Streetbeat News

Legal

MJ

MSOS

The Colombian Senate has postponed a bill to legalize marijuana, requiring the legislative process to restart next year. The bill's failure was attributed to misinformation and political maneuvers. Advocates argue that prohibition wastes resources and strengthens criminal mafias, while legalization could bring tax revenue and quality control. The bill had passed the Chamber of Representatives but stalled in the Senate. Colombian President Petro has criticized the global drug war and suggested legalization to weaken the illicit market.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:46 pm

AAPL

SPOT

VGK

The European Union is poised to issue an antitrust order against Apple Inc., following a complaint by Spotify Technology SA. The order could potentially force Apple to change its business practices, which Spotify claims give Apple's music service an unfair advantage. This development is part of a broader regulatory scrutiny on big tech companies' operations in Europe.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:23 pm

TSLA

The Acting Administrator of the National Highway Traffic Safety Administration (NHTSA), Carlson, acknowledged Tesla's cooperation in agreeing to a recall related to its Autopilot system, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:03 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) is facing labor challenges in Sweden as the Transport Workers' Union has halted waste collection at Tesla's workshops to support mechanics' demands for collective bargaining rights. The union's actions are part of a larger movement involving various worker groups. A strike is threatened for December 24 if Tesla does not agree to a collective bargaining agreement. Additionally, Tesla is dealing with a legal issue where a Swedish appeals court has sent back a case regarding the direct collection of license plates to a lower court for review. Tesla's stock dropped 1.11% to $234.36.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 3:59 pm

QAI

SQQQ

Three hedge fund associations, NAPFM, AIMA, and MFA, are suing the SEC to overturn new rules requiring detailed reporting of securities loans and short selling activity. The rules, which were approved in October, mandate fund managers to report short sales within 14 days of month end and financial companies to disclose securities loans to FINRA daily. The associations claim these rules impair market efficiency and harm investors. The IQ Hedge Multi-Strategy Tracker ETF (QAI) and ProShares UltraPro Short QQQ (SQQQ) are mentioned as examples of ETFs related to hedge fund and short-selling strategies, respectively.

Portfolio Pulse from Neil Dennis

December 13, 2023 | 3:34 pm

ACAD

Acadia Pharmaceuticals (NASDAQ:ACAD) experienced a 32% surge in stock price after winning a summary judgment in a patent lawsuit over its Parkinson's disease drug, Nuplazid, against generic drug manufacturer MSN Laboratories. The U.S. District Court Judge Gregory B. Williams ruled in favor of Acadia, which had filed lawsuits last October claiming that copies of Nuplazid infringed on a patent.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:25 pm

TWLO

Twilio Inc. has engaged Qatalyst Partners to advise on defense strategies against activist investors Legion Partners and Anson Funds, who are pushing for the sale of the company or its data and applications business unit, which includes Segment. Despite a 45% gain this year, Twilio's stock is still 84% below its peak from early 2021, and revenue growth has slowed significantly. The company recently announced layoffs, including a 5% reduction in its data and applications unit. Qatalyst, known for M&A advisory, is not indicating a sale of Twilio at this time.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:19 pm

CSCO

Cisco Systems, Inc. (CSCO) has won a legal case as a federal judge dismissed patent infringement claims by Centripetal Networks. The initial $2.75 billion award against Cisco in 2020 was reversed due to an ethics issue involving the judge's wife owning Cisco stock. The case was reassigned, and the new judge ruled that Cisco did not infringe upon Centripetal's patents. CSCO shares dipped slightly by 0.33% to $49.17.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 3:10 pm

MSFT

The UK Judicial Office has issued guidance allowing judges in England and Wales to use OpenAI's ChatGPT for writing rulings. The document outlines potential security and legal issues, such as maintaining confidentiality, ensuring accuracy, and preventing bias. The guidance suggests that while AI can be useful for tasks like summarizing text and automating tasks, it may not handle complex legal language well and should not be used for reasoning or comparisons. The judiciary's adoption of AI is cautious due to past incidents where AI, specifically ChatGPT backed by Microsoft Corp. (NASDAQ:MSFT), created fictitious cases.

Portfolio Pulse from Rounak Jain

December 13, 2023 | 2:28 pm

VINO

Gaucho Group Holdings, Inc. (NASDAQ:VINO) has hired The Basile Law Firm P.C. to investigate its stock performance and potential securities violations due to illegal naked stock sales. Mark R. Basile, Esq., with a history of litigation on behalf of public companies, will lead the investigation. CEO Scott Mathis aims to uncover any illegal short selling activities affecting the company's stock, which has experienced erratic trading days.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:40 pm