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The U.S. Supreme Court has decided not to block an Illinois ban on assault-type rifles and large capacity magazines. This decision could have implications for companies involved in the manufacture and sale of firearms and related accessories.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 7:01 pm

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Ledger, a crypto hardware wallet provider, experienced a hacking incident resulting in the theft of approximately $484,000 in assets due to a phishing attack on a former employee's NPMJS account. The attack involved publishing malicious versions of the Ledger Connect Kit, which diverted funds to a hacker-controlled wallet. Ledger's team responded quickly, deploying a fix within 40 minutes and coordinating with WalletConnect to disable the rogue project. Tether (USDT) froze the bad actor's assets, and Ledger advised customers to use the Clear Sign feature and wait 24 hours before using the Ledger Connect Kit again.

Portfolio Pulse from Murtuza Merchant

December 14, 2023 | 7:00 pm

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Google's AI-enhanced search functionality is causing concern among publishers like the Atlantic, which relies on Google for 40% of its web traffic. A study suggests that AI-powered Google search could directly satisfy user inquiries 75% of the time, potentially reducing external site visits. Publishers fear a 20-40% loss in traffic from Google, which accounts for a significant portion of media traffic. The issue is compounded by Google's use of publishers' content to train its AI, raising legal and ethical questions. Publishers are in dialogue with Google, seeking protections and a balance between AI benefits and risks. Google's stock (GOOG) traded down by 0.99% recently.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 5:12 pm

GM's autonomous vehicle subsidiary, Cruise, is laying off 900 employees, or 24% of its workforce, following a series of safety incidents and regulatory actions. The layoffs primarily affect commercial operations and related corporate functions. This decision comes after Cruise's robotaxi fleet was grounded due to an October accident where a pedestrian was injured, and the company faced subsequent safety probes and leadership changes. Affected employees will receive severance packages, and the company is refocusing on launching a driverless L4 service in one city using the Bolt platform. GM supports Cruise's decision, emphasizing safety and long-term success.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:30 pm

INVH

Invitation Homes Inc. (NYSE:INVH), a residential REIT, has shown significant share price appreciation and dividend growth over the past five years. An initial investment of $10,000 in December 2018 would have grown to $17,115.28, with dividends contributing $1,498.59. The company recently increased its quarterly dividend by 7.7% and reported mixed Q3 earnings, with FFO slightly missing estimates but revenue exceeding expectations. Analysts from Oppenheimer and Raymond James have given positive ratings with price targets of $35 and $37, respectively. However, the proposed End Hedge Fund Control of American Homes Act of 2023 could pressure shares of Invitation Homes and similar REITs if it passes, as it aims to restrict and reduce investments in single-family homes by REITs.

Portfolio Pulse from Ethan Roberts

December 14, 2023 | 3:44 pm

META

Meta Platforms Inc. CEO Mark Zuckerberg is constructing a secretive $100 million compound on Kauai, Hawaii. The project, known as Kualoa Ranch, includes lavish amenities and has been underway since 2014. The use of NDAs and the compound's bunker-like features have sparked speculation and controversy. Zuckerberg has faced lawsuits over land acquisitions but also donated to local nonprofits. The trend of tech billionaires seeking secluded properties for privacy is highlighted by similar actions from Elon Musk, who is under investigation by the DOJ and SEC.

Portfolio Pulse from Rounak Jain

December 14, 2023 | 3:38 pm

RPHM

Reneo Pharmaceuticals Inc (NASDAQ:RPHM) stock plummeted after announcing its STRIDE Phase 2b study of mavodelpar failed to meet primary and secondary efficacy endpoints in treating primary mitochondrial myopathies (PMM). The company plans to cut costs by suspending the STRIDE AHEAD study and other mavodelpar development activities, and reducing its workforce by 70%. Despite the setback, Reneo has over $100 million in cash and investments. RPHM's stock price dropped 87% to $1.01.

Portfolio Pulse from Vandana Singh

December 14, 2023 | 3:35 pm

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Chewy, an online retailer of pet food and products, is one of nine companies to receive an FDA warning letter for selling unapproved and misbranded antimicrobial drugs for animals.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:33 pm

DIS

Trian Fund Management, owning $3 billion of Disney stock, intends to nominate Nelson Peltz and James A. Rasulo to Disney's Board at the 2024 Annual Meeting. Trian criticizes Disney's performance, noting lower EPS than a decade ago and underperformance compared to peers and the market. They attribute this to a Board too connected to the CEO and disconnected from shareholder interests. Peltz and Rasulo are presented as experienced candidates capable of addressing Disney's governance and operational challenges.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:31 pm

Arkansas Representative French Hill reported selling $100,001 - $250,000 worth of Philip Morris Intl (NYSE:PM) stock on December 13, 2023, according to a filing. While Congressional transactions can be a factor for investors to consider, they should not be the primary basis for investment decisions. The STOCK Act prohibits Congress members from using non-public information for personal gain in stock trading.

Portfolio Pulse from Benzinga Insights

December 14, 2023 | 3:05 pm