Streetbeat News

Corporate Responsibility

META

Meta Platforms Inc (NASDAQ:META) is facing backlash over its decision to implement encryption for Facebook direct messages, with concerns raised about the potential for abuse, particularly child sexual abuse. Employees, including former engineering director David Erb, have warned that encryption could hinder efforts to detect and report such abuse. Despite these concerns, Meta emphasizes privacy as a fundamental right and claims to have developed safety measures to prevent misuse. Law enforcement and child safety advocates are worried about the impact on investigations, while privacy advocates support the encryption for user protection. META shares saw a slight increase of 0.20% to $354.82.

Portfolio Pulse from Anusuya Lahiri

December 22, 2023 | 3:08 pm

AMZN

DIS

NFLX

Netflix Inc (NASDAQ:NFLX) released its first engagement report, providing valuable audience insights that could benefit the entire media industry. The report comes after a writers' and actors' strike that impacted major companies like The Walt Disney Company (NYSE:DIS). Disney, facing box office struggles and streaming losses, is cutting costs and focusing on quality over quantity. Disney's CEO Bob Iger aims for Disney+ profitability by next year. Amazon.com Inc (NASDAQ:AMZN) also keeps viewership data private but may follow Netflix's transparency lead, potentially improving media content quality across the industry.

Portfolio Pulse from Upwallstreet

December 22, 2023 | 2:49 pm

VLCN

Volcon Inc. (NASDAQ:VLCN) provided an update on the development of its Stag model, addressing previous supply chain issues. The company clarified that the issues are limited to two components requiring software and hardware updates. Once updated, a short testing phase will follow. Most components are ready for production, and the U.S. Army Corps will receive the initial shipments. Volcon anticipates starting shipments in Q1 2024, reflecting its commitment to quality in the electric powersports market.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:28 pm

PBH

Insight Pharmaceuticals, a subsidiary of Prestige Consumer Healthcare Inc., is voluntarily recalling one lot of Americaine 20% Benzocaine Topical Anesthetic Spray due to the detection of benzene, a known carcinogen, from the propellant in the product. The recall is limited to one lot, with no other lots affected. The company has not received any reports of serious adverse events and is offering refunds to consumers with the affected lot. The recall is being conducted with the knowledge of the U.S. Food and Drug Administration.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:03 pm

PLTR

Palantir Technologies Inc's (NASDAQ:PLTR) UK office was blocked by Healthcare Workers for Palestine activists due to the company's support for Israel. The stock is currently trading 24% below its 52-week high, affected by various headwinds including the Israel-Hamas war and data ownership issues with the U.S. Army. Despite these challenges, the company's fundamentals are considered strong, and the current price drop may present a buying opportunity. Ark Invest has recently purchased over $27 million in Palantir stock.

Portfolio Pulse from Surbhi Jain

December 22, 2023 | 2:01 pm

AAPL

AMZN

BRK.A

DIS

MSFT

NKE

TSLA

Cryptocurrencies like Dogecoin, SHIB, and Solana are experiencing significant market movements. Tesla is recalling 120,000 Model S and X EVs due to door issues. Nike and NetEase stocks moved lower in pre-market trading. US markets are optimistic with Dow jumping over 300 points. US and world politics are active with developments in US-China relations and Trump's potential 2024 run. The US economy sees criticism from Peter Schiff regarding Q3 GDP. In tech, Apple and Microsoft face challenges, while Tencent is hit by new regulations. The EV sector is highlighted by Tesla's recall and bullish predictions. GM recalls Chevrolet Bolt EVs. Amazon and Disney face challenges in communication, while Boeing resumes 787 deliveries to China. US banks may face significant losses in real estate, and Berkshire Hathaway increases its stake in Occidental Petroleum.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 1:35 pm

GAN

GAN Ltd. (NASDAQ: GAN) announced board changes with Seamus McGill stepping down as Chairman but remaining as interim CEO. David Goldberg will become the new Chairman, and David D. Ross joins the board, bringing extensive gaming and hospitality experience. Michael Smurfit will leave the board at year's end. The changes come as GAN works towards a transaction close with Sega Sammy Creation Inc.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:08 pm

SEEL

Seelos Therapeutics' CEO Raj Mehra released a letter to stockholders discussing the company's recent reverse stock split and public offering, compliance with Nasdaq's minimum bid price requirement, and updates on their lead programs SLS-002 and SLS-005. SLS-002 was selected for a DOD-funded trial for PTSD treatment, retaining commercial rights. SLS-005 showed potential in a Phase IIb/III study for Spinocerebellar Ataxia. The company is seeking partnerships and has two proposals for the upcoming Special Meeting of Stockholders on January 10, 2024, including increasing authorized shares to 400 million and issuing more shares to Lind Partners under a convertible note.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:03 pm

LMNR

Limoneira Co (NASDAQ:LMNR) reported Q4 FY23 revenue of $41.4 million, a 4% increase, surpassing the consensus of $37.8 million. Agribusiness revenue increased, and the company sold approximately 550,000 cartons of fresh lemons. However, there was no avocado revenue, and the company reported an increased operating loss of $(9.7) million. Adjusted EBITDA loss improved to $(1.3) million, and adjusted EPS loss was in line with consensus. The company used $(15.9) million in net cash for operating activities and ended with $3.6 million in cash. LMNR expects challenges due to supply chain and inflation but projects increased lemon and avocado volumes in FY24. The company plans to sell non-strategic assets for expected proceeds of $50 million and has adjusted cash flow projections to $131 million over nine years. The Board is exploring strategic alternatives to maximize stockholder value. LMNR shares closed up 1.32% at $19.19.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 12:26 pm

AAPL

Beeper, a chat app developer, is facing constant disruptions from Apple Inc. (NASDAQ:AAPL), leading to a strategic shift. Beeper Mini, which aimed to bridge iMessage between iPhone and Android users, has been affected by Apple's interference, causing reputational damage for Beeper. As a response, Beeper is making its iMessage connection software open-source and focusing on long-term goals. This follows a series of service disruptions and calls for an antitrust investigation into Apple's actions against Beeper Mini.

Portfolio Pulse from Benzinga Neuro

December 22, 2023 | 11:55 am