Streetbeat News

Partnerships

GOOG

GOOGL

Google and the Chilean government have announced a partnership to build the Humboldt Cable Project, an undersea fiber-optic cable connecting South America with the Asia Pacific region. The cable will run from Valparaiso, Chile, to Sydney, Australia, and is expected to last 25 years. This project is significant amid the tech rivalry between China and the U.S. for influence in Latin America. Google's involvement is part of its broader efforts to expand its fiber-optic network, following the launch of a 20Gbps internet service through Google Fiber.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 6:49 am

IBM

MSFT

OpenAI CEO Sam Altman met with U.S. House Speaker Mike Johnson to discuss AI risks and regulatory strategies. They acknowledged AI's potential and the need for risk mitigation. Altman expressed optimism for the legislative process, while Europe leads in AI regulation. Microsoft supports OpenAI, which shifted to a capped-profit model in 2019. President Biden's executive order requires AI developers to report safety test results. IBM's CEO Arvind Krishna commented on the challenges of creating perfect AI regulations.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 5:58 am

ZIM

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) shares increased by over 8.5% on Thursday, continuing an uptrend despite earlier losses in the week. The volatility in ZIM's stock is partly due to Houthi attacks in the Red Sea affecting shipping stocks and rising container prices. ZIM's shares have surged over 93% from recent lows, reaching a peak not seen since last summer. The company also announced a partnership with Hoopo Systems Ltd. for advanced tracking devices in its dry-van containers. Price targets for ZIM have varied from $5 to $10.50 in recent weeks.

Portfolio Pulse from Ryan Gustafson

January 11, 2024 | 10:03 pm

LMND

Lemonade, Inc. has extended its Customer Acquisition Cost (CAC) financing agreement with General Catalyst until December 2025. This extension allows Lemonade to continue its growth strategy with the support of General Catalyst, a significant investor in the company.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:30 pm

ALNT

Allient Inc. (formerly Allied Motion Technologies Inc.), under the ticker ALNT, has acquired SNC Manufacturing, a designer and manufacturer of electrical transformers. The acquisition expands Allient's capabilities in the power technology sector, particularly in defense, industrial automation, and renewable energy. Financial terms were not disclosed. SNC, with $40 million in trailing twelve-month revenue and 440 employees, will become a Technology Unit within Allient's Allied Power Technology Pillar. SNC's leadership, including President and COO Jim Koepke, will remain post-acquisition, reporting to Allient's Corporate VP Ashish Bendre.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:29 pm

EQT

EQT Corporation has entered into a 15-year tolling agreement with Texas LNG to produce 500,000 tons per annum of liquefied natural gas (LNG). This long-term contract signifies a commitment to LNG production and may influence EQT's production strategies and financial outlook.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:16 pm

BTMD

Biote Corp. (NASDAQ:BTMD) has appointed Robert Peterson as its new Chief Financial Officer, effective January 8, 2024. Peterson, with 15 years of experience in the health and wellness industry, will take over from Samar Kamdar, who is leaving to pursue other opportunities but will remain as an advisor during the transition. Peterson's background includes roles at Virbac Corporation and Alcon Laboratories/Novartis Eye Care. CEO Terry Weber expressed confidence in Peterson's ability to drive financial and operational performance and thanked Kamdar for his contributions.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:12 pm

ESEA

Euroseas Ltd. (NASDAQ:ESEA) has secured a time charter contract for its new fuel-efficient 2,800 teu feeder containership, M/V Tender Soul, for 8-10 months at $17,000 per day, starting February 2024. The charter is expected to contribute approximately $2.4 million of EBITDA for the minimum period and increases the company's 2024 charter coverage to about 70%. The company's CEO, Aristides Pittas, expressed satisfaction with the deal, especially given the current high rate of new vessel deliveries and pressure on containership rates. Euroseas is also focusing on chartering out remaining newbuildings and completing their debt financing, while maintaining a strong cash position to fund their newbuilding program and return funds to shareholders through dividends and buybacks.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:10 pm

GE

TPIC

TPI Composites, Inc. has signed expanded supply agreements with GE Vernova, the renewable energy unit of General Electric, to produce wind blades in Mexico. This deal is expected to enhance TPI's position in the wind energy market and may influence the company's financial performance positively.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:09 pm

APO

GS

Apollo Global Management, Inc. (APO) has partnered with PGA TOUR golfer Patrick Cantlay, marking the firm's first brand partnership with an athlete. Cantlay will promote Apollo's asset management and retirement services. This follows the end of Cantlay's previous partnership with Goldman Sachs Group, Inc. (GS) to promote Marcus, their online banking service. Cantlay will start sporting the Apollo logo at the PGA American Express Open. Meanwhile, APO shares have dropped by 1.65% to $95.12.

Portfolio Pulse from Nabaparna Bhattacharya

January 11, 2024 | 6:55 pm