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META

Meta Platforms Inc (NASDAQ:META) is appealing the European Union's Digital Markets Act (DMA) designation as a 'gatekeeper' service. Despite regulatory challenges, Meta's stock has surged 171% year to date, with a 10% increase in November alone. Following Q3 earnings, the stock rose 11%, nearing last year's high of $343. The stock closed at $332.77 on November 15.

Portfolio Pulse from Zaheer Anwari

November 16, 2023 | 5:20 pm

LOPE

Grand Canyon Education is appealing a $37.7M fine imposed by the U.S. Department of Education. The fine is a result of alleged violations of federal educational regulations. The company believes the fine is an example of federal government overreach.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 5:03 pm

SPY

Rep. George Santos has decided not to run for reelection after a negative report from the House Ethics Committee, as reported by Semafor Political Reporter.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:57 pm

ABR

Viceroy Research has taken a short position on Arbor Realty Trust (NYSE:ABR), criticizing the company's loan book and collateral valuation. Viceroy claims Arbor's CLOs are distressed, with a DSCR of 0.63x and an LTV of ~77%. They argue that the appraised values of properties are unrealistic, with cap rates at ~4.7% versus a risk-free rate of ~4.6%. A revaluation at a 7% cap rate could eliminate Arbor's LTV buffer and equity. Viceroy also notes Arbor's borrowers may not have interest rate caps as claimed, and properties are undermaintained. Arbor's new loan generation is slowing, reflecting a non-viable multifamily residential investment business.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:46 pm

EIS

GLD

KSA

The conflict between Israel and Hamas has reached day 42 with significant developments in hostage negotiations, military operations, and international reactions. Hamas has agreed in principle to release hostages, while President Biden has accused Hamas of war crimes. IDF operations continue at Shifa Hospital, and Israel has taken control of Gaza's harbor. International condemnation of Israel's actions has come from Saudi Arabia and South Africa. The Israeli shekel and stock market rose, as did Saudi stocks, while U.S. Treasury yields fell. The iShares MSCI Israel ETF (EIS) and iShares MSCI Saudi Arabia ETF (KSA) both saw gains, while the SPDR Gold Trust (GLD) rose and Bitcoin (BTC) fell.

Portfolio Pulse from Piero Cingari

November 16, 2023 | 3:43 pm

SPY

House Ethics Committee Chairman Rep. Michael Guest plans to file a resolution to expel Rep. George Santos from Congress after an ethics report accused Santos of using campaign funds for personal purposes and engaging in fraudulent conduct. The vote is expected after the Thanksgiving break on Nov. 28.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:39 pm

AX

BNGO

INBX

LADX

RILY

The Bear Cave Newsletter has issued a report on Axos Financial (NYSE:AX), raising concerns about the company's culture, loan portfolio, and crypto ventures. Axos, previously known as Bank of Internet, has been criticized by short-sellers for various risks. The report details Axos's history of 'exception-based lending', its ties to high-interest small business lenders, and its relationship with B. Riley (NASDAQ:RILY), whose CEO recently sold stock to meet a margin call. Axos's auditing history is also questioned, with its current and past auditors having limited experience with public companies. The report suggests that Axos's business model may carry risks similar to those that led to the failure of NetBank in 2007.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:34 pm

JAZZ

Japanese policymakers approved a bill to legalize medical cannabis products like Epidiolex, owned by Jazz Pharmaceuticals (JAZZ), while maintaining strict restrictions on other marijuana uses. New York-based The CURE BRAND announced a partnership to introduce CBD products in Japan. South Africa's National Assembly passed a Cannabis Bill for private cultivation. In Australia, the AMA opposes a bill to legalize recreational cannabis, while a former police boss advocates for policy reform. Health Canada is urged to raise THC caps in edibles. Thailand seeks stricter cannabis rules.

Portfolio Pulse from Jelena Martinovic

November 16, 2023 | 3:11 pm

NKE

SKX

Skechers has issued a response to a patent lawsuit filed by Nike, stating its intention to defend against the suit. Skechers claims that the lawsuit is an attempt by Nike to eliminate competition through legal means rather than competing in the marketplace.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 2:23 pm

GURE

Gulf Resources, Inc. (NASDAQ:GURE) announced upcoming management changes, with Chairman Min Yang and board member Tengfei Zhang not standing for re-election at the Annual Meeting on November 30, 2023. CEO Xiaobin Liu will become the new Chairman. The company has nominated a new director candidate, details of which are in the proxy statement filed on October 3, 2023. Yang expressed pride in the team and believes it's the right time to focus on other business pursuits, while Liu thanked Yang for his mentorship.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:36 pm