Streetbeat News

Regulatory

RNAZ

TransCode Therapeutics Inc (RNAZ) stock plummeted by 40.6% to $0.84 after announcing a potential reverse stock split due to failing to meet Nasdaq's Minimum Bid Requirement. The company's shares have significantly underperformed, losing 99.62% year to date, with a historical average annual return of -92.39%. The reverse split aims to prevent delisting from Nasdaq, though its effectiveness is uncertain. RNAZ's current RSI of 86.23 indicates overbought conditions, despite the stock's poor performance.

Portfolio Pulse from Henry Khederian

May 13, 2024 | 3:31 pm

ETHUSD

GBTC

Grayscale's potential legal battle with the SEC over an Ethereum ETF rejection and the financial implications of its Bitcoin Trust's management fees are highlighted. The Ethereum Dencun upgrade's impact on ETH prices and gas fees, along with the competitive landscape of Bitcoin Spot ETFs, are also discussed.

Portfolio Pulse from Murtuza Merchant

May 13, 2024 | 3:25 pm

ENPH

MAXN

NOVA

RUN

SEDG

SPWR

Solar stocks are experiencing an uptick following reports that President Biden is considering implementing tariffs on Chinese electric vehicles (EVs) and solar panels. This move is perceived as potentially beneficial for US-based solar companies by reducing competition from cheaper Chinese imports.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 3:18 pm

DBC

USO

Upcoming inflation reports, the Producer Price Index (PPI) and Consumer Price Index (CPI), are expected to show slight increases, indicating potential inflationary pressures in the U.S. economy. The PPI report is particularly watched as a precursor to the CPI data, with predictions of a rise in the annual PPI rate to 2.2% in April from 2.1% in March. Commodity prices, influenced by geopolitical tensions and market volatility, especially oil as tracked by USO and a broader commodity basket by DBC, are significant factors that may drive a surge in PPI.

Portfolio Pulse from Piero Cingari

May 13, 2024 | 3:15 pm

AMD

BABA

BIDU

BOTZ

NVDA

SMH

Nvidia Corp is in the spotlight as Chinese regulators have instructed local tech firms to reduce reliance on U.S. AI chips, favoring domestic solutions. This includes major companies like ByteDance, Tencent, Alibaba, and Baidu. The U.S. has imposed restrictions on AI chip exports to China, affecting companies like Nvidia and AMD. Despite this, Nvidia and Intel are developing AI chips tailored for the Chinese market. Nvidia's stock has seen significant growth, and exposure to Nvidia can be gained through ETFs like VanEck Semiconductor ETF and Global X Robotics & Artificial Intelligence ETF.

Portfolio Pulse from Anusuya Lahiri

May 13, 2024 | 3:02 pm

FXI

MCD

McDonald's is actively cooperating with the local market regulator in China to investigate and verify reports of food issues, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 2:38 pm

ACB

CURLF

TLRY

Germany is advancing its cannabis legalization with plans to open cannabis shops for scientific purposes, while the UK sees higher than expected medical marijuana sales. German shops aim to assess cannabis's impact on health and the black market, with Cannamedical and Demecan leading in Germany's medical cannabis market. Aurora and Tilray are notable international players. The UK's medical marijuana market is growing rapidly, with high per-patient consumption rates. Curaleaf is a key distributor in the UK, where private clinics are expanding treatment options.

Portfolio Pulse from Nina Zdinjak

May 13, 2024 | 2:33 pm

EWY

FXI

South Korean Foreign Minister Cho has extended an invitation to China's Wang to visit South Korea, aiming to enhance economic cooperation, particularly in supply chain management. Additionally, Cho has urged China to contribute constructively to resolving North Korea's nuclear issues and expressed concerns over the forced repatriation of North Korean defectors, seeking China's cooperation on the matter.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 2:27 pm

FXI

SPY

U.S. Treasury Secretary Yellen emphasized the importance of maintaining economic engagement with China, advocating for an even playing field and targeted U.S. actions rather than broad measures. She acknowledged the possibility of a significant Chinese response and highlighted the use of tax revenues to reduce the deficit.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 2:26 pm

AAL

ALK

DAL

JBLU

LUV

SAVE

UAL

Major airlines, including American Airlines (AAL), Alaska Air Group (ALK), Delta Air Lines (DAL), JetBlue Airways (JBLU), Southwest Airlines (LUV), Spirit Airlines (SAVE), and United Airlines Holdings (UAL), have filed a lawsuit against the Biden administration over new fee disclosure rules. These rules require airlines to disclose upfront all fees related to baggage, changes, and cancellations. The airlines argue that these regulations are overly burdensome and could harm their business operations.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 2:25 pm