Latest news for  (OTC:IIVTF) Stock

Wolfe Research analyst Shweta Khajuria initiates coverage on Lyft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) with a Peer Perform rating.

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Initiation

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LYFT

Wolfe Research Initiates Coverage On Lyft with Peer Perform Rating

Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) reportedly cut around 300 roles to streamline operations, highlighting the tech industry&#8217;s ongoing focus on cost control.
The company made the job cuts this month, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-15/salesforce-cuts-about-300-jobs-in-latest-sign-of-tech-austerity" rel="noreferrer noopener">Bloomberg</a>, citing a source familiar with the matter. In a statement, Salesforce confirmed the job reductions but did not provide specifics, per the report.
&#8220;Like any healthy business, we continuously assess whether we have the right structure in place to best serve our customers and fuel growth areas,&#8221; the report cited a spokesperson. &#8220;In some cases that leads to roles being eliminated.&#8221;
In January 2024, Salesforce laid off close to 700 employees, about 1% of its 70,000-strong workforce, following a previous reduction of 10% or <a target="_blank" href="https://www.benzinga.com/news/24/01/36798167/salesforce-cuts-700-jobs-in-streamlining-effort-yet-eyes-growth-with-1-000-open-roles" rel="noreferrer noopener">around&nbsp;8,000 workers in 2023</a>.&nbsp;
At the end of January, Salesforce had 72,682 employees.
Salesforce stock gained over 10% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and&nbsp;Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>).
Several tech companies disclosed headcount reductions this month, with Intuit Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) laying off about 1,800 employees and closing <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39713891/why-software-company-intuits-shares-are-trading-lower-today" rel="noreferrer noopener">its Boise and Edmonton sites</a>.
Also, in July, UiPath Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) revealed plans for restructuring actions to manage its operating expenses, <a target="_blank" href="https://www.benzinga.com/news/24/07/39694378/uipath-to-cut-workforce-by-10" rel="noreferrer noopener">including a&nbsp;10% workforce reduction</a>.
Another tech giant, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), carried out another round of layoffs, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39632988/microsoft-carries-out-another-round-of-layoffs-across-teams-and-geographies-third-this-year-so-f" rel="noreferrer noopener">affecting various teams and regions</a>.
Notably, the number of employees laid off in the tech sector increased by 304% in January 2024 as <a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36874447/tech-layoffs-up-over-300-month-over-month-in-january-3-companies-with-the-most-employees-laid-of" rel="noreferrer noopener">compared to December 2023</a>.
Price Action: CRM shares are down 0.02% at $252.81 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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MSFT

PATH

Salesforce Slashes 300 Jobs, Emphasizes Cost Control Amid Tech Slowdown: Report

B of A Securities analyst Brad Sills upgrades Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) from Neutral to Buy and raises the price target from $78 to $82.

Upgrades

Price Target

SHOP

B of A Securities Upgrades Shopify to Buy, Raises Price Target to $82

Wolfe Research analyst Shweta Khajuria initiates coverage on Maplebear (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CART#NASDAQ">CART</a>) with a Peer Perform rating.

CART

Wolfe Research Initiates Coverage On Maplebear with Peer Perform Rating

Wolfe Research analyst Shweta Khajuria initiates coverage on Etsy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) with a Peer Perform rating.

ETSY

Wolfe Research Initiates Coverage On Etsy with Peer Perform Rating

<a href="https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy" title="https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy">https://www.bloomberg.com/news/articles/2024-07-16/blue-owl-to-buy-private-credit-firm-atalaya-adding-10-billion-in-assets?sref=2h1zKciy</a>

Bloomberg Reported Earlier, Blue Owl To Buy Atalaya For ~$800M After Earnouts

Wolfe Research analyst Deepak Mathivanan initiates coverage on eBay (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) with a Peer Perform rating.

