Streetbeat News

Regulatory

META

Legislation targeting TikTok's operations in the U.S. is advancing rapidly, with a bill that could force its sale or result in a ban passing the House Energy and Commerce Committee unanimously. President Biden has expressed readiness to sign the bill, while former President Trump opposes the ban, citing it would unfairly benefit Meta Platforms Inc.'s Facebook. TikTok, surprised by the bill's progress, is exploring strategies to prevent its passage, including legal challenges and lobbying senators. The company argues that separating its U.S. operations would compromise its global appeal.

Portfolio Pulse from Franca Quarneti

March 11, 2024 | 11:10 pm

CURLF

GTBIF

MSOS

TCNNF

VRNOF

Tension between the White House and the DEA over marijuana rescheduling is increasing, with DEA officials questioning the medicinal benefits of cannabis despite HHS documents supporting its medical use. The DEA's resistance and concerns over THC potency have caused cannabis stocks to wobble, with notable dips in stocks like MSOS, CURLF, GTBIF, VRNOF, and TCNNF. Rescheduling cannabis could offer significant benefits for the industry, including federal tax deductions and more research opportunities, but faces legal and international treaty concerns.

Portfolio Pulse from Maureen Meehan

March 11, 2024 | 10:56 pm

AOGO

Arogo Capital Acquisition Corp. (AOGO) has received a notification from Nasdaq regarding a deficiency in meeting the minimum market value requirement. The company is now subject to potential delisting if it fails to regain compliance within the given timeframe.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 9:42 pm

BHP

FSUMF

RTNTF

VALE

Iron ore prices have dropped nearly 25% from their peak in early January due to reduced demand from China's real estate and manufacturing sectors. Major iron ore producers like Vale SA, Rio Tinto Ltd., BHP Group Ltd, and Fortescue Ltd. reported a production increase of 1.7% in 2023, adding pressure to prices. The National People's Congress in Beijing provided no demand stimulus, with construction activity remaining low amid China's crackdown on property debt. The situation is exacerbated by high iron ore inventories at Chinese ports, indicating a supply surplus.

Portfolio Pulse from Stjepan Kalinic

March 11, 2024 | 9:31 pm

GSM

Ferroglobe and Coreshell have signed a Memorandum of Understanding (MoU) to produce the first battery-grade metallurgical silicon for electric vehicles (EVs), aiming for low-cost, high-range EV batteries in line with the U.S. Inflation Reduction Act.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 9:12 pm

MRAM

Everspin Technologies has applied for the CHIPS Incentives Program to expand its 200mm MRAM capacity and enhance long-term R&D IP capability.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 9:08 pm

CURO

The NYSE announced that CURO Group Holdings is out of compliance with the $15M average global market cap requirement, leading to the commencement of delisting proceedings and immediate suspension of trading for CURO Group.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:38 pm

NEXT

NextDecade Corporation (NASDAQ:NEXT) provided a Q4 2023 business update, focusing on the construction of Phase 1 at the Rio Grande LNG Facility and the expansion capacity to meet global LNG demand. The company is working with Bechtel on construction and has begun FEED and EPC contract processes for Train 4, aiming for a positive FID in H2 2024. Financially, NextDecade has secured loans and issued senior secured notes to support Phase 1 construction, with significant progress reported in project completion percentages for Trains 1, 2, and 3.

Portfolio Pulse from Happy Mohamed

March 11, 2024 | 8:36 pm

JNJ

Johnson & Johnson has submitted a Supplemental Biologics License Application to the FDA for the approval of TREMFYA (Guselkumab) for the treatment of adults with moderately to severely active ulcerative colitis.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 8:35 pm

MBIO

Mustang Bio reported a FY23 EPS of $(6.00), an improvement from $(10.09) YoY, alongside a significant decrease in cash and cash equivalents from $76.7 million to $7.0 million. The company made a $30.4 million payment to terminate existing debt and sold assets to uBriGene for $6 million upfront with a potential additional $5 million contingent payment. Research and development expenses decreased to $40.5 million from $62.5 million in 2022. Mustang Bio's lead clinical candidate, MB-106, showed a 100% overall response rate in Phase 1/2 clinical trials for certain hematologic malignancies. The FDA granted Orphan Drug Designation to MB-106 for WM treatment. Additionally, Mustang announced the FDA's acceptance of an IND for a Phase 1 trial of MB-109 for recurrent GBM and high-grade astrocytoma.

Portfolio Pulse from Happy Mohamed

March 11, 2024 | 8:24 pm