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NSC

Ancora Holdings Group, LLC, a significant shareholder of Norfolk Southern Corporation (NYSE:NSC), has announced its intention to nominate seven director candidates for Norfolk Southern's Board at the 2024 Annual Meeting. Ancora aims to implement a leadership strategy to achieve a 57% operating ratio and recapture high-margin growth within 36 months, leveraging the proposed team's extensive experience in transportation and change management. The proposed leadership includes former UPS President of International and COO, Jim Barber, as CEO, and former EVP of Operations at CSX, Jamie Boychuk, as COO. Ancora urges shareholders to vote using the BLUE Proxy Card to elect its slate and advocate for leadership change following Norfolk Southern's crises and underperformance.

Portfolio Pulse from Happy Mohamed

March 26, 2024 | 12:38 pm

WEWKQ

Adam Neumann, the ousted co-founder of WeWork, has made a bid exceeding $500 million to reclaim the company, which is currently navigating through bankruptcy. WeWork, once valued at $47 billion, filed for Chapter 11 in November and is working towards restructuring. Neumann's bid comes after his previous interest in a bid alongside Dan Loeb’s Third Point hedge fund, which is not involved in the current offer. SoftBank Group Corp, a key investor in WeWork, wrote off its entire investment in the company in Q4 2023.

Portfolio Pulse from Benzinga Neuro

March 26, 2024 | 11:43 am

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NIO

China has filed a WTO complaint against the U.S. over its EV tax credit program, claiming it discriminates against foreign manufacturers by requiring EVs to be assembled in North America with domestically sourced batteries. The Inflation Reduction Act's provisions are said to distort competition and disrupt the global NEV supply chain. Chinese EV maker BYD, now leading in global sales, and Nio Inc. express concerns over market access and treatment compared to U.S. companies.

Portfolio Pulse from Benzinga Neuro

March 26, 2024 | 11:36 am

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GOOG

Jim Cramer has expressed skepticism about the antitrust lawsuits filed against Apple, Google, and Amazon by the FTC and DOJ, suggesting that the government's motives are more about controlling these companies' power than addressing legal violations. The lawsuits accuse Amazon of using monopoly power to inflate prices, Google of abusing its dominance in search and digital advertising, and Apple of maintaining a smartphone monopoly. Despite these allegations, Cramer believes these companies have not broken any laws and criticizes the government's approach. Meanwhile, major investment banks remain optimistic about Apple's prospects.

Portfolio Pulse from Rounak Jain

March 26, 2024 | 11:31 am

BLUE

Bluebird Bio, Inc. (BLUE) announced it will restate its financial statements for 2022 and the first three quarters of both 2022 and 2023 due to issues related to the identification of embedded leases and the treatment of non-lease components in agreements with contract manufacturers. This restatement will be reflected in its Form 10K for 2023.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 11:09 am

ACI

KR

A Colorado court has scheduled a hearing for mid-August to discuss the proposed acquisition of Albertsons Companies Inc (NYSE:ACI) by Kroger Company (NYSE:KR). This hearing precedes a U.S. government antitrust challenge. The FTC is attempting to block the merger, with a trial set for the end of August in Oregon. Kroger's representative mentioned a potential enhanced divestiture package with C&S Wholesale Grocers Inc to address concerns. The merger faces legal and financing challenges, with an outside date of Oct. 9. KR shares slightly dropped in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 10:52 am

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Jeffrey Sonnenfeld criticized Boeing CEO Dave Calhoun's handling of the company's crises, suggesting Calhoun should have no role in choosing his successor. Boeing faces scrutiny after safety failures, leading to Calhoun's resignation announcement. Airbus CEO expressed concerns over the negative impact of Boeing's issues on the aerospace industry.

Portfolio Pulse from Benzinga Neuro

March 26, 2024 | 8:43 am

AAPL

A SWAT team raided a family's home in Ferguson, Missouri, based on Apple Inc.'s 'Find My' app tracking stolen AirPods to their location. The AirPods were found outside the home, leading to a lawsuit against the police for lack of probable cause and violation of rights. This incident raises concerns about the accuracy of the 'Find My' feature and its potential misuse by law enforcement.

Portfolio Pulse from Ananya Gairola

March 26, 2024 | 8:41 am

AAPL

Tim Cook's recent visit to China signifies Apple Inc.'s commitment to the region amidst declining sales and increasing regulatory pressures, including a DOJ lawsuit. The opening of Apple's largest store in Shanghai and meetings with key suppliers underscore the company's strategy to strengthen its presence in China despite geopolitical tensions and attempts to diversify its supply chain. Analysts view this move as crucial for Apple's future in China, where iPhone sales have dropped significantly.

Portfolio Pulse from Rounak Jain

March 26, 2024 | 8:10 am

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META

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Chamath Palihapitiya, a billionaire tech investor, supports government regulation of social media for teenagers, citing mental health benefits. This follows Florida's new law banning social media use for children under 14 and requiring parental permission for ages 14 to 15. The law, supported by Governor Ron DeSantis, could influence other states and impact tech companies like Meta Platforms, Alphabet, and Snap.

Portfolio Pulse from Benzinga Neuro

March 26, 2024 | 4:28 am