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Corporate Responsibility

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Joseph Lubin, co-founder of Ethereum and CEO of Consensys, criticized the SEC for stifling innovation in the U.S. financial sector by reclassifying Ethereum as a security and initiating enforcement actions. This comes as Consensys received a Wells notice from the SEC, leading to legal action against the regulator. Lubin suggests these actions aim to justify the likely denial of Ether spot ETFs and could drive crypto businesses overseas, impacting the broader technology landscape and questioning the SEC's stance on digital assets.

Portfolio Pulse from Murtuza Merchant

May 09, 2024 | 6:51 pm

EVGO

Cantor Fitzgerald analyst Andres Sheppard upgraded EVgo Inc (NASDAQ:EVGO) from Neutral to Overweight, adjusting the price target from $5 to $4, following a strong Q1 FY24 performance. EVGO reported a 118.2% year-on-year sales increase to $55.16 million, surpassing estimates, with an EPS of $(0.09) beating expectations. The company announced CFO Olga Shevorenkova's departure, a significant increase in charger utilization and network throughput, and an increase in Plugshare-registered users to over 5 million. Management reaffirmed its FY24 revenue guidance and the goal to achieve breakeven Adj. EBITDA by 2025. EVGO's stock has risen 9.7% to $1.92, reflecting optimism from these developments.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 6:41 pm

AAPL

AMZN

GOOG

GOOGL

META

The antitrust trial against Alphabet Inc (GOOG/GOOGL) has concluded, with a decision expected by year-end. The case, initiated by the Justice Department and 11 states in 2020, accuses Google of anti-competitive practices to maintain its search engine dominance, notably through payments to companies like Apple (AAPL) for default search engine status. The outcome could influence broader antitrust actions against big tech, including Amazon (AMZN) and Meta Platforms (META). Possible penalties for Google could range from breaking up the company to ending exclusivity agreements.

Portfolio Pulse from Natan Ponieman

May 09, 2024 | 6:21 pm

AAPL

Apple plans to use its own chips for cloud services to power AI features starting in 2024, according to Bloomberg. This move could reduce Apple's reliance on third-party chip suppliers and enhance its competitive edge in AI technology.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 5:22 pm

RMAX

RE/MAX Holdings has received final approval for a settlement agreement in antitrust class action lawsuits. The company has agreed to pay $55M into a Qualified Settlement Fund but does not expect this settlement to materially impact its operations or cash flows.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 5:06 pm

BA

SPR

A key UK supplier for Boeing has issued a warning against the potential dismantling of Boeing's historic Belfast facility, emphasizing the negative impacts such a move could have on the supply chain and local economy.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 4:41 pm

AAPL

Investors on Reddit are debating Apple Inc's (NASDAQ:AAPL) future growth potential, citing concerns like slowing iPhone sales, underwhelming products like the Vision Pro, and a focus on buybacks over R&D. While some see Apple as transitioning into a more mature, stable company, others believe innovation in areas like wearables and AI could reignite growth. The discussion highlights the need for cautious optimism among investors, suggesting a close watch on Apple's product pipeline and competitive strategy.

Portfolio Pulse from Surbhi Jain

May 09, 2024 | 4:14 pm

X

The White House has announced President Biden's commitment to ensuring that U.S. Steel remains under American ownership. This statement underscores the administration's focus on national security and economic stability by keeping critical industries domestically owned.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 3:53 pm

NSC

Norfolk Southern shares are trading lower after Ancora secured board seats, though shareholders voted to retain CEO Alan Shaw.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:52 pm

CEG

Constellation Energy is exploring the possibility of expanding its nuclear power generation capacity at its current U.S. locations, driven by the demand from data centers and other significant power consumers.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:50 pm