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Regulatory

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

EIS

SPY

USO

Iran's Ambassador to Syria has stated that Tehran's response will be harsh, according to Reuters. This statement could potentially escalate tensions in the region, affecting global markets and commodities.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:21 pm

DIA

SPY

UUP

U.S. manufacturing activity in March 2024 saw its fastest growth since September 2022, with the ISM Manufacturing PMI rising to 50.3. This growth exceeded expectations and led to a rebound of the dollar due to a shift in interest rate expectations. The report highlighted increases in new orders, production, and prices, indicating early recovery signs and inflationary pressures. Following the report, the S&P 500 and Dow Jones experienced slight downturns, while the U.S. dollar index rose.

Portfolio Pulse from Piero Cingari

April 01, 2024 | 3:05 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares dropped after announcing its application for Foreign Trade Zone status, aiming to reduce cash flow pressure by deferring import duty payments. The application could result in $10 million deferred capital outlays for FY2024. MULN's stock is trading below its 50-day moving average, with a significant short interest.

Portfolio Pulse from Erica Kollmann

April 01, 2024 | 3:05 pm

VRTX

Vertex Pharmaceuticals (NASDAQ:VRTX) announced its New Drug Submission for exagamglogene autotemcel (exa-cel) has been accepted for Priority Review by Health Canada for treating sickle cell disease and transfusion-dependent beta thalassemia in patients aged 12 and older. This marks the first CRISPR-based gene-edited therapy submitted for review in Canada. The review timeline is reduced to 180 days from the conventional 300 days, supported by positive Phase 3 study results.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 3:01 pm

ZBAO

Zhibao Technology Inc (NASDAQ:ZBAO) is set to begin trading on NASDAQ on April 2, with its IPO priced between $4.00 and $6.00 per share. The company, incorporated in the Cayman Islands, operates mainly through its PRC subsidiaries, including Zhibao China and Sunshine Insurance Brokers. An insider lock-up period is set for 180 days, ending on September 29, 2024.

Portfolio Pulse from Benzinga Insights

April 01, 2024 | 3:00 pm

AMD

BIDU

NVDA

China criticized the U.S. for tightening semiconductor export regulations, impacting Nvidia Corp (NVDA) and Advanced Micro Devices, Inc (AMD). The Biden administration's recent rules aim to restrict China's access to U.S. AI chips and chipmaking tools, part of a strategy to limit Beijing's chip manufacturing capabilities over national security concerns. This has led to increased tension between the two nations and instability in the global semiconductor sector. In response, China has seen a significant rise in chipmaking machine imports and initiated a $40 billion state fund to bolster its chip sector. Additionally, Nvidia lost a crucial AI chip order from Baidu Inc (BIDU) to Huawei Technologies due to U.S. sanctions.

Portfolio Pulse from Anusuya Lahiri

April 01, 2024 | 2:59 pm