabet Inc.'s X, the company's moonshot technology lab, is laying off staff and seeking external funding for its projects. The lab is restructuring to allow its ventures to spin out as independent startups with support from both Alphabet and outside investors. This move is part of Alphabet's broader strategy to enhance cost-efficiency across its operations.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:38 pm

FSR

Fisker Inc. has filed a Form 8-K with the SEC, reporting new agreements with an investor regarding its 2025 convertible notes. The agreements include the release of liens on intellectual property upon a deal with a strategic OEM partner and the waiver of financial covenants related to restricted cash. Fisker's outstanding debt has been reduced by $185.5M to $324.5M, reflecting the conversion of debt to equity by the investor.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:03 pm

CCL

RCL

Royal Caribbean Cruises Ltd. (NYSE:RCL) has built the world's largest cruise ship, the Icon of the Seas, which will set sail from Miami with week-long cruises to the eastern Caribbean. The ship features unique amenities, including eight neighborhoods, an Aquadome, and various entertainment options. Despite the debate on social media regarding its environmental impact and symbolism of 'late-stage capitalism,' the ship offers affordable vacation options starting at $1,700 per week. RCL's stock has risen over 53% since October and 423% since its COVID-19 low, while Carnival Corp. (NYSE:CCL) has seen less growth, remaining stagnant since April 2020.

Portfolio Pulse from Caleb Naysmith

January 22, 2024 | 4:02 pm

ALK

BA

Alaska Air has reported that their checks on Boeing 737-900ER aircraft have revealed no issues so far. This follows a directive for inspections due to potential fuselage skin cracks.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:47 pm