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Regulatory

CEIX

CSX

RCL

TSLA

The collapse of the Francis Scott Key Bridge, impacting the Port of Baltimore, has caused Tesla, Ford, and GM to seek alternative shipping routes. Ford anticipates a significant impact, while GM expects minimal disruption. European carmakers and cruise operators also anticipate adjustments, with Carnival Corporation forecasting a $10 million negative impact. Coal exporters and rail freight services face challenges, with Consol Energy and CSX Corporation noting potential operational impacts.

Portfolio Pulse from Neil Dennis

March 27, 2024 | 3:07 pm

ICLN

TAN

Treasury Secretary Janet L. Yellen is set to express concerns about China's green energy exports and their impact on American firms and workers in a speech. Yellen will highlight the market distortions caused by China's subsidized green technology exports. This comes as she visits Suniva Inc., a U.S. solar-cell facility in Georgia, highlighting the U.S.'s focus on reviving its green energy sector. The performance of U.S. green energy stocks, such as Invesco Solar ETF (TAN) and iShares Global Clean Energy ETF (ICLN), has been disappointing, with significant losses since early 2021. Yellen's upcoming visit to China aims to address these issues amid the Biden administration's push for renewable energy investments.

Portfolio Pulse from Piero Cingari

March 27, 2024 | 3:04 pm

COIN

A U.S. court has largely ruled against Coinbase Inc. (NASDAQ:COIN) in its motion to dismiss an SEC lawsuit alleging unregistered securities activity. The SEC's lawsuit, filed in June 2023, accuses Coinbase of operating as an unregistered securities dealer in its exchange functionality and staking program. While the court dismissed claims regarding Coinbase's wallet service, it agreed with the SEC that Coinbase's exchange and staking activities could constitute unregistered securities offerings. Coinbase's Chief Legal Officer, Paul Grewal, stated the company is prepared for this outcome and emphasized the need for comprehensive digital assets legislation in the U.S.

Portfolio Pulse from Murtuza Merchant

March 27, 2024 | 3:03 pm

DKNG

FLUT

Shares of sports betting companies are trading lower following NCAA President Charlie Baker's initiative to ban college prop bets from all betting markets. This move has negatively impacted the stock prices of companies involved in sports betting.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 3:03 pm

CVS

WBA

The U.S. Supreme Court appears unlikely to restrict access to the abortion pill, focusing on the legal standing of anti-abortion groups challenging FDA regulations on mifepristone. The case, significant for abortion rights, questions the FDA's approval process and its implications for drug regulation. CVS Health Corp and Walgreens Boots Alliance Inc have announced plans to dispense mifepristone, aligning with FDA guidelines.

Portfolio Pulse from Vandana Singh

March 27, 2024 | 2:53 pm

BYD

CZR

DKNG

FLUT

GAN

IGT

MGM

PENN

RSI

WYNN

NCAA President Charlie Baker announced on X a stance against sports betting to safeguard student-athletes, signaling potential regulatory scrutiny or changes affecting companies in the sports betting industry.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 2:46 pm

COPP

Goldman Sachs has shifted to a bullish stance on commodities, forecasting a 15% increase in raw material prices due to lower borrowing costs, a recovering manufacturing sector, and geopolitical tensions. The bank highlights copper, aluminum, gold, and oil products as commodities with potential gains, with specific year-end price forecasts provided for copper, aluminum, and gold. This outlook is supported by other analysts and factors such as central bank rate cuts, China's economic recovery efforts, and supply constraints in the copper market. Investors are advised to be selective, as not all commodities may see uniform gains. The article also mentions Sprott's newly launched Copper Miners ETF (NASDAQ:COPP) as an investment option.

Portfolio Pulse from Stjepan Kalinic

March 27, 2024 | 2:31 pm

COIN

Coinbase shares dropped following a US court decision that permits an SEC lawsuit to proceed, alleging Coinbase's involvement in the unregistered offer and sale of securities.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 2:30 pm

MNMD

In a Benzinga Psychedelics Podcast episode, Mind Medicine (MindMed) CEO Robert Barrow discussed the company's progress in developing LSD-based therapy, particularly MM-120 for Generalized Anxiety Disorder. MindMed, which recently received a 'breakthrough therapy' designation from the FDA for this treatment, is advancing clinical trials into Phase 3. Barrow highlighted LSD's potential for deeper therapeutic introspection compared to other psychedelics, attributing its historical research neglect to political rather than scientific reasons.

Portfolio Pulse from Lara Goldstein

March 27, 2024 | 2:25 pm

NVCR

Novocure Ltd (NASDAQ:NVCR) announced positive results from the Phase 3 METIS clinical trial for its Tumor Treating Fields (TTFields) therapy in treating brain metastases from non-small cell lung cancer. The study met its primary endpoint, showing a significant improvement in time to intracranial progression compared to supportive care alone. TTFields therapy was well-tolerated, with a median time to intracranial progression of 21.9 months versus 11.3 months for supportive care alone. Preliminary analysis of secondary endpoints showed positive trends but did not reach statistical significance. Novocure's Premarket Approval application for TTFields therapy in non-small cell lung cancer has been accepted by the FDA. Following the news, NVCR shares surged by 10.70% to $14.49.

Portfolio Pulse from Vandana Singh

March 27, 2024 | 2:17 pm