Streetbeat News

Legal

AAPL

AMZN

MSFT

The Department of Justice (DOJ) has filed a lawsuit against Apple Inc., accusing it of creating barriers that led to the failure of smartphones from Amazon.com, Inc., Microsoft Corporation, and HTC Corporation. The lawsuit highlights past failures like Amazon's Fire phone, Microsoft's mobile business, and HTC's smartphone endeavors. Apple responded, stating the lawsuit threatens its innovation and sets a dangerous precedent. This is the third antitrust case against Apple in 14 years, marking the first accusation of illegally maintaining dominance in the phone market.

Portfolio Pulse from Ananya Gairola

March 22, 2024 | 1:49 am

AAPL

Jim Cramer, in response to the DOJ's antitrust lawsuit against Apple Inc. (NASDAQ:AAPL), advises investors not to sell Apple's stock, predicting the tech giant will prevail. Despite the lawsuit alleging Apple maintains a 'smartphone monopoly', Cramer sees this as a buying opportunity, citing lack of substantial proof from the DOJ and comparing it to past unsuccessful cases against other tech companies. Apple's shares dipped slightly over 4% following the lawsuit announcement.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 1:32 am

RDDT

On Reddit's IPO day, co-founder Alexis Ohanian publicly feuded with Initialized Capital, an early investor in Reddit, for not acknowledging him in their celebratory post. Despite the dispute, Reddit's IPO was successful, with shares opening at $47 and currently trading around $55, a 70% increase from the IPO price. The IPO was seen as a potential milestone for the tech industry, despite a preceding patent dispute with Nokia.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 1:31 am

NXST

Nexstar Media expressed disappointment in the FCC's recent action concerning its relationship with WPIX-TV and plans to vigorously dispute it. This indicates potential regulatory challenges for Nexstar.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 9:47 pm

AXNX

MDT

Axonics announced plans to seek review of the PTAB's decision, which invalidated 10 of 15 claims in Medtronic's ‘314 patent but upheld the ‘756 patent claims. The ongoing district court case against Axonics by Medtronic is stayed pending these and other IPRs. Axonics remains committed to defending against Medtronic's claims and focusing on their mission.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:58 pm

MDT

The U.S. Patent Office has upheld the validity of five Medtronic patents in a lawsuit against Axonics over sacral neuromodulation technologies. Medtronic plans to resume its patent infringement lawsuit in California and has also filed a complaint with the U.S. International Trade Commission to block Axonics from importing products that infringe on Medtronic's patents.

Portfolio Pulse from Happy Mohamed

March 21, 2024 | 6:54 pm

JNJ

Johnson & Johnson's Abiomed unit is recalling its Impella Left Sided Blood Pumps due to risks of the pump catheter cutting through the left ventricle wall, potentially causing serious health consequences including death. There have been 129 reported serious injuries and 49 deaths. The recall, which started on December 27, 2023, involves 66,390 devices in the U.S. distributed from October 10, 2021, to October 10, 2023. This recall is a correction, not a product removal, with new warnings issued to affected customers.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 6:31 pm

AAPL

GLD

MU

Micron Technology Inc. (MU) reported strong earnings with high bandwidth memory for AI applications sold out for 2024, projecting significant revenue. Apple Inc. (AAPL) faces potential legal challenges from the U.S. government over antitrust laws. Gold prices have surpassed $2200 for the first time, reflecting investor concerns over inflation and the Fed's dovish stance. Positive early trade money flows were observed in Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META), Microsoft (MSFT), NVIDIA (NVDA), Tesla (TSLA), SPDR S&P 500 ETF Trust (SPY), and Invesco QQQ Trust (QQQ), while AAPL experienced negative flows. The Swiss National Bank and the Bank of England made notable interest rate decisions.

Portfolio Pulse from The Arora Report

March 21, 2024 | 6:02 pm

ILMN

QCOM

An adviser to Europe's top court criticized EU antitrust regulators for overstepping their powers by blocking Illumina Inc's $7.1 billion bid for Grail Inc. The opinion could affect the EU's approach to mergers, including Qualcomm Inc's deals. Illumina completed the Grail transaction before approval, leading to a legal challenge. The adviser emphasized that the EU Commission should not have broad powers to review global mergers without significant EU presence. Illumina welcomed the recommendation, and a court ruling is expected soon. Illumina's stock rose 3.60% following the news.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 5:56 pm

AAPL

AVGO

IWM

MU

Following the Federal Reserve's dovish signal, major US stock indices, including the S&P 500 and Nasdaq 100, hit new record highs. The iShares Russell 2000 ETF (IWM) also saw gains. Apple Inc. (AAPL) shares dropped due to an antitrust lawsuit. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) all rose. Micron Technology (MU) surged after earnings, while Broadcom Inc. (AVGO) benefited from a bullish analyst note. Other notable stock movements were linked to earnings reports.

Portfolio Pulse from Piero Cingari

March 21, 2024 | 5:00 pm