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Bitcoin's price spiked on false rumors of an ETF approval by BlackRock. Albemarle Corporation withdrew its offer to acquire Liontown Resources. Pfizer cut its annual revenue guidance by $9B due to a slump in COVID-19 vaccine sales, and BioNTech warned of €900M write-offs. Rite Aid filed for Chapter 11 bankruptcy. AstraZeneca's Tagrisso-Chemo combo is under FDA priority review. Honeywell projects a 10% increase in new business jet deliveries in 2024. WeWork appointed David Tolley as CEO. Novavax faces a setback as the EMA delays a decision on its COVID-19 vaccine. Activist shareholder Starboard Value acquired a stake in News Corp. Goldman Sachs is reconsidering its consumer lending venture. Manchester United shares fell as the Qatari group pulled away from acquisition. Apple is reshuffling its executive ranks and focusing on reducing the price of Vision Pro. Walgreens and CVS pharmacy staff are planning a nationwide walkout over poor working conditions.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:35 pm

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A lawsuit filed by Verano Holdings Corp. against the Alabama Medical Cannabis Commission (AMCC) has been dismissed by Montgomery County Circuit Court Judge James Anderson. The lawsuit alleged that the AMCC had no right to revoke licenses. Verano had initially secured a license in June, which was later revoked due to 'scoring errors' in the application process. The dismissal of the lawsuit comes ahead of Verano's Class A subordinate voting shares beginning to trade on Canada's Neo Exchange Inc., operating as Cboe Canada, on October 18, 2023. Verano's shares closed 1.4118% higher at $4.31 per share on Friday.

Portfolio Pulse from Jelena Martinovic

October 16, 2023 | 2:04 pm

RAD

Rite Aid Corporation (NYSE:RAD) has filed for Chapter 11 bankruptcy protection and plans to restructure to reduce its debt. The company will close underperforming stores and has secured $3.45 billion in new funding for its restructuring plan. Rite Aid has also appointed Jeffrey Stein as CEO and Chief Restructuring Officer. The company is facing numerous lawsuits and reported a net loss of $306.7 million in Q1. Rite Aid expects to lose between $650 million and $680 million for FY24.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 12:01 pm

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Elon Musk's social media platform, X, has been fined $386,000 by the Australian e-Safety Commission for inadequate compliance with an investigation into child abuse prevention measures. Alphabet Inc.'s Google has also been warned for not fully complying with requests for information about child abuse content. Under Australian laws, internet companies can be compelled to provide information about their online safety practices or face financial penalties.

Portfolio Pulse from Ananya Gairola

October 16, 2023 | 2:06 am

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The article recaps major crypto disasters of 2023, including regulatory scrutiny of Binance, the collapse of FTX due to a liquidity crisis, Celsius filing for bankruptcy, BlockFi filing for Chapter 11 bankruptcy protection, Coinbase settling with New York regulators for $100 million, Genesis filing for bankruptcy, and Three Arrows Capital heading into bankruptcy. U.S. markets are seeing a dull phase, with companies like Coinbase and Gemini looking to operate in Asian countries due to clearer regulations.

Portfolio Pulse from Khyathi Dalal

October 14, 2023 | 10:04 pm

MKC

Maryland-based cannabis merchandise company, Crabcakes & Cannabis, is in a legal dispute with seasoning giant McCormick & Co Inc (NYSE:MKC) over a parody sticker that mimics the Old Bay spice container with marijuana references. McCormick & Co, holders of the Old Bay trademark, sent a cease-and-desist letter alleging trademark infringement. Crabcakes & Cannabis has decided to discontinue the sticker due to the cost of litigation, but will offer a free sticker with orders over $20 until their existing stock runs out.

Portfolio Pulse from Joana Scopel

October 14, 2023 | 7:28 pm

TSLA

Michael Gonzalez, a 34-year-old from Vermont, has been sentenced to 48 months in prison after acquiring five Tesla vehicles without making full payment. Gonzalez manipulated Tesla's payment system and sold three of the vehicles, collecting around $231,900. He also set one vehicle on fire and filed an insurance claim, which was denied. The court has ordered Gonzalez to pay $493,043.93 in restitution to Tesla and forfeit $231,900 to the government.

Portfolio Pulse from Bibhu Pattnaik

October 14, 2023 | 3:42 pm

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Satellite company Ligado Networks has filed a lawsuit against the U.S. government, alleging that the Defense and Commerce Departments obstructed its business plans. The company seeks compensation of up to $39 billion for spectrum rights it claims were unjustly denied. This comes amid a looming threat of $4 billion in November bond payments. The lawsuit alleges that the Pentagon took control of Ligado's spectrum in the L-band without disclosing alternative purposes to other regulators or Congress.

Portfolio Pulse from Vandana Singh

October 13, 2023 | 6:14 pm

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Cerence Inc. has filed a patent infringement lawsuit against Samsung Electronics Co., Ltd and Samsung Electronics America, Inc. The lawsuit covers Cerence's core technologies including voice recognition, handwriting recognition, and wake-up words. Cerence plans to vigorously defend its intellectual property rights.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 5:22 pm

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Trulieve Cannabis Corp. has filed amended federal tax returns claiming a refund of $143 million for 2019, 2020, and 2021. The company is challenging its tax liability under Section 280E of the Internal Revenue Code, which bans tax deductions for state-licensed medical cannabis businesses. Trulieve also announced the relocation of a medical cannabis dispensary in Melbourne, Florida.

Portfolio Pulse from Jelena Martinovic

October 13, 2023 | 4:28 pm