Streetbeat News

Regulatory

YTEN

Yield10 Bioscience has filed a Form RW with the SEC, indicating that its registration statement is not yet effective, and confirms that no securities have been sold according to the filing.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 3:44 pm

MULN

Mullen Automotive Inc (NASDAQ:MULN) announced it has been granted Foreign Trade Zone status for its Mississippi manufacturing center by the U.S. Department of Commerce, offering significant financial benefits including duty deferments and exemptions. This approval is expected to enhance Mullen's competitive position by improving cash flow and reducing operational costs. The announcement follows a series of positive developments for Mullen, including a partnership with National Auto Fleet Group and a service agreement through its subsidiary Bollinger Motors, contributing to a 19% stock rally on Wednesday.

Portfolio Pulse from Adam Eckert

May 09, 2024 | 3:07 pm

UAL

The U.S. Office of Inspector General for the Department of Transportation will audit the FAA's oversight of United Airlines' maintenance operations, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:46 pm

ABNB

ARM

NVDA

SFTBY

ARM Holdings PLC - ADR (NASDAQ:ARM) reported Q4 earnings with a significant year-over-year revenue increase but saw a stock price drop due to earnings not meeting the high whisper numbers. The article also discusses broader market trends, including jobless claims, Bank of England's interest rate decisions, and early trade money flows in major tech stocks and ETFs. It highlights the importance of protection bands for investors and mentions The Arora Report's successful AI and market trend predictions.

Portfolio Pulse from The Arora Report

May 09, 2024 | 2:41 pm

BTC-USD

ETH-USD

Analyst Benjamin Cowen has indicated that Ethereum's (ETH) future performance is closely tied to Bitcoin's (BTC) movements, suggesting that any potential rise in ETH's value would likely result from significant gains in BTC. Cowen also highlighted the ETH/BTC pair's historical tendency to decline in most scenarios and mentioned the potential negative impact of monetary policy on Ethereum, especially concerning the rejection of a spot ETF.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 2:29 pm

BIDU

BYDDF

FDIS

TSLA

XLY

Tesla Inc (NASDAQ:TSLA) is undergoing further job cuts in China amid challenges to regain market share in the face of stiff competition and a global slump in EV demand. The layoffs, part of a global initiative to reduce headcount by over 10%, affect various departments at Tesla's Shanghai plant. This comes as Tesla's market share in China drops to 7.5% in Q1 2024 from 10.5% the previous year, despite securing preliminary approval for its driver-assistance system in China. Tesla's stock is trading lower by 0.4% at $173.93.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 2:03 pm

MSFT

OpenAI has introduced new AI tools for detecting images generated by its DALL-E AI image generator, including an advanced image detection classifier and watermarking techniques for audio content. These developments aim to authenticate AI-generated content amidst rising concerns over misinformation, especially with upcoming elections worldwide. Microsoft Corp. (NASDAQ:MSFT), a backer of OpenAI, is involved in these advancements. The tools are designed to trace AI-generated content accurately, even after modifications, although their effectiveness varies with content from other AI models.

Portfolio Pulse from Kaustubh Bagalkote

May 09, 2024 | 2:01 pm

BTCUSD

Crypto trader Altcoin Sherpa warns of mid-term bearish cases for Bitcoin, citing a rounded top formation, extended consolidation period, and different market structure compared to 2020. Despite potential drops to the $40,000-$50,000 range leading to significant market impacts, he remains bullish on Bitcoin's long-term prospects, suggesting a possible mania phase in Q4 2024. Factors like ETF inflows, macro conditions, and U.S. elections could influence market dynamics differently this cycle.

Portfolio Pulse from Khyathi Dalal

May 09, 2024 | 1:52 pm

EWU

The Bank of England (BoE) maintained interest rates at 5.25%, with a 7-2 vote split. Despite this, Governor Andrew Bailey signaled potential rate cuts in the coming quarters, more than market expectations, based on projections of declining inflation to below the 2% target within three years. This dovish stance suggests a shift in monetary policy, with a rate cut possibly as early as June. The British pound stabilized, while policy-sensitive yields fell, indicating market anticipation of a rate cut. UK stocks, including those tracked by the iShares MSCI United Kingdom ETF (EWU), saw gains.

Portfolio Pulse from Piero Cingari

May 09, 2024 | 1:42 pm

CVNA

EBIZ

IBUY

Carvana Co. (NYSE:CVNA) shares are trading slightly lower despite the company sharing positive news. The National Highway Traffic Safety Administration (NHTSA) affirmed the legality of electronic signatures on physical odometer disclosure documents. Earlier in the month, Carvana reported a significant improvement in its Q1 2024 results, with a 16% year-over-year growth in retail units and a substantial increase in adjusted EBITDA. The company expects further growth in the coming quarter. CVNA stock has seen over an 855% increase in the past year. Investors can also gain exposure to Carvana through the Global X E-Commerce ETF (NASDAQ:EBIZ) and Amplify Online Retail ETF (NYSE:IBUY).

Portfolio Pulse from Nabaparna Bhattacharya

May 09, 2024 | 1:42 pm