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The closure of the Port of Baltimore, a major U.S. coal export hub, due to the collapse of the Francis Scott Key Bridge, is expected to slow U.S. coal export growth and reduce bunker fuel use, according to the Energy Information Administration (EIA). Baltimore, handling 28 million short tons of coal last year, plays a critical role in U.S. coal exports, especially to markets like India, Japan, China, and South Korea. The port's closure could impact coal and bunker fuel markets, with potential shifts in export activities to other ports like Hampton Roads.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 3:00 pm

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ETHUSD

SPY

VGK

Russian investigators have reported that attackers involved in recent incidents received a substantial amount of cash and cryptocurrency from Ukraine. This development could have implications for the perception of cryptocurrency's role in international conflicts and may influence investor sentiment towards assets related to cryptocurrencies and regional stability.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 2:57 pm

So-Young International Inc. (NASDAQ:SY) reported a pivot to profitability and a focus on high-end services, leading to a 19% revenue increase last year. The launch of So-Young Prime and a strategic shift away from smaller clinics contributed to this success. Despite challenges from COVID-19 and regulatory crackdowns, the company's shift towards premium services and direct provision of cosmetic products and services shows promise. A $25 million share repurchase and a special cash dividend were announced, although a modest revenue growth forecast tempers optimism.

Portfolio Pulse from The Bamboo Works

March 28, 2024 | 2:55 pm

NVO

Novo Nordisk's stock price increased following the announcement that some US insurers have expanded their coverage of Wegovy, a medication produced by Novo Nordisk, to include certain Medicare recipients with heart-related conditions.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 2:54 pm

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NVO

Major U.S. health insurers including CVS Health Inc (CVS), Elevance Health Inc (ELV), and Kaiser Permanente will start covering Novo Nordisk A/S's (NVO) Wegovy, an anti-obesity drug, for certain Medicare patients with heart-related conditions. This decision, following new CMS guidelines, marks a significant policy shift as weight-loss drugs were previously excluded from Medicare coverage. The coverage extension could lead to increased drug spending for insurers. Novo Nordisk's shares rose 0.83% to $129.11.

Portfolio Pulse from Vandana Singh

March 28, 2024 | 2:25 pm

DXYN

Dixie Group has been granted a 180-day extension by Nasdaq to meet the minimum bid price requirement, according to an SEC filing. This extension provides the company additional time to comply with Nasdaq's listing standards.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 1:57 pm

AKBA

The FDA has approved Akebia Therapeutics Inc's (NASDAQ:AKBA) Vafseo for anemia due to chronic kidney disease in adults on dialysis. Vafseo, a once-daily oral treatment, is now approved in 37 countries. The approval is based on the INNO2VATE program and post-marketing data from Japan. Akebia plans to commercialize Vafseo in the U.S. with its commercial team, aiming to make it the new oral standard of care. Analysts predict peak sales of $954 million by 2031. Following the news, AKBA shares surged 18.8% in premarket trading.

Portfolio Pulse from Vandana Singh

March 28, 2024 | 1:50 pm

MBGYY

VWAGY

Mercedes-Benz Group AG (MBGYY) faces liability after a German court ruled against it in a diesel emissions case, holding the company responsible for using emissions-cheating devices in certain diesel cars. The Stuttgart Appeals Court's decision allows owners of affected Mercedes GLC and GLK models to pursue individual claims for compensation. Mercedes-Benz intends to appeal the decision. This case is similar to a previous lawsuit against Volkswagen AG (VWAGY), which settled for €830 million over a diesel emission scandal.

Portfolio Pulse from Shivani Kumaresan

March 28, 2024 | 1:42 pm

UUP

Federal Reserve Governor Christopher J. Waller emphasized a cautious approach to interest rate policy, opposing immediate cuts despite recent high inflation figures. Waller highlighted the need for more data to assess disinflationary progress and suggested delaying or reducing rate cuts. He awaits February's personal income and spending data for further policy direction. Following his remarks, the U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), rose to its highest since mid-February, and the likelihood of a June rate cut decreased.

Portfolio Pulse from Piero Cingari

March 28, 2024 | 1:41 pm

ARKB

GBTC

IBIT

Bitcoin spot ETFs saw significant inflows on March 27, with a total of $243 million, highlighting investor interest in cryptocurrency-based investment vehicles. BlackRock's iShares Bitcoin Trust (IBIT) led with $323 million in inflows, while Grayscale's Bitcoin Investment Trust (GBTC) experienced $299 million in outflows. Ark Invest's ARK Innovation ETF (ARKB) also saw a $200 million inflow. The industry is also closely watching the race for a spot Ethereum ETF in the U.S., with Fidelity Digital Assets filing for an ETF that includes a staking feature, despite skepticism from analysts about approval.

Portfolio Pulse from Murtuza Merchant

March 28, 2024 | 1:35 pm