Streetbeat News

Legal

CLF

X

Former President Donald Trump has expressed intentions to block the acquisition of United States Steel Corp. (NYSE:X) by Nippon Steel Corp., despite the deal's potential benefits to shareholders. The $14.1 billion acquisition was chosen over a lower bid from Cleveland-Cliffs Inc. (NYSE:CLF) due to antitrust concerns. Trump's opposition adds uncertainty to the deal's regulatory approval, potentially impacting U.S. Steel's stock, which has significant upside if the deal closes but also downside risk if it doesn't.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 7:33 pm

AMZN

Amazon.com Inc has launched a new AI assistant named Rufus, designed to help shoppers with product-related queries. Rufus, which uses a proprietary algorithm, has sparked debate over its potential to guide users to sponsored products, raising concerns given Amazon's history and ongoing antitrust lawsuit regarding a 'pay-to-play' system in product recommendations. While initially, Rufus is not influenced by advertising, analysts speculate it might eventually incorporate sponsored results to boost advertising revenue. Amazon's efforts in generative AI, including AWS's advancements, highlight the company's focus on enhancing customer experiences through technology.

Portfolio Pulse from Anusuya Lahiri

February 05, 2024 | 6:45 pm

ADM

The U.S. Department of Justice (DOJ) is investigating Archer Daniels Midland (ADM) for its accounting practices, specifically focusing on pricing practices within its nutrition segment. The investigation is being conducted by the U.S. Attorney's Office for the Southern District of New York, which has recently been in contact with former ADM employees for information.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 5:56 pm

BA

SPR

BofA Securities analyst Ronald J. Epstein maintains a Neutral rating on Boeing Co (NYSE:BA) with a price target of $225, despite the FAA's halt on 737 production. The halt is expected to pressure Boeing's 2025/2026 production and FCF targets but is seen as beneficial in the long term for a stronger production system. The analyst raised FY24 and FY25 EPS estimates but lowered FY26 forecasts due to new quality defects in 737 Max airplanes discovered by Boeing's supplier, Spirit AeroSystems Holdings Inc (NYSE:SPR), potentially delaying deliveries. Boeing's Q4 revenue increased by 10% YOY, with an adjusted loss per share improvement.

Portfolio Pulse from Lekha Gupta

February 05, 2024 | 5:55 pm

AMZN

KSS

WMT

$24.5 billion of fraudulent returns during the holiday season has major retailers like Walmart and Amazon fighting back with new strategies. Walmart warns of higher prices or store closures, while Amazon spent $1.2 billion and employed 15,000 people to combat fraud using machine learning. Kohls Corp. has also adjusted its return policies to mitigate losses.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 5:36 pm

MNMD

Elon Musk's response to a Wall Street Journal article accusing him of using illicit drugs has sparked discussions. Meanwhile, Mind Medicine Inc. (NASDAQ:MNMD), a company developing psychedelic-inspired medicines, aims to transform mental health treatment. Despite a significant drop from its 2021 highs, MindMed's research into compounds like LSD and MDMA shows promise for treating various mental health issues without traditional pharmaceuticals. The company's stock has risen 12% in the past year but remains 94% below its peak.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 5:04 pm

GOOG

GOOGL

Google is set to face a jury trial on September 9, 2024, due to an antitrust lawsuit filed by the U.S. Justice Department and several U.S. states, focusing on its digital ads business, as reported by Reuters citing a court order.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 4:56 pm

AAPL

NVDA

SSNLF

Samsung Electronics Co, led by Jay Y. Lee, was acquitted of stock manipulation charges, a significant legal victory allowing Lee to continue leading the company. This ruling comes as Samsung faces competition from Apple Inc in smartphones and SK Hynix Inc in AI, with plans to commercialize advanced chips by 2025 and 2027. The acquittal removes the threat of imprisonment for Lee, enabling him to focus on Samsung's challenges, including a downturn in the smartphone and memory chip markets. Nvidia Corp, a rival in the chip sector, saw its shares rise by 3.08% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

February 05, 2024 | 3:41 pm

FNB

FNB has agreed to invest $11.75 million in a loan subsidy fund and spend an additional $750,000 on advertising, outreach, and education as part of a consent order with the U.S. Department of Justice. The total settlement value is $13.5 million, and the consent order will last for 5 years, according to a court filing.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 3:09 pm

FNB

The U.S. government and North Carolina have filed a lending discrimination lawsuit against First National Bank of Pennsylvania. The bank has agreed to settle the case, according to a court filing.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 3:08 pm