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Regulatory

AKAN

IGC

IMCC

Cannabis-related stocks are experiencing an uptick in their trading values after reports emerged that the Drug Enforcement Administration (DEA) is considering reclassifying cannabis to a less restrictive drug category. This potential shift in regulatory stance is seen as a positive development for the cannabis industry, potentially easing some of the legal and operational challenges faced by companies within this sector.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 12:53 pm

ETHUSD

Patrick McHenry criticized SEC Chair Gary Gensler for not clarifying whether Ethereum (ETH) is considered a security, amid SEC investigations into its status. This debate has significant implications for the cryptocurrency market, with concerns over potential stifling of innovation and investment.

Portfolio Pulse from Murtuza Merchant

May 01, 2024 | 12:30 pm

ANNX

Annexon Biosciences will present additional Phase 2 clinical results of ANX007 from the ARCHER trial in Geographic Atrophy at ARVO 2024, including analyses on visual acuity and photoreceptor preservation. The data demonstrates ANX007's effectiveness in protecting visual acuity and anatomical structure. Additionally, new preclinical data on C1q's role in photoreceptor synapse elimination and its blockade's protective effects will be presented.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 12:27 pm

PLUG

Plug Power, Inc. (NASDAQ:PLUG) has secured the first international safety and performance certification for electrolyzer manufacturing in Korea, enabling commercial sales in the market. This milestone was achieved through a collaboration with SK E&S and marks Plug Power as a first mover in the Korean PEM electrolyzer market. The certification covers the EX425D, a 1 MW PEM electrolyzer. Additionally, Plug Power announced two new contracts for Basic Engineering and Design Packages in Europe and the U.S., further expanding its global footprint.

Portfolio Pulse from Nabaparna Bhattacharya

May 01, 2024 | 12:10 pm

TSLA

XPEV

XPeng Inc's CEO Xiaopeng He welcomed Tesla Inc's entry into China with its full self-driving (FSD) software, viewing it as a positive development for the smart EV industry. He believes large AI models, like Tesla's FSD, will propel the industry forward by enabling autonomous driving within three years. XPeng is also advancing its own autonomous driving technology, XNGP, which is being tested in Europe and is available in 259 cities in China. Tesla has partnered with Baidu Inc for navigation data in China, indicating compliance with local data security requirements.

Portfolio Pulse from Anan Ashraf

May 01, 2024 | 11:47 am

VMAR

Vision Marine Technologies announced the filing of a patent application for a new method and apparatus to control the cooling water system of electric marine vessels. This innovation could enhance the efficiency and reliability of electric marine propulsion systems.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 11:33 am

MRK

Merck announced that its Phase 3 KEYNOTE-811 trial of Keytruda met its dual primary endpoint of overall survival as a first-line treatment of HER2-positive advanced gastric or gastroesophageal junction adenocarcinoma. This marks a significant advancement in the treatment of this cancer type.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 11:17 am

EL

Estée Lauder Companies projects a decrease in FY24 net sales by 2-3% and organic net sales by 1-2%. Adjusted EPS is forecasted between $2.14 and $2.24, below the $2.25 estimate. Factors include currency headwinds, increased net interest expense, and potential disruptions in the Middle East. Adjusted diluted net earnings per share are expected to decrease by 33-36% on a constant currency basis.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 10:54 am

EL

Estée Lauder Companies (EL) provided a Q2 outlook with adjusted EPS of $0.18 to $0.28, below the $0.75 estimate, and expects revenue growth of 5% to 9%. The company anticipates a 1% headwind from foreign currency translation and projects organic net sales growth of 6% to 10%. Reported diluted EPS is forecasted between $.11 and $.22, with adjustments for restructuring and other charges. The outlook includes potential risks from business disruptions in Israel and the Middle East, impacting earnings by $.03 per share.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 10:52 am

AMD

QQQ

SPY

Wall Street is expected to open lower due to AMD's disappointing earnings, impacting the tech sector and broader market. However, the Federal Reserve's interest rate decision and Chairman Jerome Powell's press conference could influence the market's direction. Analysts see the April market pullback as a correction, setting the stage for a potential summer rally. Premarket trading saw SPDR S&P 500 ETF Trust and Invesco QQQ ETF decline. Economic data and bond yields have pressured stocks, with major indices ending lower in the previous session. Analysts anticipate Powell's guidance on rate outlook and expect a summer rally, considering it's an election year.

Portfolio Pulse from Shanthi Rexaline

May 01, 2024 | 10:44 am