Streetbeat News

Legal

JNJ

Johnson & Johnson announced a mistrial in the Sugarman case, reaffirming the safety of its Johnson's Baby Powder. The company stated the product does not contain asbestos and does not cause cancer.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 8:04 pm

AAPL

GOOGL

U.S. lawmakers are proposing legislation to force ByteDance to divest TikTok within six months or face a U.S. ban. The bill, supported by a bipartisan group, aims to address national security concerns related to Chinese ownership of the app. It would make it unlawful for app stores like those operated by Apple and Google to offer TikTok or provide services to ByteDance-controlled apps. The bill also grants the president powers to ban or restrict apps posing national security threats. This move follows previous unsuccessful efforts to regulate or ban TikTok, despite the White House's support for such measures.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 5:33 pm

ALIZF

VWAGY

Volkswagen AG (OTC:VWAGY) is facing lawsuits in Germany from Mitsui OSK Lines Ltd. and Allianz SE (OTC:ALIZF) over a 2022 cargo ship fire allegedly caused by a Porsche electric vehicle battery. The fire led to the sinking of the vessel with nearly 4,000 vehicles onboard, resulting in significant potential losses for Volkswagen. The litigation is currently paused for mediation, with the possibility of resuming if no settlement is reached. VWAGY shares dropped 2.11% to $15.05 following the news.

Portfolio Pulse from Shivani Kumaresan

March 05, 2024 | 4:34 pm

TSLA

Tesla's Berlin car factory production halt is expected to extend until next week due to a suspected arson attack that severed both power lines to the facility, according to Plant Manager Andre Thierig.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 3:08 pm

CRLBF

Ohio has reduced annual registration fees for medical marijuana patients and caregivers to one cent, amidst delays in implementing the state's voter-approved adult-use cannabis law. Political disagreements have stalled the process, with towns opting out of cannabis sales. Cresco Labs, operating dispensaries and a growth facility in Ohio, remains optimistic about eventual community acceptance. The Benzinga Cannabis Capital Conference in Florida is highlighted as an upcoming event for cannabis entrepreneurs.

Portfolio Pulse from Maureen Meehan

March 05, 2024 | 2:59 pm

TSLA

The head of Tesla's Berlin factory reported that both power lines into the facility were damaged, according to Reuters. This incident could potentially impact production capabilities and timelines at one of Tesla's key manufacturing sites.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 2:47 pm

TSLA

Tesla Inc (NASDAQ:TSLA) shares dropped after its Gigafactory Berlin halted production due to a nearby arson attack on an electricity pylon, claimed by the Volcano Group. The incident follows a 7.16% fall in Tesla shares after a significant drop in China sales in February. Despite the disruption, Tesla had achieved a production milestone of 6,000 cars in a week in January.

Portfolio Pulse from Adam Eckert

March 05, 2024 | 2:17 pm

RDDT

Reddit's IPO has sparked a polarizing debate among its users, with discussions focusing on concerns over unpaid moderators, lack of user loyalty, financial viability, copyright issues, and the purpose of going public. Some Redditors are considering shorting the stock, citing these issues as potential risks to the company's future success.

Portfolio Pulse from Surbhi Jain

March 05, 2024 | 2:01 pm

TSLA

Tesla shares are trading lower following a halt in production at its German factory, which was caused by a nearby arson attack.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:29 pm

GOOG

UNP

On CNBC's 'Halftime Report Final Trades,' Alphabet Inc. (GOOG/GOOGL) and Union Pacific Corporation (UNP) were highlighted, with Alphabet facing criticism for its Gemini image generator and a 2.1-billion-euro lawsuit over digital advertising practices. Union Pacific reported a Q4 FY23 operating revenue of $6.159 billion, surpassing expectations. Alphabet's shares fell by 2.8%, while Union Pacific's shares saw a slight increase of 0.2%.

Portfolio Pulse from Avi Kapoor

March 05, 2024 | 1:24 pm