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Florida has received FDA approval to import prescription drugs from Canada, aiming to reduce drug costs for state care individuals, including those in corrections and disability agencies. Governor Ron DeSantis anticipates $150 million in savings for the state in the first year. The program will face challenges, including potential legal action from PhRMA and restrictions from Canadian wholesalers and the Canadian government. The move could impact U.S. drug pricing policy and the pharmaceutical industry.

Portfolio Pulse from Vandana Singh

January 05, 2024 | 7:53 pm

DWAC

New York Attorney General Letitia James is seeking a lifetime ban on Donald Trump from the New York real estate industry and to fine him $370 million for alleged financial fraud. The civil lawsuit also targets his two eldest sons and The Trump Organization. James is also seeking a five-year ban for Donald Trump Jr. and Eric Trump from the industry. The case, which did not have a jury, awaits a ruling from Judge Arthur Engoron. Shares of Digital World Acquisition Corp (DWAC), which plans to merge with Trump Media & Technology Group, remained flat amid the news.

Portfolio Pulse from Chris Katje

January 05, 2024 | 7:52 pm

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MPW

Applied Therapeutics, Inc. (NASDAQ:APLT) shares plummeted by over 35% after announcing topline results from the ARISE-HF Phase 3 trial of AT-001, which did not meet its primary endpoint. Other stocks experienced significant movement in Friday's mid-day session, with various companies reporting gains due to positive updates, acquisitions, and earnings, while some faced declines due to negative guidance, downgrades, and public offerings.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 6:13 pm

SOBR

SOBR Safe, Inc. announced the retirement of CFO Jerry Wenzel on December 31, 2023, and the appointment of Christopher Whitaker as the new CFO effective January 1, 2024. Whitaker has a 30-year career in finance, including executive roles at Elixinol, Inc. and AEGIS Financial Consulting, LLC. He will receive an annual salary of $225,000 and 150,000 stock options at $0.48. His employment contract details are pending and will be disclosed in an amended report.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 5:29 pm

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TSLA

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A group of 33 U.S. senators has urged Tesla (NASDAQ:TSLA) and 12 other automakers to remain neutral in unionization efforts by the United Auto Workers (UAW). The senators, including high-profile Democrats, emphasized the importance of neutrality, especially as these companies benefit from federal funds for electric vehicle transition. The letter cites NLRB findings of Tesla's illegal tactics against unionizing. Additionally, Tesla is conducting a recall of 1.62 million vehicles in China and has adjusted the range estimates for Model S, X, and Y on its website.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 4:41 pm

LOPE

Grand Canyon University (GCU) has been notified of a new risk-based audit by the U.S. Department of Veterans Affairs (VA), following allegations by the Federal Trade Commission (FTC). This is the fifth investigation since GCU sued the Department of Education (DOE) over its nonprofit status. GCU refutes the allegations, citing its strong metrics and lack of student complaints. The university sees this as harassment and an ideological attack by federal agencies. The VA's previous audit's findings were dismissed by GCU, and the Arizona State Approving Agency (SAA) was satisfied with GCU's response. GCU President Brian Mueller criticizes the federal government's overreach and vows to fight the ideological targeting.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:06 pm

MSOS

Rep. Steve Cohen (D-TN) has urged the DEA to reschedule marijuana to Schedule III, following the HHS's recommendation. The DEA has the final authority and is currently reviewing the matter. The rescheduling debate has received input from various stakeholders, including former U.S. attorneys, governors, and DEA heads, with differing opinions on the best course of action. The DEA is also addressing other controlled substances, such as psychedelics and THC in Georgia pharmacies.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:05 pm

HGEN

Humanigen (OTC:HGEN) has filed for bankruptcy following the FDA's rejection of its COVID-19 drug, lenzilumab. The company reported $44.1 million in unsecured debts against assets of $521,000. The FDA's decision, legal challenges, and studies questioning the drug's efficacy have led to a financial crisis for Humanigen, resulting in its delisting from Nasdaq in October 2023. The stock has lost almost all value from its previous $20 trading range.

Portfolio Pulse from Vandana Singh

January 05, 2024 | 3:55 pm

MPW

Medical Properties Trust (MPW) shares dropped following the announcement of its intent to recover uncollected rents and outstanding loan obligations from Steward Health Care System. Additionally, Keybanc downgraded MPW from Overweight to Sector Weight.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 3:46 pm

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A Reddit user used Stability AI's Stable Diffusion to create a realistic image of a non-existent woman with a fake passport, raising concerns about AI's potential to forge identities. The incident reflects growing issues with AI misuse, as seen with Scarlett Johansson's lawsuit and fake images in a New Jersey high school. Google has developed a tool to detect AI-generated photos, aiming to mitigate such risks.

Portfolio Pulse from Rounak Jain

January 05, 2024 | 3:18 pm