EBAY

Wolfe Research Initiates Coverage On eBay with Peer Perform Rating

Offerings

ZENV

Zenvia Entered Sales Agreement With A.G.P./Alliance Global Partners To Offer And Sell Class A Common Shares Up To $20M

On Monday, a U.S. judge set a rapid schedule to address objections from the victims&#8217; families regarding the Justice Department&#8217;s plea deal with Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) on legal proceedings over its involvement in <a target="_blank" href="https://www.benzinga.com/news/24/06/39408346/boeing-737-max-crash-victim-families-call-for-25b-fine-as-ceo-dave-calhoun-gets-grilled-by-senators" rel="noreferrer noopener">two fatal 737 MAX crashes</a>.
The company recently agreed to plead guilty to criminal fraud conspiracy and <a target="_blank" href="https://www.benzinga.com/news/24/07/39658887/boeing-strikes-plea-deal-with-doj-for-defrauding-us-regulator-over-737-max-safety-victims-lawyer-cal" rel="noreferrer noopener">pay a $243.6 million fine.</a>
District Judge Reed O&#8217;Connor of Texas outlined that after the Justice Department files the plea agreement, relatives of the crash victims will have a week to file their objections, reported Reuters.
Following this, the government and Boeing will have two weeks to respond, with the families then having five days to file a final response.
Erin Applebaum, a lawyer representing some of the victims&#8217; families, criticized the deal as a &#8220;slap on the wrist&#8221; last week.
Boeing has agreed to plead guilty to conspiring to defraud the Federal Aviation Administration (FAA). The government accused the company of making false representations about crucial software for the 737 MAX.
This plea follows a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39307378/boeing-insists-on-adherence-to-legal-agreement-post-737-max-crashes-report" rel="noreferrer noopener">breach of a 2021 deferred prosecution agreement</a>, according to the Justice Department.
The 737 MAX crashes in Indonesia and Ethiopia in 2018 and 2019 resulted in 346 deaths and led to a 20-month grounding of the aircraft.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39690807/how-boeings-guilty-plea-could-impact-us-defense-contracts" rel="noreferrer noopener">How Boeing&#8217;s Guilty Plea Could Impact US Defense Contracts</a>
Judge O&#8217;Connor has previously referred as saying &#8220;Boeing&#8217;s crime may properly be considered the deadliest corporate crime in U.S. history.&#8221;
The Justice Department plans to file the plea agreement by July 19, though additional time might be required. Boeing has also committed to spending at least $455 million over three years to enhance <a target="_blank" href="https://www.benzinga.com/news/24/07/39670506/why-boeing-stock-is-moving-higher-monday" rel="noreferrer noopener">safety and compliance programs.</a>
The company&#8217;s board will meet with the victims&#8217; families as part of this deal. An independent monitor will oversee Boeing&#8217;s compliance, filing annual progress reports, and Boeing will be on probation for the monitor&#8217;s three-year term, the report further added.
In a related incident, a Boeing 737 MAX 9 jet experienced a panel blow-off during a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39753512/senate-commerce-chair-cantwell-calls-boeing-ceo-calhoun-to-testify-amid-regulatory-oversight-con" rel="noreferrer noopener">January 2021 Alaska Airlines flight</a>, two days before the expiration of the deferred agreement that protected Boeing from prosecution for the earlier crashes.
Boeing is under a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39115731/boeings-737-max-production-freeze-remains-as-faa-demands-safety-overhaul" rel="noreferrer noopener">separate criminal probe </a>for this incident, which did not result in any serious injuries.
Boeing stock has lost more than 15% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;IShares U.S.&nbsp;Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) and Invesco Aerospace&nbsp;&amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>).
Price Action: BA shares closed lower by 1.76% at $179.11 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Tada Images On Shutterstock.com
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39767194/boeing-commences-critical-777-9-certification-tests-with-faa-regulators-onboard-report" target="_blank" rel="noreferrer noopener">Boeing Commences Critical 777-9 Certification Tests With FAA Regulators Onboard: Report</a></li>
</ul>

iShares Dow Jones US Aerospace & Defense Index Fund

Judge Allots Time For Boeing 737 MAX Crash Victims' Relatives To Object Plea Deal: Report

The company currently estimates the total full year 2024 impact at $1.90 to $2.05 per share. Within this, direct response costs are estimated at $1.30 to $1.35, an increase of $0.40 to $0.45 from the initial estimate. The change is due to the company&#39;s care provider financial support initiatives and consumer notification costs. Business disruption impacts are estimated at $0.60 to $0.70 per share.

Earnings

Guidance

Health Care

General

UnitedHealth Reaffirms 2024 Adjusted EPS Of $27.50-$28.00 Versus Consensus Of $27.69

Wolfe Research analyst Shweta Khajuria initiates coverage on Duolingo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOL#NASDAQ">DUOL</a>) with a Peer Perform rating.

