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US Steel shares are trading lower after a report indicated that US senators have requested the White House to examine Nippon Steel's connections with China. This development could potentially impact US Steel's market position and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 5:20 pm

QDEL

QuidelOrtho Corporation (NASDAQ:QDEL) received FDA 510(k) clearance for its QuickVue COVID-19 test but announced the withdrawal of its FDA submission for the Savanna RVP4+ assay due to underperformance against clinical market expectations. Despite this, RBC Capital Markets maintains an Outperform rating and a price target of $81. QDEL shares dropped 10.6% to $42.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 5:05 pm

ABT

The FDA has approved Abbott Laboratories' TriClip, a transcatheter edge-to-edge repair system designed for treating tricuspid regurgitation (TR) without the need for open-heart surgery. This approval is based on the TRILUMINATE Pivotal trial, which showed that 90% of patients experienced significant improvement in their TR grade, with a highly favorable safety profile. TriClip, leveraging technology similar to Abbott's MitraClip, is expected to see high sales growth and has been approved in over 50 countries, treating over 10,000 people.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 5:00 pm

ACB

CGC

Aurora Cannabis Inc. (NASDAQ:ACB) and Canopy Growth Corporation (NASDAQ:CGC) stocks are trading higher after Florida's Supreme Court ruled to allow a recreational marijuana legalization initiative on the November ballot. The stocks have rallied significantly, with Aurora up more than 50% and Canopy Growth over 160% in the past month, amid legalization in Germany and hopes of rescheduling in the U.S. Technical analysis suggests Aurora's stock could see bullish trends based on its moving average.

Portfolio Pulse from Erica Kollmann

April 02, 2024 | 4:49 pm

BLK

STT

Banking regulators are scrutinizing BlackRock Inc (NYSE:BLK), Vanguard, and State Street Corporation (NYSE:STT) for adherence to passive investing mandates in U.S. banks. These firms, managing over $23 trillion, hold significant shares in numerous banks, raising concerns about their influence. The FDIC is considering stricter oversight, with bipartisan support for enhanced monitoring and potential investment restrictions. BlackRock and Vanguard argue that existing arrangements are sufficient, opposing further regulation.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 4:36 pm

QDEL

QuidelOrtho's stock is trading lower following the announcement that the company will withdraw its FDA 510(k) submission for the Savanna RVP4+ assay.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:29 pm

MDAI

Spectral AI has received U.S. Patent 11,948,300 for its machine learning systems aimed at assessing, predicting the healing of, and treating wounds. This development could enhance Spectral AI's position in the healthcare technology sector, potentially leading to increased interest and investment in their solutions.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:29 pm

QDEL

RBC released a note on QuidelOrtho, indicating no change in the company's status after speaking with management. QuidelOrtho has withdrawn its original Savanna RVP4+ Assay from the FDA 510(k) submission and plans to resubmit it before the 2024/2025 respiratory season.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:19 pm

SPY

Fed's Mester expressed that the Federal Reserve can gradually reduce interest rates if the economy performs as expected. She highlighted a greater risk in reducing rates too soon and noted that a strong economy provides the Fed with the opportunity to evaluate before making rate cuts.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:09 pm

SPY

Fed's Mester has adjusted the longer-run funds rate outlook to 3% from the previous 2.5%, but still anticipates rate cuts later this year. She believes there's no case for a rate cut at the next Fed meeting, stating Fed policy is well-positioned to handle economic risks.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:09 pm