Streetbeat News

Partnerships

TTOO

T2 Biosystems' stock is trading higher following mixed Q1 financial results and the announcement of an exclusive distribution agreement in Qatar.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 10:53 am

LCID

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), mocked Lucid Group (NASDAQ:LCID) following their Q1 report showing a net loss of $680.9 million with $172.7 million in revenue. Musk's reaction came after comments on Twitter and Lucid CEO Peter Rawlinson's claims about Lucid's in-house technology and partnership with Saudi Arabia's Public Investment Fund. Musk has previously criticized Lucid's spending, potential bankruptcy, and Rawlinson's compensation.

Portfolio Pulse from Anan Ashraf

May 07, 2024 | 9:23 am

SLF

Sun Life and UKG have announced a partnership to automate and simplify absence management for employers, aiming to enhance efficiency and reduce complexities in handling employee absences.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 8:35 am

MEI

Methode Electronics, Inc. (NYSE:MEI) appoints Kevin Nystrom as interim CEO, effective immediately, following the resignation of Avi Avula. The company is engaged with AlixPartners for consulting services and has begun searching for a permanent CEO with Spencer Stuart.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 8:22 am

MAR

KKR and Marriott International, Inc. (NASDAQ:MAR) have announced a collaboration to enter the midscale hospitality market in Japan by converting 14 properties into Four Points Express by Sheraton hotels. This move follows KKR's acquisition of Unizo Hotel Company, Limited and its portfolio of 14 hotels from Unizo Holdings, marking Marriott's debut in the affordable midscale segment in Asia Pacific.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 8:09 am

COST

PEP

TSLA

WMT

Tesla Inc.'s Semi trucks are gaining significant traction among S&P 500 companies, with a recent sighting of a Semi truck featuring the Costco Wholesale Corp. logo in California. This follows previous engagements with Walmart Inc. and PepsiCo Inc., who have also shown interest in Tesla's electric trucks. Tesla anticipates starting Semi deliveries in late 2025, with increased production expected at Gigafactory Nevada.

Portfolio Pulse from Ramakrishnan M

May 07, 2024 | 7:38 am

LCID

Lucid Group (NASDAQ:LCID) anticipates a sales decline in the next two quarters despite a nearly 40% increase in first-quarter deliveries to 1,967 vehicles. CEO Peter Rawlinson attributes the expected slowdown to seasonal factors, including vacations and a slowdown in Saudi Arabia, where over 25% of Lucid's sales occur. The Saudi Public Investment Fund (PIF), a major investor in Lucid, has contributed $6.4 billion since 2018 and agreed to purchase up to 100,000 vehicles over ten years. Despite a Q1 loss of $680.9 million, Lucid raised $1 billion from a PIF affiliate, boosting its liquidity to $5.03 billion. Lucid's stock saw a 9.5% increase before dropping 7.9% after hours.

Portfolio Pulse from Anan Ashraf

May 07, 2024 | 6:41 am

AAPL

RIVN

Apple, Inc. (AAPL) is rumored to be considering a partnership with Rivian Automotive, Inc. (RIVN) for electric vehicle development, following a report by Digitimes. This speculation arises despite Apple previously halting its self-driving car project, 'Project Titan', to focus on generative AI. Rivian, facing its own challenges with losses and production issues, is moving forward with its next-generation EVs on the R2 platform. Both companies have upcoming events, with Rivian reporting Q1 results and Apple hosting a hardware launch.

Portfolio Pulse from Shanthi Rexaline

May 07, 2024 | 6:35 am

GSK

BioVersys and GSK have expanded their partnership to accelerate the clinical development of alpibectir for treating tuberculosis. GSK will participate in the Series C Extension with an equity investment, extending the financing round by CHF 12.3 million to a total of CHF 44.9 million.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 6:18 am

AAPL

AMZN

GOOG

META

MSFT

TSM

Apple Inc. is reportedly developing its own AI chips for data centers, aiming to join tech giants like Amazon, Alphabet, Microsoft, and Meta in using custom semiconductors. The project, named ACDC, is in collaboration with Taiwan Semiconductor Manufacturing but faces uncertainty. Skepticism arises from a Bloomberg columnist, citing a similar project's cancellation in 2018. Apple's move is part of its broader strategy to advance in generative AI, including acquiring DarwinAI and potentially partnering with OpenAI for iPhone features.

Portfolio Pulse from Ananya Gairola

May 07, 2024 | 6:16 am