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PXMD

JPMorgan Chase & Co. shares fell by 5.1% despite beating first-quarter earnings and revenue expectations, with other stocks experiencing significant movements in Friday's mid-day session. Notable gainers include PaxMedica, EZGO Technologies, and Allarity Therapeutics, among others, with various reasons for their stock movements. Conversely, several companies faced declines, such as Motus GI Holdings, Lixiang Education, and Monogram Orthopaedics, each with specific challenges impacting their stock prices.

Portfolio Pulse from Avi Kapoor

April 12, 2024 | 6:47 pm

BLK

BlackRock Inc (NYSE:BLK) lost its appeal in a UK tax dispute related to its acquisition of Barclays Global Investors in 2009. The Court of Appeal upheld the decision to disallow tax deductions on interest from loans used in the acquisition, under the 'unallowable purpose rule'. Despite the setback, BlackRock, which has grown significantly since the acquisition, emphasized that all UK taxes, including those related to this matter, have been paid. The company is considering its next steps following the ruling.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 5:50 pm

XPEV

Senator Sherrod Brown has called for a ban on Chinese EV imports to the U.S., specifically targeting companies like XPeng, Inc. (NYSE:XPEV). This comes amid concerns over economic and national security, and follows discussions on China's trade practices by Treasury Secretary Janet Yellen. XPeng's stock is trading lower, below its 50-day moving average and approaching its 52-week low. The company's revenue growth was 7.57% in fiscal year 2023, influenced by various macroeconomic factors. XPeng's performance is also compared to its peers, showing an average annual growth rate lower than the sector average.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 4:50 pm

USO

VGK

Russia and the IAEA have discussed sharing power from Russian-controlled nuclear plants with free areas of Ukraine. Meanwhile, Ukraine and Russia have exchanged accusations over recent drone attacks on a nuclear plant. Officials and experts have raised concerns that Russia's attempts to restart reactors could lead to accidents.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:37 pm

FTXR

RDIV

Ford Motor Company (NYSE:F) shares fell after the National Highway Traffic Safety Administration (NHTSA) initiated an investigation into the recall of 42,652 Ford SUVs, including 2022 and 2023 Ford Bronco Sport and the 2022 Ford Escape models, due to fuel leak risks that could potentially cause fires. The recall was initially for a software update and drain tube installation, but did not include replacing the cracked fuel injectors, which are the cause of the leaks. Ford plans to incorporate fuel injector leak detection into the engine control software. F stock dropped 2.68% to $12.69. Investors can also gain exposure to F stock through First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).

Portfolio Pulse from Nabaparna Bhattacharya

April 12, 2024 | 4:13 pm

DFS

NAVI

NNI

SLM

SOFI

President Joe Biden announced the cancellation of over $7.4 billion in student loan debt for 277,000 borrowers, primarily public sector workers, under the SAVE plan. This plan includes an income-driven repayment plan and measures to prevent balance growth from unpaid interest. The Biden administration has now forgiven $153 billion in student loan debt. The plan faces criticism from Republican officials, but the Education Department defends its authority. Student loan-related stocks like SoFi Technologies, SLM Corp., Discover Financial Services, Navient Corp., and Nelnet Inc. showed mixed reactions in the market.

Portfolio Pulse from Anthony Noto

April 12, 2024 | 3:58 pm

SPY

USO

Iran has warned the U.S. through messages conveyed by several Arab countries that U.S. forces in the region will be attacked if the U.S. intervenes in the conflict between Israel and Iran. This comes after an Israeli airstrike killed a top Iranian general in Damascus, prompting threats of retaliation from Iran. The U.S. has offered full support to Israel against potential Iranian attacks, with U.S. officials and the Secretary of Defense communicating closely with Israeli counterparts. Iran's messages have varied in tone, with some communications suggesting a limited response aimed at avoiding regional escalation. U.S. officials are coordinating with regional partners and Israel to prevent escalation, while the U.S. CENTCOM commander is in Israel to coordinate defensive efforts.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 3:55 pm

LLY

NVO

Eli Lilly lost a legal battle against RXCompoundStore.com, preventing them from stopping the pharmacy's marketing of a version of tirzepatide, a key ingredient in Lilly's diabetes and weight loss drugs, Mounjaro and Zepbound. U.S. District Judge Roy Altman ruled that Lilly's actions were an attempt to enforce federal law through state law, a task reserved for the FDA. Lilly had sued ten entities for selling unauthorized versions of Mounjaro. Similarly, Novo Nordisk is taking legal action against compounding pharmacies for selling altered versions of semaglutide, used in its weight-loss drug Wegovy, after finding impurities in these products.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:54 pm

ZTS

Zoetis Inc's stock hit a 52-week low following reports that its pet arthritis drugs, Librela and Solensia, may have caused sickness in dogs and cats. Despite FDA approval for both drugs, thousands of side effects have been reported, raising concerns among pet owners and veterinarians. However, Zoetis claims these represent a small fraction of the over 18 million doses administered globally. The company is also under investigation by the European Commission for potentially hindering the market launch of a competing product.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:30 pm

NIO

Nio, Inc. (NYSE:NIO) shares dropped after Ohio Senator Sherrod Brown urged President Biden to ban Chinese EV imports, citing threats to domestic automakers and data security. This follows Treasury Secretary Janet Yellen's discussions in China on subsidies and trade. Wall Street views Nio as Neutral, with JP Morgan's Nick Lai predicting a 41.18% decline. Nio's stock fell 40.7% in the past 3 months, despite a 3.43% revenue increase over the past year.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 3:01 pm