Streetbeat News

Legal

ACB

CGC

Cannabis stocks are trading higher after a report that a state lawmakers' group is pushing Congress to include a marijuana banking bill in FAA legislation.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:24 pm

META

SNAP

SOCL

As the U.S. bill aiming to ban TikTok nears a vote, stocks of Meta Platforms Inc (META), Snap Inc (SNAP), and Global X Social Media ETF (SOCL) have seen increases. The bill, which could force TikTok's parent company ByteDance to divest its U.S. operations, has been fast-tracked through Congress. The potential ban has sparked criticism from influencers and small businesses reliant on TikTok, while ByteDance has invested heavily in lobbying against the legislation. The bill's passage could lead to significant legal battles, with implications for U.S.-China relations and the social media landscape.

Portfolio Pulse from Natan Ponieman

April 18, 2024 | 7:23 pm

DKNG

FLUT

Jontay Porter, an NBA player, received a lifetime ban for betting on games and disclosing confidential health information, which influenced betting lines and outcomes. The investigation highlighted a specific game where Porter's disclosed health status led to a significant parlay bet on DraftKings Inc (NASDAQ:DKNG). This incident marks the first NBA player banned for gambling by Commissioner Adam Silver. DraftKings and Flutter Entertainment's FanDuel (NYSE:FLUT) were mentioned as platforms where betting spikes on Porter's performance were observed.

Portfolio Pulse from Chris Katje

April 18, 2024 | 7:00 pm

PRI

Primerica, Inc. (NYSE:PRI) has issued a statement refuting claims made by a blogger aimed at driving down its stock price, labeling the assertions as false and misleading. The company highlights its long-standing commitment to providing financial services to middle-income families in the U.S. and Canada, its significant insurance coverage, and the trust placed in it by millions of clients managing substantial investment volumes. Primerica emphasizes its adherence to industry standards and regulations, its high client satisfaction and loyalty ratings, and its confidence in the value it offers to clients and stockholders.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 6:38 pm

COF

DFS

Discover Financial Services (DFS) reported a Q1 revenue of $4.21 billion, surpassing estimates, but faced concerns over a $799 million charge for card misclassification remediation. Analysts from Goldman Sachs, Evercore ISI, and Wells Fargo commented on the impact of the remediation reserve and the pending acquisition by Capital One Financial Corporation (COF), with mixed ratings and price forecasts for DFS.

Portfolio Pulse from Nabaparna Bhattacharya

April 18, 2024 | 6:19 pm

COP

A group of creditors has hired Centerview Partners to explore a bid for shares of Citgo's parent company. They are encouraging ConocoPhillips to join their bid, though ConocoPhillips remains undecided. Elliott Investment Management, PBF, and Koch Industries are also considering bids in Citgo's court auction.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:32 pm

BLK

MSCI

SPY

A House Committee investigation has revealed that Wall Street firms, including BlackRock and MSCI, have directed billions of dollars into Chinese companies that are on U.S. blacklists. The probe's findings highlight concerns over American investment flows into firms that may be involved in activities contrary to U.S. interests.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:27 pm

SNAP

Snap shares are trading higher following recent reports of the TikTok divest-or-ban bill moving on a fast track through Congress.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:19 pm

GSK

ME

23andMe Holding Co (NASDAQ:ME) CEO Anne Wojcicki is considering privatizing the company after a significant decline in valuation and challenging market conditions. The company, once valued at $6 billion, went public in 2021 but has since faced decreased revenues, a substantial net loss, and challenges in shifting its business model from genetic testing to drug development. Wojcicki, owning over 20% of shares and 49% of voting power, opposes sale to another buyer. The company's financial struggles include a 33% Y/Y revenue drop and a net loss increase to $278 million in FY24 Q3. 23andMe's cash reserves are expected to last until 2025, prompting considerations for privatization to secure funding and flexibility for drug development.

Portfolio Pulse from Vandana Singh

April 18, 2024 | 4:06 pm

PRI

Primerica, Inc. (NYSE:PRI) shares fell after the Bear Cave issued a short report alleging deceptive behavior by the company's top agents. The report claims these agents engage in misleading practices, including obfuscating their association with Primerica and emphasizing recruiting over product sales. The Bear Cave's allegations are based on evidence such as a recorded Zoom presentation, a recruiting script, and complaints filed with the Florida Attorney General's Office. Primerica has not responded to these allegations.

Portfolio Pulse from Adam Eckert

April 18, 2024 | 4:02 pm