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Legal

AAPL

GOOG

GOOGL

A U.S. federal judge ruled that Alphabet Inc. (GOOG, GOOGL) illegally maintained monopolies in search and text advertising. This ruling could lead to a breakup of Alphabet, which analysts believe would boost its stock value. Needham analyst Laura Martin reiterated a Buy rating for Alphabet with a price target of $210, citing the potential benefits of a breakup, including higher investor appeal for pure-play assets, increased transparency, and reduced regulatory risks.

Portfolio Pulse from Nabaparna Bhattacharya

August 06, 2024 | 6:23 pm

NVS

RARE

TMO

VTRS

The family of Henrietta Lacks has filed a federal lawsuit against Novartis AG and Viatris Inc, alleging unlawful use of HeLa cells for drug development without compensation. The lawsuit follows similar actions against other companies, highlighting historical exploitation in medical research.

Portfolio Pulse from Vandana Singh

August 06, 2024 | 5:48 pm

CZR

The Nevada Supreme Court has denied Caesars Entertainment's request to reconsider a case involving Tipping Point Gaming (TPG). Caesars now faces a new trial on fraud and other tort claims after the court reversed a previous decision. The case centers on Caesars allegedly preventing TPG from entering contracts with potential suitors, including Accel Entertainment.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 5:31 pm

AMZN

WBD

Warner Bros. Discovery (WBD) has filed a lawsuit against the NBA, alleging a breach of media-rights contract after the NBA awarded a deal to Amazon (AMZN). The lawsuit claims that Amazon's existing NFL game carriage provision played a role in securing the NBA deal, which Warner's TNT could not match.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 5:05 pm

DAL

MSFT

Microsoft has criticized Delta's comments as incomplete, false, misleading, and damaging. Microsoft claims that Delta's CEO ignored an email from Satya Nadella and refused offers to help. A preliminary review suggests that Delta has not modernized its IT infrastructure.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 4:02 pm

RUM

Rumble has joined forces with Social Media Platform X to file antitrust lawsuits against WFA, WPP, and GroupM. The lawsuits allege a conspiracy to withhold advertising revenue and claim that GARM standards perpetuate an advertiser boycott. The U.S. House Judiciary Committee is investigating potential antitrust violations.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 3:32 pm

MAX

Wolfpack Research has criticized MAX's CEO Steven Yi for his comments during the earnings call, accusing the company of using fraudulent ads and deceptive websites. They highlighted an ongoing FTC investigation and questioned the company's internal investigation. Wolfpack also noted potential negative impacts from upcoming FCC regulations.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 3:15 pm

AAPL

GOOGL

MSFT

Google faces significant revenue risks after a federal judge ruled it a monopolist, moving the antitrust lawsuit into a remedy discovery phase. The lawsuit targets Alphabet's search distribution agreements, which could impact up to 25% of Google's search revenue. Potential changes include non-exclusive consumer choice models, default shifts to competitors like Microsoft or OpenAI, or Apple developing its own search engine. Despite the ruling, Google's shares didn't plummet, possibly due to prior de-risking and the likelihood of an appeal.

Portfolio Pulse from Surbhi Jain

August 06, 2024 | 1:27 pm

AAPL

GOOG

GOOGL

Apple Inc. (NASDAQ:AAPL) may face potential fallout from Google’s recent antitrust defeat. A federal judge ruled against Google’s parent Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) in a significant antitrust case, which could jeopardize Google's lucrative search engine deal with Apple. This deal, worth $20 billion in 2022, is a vital part of Apple's services revenue. The ruling indicates a shift in the legal landscape that could impact Apple's future dealings.

Portfolio Pulse from Benzinga Neuro

August 06, 2024 | 1:02 pm

GOOG

GOOGL

NVDA

Leaked internal messages reveal that Nvidia has been scraping videos from YouTube and other sources, including those of popular tech YouTuber Marques Brownlee, to train its AI models. Nvidia claims their practices comply with copyright laws, but the revelations have raised legal and ethical concerns.

Portfolio Pulse from Benzinga Neuro

August 06, 2024 | 12:50 pm