Streetbeat News

Legal

SONY

UMGNF

Sony Music CEO Rob Stringer discussed the potential of pulling Sony Music's content from TikTok, similar to Universal Music Group's action, emphasizing the need for fair profit sharing and artist compensation in the era of AI and digital platforms. He highlighted past decisions to protect artists' interests and advocated for innovation and originality in AI music creation.

Portfolio Pulse from Franca Quarneti

April 02, 2024 | 7:15 pm

WBD

Warner Bros. Discovery shares are trading lower following the resignation of two board members amid a Justice Department antitrust investigation.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 7:14 pm

BTI

MO

The Biden administration has missed another deadline for finalizing the FDA's proposed ban on menthol-flavored cigarettes, a move that has been urged by health and anti-smoking groups due to the product's appeal to young smokers and significant health impacts, especially in Black communities. Altria Group Inc (NYSE:MO) and British American Tobacco Industries (NYSE:BTI) are notably affected, with over 20% of their revenue from menthol products. The delay has led to lawsuits from public health groups and criticism for not addressing public health risks promptly.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 6:56 pm

META

NFLX

Meta Platforms Inc (META) and Netflix Inc (NFLX) are alleged in a lawsuit to have shared users' private messages as part of a data sharing agreement. The lawsuit claims this relationship, starting in 2011, was driven by advertising revenues, with Netflix spending around $40 million annually on Facebook ads. Meta responded to these allegations in 2018, denying the misuse of private messages. This lawsuit adds to Meta's legal challenges, including a potential class action over ad reach metrics inflation.

Portfolio Pulse from Neil Dennis

April 02, 2024 | 5:41 pm

X

US Steel shares are trading lower after a report indicated that US senators have requested the White House to examine Nippon Steel's connections with China. This development could potentially impact US Steel's market position and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 5:20 pm

EWT

FXI

SPY

Chinese President Xi Jinping stated that China is not 'de-risking' but facing risks created by the U.S., particularly in high tech development suppression. He emphasized the importance of strategic awareness in U.S.-China relations and also discussed issues related to Hong Kong, human rights, and the South China Sea.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 3:47 pm

ACB

CGC

IGC

IMCC

SNDL

Cannabis stocks, including ACB, CGC, IGC, IMCC, and SNDL, are trading higher following Florida's Supreme Court approval of a cannabis legalization proposal for the November election and the recent legalization of cannabis possession in Germany.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 3:28 pm

EWJ

FXI

SPY

X

U.S. Senators have raised concerns about Nippon Steel's connections with China in the context of a merger case. This development could potentially influence investor sentiment regarding companies and ETFs related to U.S.-China relations and the steel industry.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:48 pm

TSLA

Tesla reported a decline in volumes, attributing it partially to the early phase of the production ramp of the updated Model 3 at its Fremont factory. Additionally, factory shutdowns were caused by shipping diversions due to the Red Sea conflict and an arson attack at Gigafactory Berlin.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:06 pm

META

NFLX

Traders are closely monitoring Meta Platforms, Inc. (META) and Netflix, Inc. (NFLX) shares after a post on X (formerly Twitter) highlighted lawsuit documents filed in May 2023. These documents allege a data-swap deal between the two companies.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:54 pm