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SAVA

Cassava Sciences is engaging with the DOJ and SEC amid ongoing investigations. The company's board has empowered an ad hoc committee for an internal investigation based on SEC findings. Dr. Hoau-Yan Wang, a former scientific advisor to Cassava, has been indicted by the DOJ for allegedly defrauding the NIH with false research data.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 12:07 pm

CHWY

GME

GameStop shares fell by 7% in pre-market trading after Keith Gill, known as 'Roaring Kitty,' disclosed a 6.6% stake in Chewy. Gill is also facing a lawsuit alleging manipulation of GameStop's stock. Chewy's stock surged following the announcement.

Portfolio Pulse from Pooja Rajkumari

July 01, 2024 | 12:06 pm

TEVA

VNDA

The US District Court for the District of Delaware has ruled that Vanda Pharmaceuticals' patent lawsuit regarding its drug HETLIOZ against Teva Pharmaceuticals and Apotex can proceed.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 12:05 pm

VRCA

Verrica Pharmaceuticals Inc. (NASDAQ: VRCA) has settled litigation with Dormer Laboratories, Inc., resulting in Dormer halting the sale of cantharidin-containing products in the US.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 11:42 am

GME

NIO

NVDA

QQQ

SPR

SPY

TSLA

XPEV

U.S. stocks are expected to start the week cautiously, with Nvidia likely to extend its slide, impacting tech stocks. Analyst Daniel Ives predicts a 15% gain for tech stocks in the second half of the year due to AI expansion. Key economic data and bond yields will be closely watched. Boeing fell after confirming its takeover of Spirit AeroSystems, while Tesla rose ahead of its deliveries report. Chinese EV startups saw gains, and GameStop dropped following a class action lawsuit against Roaring Kitty.

Portfolio Pulse from Shanthi Rexaline

July 01, 2024 | 11:35 am

DLA

WFC

Delta Apparel, Inc. and its subsidiaries, including Salt Life Beverage, LLC, have filed for Chapter 11 bankruptcy protection. They plan to continue operations as debtors-in-possession and seek approval for a senior secured super-priority debtor-in-possession financing arrangement with Wells Fargo and other lenders. Additionally, Delta Apparel has entered into an Asset Purchase Agreement with FCM Saltwater Holdings, Inc. to sell certain assets related to Salt Life for approximately $28.03 million. The transaction is subject to Bankruptcy Court approval and competitive bidding. Key resignations include Vice President Nancy P. Bubanich and directors Glenda E. Hood and Sonya E. Medina.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 11:25 am

OLN

WLK

Olin Corporation and Westlake Corporation, as part of the Ad Hoc Coalition of Epoxy Resin Producers, have prompted the European Commission to initiate an anti-dumping investigation on epoxy resin imports from China, Korea, Taiwan, and Thailand. The investigation aims to determine if these imports have caused material injury to the European epoxy resin industry by being sold at unfairly low prices.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 10:35 am

ALK

ITA

PPA

The U.S. Justice Department is moving to charge Boeing Co (NYSE:BA) over two fatal 737 MAX crashes, offering a plea deal with a substantial financial penalty and an independent monitor. If Boeing declines, it will face trial. The plea deal includes a $487.2 million penalty, potential restitution, and a three-year probation period. Boeing's ability to secure government contracts could be jeopardized. The news follows recent safety concerns and criticisms of Boeing's safety record.

Portfolio Pulse from Shivani Kumaresan

July 01, 2024 | 10:24 am

MASI

Masimo Corporation's COO, Bilal Muhsin, has threatened to resign if CEO Joe Kiani is removed. Muhsin's resignation is conditional and stems from his disagreement with accusations made by Politan. This situation could lead to significant leadership changes at Masimo.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 10:19 am