Streetbeat News

Corporate Responsibility

OPTT

PGNT

Paragon Technologies, Inc. (PGNT), holding 4.8% of Ocean Power Technologies, Inc. (OPTT), is urging shareholders to vote using the BLUE proxy card against OPT's current Board and CEO, citing a 90% decline in OPTT's share price since their tenure. Paragon claims OPT's statements about votes on the BLUE card not counting are misleading and expects the Delaware courts to resolve the issue of OPT's refusal to recognize Paragon's director nominees. Paragon is soliciting votes for its own nominees for the upcoming annual meeting.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:08 pm

LYB

VGK

LyondellBasell (LYB) has been awarded a €40 million grant from the EU Innovation Fund to support the construction of an advanced recycling demonstration plant in Wesseling, Germany. The MoReTec plant will utilize innovative technology to recycle polyolefin waste into pyrolysis oil and gas for polymer production, operating on renewable electricity and aiming to increase plastic circularity. The plant, part of the EU's commitment to fund clean-tech projects for decarbonization, is expected to start in 2026.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:51 pm

PWSC

PowerSchool (NYSE:PWSC), a leading provider of cloud-based software for K-12 education, has acquired Allovue, a provider of K-12 financial planning, budgeting, and analytics software. This acquisition enhances PowerSchool's data & analytics capabilities, offering comprehensive tools for budget management and transparency in K-12 finances. The integration of Allovue's solutions will provide real-time budgeting information, collaboration, and analytics to schools and districts. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:46 pm

CHRS

SDZNY

SDZXF

Coherus BioSciences Inc (NASDAQ:CHRS) is trading higher after announcing the sale of its Cimerli ophthalmology franchise to Sandoz Group AG for $170 million plus inventory costs. This move is part of Coherus' strategy to focus on its core oncology business, which includes the Udenyca franchise and Loqtorzi, a PD-1 inhibitor. The deal is expected to close in the first half of 2024, and the proceeds will be used to pay down debt and reduce overhead costs. CHRS shares rose 13.7% on the news.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 2:41 pm

TNP

TEN Ltd. (NYSE:TNP) has sold a 2005-built suezmax tanker, Eurochampion 2004, adding approximately $40 million to its cash balances. The company also completed the delivery of two LNG-powered aframax tankers, Chios DF and Ithaki DF, as part of its dual-fuel renewal program. These actions are in line with TEN's strategy for fleet renewal, combining vessel divestments with acquisitions of eco-friendly ships on long-term contracts. The company is exploring further growth opportunities and strategic sales for a seamless fleet transition.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:22 pm

FNGR

FingerMotion, Inc. (NASDAQ:FNGR) provided supplemental quarterly guidance, indicating variability in quarterly revenue recognition due to the sporadic nature of its business segments. For the nine months ended November 30, 2023, revenue was $27.6 million, a 30% increase year-over-year, with gross profit rising 90% to $3.1 million. The company's CEO, Martin Shen, emphasized the importance of focusing on long-term trends rather than short-term fluctuations, highlighting the company's diverse portfolio and adaptive strategies for future growth.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:13 pm

CE

UA

Celanese Corporation (CE) and Under Armour, Inc. (UA, UAA) have developed NEOLAST™, a new fiber for performance stretch fabrics. NEOLAST™ offers enhanced stretch performance and sustainability, addressing challenges with recycling elastane. The fiber is produced using a solvent-free process and recyclable elastoester polymers, aiming to improve fabric recyclability in a circular economy. Both companies are exploring further applications and making the fiber available to the broader apparel industry.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:05 pm

TOON

Kartoon Studios (NYSE:TOON) plans to increase content production in 2024, aiming for sustained profitability. Initiatives to boost revenue and streamline operations are cited as key factors. The company's streaming service, Kartoon Channel!, achieved breakeven in 2023 and is expected to be profitable in 2024. New series and movies are in the pipeline, including original IP from Stan Lee Universe. Gregg Goldin, with experience from DreamWorks Animation and Cartoon Network, is appointed as Senior Vice President, Development & Production.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:04 pm

RTX

Pratt & Whitney Canada, a business of RTX (NYSE:RTX), has unveiled a new high voltage bidirectional mobile charging unit (MCU) for its hybrid-electric flight demonstrator project. The MCU, developed with the National Research Council of Canada and the Innovative Vehicle Institute, can charge batteries at up to 1500 volts and deliver up to 280 kW. It supports the Megawatt Charging System standards and is critical for electric and hybrid-electric aircraft. The charger's bidirectional capability allows for energy recycling back into the grid. RTX's hybrid-electric propulsion system, which will use batteries charged by this MCU, aims for a 30% improvement in fuel efficiency and reduced CO2 emissions, aligning with the industry's net-zero CO2 emissions goal by 2050.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:02 pm

GOLD

Barrick Gold (NYSE:GOLD) has denied rumors of a potential takeover of First Quantum Minerals, following reports of a meeting between Barrick's executive and First Quantum representatives. Barrick is focusing on developing its existing projects in Tanzania, including the North Mara and Bulyanhulu mines, and investing in the community through the Future Forward education initiative. First Quantum is dealing with financial challenges, including the closure of its Cobre Panama copper mine and the suspension of dividends.

Portfolio Pulse from Stjepan Kalinic

January 22, 2024 | 1:58 pm