Streetbeat News

Regulatory

BIDU

TSLA

Wells Fargo analyst comments on Tesla's recent approval for Full Self-Driving (FSD) in China, stating the news is overdone. The approval was positively influenced by Tesla's partnership with Baidu, which eased China regulators' concerns over data security. However, the economic and data sharing details of the partnership between Tesla and Baidu remain unclear.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 4:47 pm

META

Meta shares are trading lower following reports that the EU will open a probe into the company's handling of disinformation.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 4:41 pm

CMG

JACK

MCD

SHAK

California's minimum wage increase for fast-food workers has led to menu price hikes across the state, with chains like Chipotle, McDonald's, Jack in the Box, and Shake Shack planning to raise prices. This follows a mandated rise in hourly pay to $20 by April, causing a statewide average price increase of 10%, outpacing other regions. Chipotle reported a 6% to 7% price increase at its California locations.

Portfolio Pulse from Shivani Kumaresan

April 29, 2024 | 4:33 pm

CLVR

Clever Leaves Holdings Inc (NASDAQ:CLVR) stock plummeted by 62% to $1.56 after announcing its decision to voluntarily delist from Nasdaq and deregister its securities, citing potential non-compliance with listing requirements, personnel resources, and high regulatory costs. The last trading day on Nasdaq is expected to be around May 16, with deregistration effective 90 days post filing.

Portfolio Pulse from Henry Khederian

April 29, 2024 | 4:33 pm

AAPL

BIDU

TSLA

Tesla's stock jumps $20 on China's in-principle approval of Full Self Driving, partnering with Baidu, lifting both TSLA and AAPL stocks. Apple's risk in China is reduced, but faces increased regulatory pressure in Europe. Japan's forex intervention boosts market sentiment. Early trade money flows are positive for AAPL, AMZN, TSLA; neutral for MSFT, NVDA; negative for GOOG, META; mixed for SPY, QQQ. Gold, oil, and bitcoin markets are also discussed, with investment strategies suggested.

Portfolio Pulse from The Arora Report

April 29, 2024 | 4:28 pm

BHP

VALE

Brazilian authorities are pressing Vale and BHP to increase their settlement offer for the Mariana disaster to 137 billion reais. A final deal is expected in the first half of 2024, according to the Minas Gerais state top prosecutor.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 4:17 pm

XFOR

The FDA has approved X4 Pharmaceuticals Inc's (NASDAQ:XFOR) Xolremdi (mavorixafor) for patients 12 and older with WHIM syndrome, marking it as the first therapy for this rare immunodeficiency disorder. The approval is based on Phase 3 trial results showing significant improvements in neutrophil and lymphocyte counts and a reduction in infections. X4 Pharmaceuticals has also received a Rare Pediatric Disease Priority Review Voucher and set the annual cost of Xolremdi at $496,400 for patients over 50 kg and $372,300 for those 50 kg or under. Analysts predict the therapy could generate $54.6 million in sales by 2024, potentially growing to $450.9 million by 2027.

Portfolio Pulse from Vandana Singh

April 29, 2024 | 4:10 pm

TSLA

TSLT

VCR

The U.S. Supreme Court declined to review Elon Musk's appeal against a 2018 SEC settlement, which involved a $20 million fine for Musk and Tesla over misleading tweets about privatizing Tesla. The court's decision upholds the settlement, including the pre-approval mandate for Musk's social media posts. Despite the legal setback, Tesla's stock has seen significant gains, and investors can also gain exposure through ETFs like VCR and TSLT.

Portfolio Pulse from Shivani Kumaresan

April 29, 2024 | 3:58 pm

EWJ

The Bank of Japan intervened in the foreign exchange market to support the weakening yen, causing it to recover significantly against the dollar. This intervention led to a dip in the Nikkei 225 index, negatively impacting Japanese equities, including those tracked by the iShares MSCI Japan Index Fund (EWJ) and affecting companies like Toyota Motor Co. (TM) which benefit from a weaker yen for competitive pricing in international markets.

Portfolio Pulse from Piero Cingari

April 29, 2024 | 3:41 pm

NVO

The FDA has announced that Novo Nordisk's Wegovy, an injection with a dosage of 1.7 mg/.75 ml (NDC 0169-4517-14), is now available. This news was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:34 pm