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Legal

AMC

AMC Entertainment's proposed plan to convert preferred shares to common units and implement a stock split has been rejected by a court. This has led to volatility in the company's stock, causing it to trade lower.

Portfolio Pulse from Bill Haddad

July 27, 2023 | 6:14 pm

WYNN

Steve Wynn, the former CEO of Wynn Resorts, has agreed to stay out of the Nevada gambling industry as part of a settlement linked to alleged sexual misconduct. He will also pay a $10M fine as part of the settlement.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 5:42 pm

CRM

MSFT

The European Union has launched an antitrust investigation into Microsoft Corp over allegations of abuse of its dominant position by bundling its Teams videoconferencing app with its Office productivity software. The probe was triggered by a 2020 complaint by Salesforce's Slack Technologies, which alleged that Microsoft was forcing companies to install Teams and blocking its removal. Microsoft shares traded lower by 1.39% following the news.

Portfolio Pulse from Anusuya Lahiri

July 27, 2023 | 5:38 pm

BUD

Anheuser-Busch InBev, the parent company of Bud Light, announced it will lay off about 350 employees, or less than 2% of its corporate staff, across the U.S. The layoffs come as sales of Bud Light have fallen due to conservative boycotts over the company’s partnership with transgender influencer Dylan Mulvaney. The company is also under investigation by Florida Gov. Ron DeSantis over potential breach of shareholder duties related to the partnership.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 5:27 pm

PLNHF

The Arizona Department of Health Services has issued a recall for products sold by two cannabis businesses due to Aspergillus contamination. Nevada's cannabis regulators approved LA Lounge LLC as the first independent location not connected to a dispensary. Planet 13 Holdings Inc. (OTCQX:PLNHF) and Cheyenne Medical Sammy Davis, doing business as Thrive Cannabis Marketplace, were also approved to open such venues. In New Mexico, applicants for cannabis businesses are not getting a federal FBI criminal background check. In Alabama, the validity of Steven Stokes' position as chairman of the Alabama Medical Cannabis Commission is being challenged.

Portfolio Pulse from Jelena Martinovic

July 27, 2023 | 5:23 pm

DWAC

SPY

President Trump's lawyers had a productive meeting with the Justice Department, with no indication of notice given during the meeting.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 5:11 pm

AZN

BMY

Bristol-Myers Squibb (BMY) has entered into an agreement with AstraZeneca (AZN) to settle all outstanding claims in CTLA-4 and two PD-l1 antibody litigations. As part of the settlement, AstraZeneca will pay an aggregate of $560M to Bristol-Myers in four payments through September 2026.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 4:51 pm

DWAC

SPY

Former President Donald Trump's lawyers have been informed by prosecutors to expect an indictment against him in connection with his efforts to reverse his loss in the 2020 election. This comes as a grand jury that could vote on criminally charging Trump met in Washington federal court. Trump has previously been indicted on several criminal counts related to his retention of classified government documents at his Mar-a-Lago club.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 3:28 pm

AX

Axos Bank (NYSE:AX) has reportedly emerged as a crucial financial ally to former President Donald Trump during his financial crisis, extending significant loans to Trump's businesses when other financial institutions distanced themselves. Axos Bank's CEO Gregory Garrabrants sanctioned a $100 million loan for Trump Tower and a $125 million loan for Trump's Doral resort. The bank also financed a portion of a loan that enabled a group of investors to purchase Trump's D.C. hotel for $375 million. These loans have caught the attention of New York Attorney General Letitia James, who is leading a lawsuit alleging that Trump falsified records to overstate the worth of his properties in financial statements.

Portfolio Pulse from Michael Cohen

July 27, 2023 | 2:56 pm

APLS

IVR

Peter Kaiser, a retinal disease expert who runs the Cole Eye Institute at the Cleveland Clinic, failed to report his financial ties to Iveric Bio, a competitor of Apellis Pharmaceuticals. Kaiser's committee flagged a severe side effect of Apellis's newly approved drug, Syfovre, raising questions about a potential conflict of interest.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 2:24 pm