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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

TSLA

Tesla Inc (NASDAQ:TSLA) Cybertruck owners have reported rusting issues on their vehicles' stainless-steel bodies after exposure to rain. Complaints surfaced on the Cybertruck Owners forum, with one advisor warning about the potential for rust that requires buffing out. Tesla has not commented on these reports. The rusting concerns add to previous issues regarding the Cybertruck's stainless steel body, including potential changes in color and reflective properties. Despite these challenges, Tesla continues to make improvements to the Cybertruck, including efforts to lower its turning radius.

Portfolio Pulse from Benzinga Neuro

February 15, 2024 | 3:13 am

TSLA

SpaceX, owned by Elon Musk, has filed to change its incorporation location from Delaware to Texas, following a similar move by Neuralink. This decision comes after a Delaware court ordered Tesla to revoke Musk's 2018 pay package. Musk has been vocal about his dissatisfaction with the Delaware court and has urged other companies to relocate from Delaware. Neuralink recently moved its incorporation from Delaware to Nevada. Additionally, SpaceX announced a controlled descent of about 100 Starlink satellites due to a potential issue.

Portfolio Pulse from Benzinga Neuro

February 15, 2024 | 1:04 am

TSLA

Tesla Inc (NASDAQ:TSLA) shares increased after-hours following a 13G filing showing CEO Elon Musk owns 20.5% of the company. This filing comes after a Delaware judge's ruling on Musk's compensation plan. Despite the increase, Musk's actual ownership hasn't changed, as he already owned a combination of shares and options that amounted to this percentage. The filing is significant as it occurs amidst Musk's expressed desire to increase his ownership to support his AI initiatives under Tesla.

Portfolio Pulse from Chris Katje

February 14, 2024 | 10:10 pm

CENN

Cenntro Electric Group Limited (NASDAQ:CENN) has announced the adjournment of its second court hearing for the scheme of arrangement to re-domicile from Australia to the U.S. The hearing is now scheduled for February 16, 2024. This adjournment allows Cenntro to prepare further evidence regarding shareholder voting on the scheme. The scheme, subject to court approval, aims for Cenntro to become a subsidiary of Cenntro Inc., incorporated in Nevada. The updated timetable indicates the scheme's implementation by February 27, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 9:55 pm

GOOGL

META

SNAP

New York City Mayor Adams has announced a lawsuit against social media companies TikTok, Instagram, Facebook, Snapchat, and YouTube, accusing them of fueling a nationwide youth mental health crisis. The lawsuit aims to hold these platforms accountable for their impact on young users' mental health.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:27 pm