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PMVP

PMV Pharmaceuticals announced a workforce reduction of approximately 30% as part of a strategic prioritization of its PC14586 development and focused discovery research efforts. The company also reported unaudited cash, cash equivalents, and marketable securities of approximately $229 million as of December 31, 2023. The cost savings from the workforce reduction are expected to extend the company's cash runway to the end of 2026.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:03 pm

M

Macy's has announced plans to close five of its stores and will cut approximately 2,350 jobs starting January 26, according to the Wall Street Journal. This move is part of Macy's ongoing efforts to streamline its operations and adjust to the changing retail landscape.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:01 pm

HBI

HanesBrands Inc. is nearing the end of the sale process for its Champion brand, with bids due by February 21. Goldman Sachs & Co. and Evercore are managing the sale. Potential buyers include Authentic Brands Group, Marquee Brands, WHP Global, and G-III Apparel Group. Despite a 19% decline in Champion's sales last quarter, interest remains due to the brand's strong consumer resonance. HanesBrands faced pressure from Barington Capital Group and is looking to turn around Champion's performance.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 8:56 pm

ALK

BA

Boeing Company (NYSE:BA) faces increased scrutiny after U.S. Secretary of State Antony Blinken had to switch from a modified Boeing 737 due to an oxygen leak. This follows a January 5 incident involving an Alaska Air Group Inc (NYSE:ALK) flight where a Boeing 737 had a door plug blow out. The series of setbacks has led to a significant decline in net trust for Boeing, with a recent survey showing a 12 percentage point drop since December. Boeing's stock is currently trading at $211.92, down 19% year-to-date in 2024.

Portfolio Pulse from Chris Katje

January 18, 2024 | 8:53 pm

CMI

PCAR

Accelera by Cummins (NYSE:CMI), Daimler Truck, and PACCAR (NASDAQ:PCAR) have chosen Mississippi for a new battery cell production facility for commercial electric vehicles. The joint venture, which also includes technology partner EVE Energy, is expected to create over 2,000 jobs and start production in 2027. The factory will focus on lithium-iron-phosphate (LFP) battery technology and is part of the companies' commitment to zero-emissions and the Paris Climate Agreement. The deal is pending regulatory approvals, including CFIUS.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 8:52 pm

AMZN

Amazon.com Inc has announced that John Felton will assume a new position as Senior Vice President and CFO of AWS, while Udit Madan will take over the role of leading Worldwide Operations.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 8:51 pm

META

MTCH

WMT

Meta Platforms (NASDAQ:META) and CEO Mark Zuckerberg are accused in a lawsuit by the New Mexico Department of Justice of failing to protect children's safety on its platforms, including Facebook and Instagram. The unsealed documents allege that Meta was aware of inappropriate content and may have marketed to children, prioritizing growth over safety. Meta responded, emphasizing its commitment to child safety and claiming the complaint used selective quotes. The lawsuit is one of several legal challenges Meta faces, with implications for its reputation and regulatory scrutiny.

Portfolio Pulse from Chris Katje

January 18, 2024 | 8:29 pm

AAPL

SPOT

The European Parliament has passed a resolution with strong support to ensure fair pay for artists on music streaming platforms. MEPs are advocating for EU regulations to address imbalances in the sector, including outdated royalty rates and payola schemes. The resolution calls for transparent revenue allocation practices and the creation of a new EU legal framework. Spotify Technology SA (SPOT) and Apple Inc's (AAPL) Apple Music are mentioned as platforms that would need to comply with these potential new rules. The resolution also suggests quotas for European musical works and demands transparency in the use of AI and algorithms by streaming services.

Portfolio Pulse from Franca Quarneti

January 18, 2024 | 7:42 pm

META

At the World Economic Forum in Davos, leaders discussed AI's impact on society and the need for human oversight. Meta's Nick Clegg called for AI democratization and regulatory balance. Mustafa Suleyman of Inflection AI highlighted AI's disruptive potential and the need for adaptable regulations. Politicians emphasized AI's role in misinformation, healthcare, education, and the need for global rules. Ukraine's Dmytro Kuleba spoke on AI in warfare, stressing its transformative effects on global security. The panel concluded with calls for technological adaptation, democratizing AI, cultural and political transformation, global collaboration, and recognizing military implications.

Portfolio Pulse from Piero Cingari

January 18, 2024 | 7:34 pm

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