Streetbeat News

Legal

PCG

The California Public Utilities Commission (CPUC) has proposed a $45 million penalty against PG&E Corporation (NYSE:PCG) in relation to the 2021 Dixie Fire. The penalty includes a $2.5 million fine to the California General Fund, $2.5 million to tribes impacted by the fire, and $40 million for capital expenditures to transition records to electronic format. The proposal will be on the CPUC’s Nov. 16, 2023, Voting Meeting agenda.

Portfolio Pulse from Shivani Kumaresan

October 10, 2023 | 10:31 am

AAPL

GOOG

GOOGL

MST

The Department of Justice's antitrust lawsuit against Alphabet, Inc. (GOOGL, GOOG) over its search business may not negatively impact Apple, Inc. (AAPL), according to Gene Munster of Deepwater Asset Management. The lawsuit concerns Alphabet's practice of paying large sums to companies, including Apple, to maintain its dominance in the search business. Munster suggests that the lawsuit could be 'net neutral to positive' for Apple, contradicting Goldman Sachs analysts' view of a negative 15% impact on Apple's earnings in 2025.

Portfolio Pulse from Shanthi Rexaline

October 10, 2023 | 9:55 am

AAPL

GOOGL

MSFT

The ongoing lawsuit by the Department of Justice against Google could negatively impact Apple, despite Apple not being directly involved in the case. The lawsuit alleges Google of unfair competition in the internet search market, partly due to the large annual payments made by Google to Apple. This potential outcome could adversely affect investor sentiment towards Apple, given that the company earns between $18 billion and $20 billion a year from Google. The resolution of the lawsuit, expected only by 2024, could significantly impact Apple’s share prices in the long run.

Portfolio Pulse from Benzinga Neuro

October 10, 2023 | 7:14 am

XRPUSD

Bitmain, a Bitcoin ASIC manufacturer, reportedly held back salary payments for September and cut all bonuses and incentives for its staff. However, it later repaid the wages and stated that it only did not pay the performance salary of some people. Ripple's CFO Kristina Campbell announced her exit from the company to join Maven Clinic. This comes after Ripple's legal battle with the U.S. SEC over its sales of the XRP token.

Portfolio Pulse from Khyathi Dalal

October 09, 2023 | 9:54 pm

AXON

Axon Enterprise, Inc. (NASDAQ:AXON) shares rose after the Federal Trade Commission (FTC) dismissed its antitrust complaint against the company. The complaint was related to Axon's 2018 acquisition of competitor Vievu. The FTC's dismissal will result in a global resolution of both cases, ending a 5-year battle to protect Axon's intellectual property and investors.

Portfolio Pulse from Ryan Gustafson

October 09, 2023 | 6:21 pm

AMZN

FTTUSD

GOOGL

The U.S. Department of Justice (DOJ) has requested to exclude the current value of FTX founder Sam Bankman-Fried's investment in Anthropic AI during his trial. The DOJ asserts that the $500 million used for this investment in 2022 were illicitly sourced from FTX customers. Anthropic's recent fundraising efforts, involving Amazon and Google, have valued the company between $20 billion and $30 billion. The DOJ argues that the current value of the Anthropic investment is irrelevant to the charges against Bankman-Fried.

Portfolio Pulse from Murtuza Merchant

October 09, 2023 | 6:14 pm

BNO

CVX

DBO

SPY

USL

USO

XOM

The U.S. Justice Department is investigating potential violations of sanctions on Russia's energy exports, focusing on Murtaza Lakhani, CEO of Mercantile & Maritime Group. The probe also includes Lakhani's ties to Rosneft Oil. The U.S. government has established Task Force KleptoCapture to reinforce oil sanctions against Russia. The surge in oil prices has raised concerns about Russia's ability to profit from its oil sales, prompting renewed focus on enforcing these sanctions.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 4:43 pm

AXON

The Federal Trade Commission has dismissed its antitrust complaint against Axon Enterprise, leading to a rise in the company's shares.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 3:58 pm

TCNNF

YOURF

YourWay Cannabis Brands Inc. has confirmed receipt of a complaint filed by Trulieve Cannabis Corp., Harvest Health & Recreation, and Randy Taylor Consulting. The complaint alleges that YourWay, among others, participated in unlawful kickback schemes to the detriment of the plaintiffs. The alleged misconduct occurred prior to the tenure of the current management team. YourWay is investigating the claims and will provide further updates once a course of action has been authorized by the board of directors.

Portfolio Pulse from Nina Zdinjak

October 09, 2023 | 1:19 pm

DKNG

PDYPY

The legalization of online sports betting in Florida is facing legal challenges, with a decision expected in the coming weeks. The lawsuits, filed by West Flagler Associates, argue that online sports betting outside of Seminole tribal territories may violate state and federal regulations. The outcome could impact sportsbook companies like DraftKings (DKNG) and FanDuel (PDYPY), who are backing some of the lawsuits in an effort to secure a share of the market. Depending on the rulings, Florida residents may only be able to place online wagers with Hard Rock Bet, owned by the Seminole Tribe.

Portfolio Pulse from Chris Katje

October 09, 2023 | 1:05 pm