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The California Transport Commission has awarded a $41.9 million grant to Nikola Corp to build hydrogen refueling stations across South California. Tesla CEO Elon Musk criticized the move, stating that the push for hydrogen as an alternate energy source 'makes no sense'. Nikola, which currently sells battery electric vehicles, plans to introduce its hydrogen fuel cell electric truck in Q3. Earlier this year, Nikola received orders for 100 of its hydrogen cell trucks, thanks to a California Air Resources Board program.

Portfolio Pulse from Anan Ashraf

July 07, 2023 | 4:31 am

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META

The Biden administration is seeking an emergency order to halt a lower court ruling that prevents some government agencies from communicating with social media companies about content moderation. The lawsuit, brought by Republican attorneys general in Louisiana and Missouri, alleges that U.S. government officials coerced social media companies to censor posts over concerns they would fuel vaccine hesitancy or upend elections. The social media companies mentioned in the lawsuit include Meta Platforms Inc's Facebook, Twitter, and Alphabet Inc's YouTube.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 2:41 am

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META

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RIVN

TSLA

US stocks traded lower with the Nasdaq Composite dropping over 100 points. Prestige Wealth Inc announced the pricing of its IPO of 1,000,000 ordinary shares at $5.00 per share. Rivian Automotive is facing a lawsuit alleging it deceived shareholders during its 2021 IPO. Meta Platforms launched a new social platform, Threads, to compete with Twitter. Tesla shares are trading lower amid market weakness and concerns over rate hikes. Biogen received FDA approval for Leqembi for treating Alzheimer’s Disease.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 12:27 am

JUSHF

Pennsylvania lawmakers have proposed a bill to legalize marijuana for adults over 21. The bill includes measures to prevent underage use and marketing to children, and expunges non-violent marijuana convictions for medical marijuana patients. Cannabis MSO Jushi Holdings Inc. (OTC:JUSHF) has expressed support for the bill, highlighting the economic and social benefits of a regulated adult-use market.

Portfolio Pulse from Nicolás Jose Rodriguez

July 06, 2023 | 10:30 pm

META

Threads, a text-based social media platform launched by three former Facebook employees, has a drug content flagging system that warns users about potential harm from substances like marijuana, psychedelics, and fentanyl. However, the system does not provide similar warnings for alcohol and tobacco. The platform has gained popularity with over 10 million downloads, surpassing ChatGPT's record for fastest to one million users.

Portfolio Pulse from Maureen Meehan

July 06, 2023 | 10:03 pm

BIIB

The U.S. FDA has granted traditional approval to Leqembi (lecanemab), a drug for treating Alzheimer's Disease, developed by Eisai Inc. and Biogen Inc. Eisai and Biogen have been collaborating on the development and commercialization of Alzheimer's treatments since 2014. Biogen's shares were flat in Thursday's after-hours session after falling marginally by 0.31% to $284.99 during regular trading.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 9:08 pm

RIBT

RiceBran Technologies has adopted a Tax Benefits Preservation Plan to protect the availability of its U.S. federal and state Net Operating Losses (NOLs) and other tax attributes.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:08 pm

BWV

Blue Water Biotech has been granted a license by the Ohio State Board of Pharmacy to operate as a pharmaceutical wholesaler. This is a significant step for the company as it allows patients and providers to access Blue Water products nationwide.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 9:06 pm

ESAIY

The U.S. Food and Drug Administration (FDA) has converted the approval status of Leqembi, a novel Alzheimer's disease treatment, from accelerated to traditional approval. This follows a confirmatory trial that verified the drug's clinical benefit. Leqembi, developed by Eisai Inc., is the first amyloid beta-directed antibody to receive such conversion. The drug reduces amyloid plaques in the brain, a key feature of Alzheimer's disease. The approval was initially granted under the Accelerated Approval pathway, which required a confirmatory study post-approval.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 8:48 pm

BIIB

The FDA has approved Eisai and Biogen's Alzheimer's treatment Leqembi, which is expected to receive broad coverage through Medicare. The treatment, which costs $26,500 per year, slowed cognitive decline in early Alzheimer's patients by 27% over 18 months during Eisai's clinical trial. However, it carries serious risks of brain swelling and bleeding. Medicare plans to impose conditions on how it will cover Leqembi, requiring patients to find a health-care provider participating in a registry system that collects real-world data on the drug's benefits and risks.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 8:47 pm