Streetbeat News

Legal

ENB

The Biden administration has urged a U.S. appeals court to reconsider an order for Enbridge Inc. (NYSE:ENB) to drain parts of its Line 5 pipeline, which runs through Native American tribal land in Wisconsin. This request is based on a 1977 U.S.-Canada treaty to keep oil flowing. The U.S. DOJ believes the lower court's decision to stop portions of the pipeline by 2026 should be rethought, despite acknowledging Enbridge's trespassing on tribal land. The pipeline, crucial for transporting Canadian oil to Ontario, is at the center of a legal dispute initiated by the Bad River Band of Lake Superior Chippewa in 2019. Enbridge has offered $80 million to settle, and a U.S. District Judge ordered the company to pay nearly $5.2 million for trespassing, a sum the DOJ deems too low.

Portfolio Pulse from Lekha Gupta

April 11, 2024 | 12:49 pm

AAPL

The DOJ's antitrust lawsuit against Apple Inc. (AAPL) will now be overseen by Judge Julien Xavier Neals after Judge Michael E. Farbiarz stepped down due to necessary recusal, with undisclosed reasons related to potential impartiality issues. This change in judiciary oversight comes amidst Apple's strong opposition to the lawsuit, which it claims threatens its innovation capabilities. The trial will continue as planned in New Jersey, even as Apple faces increasing regulatory pressures globally.

Portfolio Pulse from Rounak Jain

April 11, 2024 | 12:44 pm

MOON

NKLA

Nikola Corporation (NASDAQ:NKLA) shares fell in premarket trading after Wolfe Research initiated coverage with a Peer Perform rating, citing challenges such as sparse charging infrastructure and high hydrogen costs. Additionally, internal board disputes, highlighted by a contentious battle for board seats led by Trevor Milton's controlled entity, M&M Residual, LLC, have raised investor concerns. Direxion Moonshot Innovators ETF (NYSE:MOON) offers exposure to NKLA stock.

Portfolio Pulse from Nabaparna Bhattacharya

April 11, 2024 | 12:21 pm

UNH

Bloomberg reported that UnitedHealth's Chair and executives sold $102M in stock before the news of a US probe into the company became public. This significant stock sale occurred ahead of potentially damaging public information, raising questions about insider trading and its impact on UnitedHealth's stock price.

Portfolio Pulse from Charles Gross

April 11, 2024 | 11:35 am

AMZN

GOOGL

Amazon Web Services, a subsidiary of Amazon.com Inc (NASDAQ:AMZN), has been ordered by an Illinois federal jury to pay $525 million to Kove for patent infringement in data-storage technology. The jury found AWS guilty of violating three of Kove's patents. Amazon plans to appeal the verdict. Kove, which initiated the lawsuit in 2018, claims to be a pioneer in cloud storage technology and has also filed a similar lawsuit against Alphabet Inc (NASDAQ:GOOGL).

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 9:47 am

DJT

Mary Trump criticizes her uncle Donald Trump's media company, Trump Media & Technology Group Corp. (NASDAQ:DJT), for its stock performance and potential securities fraud. She also highlights concerns over Jared Kushner's investments from authoritarian governments, emphasizing the need for accountability and investigation into his dealings.

Portfolio Pulse from Shanthi Rexaline

April 11, 2024 | 9:07 am

AAPL

Over 60 human rights and environmental organizations have urged Apple Inc. (NASDAQ:AAPL) to condemn the detention of climate activists in Vietnam, highlighting the tech giant's significant manufacturing operations in the country and its commitment to human rights and environmental policies. The activists' detention, including that of Ngo Thi To Nhien, has been criticized internationally, and the groups argue that Apple's silence could contradict its own policies on environmental and human rights.

Portfolio Pulse from Benzinga Neuro

April 11, 2024 | 7:44 am

DLAKY

Lufthansa (OTC:DLAKY) has temporarily halted its flights to Tehran due to the ongoing crisis in the Middle East, following a suspected Israeli airstrike on the Iranian embassy in Syria. The suspension, which began on April 6, is expected to last until at least April 11, reflecting the airline's commitment to safety. This decision comes amid heightened tensions in the region, with the U.S. warning of potential Iranian retaliatory attacks. The situation has also led to a sharp rally in oil prices.

Portfolio Pulse from Benzinga Neuro

April 11, 2024 | 7:11 am

COIN

Coinbase CEO Brian Armstrong publicly supports cryptocurrency and Uniswap amidst SEC regulatory scrutiny, highlighting the importance of crypto advocacy. Armstrong's stance, shared on social media, emphasizes the need for the crypto community to engage in the legislative process and stand against what he perceives as targeted regulatory actions by the SEC. This comes as Uniswap Labs receives a Wells notice from the SEC, with both Armstrong and Uniswap's founder expressing readiness for a potential legal battle to defend their operations.

Portfolio Pulse from Benzinga Neuro

April 11, 2024 | 3:00 am

DJT

A board member of Trump Media & Technology Corp (NASDAQ:DJT), Eric Swider, is implicated in a lawsuit for allegedly hacking and attempting a corporate coup against Patrick Orlando, the architect of the deal to take Truth Social public. The lawsuit, filed in the Southern District of Florida, accuses Swider and others of unlawfully accessing computer systems and files to oust Orlando. This legal battle adds to the challenges faced by Truth Social and its parent company, which despite legal and financial hurdles, went public last month with a valuation over $5 billion.

Portfolio Pulse from Benzinga Neuro

April 11, 2024 | 2:43 am