Streetbeat News

Corporate Responsibility

C

Citigroup, Inc. (NYSE:C) is planning to separate its Mexican retail unit Banamex from its corporate and investment banking business in Mexico by the second half of 2024. Banamex is expected to go public in 2025. Earlier, Citi halted a $7 billion sale of Banamex, surprising investors. Negotiations with Grupo Mexico were discontinued due to the Mexican government's involvement in Grupo Mexico's activities and specific sale demands. Citi is considering a dual stock listing in Mexico and New York.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 6:34 pm

SONY

Naughty Dog, a subsidiary of Sony Group Corp. (NYSE:SONY), has canceled the development of The Last of Us Online, a multiplayer spin-off of its popular series. The studio faced challenges in managing resources between live-service game content and future single-player narrative projects. The decision was announced on December 14, with the studio opting to focus on single-player games, which align with its heritage. Despite the cancellation, Naughty Dog has gained valuable insights from the project and is working on multiple new single-player games. Sony has been pushing for more live-service games, but has also indicated delays in its online game projects during a November earnings call.

Portfolio Pulse from Franca Quarneti

December 15, 2023 | 5:50 pm

BABA

PDD

Alibaba Group Holding Limited (NYSE:BABA) stock is up on Friday due to reports of a significant stimulus to boost liquidity and the company's increased focus on AI for e-commerce growth. Alibaba is integrating AI into its core business, restructuring its AI efforts, and has launched new AI tools like Taobao Wenwen and Aidge. The company's strategic shift to AI is in response to increasing competition, as evidenced by PDD Holdings Inc's (NASDAQ:PDD) rising market valuation. Alibaba's stock rose 3.33% to $74.93.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 5:44 pm

FOX

PUMSY

UL

PUMA SE (OTC:PUMSY) is ending its sponsorship of Israel's national soccer team after 2024, citing business reasons and a 'fewer-bigger-better strategy', not due to boycotts or the Middle East conflict. The BDS movement claims credit for the end of the sponsorship, which began facing boycotts in 2018. Puma also plans to end its partnership with Serbia's team after 2024 and will evaluate other partnerships. The news comes as Israel competes for a spot in Euro 2024, with Fox Corporation (NASDAQ:FOX)(NASDAQ:FOXA) holding U.S. TV rights. Puma is a major player in soccer, sponsoring top players and clubs, and was the third-largest sponsor at the 2022 World Cup. Unilever PLC (NYSE:UL), through its brand Ben & Jerry's, faced similar BDS pressure, leading to a halt in sales in the West Bank.

Portfolio Pulse from Chris Katje

December 15, 2023 | 5:07 pm

GOOG

MSFT

OpenAI's Superalignment team, led by Microsoft's Ilya Sutskever, is focused on developing methods to control superintelligent AI systems. Amidst leadership changes with Sam Altman, the team presented their research at a conference and announced a $10 million grant program to advance their work. The program has attracted support from industry figures like former Google CEO Eric Schmidt. Microsoft shares saw a 1.22% increase to $370.45 recently.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 4:09 pm

E

Eni is in talks to sell a minority stake in its Novamont unit, a bioplastic maker, which could be valued at around 1 billion euros. Eni, which owns Novamont through Versalis, acquired the remaining 64% of Novamont last October. Potential investors include HitecVision and Blackstone. The sale would enhance Eni's sustainability profile in the chemical sector by growing Novamont, a leader in bioplastics production. Discussions are preliminary, and no final decision has been made on the stake size to be sold.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:54 pm

GEVO

Gevo, Inc. has expressed appreciation for the Biden Administration's decision to use the Argonne GREET method for the SAF tax credit, as outlined by the U.S. Department of Treasury. This method will provide a science-based approach to transparent carbon accounting in the SAF supply chain. The GREET model, which includes tools for precise measurement of SAF carbon intensity, will be finalized by March 1, 2024. Gevo's CEO, Dr. Patrick Gruber, highlighted the importance of data-driven integrity and the role of U.S. farmers in contributing to cleaner aviation fuel. The Inflation Reduction Act's tax credits for SAF with at least 50% lower emissions than conventional fuel are expected to create new markets for American farmers.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:22 pm

STGW

Elspeth Rollert has been promoted to CEO of Stagwell Marketing Cloud (SMC), a proprietary suite of SaaS products by Stagwell (NASDAQ:STGW). She will lead the strategic direction and performance of SMC. Rollert has a background with Uber and Microsoft, and has been instrumental in SMC's growth through product development, acquisitions, and partnerships, including with Google Cloud. Stagwell reported a 7% revenue increase and 20% net revenue increase for SMC in Q3 2023. Rollert will be present at CES 2024.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:52 pm

SHEL

Shell PLC (NYSE:SHEL) is reportedly selling its 37.5% stake in the Schwedt refinery, which is crucial for fuel supply in eastern Germany. The sale to Prax Group is part of Shell's strategy to reduce its global refining portfolio and focus on key sites. The deal is expected to close in the first half of 2024, subject to regulatory approvals. Financial details were not disclosed. Shell's shares are trading lower by 0.87% in premarket.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 2:26 pm

UTZ

Utz Brands, Inc. (NYSE:UTZ) is set to present its long-term growth strategy at its 2023 Investor Day, reaffirming its FY 2023 outlook with net sales growth of 2%-3% and organic net sales growth of 3%-4%. The company anticipates 4%-5% organic net sales growth from FY23 to FY26 and targets a ~16% adjusted EBITDA margin by FY26. Plans include expanding Power Brands, transforming the supply chain for margin improvements, and introducing new three-year financial targets. Utz also aims to reduce leverage and pursue acquisitions opportunistically.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:17 pm