Streetbeat News

Regulatory

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares are trading higher, up more than 5% over the past five days. Key developments include plans to develop a self-driving system with data processed within China, approval to expand its Berlin gigafactory, and a 10% workforce reduction in Norway. Tesla shares are trading above the 50-day moving average but below the 52-week high.

Portfolio Pulse from Erica Kollmann

May 17, 2024 | 3:32 pm

SOLUSD

Solana-based meme coin platform Pump.Fun was exploited for $1.9M by a former employee using flash loans. The platform has halted trading, redeployed contracts, and pledged to repay users. The incident affected a small portion of the platform's total liquidity pool.

Portfolio Pulse from Murtuza Merchant

May 17, 2024 | 3:27 pm

BABA

PDD

ZTO

Shares of US-listed Chinese stocks are trading higher after China unveiled measures to support the property sector.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 3:14 pm

LCID

NIO

RIVN

TSLA

VFS

XPEV

J.P. Morgan projects a 20%-23% YoY growth in global EV sales for 2024, led by China-based companies like Nio, XPeng, and Li Auto. The focus is on battery innovation, fast charging, and cost reductions. U.S. tariffs on Chinese exports will impact material costs for U.S. EV makers like Tesla and Rivian.

Portfolio Pulse from Surbhi Jain

May 17, 2024 | 3:05 pm

CBSTF

CGC

TCNNF

President Joe Biden's announcement to reschedule marijuana from a Schedule I to a Schedule III drug under federal law is seen as a significant milestone for the cannabis industry. Shavo Odadjian, founder of 22Red, and other industry leaders like David Klein (Canopy Growth) and Kim Rivers (Trulieve) have expressed optimism about the move, which is expected to alleviate tax burdens and foster industry growth.

Portfolio Pulse from Javier Hasse

May 17, 2024 | 2:48 pm

BABA

KWEB

PDD

China's government has introduced aggressive measures to rescue its struggling property market, including easing mortgage regulations and urging local governments to purchase unsold homes. This has led to a rally in Chinese stocks and commodities, with significant gains for real estate developers and tech stocks. Copper prices also hit all-time highs.

Portfolio Pulse from Piero Cingari

May 17, 2024 | 2:37 pm

SPY

VGK

Treasury Secretary Janet Yellen will discuss with European banks and G7 colleagues ways to cut off financing from Russia and tighten sanctions. G7 countries are progressing towards a consensus on a plan to use Russian assets to provide more money to Ukraine. Yellen will deliver remarks in Frankfurt on the importance of the transatlantic alliance, disrupting Russia's war machine, and developing clean energy.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 2:34 pm

SPY

VGK

Treasury Secretary Janet Yellen aims to reach a consensus with G7 finance officials on a plan for Russian assets ahead of the G7 summit in June. Additionally, Yellen will discuss the need to address China's excess industrial capacity in key sectors and new U.S. tariffs on electric vehicles (EVs), solar, and semiconductors at the G7 meeting.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 2:34 pm

SPY

VGK

U.S. Treasury Secretary Janet Yellen will travel to the G7 Finance Meeting in Italy next week, with a stop in Frankfurt, Germany. At the G7 meeting, she will discuss proposals to expedite future proceeds from frozen Russian assets to provide more financial aid to Ukraine.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 2:33 pm

ACB

AKAN

CGC

TLRY

Akanda Corp. (NASDAQ:AKAN) shares are trading higher amid increased volatility in marijuana stocks following President Biden's announcement that the Department of Justice is taking steps to reclassify marijuana from a Schedule I to a Schedule III substance. Major players like Canopy Growth Corporation (NASDAQ:CGC), Aurora Cannabis Inc. (NASDAQ:ACB), and Tilray Brands, Inc. (NASDAQ:TLRY) also saw their shares rise on the news.

Portfolio Pulse from Erica Kollmann

May 17, 2024 | 2:19 pm