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CLX

Senator Thomas H Tuberville reported selling Clorox (NYSE:CLX) stock valued between $161,006 and $465,000 on November 16, 2023. Clorox shares were trading up 0.68% at $140.0 following the report. Congressional transactions are monitored under the STOCK Act, which prohibits using non-public information for personal gain and requires prompt disclosure of trades.

Portfolio Pulse from Benzinga Insights

November 17, 2023 | 3:05 pm

JNJ

Johnson & Johnson (NYSE:JNJ) has settled two major talc-related lawsuits, following an appeals court's decision to overturn a $223.8 million verdict against the company. J&J faces over 50,000 lawsuits alleging that its talc products, which it claims are safe, contain asbestos. The settlements are part of a broader agreement with the law firm representing many talc cases. The terms of the settlements are not disclosed. J&J previously attempted to transfer talc claims to bankruptcy court, which was denied. JNJ shares dropped 0.87% in premarket trading.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 2:25 pm

SCLX

Scilex Holding Company (NASDAQ: SCLX) has been granted a new U.S. patent (No. 11,786,455) for its lead product ZTlido, a non-aqueous lidocaine patch for pain relief. This patent, along with another recent patent (No. 11,793,766), will be listed in the FDA's Orange Book and extends the intellectual property coverage for ZTlido until 2031, bolstering Scilex's position in non-opioid pain management.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:02 pm

AMAT

GPS

MANU

Gap Inc. (GPS) reported Q3 2023 adjusted earnings per share (EPS) of $0.59, surpassing the $0.18 estimate, with revenue of $3.767B beating the $3.610B estimate. Manchester United (MANU) shares rose after reports of Ineos Sports' interest in buying a 25% stake at $33 per share. Applied Materials (AMAT) shares fell due to Q4 earnings and a report of a US criminal investigation for possibly evading export restrictions to China's SMIC.

Portfolio Pulse from ryanfaloona@benzinga.com

November 17, 2023 | 1:53 pm

AMAT

ASML

KLAC

LRCX

Chipmaking equipment manufacturers like Lam Research and ASML are seeing a surge in revenue from China, which accounts for over 40% of their sales, despite U.S. trade restrictions. Lam Research reported nearly half its revenue from China, while ASML, despite a ban on its most advanced systems, also saw significant Chinese sales. Applied Materials experienced elevated sales in China and anticipates a return to the typical 30% level over time. Industry experts warn that China's strategy to front-load orders may not be sustainable, and stricter export rules could impact future growth. A U.S. criminal investigation into Applied Materials for alleged export violations has raised concerns, affecting its stock and peers like KLA Corp and Lam.

Portfolio Pulse from Anusuya Lahiri

November 17, 2023 | 1:39 pm

SSNLF

Samsung Electronics Ltd's (OTC:SSNLF) leader Lee Jae-yong is facing a potential five-year jail term as South Korean prosecutors seek his conviction for accounting fraud and stock price manipulation related to a 2015 merger. The outcome of the trial could significantly impact Lee's ability to influence Samsung's future strategies, including mergers and acquisitions. Lee has previously served jail time for bribery and was pardoned in 2022.

Portfolio Pulse from Anusuya Lahiri

November 17, 2023 | 1:37 pm

AMAT

Applied Materials (AMAT) stock is trading lower following the release of their Q4 earnings. Additionally, the company is reportedly under a US criminal investigation for potentially circumventing export restrictions to China's SMIC, adding further pressure to the stock.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 1:19 pm

BRK

JNJ

Hedge fund billionaires, including Warren Buffett and Ray Dalio, have been selling shares of Johnson & Johnson (JNJ) in the third quarter, as revealed by recent 13F filings. JNJ, a dividend king and Fortune’s World's Most Admired Company in 2023, has seen a decrease in hedge fund holdings. Buffett's Berkshire Hathaway (BRK) fully exited its position, while Dalio's Bridgewater Associates and other firms like Lazard Asset Management and Alliancebernstein reduced their stakes. Challenges such as upcoming patent expiration and litigation issues may be influencing these decisions.

Portfolio Pulse from Surbhi Jain

November 17, 2023 | 12:58 pm

CGC

Canopy Growth Corporation (CGC) announced that its subsidiary, BioSteel, has received court approval for successful bids in its sale and investment solicitation process. This development could potentially lead to new investments or ownership changes in BioSteel, which may impact CGC's financials and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 12:38 pm

RADCQ

Rite Aid Corp (OTC:RADCQ) is currently in bankruptcy proceedings and has filed a lawsuit against the DOJ to stop a lawsuit alleging illegal opioid prescription dispensing. Rite Aid aims to protect its restructuring efforts from the DOJ lawsuit, which it claims could jeopardize the process. The company has requested the bankruptcy court to prevent the DOJ lawsuit from proceeding during its bankruptcy status. Rite Aid has already resolved over 1,600 lawsuits related to opioid dispensation but faces concerns that victims may not be compensated due to the bankruptcy.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 12:37 pm