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Legal

LLY

NVO

Eli Lilly lost a legal battle against RXCompoundStore.com, preventing them from stopping the pharmacy's marketing of a version of tirzepatide, a key ingredient in Lilly's diabetes and weight loss drugs, Mounjaro and Zepbound. U.S. District Judge Roy Altman ruled that Lilly's actions were an attempt to enforce federal law through state law, a task reserved for the FDA. Lilly had sued ten entities for selling unauthorized versions of Mounjaro. Similarly, Novo Nordisk is taking legal action against compounding pharmacies for selling altered versions of semaglutide, used in its weight-loss drug Wegovy, after finding impurities in these products.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:54 pm

ZTS

Zoetis Inc's stock hit a 52-week low following reports that its pet arthritis drugs, Librela and Solensia, may have caused sickness in dogs and cats. Despite FDA approval for both drugs, thousands of side effects have been reported, raising concerns among pet owners and veterinarians. However, Zoetis claims these represent a small fraction of the over 18 million doses administered globally. The company is also under investigation by the European Commission for potentially hindering the market launch of a competing product.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:30 pm

NIO

Nio, Inc. (NYSE:NIO) shares dropped after Ohio Senator Sherrod Brown urged President Biden to ban Chinese EV imports, citing threats to domestic automakers and data security. This follows Treasury Secretary Janet Yellen's discussions in China on subsidies and trade. Wall Street views Nio as Neutral, with JP Morgan's Nick Lai predicting a 41.18% decline. Nio's stock fell 40.7% in the past 3 months, despite a 3.43% revenue increase over the past year.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 3:01 pm

BA

Boeing Company (NYSE:BA) shares have declined over 5% in the past five days amid ongoing scrutiny of its safety and quality standards. A new whistleblower has raised concerns about the 787 Dreamliners' fuselage sections, leading to a Senate hearing on Boeing's safety culture. Analysts from JP Morgan and B of A Securities have lowered their price targets for Boeing. Despite this, the average 1-year price target from analysts suggests a 37.8% upside in 2025.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 2:55 pm

GL

Globe Life Inc. (NYSE:GL) shares experienced significant volatility, dropping over 50% Thursday after a short report from Fuzzy Panda Research alleging insurance fraud, then rebounding Friday on heavy trading volume. The company refuted the claims. Analysts have mixed ratings on GL, with an average 12-month price target of $121.86, suggesting potential upside.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 2:54 pm

WFC

Wells Fargo's CFO announced in a conference call that the bank faces potential operating losses due to outstanding litigation, regulatory issues, and customer remediation matters for the remainder of the year.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 2:19 pm

ZTS

Zoetis shares are trading lower after a Wall Street Journal report titled "What Killed Their Pets? Owners Blame Meds, but Vets Aren't Sure." This report has raised concerns among pet owners and investors regarding the safety and reliability of Zoetis' products, potentially impacting the company's stock performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 2:06 pm

BA

LUV

UAL

Southwest Airlines expects fewer Boeing jet deliveries this year, impacting its growth. Initially planning for 85 Boeing MAX jets, now only about 20 are expected due to Boeing's production cuts and regulatory issues. This reduction affects Southwest's operational targets and financial outlook, with similar challenges faced by United Airlines.

Portfolio Pulse from Shivani Kumaresan

April 12, 2024 | 1:31 pm

ZTS

The Wall Street Journal reported on concerns among pet owners who blame Zoetis' arthritis medications for the deaths of their pets, although veterinarians remain uncertain about the cause. Zoetis maintains that side effects are rare and asserts the safety of its products.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 1:30 pm

PARA

PARAA

Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) is facing shareholder concerns over a potential merger with Skydance Media, with fears of not exploring competitive bids and the fairness of a $4 billion to $5 billion stock deal. Ariel Investments and Mario Gabelli are advocating for a fair review of alternatives and equal treatment for all shareholders, respectively. Paramount has entered a 30-day exclusive negotiation with Skydance, while also being in talks for a deal involving National Amusements' controlling interest. This follows an earlier $26 billion offer from Apollo Global Management.

Portfolio Pulse from Benzinga Neuro

April 12, 2024 | 12:53 pm