Streetbeat News

Legal

VRCA

Verrica Pharmaceuticals has initiated legal action against a Canadian drug manufacturer, accusing them of false advertising and unfair competition in the U.S. market. The lawsuit centers on the sale of unapproved drugs containing cantharidin, which directly competes with Verrica's offerings.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 12:39 pm

MSFT

A finance worker at a multinational corporation was tricked into transferring $25 million to fraudsters using deepfake technology to impersonate the company's CFO and other staff members. The scam was discovered after the transaction was verified with the company's head office. Hong Kong police have made six arrests related to such scams. Microsoft Corp. CEO Satya Nadella expressed concerns over the misuse of AI and called for safeguards.

Portfolio Pulse from Rounak Jain

February 05, 2024 | 12:27 pm

META

Meta's Oversight Board has criticized the company's current deepfake rules as 'incoherent' after reviewing a controversial video of President Joe Biden. The board suggests extending the manipulated media policy to cover all audio and video content, not just AI-generated material. Meta plans to update its policy to adapt to the evolving AI landscape. This comes amid growing concerns over deepfake content and its potential misuse, with Meta committed to advancing AI technology.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 12:21 pm

COIN

META

SQ

Dr. Craig Wright, claiming to be Bitcoin's creator, faces a UK trial to prove he is Satoshi Nakamoto. The trial, starting Feb. 5, could end speculation about Bitcoin's creator. Wright's involvement in Bitcoin SV and the trial's significance for Copa members like Block (SQ), Coinbase (COIN), and Meta (META) are highlighted.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 11:57 am

ALTM

BIGC

CYTK

GRPN

KB

LYG

MODG

SAN

U.S. stock futures were lower, with Dow futures down over 100 points. Banco Santander (SAN) and Lloyds Banking Group (LYG) shares fell in pre-market trading after reports that Iranian entities used their accounts to evade U.S. sanctions. Other stocks like Cytokinetics (CYTK), Groupon (GRPN), BigCommerce Holdings (BIGC), KB Financial Group (KB), Topgolf Callaway Brands (MODG), and Arcadium Lithium (ALTM) also recorded losses in pre-market trading.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 10:21 am

LYG

SAN

Financial Times reported that Iran has been using UK banks Santander UK and Lloyds to covertly move money in an effort to evade sanctions. This revelation could have implications for the banks' operations and regulatory scrutiny.

Portfolio Pulse from Charles Gross

February 05, 2024 | 10:19 am

NOK

Nokia has entered into a multi-year patent cross-license agreement with vivo, under which vivo will make royalty and catch-up payments to Nokia. This agreement resolves all pending patent litigation between the two companies across all jurisdictions. The financial terms of the agreement were not disclosed.

Portfolio Pulse from Charles Gross

February 05, 2024 | 9:44 am

TSLA

Cathie Wood criticized the Delaware Chancery Court's decision to nullify Elon Musk's $56 billion compensation plan from 2018 as 'un-American.' She defended Tesla and Musk's achievements, highlighting the company's success and Musk's role in exceeding Ark's bull-case price target for Tesla shares ahead of schedule. Wood also emphasized the positive impact of Tesla's performance on shareholders. The court's decision comes at a challenging time for Tesla, facing demand slowdown and margin erosion.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 8:23 am

LYG

SAN

Iranian entities, including the Islamic Revolutionary Guard Corps, reportedly used Lloyds Banking Group PLC (NYSE:LYG) and Banco Santander SA (NYSE:SAN) to evade U.S. sanctions. The banks are under investigation by U.S. authorities for their potential involvement in these transactions. The situation escalates tensions between the U.S. and Iran, amid concerns over Iran's support to Houthi rebels in Yemen.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 7:43 am

BA

SPR

Boeing Co (NYSE:BA) has discovered new quality defects in its 737 MAX airplanes, specifically two mis-drilled holes on the fuselages of around 50 undelivered planes, reported by supplier Spirit AeroSystems (NYSE:SPR). This issue may delay near-term deliveries of the 737 MAX, although the safety of the planes is reportedly not compromised. Boeing plans to conduct additional work on the affected aircraft. This comes amid ongoing challenges for Boeing's 737 MAX planes, including intense scrutiny following a series of safety incidents and a recent production freeze ordered by the FAA.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 6:44 am