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Legal

PLCE

Children's Place has experienced a change of control due to actions by Mithaq, leading to an event of default under its amended and restated credit agreement. The company is currently in discussions with lenders to seek a waiver for this event of default.

Portfolio Pulse from Charles Gross

February 15, 2024 | 11:43 am

GOOG

META

Elon Musk and Marc Andreessen highlighted a statistic showing a significant decline in socializing among American teens, with less than 60% going out with friends more than twice a week, a drop from nearly 80% in the 1970s. The report attributes this decline to increased screen time and a shift towards digital interaction, which correlates with rising feelings of loneliness, depression, and suicidal thoughts among teenagers. Concurrently, New York City has sued TikTok, Meta Platforms Inc. (META), and Alphabet Inc. (GOOG, GOOGL) over alleged harm to kids' mental health, accusing them of designing platforms that addict young users with minimal parental oversight.

Portfolio Pulse from Rounak Jain

February 15, 2024 | 11:41 am

LCID

Lucid USA is recalling 189 of its 2022-2024 Air vehicles due to a software issue in versions 2.1.2 through 2.1.26 that may cause a fault when the adaptive cruise control is activated, leading to a loss of drive power.

Portfolio Pulse from Charles Gross

February 15, 2024 | 10:36 am

BYDDY

F

Ford Motor Co views Chinese EV makers as a significant strategic threat to its business in the U.S., with Ford's EV COO Marin Gjaja highlighting the technological advancements and strategic moves, such as potential factory setups in Mexico by Chinese companies like BYD Co Ltd, to circumvent U.S. tariffs. Ford is focusing on cost and efficiency in its EV development to compete with Tesla and affordable Chinese EVs.

Portfolio Pulse from Anan Ashraf

February 15, 2024 | 8:15 am

PFE

Pfizer Inc (NYSE:PFE) has agreed to pay $93 million to settle an antitrust lawsuit over its cholesterol drug Lipitor, accused of delaying generic versions with Ranbaxy Laboratories. The settlement, pending judge approval, ends over a decade of legal battles without Pfizer admitting liability. The lawsuit against Ranbaxy, now owned by Sun Pharma, continues. This adds to Pfizer's recent legal challenges, including patent infringement lawsuits and allegations of misleading COVID-19 vaccine efficacy.

Portfolio Pulse from Benzinga Neuro

February 15, 2024 | 7:24 am

TSLA

Elon Musk has declared a boycott against acquiring Delaware-incorporated companies due to a recent legal setback in Delaware, where a judge invalidated his $56 billion pay package at Tesla. Musk's stance follows a ruling by Delaware's Court of Chancery and has led to his companies, including Neuralink and SpaceX, moving their incorporations to Nevada and Texas, respectively. Tesla's incorporation move to Texas is pending a shareholder vote.

Portfolio Pulse from Anan Ashraf

February 15, 2024 | 7:23 am

LYFT

Lyft Inc. CEO David Risher took responsibility for a significant error in the company's Q4 earnings report, which initially indicated a 5% margin expansion for 2024, causing the stock to surge over 60%. The error was corrected to a 0.5% increase, leading to a substantial drop in stock value. Despite the correction, Lyft's stock still saw a 35% increase the following day, marking its best day since IPO in 2019. The company's revenue and adjusted earnings for the quarter exceeded analysts' estimates.

Portfolio Pulse from Benzinga Neuro

February 15, 2024 | 5:12 am

TSLA

Tesla Inc's CEO Elon Musk has called on the NHTSA to eliminate the requirement for mailing physical letters to owners for recalls that are resolved through over-the-air (OTA) updates. Musk criticized the practice as wasteful and unnecessary, especially for issues that are fixed digitally and do not require any action from the vehicle owner. He also questioned the use of the term 'recall' for such digital fixes, highlighting a recent OTA update that adjusted the font size for warning lights on about 2.2 million vehicles.

Portfolio Pulse from Anan Ashraf

February 15, 2024 | 4:41 am

GOOG

GOOGL

META

SNAP

New York City has filed a lawsuit against ByteDance, Meta Platforms Inc. (META), Snap Inc. (SNAP), and Alphabet Inc. (GOOG, GOOGL), accusing them of causing mental health issues among young users by designing and marketing their platforms to addict them. The lawsuit, filed in Los Angeles, alleges violations of city laws related to public nuisance and gross negligence. The companies defend their practices, highlighting efforts to create safe, age-appropriate experiences for teenagers.

Portfolio Pulse from Ananya Gairola

February 15, 2024 | 4:15 am