Streetbeat News

Regulatory

BUL

INTC

LRCX

SEMI

Lam Research Corp is considering diversifying its supply chain to Vietnam from China due to U.S. export controls affecting its business. The company discussed a $1 billion investment in Vietnam with the Prime Minister, aiming to reduce reliance on China, which represents 26% of its income. Despite no immediate expansion plans in Vietnam, Lam Research is exploring collaborations, notably with Seojin in South Korea. Meanwhile, Intel Corp has halted further investments in Vietnam, citing power supply and bureaucracy concerns. Lam Research's stock has surged over 94% in the last 12 months, with exposure through ETFs like SEMI and BUL.

Portfolio Pulse from Anusuya Lahiri

March 22, 2024 | 9:45 am

BCS

Airlines worldwide are increasing ticket prices to cover the $5 trillion cost of decarbonizing air travel, with sustainable aviation fuel being a major expense. Countries like Singapore and Malaysia are implementing taxes and fees to support this transition, while airlines risk fines and restrictions if they fail to reduce emissions. Barclays PLC has stopped financing new oil and gas fields, aligning with its Transition Finance Framework.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 9:19 am

ETHUSD

XRPUSD

Ripple CEO Brad Garlinghouse comments on the SEC's regulatory battles with the cryptocurrency industry, highlighting the ongoing challenges faced by Ethereum (ETH) and comparing them to Ripple's (XRP) past experiences. Garlinghouse criticizes the SEC for its legal struggles and conflicts with other regulators like the CFTC. The Ethereum Foundation is under scrutiny by a state authority, potentially affecting ETH's classification as a security, which could impact ETH-based ETFs and the broader crypto market. ETH's price was up 2.71% at $3,503.

Portfolio Pulse from Mehab Qureshi

March 22, 2024 | 9:18 am

FXI

HPQ

China's Commerce Minister Wang Wentao expressed his hope for HP to enhance its innovation and investment efforts in the Chinese market, as reported by Reuters.

Portfolio Pulse from Charles Gross

March 22, 2024 | 9:16 am

XLC

Kevin O'Leary expressed interest in purchasing TikTok amidst potential ban talks, aiming to transition it into an American-owned platform. He plans to bid $20-$30 billion, seeking investment from sovereign wealth and pension plans. O'Leary highlighted the challenge of acquiring TikTok without its algorithm due to Chinese government restrictions. He compared the situation to Twitter's valuation drop after its algorithm change. O'Leary emphasized the need for White House endorsement for the deal and plans to engage with both Trump and Biden's administrations. A TikTok ban could benefit Meta Platforms and Alphabet, with their Reels and YouTube Shorts services.

Portfolio Pulse from Shanthi Rexaline

March 22, 2024 | 7:23 am

MOR

MorphoSys AG has received U.S. antitrust clearance for its proposed acquisition by Novartis AG, following the clearance in Germany and Austria, completing all mandatory regulatory approvals. Novartis plans to submit a takeover offer for all MorphoSys shares at €68.00 per share, totaling €2.7 billion, with the offer document expected in April 2024. The acquisition is anticipated to close in the first half of 2024, pending a minimum acceptance of 65% of MorphoSys' share capital.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 7:04 am

ACN

ALOT

HUMA

HYZN

U.S. stocks closed higher with the Dow jumping over 250 points as investor optimism improved slightly. The Fed kept interest rates unchanged, boosting market sentiment. Accenture's shares fell over 9% after fiscal Q2 results, while Micron Technology's shares surged over 14% following upbeat Q2 results and strong Q3 guidance. Economic data showed a decline in jobless claims and a smaller current account deficit than expected. Most S&P 500 sectors saw gains, with industrials, financial, and energy stocks leading. The CNN Money Fear and Greed index increased slightly.

Portfolio Pulse from Avi Kapoor

March 22, 2024 | 6:53 am

BTCUSD

DOGEUSD

ETHUSD

Cryptocurrencies showed mixed performance with Bitcoin, Ethereum, and Dogecoin experiencing varied changes in their prices amid a decrease in weekly jobless claims in the U.S. The optimism in the crypto market was further fueled by the Federal Open Market Committee (FOMC) meeting, where Fed Chair Jerome Powell discussed the potential easing of monetary policies by late 2024. Analysts predict significant growth for Bitcoin based on historical patterns, with potential targets ranging from $95,000 to $142,000. The global cryptocurrency market cap increased by 8.00% in the past 24 hours.

Portfolio Pulse from Mehab Qureshi

March 22, 2024 | 6:34 am

BLK

CVX

XOM

Strive CEO Matt Cole criticized BlackRock Inc. (NYSE:BLK) for imposing a climate agenda on energy companies, citing long-term financial implications. Cole highlighted BlackRock's influence on Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) regarding climate policies and shareholder proposals. He also mentioned BlackRock's role in SEC's mandatory ESG climate disclosures and its membership in climate groups. The Texas Permanent School Fund withdrew $8.5 billion from BlackRock over its ESG policies, adding to the controversy around BlackRock's ESG investing stance.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 5:36 am

AAPL

Apple Inc. (NASDAQ:AAPL) has launched new updates for its iPhone, iPad, and Apple Vision Pro devices, including iOS 17.4.1, iPadOS 17.4.1, and visionOS 1.1.1. These updates, which follow the earlier release of iOS 17.4 and iPadOS 17.4, focus on bug fixes, performance enhancements, and compatibility improvements. The updates are part of Apple's ongoing efforts to address security concerns, enhance device performance, and comply with regulatory changes, such as the EU's Digital Markets Act.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 4:35 am