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Regulatory

AAPL

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GOOGL

Japan is planning to introduce legislation in 2024 aimed at preventing platform operators like Apple and Google from using their dominance to unfairly keep users within their ecosystems and exclude competitors. The proposed law would empower the Japan Fair Trade Commission to levy fines for any violations of these restrictions.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:33 pm

AAPL

EWJ

GOOGL

Japan is set to introduce regulations targeting tech giants Apple and Google, aiming to reduce their app store monopolies. The proposed legislation, expected to be presented to parliament in 2024, will mandate these companies to permit third-party app stores and payment systems on their mobile operating systems. The law will focus on four key areas: app stores and payments, search, browsers, and operating systems, to prevent the abuse of dominant market positions.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:30 pm

SNCE

Science 37 Holdings' stock is trading higher after the company received a notice from Nasdaq confirming it has regained compliance with the minimum bid price requirement, ensuring its continued listing on the exchange.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 4:23 pm

BNPQY

HSBC

HSBC Holdings PLC and BNP Paribas have been fined a total of 26.5 billion won ($20.4 million) by South Korean authorities for engaging in naked short-selling, which is illegal in the country. BNP Paribas and its local brokerage unit are ordered to pay 19 billion won, while HSBC is fined 7.5 billion won. The Securities and Futures Commission of South Korea views these violations as intentional and damaging to market order and investor trust. The FSC is also considering a criminal investigation against the banks. This action aligns with South Korea's efforts to eliminate illegal short-selling, including a planned full ban by June 2024.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 4:14 pm

ID

Parts ID, in an SEC filing, has indicated that its credit agreement permits the sale of the company's assets if specific conditions are not met. The plan sponsor would act as the stalking horse bidder and provide additional financing for the sale process.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:12 pm

SCLX

Scilex Holding Company has filed a New Drug Submission in Canada for ELYXYB, an FDA-approved oral solution for acute migraine treatment. The Canadian migraine market is estimated to reach $400 million by 2025. ELYXYB offers fast pain relief and aligns with clinicians' needs for safe alternatives to triptan therapy. Approval in Canada is expected within 12 months. Scilex aims to redefine the role of opioids in pain management with this non-opioid product.

Portfolio Pulse from Happy Mohamed

December 26, 2023 | 4:01 pm

IINN

Inspira Technologies' stock is up following the announcement of 95% accuracy results for its HYLA Blood Sensor. The company also intends to submit the product for FDA clearance in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 4:00 pm

AAPL

The White House upheld a sales ban on certain Apple Inc (NASDAQ:AAPL) smartwatches due to a patent violation with Masimo Corp. Apple Watch Series 9 and Ultra 2 were removed from stores, while the Apple Watch SE remains on sale. Analysts estimate Apple's watch business generated $17 billion last year, with the ban potentially costing $300-$400 million in holiday sales. Apple shares were down 0.18% at $193.26 following the news.

Portfolio Pulse from Adam Eckert

December 26, 2023 | 3:47 pm

AMGN

The FDA has issued a Complete Response Letter to Amgen Inc (NASDAQ:AMGN) for full approval of Lumakras, a drug for KRAS G12C-mutated non-small cell lung cancer (NSCLC). Doubts were raised by FDA advisers in October about the primary goal of the late-stage study. The FDA requires an additional study to be completed by February 2028 for full approval. Lumakras received accelerated approval in May 2021 and has been used by over 15,000 patients globally. Amgen's shares dropped slightly by 0.45% to $282.89.

Portfolio Pulse from Vandana Singh

December 26, 2023 | 3:45 pm

CVRX

CVRx, Inc. has received FDA approval for expanded labeling of its Barostim device, leading to a rise in its stock price.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 3:38 pm