Streetbeat News

Regulatory

META

The Media Association (AMI) representing 83 Spanish media has filed a lawsuit against Meta Platforms, Inc. (formerly known as Facebook, Inc.) for systematic and massive breaches of European data protection regulations from May 25, 2018, to July 31, 2023. AMI claims over €550 million in damages, alleging that Meta's income from segmented advertising was obtained illegitimately by using personal data without user consent. The lawsuit could extend if Meta persists in its breaches, as indicated by the European Data Protection Committee's requirement on October 27, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 3:32 pm

VRNOF

Alabama's Medical Cannabis Commission granted 20 licenses for medical marijuana production and distribution, marking the third attempt to establish the industry after legal challenges. The November settlement resolved issues from previous attempts, leading to a new licensing process. Verano Holdings Corp. (OTCQX:VRNOF) was involved in the legal actions against the AMCC. Licenses were awarded for cultivators, processors, dispensaries, secure transporters, and testing labs. Integrated facility license applications are due this week, with awards expected on December 12.

Portfolio Pulse from Jelena Martinovic

December 04, 2023 | 3:11 pm

BITF

CLSK

Shares of Bitcoin miners CleanSpark Inc (CLSK) and Bitfarms Ltd (BITF) are trading higher due to a rise in Bitcoin's price over the weekend, crossing the $40,000 level. The crypto rally is driven by optimism for a potential spot ETF and expectations of a Federal Reserve rate cut in 2024. Fed Chairman Jerome Powell hinted at a potential slowdown in rate hikes, further fueling the rally. CleanSpark shares rose 22.2% to $9.36, and Bitfarms shares increased 16.3% to $1.94.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 2:52 pm

XOM

Exxon Mobil Corp's CEO Darren Woods defended the company's investment in carbon capture technology at the COP28 climate summit, rejecting the IEA's claim that it's an 'illusion' for fighting climate change. Woods compared carbon capture's potential to that of electric vehicles and solar energy, emphasizing that no current solution is sufficient to solve the climate crisis alone. Exxon plans to invest $17 billion in low-carbon initiatives, including carbon capture, and maintains that fossil fuels will remain important through 2050. This marks Woods' first attendance at a U.N.-sponsored climate summit, indicating a shift in the oil and gas industry's approach to climate change.

Portfolio Pulse from Lekha Gupta

December 04, 2023 | 2:52 pm

GOOG

GOOGL

MSFT

TSLA

Larry Page and Elon Musk's friendship ended after a debate on AI's threat to humanity. Page, co-founder of Alphabet Inc., accused Musk, co-founder of Tesla Inc., of being a 'speciesist' for preferring humans over AI life forms. Musk, concerned about AI's potential to eliminate humanity, tried to prevent DeepMind's acquisition by Google but failed. He later co-founded OpenAI, backed by Microsoft Corp., but left due to similar concerns and has called for a pause in AI development.

Portfolio Pulse from Rounak Jain

December 04, 2023 | 2:49 pm

VALN

Valneva SE reported that 24 months after vaccination with a single dose of its chikungunya vaccine IXCHIQ, 97% of participants retained neutralizing antibodies. The vaccine was FDA approved in November 2023. The data supports long-term durability and supplements existing FDA approval and ongoing regulatory processes. No safety concerns were identified, and EMA and Health Canada are reviewing marketing applications. Valneva's stock (VALN) is down 3.69% at $11.08.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 2:34 pm

GTBP

GT Biopharma has submitted an Investigational New Drug (IND) application for GTB-3650, a treatment targeting CD33+ leukemia. This submission marks a significant step in the development process, potentially leading to clinical trials and eventual FDA approval if successful.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 2:30 pm

TWLO

Twilio Inc has reaffirmed its guidance for Q4 and the fiscal year ending December 31, 2023, according to an SEC filing. The company also expects that the majority of the restructuring charges related to the December plan will be incurred in Q4 of 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 2:19 pm

COIN

MARA

RIOT

Shares of Coinbase Global Inc (COIN), Marathon Digital Holdings Inc (MARA), and Riot Platforms Inc (RIOT) are rising due to an increase in Bitcoin's price over the weekend, surpassing $40,000. The crypto rally is driven by optimism for a potential spot Bitcoin ETF and expectations of a Federal Reserve rate cut in 2024. Coinbase shares are up nearly 9%, Marathon Digital's stock rose 13.6%, and Riot Blockchain's shares increased by 11.7%.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 2:15 pm

ALK

COIN

QQQ

SAIC

SPOT

SPY

UBER

U.S. stock futures indicate a weak opening as investors react to Fed Chair Powell's comments on potential policy tightening. Gold prices hit record highs amid geopolitical tensions, while Bitcoin soars past $40,000. Crude oil prices drop due to OPEC+ output cuts and demand concerns. Premarket trading sees SPY and QQQ ETFs down, while individual stocks like COIN, UBER, SPOT, SAIC, and ALK show significant movements. ALK's planned acquisition of HA causes a surge in HA's stock.

Portfolio Pulse from Piero Cingari

December 04, 2023 | 2:14 pm