Streetbeat News

Partnerships

WMT

YanGuFang International Group is expanding its retail presence in China by continuing to showcase and market its products in major supermarkets including Yonghui, Walmart, Century Mart, and RT-MART.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 12:04 pm

FFIE

Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has entered the Middle East market through strategic agreements with Master Investment Group and Siraj Holding LLC. The company launched the FF Brand and plans to release a limited-edition model, the FF 91 2.0 Futurist aiFalcon, specifically for the Middle East, with deliveries starting in 2024. FFIE delivered its first FF 91 2.0 Futurist Alliance model in the U.S. in August. Sheikh Abdullah bin Mohamed Al Qassimi and Ahmed Khalaf Ahmed Khalaf Otaiba will join Faraday Future's Global Advisory Board and FF Middle East's board of directors to aid in business development and partnerships. FFIE shares saw a premarket increase of 11.67% to $0.5473 on Friday.

Portfolio Pulse from Shivani Kumaresan

November 24, 2023 | 11:44 am

EIS

Elon Musk, CEO of Tesla, is reportedly planning a visit to Israel and the Gaza Strip next week. This follows a recent backlash Musk faced for endorsing anti-Semitic content. During his visit, Musk is expected to meet with Israeli President Yitzhak Herzog and Prime Minister Benjamin Netanyahu. The trip is significant as Musk's relationship with Israel has been complex, especially after offering Starlink services to provide connectivity in Gaza, which was met with opposition from Israel's Communications Minister. Additionally, Musk's endorsement of an anti-Semitic post led to advertisers leaving his social media platform, X. Musk has since announced that X will donate all revenue from advertising and subscriptions related to the Gaza conflict to hospitals in Israel and the Red Cross/Crescent in Gaza. The iShares MSCI Israel ETF (EIS) closed up 1.54% on Wednesday.

Portfolio Pulse from Shanthi Rexaline

November 24, 2023 | 11:39 am

STM

STMicroelectronics (NYSE:STM) has entered into a 15-year Power Purchase Agreement with ERG's subsidiary ERG Power Generation to supply renewable energy to its Italian operations from 2024 to 2038. The deal involves the sale of approximately 250 GWh of renewable energy annually, totaling 3.75 TWh over the duration, from ERG's Sicilian wind farms. This will support STM's semiconductor manufacturing sites in Agrate and Catania, as well as its R&D and sales and marketing sites in Italy.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 11:04 am

BA

Boeing Co's (NYSE:BA) Starliner spacecraft is scheduled for its first crewed flight to the International Space Station (ISS) in mid-April, potentially launching on April 14. The mission, delayed due to a parachute issue, will carry astronauts Butch Wilmore and Suni Williams aboard an Atlas V rocket. Success would lead to NASA certifying Starliner for crew rotation missions alongside SpaceX's Crew Dragon. Boeing received a $4.2 billion contract from NASA in 2014 for Starliner's development.

Portfolio Pulse from Anan Ashraf

November 24, 2023 | 10:55 am

HTZ

TSLA

Elon Musk encourages renting Tesla vehicles through Hertz to try them out, despite Hertz's plans to downsize its EV fleet, including Tesla cars, due to higher repair costs and lower resale values affecting EBITDA. Hertz CEO Stephen Scherr indicated a shift towards purchasing EVs from other manufacturers and a non-rigid timeline for having 25% of its fleet electric by end of 2024.

Portfolio Pulse from Anan Ashraf

November 24, 2023 | 10:25 am

VWAGY

Volkswagen (OTC:VWAGY) is developing a new entry-level electric vehicle platform, the A-Main Platform, targeting the Chinese market. The platform, an evolution of the MEB, will be ready by 2026 and will heavily involve Chinese suppliers. This move comes after Volkswagen lost its top position in China to BYD and faces competition from local EV makers. Volkswagen Group China Technology Company (VCTC) is developing the platform with a 1 billion euro investment and plans to hire over 2,000 people. Additionally, Volkswagen is collaborating with Xpeng Inc on two new EV models for launch by 2026.

Portfolio Pulse from Benzinga Neuro

November 24, 2023 | 9:37 am

MSFT

Top engineers at OpenAI threatened to resign if CEO Sam Altman was not reinstated, demonstrating their influence. Altman was dismissed but quickly reinstated after the threat. AI engineers at OpenAI earn high salaries, with specialized roles potentially reaching $800,000 annually. Microsoft, which holds a 49% stake in OpenAI, offered jobs to these engineers, causing internal discontent due to compensation disparities. The incident highlights the value of AI talent and the competitive dynamics in the tech industry.

Portfolio Pulse from Ananya Gairola

November 24, 2023 | 9:22 am

CALT

Calliditas Therapeutics AB's partner, Everest Medicines, has received approval from China's NMPA for Nefecon, a treatment for primary IgA nephropathy in adults. This approval could potentially lead to increased market opportunities for Calliditas in China through its partnership with Everest Medicines.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 8:14 am

VIOT

Viomi Technology Co., Ltd (NASDAQ:VIOT), a leading IoT@Home company in China, has announced the creation of a strategic business unit (SBU) focused on water purification. The company aims to leverage its R&D and manufacturing capabilities in this area. Viomi has appointed Qi Chen, a former executive of A.O. Smith (China) Water Heater Co., Ltd., as president of the new water purification SBU. Chen brings extensive experience from the water purification industry and sales management in FMCG corporations.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 7:17 am