Streetbeat News

Corporate Responsibility

BMO

COF

FITB

JPM

PLAY

TFC

WFC

Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) has successfully amended its credit agreement, resulting in a reduced interest rate margin on its term and revolving loans by 60 basis points. The amendment could lead to over $5 million in annual cash interest savings. The maturity of the loans remains unchanged. Financial institutions including Deutsche Bank, JPMorgan Chase, Wells Fargo, BMO Capital Markets, Truist Securities, Capital One, and Fifth Third Bank facilitated the transaction.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 9:08 pm

FEAM

GLDG

METC

ZEUS

5E Advanced Materials, Inc. (FEAM) has hired Fluor Corporation for engineering and construction services, advancing its Boron and Lithium project. GoldMining Inc. (GLDG) sold Nutmeg Mountain to NevGold Corporation (NAUFF) for $3 million in shares, retaining a significant stake in NevGold. Ramaco Resources, Inc. (METC) is under investigation by Bragar Eagel & Squire, P.C. following a negative report by Wolfpack Research. Olympic Steel Inc. (ZEUS) promoted Anthony G. Dominic as VP of Safety, Health and Environment.

Portfolio Pulse from Austin DeNoce

January 19, 2024 | 8:53 pm

WMT

Walmart Inc. is closing its Store No. 8 innovation unit, which was established to incubate new ideas and help the retailer catch up with Amazon's online business. The closure is part of Walmart's efforts to reduce costs and explore new ways to test technology. Store No. 8 was launched seven years ago following Walmart's acquisition of Jet.com for $3.3 billion, with Jet.com's founder Marc Lore leading Walmart's e-commerce operations.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:53 pm

HUT

Hut 8 Corp. has acknowledged a short report by J Capital Research, which stands to profit if Hut 8's share price falls. The company is reviewing the report and will update as necessary. Hut 8's management and Board express confidence in the company's merger, financial strength, and future success, and remain committed to growth for shareholders.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:51 pm

SQNXF

Square Enix Holdings Co Ltd (OTC:SQNXF) is shifting its game development strategy to focus on quality over quantity, with plans to release fewer titles across a more diverse range of genres. President Takashi Kiryu acknowledged the company's overreliance on RPG franchises and the need to adapt to changing gamer preferences, such as the success of casual games like Powerwash Simulator. Square Enix aims to enhance internal development and is open to acquisitions to improve game quality. The company is also investing in AI and blockchain technology, with key releases like Foamstars, Visions of Mana, and remakes of Dragon Quest 3 and Dragon Quest 12 slated for 2024.

Portfolio Pulse from Franca Quarneti

January 19, 2024 | 8:31 pm

BMY

IKNA

Ikena Oncology Inc (NASDAQ:IKNA) is streamlining its organization to focus on its key oncology clinical programs, IK-930 and IK-595, leading to a 35% workforce reduction. With $175 million in cash, the company's financial runway is extended to the second half of 2026. Wedbush maintains an Outperform rating with a price target of $8, while William Blair also maintains an Outperform rating. Bristol-Myers Squibb (NYSE:BMY) has opted out of developing IK-175 and IK-412, with Ikena regaining full rights but not planning further investment in these programs. IKNA shares dropped 11.6% to $1.45.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 7:55 pm

JBLU

JetBlue Airways is cutting routes and service to improve profitability following a judge's decision to block its acquisition of Spirit Airlines. The airline is discontinuing flights from New York to Portland, San Jose, Ponce, and Milwaukee, and from Westchester, NY to Martha's Vineyard. JetBlue is also ending its focus city status at Baltimore/Washington International Thurgood Marshall Airport. The changes were planned before the court's decision, aiming to focus on profitable leisure routes and Caribbean and Paris services.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:47 pm

AREN

Arena Group Holdings Inc was notified by ABG-SI LLC of their intention to immediately terminate a licensing agreement dated June 14, 2019. As a result of the termination, Arena Group is required to pay a fee of $45 million to ABG-SI LLC, as per the SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:16 pm

GOOGL

Scientists from Google's DeepMind are reportedly in discussions to depart and establish their own AI startup. This news could indicate potential shifts in Google's AI leadership and strategy, and may impact investor sentiment regarding Google's future in AI innovation.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:38 pm

MSFT

NVDA

Sam Altman, prior to his ouster from OpenAI, was seeking to raise billions for a new AI chip venture, code-named Tigris, to compete with Nvidia Corp. He aimed to create semiconductors for AI tasks and had discussions with investors like SoftBank, Saudi Arabia's PIF, and Mubadala. Altman also planned an AI hardware device with Jony Ive. OpenAI is finalizing a tender offer at an $86 billion valuation. Altman's departure was due to a breakdown in communication with the board, not financial or safety issues. His new venture would focus on TPUs to lower costs for services like ChatGPT and Dall-E. US regulators may scrutinize foreign investments. Microsoft, OpenAI's biggest investor, is interested in backing Altman's chip venture.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:13 pm