Streetbeat News

Regulatory

SPY

Fed's Bowman highlighted the current restrictive stance of the Fed's monetary policy, expressing uncertainty about continued supply-side improvements reducing inflation. She pointed out risks such as strong consumer demand, increased immigration, and a tight labor market potentially maintaining high core services inflation. Additionally, new immigrants in areas with scarce affordable housing could elevate rents, and geopolitical developments pose an inflationary risk.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:48 pm

SPY

Fed's Bowman stated her baseline outlook is for further inflation decline with the policy rate held steady, but she is open to raising the federal funds rate if inflation progress stalls or reverses. She acknowledges upside inflation risks and will closely monitor data to assess monetary policy.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:48 pm

DJT

Trump Media & Technology Group's shares have declined following reports that the SEC has charged its audit firm with fraud. This development raises concerns about the company's financial oversight and could impact investor confidence.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:37 pm

CGC

Canopy Growth Corporation (CGC) has announced a financing deal with an institutional investor to receive approximately $50 million in gross proceeds and exchange about $20 million of existing debt for a new convertible debenture. The deal includes issuing additional common share purchase warrants and aims to use the proceeds for working capital and general corporate purposes. This move is part of Canopy's strategy to accelerate its entry into the U.S. market, following shareholder approval for the spin-out of Canopy USA.

Portfolio Pulse from Jelena Martinovic

May 03, 2024 | 1:31 pm

DJT

The SEC has charged audit firm BF Borgers and its owner with committing a massive fraud that impacted over 1,500 SEC filings. The allegations suggest that the firm and its owner engaged in deceptive practices that significantly affected the integrity of financial disclosures and compliance with SEC regulations. This case highlights the importance of audit quality and the potential consequences of audit failures on the broader financial reporting ecosystem.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:27 pm

LYFT

UBER

The Massachusetts Supreme Court is deliberating on whether Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) drivers should be classified as independent contractors or employees, a decision that could significantly impact the companies' business models and financial liabilities. This case is part of a larger national debate on gig workers' rights, with implications for the gig economy at large. The outcome could affect Uber and Lyft's operations and costs, especially as they face a civil lawsuit for misclassification of drivers and potential changes in employment classification rules by the U.S. Department of Labor.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 1:15 pm

CSSE

Chicken Soup For The Soul Entertainment (CSSE) has indicated in an SEC filing that it may be forced to seek bankruptcy protection under U.S. law due to its financial difficulties.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:05 pm

FCOM

GOOG

GOOGL

VOX

Alphabet Inc (GOOG, GOOGL) is contesting Epic Games' proposed changes to the Play Store's operations amid an antitrust dispute. Epic's suggestions aim to open up app downloads and in-app transaction flexibility, which Google argues could harm consumer privacy and security. A jury previously sided with Epic, finding Google's practices anti-competitive. Google also highlights a recent settlement offering alternative billing options, questioning the need for Epic's injunction. The case's next hearing is scheduled for May 23. Meanwhile, Alphabet's growth is supported by its advancements in AI, cloud, and advertising, with analysts recommending Alphabet stocks trade at a premium.

Portfolio Pulse from Anusuya Lahiri

May 03, 2024 | 12:59 pm

RIVN

Rivian has committed to retaining at least 6,000 full-time jobs in Illinois as part of a new project, according to an SEC filing. If Rivian fails to maintain this commitment, it will lose eligibility for tax credits in Illinois.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:37 pm

IYE

PXD

SEPLF

XLE

XOM

Exxon Mobil Corporation's (NYSE:XOM) $1.28 billion asset sale to Seplat Energy (OTC:SEPLF) is expected to receive regulatory approval in less than two weeks, ending a two-year delay. This approval from Nigeria's oil regulator could boost Nigeria's oil industry by injecting capital and improving oil output. Additionally, Exxon is nearing the closure of its $60 billion acquisition of Pioneer Natural Resources Co (NYSE:PXD). Investors can gain exposure to Exxon through the Energy Select Sector SPDR Fund (NYSE:XLE) and iShares U.S. Energy ETF (NYSE:IYE).

Portfolio Pulse from Lekha Gupta

May 03, 2024 | 12:28 pm