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NKLA

Nikola Corp reported weaker-than-expected Q3 FY23 sales of $(1.73) million, significantly missing the consensus of $13.3 million. The company didn't produce any trucks in Q3, shipped only 3 trucks, and reported a gross loss of $(125.5) million. Despite these results, Nikola's shares are trading higher by 8.56%. The company expects higher costs related to truck recall that will increase required capital to achieve profitability in 2025. Nikola recently won an arbitration proceeding with its founder and former executive chairman Trevor Milton, being awarded approximately $165 million plus interest.

Portfolio Pulse from Lekha Gupta

November 02, 2023 | 5:28 pm

BTCUSD

SOLUSD

Robinson Burkey of the Wormhole Foundation has commented on the trial of FTX founder Sam Bankman-Fried, stating that a conviction would be positive for the crypto industry. Burkey believes that the case will help distinguish the innovative technology of crypto from fraudulent activities. He also highlighted the robust nature of Bitcoin (CRYPTO: BTC) and its readiness for greater decentralized finance (DeFi) integration. Burkey also discussed the need for 'defense in depth' security measures to safeguard the DeFi space.

Portfolio Pulse from Murtuza Merchant

November 02, 2023 | 4:43 pm

COP

ConocoPhillips expects court rulings on disputes related to its Willow oil project in November. The outcome of these rulings could impact the company's operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 4:43 pm

AMZN

Amazon has released a statement saying that the Federal Trade Commission (FTC) has 'grossly mischaracterized' Project Nessie, and that the project was scrapped several years ago.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:09 pm

LYFT

Lyft has reached a settlement with the New York Attorney General's Office, allowing drivers to maintain their independent contractor status while gaining new benefits. The agreement includes a minimum earnings standard of $26 per hour for engaged time for drivers outside New York City, and eligibility for benefits such as paid sick leave. The settlement resolves an investigation into the classification of drivers and certain fees charged by Lyft between 2015-2017. Lyft expects to make a payment of approximately $20 million in Q4 of 2023, with the remainder paid in 23 monthly installments.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:06 pm

AMZN

The Federal Trade Commission (FTC) has claimed that Amazon's Project Nessie has cost American households over $1 billion, according to a complaint cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:58 pm

AMZN

The Federal Trade Commission (FTC) complaint against Amazon (AMZN) in U.S. Federal Court has been made public with fewer redactions, according to Reuters citing the court docket.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:53 pm

LYV

Live Nation Entertainment Inc (NYSE:LYV) is set to report Q3 earnings on Nov 2, with Wall Street expecting $1.27 in EPS and $6.94 billion in revenue. The company has been impacted by a class-action lawsuit accusing Ticketmaster of monopolistic practices in the live event & ticketing industry, triggered by botched ticket sales for Taylor Swift's tour. Analysts have a consensus Buy rating on the stock with a price target of $99.16.

Portfolio Pulse from Surbhi Jain

November 02, 2023 | 2:46 pm

AAWH

The cannabis industry is facing challenges with the rise of alleged fake unions, which are believed to hinder legitimate labor unions and benefit companies instead of protecting workers' rights. Ascend Wellness (OTC:AAWH), a New York-based multistate operator, has two competing labor organizations with signed workers at its Ascend dispensary. Some workers are unionized with the United Food and Commercial Workers (UFCW), while others are with Cannabis Engineers Extractors and Distributors (CEED) with a local unit number 420. Labor experts believe CEED 420 operates like a “company union,” or a sham labor organization.

Portfolio Pulse from Nina Zdinjak

November 02, 2023 | 2:35 pm

UBER

Uber has reached a settlement with the New York State Department of Labor regarding unemployment benefits for drivers. The terms of the settlement have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:01 pm