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Regulatory

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares fell after ISS recommended shareholders vote to approve exchangeable shares for Canopy USA advancement. This move aims to accelerate Canopy's entry into the U.S. cannabis market. Despite a recent surge due to optimism over German cannabis regulations and potential U.S. rescheduling, a Senate committee's letter to the DEA could impact future rescheduling efforts. Canopy's stock has seen a significant decline over the past 5 years, with a forecast suggesting a potential future price of $0.16.

Portfolio Pulse from Erica Kollmann

April 01, 2024 | 6:00 pm

ETH-USD

Ethereum co-founder Vitalik Buterin introduces 'Degen Communism,' a novel political ideology aimed at embracing chaos for the common good, applicable to crypto projects and other sectors. The concept comes as the crypto market, including Ethereum and meme coins like Dogecoin, experiences volatility. Buterin's idea suggests modifying rules and incentives to ensure equitable benefits and minimized risks, especially in volatile markets.

Portfolio Pulse from Ivan Crnogatić

April 01, 2024 | 5:38 pm

EIS

SPY

USO

Iran's Foreign Ministry Spokesperson, Kanaani, announced that Tehran will determine the nature of its response and punishment against any aggressor, as reported by Reuters citing state media.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:34 pm

CLF

X

Nippon Steel Corp. has made a formal commitment to the United Steelworkers union, promising no layoffs and an additional $1.4 billion in capital spending, as part of its efforts to acquire United States Steel Corp. for $14.1 billion. This move comes amid opposition from President Joe Biden and Pennsylvania Senators Bob Casey and John Fetterman, who are concerned about the deal's impact on American ownership and workers. The company aims to strengthen US Steel and the American steel industry, despite political and union resistance. Cleveland-Cliffs Inc. has also shown interest in acquiring US Steel, raising antitrust concerns.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 5:03 pm

DOMA

IREN

MESO

MU

U.S. stocks were lower, with the Dow Jones falling around 250 points on Monday. However, several stocks recorded gains, led by Micron Technology, Inc. (MU) which rose 6.6% after B of A Securities maintained a Buy rating and raised its price target. Other notable movers include Doma Holdings Inc. (DOMA), Mesoblast Limited (MESO), and Iris Energy Limited (IREN), among others, due to various positive developments such as merger transactions, FDA updates, and analyst ratings.

Portfolio Pulse from Avi Kapoor

April 01, 2024 | 5:02 pm

EIS

SPY

USO

Iranian Foreign Minister Amirabdollahian stated that the Israeli attack on the Iranian consulate in Damascus is a violation of international conventions, holding Israel responsible for the consequences. This statement was reported by Reuters, citing state media.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:56 pm

GD

General Dynamics' stock price increased following the FAA certification of its Gulfstream G700 model.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:54 pm

BAX

Baxter International Inc. received FDA 510(k) clearance for its Novum IQ large volume infusion pump (LVP) with Dose IQ Safety Software, aiming to streamline clinical operations and enhance safety with features like a common user interface, web-based drug library, and over-the-air software updates. The approval could bolster Baxter's market position in medical devices.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 4:38 pm

DJT

Trump Media Technology Group (TMTG), trading under the ticker DJT on Nasdaq, reported a significant net loss of $58 million in 2023, a stark contrast to its net profit of $50.5 million in 2022. The company, which owns the Truth Social app, saw its shares fall by over 20% following the announcement. Despite the loss, TMTG's market capitalization remained above $6.8 billion. The company warned of ongoing operating losses and disclosed material weaknesses in its financial reporting. Trump owns 57.3% of TMTG shares, with the potential to receive more based on stock performance.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:36 pm

APLT

The FDA has extended the review period for Applied Therapeutics Inc's New Drug Application for govorestat, a treatment for Classic Galactosemia, by three months, setting a new PDUFA target action date of November 28, 2024. This extension is due to the FDA requiring additional time to review supplemental analyses provided by Applied Therapeutics. The company announced in February 2024 that the FDA granted Priority Review to the NDA, and if approved, govorestat would be Applied Therapeutics' first commercial product. Additionally, the company has submitted a Marketing Authorization Application for govorestat to the EMA, expecting a decision in Q4 2024. Applied Therapeutics reported having $153.5 million in cash as of March 1, 2024, with a cash runway into the first half of 2026. The company's shares are down 6.99% at $6.325.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 4:30 pm