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Legal

MSFT

OpenAI has introduced a 'Preparedness Framework' that allows its board of directors to veto decisions made by the leadership, including CEO Sam Altman. The framework focuses on AI safety, dividing responsibilities among three groups: Safety Systems, Preparedness, and Superalignment. The board's veto power acts as a failsafe against decisions that may compromise the company or stakeholders. The framework is still in 'beta' and will be refined over time. This change follows a recent event where Altman was briefly fired by the board and then reinstated after employee backlash.

Portfolio Pulse from Rounak Jain

December 19, 2023 | 8:53 am

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc., has agreed to a $700 million settlement in an antitrust case and will revise its Play Store policies to foster competition. The settlement includes a $630 million consumer fund and a $70 million state fund, covering purchases on Google Play from Aug. 16, 2016, to Sept. 30, 2023. Google has not admitted wrongdoing but will make it easier for users to download apps directly from developers and offer alternative in-app billing options. This follows a recent victory by Epic Games in a lawsuit against Google, which found parts of Google's app business anti-competitive.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 7:32 am

FDX

FedEx Corporation (NYSE:FDX) is expected to report higher earnings for Q2, with analysts predicting $4.20 per share, up from $3.18 the previous year, and revenue of $22.41 billion. The company is facing a lawsuit from PYNQ Logistics Services. Shares rose 0.2% to $281.92. Analysts from Deutsche Bank, BMO Capital, B of A Securities, UBS, and Evercore ISI Group have maintained positive ratings and raised their price targets for FedEx.

Portfolio Pulse from Avi Kapoor

December 19, 2023 | 6:58 am

AAPL

A bipartisan group of US senators and representatives have requested the DOJ to investigate Apple Inc. (NASDAQ:AAPL) for potential antitrust violations in its dealings with messaging app Beeper Mini. Lawmakers, including Senators Amy Klobuchar and Mike Lee, as well as Representatives Jerry Nadler and Ken Buck, have expressed concerns over Apple's alleged anti-competitive behavior, particularly after the tech giant shut down Beeper Mini's 'iMessage for Android' app on December 9, leading to an outage. The app was later restored with some limitations. The DOJ investigation could have significant implications for Apple and the broader tech industry.

Portfolio Pulse from Rounak Jain

December 19, 2023 | 6:49 am

GIL

Anson Funds, significant shareholders of Gildan Activewear Inc. (NYSE:GIL), are calling for the immediate reinstatement of Glenn Chamandy as CEO. They express concern over the Board's poor handling of succession planning and a backroom deal made with an individual shareholder for board support. Anson Funds criticizes the Board for not engaging with other investors and for spreading false accusations about Chamandy, particularly regarding M&A. They argue that the current CEO, Vince Tyra, lacks the necessary skills for the company's growth.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 6:08 am

AMZN

TikTok is accused of favoring Amazon accounts by instructing employees not to flag issues with them, aiming to maintain a strong advertising relationship. Internal messages suggest TikTok staff were told to avoid actions that could harm over 60 Amazon-associated accounts. TikTok denies the bias as official policy, claiming the allegations are incorrect or misunderstood. The issue arises as TikTok intensifies its e-commerce efforts, challenging Amazon's dominance, and continues to face potential U.S. bans.

Portfolio Pulse from Ananya Gairola

December 19, 2023 | 4:43 am

META

Elon Musk responded to a Dogecoin designer's question about why Meta Platforms Inc. has not faced formal proceedings despite allegations of enabling child sexual abuse on Instagram and Facebook. The EU has launched an investigation into Musk's platform X for potential violations of the Digital Service Act. Musk has previously criticized Meta and its handling of content, and has had a tense relationship with EU Commissioner Thierry Breton, even considering removing X from Europe to avoid regulations.

Portfolio Pulse from Ananya Gairola

December 19, 2023 | 3:23 am

AMZN

MSFT

X

Jim Cramer criticized FTC Chair Lina Khan's policies on CNBC's 'Mad Money', claiming they harm investor returns by opposing mergers and acquisitions. He cited the blocked merger between Nippon Steel and U.S. Steel as an example of undervaluation due to these policies. Cramer also mentioned potential mergers like Merck with Bristol-Meyers and Kraft Heinz with Hershey or General Mills, arguing they could increase competitiveness. He highlighted the FTC's attempts to stop Microsoft's acquisition of Activision-Blizzard and Amgen's purchase of Horizon Therapeutics, noting that only large companies can afford the litigation costs of acquisitions.

Portfolio Pulse from Benzinga Neuro

December 19, 2023 | 2:58 am

AAPL

MASI

Apple Inc. (AAPL) is facing a potential U.S. ban on its smartwatch products, which could impact its $17 billion smartwatch business. The International Trade Commission is set to enforce the ban on Dec. 25 over a patent infringement claim by Masimo Corp. (MASI) regarding blood oxygen level monitoring technology. Apple is attempting to modify the technology to comply with the ban and has begun preparing its stores for the change, including halting sales of certain models. Masimo insists that a software fix is not enough and hardware changes are necessary. The ban could significantly affect Apple's revenue and highlights the legal complexities in the tech industry.

Portfolio Pulse from Ananya Gairola

December 19, 2023 | 1:47 am

EXC

The Illinois Commerce Commission has rejected ComEd's grid plan, mandating a revised submission by March 13, 2024. ComEd intends to request a rehearing on several issues such as ROE, capital structure, and the denial of a return on its pension asset.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 10:30 pm