DUOL

Wolfe Research Initiates Coverage On Duolingo with Peer Perform Rating

CNH Expands Capabilities At India Technology Center

Nkarta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKTX#NASDAQ">NKTX</a>), a biopharmaceutical company developing engineered natural killer (NK) cell therapies, today announced changes to its leadership team. Nadir Mahmood, Ph.D., will join Nkarta as President this month, sharing executive leadership responsibilities with Paul J. Hastings, who continues in his role as Chief Executive Officer. Additionally, Nkarta has broadened the role of David R. Shook, M.D., to Chief Medical Officer, Head of Research &amp; Development. Drs. Mahmood and Shook will both report to Mr. Hastings.
&quot;This new leadership structure enables Nkarta to meet this transformative moment for cell therapy as we embark on groundbreaking clinical trials and expand our footprint in multiple autoimmune disease settings. These executive changes are expected to significantly enhance our ability to accelerate the development and ultimate commercialization of pioneering NK cell therapies for patients that need them,&quot; said Paul J. Hastings, CEO of Nkarta. &quot;I am thrilled to have Nadir, a trusted thought partner of many years, join Nkarta. His expertise will be invaluable as we continue to drive innovation and growth.&quot;
Nadir Mahmood, Ph.D., was previously the Chief Executive Officer of Rezo Therapeutics, a private-stage drug-discovery company. Prior to joining Rezo, he served as Chief Financial and Business Officer at Nkarta, where he played a direct role in corporate strategy, including the company&#39;s private and public financings as well as the formation of its in-house manufacturing capabilities. In this newly created role of President, Dr. Mahmood will be responsible for driving the strategic focus, operational excellence and overall business and technical success at Nkarta. He will lead cross-functional activities to guide company-wide strategic alignment and value creation across pipeline programs, technical and business operations and lifecycle planning.

NKTX

Nkarta, Inc. Names Nadir Mahmood President to Drive Innovation in Cell Therapy

Wolfe Research analyst Shweta Khajuria initiates coverage on Chewy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) with a Peer Perform rating.

CHWY

Wolfe Research Initiates Coverage On Chewy with Peer Perform Rating

KBR Agrees To Acquire LinQuest, To Expand Technical Capabilities Across Air, Space And Digital Domains

Huize Holding Limited, (&quot;Huize&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUIZ#NASDAQ">HUIZ</a>), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China, today announced that it has received a notification letter (the &quot;Compliance Notice&quot;) from the Listing Qualifications Department of the Nasdaq Stock Market Inc. (&quot;Nasdaq&quot;) dated July 15, 2024, informing the Company that it has regained compliance with Nasdaq Listing Rule 5450(a)(1) (the &quot;Minimum Bid Price Requirement&quot;). 
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As previously announced, the Company was notified by Nasdaq on January 5, 2024 that the Company was not in compliance with the Minimum Bid Price Requirement, as the closing bid price of the Company&#39;s American depositary shares (&quot;ADSs&quot;) was below US$1.00 per share for 30 consecutive business days.
On July 15, 2024, Nasdaq confirmed in the Compliance Notice that the closing bid price of the Company&#39;s ADSs has been at&nbsp;$1.00&nbsp;per share or greater for 20 consecutive business days, from June 13, 2024 to July 12, 2024. According to the Compliance Notice, the Company has regained compliance with Listing Rule 5450(a)(1), and the matter is closed.

Government

Regulations

HUIZ

Huize Holding Regains Nasdaq Compliance After Meeting Minimum Bid Requirement

Unitedhealth Updates 2024 Net Profit To $15.95-$16.40 From $17.60-$18.20 Per Share To Reflect The Classification To Held For Sale Of Its Remaining South America Operations And The Estimated Change Healthcare Cyberattack Impacts

Wolfe Research analyst Shweta Khajuria initiates coverage on DoorDash (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) with a Outperform rating and announces Price Target of $130.

DASH

Wolfe Research Initiates Coverage On DoorDash with Outperform Rating, Announces Price Target of $130

Mizuho analyst Matthew Broome downgrades Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) from Neutral to Underperform and raises the price target from $21 to $22.