Streetbeat News

Legal

WBA

Walgreens Boots Alliance has announced a summary notice regarding the pending and proposed settlement of a shareholder derivative action. This legal development could have implications for the company's governance and financial outlook, as settlements of this nature often involve financial compensation and changes to corporate governance practices.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:35 pm

BIDU

GOOG

META

NYT

SNAP

TCEHY

The U.S. government's legislation requiring TikTok to divest its U.S. operations or face a ban has sparked debate over censorship and national security. The law, which aims to address the national security risk posed by TikTok's 170 million U.S. users, has bipartisan support. European Commission president Ursula von der Leyen indicated the EU might follow suit. The article also discusses China's internet censorship, known as the Great Firewall, which blocks access to many foreign websites and apps, including those owned by Alphabet Inc (GOOG), Meta Platforms Inc (META), Snap Inc (SNAP), and The New York Times Co (NYT), and mentions China's domestic internet products like Baidu (BIDU) and Tencent Holdings ADR (TCEHY).

Portfolio Pulse from Natan Ponieman

May 01, 2024 | 9:11 pm

QCOM

Qualcomm has filed a complaint against Arm in the U.S. District Court for the District of Delaware, alleging that Arm breached their agreement by not providing certain obligated deliverables, according to a SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:35 pm

AMPH

AZN

NVO

NVS

TEVA

The FTC is targeting 'junk patent listings' for drugs like Novo Nordisk's Ozempic and AstraZeneca's treatments to promote generic competition and reduce drug prices. The FTC issued warning letters to 10 companies, including Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Novartis, Amphastar Pharmaceuticals, and Teva Pharmaceutical, disputing over 300 Orange Book patent listings to facilitate the availability of affordable alternatives.

Portfolio Pulse from Vandana Singh

May 01, 2024 | 8:11 pm

UNH

UnitedHealth Group Inc's CEO Andrew Witty addressed a U.S. Senate panel regarding a recent cyberattack on its technology unit, Change Healthcare. The attack had significant impacts on the healthcare sector, including disruptions to medical claim processing and financial strain on U.S. hospitals. Despite these challenges, Witty assured that the company's issues do not pose a threat to the broader economy. UnitedHealth, with a market cap of $445 billion, paid a $22 million ransom to address the cyberattack's fallout. The company also made $6.5 billion in accelerated payments and loans to providers affected by the incident.

Portfolio Pulse from Vandana Singh

May 01, 2024 | 7:52 pm

DIS

DKNG

FWONA

FWONK

NFLX

RACE

Formula 1, owned by Liberty Formula One (FWONA, FWONK), halted a Trump fundraiser at the Miami Grand Prix, citing a violation of their suite license agreement. The event's cancellation and the connection to Miami Dolphins owner Stephen Ross, who also owns the Grand Prix, spotlight the race's significance. Ferrari (RACE) unveiled a special car design for the event, celebrating its 70th anniversary in North America. The race, airing on ABC and ESPN+ owned by Disney (DIS), is expected to draw significant viewership. DraftKings (DKNG) lists Max Verstappen as the favorite to win. The growth of Formula 1 in the U.S., partly attributed to Netflix (NFLX), enhances the value of related assets.

Portfolio Pulse from Chris Katje

May 01, 2024 | 7:04 pm

JNJ

Johnson & Johnson (NYSE:JNJ) announced a proposed $6.475 billion settlement to resolve the majority of lawsuits related to ovarian cancer from cosmetic talc litigation. This settlement, covering about 99.75% of the lawsuits, aims to address claims through a consensual 'prepackaged' Chapter 11 bankruptcy if 75% of claimants agree. The company has already settled 95% of mesothelioma lawsuits and allocated $11 billion for talc-related settlements. Despite ongoing legal challenges, JNJ remains confident in its defense. JNJ shares rose 4.47% to $151.06.

Portfolio Pulse from Vandana Singh

May 01, 2024 | 6:42 pm

EWJ

Japan is considering the implementation of regulations on AI developers, aligning with similar actions taken by the U.S. and the EU. This move aims to address concerns related to privacy, security, and ethical standards in AI development and deployment. The potential regulation could impact companies involved in AI technology within these regions, influencing their operational, legal, and compliance strategies.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 4:54 pm

CGC

CRLBF

GTBIF

TLRY

VRNOF

Cannabis stocks surged following the DEA's announcement to consider rescheduling marijuana from Schedule I to Schedule III, potentially allowing cannabis companies significant tax deductions. Green Thumb Industries, Verano Holdings, and Cresco Labs could see bottom-line boosts of $70M-$100M. Short sellers faced $210M in losses as stocks like Tilray Brands and Canopy Growth Corporation saw dramatic increases. The move is seen as revitalizing the cannabis industry, with potential for U.S. exchange listings to significantly increase market values.

Portfolio Pulse from Maureen Meehan

May 01, 2024 | 4:23 pm

JCI

Johnson Controls International Plc (NYSE:JCI) reported Q2 earnings with an EPS of 78 cents, surpassing expectations of 75 cents, but missed revenue forecasts with $6.699 billion against an expected $6.72 billion. Sales remained flat compared to the previous year, with a slight organic increase of 1%. The company took a $750 million pre-tax charge for a settlement related to its subsidiary's product. Organic orders grew by 12% year-over-year, and the Building Solutions North America segment saw a margin increase. The Q3 EPS outlook is slightly below estimates, but full-year EPS expectations are maintained. JCI shares dropped 6.65% to $60.73.

Portfolio Pulse from Nabaparna Bhattacharya

May 01, 2024 | 4:05 pm