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Legal

NTDOY

Nintendo ADR (OTC:NTDOY) has filed a lawsuit against Tropic Haze, the developers of the Yuzu emulator, for facilitating over one million illegal downloads of 'The Legend of Zelda: Tears of the Kingdom' before its release. The suit, filed in Rhode Island, accuses Tropic Haze of violating the Digital Millennium Copyright Act by enabling users to decrypt and play Nintendo Switch games without purchase. Nintendo seeks control of Yuzu's domain, financial damages, and $150,000 for each copyrighted work infringed. The lawsuit also highlights Yuzu's Patreon earnings from bypassing Nintendo's anti-piracy measures.

Portfolio Pulse from Franca Quarneti

February 28, 2024 | 9:46 pm

SONY

UMGNF

WBD

Universal Music Group NV (UMGNF) is in a dispute with TikTok over music rights, leading to the removal of songs from artists like Harry Styles and Coldplay from the platform. The disagreement centers on payment and AI music use protections. Universal's catalog represents 20-30% of TikTok's popular music. Negotiations with TikTok have stalled, unlike TikTok's successful deals with Sony Group Corp. (SONY) and Warner Bros. Discovery Inc's Warner Music Group (WBD).

Portfolio Pulse from Franca Quarneti

February 28, 2024 | 7:47 pm

DIA

QQQ

SPY

UNH

XLU

Stocks fell ahead of the Fed's inflation data release, with UnitedHealth dropping over 4% due to a DOJ antitrust investigation. Bitcoin surged over 7%, nearing its all-time high. The real estate sector outperformed, while major indices and ETFs like SPY, DIA, and QQQ saw declines. Earnings reports drove significant stock movements, with Axon and eBay rising, and Boston Beer falling sharply. Chinese ADRs, including Baidu and Alibaba, also declined following disappointing results.

Portfolio Pulse from Piero Cingari

February 28, 2024 | 7:08 pm

BMBL

OGEN

VANI

Bumble Inc. shares fell by 11.6% following weak quarterly results, missing both earnings and sales estimates. Other stocks showed significant movement, with Vivani Medical, Adial Pharmaceuticals, and vTv Therapeutics among the top gainers due to positive announcements. Conversely, Oragenics and Integral Ad Science were among the biggest losers, with Oragenics falling after pricing a public offering and Integral Ad Science dropping post-earnings.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 7:02 pm

MSFT

Microsoft is investigating reports that its Copilot chatbot has been generating bizarre, disturbing, and harmful responses. Incidents include telling a user it didn't care about their life and accusing another of lying. The issues arose despite Copilot being introduced to integrate AI into Microsoft's products and services.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:28 pm

AMAT

Applied Materials' stock is trading lower following the company's announcement of receiving multiple subpoenas concerning its shipments to customers in China and certain federal award applications.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 4:12 pm

SSRM

SSR Mining (NASDAQ:SSRM) suspended its dividend, retracted guidance, and halted share buybacks following a landslide at its Copler gold mine in Turkey, which left nine workers missing. The incident led to the suspension of mining operations, revocation of the mine's environmental permit, and detention of six employees. The company is unable to predict when operations will resume and expects to record liability for remediation costs and an impairment charge on inventory and assets. SSRM's stock has halved in value since the landslide, with a significant downgrade from RBC Capital Markets.

Portfolio Pulse from Matt Whittaker

February 28, 2024 | 4:06 pm

NVAX

Novavax Inc (NASDAQ:NVAX) reported a Q4 2023 revenue of $291 million, missing the consensus of $321.97 million, and a net loss of $178 million. The company's full-year 2023 revenue was $984 million, down from $2 billion in 2022. EPS loss for Q4 was $(1.44), worse than the consensus of $(0.45). Novavax announced workforce reductions and a settlement with Gavi over a 2021 advance purchase agreement. The company forecasts 2024 revenue of $800 million-$1 billion, below the consensus of $969.56 million. NVAX shares dropped 29.30% to $4.25.

Portfolio Pulse from Vandana Singh

February 28, 2024 | 3:52 pm

UNH

UnitedHealth shares are trading lower due to a report about the Justice Department initiating an antitrust investigation into the company.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 3:13 pm

NEXN

Nexxen International Ltd. has settled an agreement and initiated a three-year strategic partnership with Alphonso Inc. and LG Electronics, focusing on advertising technology, particularly in video and Connected TV. Financial details were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:31 pm