Streetbeat News

Regulatory

DJT

The SEC has charged audit firm BF Borgers and its owner with committing a massive fraud that impacted over 1,500 SEC filings. The allegations suggest that the firm and its owner engaged in deceptive practices that significantly affected the integrity of financial disclosures and compliance with SEC regulations. This case highlights the importance of audit quality and the potential consequences of audit failures on the broader financial reporting ecosystem.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:27 pm

LYFT

UBER

The Massachusetts Supreme Court is deliberating on whether Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) drivers should be classified as independent contractors or employees, a decision that could significantly impact the companies' business models and financial liabilities. This case is part of a larger national debate on gig workers' rights, with implications for the gig economy at large. The outcome could affect Uber and Lyft's operations and costs, especially as they face a civil lawsuit for misclassification of drivers and potential changes in employment classification rules by the U.S. Department of Labor.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 1:15 pm

CSSE

Chicken Soup For The Soul Entertainment (CSSE) has indicated in an SEC filing that it may be forced to seek bankruptcy protection under U.S. law due to its financial difficulties.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:05 pm

FCOM

GOOG

GOOGL

VOX

Alphabet Inc (GOOG, GOOGL) is contesting Epic Games' proposed changes to the Play Store's operations amid an antitrust dispute. Epic's suggestions aim to open up app downloads and in-app transaction flexibility, which Google argues could harm consumer privacy and security. A jury previously sided with Epic, finding Google's practices anti-competitive. Google also highlights a recent settlement offering alternative billing options, questioning the need for Epic's injunction. The case's next hearing is scheduled for May 23. Meanwhile, Alphabet's growth is supported by its advancements in AI, cloud, and advertising, with analysts recommending Alphabet stocks trade at a premium.

Portfolio Pulse from Anusuya Lahiri

May 03, 2024 | 12:59 pm

RIVN

Rivian has committed to retaining at least 6,000 full-time jobs in Illinois as part of a new project, according to an SEC filing. If Rivian fails to maintain this commitment, it will lose eligibility for tax credits in Illinois.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:37 pm

IYE

PXD

SEPLF

XLE

XOM

Exxon Mobil Corporation's (NYSE:XOM) $1.28 billion asset sale to Seplat Energy (OTC:SEPLF) is expected to receive regulatory approval in less than two weeks, ending a two-year delay. This approval from Nigeria's oil regulator could boost Nigeria's oil industry by injecting capital and improving oil output. Additionally, Exxon is nearing the closure of its $60 billion acquisition of Pioneer Natural Resources Co (NYSE:PXD). Investors can gain exposure to Exxon through the Energy Select Sector SPDR Fund (NYSE:XLE) and iShares U.S. Energy ETF (NYSE:IYE).

Portfolio Pulse from Lekha Gupta

May 03, 2024 | 12:28 pm

TSLA

The National Highway Traffic Safety Administration (NHTSA) has closed its three-year investigation into Tesla's Model S and X vehicles over concerns about the loss of rearview camera display due to a failing touchscreen. The investigation, which began in November 2020, focused on 158,716 units from model years 2012-2018 for the Model S and 2016-2018 for the Model X, all equipped with NVIDIA Tegra 3 processors. The issue was linked to the 8GB eMMC NAND flash memory device becoming fully consumed within 5-6 years. Despite Tesla disputing the findings, a recall was issued on January 29, 2021, offering a free hardware remedy. NHTSA has deemed the recall sufficient and closed the investigation but will continue to monitor the issue.

Portfolio Pulse from Anan Ashraf

May 03, 2024 | 12:24 pm

UGRO

Urban-gro, Inc. (NASDAQ:UGRO) reported a decrease in quarterly revenue to $15.5 million from $16.8 million YoY but improved its net loss to $2.1 million from $5.1 million. The company also saw an increase in gross profit and a decrease in operating expenses, reflecting solid bottom-line improvement. Urban-gro reaffirmed its full year 2024 guidance and commented positively on the DEA's support for reclassifying cannabis, which could reinvigorate the industry.

Portfolio Pulse from Nina Zdinjak

May 03, 2024 | 12:10 pm

BENF

Beneficient has successfully regained compliance with the NASDAQ's minimum bid price rule, ensuring its continued listing on the exchange.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:04 pm

AAPL

QQQ

SPY

Wall Street anticipates continued upward momentum, buoyed by Apple's positive earnings report, which included a significant buyback program and a dividend hike. However, upcoming non-farm payrolls data and wage inflation measures may influence market sentiment. Premarket trading saw gains in SPDR S&P 500 ETF Trust and Invesco QQQ ETF. Other stocks showed varied movements based on their earnings reports. The market's direction may hinge on inflation trends and the Federal Reserve's interest rate decisions.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 11:03 am