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Legal

AAPL

SPOT

Spotify Technology SA (NYSE:SPOT) is escalating its legal battle against Apple Inc. (NASDAQ:AAPL) in the EU, following Apple's rejection of Spotify's app update that aimed to display in-app pricing information for EU users. This comes after the European Commission fined Apple $1.95 billion for anti-competitive practices. Apple introduced a new entitlement program with a 27% commission on external links for purchases, which Spotify attempted to bypass. The European Commission is considering a second investigation into Apple's policies.

Portfolio Pulse from Rounak Jain

May 09, 2024 | 12:49 pm

LUCD

PAVM

Lucid Diagnostics has announced a recall of its EsophaCap device following the publication of serious device failures. This recall could potentially impact the company's reputation and financial performance.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:23 pm

BTCUSD

FTX, a bankrupt cryptocurrency exchange, announced plans to reimburse customers based on the value of their assets during its bankruptcy filing in November 2022, not their current value. This has caused dissatisfaction among customers as the value of cryptocurrencies, such as Bitcoin, has significantly increased since then. FTX has a substantial cash reserve, allowing it to fully reimburse its customers, with CEO John Ray stating the company will distribute $16.3 billion in cash among its creditors. Bitcoin's price action saw a slight decrease, trading 1.76% lower at $61,295.70.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 8:36 am

META

Elon Musk criticized Meta Platforms Inc. (NASDAQ:META) after it was fined $37.2 million by Turkey's competition board for its data sharing practices. The fine resulted from investigations into Meta's data-sharing between Facebook, Instagram, WhatsApp, and Threads. Musk's comments highlight ongoing concerns over Meta's data privacy practices.

Portfolio Pulse from Rounak Jain

May 09, 2024 | 8:14 am

BTCUSD

ETHUSD

Donald Trump, during a campaign speech, endorsed cryptocurrencies and expressed his intention to allow crypto donations to his 2024 campaign. He also commented negatively on a meme coin parodying Joe Biden, which then surged over 14%. Trump's crypto portfolio is valued over $5.6 million, including MAGA Coin, Ethereum, Wrapped Ether, and other memecoins. His stance on Bitcoin has softened, contrasting with the Biden administration's veto against legislation for financial institutions to hold cryptocurrencies. Standard Chartered predicts a positive outlook for cryptocurrencies if Trump is re-elected.

Portfolio Pulse from Aniket Verma

May 09, 2024 | 8:10 am

HRB

RBLX

TSLA

UBER

USFD

The Dow Jones rose for the sixth consecutive session amid mixed U.S. stock performance and a slight improvement in market sentiment according to the CNN Money Fear and Greed index. Uber Technologies and Tesla saw significant share price declines due to disappointing financial results and legal scrutiny, respectively. The S&P 500 and Nasdaq Composite experienced minor losses, with certain sectors like utilities and financials outperforming. Investors are looking forward to earnings results from H&R Block, US Foods Holding, and Roblox Corporation.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 6:36 am

ABNB

ARM

HOOD

SHOP

TSLA

On Wednesday, ARM Holdings, Robinhood, Airbnb, Shopify, and Tesla were key stocks on investors' radars, with varied performances. ARM Holdings reported better-than-expected Q4 results, Robinhood announced record Q1 revenue, Airbnb saw an 18% increase in Q1 revenue, Shopify reported a 23% growth in Q1 revenue, and Tesla's shares fell amid investigations into its self-driving technology claims.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 3:20 am

UBS

The trial of Bill Hwang, founder of Archegos Capital Management, has begun, focusing on charges of racketeering and stock manipulation that led to the fund's collapse in 2021, causing over $100 billion in shareholder losses. The prosecution alleges Hwang used derivatives to inflate stock prices and lied to banks. Archegos' failure, linked to its use of total return swaps and inability to meet margin calls, significantly impacted financial markets and creditors like Credit Suisse, now part of UBS Group AG.

Portfolio Pulse from Michael Cohen

May 08, 2024 | 10:31 pm

Zscaler has announced a security update in response to a public post by a threat actor claiming to have potentially obtained unauthorized information from the cybersecurity company. Zscaler has initiated an ongoing investigation immediately after learning about the claims and is taking the situation very seriously.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 7:22 pm

EWW

SPY

The Biden administration is reportedly planning to implement a new regulation that will restrict access to asylum at the U.S.-Mexico border, potentially starting as soon as Thursday, according to Reuters. This move could have significant implications for immigration policy and border control measures.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 7:10 pm