Streetbeat News

Partnerships

EQIX

NOW

SRHR

SRVR

Equinix, Inc. (NASDAQ:EQIX) shares rose after reporting Q1 FY24 results with a 6% Y/Y revenue increase to $2.13 billion, slightly missing consensus. Adjusted EBITDA and FFO per share exceeded expectations. The company declared a quarterly dividend of $4.26, has 50 major projects underway, and sees AI as a growth catalyst. Equinix provided a lower FY24 revenue outlook than previously but remains optimistic. ServiceNow, Inc. (NYSE:NOW) expanded its strategic relationship with Equinix. Exposure to Equinix stock is also possible through Pacer Data & Infrastructure Real Estate ETF (NYSE:SRVR) and Elevation Series Trust SRH REIT Covered Call ETF (NYSE:SRHR). EQIX shares are up 11.6%.

Portfolio Pulse from Lekha Gupta

May 09, 2024 | 3:36 pm

TCEHY

TSLA

Toyota Motor Company (NYSE:TM) reported a record-breaking fourth quarter and fiscal year, with significant increases in sales and profits, despite being behind in the EV race. The company's strength in hybrids has been a key factor during the EV market slowdown. Toyota announced a partnership with Tencent Holdings Limited (OTC:TCEHY) to enhance vehicle appeal and invest in AI and EVs as growth areas. However, Toyota forecasts a 20% profit decline for the next fiscal year due to these investments. The company remains the world's largest automaker by sales for the fourth consecutive year.

Portfolio Pulse from Upwallstreet

May 09, 2024 | 3:32 pm

MULN

Mullen Automotive Inc (NASDAQ:MULN) announced it has been granted Foreign Trade Zone status for its Mississippi manufacturing center by the U.S. Department of Commerce, offering significant financial benefits including duty deferments and exemptions. This approval is expected to enhance Mullen's competitive position by improving cash flow and reducing operational costs. The announcement follows a series of positive developments for Mullen, including a partnership with National Auto Fleet Group and a service agreement through its subsidiary Bollinger Motors, contributing to a 19% stock rally on Wednesday.

Portfolio Pulse from Adam Eckert

May 09, 2024 | 3:07 pm

CRWD

GOOGL

CrowdStrike (NASDAQ:CRWD) has expanded its strategic partnership with Google Cloud to enhance Mandiant's Incident Response (IR) and Managed Detection and Response (MDR) services. This collaboration leverages the CrowdStrike Falcon platform and Google Cloud Security Operations platform, focusing on Endpoint Detection and Response (EDR), Identity Threat Detection and Response (ITDR), and Exposure Management solutions. The partnership aims to address the 75% increase in cloud intrusions over the past year by providing a holistic, AI-powered security solution that simplifies protection across multi-cloud and multi-vendor environments.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 3:01 pm

CBSTF

Cannabist Company Holdings Inc. (CBSTF) reported Q1 2024 results with revenue at $122.6M, a slight decrease from the previous year, and a net loss trimmed by 5% YoY to $34.6M. The company highlighted strategic partnerships and retail expansion as key operational highlights, despite facing cash flow challenges. Shares of CBSTF were trading 9.09% lower at $0.28 per share.

Portfolio Pulse from Patricio Liddle

May 09, 2024 | 2:54 pm

AGYS

MAR

Agilysys, Inc. (NASDAQ:AGYS) has announced that its InfoGenesis POS platform has been approved for use across Marriott International's (NASDAQ:MAR) properties in the U.S. and Canada. This approval covers Marriott's Luxury, Premium, and Select tiers, allowing these properties to utilize the cloud-native InfoGenesis platform for a unified guest and staff purchasing experience across various property centers. The platform offers flexibility in transaction choices and device options, aiming to enhance revenue, guest convenience, and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:45 pm

RNW

ReNew (NASDAQ:RNW), India's leading renewable energy company, announced the signing of five Power Purchase Agreements (PPAs) totaling approximately 2.2 GW of renewable energy capacity. This expansion brings ReNew's total portfolio to 15.6 GW, making it one of the largest globally. The PPAs include three solar agreements totaling 800 MW with NTPC, DVC, and SECI, a 1 GW agreement with SJVN, and a 438 MW agreement with a large multinational C&I customer. These projects, comprising 1,500 MW of solar and 688 MW of wind, are expected to be commissioned within the next 24 months.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:33 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) reported a significant decline in Q1 fiscal 2024 net revenue by 42.8% YoY to $120.264 million, missing consensus estimates. The company faced a larger net loss and expanded operating losses compared to the previous year. Despite these challenges, Plug Power is optimistic about future margins, citing improvements in gross margins for certain segments and expecting positive impacts from recent price increases and cost reduction actions. The company also highlighted operational progress with 20 electrolyzer systems undergoing commissioning and a new partnership with Allied Green Ammonia for a hydrogen-to-ammonia facility in Australia.

Portfolio Pulse from Akanksha Bakshi

May 09, 2024 | 2:12 pm

BABA

ONLN

PGJ

Alibaba Group Holding Limited (NYSE:BABA) announced the release of its new AI model, Tongyi Qianwen Qwen2.5, through Alibaba Cloud, claiming superior language skills over OpenAI's GPT-4. The model has seen over 90,000 deployments and aims to leverage the surge in generative AI development. Despite outperforming GPT-4 in language creation, it may lag in other areas. Alibaba Cloud has attracted over 2.2 million corporate users for its AI services and has made significant price cuts in its cloud services. Alibaba's stock is accessible through ETFs like the Invesco Golden Dragon China ETF (NASDAQ:PGJ) and the ProShares Online Retail ETF (NYSE:ONLN).

Portfolio Pulse from Anusuya Lahiri

May 09, 2024 | 1:42 pm

ABVC

ABVC Biopharma has entered into a collaboration with Oncox Biopharma, granting Oncox exclusive rights to develop, manufacture, and commercialize one of ABVC's four oncology pipeline products, Blex 404. ABVC expects to receive an aggregate income of $13.75 million and up to $12.50 million in royalties from this deal.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:41 pm