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Regulatory

SPY

USO

Iran has warned the U.S. through messages conveyed by several Arab countries that U.S. forces in the region will be attacked if the U.S. intervenes in the conflict between Israel and Iran. This comes after an Israeli airstrike killed a top Iranian general in Damascus, prompting threats of retaliation from Iran. The U.S. has offered full support to Israel against potential Iranian attacks, with U.S. officials and the Secretary of Defense communicating closely with Israeli counterparts. Iran's messages have varied in tone, with some communications suggesting a limited response aimed at avoiding regional escalation. U.S. officials are coordinating with regional partners and Israel to prevent escalation, while the U.S. CENTCOM commander is in Israel to coordinate defensive efforts.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 3:55 pm

LLY

NVO

Eli Lilly lost a legal battle against RXCompoundStore.com, preventing them from stopping the pharmacy's marketing of a version of tirzepatide, a key ingredient in Lilly's diabetes and weight loss drugs, Mounjaro and Zepbound. U.S. District Judge Roy Altman ruled that Lilly's actions were an attempt to enforce federal law through state law, a task reserved for the FDA. Lilly had sued ten entities for selling unauthorized versions of Mounjaro. Similarly, Novo Nordisk is taking legal action against compounding pharmacies for selling altered versions of semaglutide, used in its weight-loss drug Wegovy, after finding impurities in these products.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:54 pm

ZTS

Zoetis Inc's stock hit a 52-week low following reports that its pet arthritis drugs, Librela and Solensia, may have caused sickness in dogs and cats. Despite FDA approval for both drugs, thousands of side effects have been reported, raising concerns among pet owners and veterinarians. However, Zoetis claims these represent a small fraction of the over 18 million doses administered globally. The company is also under investigation by the European Commission for potentially hindering the market launch of a competing product.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 3:30 pm

Citi CEO announced during a conference call that the bank is focusing on automating certain regulatory processes and the data related to regulatory reporting. This move is aimed at enhancing efficiency and accuracy in compliance operations.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 3:11 pm

NIO

Nio, Inc. (NYSE:NIO) shares dropped after Ohio Senator Sherrod Brown urged President Biden to ban Chinese EV imports, citing threats to domestic automakers and data security. This follows Treasury Secretary Janet Yellen's discussions in China on subsidies and trade. Wall Street views Nio as Neutral, with JP Morgan's Nick Lai predicting a 41.18% decline. Nio's stock fell 40.7% in the past 3 months, despite a 3.43% revenue increase over the past year.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 3:01 pm

AMD

GLD

INTC

JPM

USO

WFC

JP Morgan reported better-than-expected earnings but with a guidance slightly less than expected, leading to a temporary break in its rising trendline. Citigroup and Wells Fargo also reported earnings, with Citigroup's restructuring showing positive signs. Intel and AMD face challenges in China as telecom carriers are instructed to stop using their chips. Early trade money flows are neutral for Amazon, negative for Apple, Alphabet, Meta, Microsoft, NVIDIA, Tesla, SPDR S&P 500 ETF, and Invesco QQQ Trust. Gold and oil futures rose on reports of a potential Iranian attack, affecting related ETFs like SPDR Gold Trust and United States Oil ETF.

Portfolio Pulse from The Arora Report

April 12, 2024 | 3:01 pm

Boeing Company (NYSE:BA) shares have declined over 5% in the past five days amid ongoing scrutiny of its safety and quality standards. A new whistleblower has raised concerns about the 787 Dreamliners' fuselage sections, leading to a Senate hearing on Boeing's safety culture. Analysts from JP Morgan and B of A Securities have lowered their price targets for Boeing. Despite this, the average 1-year price target from analysts suggests a 37.8% upside in 2025.

Portfolio Pulse from Erica Kollmann

April 12, 2024 | 2:55 pm

AZN

LLY

NVO

SNY

The European Medicines Agency's PRAC found no substantial evidence linking GLP-1 receptor agonists, used for type 2 diabetes and weight management, to suicidal behaviors. This follows similar findings by the FDA. Medications reviewed include those from Novo Nordisk, AstraZeneca, Sanofi, and Eli Lilly. The PRAC requested additional data from these companies and concluded no changes to product information are necessary, with companies to continue monitoring and reporting.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 2:40 pm

EIS

SPY

USO

The U.S. has issued sanctions targeting a Hamas spokesperson and officials of its drone unit. These measures are part of efforts to curb the activities of Hamas by restricting their access to resources. The sanctions could have implications for global markets and specific sectors, potentially affecting investor sentiment towards assets related to defense, security, and the geopolitical landscape.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 2:35 pm

AMD

BABA

BIDU

INTC

PDD

Alibaba Group Holding Limited (NYSE:BABA) and its Chinese peers, including Baidu, Inc (NASDAQ:BIDU), JD.Com, Inc (NASDAQ:JD), and PDD Holdings Inc (NASDAQ:PDD), are trading lower amid China's retaliation against U.S. semiconductor sanctions. This includes directives to phase out foreign processors by 2027, impacting Intel Corp (NASDAQ:INTC) and Advanced Micro Devices, Inc (NASDAQ:AMD), with both companies seeing revenue reductions in China. Alibaba has also reduced its cloud service prices internationally by up to 59% due to competitive pressures and U.S. sanctions.

Portfolio Pulse from Anusuya Lahiri

April 12, 2024 | 2:29 pm