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AMZN

IRBT

iRobot Corp (IRBT) stock plummeted, hitting 52-week lows after the mutual termination of its $1.7 billion merger deal with Amazon.com Inc (AMZN). Amazon will pay iRobot a $94 million termination fee. iRobot announced leadership changes, with Glen Weinstein as interim CEO and Andrew Miller as Chairman. The company plans to restructure, aiming for $80-$100 million in savings, which includes cutting 31% of its workforce. iRobot anticipates a non-GAAP operating loss of approximately $200 million for 2023 and restructuring charges of $12-$13 million in 2024. The EU had recommended against the deal due to antitrust concerns in the robotic vacuum cleaner market.

Portfolio Pulse from Anusuya Lahiri

January 29, 2024 | 2:31 pm

CING

Cingulate has appointed Jennifer Callahan as its new CFO, replacing Lou Van Horn. This change in the company's financial leadership could signal a strategic shift or a strengthening of its financial management.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:12 pm

HOOK

HOOKIPA Pharma is refocusing its business priorities to advance the clinical development of HB-200 for HPV16+ head and neck cancers and to continue its infectious disease programs in partnership with Gilead. The company will regain global development rights to the HB-700 program for KRAS-mutated cancers from Roche but remains eligible for a milestone payment upon IND submission. To reduce costs, HOOKIPA will reduce its workforce by approximately 30%. Despite these changes, HOOKIPA reports a strong cash position of $117.5 million as of the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:05 pm

AAPL

RIVN

DJ Novotney, a key executive involved in Apple's self-driving car project, has left the company to join Rivian Automotive as its senior vice president of vehicle programs. Novotney's departure is part of a series of executive exits from Apple, which may impact its car project. Rivian, on the other hand, could benefit from Novotney's experience as it works on its next-gen EV platform.

Portfolio Pulse from Shanthi Rexaline

January 28, 2024 | 2:21 pm

AAPL

RIVN

DJ Novotney, Apple's Vice President of Hardware, has left the company to take on a top product role at Rivian. This move could signal a significant shift in talent between the tech giant and the electric vehicle manufacturer, potentially impacting their respective product development strategies.

Portfolio Pulse from Charles Gross

January 28, 2024 | 12:56 am

NPSCY

X

President Biden's economic advisors have indicated a focus on protecting union jobs and domestic manufacturing in the U.S. steel industry amid the proposed acquisition of United States Steel Corporation (NYSE:X) by Nippon Steel Corporation (OTC:NPSCY). The $14.1 billion deal, which would create the world's second-largest steel company, is under review by the Committee on Foreign Investment in the United States (CFIUS). Statements from Biden's advisors suggest that Nippon Steel may need to increase support for organized labor to secure deal approval. The deal's outcome is politically sensitive in an election year, with implications for Biden's reelection campaign. Despite commitments to honor agreements with the United Steelworkers union, there are objections to the deal, and Pennsylvania senators have called for its halt to protect jobs. The CFIUS, led by Treasury Secretary Janet Yellen, can approve, modify, or reject the deal, which is expected to close in the second or third quarter, although insiders suggest it could take a year.

Portfolio Pulse from Nabaparna Bhattacharya

January 27, 2024 | 7:02 pm

CMPS

GHRS

IXHL

PSIL

A new study suggests suggestibility plays a role in the antidepressant effects of psilocybin therapy. The EU has allocated $7M for psychedelic research for various disorders. In Australia, the first psychedelic-assisted medical treatments in 50 years were provided. Incannex Healthcare's CEO discussed the company's role in psychedelic-assisted therapies on the Benzinga Psychedelics Podcast. Psychedelics stocks showed varied performance, with COMPASS Pathways, GH Research, and Incannex Healthcare closing higher, while others like Seelos Therapeutics and Enveric Biosciences closed lower. The AdvisorShares Psychedelics ETF (PSIL) closed at $1.43.

Portfolio Pulse from Lara Goldstein

January 27, 2024 | 3:00 pm

DARE

Lisa Walters-Hoffert, the Chief Financial Officer of Daré Bioscience, has retired. The company has not yet announced a successor for the CFO position. This change in the executive team could lead to uncertainty among investors regarding the company's financial leadership and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:33 pm

JBLU

JetBlue has announced a program that excludes pilots, flight attendants, and technicians. The nature of the program is not specified in the article.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 8:01 pm

JBLU

JetBlue Airways is looking to lower its fixed costs by offering voluntary departure packages to employees in corporate, airport, and customer support roles. These packages include pay and benefits for those choosing to leave.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 8:01 pm