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UPS

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UPS and FedEx face challenges in transitioning to electric delivery vehicles due to U.S. supply uncertainties, including battery shortages and financial issues among electric van startups. This shift is part of their effort to align with environmental goals and U.S. President Joe Biden's climate objectives. Concerns about the sustainability of electric van suppliers and the loss of California incentives, which previously helped offset the high costs of EVs, complicate their efforts. UPS remains committed to incorporating EVs and eco-friendly vehicles, while FedEx explores lower-emission trucks. Manufacturers like Arrival SA and Lightning Emotors Inc face financial difficulties, impacting their ability to supply vehicles.

Portfolio Pulse from Shivani Kumaresan

April 26, 2024 | 1:23 pm

AAPL

AMD

BABA

INTC

NVDA

Huawei Technologies Co. has launched its new Pura 70 series smartphones featuring the made-in-China Kirin 9010 processor, amidst U.S. sanctions targeting chip exports by Nvidia and Intel to China. The Pura 70 series' quick sell-out and the advanced capabilities of the Kirin 9010 chip signify Huawei's strong market presence and potential challenge to Apple Inc.'s iPhone in China. U.S. sanctions have prompted companies like Intel and Nvidia to adjust their strategies, with Intel obtaining a license to supply Huawei, while AMD criticizes the move as unfair. Despite these challenges, Chinese companies like Huawei and Alibaba continue to innovate and compete globally.

Portfolio Pulse from Rounak Jain

April 26, 2024 | 1:20 pm

CRLBF

GTBIF

TCNNF

Pennsylvania is considering a state-run model for recreational marijuana distribution, similar to its liquor store system, as part of efforts to legalize cannabis. Governor Josh Shapiro supports this approach to regulate, tax, and leverage cannabis sales for state revenue and social reform, projecting $250 million annually within five years. The state Senate, traditionally GOP-dominated, is open to legalization discussions. The House proposes state-run shops, while the Senate suggests using existing medical dispensaries. Cresco Labs (CRLBF) and Trulieve (TCNNF) support the Senate's model, emphasizing market readiness and safety. The industry is divided on Shapiro's proposed 20% cannabis tax. Pennsylvania cannabis companies like Cresco Labs, Green Thumb Industries (GTBIF), and others have shown resilience, with a 3% increase in Q1 2024, despite broader economic challenges. The Pennsylvania Liquor Control Board (PLCB) is considered a potential manager for cannabis sales, highlighting the need for clear regulatory guidance.

Portfolio Pulse from Nicolás Jose Rodriguez

April 26, 2024 | 1:04 pm

BYDDY

China introduces a subsidy of up to 10,000 yuan ($1,379.98) for trading in old vehicles for new energy-efficient ones, valid until the end of 2024. This move aims to boost consumer sentiment and increase EV adoption in the world's largest auto market. BYD Co, backed by Warren Buffett, leads the Chinese EV market with a 13.44% year-on-year sales increase in the first quarter.

Portfolio Pulse from Anan Ashraf

April 26, 2024 | 1:03 pm

RILY

B. Riley Financial has regained compliance with Nasdaq's listing requirements, ensuring its continued listing on the exchange. This follows a period where the company may have been at risk of non-compliance.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 1:03 pm

AMGN

Amgen (NASDAQ:AMGN) has announced plans to submit a Marketing Authorization Application to the European Medicines Agency for teprotumumab, aimed at treating moderate to severe Thyroid Eye Disease (TED) in adults. If approved, teprotumumab would be the first medicine for TED in the EU, offering a non-surgical treatment option that addresses both symptoms and the disease's underlying cause.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 1:02 pm

ARRY

Array Technologies (NASDAQ: ARRY) announced the groundbreaking of a new $50+ million solar manufacturing campus in Bernalillo County, New Mexico, in collaboration with U.S. Energy Secretary Granholm and New Mexico Senators. The facility, supported by the Inflation Reduction Act and state and local investments, aims to create over 300 jobs and strengthen the domestic solar supply chain, marking a significant investment in clean energy and American manufacturing.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 12:48 pm

HLT

Hilton Worldwide has filed a shelf registration with the SEC to potentially offer stock and debt in the future. This move allows the company flexibility in financing its operations or growth initiatives by issuing securities at opportune times.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 12:37 pm

HCM

HUTCHMED announced that the CHMP has given a positive opinion for fruquintinib for treating metastatic colorectal cancer, marking a potential first novel therapy in this category in the EU in over a decade. This opinion is based on the FRESCO-2 Phase III clinical trial results. Takeda is involved in receiving this opinion, indicating a partnership or collaboration in bringing fruquintinib to the market.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 12:36 pm

GOOGL

META

MSFT

UUP

The Federal Reserve's preferred inflation measure, the PCE price index, rose to 2.7% year-on-year in March, exceeding expectations and signaling persistent inflationary pressures. This development dampens hopes for a near-term Fed rate cut, impacting market sentiment and the U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP). Meanwhile, futures on major U.S. averages were positively influenced by strong quarterly results from Alphabet Inc. (GOOGL) and Microsoft Corp. (MSFT), despite negative sentiment from Meta Platforms Inc. (META)'s weak guidance.

Portfolio Pulse from Piero Cingari

April 26, 2024 | 12:36 pm