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ETHUSD

On Thursday, 7,311.65 Ether (ETH) valued at $18M was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -7.97% for Ether, indicating a move towards a deflationary currency as the burn rate may exceed new Ether issuance after the Ethereum 2.0 upgrade.

Portfolio Pulse from Benzinga Insights

January 19, 2024 | 6:00 pm

SPY

Atlanta Fed President Bostic appeared on Fox Business Coast To Coast, expressing openness to adjusting the timing of rate cuts based on economic data. He emphasized the need to ensure progress towards the 2% inflation target before considering rate reductions.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:39 pm

MSFT

NVDA

Sam Altman, prior to his ouster from OpenAI, was seeking to raise billions for a new AI chip venture, code-named Tigris, to compete with Nvidia Corp. He aimed to create semiconductors for AI tasks and had discussions with investors like SoftBank, Saudi Arabia's PIF, and Mubadala. Altman also planned an AI hardware device with Jony Ive. OpenAI is finalizing a tender offer at an $86 billion valuation. Altman's departure was due to a breakdown in communication with the board, not financial or safety issues. His new venture would focus on TPUs to lower costs for services like ChatGPT and Dall-E. US regulators may scrutinize foreign investments. Microsoft, OpenAI's biggest investor, is interested in backing Altman's chip venture.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:13 pm

ALVO

Alvotech (NASDAQ:ALVO) announced the conclusion of the FDA reinspection of its Iceland facility, receiving a form 483 with one observation. The company expects to respond promptly and believes the issue is addressable, anticipating U.S. approval for biosimilars AVT02 and AVT04 by their respective goal dates, February 24 and April 16, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:31 pm

CSX

NSC

The Surface Transportation Board (STB) has announced that it will require additional information from Amtrak, CSX Corporation, Norfolk Southern Corporation, and the Port of Mobile in a status report due on February 1, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 3:49 pm

CHPT

The U.S. General Services Administration (GSA) has finalized authorizations for Chargie and ChargePoint (CHPT) as the first two Electric Vehicle Supply Equipment (EVSE) vendors to operate within government systems. This move aligns with the Biden-Harris administration's goals for a clean transportation future.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 3:46 pm

PCSA

Processa Pharmaceuticals Inc (NASDAQ:PCSA) stock surged 36.9% after announcing plans to expand the development of NGC-Cap into treating advanced or metastatic breast cancer. The decision follows discussions with the FDA, and the company will conduct a Phase 2 trial in breast cancer, leveraging data from past studies. The market for breast cancer treatments is larger than for colorectal cancer, and the FDA believes this move could lead to more efficient development and a higher chance of approval. The Phase 2 trial is set to begin in Q3 2024.

Portfolio Pulse from Henry Khederian

January 19, 2024 | 3:24 pm

KSPI

Trading for the IPO security KSPI was halted but has now resumed as of 10:10:00 AM ET.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 3:10 pm

LLY

The FDA has discovered manufacturing issues at an Eli Lilly plant in New Jersey. This could potentially impact the company's production capabilities and regulatory compliance.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 3:09 pm

AMGN

The FDA has mandated a boxed warning for Prolia, an osteoporosis medication, due to the increased risk of severe hypocalcemia in patients with advanced chronic kidney disease. This new warning is intended to alert healthcare professionals and patients about the potential risks associated with the drug's use in this particular population.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 2:52 pm