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Regulatory

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Exxon Mobil Corporation (XOM) and its consortium partners, including Hess Corp (HES) and CNOOC Ltd., face an October deadline to decide on the development of a large natural gas find off the coast of Guyana. The Guyanese government is pressing for development or relinquishment of 20% of the Stabroek block if it remains undeveloped. Exxon is currently appraising the gas findings and considering commercialization options. The consortium's exploration agreement runs through 2027. Additionally, Norway's sovereign wealth fund plans to vote against the reappointment of Exxon's lead independent director due to a lawsuit against climate activist investors.

Portfolio Pulse from Lekha Gupta

May 24, 2024 | 3:42 pm

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Shares of crypto stocks are trading higher in possible reaction to spot Ethereum ETF approval.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 3:32 pm

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President Biden's push for unionization faces a new challenge in the semiconductor industry. The Communications Workers of America (CWA) is preparing for labor negotiations with Micron Technology Inc. (NASDAQ:MU), which is investing $50 billion in New York factories. The United Auto Workers (UAW) is also targeting semiconductor companies. Intel Corp. (NASDAQ:INTC) has been hesitant to engage in union talks. The Biden administration is leveraging the Chips Act to encourage union commitments.

Portfolio Pulse from Shivani Kumaresan

May 24, 2024 | 3:32 pm

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Boeing Co (NYSE: BA) has seen a 500% increase in safety concerns raised by employees following a mid-air cabin panel blowout on an Alaska Air Group Inc (NYSE: ALK) 737 MAX 9 in January 2024. This incident has led to U.S. regulators restricting production levels of Boeing’s 737 MAX jets. Boeing's stock has declined over 14% in the last 12 months and is trading lower by 0.64% at $171.11. Investors can gain exposure to Boeing via IShares U.S. Aerospace & Defense ETF (BATS: ITA) and Invesco Aerospace & Defense ETF (NYSE: PPA).

Portfolio Pulse from Shivani Kumaresan

May 24, 2024 | 3:14 pm

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Shares of solar stocks are trading higher following the Biden administration's decision to raise tariffs on Chinese solar cells.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 3:03 pm

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JPMorgan anticipates that Ethereum ETFs will start trading before November. Additionally, users have reported that Google's AI search tool is returning incorrect answers.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 2:58 pm

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Novo Nordisk released data from its FLOW trial showing that Ozempic significantly slows kidney disease progression in type 2 diabetes patients. The study demonstrated a 24% reduction in kidney disease progression and cardiovascular and kidney death, along with other significant health benefits. These findings were presented at the European Renal Association Congress.

Portfolio Pulse from Vandana Singh

May 24, 2024 | 2:38 pm

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The International Court of Justice (ICJ) has mandated Israel to halt its military operations in Rafah, Gaza, following accusations of genocide. This ruling, requested by South Africa, challenges Prime Minister Benjamin Netanyahu's policies and could harm Israel's international reputation. The ICJ also emphasized the need for unimpeded access for investigators into Gaza. Despite the binding nature of ICJ rulings, enforcement remains uncertain. The ruling may increase diplomatic pressure on Israel and its allies, particularly the U.S. The iShares MSCI Israel ETF (NYSE:EIS) saw a slight rebound after the news.

Portfolio Pulse from Piero Cingari

May 24, 2024 | 2:35 pm

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The approval of spot Ethereum ETFs by the SEC has not led to the expected price surge for ETH. The approval process is still incomplete, with S-1 registration statements pending. Political factors and regulatory uncertainties are contributing to market caution. Analysts have mixed views on the impact of these developments.

Portfolio Pulse from Murtuza Merchant

May 24, 2024 | 2:26 pm

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OpenAI's ChatGPT has been found to fall short of the EU's data accuracy standards, according to a report by the EU's privacy watchdog. The report highlights concerns about the probabilistic nature of the system and its potential to generate biased or fabricated outputs. This finding is significant as the EU has been implementing stringent AI regulations, impacting tech giants like Microsoft, Apple, and Amazon.

Portfolio Pulse from Benzinga Neuro

May 24, 2024 | 2:26 pm