Streetbeat News

Regulatory

ADBE

EWU

The UK's Competition and Markets Authority (CMA) has referred Adobe's $20 billion acquisition of Figma for a Phase 2 investigation. This could potentially delay or even derail the deal.

Portfolio Pulse from Charles Gross

July 13, 2023 | 9:07 am

AMZN

Senator Elizabeth Warren criticized Amazon's tax practices following the conclusion of Prime Day 2023, reminding that the company paid no federal income taxes in 2018 despite making over $10 billion in profits. Warren noted that Congress passed her plan for a minimum tax on massive corporate profits, which became applicable from Dec. 31, 2022. Amazon paid zero federal taxes in 2018 and 2019, but had to foot a federal tax bill of $162 million in 2019, a fraction of the $13.98 billion it earned as pre-tax income.

Portfolio Pulse from Shanthi Rexaline

July 13, 2023 | 8:07 am

DIS

Walt Disney Co. (NYSE:DIS) has extended CEO Bob Iger's tenure until Dec. 31, 2026. KeyBanc Capital Markets analyst Brandon Nispel views this as neutral to the stock, suggesting the company hasn't found a clear successor for the CEO and CFO positions. The extension may also be related to ongoing restructuring and cost-saving initiatives. Iger returned as CEO in November 2022 after the company faced multiple challenges under his successor Bob Chapek.

Portfolio Pulse from Shanthi Rexaline

July 13, 2023 | 7:18 am

TSLA

Tesla Inc (TSLA) is in talks with the Indian government to establish its own supply chain ecosystem in India. The company is seeking clarity on incentives and tax breaks for setting up a manufacturing unit in the country. Tesla is also considering building a factory with an annual capacity of up to 500,000 electric vehicles and using India as an export base. The discussions indicate Tesla's renewed interest in India following a meeting between CEO Elon Musk and Prime Minister Narendra Modi.

Portfolio Pulse from Arpit Nayak

July 13, 2023 | 6:57 am

EWQ

France's Consumer Price Index (CPI) for June came in as expected at 0.2%, compared to -0.1% in the previous month. The Harmonised Index of Consumer Prices for June was also 0.2%, matching estimates and improving from -0.1% in the prior month.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 6:50 am

FXI

China's trade balance for June was reported at +$70.62B, lower than the estimated +$74.80B and higher than the prior +$65.81B.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 6:26 am

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), is facing a class-action lawsuit filed by the Clarkson Law Firm. The lawsuit alleges that Google, along with its AI sister company DeepMind and parent company Alphabet, secretly collected personal and creative data from millions of U.S. citizens to train its AI products. Google has refuted these claims, stating that it has been transparent about its use of data from public sources to train its AI models.

Portfolio Pulse from Ananya Gairola

July 13, 2023 | 5:59 am

ATVI

MSFT

Microsoft's vice chair and president, Brad Smith, expressed disappointment at the Federal Trade Commission's (FTC) decision to appeal the court ruling that allowed Microsoft's acquisition of Activision Blizzard. The FTC had previously sued to block the acquisition, arguing it would harm competition. However, the court ruled in favor of Microsoft, stating the acquisition was beneficial for competition and consumers.

Portfolio Pulse from Benzinga Newsbot

July 13, 2023 | 5:27 am

BTCUSD

Robert Kiyosaki, author of 'Rich Dad Poor Dad', has warned of a potential financial crash due to the upcoming BRICS meeting. He suggests that the meeting could be a turning point for the fiat currency system, as the BRICS nations are reportedly considering a gold-backed common currency. Kiyosaki advises investing in gold, silver, and Bitcoin (CRYPTO: BTC) as a hedge against the potential downfall of fiat currencies.

Portfolio Pulse from Benzinga Newsbot

July 13, 2023 | 5:05 am

AAPL

GOOGL

Google (NASDAQ:GOOGL) has announced that it will allow developers to add Non-Fungible Tokens (NFTs) to their Android games and apps. The new rules, which will be fully implemented by the end of the year, require developers to disclose the game’s status as a blockchain game on the Google Play Store. Google will also allow NFTs to unlock in-app content, regardless of where the NFT was purchased, contrasting with Apple Inc's (NASDAQ:AAPL) current restrictions.

Portfolio Pulse from Mehab Qureshi

July 13, 2023 | 4:49 am