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Legal

SSNLF

Prosecutors are seeking a five-year prison sentence for Jay Y. Lee, the chief of Samsung Electronics (OTC:SSNLF), on charges of fraud and stock manipulation related to a 2015 merger. The trial, which has lasted three years, is expected to conclude in the coming months. Lee's potential incarceration could impact his role in Samsung Electronics, affecting the company's strategic decisions, including mergers and acquisitions.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 11:26 am

BAYRY

BAYZF

MRK

The Delaware Supreme Court ruled in favor of Bayer AG, stating that Bayer is not liable for lawsuits related to talc-based products acquired from Merck & Co in 2014. The court's decision relieves Bayer of responsibility for pre-acquisition product sales, including Dr. Scholl's foot powder. Despite this victory, Bayer still faces over 40,000 pending cases regarding the Roundup weedkiller, acquired through Monsanto. Recent court losses in the Roundup cases have resulted in verdicts over $500 million, contrasting with previous wins.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 11:05 am

TSLA

X

Senator Tommy Tuberville disclosed bearish bets on Tesla (TSLA) by buying put options and selling shares ahead of Tesla's Q3 results, which led to a stock decline. He also bought call options and sold shares of U.S. Steel Corp. (X), raising conflict of interest concerns due to his position on the Senate Subcommittee on Commodities. Tuberville engaged in other significant transactions, including buying shares of META, WU, WMS, ROK, RMD, PHM, NXPI, ABBV, GSK, and selling shares of TXN, CSX, NSC, ODFL, MRK, JNJ.

Portfolio Pulse from Shanthi Rexaline

November 17, 2023 | 7:02 am

BTCUSD

Do Kwon, founder of Terraform Labs, failed to overturn his passport fraud conviction in Montenegro. Kwon and associate Han Chang-joon were sentenced to four months in prison for document falsification. Montenegro's court upheld the verdict, and Kwon faces potential extradition to the U.S. or South Korea for charges related to the TerraUSD and Luna collapse. Terraform Labs continues to operate despite Kwon's legal issues. Bitcoin and Terra Classic's prices have fallen in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

November 17, 2023 | 5:20 am

TSLA

Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, criticized Elon Musk for not acting in Tesla's best interest due to his promotion of an anti-Semitic comment on Twitter. Despite holding 420,000 shares of Tesla, Gerber is concerned about Musk's behavior damaging the brand. IBM has halted ads on Twitter following Musk's controversial comments. Calls for Musk's resignation from his roles, including as Tesla's CEO, have been made by tech executives like Dustin Moskovitz.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 3:55 am

AAPL

IBM

ORCL

IBM Corp. (NYSE:IBM) has suspended advertising on the social media platform X after a report by Media Matters for America revealed that IBM's ads were shown next to antisemitic content. Other companies, including Apple Inc. (NASDAQ:AAPL), Bravo, Oracle Corp. (NYSE:ORCL), and Xfinity, were also found to have ads next to similar content. X, formerly known as Twitter, is under scrutiny as advocacy groups report an increase in controversial content since Elon Musk's acquisition. X's CEO is working to regain advertisers, and the platform has stated that the antisemitic content will not be monetized and will be flagged.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 2:26 am

TSLA

Elon Musk is facing criticism and calls for his resignation from Tesla (NASDAQ:TSLA) by Facebook co-founder Dustin Moskovitz due to Musk's endorsement of an antisemitic post. The controversy has led to negative reactions from public figures and investors, with Tesla investor Ross Gerber stating he would switch his Model Y for a Rivian vehicle. Musk defended his comments, which has further fueled the debate over his views on free speech and his influence on social media platforms.

Portfolio Pulse from Benzinga Neuro

November 17, 2023 | 12:48 am

SOL

SPY

Sam Bankman-Fried, former CEO of FTX, was found guilty on seven counts of criminal fraud, potentially facing 115 years in prison. The verdict and his arrest in December 2022 caused a decline in major cryptocurrencies, including Solana (CRYPTO: SOL). FTX's bankruptcy and misuse of customer funds also impacted the market. However, Solana has rebounded since then, with a $1,000 investment in SOL at the time of Bankman-Fried's arrest now worth $4,556.95, a 355.7% return. In contrast, the S&P 500 ETF Trust (NYSEARCA: SPY) is up only 12.7% over the same period. Solana remains a top 10 cryptocurrency by market capitalization.

Portfolio Pulse from Chris Katje

November 16, 2023 | 9:36 pm

AMAT

Applied Materials Inc (NASDAQ:AMAT) reported Q4 revenue of $6.72 billion, beating estimates of $6.52 billion, and EPS of $2.12, surpassing the $2 estimate. Despite record revenue, earnings, and cash flow for fiscal 2023, shares fell 6.33% after hours due to a Reuters report about a U.S. criminal investigation into potential export restriction evasion to China's SMIC. The company forecasts Q1 revenue of $6.47 billion, above estimates of $5.86 billion, and adjusted EPS between $1.72 and $2.08, compared to the $1.69 estimate.

Portfolio Pulse from Adam Eckert

November 16, 2023 | 9:17 pm

AMAT

Applied Materials is under investigation for allegedly shipping equipment to China's SMIC via South Korea without the necessary license, according to Reuters. This could potentially be a violation of export control regulations, which may have serious implications for the company.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 9:01 pm