Streetbeat News

Legal

META

Meta Platforms Inc (NASDAQ:META), the parent company of Facebook, announced its interpretation of a new Indonesian law requiring digital platforms to compensate news publishers does not apply to them for content posted voluntarily on its platforms. This comes as Indonesia enacts a law aimed at addressing the power imbalance between digital platforms and news content providers, similar to Australia's News Media Bargaining Code. Meta's stance follows discussions with the Indonesian government and amidst a broader dispute over content compensation. META shares saw a 4.44% increase to $488.82.

Portfolio Pulse from Anusuya Lahiri

February 22, 2024 | 6:55 pm

CYH

The Department of Justice (DOJ) is currently investigating hospitals operated by Community Health Systems (CYH) for their billing practices, according to a report by Stat News. The investigation could have significant implications for CYH, potentially affecting its financial stability and reputation.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 6:41 pm

BZFD

DPRO

ETSY

LRHC

RIVN

Etsy shares fell by around 8% after reporting mixed Q4 financial results, missing earnings estimates but beating sales forecasts. Other stocks showed significant movements, with La Rosa Holdings, BuzzFeed, and Monopar Therapeutics among the top gainers, while Draganfly, Greenbrook TMS, and Synaptogenix led the losers. Notable movements were also seen in companies like Rivian Automotive, Lucid Group, and Sunnova Energy due to various announcements and financial results.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 6:38 pm

GRAM

Glass House Brands CEO Kyle expressed optimism about California's future in the cannabis industry, highlighting the state's potential once regulatory constraints are removed. He noted the current challenges faced by retailers and brands in the cannabis market, advising investors to be cautious. Kyle also suggested that businesses relying on indoor cultivation and a large number of stores might need to reconsider their models to stay competitive.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 6:19 pm

PLNT

Planet Fitness Inc (NYSE:PLNT) reported a 1.4% year-over-year sales growth for Q4 fiscal 2023, with revenues of $285.1 million slightly beating consensus estimates. The company saw increases in system-wide same-store sales, franchise segment revenue, and corporate-owned store revenue, while equipment revenue declined. Operating costs decreased, and both operating income and adjusted EBITDA rose. Planet Fitness opened 77 new stores, ending the year with 2,575 stores. The company provided a positive outlook for 2024, expecting revenue, adjusted EBITDA, and adjusted EPS growth. CFO Tom Fitzgerald announced his retirement, and Christopher Rondeau resigned from the board due to disagreements. PLNT shares dropped 2.89% to $63.96.

Portfolio Pulse from Akanksha Bakshi

February 22, 2024 | 5:28 pm

WRAC

Williams Rowland Acquisition Corp. (WRAC) announced it will liquidate and dissolve, redeeming all outstanding public shares effective March 8, 2024, due to its inability to complete an initial business combination by March 29, 2024. The company will cease operations except for winding up, redeem public shares with funds from its trust account, and dissolve following stockholder and board approval. WRAC's securities will stop trading on the NYSE American on February 29, 2024, and it plans to delist and terminate the registration of its securities.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 4:18 pm

MJ

MSOS

A coalition of law enforcement leaders has requested President Biden to reclassify marijuana from a Schedule I to a Schedule III substance under the Controlled Substances Act, citing the shift in public opinion and the discrepancy between state and federal laws. This move is supported by Democratic Senators and aligns with recommendations from the Department of Health and Human Services to the DEA.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:31 pm

NVAX

Novavax Inc (NASDAQ:NVAX) shares are trading higher after reaching a settlement with Gavi for its 2021 vaccine advance purchase agreement. The settlement closes pending arbitration and involves an initial payment of $75 million by Novavax, with deferred payments of $80 million annually through 2028 and an additional vaccine credit of up to $225 million. Novavax is expected to report a Q4 loss of 50 cents per share and revenue of $321.66 million. The company does not pay dividends but engages in other capital allocation programs.

Portfolio Pulse from Adam Eckert

February 22, 2024 | 3:28 pm

NVAX

Novavax shares are trading higher following the announcement of a settlement with Gavi for its 2021 vaccine advance purchase agreement. This development could potentially impact investor sentiment and the stock's short-term performance.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:28 pm

CMLS

Cumulus Media Inc. (NASDAQ:CMLS) has implemented a limited-duration shareholder rights plan, effective immediately until February 20, 2025, in response to Renew Group Private Ltd.'s significant stock accumulation. The plan aims to protect shareholder interests and ensure fair treatment in potential takeovers, following Renew Group's intent to acquire 20% of Cumulus Media. The board, with advisors, decided this was necessary to prevent control without a fair premium to shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 1:55 pm