Streetbeat News

Regulatory

ARGT

BAR

BMA

GGAL

Elon Musk's endorsement of Argentine stocks on social media platform X has significantly boosted investor confidence in Argentine assets, particularly after President Javier Milei's election victory. The Global X MSCI Argentine ETF (ARGT) saw a 1% increase, marking its eighth gain in nine sessions and a 54% rally since Milei's victory. Argentine dollar-denominated bonds and shares in major Argentine banks like Banco Macro S.A. (BMA), Grupo Financiero Galicia S.A. (GGAL), and Banco BBVA Argentina S.A. (BAR) have also seen substantial gains. Additionally, Argentina's central bank cut the benchmark interest rate to 50% amid slowing inflation, and the IMF praised Argentina's economic stabilization efforts.

Portfolio Pulse from Piero Cingari

May 07, 2024 | 3:22 pm

EIS

ISRA

USO

Israeli Prime Minister Netanyahu has stated that Hamas' proposal does not meet Israel's essential demands, according to Reuters. This development could have implications for related US-listed assets.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:16 pm

TSLA

Tesla is temporarily shutting down production at its Grünheide factory for four days due to announced protests against its expansion plans. The company has instructed all employees to work from home during this period. The protests are centered around environmental concerns, particularly the clearing of a forest area for the factory's expansion. Tesla's expansion plans have faced resistance from local activists and the Grünheide Citizens' Initiative, despite CEO Elon Musk's commitment to proceed.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:15 pm

SPR

Spirit AeroSystems' CEO highlighted during a conference call that the company, along with other suppliers, is facing strain on its supply chain, posing both commercial and operational risks.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:12 pm

SPY

USO

The U.S. Energy Department has announced a solicitation for up to 3.3 million barrels of oil to replenish the Strategic Petroleum Reserve, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:07 pm

BA

Emirates CEO Sheikh Ahmed bin Saeed Al Maktoum expressed dissatisfaction with Boeing (NYSE:BA) over safety crises and delivery delays, as Boeing's CEO David Calhoun announces retirement amid these challenges. Despite frustrations, Emirates, Boeing's largest customer for widebody jets, has not indicated plans to cancel or switch its substantial orders to Airbus. Boeing faces its worst crisis since the 737 Max jet crashes, with recent audits revealing non-compliance in manufacturing quality control. Amidst this, Boeing's stock saw a slight decline.

Portfolio Pulse from Benzinga Neuro

May 07, 2024 | 2:35 pm

COIN

HOOD

SEC Chair Gary Gensler highlighted the disproportionate amount of fraud and scams in the crypto sector, emphasizing the need for robust regulatory oversight. He mentioned the SEC's litigation against Coinbase and discussed the implications for investors using platforms like Robinhood. Gensler's comments underscore the SEC's focus on protecting investors amid the rapid expansion of the crypto market.

Portfolio Pulse from Murtuza Merchant

May 07, 2024 | 2:30 pm

DUK

Duke Energy Florida has received approval from the Florida Public Service Commission to lower rates, effective June 2024, resulting in a nearly $6 monthly decrease for residential customers. This follows a previous reduction in January 2024. Commercial and industrial customers will also see a decrease between 3.5% and 7.0%. The company emphasizes its commitment to providing reliable and increasingly clean power, alongside offering energy efficiency programs to help customers manage their energy use.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 2:29 pm

ESPR

Esperion Therapeutics (NASDAQ:ESPR) reported a significant increase in first-quarter revenues, reaching $137.74 million, a 467% increase year-over-year, and surpassing consensus estimates of $84.51 million. The company also reported an EPS of $0.34, beating the consensus of $0.05 and marking a turnaround from a loss of $(0.79) a year ago. The revenue boost was attributed to U.S. net product revenue growth of 46% Y/Y and collaboration revenue of $113.0 million, driven by increased tablet sales and a settlement-related milestone payment. The FDA approved new label expansions for NEXLETOL and NEXLIZET tablets, and the company has initiated commercial initiatives to increase patient awareness. Esperion also began the technology transfer process for tablet manufacturing to Daiichi Sankyo Europe and authorized commercialization of a new triple formulation product. The company expects FY 2024 operating expenses to be between $225 million and $245 million. ESPR shares rose 5.20% to $2.23.

Portfolio Pulse from Vandana Singh

May 07, 2024 | 2:20 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) has exercised options to acquire cannabis brands Wana and Jetty, aiming to strengthen its position in the U.S. market. The acquisitions, contingent on regulatory approvals, will see Canopy USA owning Wana fully and holding a 75% stake in Jetty. These moves are expected to drive revenue growth and achieve cost synergies, especially as the DEA considers reclassifying cannabis, potentially easing business operations. CGC's stock was slightly up following the announcement.

Portfolio Pulse from Patricio Liddle

May 07, 2024 | 2:20 pm