Streetbeat News

Regulatory

AMZN

BABA

DXYZ

MSFT

Four Chinese AI startups, Zhipu AI, Moonshot AI, MiniMax, and 01.ai, have reached unicorn status, challenging US giants like OpenAI and Anthropic, backed by Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) respectively. These startups, supported by domestic giants including Alibaba (NYSE:BABA), have seen valuations soar to over $1 billion each. Despite US restrictions on chip exports, these companies have secured necessary resources to continue their growth. Additionally, the US and China are set to hold high-level AI talks, amidst a backdrop of significant price cuts by Alibaba for its cloud services.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 9:23 am

CVNA

DASH

QCOM

U.S. stocks rose with the Dow Jones gaining over 300 points as investor sentiment improved, despite the CNN Money Fear and Greed index indicating a continued state of 'Fear'. The Federal Reserve held interest rates steady, while economic data showed a slight narrowing of the trade deficit and unchanged jobless claims. QUALCOMM, DoorDash, and Carvana saw significant stock movements after their earnings reports. The S&P 500 and Nasdaq also posted gains, with most sectors up except materials and health care. Upcoming earnings include American Axle, Hershey, and Fluor.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 7:18 am

AAPL

Apple Inc. CEO Tim Cook criticized the DOJ's antitrust lawsuit against the company, calling it 'misguided' and vowing to fight it without letting it become a distraction. This comes as Apple reports strong second-quarter 2024 earnings. The DOJ alleges Apple's practices restrict competition by limiting technology access and compatibility, a claim Apple refutes, arguing the lawsuit threatens its principles and sets a dangerous precedent.

Portfolio Pulse from Ananya Gairola

May 03, 2024 | 5:29 am

SQ

VUZI

Block Inc. (NYSE:SQ) CEO Jack Dorsey addressed a potential DOJ investigation into Bitcoin transactions linked to sanctioned countries during the company's Q1 earnings call. Dorsey highlighted the company's proactive compliance measures, including a thorough review of transactions, real-time screening with blockchain analytics, and maintaining restrictive withdrawal limits. Despite facing scrutiny over allegations of processing transactions for terrorists, Block Inc. reported strong Q1 earnings, leading to a 7.80% surge in after-hours trading. Dorsey also mentioned new features for Square merchants and developments in Bitcoin mining.

Portfolio Pulse from Kaustubh Bagalkote

May 03, 2024 | 3:30 am

AAPL

Apple, Inc. (AAPL) reported fiscal year 2024 Q2 results surpassing expectations, leading to a 7%+ stock price rally. The positive outcome was attributed to earnings in line with forecasts, optimistic June quarter revenue guidance by CEO Tim Cook, a smaller-than-expected decline in China sales, and a massive $110 billion buyback program. CFO Luca Maestri confirmed the guidance, expecting single-digit revenue growth despite forex impacts, and projected double-digit Services revenue growth. Apple plans to integrate generative AI into its products and expand into new markets, while the DOJ probe remains an overhang.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 2:02 am

BTCUSD

Bitcoin analyst Michael van de Poppe expresses a bullish outlook on Bitcoin as the Federal Reserve begins unwinding Treasury buybacks, a move he interprets as a response to worsening economic data and increased recession risks. He advises long-term investments in Bitcoin, anticipating quantitative easing. The cryptocurrency market is experiencing significant fluctuations, with Bitcoin trading at $59,009, a slight decline but up 33.59% since the year's start.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 1:45 am

AFYA

Afya Limited (NASDAQ:AFYA) has announced the acquisition of Unidom Participações S.A., including Unidompedro and Faculdade Dom Luiz, for R$660 million, adding 300 operational medical school seats in Brazil. The acquisition is structured with a mix of cash and installment payments, subject to the maintenance of seat authorizations. Afya expects an EV/EBITDA of 4.2x post-synergies, with significant revenue growth projected from the Medicine course by 2027. The deal's closure is contingent on antitrust regulator approval.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:44 pm

HRL

Hormel Foods has initiated a voluntary Class 1 recall for a limited number of PLANTERS 4 oz. Honey Roasted Peanuts and 8.75 oz. Deluxe Lightly Salted Mixed Nuts. These products were distributed to two retail locations across five states.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:22 pm

KIDS

OrthoPediatrics Corp. (NASDAQ:KIDS) announced receiving the FDA's "Breakthrough Device" designation for its eLLi Growing Rod System, aimed at treating Early Onset Scoliosis (EOS). This designation expedites the development and review of medical devices that offer more effective treatments for life-threatening or irreversibly debilitating diseases. The eLLi system provides a non-invasive means to extend growing rods with increased force, enhanced mechanical reliability, and superior distraction precision, addressing safety concerns of current technologies.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:12 pm

SPPL

SIMPPLE LTD. (NASDAQ:SPPL), a PropTech company, received a Nasdaq notification for not meeting the minimum bid price requirement. The company has until October 23, 2024, to regain compliance or face potential delisting. SIMPPLE is exploring options to address this issue and intends to regain compliance within the given timeframe.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:12 pm