Streetbeat News

Legal

BLKB

The U.S. Federal Trade Commission (FTC) has mandated Blackbaud to delete unnecessary data and enhance its data protection measures as a settlement for charges related to a data breach, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 7:10 pm

HSAI

Hesai shares are trading lower after being added to the U.S. Department of Defense's list of 'Chinese Military Companies.' Hesai refutes having any military ties.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 7:03 pm

WBD

Larry David, who starred in an FTX Super Bowl commercial, expressed regret over his participation following the company's bankruptcy. He revealed losing a significant amount of money as part of his salary was in cryptocurrency. David is also involved in a class action lawsuit against FTX. The ad was part of Super Bowl LVI, which featured multiple cryptocurrency ads, earning it the nickname 'crypto bowl'. Warner Bros. Discovery (NASDAQ:WBD), which airs 'Curb Your Enthusiasm', is indirectly related through David's promotional activities.

Portfolio Pulse from Chris Katje

February 01, 2024 | 6:56 pm

HSAI

Hesai Group (NASDAQ:HSAI) stock plummeted after being listed as a 'Chinese Military Company' by the U.S. Department of Defense, a designation the company disputes as unjust and meritless. Hesai insists its lidar products are for civilian use, not suitable for military applications, and expects no significant business disruption from this listing. Despite the controversy, HSAI shares dropped 30.9% to $4.03.

Portfolio Pulse from Nabaparna Bhattacharya

February 01, 2024 | 6:45 pm

CHRW

CMND

MINM

NVIV

REVB

C.H. Robinson Worldwide, Inc. (CHRW) shares fell over 12% after reporting Q4 financial results below market expectations. Other stocks showed significant movement, with companies like Minim, Inc. (MINM) and Clearmind Medicine Inc. (CMND) experiencing substantial gains. Conversely, Revelation Biosciences, Inc. (REVB) and InVivo Therapeutics Holdings Corp. (NVIV) saw notable declines. The article also highlights stocks that moved due to earnings reports, strategic agreements, and other corporate actions.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 6:17 pm

TSLA

A Delaware judge rescinded Elon Musk's $55.8 billion Tesla pay package, calling it an 'unfathomable sum.' Musk responded with a cryptic 'Interesting' and criticized Delaware as a state of incorporation, suggesting Nevada or Texas as better alternatives. This follows a previous legal encounter Musk had with the same judge over his Twitter acquisition. Tesla shares dropped 1.1% following the news.

Portfolio Pulse from Rounak Jain

February 01, 2024 | 4:12 pm

HYMTF

Workers at Hyundai Motor Co.'s Alabama plant have unionized with the UAW, citing poor working conditions and inadequate compensation. This marks the third unionization drive at a Southeastern automaker. The UAW's success follows a campaign that included strikes against the Big Three automakers, resulting in wage increases and workplace reforms. The UAW has also initiated legal action against Honda, Hyundai, and Volkswagen for alleged anti-union tactics.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 4:11 pm

TSLA

A Delaware judge ruled Elon Musk's $56 billion pay package from Tesla (TSLA) excessive, causing Tesla's stock to drop 25%. The ruling could reduce Musk's stake in Tesla to 13% and has added uncertainty to Tesla's stock value, which already suffered an 8% decline after Q4 earnings missed expectations. Tesla's stock faces further challenges, with immediate 2% drop following the legal ruling.

Portfolio Pulse from Zaheer Anwari

February 01, 2024 | 3:12 pm

BTCUSD

ETHUSD

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin fell after the Fed left rates unchanged, signaling a temporary setback. Meanwhile, a new ETF allows investment in major tech stocks, and Binance faces a lawsuit for allegedly aiding terrorists. In the US, market sentiment declined following the Fed's decision, impacting stocks and the Dow. Globally, tensions with Iran and China's cyber activities raise concerns. Economic indicators suggest a looming recession, while in tech, Apple's new products and partnerships draw attention. The electric vehicle sector sees advancements and legal challenges for Tesla.

Portfolio Pulse from Akanksha Bakshi

February 01, 2024 | 1:22 pm

SIRI

TSLA

Richard Tornetta, a thrash metal drummer and small Tesla investor, has legally challenged Elon Musk's $56 billion pay package, leading to a Delaware court questioning its necessity. Tornetta, holding just nine shares, filed a shareholder derivative lawsuit aiming to rescind Musk's 2018 stock grants, arguing shareholders were inadequately informed. The lawsuit highlights Musk's significant influence over the pay package's terms and approval process. Additionally, Tornetta was involved in a legal case against the sale of Pandora Media to Sirius XM, which settled in 2023.

Portfolio Pulse from Ramakrishnan M

February 01, 2024 | 12:36 pm