Streetbeat News

Legal

UL

Elon Musk's social media platform, X, has dropped Unilever from an antitrust lawsuit accusing it of conspiring to boycott the platform. The agreement marks the first step in resolving industry-wide issues. Unilever has committed to meeting responsibility standards on X.

Portfolio Pulse from Ananya Gairola

October 12, 2024 | 8:23 am

AAPL

Apple Inc. (NASDAQ:AAPL) is facing a second complaint this month from the U.S. National Labor Relations Board (NLRB) for allegedly restricting employee advocacy on social media and Slack. The complaint includes accusations of unlawful work rules and employee termination related to workplace advocacy. Apple denies the allegations and is committed to defending its position.

Portfolio Pulse from Ananya Gairola

October 12, 2024 | 6:25 am

BA

Boeing (NYSE:BA) is set to reduce its workforce by 10%, affecting 17,000 jobs, amidst ongoing challenges including labor strikes, safety concerns, and financial struggles. The company is dealing with the aftermath of 737 Max incidents, technical issues with the Starliner spacecraft, and a postponed 777X delivery.

Portfolio Pulse from Rounak Jain

October 12, 2024 | 5:39 am

XRPUSD

Ripple co-founder Chris Larsen donated $1 million in XRP to Kamala Harris' campaign, amidst Ripple's ongoing legal issues with the SEC. This donation is part of Larsen's $1.9 million total support for Harris. The campaign is also exploring cryptocurrency donations.

Portfolio Pulse from Khyathi Dalal

October 11, 2024 | 7:22 pm

MCD

McDonald's CEO Chris Kempczinski predicts 2025 will be another challenging year due to inflation and reduced consumer spending. The company is focusing on value propositions and affordable meals, especially chicken-based items. McDonald's stock has fluctuated but recently recovered. The company is also suing major meat suppliers for alleged price collusion.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 5:23 pm

TEVA

Teva Pharmaceuticals Industries Ltd (NYSE:TEVA) has agreed to a $450 million settlement with the U.S. government to resolve allegations of violating the Anti-Kickback Statute and the False Claims Act. The settlement addresses claims of unlawful kickback schemes affecting Medicare and price-fixing of essential drugs. This includes $225 million in criminal penalties previously paid by Teva USA. The settlement is part of a broader initiative against price-fixing and kickbacks in the pharmaceutical industry.

Portfolio Pulse from Vandana Singh

October 11, 2024 | 4:49 pm

AZN

GSK

GSK has settled the majority of Zantac lawsuits, agreeing to pay up to $2.2 billion. This resolution has improved investor confidence, but concerns about GSK's drug pipeline remain. The company aims to increase sales significantly by 2031, but faces challenges such as patent expirations and vaccine performance issues.

Portfolio Pulse from Vandana Singh

October 11, 2024 | 4:43 pm

STHZF

StateHouse Holdings, a significant cannabis company, has filed for bankruptcy under Canada's Bankruptcy and Insolvency Act. This follows financial struggles and legal action by Pelorus Fund. Trading on the Canadian Securities Exchange has been halted, and the company may be delisted.

Portfolio Pulse from Juan Spínelli

October 11, 2024 | 4:25 pm

AAPL

FXI

Four staff members of Foxconn, a major iPhone manufacturer, have been detained in China under unusual circumstances. This development could impact Apple, as Foxconn is a key supplier. The situation may also affect the broader Chinese market, represented by the FXI ETF.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 3:00 pm

MOG/A

MOG/B

The SEC has charged Moog Inc., a U.S.-based company, with violations of the Foreign Corrupt Practices Act (FCPA) due to its subsidiary's involvement in a bribery scheme in India. This legal action highlights regulatory challenges and potential financial penalties for Moog Inc.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 1:31 pm