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NYCB

New York Community Bancorp (NYCB) announced a 'material weakness' in its loan review processes, leading to a leadership change and a 20% stock price drop. This news triggered a sell-off in the regional bank sector, with the SPDR Regional Banking ETF (KRE) also falling over 3%. Analysts have downgraded NYCB and expressed concerns over the banking sector's exposure to real estate loans.

Portfolio Pulse from Piero Cingari

March 01, 2024 | 4:07 pm

ADM

Archer-Daniels-Midland Company (ADM) shares are up 2.20% after announcing a delay in filing its Annual Report for FY ended December 31, 2023, due to an investigation into certain accounting practices in its Nutrition reporting segment. The company is working to finalize its financial statements and plans to file the report by March 15, 2024, within the 15-day extension period. The delay is attributed to the need for correcting certain intersegment sales and geographic information in its financial statements.

Portfolio Pulse from Nabaparna Bhattacharya

March 01, 2024 | 4:04 pm

GRAMF

Troy Datcher, the former CEO of The Parent Company and a pioneering African-American leader in the cannabis industry, has passed away. His leadership was instrumental in the company's growth and in promoting diversity and social equity. The Parent Company, now merged with Gold Flora Corp (OTC:GRAMF), and the wider cannabis community mourn his loss, recognizing his significant contributions.

Portfolio Pulse from Javier Hasse

March 01, 2024 | 3:48 pm

BNBUSD

Nigeria has imposed a $10 billion fine on Binance, accusing it of manipulating exchange rates and causing significant financial losses. The government alleges Binance's activities led to a 70% drop in the Naira's value. Two Binance executives have been arrested on charges including money laundering and financing terrorism. The Central Bank of Nigeria claims $26 billion was transacted through Binance Nigeria, with many trades from unidentifiable sources. Binance is cooperating with the investigation but is criticized for not being registered according to Nigerian laws.

Portfolio Pulse from Murtuza Merchant

March 01, 2024 | 3:38 pm

NYCB

The company has reiterated that the previously announced material weaknesses are not expected to impact its full FY23 financial results, which will be included in the Form 10-K, expected to be filed within the next 15 days. Additionally, George F. Buchanan III and Colleen McCullum have been appointed as Executive Vice President and Chief Risk Officer, and Executive Vice President and Chief Audit Executive, respectively.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 2:48 pm

AMD

BA

TSLA

The article covers a range of topics from cryptocurrency trends, with Dogecoin surging and Bitcoin and Ethereum cooling, to US politics, including Biden vs. Trump voter preferences. It also touches on US and world politics, the economy, tech developments, electric vehicles, consumer issues, communication, industrial contracts, healthcare, general news, space exploration, and energy sector updates. Notably, it mentions companies like AMD, Tesla, and Boeing, among others, in various contexts from stock performance to new contracts and product updates.

Portfolio Pulse from Akanksha Bakshi

March 01, 2024 | 2:46 pm

FSR

Fisker's shares dropped following its preliminary Q4 2023 revenue report, which fell below estimates. The company also expressed substantial doubt about its ongoing viability in its upcoming annual financial statements to the SEC.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:47 pm

NSC

Ancora Holdings Group, LLC and its affiliates (the Investor Group), holding a significant stake in Norfolk Southern Corporation (NYSE:NSC), issued an open letter criticizing the company's leadership and proposing changes. They highlighted CEO Alan Shaw's 37% pay raise despite poor performance, including the East Palestine derailment. The Investor Group nominated eight candidates for the board and proposed a new management team, urging a focus on safety, growth, and value creation. They criticized the current board's actions as serving CEO interests over shareholders and called for a fact-based election contest.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:37 pm

BIVI

FSR

NYCB

Fisker (FSR) shares plummeted by 41% due to disappointing Q4 results and doubts about its ongoing viability. New York Community Bancorp (NYCB) fell 31% after revealing material weaknesses in its internal controls. Conversely, BioVie (BIVI) surged 236% on promising data for its NE3107 treatment for Parkinson's and Alzheimer's, to be presented at a 2024 conference.

Portfolio Pulse from ryanfaloona@benzinga.com

March 01, 2024 | 1:36 pm

AAPL

META

A U.S. court has ordered NSO Group to share its Pegasus spyware code with WhatsApp, owned by Meta Platforms Inc. (NASDAQ:META), marking a significant victory for WhatsApp in its lawsuit against NSO for spying on users. This development is part of ongoing legal battles involving NSO's Pegasus spyware, including a lawsuit by Apple Inc. (NASDAQ:AAPL) accusing NSO of infiltrating iPhones.

Portfolio Pulse from Rounak Jain

March 01, 2024 | 1:22 pm