Streetbeat News

Regulatory

BNO

USO

Oil prices are declining due to concerns over the US economy and optimism for a ceasefire between Israel and Gaza.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 7:18 pm

TSLA

VCR

BofA Securities analyst John Murphy reiterated a Buy rating on Tesla Inc (NASDAQ:TSLA) with a $220 price target, citing breakthroughs in China, including approval to launch Full Self-Driving (FSD) technology, as key near-term catalysts. The approval could significantly boost Tesla's revenue and margins in China, the world's largest automotive market. Murphy estimates that FSD could add around $0.5 billion in annual revenue with a gross margin over 70%, potentially increasing to $2.3 billion in annual earnings by 2030. Despite competition, these developments could enhance Tesla's market position in China.

Portfolio Pulse from Anusuya Lahiri

April 30, 2024 | 7:09 pm

MSOS

The U.S. DEA plans to reclassify marijuana as a Schedule III drug, a move that could ease research restrictions and change enforcement practices. This proposal is under review by the White House OMB, with public comments to be invited soon. Cannabis stocks, particularly the AdvisorShares Pure U.S Cannabis ETF (NYSE:MSOS), surged by almost 22% in response, reflecting investor optimism about the future of the cannabis industry. Congressman Earl Blumenauer expressed support, highlighting the shift towards recognizing the medical benefits of cannabis and the inevitability of legalization.

Portfolio Pulse from Javier Hasse

April 30, 2024 | 6:55 pm

ACB

CURLF

GTBIF

MSOS

TLRY

Cannabis stocks and ETFs experienced significant gains following the DEA's decision to consider rescheduling marijuana from Schedule I to Schedule III, indicating a potential shift in regulatory stance and acknowledging its medical use. This move has sparked optimism among investors about the future of the cannabis industry.

Portfolio Pulse from Jelena Martinovic

April 30, 2024 | 6:43 pm

ETH-USD

The EigenLayer airdrop, distributing 45% of its 1.67 billion tokens, has sparked excitement and criticism due to its phased rollout, initial non-transferability, and exclusion of certain countries including the U.S. and Canada. The complexity of the tokenomics and exclusion of VPN users have also been contentious points. Despite these issues, the platform's total value remains strong, but recent developments have led to a significant withdrawal of funds. Industry experts suggest future airdrops may prioritize transparency and include anti-Sybil protections.

Portfolio Pulse from Murtuza Merchant

April 30, 2024 | 6:09 pm

MSOS

The DEA plans to reclassify marijuana as a less dangerous drug, potentially moving it to Schedule III, acknowledging its medical uses and lower abuse potential. This historic policy shift, pending review by the White House Office of Management and Budget and public comment, has led to a sharp increase in cannabis stocks, notably the AdviserShares Pure U.S Cannabis ETF (MSOS), which surged 22.8%.

Portfolio Pulse from Maureen Meehan

April 30, 2024 | 5:50 pm

IWM

LLY

TSLA

UUP

WBD

Stocks fell sharply on Tuesday amid fears of a hawkish pivot by the Federal Reserve, with major indices and several stocks experiencing significant declines. The S&P 500, Nasdaq 100, and iShares Russell 2000 ETF saw notable drops. Economic data indicating a rise in the employment cost index and a drop in consumer confidence added to the concerns. Treasury yields rose following comments from U.S. Treasury Secretary Janet Yellen, and the Invesco DB USD Index Bullish Fund ETF saw gains. Gold and Bitcoin fell sharply. Several companies moved on earnings reports and other news, including Tesla, Eli Lilly, and Warner Bros. Discovery.

Portfolio Pulse from Piero Cingari

April 30, 2024 | 5:35 pm

SPY

U.S. Treasury Secretary Yellen expressed confidence that shelter inflation is highly likely to decrease in the next year, indicating potential easing of inflationary pressures.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:33 pm

ACB

CGC

TLRY

Cannabis stocks are experiencing an uptick after reports surfaced that the DEA is considering reclassifying marijuana to a less restrictive drug category. This potential shift suggests a more favorable regulatory environment for cannabis companies, potentially increasing their market opportunities and reducing legal barriers.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:10 pm

RMAX

SPY

U.S. Treasury Secretary Janet Yellen highlighted the challenges faced by first-time homebuyers in the current market, describing it as 'almost impossible' for them to purchase homes. This statement underscores the broader issues within the housing market, potentially affecting related stocks and ETFs.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:10 pm