Streetbeat News

Regulatory

RKT

Rocket Companies, Inc. (NYSE:RKT) shares dropped after March's Consumer Price Index (CPI) data indicated higher-than-expected inflation, leading to speculation that the Federal Reserve will maintain higher interest rates for an extended period. The CPI data showed a 3.5% year-over-year increase, slightly above the 3.4% forecast. This has raised concerns about potential higher mortgage rates, negatively impacting home buyers and possibly affecting Rocket Companies' business, especially after the introduction of its 'Rocket Logic' AI technology platform aimed at streamlining the mortgage process.

Portfolio Pulse from Erica Kollmann

April 10, 2024 | 4:51 pm

Boeing Company (NYSE:BA) shares have declined over 5% in the past five days amid new safety concerns raised by whistleblower Sam Salehpour regarding the 787 Dreamliners' fuselage sections. The U.S. Senate Permanent Subcommittee on Investigations is set to examine these claims. Analysts have adjusted their price targets, with Stifel lowering it from $270 to $260 and Morgan Stanley from $235 to $180. Despite the recent downturn, the average 12-month price target among analysts is $241.10, suggesting potential upside.

Portfolio Pulse from Erica Kollmann

April 10, 2024 | 4:22 pm

BABA

TCEHY

ByteDance, the parent company of TikTok, reported a 60% increase in profit year-over-year, surpassing Chinese rivals Tencent Holdings and Alibaba Group Holding in both revenue and profit for the first time. With a revenue jump from $80 billion to $120 billion in 2023, ByteDance's growth comes amid potential U.S. bans on TikTok. The company's valuation was marked at $268 billion in December 2023, indicating strong investor confidence despite regulatory challenges in the U.S.

Portfolio Pulse from Chris Katje

April 10, 2024 | 4:12 pm

DTEGF

EADSF

GOOGL

MSFT

ORAN

Deutsche Telekom and Airbus have criticized a proposal that would permit major technology companies to access cloud data within the European Union. This plan raises concerns about privacy and data security among European corporations.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 4:08 pm

APRE

Aprea Therapeutics announced presentations on APR-1051 and ATRN-119 at AACR Annual Meeting 2024, highlighting pre-clinical and clinical updates. APR-1051, a WEE1 kinase inhibitor, shows potential for treating Cyclin E-overexpressing cancers with minimal off-target effects and low cardiotoxicity. ATRN-119, an ATR inhibitor, demonstrated safety and preliminary clinical benefit in an ongoing study. The company plans to initiate a Phase 1 trial for APR-1051 in June 2024.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 4:02 pm

SPY

Goldman Sachs has revised its forecast for when the U.S. Federal Reserve will begin cutting interest rates, moving the expected start from June to July, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 3:40 pm

CHTR

CMCSA

AT&T Inc (T), Charter Communications, Inc (CHTR), Comcast Corp (CMCSA), and Verizon Communications Inc (VZ) face challenges as a federal program providing discounted internet to 23 million households faces cuts in May. The FCC will reduce the maximum subsidy to $14/month, impacting low-income families' access to internet services. The future of the Affordable Connectivity Program (ACP) depends on providers' willingness to extend discounts post-subsidy reduction. The White House seeks emergency funding for ACP, while some lawmakers question its value.

Portfolio Pulse from Anusuya Lahiri

April 10, 2024 | 3:31 pm

LLY

The FDA has approved Loxo Oncology at Eli Lilly's drug, Retevmo, for treatment, as reported by Reuters citing the FDA's website.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 3:31 pm

IWM

SPY

XLRE

The March Consumer Price Index report showed inflation rates higher than expected, affecting investor expectations for Federal Reserve rate cuts and impacting stock and bond markets. The SPDR S&P 500 ETF Trust (SPY), iShares Russell 2000 ETF (IWM), and Real Estate Select Sector SPDR Fund (XLRE) experienced declines in response. Economists and market experts provided varied reactions, highlighting the challenges for the Fed and potential impacts on the economy and financial markets.

Portfolio Pulse from Piero Cingari

April 10, 2024 | 3:26 pm

GBTC

IBIT

Bitcoin ETF outflows decreased to $19.48 million, with Grayscale's GBTC experiencing a $154 million outflow and BlackRock's IBIT seeing a $128 million inflow. Hong Kong is preparing to launch Bitcoin spot ETFs, with an announcement expected on April 15. Meanwhile, VanEck expressed concerns over the uncertain approval timeline for a US-based Ethereum ETF, highlighting the lack of response from the SEC.

Portfolio Pulse from Murtuza Merchant

April 10, 2024 | 3:22 pm