Streetbeat News

Legal

GXO

Italy's tax police have seized €84 million from GXO Logistics' Italian unit following an investigation into alleged tax fraud. The Milan Prosecutors' Office accused GXO of circumventing labor and tax laws through cooperatives or limited liability companies, resulting in false tax declarations and worker exploitation. GXO is cooperating with the investigation.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 4:57 pm

NVDA

TSM

VTI

XLK

Nvidia Corp (NVDA) is facing antitrust charges from French regulators, leading to a decline in its stock price. However, Nvidia has positive news with a $504 million funding package from the Biden administration to support technology hubs in the U.S. Additionally, Nvidia supplier Taiwan Semiconductor Manufacturing Co (TSM) plans to boost capital expenditures significantly in 2025. Nvidia shares have gained 188% in the last 12 months, and investors can gain exposure via Vanguard Total Stock Market ETF (VTI) and SPDR Select Sector Fund – Technology (XLK).

Portfolio Pulse from Vandana Singh

July 02, 2024 | 4:53 pm

NVDA

TSM

VTI

XLK

Nvidia Corp (NASDAQ:NVDA) is trading lower due to antitrust charges from French regulators. However, positive developments include increased capital expenditures by supplier TSMC and a $504 million funding package from the Biden administration to support technology hubs. Analysts remain optimistic about Nvidia's future demand.

Portfolio Pulse from Anusuya Lahiri

July 02, 2024 | 4:36 pm

CHWY

GME

GameStop Corp (NYSE:GME) shares are trading slightly higher on low volume as retail traders speculate about recent moves from meme stock trader Keith Gill. Gill, known for his role in the 2021 meme stock squeeze, recently disclosed a 6.6% stake in Chewy Inc (NYSE:CHWY), causing some selling pressure on GameStop shares. Despite a court case accusing Gill of manipulating GameStop's stock price being dismissed, GameStop shares closed down over 5% on Monday. Trading volume remains low compared to the average.

Portfolio Pulse from Adam Eckert

July 02, 2024 | 3:56 pm

CERE

TPX

The U.S. Federal Trade Commission (FTC) has filed a lawsuit to block Tempur Sealy's acquisition of Mattress Firm. The FTC argues that the merger would reduce competition in the mattress market.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 3:47 pm

HSBC

JPM

Drug traffickers exploited Citigroup ATMs for money laundering due to perceived lax fraud controls. U.S. prosecutors indicted individuals linked to the Sinaloa cartel for depositing large sums in small increments to avoid detection. JPMorgan Chase was also mentioned but not implicated in failing to flag suspicious transactions.

Portfolio Pulse from Vandana Singh

July 02, 2024 | 3:25 pm

DWAC

The District Attorney will not oppose former President Donald Trump's request to delay his New York case. DA Bragg aims to file briefs on Trump's motion by July 24. Trump's sentencing, initially set for July 11, is likely to be delayed.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 2:46 pm

EXPI

The Bear Cave Newsletter has issued a report titled 'Even More Problems at eXp World Holdings,' highlighting ongoing issues at the company.

Portfolio Pulse from Benzinga Newsdesk

July 02, 2024 | 2:32 pm

JNJ

A New Jersey federal judge dismissed a lawsuit by Johnson & Johnson's subsidiary against Dr. Jacqueline Moline, who linked talc-based products to cancer. The court found Moline's research was not fraudulent or libelous. Johnson & Johnson faces over 61,000 lawsuits related to its talc products and is seeking support for a $6.48 billion settlement proposal.

Portfolio Pulse from Vandana Singh

July 02, 2024 | 1:55 pm

SHWZ

Medicine Man Technologies, Inc., operating as Schwazze (OTCQX:SHWZ), announced that its stock will transition to the OTC Expert Market due to a delayed SEC filing. The delay stems from the dismissal of its previous auditor, BF Borgers CPA PC, and the subsequent SEC order against BF Borgers. Schwazze has engaged Baker Tilly US, LLP as its new auditor and is working to complete the necessary audits. The company is also seeking a management cease trade order from the Ontario Securities Commission.

Portfolio Pulse from Nina Zdinjak

July 02, 2024 | 1:33 pm