Streetbeat News

Legal

DJT

Former President Trump's defense lawyer, Todd Blanche, has moved for a mistrial based on the testimony of Daniels. The motion for mistrial highlights significant legal developments in the ongoing case involving Trump.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 6:04 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading lower after the company announced the appointment of Semple, Marchal & Cooper, LLP as its new independent registered public accounting firm, effective May 4, 2024. This follows charges of 'massive fraud' by the SEC against the company's previous audit firm, BF Borgers CPA PC, and its owner. Additionally, Trump Media CEO Devin Nunes has accused certain brokerage firms of stock manipulation, leading to a letter addressed to various committees of the U.S. House of Representatives.

Portfolio Pulse from Nabaparna Bhattacharya

May 07, 2024 | 5:15 pm

CVNA

Nate Anderson of Hindenburg Research highlighted concerns about potential accounting fraud at Carvana (CVNA), citing unprecedented interest and detailed red flags. The report mentions Carvana's financial struggles, including limited cash, high leverage, and the necessity of stock sales for survival, contrasting sharply with management's optimistic claims.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 4:41 pm

WBD

A new docuseries titled 'Taylor Swift vs. Scooter Braun: Bad Blood,' focusing on the feud between Taylor Swift and Scooter Braun over music rights, is set to stream on Discovery+ in the UK and Ireland. Produced by Warner Bros. Discovery (NASDAQ:WBD), the series will explore both sides of the dispute, including the sale of Swift's first six albums to Braun and the ensuing public feud. The series is part of the 'vs' series and could attract significant interest from Swift's global fanbase.

Portfolio Pulse from Chris Katje

May 07, 2024 | 4:33 pm

AMZN

GOOG

GOOGL

META

RUM

SNAP

SPY

TikTok and its parent company ByteDance have filed a lawsuit against the Biden administration to block a law that mandates the divestiture or ban of the short video app, claiming the law will inevitably lead to TikTok's shutdown on January 19.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 4:02 pm

TSLA

Tesla is temporarily shutting down production at its Grünheide factory for four days due to announced protests against its expansion plans. The company has instructed all employees to work from home during this period. The protests are centered around environmental concerns, particularly the clearing of a forest area for the factory's expansion. Tesla's expansion plans have faced resistance from local activists and the Grünheide Citizens' Initiative, despite CEO Elon Musk's commitment to proceed.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:15 pm

Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum expressed dissatisfaction with Boeing (NYSE:BA) over safety crises and delivery delays, as Boeing's CEO David Calhoun announces retirement amid these challenges. Despite frustrations, Emirates, Boeing's largest customer for widebody jets, has not indicated plans to cancel or switch its substantial orders to Airbus. Boeing faces its worst crisis since the 737 Max jet crashes, with recent audits revealing non-compliance in manufacturing quality control. Amidst this, Boeing's stock saw a slight decline.

Portfolio Pulse from Benzinga Neuro

May 07, 2024 | 2:35 pm

HAIL

MOON

NKLA

Nikola Corp reported a 30% decline in Q1 sales year-over-year, missing analyst estimates with $7.5 million versus the expected $15.8 million. The adjusted EPS loss improved to $(0.09) from $(0.22) Y/Y, beating the consensus loss estimate of $(0.10). Production and shipment of trucks decreased and increased, respectively, compared to last year. Despite maintaining a dominant market share in HVIP vouchers for Class 8 FCEVs, the company faced a gross loss increase and postponed the delivery timeline for its battery trucks to the end of 2024. Nikola's stock price fell by 9.93% following these announcements and ongoing challenges, including potential fraudulent conduct allegations and medium-term hurdles like inadequate charging infrastructure.

Portfolio Pulse from Anusuya Lahiri

May 07, 2024 | 2:33 pm

COIN

HOOD

SEC Chair Gary Gensler highlighted the disproportionate amount of fraud and scams in the crypto sector, emphasizing the need for robust regulatory oversight. He mentioned the SEC's litigation against Coinbase and discussed the implications for investors using platforms like Robinhood. Gensler's comments underscore the SEC's focus on protecting investors amid the rapid expansion of the crypto market.

Portfolio Pulse from Murtuza Merchant

May 07, 2024 | 2:30 pm

DGII

Digi International announced that the U.S. District Court for the District of Minnesota found all patent claims asserted by Nimbelink Corporation against the company to be invalid. This legal victory removes a significant potential liability for Digi International, potentially improving its market position and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 2:22 pm