Streetbeat News

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GOEV

PVH

QQQ

SPY

U.S. stocks are poised for a lower open amid concerns over interest rates and economic data. Strong manufacturing data has led to mixed market reactions, with major indices like the DJIA and S&P 500 closing lower. Analysts remain optimistic about the tech sector despite fears of overvaluation. Futures trading indicates a negative start, with SPY and QQQ ETFs down in premarket. Companies like PVH Corp. and Canoo, Inc. reported earnings, leading to significant premarket drops. Health insurance stocks also fell sharply due to concerns over Medicare Advantage program payments.

Portfolio Pulse from Shanthi Rexaline

April 02, 2024 | 11:24 am

CVX

IYE

XLE

Chevron's joint venture with PDVSA, Petroindependencia, has launched a new drilling campaign in Venezuela, following the U.S. easing oil sanctions on Venezuela. This move is part of Chevron's plan to boost its Venezuela crude output by 65,000 barrels per day by the end of the year. The campaign includes drilling 17 wells, with the CMI14 well being the first. Investors can gain exposure to Chevron through SPDR Select Sector Fund – Energy Select Sector (XLE) and iShares U.S. Energy ETF (IYE). Chevron's stock closed higher by 0.85% at $159.08.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 11:08 am

AUTL

Autolus Therapeutics announced that the European Medicines Agency has accepted its Marketing Authorization Application for Obecabtagene Autoleucel, aimed at treating relapsed/refractory adult B-cell acute lymphoblastic leukemia.

Portfolio Pulse from Charles Gross

April 02, 2024 | 11:07 am

CNC

CVS

ELV

HUM

MOH

UNH

Shares of healthcare providers CNC, CVS, ELV, HUM, MOH, and UNH are trading lower following the CMS's finalization of payment updates for the 2025 Medicare Advantage and Medicare Part D programs.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 11:04 am

BTBT

CVS

HUM

MSTR

PVH

PVH Corp. reported Q4 earnings surpassing analyst estimates with a significant year-over-year increase, but projected a revenue decrease for FY2024, causing its shares to tumble in pre-market trading. Other stocks like Fractyl Health, GCT Semiconductor, Petco Health, Humana, MicroStrategy, Bit Digital, CVS Health, and Lotus Technology also recorded losses in pre-market trading due to various factors including CMS payment updates, Bitcoin's decline, and upcoming financial reports.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 10:26 am

RCKT

The European Medicines Agency (EMA) has accepted the marketing authorization application for Rocket Pharmaceuticals' RP-L102, a gene therapy product for treating Fanconi Anemia. This marks a significant step forward in the regulatory process, potentially leading to the approval and commercial availability of RP-L102 in Europe.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 10:04 am

BTCUSD

Ken Griffin, founder of Citadel, warned investors about modest economic growth and the rising U.S. national debt, emphasizing the irresponsibility of current borrowing practices. He predicts a below-potential economic growth due to a challenging landscape, with net interest spending expected to hit 3.1% of GDP in 2023. Despite these concerns, Griffin sees potential benefits for consumers from falling inflation and rising wages, and expects improvements in fixed-income markets. Citadel's flagship hedge fund gained 15.3% last year, managing about $59 billion.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 8:18 am

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) experienced a significant stock plunge of over 21%, raising concerns from Mary Trump about the company's valuation and potential misuse as a campaign finance tool. She highlighted the discrepancy between TMTG's $10 billion valuation against its $4.1 million revenue and $58 million losses. Mary Trump suggested that TMTG's public status could allow for surreptitious financial support to Donald Trump, bypassing FEC regulations. She also raised concerns about foreign investment and the potential for TMTG to fail due to its financial instability and operational issues.

Portfolio Pulse from Shanthi Rexaline

April 02, 2024 | 6:54 am

TSLA

Tesla's Senior Manager of Semi truck engineering, Dan Priestley, endorsed the EPA's new Phase-3 emission standards for heavy-duty vehicles, highlighting the Tesla Semi's capability to replace diesel trucks. Priestley emphasized the Semi's operational efficiency, lower costs, and the potential for full market adoption due to tighter emission rules and superior economics. The Tesla Semi, still in pilot production, has demonstrated its effectiveness by shipping over 20,000 battery packs from Giga Nevada to Fremont. The EPA's new standards aim to significantly reduce greenhouse gas emissions from heavy-duty vehicles starting with the 2027 model year.

Portfolio Pulse from Anan Ashraf

April 02, 2024 | 6:21 am

AZN

DSNKY

The U.S. FDA has accepted the Biologics License Application (BLA) for Datopotamab Deruxtecan, a joint development by Daiichi Sankyo and AstraZeneca, aimed at treating metastatic breast cancer. This marks a significant step forward in the fight against this severe form of cancer.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 6:18 am