Streetbeat News

Regulatory

SPY

The Federal Trade Commission (FTC) has announced a new rule that bans noncompete clauses, which could significantly impact the labor market and potentially affect the competitiveness and operational strategies of companies across various sectors. This rule may lead to increased mobility of skilled workers and could influence innovation and competition dynamics.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:22 pm

NVS

The FDA has approved Novartis AG's Lutathera for pediatric patients 12 years and older with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs), marking it as the first therapy specifically approved for this demographic. This approval is based on the NETTER-P trial, which showed a safety profile consistent with the adult population. Lutathera is already approved in the US for adults with SSTR-positive GEP-NETs and has approvals in Europe and Japan for similar indications. Following this news, NVS shares rose by 2.29% to $97.30.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:05 pm

AAPL

SPOT

Spotify Technology S.A. (NYSE:SPOT) reported record first quarter earnings, surpassing both top and bottom estimates with a 20% YoY revenue increase to 3.64 billion euros and earnings of 97 euro cents per share. The company achieved these results through cost-cutting measures, including layoffs, which led to significant margin improvements. Spotify ended the quarter with 615 million monthly active users, a 19% YoY increase, and 239 million subscribers, up 14% YoY. For the next quarter, Spotify expects 16 million net new MAUs and a gross margin improvement to 28.1%. Additionally, the EU sided with Spotify in its antitrust battle against Apple Inc (NASDAQ:AAPL), fining Apple $1.95 billion for distorting music streaming competition.

Portfolio Pulse from Upwallstreet

April 23, 2024 | 6:58 pm

SPY

USO

The Pentagon has urged the Iraqi government to take all necessary measures to protect U.S. forces stationed in the country, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:54 pm

AMD

BOTZ

NVDA

SMH

Advanced Micro Devices, Inc (AMD) and Nvidia Corp (NVDA) stocks rose on Tuesday, recovering from last Friday's selloff triggered by concerns over U.S. Federal Reserve rate cuts and geopolitical tensions. Reports of Chinese companies circumventing U.S. embargoes to procure Nvidia chips have surfaced. Analysts predict Nvidia's dominance in the AI accelerator market, while AMD's new product launches and the Xilinx acquisition are expected to drive growth. Both stocks have seen significant gains over the past year, with exposure to Nvidia also available through ETFs like VanEck Semiconductor ETF (SMH) and Global X Robotics & Artificial Intelligence ETF (BOTZ).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 6:49 pm

NVS

Novartis has received FDA approval for Lutathera, the first medicine specifically designed for pediatric patients with gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The approval is based on the NETTER-P trial, which showed Lutathera has a consistent safety profile and comparable drug exposure between pediatric and adult patients. GEP-NETs are a rare, often late-diagnosed cancer. Novartis is expanding its radioligand therapy portfolio to treat various cancers, including lung, prostate, breast, and more.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:15 pm

UNH

UnitedHealth Group CEO, Andrew Witty, is scheduled to attend a U.S. Senate Committee on Finance hearing on April 30, 2024, to discuss the Change Healthcare cyber attack and its implications for the future of healthcare cybersecurity.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:13 pm

META

Meta Platforms Inc (NASDAQ:META) is set to report its Q1 earnings with high expectations from analysts, projecting a significant year-over-year revenue and EPS increase. Analysts anticipate a challenging quarter ahead due to tougher YoY comparisons, European regulations, and the impact of China-based advertisers. The company's advancements in AI and potential for a 'first mover advantage' in generative AI are highlighted as key factors to watch. Shares of META have seen a substantial increase, up over 130% in the last year.

Portfolio Pulse from Chris Katje

April 23, 2024 | 6:13 pm

CRM

FEPI

INFA

MRAD

Salesforce Inc (NYSE:CRM) is advocating for increased environmental regulation on AI, emphasizing the need for standardized emissions reporting due to the technology sector's high energy usage. The company announced its intention to push for legislation that mandates AI emissions disclosure. Additionally, Salesforce ended acquisition talks with Informatica Inc (NYSE:INFA) due to disagreements on merger terms. Salesforce stock has seen a 41% gain in the last 12 months, with exposure available through ETFs like FEPI and MRAD.

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 5:36 pm

DJT

Trump Media & Technology Group's shares are facing volatility, with recent declines attributed to concerns over suspected short-selling activity, as indicated in a letter to Nasdaq, and the ongoing legal cases involving Donald Trump.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 5:08 pm