Streetbeat News

Corporate Responsibility

SAVE

Spirit Airlines is exploring options to refinance its debt, according to Reuters. The company is not considering restructuring at this time. This move could be a proactive measure to manage its financial obligations more effectively and possibly secure better terms.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 7:32 pm

AREN

The Arena Group (NYSE:AREN) announced a workforce reduction of over 100 employees as part of a strategic move to transform its business model. The company is dealing with substantial debt and has missed payments recently. These cost-cutting measures are being taken to streamline operations. Concurrently, The Arena Group is negotiating with Bridge Media Networks, LLC, a subsidiary of Simplify Inventions, LLC, for a transaction that includes a significant investment, expected to close in early 2024. Jason Frankl of FTI Consulting has been appointed as Chief Business Transformation Officer to oversee the transition and focus on financial stability and growth.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:31 pm

E

Eni has signed multiple strategic agreements with Kazakh companies during President Tokayev's visit to Italy. A Joint Confirmation agreement for a 250 MW Hybrid Renewables-Gas Project in Kazakhstan was signed with KMG. Additionally, a Memorandum with Samruk-Kazyna on energy transition projects and a Cooperation Agreement with QazaqGaz were established. These agreements aim to supply low-carbon electricity, replicate the hybrid model, and reduce carbon emissions in gas operations.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:13 pm

AAPL

SPOT

Apple has updated its App Store policies to comply with the Epic v. Apple court ruling, allowing U.S. developers to link to alternative payment methods but imposing a 27% commission on such transactions. Critics like Spotify and Epic Games CEO Tim Sweeney have slammed the move as anticompetitive and undermining the court's intent to foster competition. Spotify calls for EU intervention, while the Coalition for App Fairness criticizes the policy for not benefiting developers or consumers. Apple's similar policies in the Netherlands and South Korea have faced regulatory fines and warnings.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:06 pm

META

Mark Zuckerberg, CEO of Meta Platforms, announced the consolidation of the company's two AI research groups, FAIR and GenAI, into a single unit. This move is aimed at enhancing the synergy between the teams and accelerating AI innovation within the company.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 5:55 pm

BLK

JPM

Franklin Templeton, a $1.5 trillion fund, handed over its Twitter account to its Digital Assets Research Team, which posted memes and bullish takes on cryptocurrencies like Bitcoin and Solana. This reflects a broader culture shift in traditional finance towards embracing cryptocurrency culture. The fund's actions, including adding 'laser eyes' to its avatar and discussing a potential Solana ETF, indicate a growing accommodation of crypto by traditional financial institutions. Industry figures like Nic Carter and Emin Gün Sirer reacted to the event, while BlackRock CEO Larry Fink and JPMorgan CEO Jamie Dimon expressed support for tokenization.

Portfolio Pulse from Ivan Crnogatić

January 18, 2024 | 5:44 pm

LEVI

Safilo Group and Levi Strauss & Co. have announced the renewal of their global eyewear licensing agreement until the end of 2029. The partnership leverages Levi's strong brand and global distribution network in Europe, North America, and Asia. Both companies share a commitment to sustainability and aim to cater to the contemporary segment and younger generations.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:53 pm

GT

STLA

Goodyear Tire & Rubber Co (GT) has appointed Mark Stewart as the new CEO and President, effective January 29, 2024. Stewart, previously COO of North America at Stellantis N.V. (STLA), will succeed Richard J. Kramer. The change in leadership follows a shareholder activism campaign by Elliott Investment Management, which led to a cooperation agreement and the creation of a Strategic and Operational Review Committee at Goodyear. GT shares rose 2.13% to $14.18 following the announcement.

Portfolio Pulse from Lekha Gupta

January 18, 2024 | 4:05 pm

KVYO

The Bear Cave released a report on Klaviyo, Inc. (KVYO), a recent tech IPO valued over $6 billion, highlighting significant data privacy issues, connections of its board to failed stocks, and increasing competition. The report suggests that the company's revenue quality is questionable and that upcoming policy changes by Gmail and Yahoo regarding spam could pose additional challenges.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 3:40 pm

HUT

J Capital Research has issued a report on Hut 8 Corp., titled 'The Coming HUT Pump and Dump,' alleging undisclosed related party stock ownership, involvement of a stock-promoter group, and neglected assets. The report suggests management malpractice and potential stock manipulation.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 3:32 pm