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Equity Actions

NIO

Nio, Inc. (NYSE:NIO) shares were advancing in premarket trading on Wednesday, following a 17.07% plunge in the previous session. The company announced plans to offer $1 billion in convertible senior notes in two parts, with the proceeds to be used for repurchasing existing debt securities and strengthening its balance sheet. Despite the capital raise not involving the sale of additional shares, the stock was hammered on Tuesday. European registration data showed Nio sold 46 European cars in September.

Portfolio Pulse from Shanthi Rexaline

September 20, 2023 | 11:51 am

QABSY

Former Qantas Airways CEO, Alan Joyce, saw his pay rise by 872% in FY23 due to cashing in long-term incentives upon retirement. However, due to ongoing lawsuits, the company decided to reduce and withhold substantial bonuses. The company managed to retrieve A$8.4 million in share-based bonuses that Joyce had acquired during the year but was not permitted to sell at the moment. There is also a possibility of reclaiming unvested stock bonuses for Joyce, currently valued at A$6 million.

Portfolio Pulse from Akanksha Bakshi

September 20, 2023 | 11:42 am

CDNS

INTC

NVDA

SSNLF

TSM

Intel's CEO, Pat Gelsinger, emphasized the company's role in the AI computing industry at the annual Innovation conference. He highlighted Intel's advancements in AI production technology and software developer tools. Intel aims to regain its position as an industry leader by accelerating manufacturing technology upgrades, with a new chipmaking technique set to debut by year-end. Intel also plans to open its factory network to external customers, including competitors, through its foundry business initiative.

Portfolio Pulse from Anusuya Lahiri

September 20, 2023 | 11:40 am

VMC

Vulcan Materials has announced the appointment of Ronnie A. Pruitt as Chief Operating Officer and the promotion of Thompson S. Baker to President.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:34 am

OII

Oceaneering International, Inc. (NYSE:OII) plans to offer $200M of additional 6.000% Senior Notes due 2028 in a private placement. The proceeds will be used to fund the purchase of its 4.650% Senior Notes due 2024. If the tender offer is not completed or the proceeds exceed the total consideration payable, the remaining funds will be used for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:34 am

NOVA

Sunnova Energy Corporation, a subsidiary of Sunnova Energy International Inc., plans to offer $400 million of green senior notes due 2028 in a private placement. The notes will be senior unsecured obligations of the corporation and will be guaranteed by Sunnova and Sunnova Intermediate Holdings, LLC. The proceeds will be used to finance or refinance eligible green projects.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:29 am

ACN

MSFT

PSO

ZUO

Pearson Plc has appointed Omar Abbosh, current President of Microsoft Corporation's Industry Solutions business, as its new CEO and Executive Director, effective early 2024. Abbosh will succeed Andy Bird, who is retiring. Prior to Microsoft, Abbosh held senior leadership roles at Accenture Plc. He also serves on the board of Zuora, Inc. The appointment follows a shareholder revolt over Bird's pay and concerns about the impact of AI on the business.

Portfolio Pulse from Nabaparna Bhattacharya

September 20, 2023 | 11:25 am

MSFT

PSO

Pearson PLC has announced the appointment of Omar Abbosh, current President of Microsoft's Industry Solutions business, as its new CEO and Executive Director, effective early 2024. Abbosh will succeed Andy Bird, who is retiring as CEO of Pearson.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:24 am

SWBI

Smith & Wesson Brands has authorized a repurchase of up to $50M of its common stock through September 19.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:14 am

UXIN

Uxin has announced an equity investment agreement with Hefei Construction Investment North City Industrial Investment. The agreement involves an investment of up to RMB1.5B in Uxin's Hefei subsidiary, Youxin (Hefei) Automobile Intelligent Remanufacturing, over the next decade. This investment will support the operation and development of Uxin’s used car super store in Changfeng County, Hefei City. Post-investment, Hefei Construction Investment's equity ownership in Uxin Hefei will not exceed 50%, and Uxin retains the right to repurchase such equity stake. This investment will not dilute Uxin Limited’s shares listed on NASDAQ.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:12 am