Streetbeat News

Partnerships

AAP

AZO

ORLY

Advance Auto Parts Inc (NYSE:AAP) has appointed three new independent directors to its board in a move to revitalize its performance, following a 40% share price decline over the past year. The appointments are part of a cooperation agreement with Third Point LLC and Saddle Point Management, L.P. This strategic realignment includes the sale processes for Worldpac and its Canadian business, aiming to enhance competitiveness against AutoZone Inc (NYSE:AZO) and O'Reilly Automotive Inc (NASDAQ:ORLY). The board will expand to 12 directors until the 2024 annual meeting, where 11 nominees, including the new directors, will stand for election.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 10:55 am

LHX

MMM

3M Co announced William M. 'Bill' Brown, former CEO of L3Harris Technologies, as its new CEO effective May 1, 2024, succeeding Michael Roman who will become Executive Chairman. Brown's extensive leadership experience in aerospace and defense at L3Harris and previously at Harris Corporation and United Technologies Corporation positions him well for this role.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 10:39 am

VLVLY

Volvo Cars (OTC:VLVLY) has partnered with Breathe Battery Technologies to reduce EV charging times by up to 30%. The collaboration aims to enhance charging efficiency using Breathe's battery management software, which promises faster charging while maintaining battery health. This move is part of Volvo's broader strategy to transition to electric mobility, including adopting Tesla's North American charging standard and phasing out diesel cars by 2024.

Portfolio Pulse from Benzinga Neuro

March 12, 2024 | 10:22 am

IDYA

MRK

Ideaya Biosciences has partnered with Merck to conduct a Phase 1 trial evaluating IDEE161 in combination with Keytruda for endometrial cancer. This collaboration includes a clinical trial collaboration and supply agreement.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 10:11 am

NAAS

NaaS Technology (NASDAQ:NAAS) has formed a strategic partnership with China Construction Third Engineering Bureau (CCTEB) to accelerate the digitalization and expansion of the EV charging infrastructure network in China. The collaboration aims to integrate NaaS' digital operation expertise with CCTEB's construction capabilities, focusing on projects related to PV-charging-storage integration and energy ports. Financial terms of the agreement were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 9:11 am

FXI

Chinese Premier Li Qiang will not meet with foreign CEOs at the China Development Forum in late March, signaling potential challenges for international business relations.

Portfolio Pulse from Charles Gross

March 12, 2024 | 8:54 am

RNG

Optus, an Australian telecom, has chosen RingCentral (RNG) to provide cloud communications services to businesses in Australia. This partnership aims to enhance digital communication solutions for Australian enterprises by leveraging RingCentral's advanced cloud technology.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 6:41 am

MSFT

Microsoft Corp's AI strategy is reportedly becoming overly reliant on its partnership with OpenAI, leading to concerns among insiders. This shift has resulted in the departure of executives and a focus away from in-house AI initiatives towards the Azure OpenAI service. The change has led to a decline in internal services that were part of Azure AI Services, with some services being rebranded or incorporated into other products. This development is amid scrutiny from the European Union over Microsoft's investment in OpenAI and the evolving dynamics in the AI industry.

Portfolio Pulse from Benzinga Neuro

March 12, 2024 | 4:56 am

MSFT

Around 600 Activision quality assurance (QA) workers have formed the largest video game worker union in the US, named Activision Quality Assurance United (AQAU), with support from the Communications Workers of America (CWA). This is the first unionization effort at Activision since its acquisition by Microsoft Corp. (NASDAQ:MSFT). The union, which includes QA workers from Texas, Minnesota, and California, was facilitated by a CWA-Microsoft neutrality agreement from 2022. AQAU aims to negotiate a new contract focusing on pay, benefits, and career development.

Portfolio Pulse from Franca Quarneti

March 12, 2024 | 3:23 am

PBM

Psyence Biomedical Ltd (NASDAQ:PBM) has received approval from the Australian Health Research Ethics Committee to begin a Phase IIb study in Melbourne, Australia, focusing on the use of psilocybin for palliative care patients with Adjustment Disorder following a cancer diagnosis. The study, in partnership with iNGENū Pty Ltd, will test different doses of psilocybin combined with psychotherapy. Additionally, Psyence Group has undergone a business restructuring, including a spinout deal resulting in a 37% interest in PBM and the transfer of non-clinical business assets to reduce overhead.

Portfolio Pulse from Lara Goldstein

March 11, 2024 | 11:02 pm