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FDIS

TSLA

XLY

Tesla Inc. (NASDAQ:TSLA) has filed a lawsuit against an Indian battery manufacturer, Tesla Power India Pvt Ltd., for trademark infringement over the use of the name 'Tesla Power'. The lawsuit, filed in New Delhi, seeks compensation and a permanent injunction against the Indian company for marketing its products under the 'Tesla Power' brand, despite a cease-and-desist notice from Tesla in April 2022. The case is currently being heard at the Delhi High Court, with the Indian company given three weeks to respond. Tesla's interest in the Indian market is highlighted by its efforts to navigate import duties and local manufacturing commitments.

Portfolio Pulse from Shivani Kumaresan

May 03, 2024 | 3:00 pm

DIS

FOX

FUBO

IRBO

VERS

WBD

FuboTV Inc (NYSE:FUBO) reported fiscal Q1 2024 results with a 24% Y/Y sales increase to $402.4 million, surpassing analyst estimates. Adjusted EPS loss improved to $(0.11), beating expectations. The company saw significant growth in North America with a 24% revenue increase and an 18% rise in paid subscribers. FuboTV remains optimistic about its antitrust lawsuit against The Walt Disney Co (NYSE:DIS), FOX Corp (NASDAQ:FOX), and Warner Bros. Discovery Inc (NASDAQ:WBD). FuboTV's stock fluctuated, opening with a 10% premarket gain but closing down 5.16% at $1.46. The company's performance and legal confidence could impact its stock and those of DIS, FOX, and WBD. FUBO is also featured in ProShares Trust ProShares Metaverse ETF (NYSE:VERS) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO).

Portfolio Pulse from Anusuya Lahiri

May 03, 2024 | 2:10 pm

DJT

Trump Media & Technology Group's shares have declined following reports that the SEC has charged its audit firm with fraud. This development raises concerns about the company's financial oversight and could impact investor confidence.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:37 pm

DJT

The SEC has charged audit firm BF Borgers and its owner with committing a massive fraud that impacted over 1,500 SEC filings. The allegations suggest that the firm and its owner engaged in deceptive practices that significantly affected the integrity of financial disclosures and compliance with SEC regulations. This case highlights the importance of audit quality and the potential consequences of audit failures on the broader financial reporting ecosystem.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:27 pm

LYFT

UBER

The Massachusetts Supreme Court is deliberating on whether Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) drivers should be classified as independent contractors or employees, a decision that could significantly impact the companies' business models and financial liabilities. This case is part of a larger national debate on gig workers' rights, with implications for the gig economy at large. The outcome could affect Uber and Lyft's operations and costs, especially as they face a civil lawsuit for misclassification of drivers and potential changes in employment classification rules by the U.S. Department of Labor.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 1:15 pm

FCOM

GOOG

GOOGL

VOX

Alphabet Inc (GOOG, GOOGL) is contesting Epic Games' proposed changes to the Play Store's operations amid an antitrust dispute. Epic's suggestions aim to open up app downloads and in-app transaction flexibility, which Google argues could harm consumer privacy and security. A jury previously sided with Epic, finding Google's practices anti-competitive. Google also highlights a recent settlement offering alternative billing options, questioning the need for Epic's injunction. The case's next hearing is scheduled for May 23. Meanwhile, Alphabet's growth is supported by its advancements in AI, cloud, and advertising, with analysts recommending Alphabet stocks trade at a premium.

Portfolio Pulse from Anusuya Lahiri

May 03, 2024 | 12:59 pm

TSLA

The National Highway Traffic Safety Administration (NHTSA) has closed its three-year investigation into Tesla's Model S and X vehicles over concerns about the loss of rearview camera display due to a failing touchscreen. The investigation, which began in November 2020, focused on 158,716 units from model years 2012-2018 for the Model S and 2016-2018 for the Model X, all equipped with NVIDIA Tegra 3 processors. The issue was linked to the 8GB eMMC NAND flash memory device becoming fully consumed within 5-6 years. Despite Tesla disputing the findings, a recall was issued on January 29, 2021, offering a free hardware remedy. NHTSA has deemed the recall sufficient and closed the investigation but will continue to monitor the issue.

Portfolio Pulse from Anan Ashraf

May 03, 2024 | 12:24 pm

ADTX

EVFM

Aditxt received a notice on April 26 from Evofem, stating that Evofem is terminating their merger agreement due to Aditxt's failure to provide the initial parent equity investment as required.

Portfolio Pulse from Charles Gross

May 03, 2024 | 10:05 am

MSFT

OpenAI CEO Sam Altman has declared a strong commitment to developing artificial general intelligence (AGI), stating financial costs, which could range from $500 million to $50 billion, are not a concern. Microsoft Corp. (NASDAQ:MSFT), as OpenAI's largest investor, has invested $13 billion in the AI startup. Altman's focus is on creating significant societal value through AGI, despite the high costs and challenges, including a lawsuit from Elon Musk alleging profit maximization for Microsoft.

Portfolio Pulse from Rounak Jain

May 03, 2024 | 9:58 am

DJT

Herb Greenberg, co-founder of Wall Street Beats, criticized Trump Media & Technology Group Corp.'s (NASDAQ:DJT) request for a legislative probe into the short-selling of its shares as a 'diversion tactic.' He compared it to Overstock.com's past issues with short sellers and warned that such actions could lead to rapid declines in stock prices if reality sets in. This criticism comes amid an insider trading trial related to Trump Media and after the company awarded Donald Trump 36 million additional shares, significantly increasing his stake.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 9:41 am