Streetbeat News

Legal

XOM

A U.S. judge has allowed a claim to proceed against activist shareholder Arjuna Capital in a case involving ExxonMobil (XOM). The judge denied Exxon's request for discovery and ruled that Exxon cannot pursue a case against climate advocate Follow This on jurisdictional grounds.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 4:51 pm

EC

Ecopetrol has reported that it is under investigation by the Superintendency of Industry and Commerce for alleged infringements of free economic competition laws.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 4:38 pm

PBR

Brazil's antitrust watchdog Cade has agreed to review the terms of an agreement concerning Petrobras' refineries, according to a Reuters report citing a filing.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 4:29 pm

EIS

European nations Spain, Norway, and Ireland have formally recognized an independent Palestinian state, leading to diplomatic tensions with Israel. Israel has responded by recalling its ambassadors and increasing military presence along the Rafah border with Egypt. U.S. Secretary of State Antony Blinken is seeking bipartisan support for sanctions on ICC prosecutors over arrest warrants for Israeli leaders. The iShares MSCI Israel ETF (NYSE:EIS) traded 0.5% lower on Wednesday.

Portfolio Pulse from Piero Cingari

May 22, 2024 | 4:27 pm

RARE

TMO

Ultragenyx Pharmaceutical (NASDAQ:RARE) faces a lawsuit from the estate of Henrietta Lacks over the alleged unjust use of HeLa cells. A Maryland federal court has allowed the case to proceed, rejecting Ultragenyx's motion to dismiss. The lawsuit follows a similar case against Thermo Fisher Scientific (NYSE:TMO), which was settled last year.

Portfolio Pulse from Vandana Singh

May 22, 2024 | 4:27 pm

LLY

NVO

Australia has banned compounded versions of Novo Nordisk's Ozempic and Eli Lilly's Mounjaro due to safety concerns. The ban aims to protect public health by removing unregulated GLP-1 receptor agonists from pharmacy compounding exemptions starting October 1. This decision follows reports of adverse events linked to these copies, including a serious incident resulting in hospitalization. The ban affects around 20,000 Australians using these compounded drugs for weight loss.

Portfolio Pulse from Vandana Singh

May 22, 2024 | 3:46 pm

AMC

GME

AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower after Delaware's highest court upheld the company's APE stock conversion. The court's decision allows AMC to proceed with converting its AMC Preferred Equity units into common shares, a move initially met with shareholder concerns about dilution. The stock has been volatile recently due to renewed interest in meme stocks, partly driven by the return of 'Roaring Kitty' on social media. AMC has also raised $250 million in new equity capital and will hold its annual shareholder meeting on June 5.

Portfolio Pulse from Adam Eckert

May 22, 2024 | 2:57 pm

AKTS

QRVO

Akoustis Technologies, Inc. (NASDAQ:AKTS) shares surged after the company announced design updates to its XBAW manufacturing process to avoid patent infringement claims by Qorvo, Inc. This follows a jury ruling in favor of Qorvo in a lawsuit against Akoustis. Despite the legal setback, Akoustis is confident that the updates will not impact the performance and reliability of its products.

Portfolio Pulse from Erica Kollmann

May 22, 2024 | 2:54 pm

SPY

A U.S. judge has temporarily blocked part of a Florida law that targets the transportation of migrants. This legal decision could have implications for companies involved in transportation and logistics, as well as broader market sentiment.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 2:52 pm

BTCUSD

ETHUSD

The White House will not issue a veto threat against the FIT for the 21st Century Act, a significant crypto market structure overhaul bill. This is seen as a major win for crypto supporters in Congress.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2024 | 2:19 pm