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Regulatory

AIQ

KSA

Saudi Arabia's need for data centers and semiconductors, described as the 'new oil,' is driving it toward a historic pact with the U.S., potentially offering security guarantees and a pathway to diplomatic ties with Israel. The U.S. could leverage this need, given its control over semiconductor exports, as Saudi Arabia plans to build 60 data centers and has already invested in thousands of Nvidia's H100 chips for AI applications. The iShares MSCI Saudi Arabia ETF (KSA) and the Global X Artificial Intelligence & Technology ETF (AIQ) saw slight declines in their recent trading sessions.

Portfolio Pulse from Shanthi Rexaline

May 02, 2024 | 11:08 am

AAPL

CHRW

QQQ

SPY

Nasdaq and S&P 500 futures rise ahead of Apple's earnings report, indicating a positive market outlook post-Federal Reserve's rate decision. Analysts highlight potential market risks and the impact of economic data on future Fed actions. Premarket trading sees significant movements in stocks based on earnings reports, with notable companies set to report throughout the day.

Portfolio Pulse from Shanthi Rexaline

May 02, 2024 | 10:52 am

CC

Chemours announced it will discontinue U.S. sales of Freon products 404A and 507 by May 2, 2024, to comply with regulatory requirements under the AIM Act and Canada's ODSHAR, aiming to phase down hydrofluorocarbons (HFCs).

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 10:49 am

NIO

Global markets showed mixed results with the U.S. stock markets closing mixed after the Federal Reserve held interest rates steady. U.S. private employers added 192,000 jobs in April, and the ISM manufacturing PMI indicated a contraction. Energy stocks in the S&P 500 saw the biggest drop, while utilities gained. Asian markets were mixed, with notable gains in Hong Kong shares of Chinese electric vehicle makers like Nio Inc after strong April delivery numbers. European markets were mostly down, and commodities saw crude oil trading higher.

Portfolio Pulse from Akanksha Bakshi

May 02, 2024 | 10:49 am

AULT

Ault Alliance announced it has regained compliance with NYSE American continued listing standards, indicating improved financial or operational metrics that meet the exchange's requirements.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 10:40 am

WISA

WiSA Technologies has successfully regained compliance with the Nasdaq's minimum bid price requirement, ensuring its continued listing on the exchange. This comes after the company's stock price remained at or above the required minimum bid price threshold.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 10:15 am

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares are experiencing an uptick in premarket trading on Thursday, following a significant drop of 21.9% in the previous session. The increase comes after the company announced a partnership with Pritchard EV to expand its U.S. dealer network, aiming to enhance its commercial EV lineup's reach across the country. This collaboration will allow Pritchard EV to offer Mullen's Commercial EV models, including the Mullen ONE and Mullen THREE, to customers nationwide. Additionally, Mullen highlighted the recent CARB certification for its 2025 Mullen THREE model, emphasizing the vehicle's readiness for delivery and the availability of incentives for electrifying commercial fleets.

Portfolio Pulse from Nabaparna Bhattacharya

May 02, 2024 | 9:50 am

CTLT

LLY

NVO

Novo Nordisk A/S (NVO) is experiencing a significant increase in U.S. patients starting on its weight-loss drug, Wegovy, despite facing supply constraints and competition from Eli Lilly & Co. (LLY). Wegovy sales more than doubled in the first quarter, reaching $1.35 billion, although this was below analysts' expectations. Novo Nordisk is doubling its manufacturing investment to $6.4 billion, not including an $11 billion acquisition of factories from Catalent Inc. (CTLT). The company is also expanding Wegovy's market to Japan and expects sales and operating profit to surge by up to 27% and 30%, respectively, this year. However, pricing pressures and regulatory challenges in the U.S. and Denmark are affecting the company.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 9:48 am

TSLA

Tesla Inc (NASDAQ:TSLA) received over $17 million in federal grants for EV charging infrastructure before announcing layoffs within its supercharger team and scaling back its deployment goals. Despite the cutbacks, experts believe Tesla's involvement in the charging network is beneficial due to its expertise. The company plans to continue expanding its supercharger network, albeit at a slower pace, after laying off 10% of its workforce to focus on vehicle autonomy.

Portfolio Pulse from Anan Ashraf

May 02, 2024 | 7:50 am

VRNA

Verona Pharma announced plans to present additional analyses of Phase 3 ENHANCE studies on ensifentrine for COPD at ATS 2024, with a PDUFA target action date of June 26, 2024. The presentations will include eight posters and two oral sessions, highlighting ensifentrine's potential as a first-in-class dual inhibitor of PDE3 and PDE4.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:44 am