Streetbeat News

Regulatory

SPY

The U.S. House of Representatives has passed a $1.2 trillion government funding package, which is now being sent to the Senate for approval. This move is crucial for maintaining government operations and could have significant implications for the financial markets.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 3:48 pm

TM

Toyota Industries Corp has committed to a cultural overhaul and leadership restructuring following safety violations, including non-compliance with certification standards. This comes after Toyota Motor Corp (NYSE:TM) halted deliveries of 10 vehicle models due to irregularities in engine horsepower tests by an affiliate. The initiative aims to prioritize legal compliance and enhance transparency, with senior executives refunding part of their salaries. Additionally, Daihatsu Motor Co., another Toyota unit, faced issues with collision safety testing. Toyota Industries received a correction order from Japan's Ministry of Land, Infrastructure, Transport and Tourism in February 2024. Measures to prevent future scandals include increased staffing and management training at Daihatsu.

Portfolio Pulse from Shivani Kumaresan

March 22, 2024 | 3:40 pm

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) shares dropped 7.9% to $1.74, retracting after gains earlier in the week due to the Federal Reserve's decision to maintain interest rates at 5.25% to 5.5%. The Fed plans three rate cuts in 2024, targeting a 4.6% rate, despite internal dissent. Lower future rates and revised economic growth projections for 2024 could benefit ChargePoint by boosting economic activity and electric vehicle adoption. ChargePoint does not pay dividends but may engage in other capital allocation strategies.

Portfolio Pulse from Henry Khederian

March 22, 2024 | 3:35 pm

CGC

TLRY

Shares of Tilray Brands, Inc. (NASDAQ:TLRY) and Canopy Growth Corporation (NASDAQ:CGC) surged after Germany legalized cannabis for adult use. The legislation, effective April 1, allows possession and cultivation of cannabis. Canopy Growth hailed the move as a game-changer for medical cannabis. The stocks' rally was also influenced by VP Kamala Harris's statement last Friday, urging the DEA to reclassify marijuana as a Schedule III substance.

Portfolio Pulse from Erica Kollmann

March 22, 2024 | 3:30 pm

SPY

Republican U.S. Representative Marjorie Taylor Greene has called for a vote to oust Speaker Mike Johnson, according to Reuters citing Punchbowl. This political move could have implications for market sentiment and investor confidence, particularly in sectors sensitive to political stability and government policy.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 3:27 pm

BAC

BSX

LRCX

UBER

XOM

Benzinga's Stock Whisper Index highlights five stocks: Uber Technologies, Boston Scientific Corporation, Exxon Mobil Corporation, Lam Research Corporation, and Bank of America Corporation. These stocks are gaining investor attention due to various factors such as Uber's expansion in Europe, Boston Scientific's FDA approvals, Exxon's strategic petroleum reserve acquisition, Lam Research's supply chain diversification, and Bank of America's potential gains from regional bank pressures. Each company is experiencing positive developments that could influence their stock prices in the short term.

Portfolio Pulse from Chris Katje

March 22, 2024 | 3:27 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) shares dropped 4% to $3.44, retracting after gains earlier in the week post the Federal Reserve's decision to maintain interest rates at 5.25-5.5%. The Fed's 2024 economic projections suggest three rate cuts, aiming for a 4.6% target by year-end, despite internal dissent. This economic optimism could boost demand for Plug Power's green energy products, potentially elevating its stock as investor confidence in growth-oriented sectors like Plug Power increases.

Portfolio Pulse from Henry Khederian

March 22, 2024 | 3:11 pm

STLA

Stellantis announced a recall due to certain vehicles possibly being equipped with Sabic inflators that had moisture introduced during manufacturing. The company stated it is unaware of any related injuries or accidents. The inflators in question do not use the same propellant or design as the previously recalled Takata air bags. The defect is estimated to exist in less than 1% of the recall population.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 3:11 pm

IXHL

Recent advancements in psilocybin-assisted therapy for Generalized Anxiety Disorder (GAD) and Colorado's progressive legislation on psychedelic therapy highlight a growing acceptance of psychedelics in mental health treatment. Incannex Healthcare's Phase 2 clinical trial shows promising results for psilocybin therapy. Denver's initiative to train first responders in psychedelic crisis intervention, in collaboration with MAPS, and the efforts of Heroic Hearts Project and Healing Our Heroes Foundation in providing psychedelic therapy to veterans and first responders, underscore the therapeutic potential of psychedelics. Courtney Barnes, advocating for psychedelic policy reform, will speak at the Benzinga Cannabis Capital Conference, emphasizing the importance of integrating psychedelics into healthcare and legal frameworks.

Portfolio Pulse from Abbey Higginbotham

March 22, 2024 | 3:05 pm

OTLK

Outlook Therapeutics Inc (NASDAQ:OTLK) shares surged after the European Medicines Agency's Committee for Medicinal Products for Human Use issued a positive opinion on ONS-5010/LYTENAVA for wet AMD. The stock's volume significantly exceeded the average, indicating strong investor interest. The company is exploring direct commercialization and partnerships in Europe. This development follows a series of clinical trials and discussions with the FDA regarding the product's approval.

Portfolio Pulse from Vandana Singh

March 22, 2024 | 2:51 pm