Streetbeat News

Legal

VRNOF

Alabama's medical marijuana industry faces delays as Judge James Anderson issues a temporary restraining order halting the issuance of dispensary licenses due to a legal battle involving Yellowhammer Medical Dispensaries, LLC, Pure by Sirmon Farms, LLC, and Alabama Always, LLC against the Alabama Medical Cannabis Commission (AMCC). The AMCC is accused of not following its own guidelines in the licensing process. The commission is limited to four dispensary licenses, each with the potential to operate three dispensaries. Other licenses for cultivators, processors, transporters, and testing labs are unaffected. Verano Holdings Corp. (VRNOF) was among the companies that filed lawsuits against the commission in 2023.

Portfolio Pulse from Jelena Martinovic

January 02, 2024 | 4:33 pm

MCD

McDonald's Corporation's Malaysian licensee, Gerbang Alaf Restaurants Sdn Bhd (GAR), has filed a lawsuit against the Boycott, Divestment and Sanctions (BDS) Malaysia movement for defamation, seeking 6 million ringgit ($1.31 million) in damages. BDS Malaysia is accused of making false statements that allegedly led to reduced profits, job cuts, outlet closures, and shortened operating hours for McDonald's in Malaysia. BDS Malaysia has denied the allegations and is leaving the matter to the court. McDonald's stock (MCD) saw a slight increase of 0.07% to $296.73.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 4:06 pm

SASI

Sigma Additive Solutions has been granted U.S. Patent #11858207, which covers defect detection technology for additive manufacturing systems. This patent strengthens Sigma's intellectual property portfolio and enhances its position in the additive manufacturing industry, potentially leading to increased market share and revenue through licensing or enhanced product offerings.

Portfolio Pulse from Charles Gross

January 02, 2024 | 3:48 pm

ASML

SPY

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin have seen a spike in value on the first day of 2024, with Bitcoin crossing $45K. US markets are bullish with the S&P 500 surging 24% in 2023 and tech stocks predicted to rise 25% in 2024. US office buildings face a $117B debt cliff due to interest rates. Tesla shares have a lackluster start in 2024, and the company is set to report Q4 deliveries. Danone sells its U.S. organic dairy business, and Reckitt's Mead Johnson recalls baby formula. ASML halts exports to China, and US politics and world politics see significant developments.

Portfolio Pulse from Akanksha Bakshi

January 02, 2024 | 2:12 pm

BIDU

YY

JOYY Inc.'s stock is trading lower following the announcement that an affiliate of Baidu has issued a written notice to terminate the Share Purchase Agreement from November 16, 2020.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:45 pm

CORT

TEVA

Corcept Therapeutics' stock is trading lower following a New Jersey District Court decision that Teva Pharmaceuticals has not infringed on any of Corcept's asserted claims of U.S. Patents 10,195,214 and 10,842,800.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:43 pm

ELAN

Elanco Animal Health Incorporated (NYSE:ELAN) has announced Lawrence E. Kurzius as its next Chairman of the Board, effective after the 2024 Annual Meeting of Shareholders. Kurzius, a board member since 2018, will succeed R. David Hoover. Elanco plans to propose amendments to its corporate governance at the 2024 Annual Meeting, including declassifying the Board and enhancing shareholder rights. Michael Harrington and Kirk McDonald will assume new committee chair roles post-meeting. Kurzius brings extensive experience from his tenure at McCormick & Company and other companies.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:41 pm

BABA

PDD

Alibaba Group Holding Limited (BABA) is facing significant challenges, including a loss of direction, regulatory issues, and declining staff morale. The company was overtaken in market capitalization by PDD Holdings Inc (PDD) and its shares are now 75% off their peak. Alibaba's new CEO, Eddie Yongming Wu, is tasked with consolidating control over its diverse businesses. The company's restructuring efforts and competition from ByteDance's Douyin and PDD's Pinduoduo and Temu add to its struggles. Alibaba's growth strategy is unclear, with mixed signals from dividends and share buybacks, and uncertainty around its fintech affiliate Ant and logistics arm Cainiao's IPO. BABA shares traded lower by 2.01% at $75.95 in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 1:21 pm

BNPQY

HSBC

BNP Paribas (OTC:BNPQY) has reportedly settled a lawsuit with France's consumer group CLCV regarding misleading practices about Swiss-franc mortgages by its consumer credit unit. The settlement is estimated to be between 400 million and 600 million euros. Previously, BNP Paribas Personal Finance was found guilty of concealing risks associated with its Helvet Immo Swiss franc loan. Additionally, BNP Paribas and HSBC Holdings PLC (NYSE:HSBC) were fined by South Korea for naked short-selling last month. BNPQY shares closed up by 0.38% at $34.74 on Friday.

Portfolio Pulse from Lekha Gupta

January 02, 2024 | 1:13 pm

CORT

TEVA

Corcept Therapeutics received a court decision stating that Teva Pharmaceuticals has not infringed on any of Corcept's asserted US patents. This legal development could impact the stock performance of both companies in the short term.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:12 pm