Streetbeat News

Regulatory

BJDX

CHRS

CYTK

FWBI

HALL

IOVA

U.S. stocks traded mixed with the Dow slightly up and the S&P 500 and Nasdaq Composite slightly down. Crude oil prices fell by 1.4%, while gold and silver prices rose. First Wave BioPharma's stock spiked after announcing a potential sale of its Niclosamide program. Cytokinetics surged following positive trial results, and Coherus BioSciences gained on FDA approval news. Conversely, Hallmark Financial Services, Bluejay Diagnostics, and Iovance Biotherapeutics saw significant stock declines due to various company-specific news.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 7:19 pm

EWJ

The Bank of Japan's policy board is divided on when to start tightening monetary policy, according to Nikkei Asia. The split is due to differing views on the economic recovery and inflation risks. Some members see the need for a cautious approach due to uncertainties, while others believe the BOJ should signal a shift away from its ultra-loose policy to prevent market confusion and ensure policy sustainability.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 6:26 pm

ETHUSD

On Tuesday, 3,955.76 Ether (ETH) valued at approximately $9.29 million was burned, permanently removing it from circulation. This event follows the EIP-1159 upgrade implemented on the Ethereum blockchain on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -2.49% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

December 27, 2023 | 6:00 pm

NXU

Nxu, Inc. (NASDAQ:NXU) has finalized a strategic investment in Lynx Motors through a share exchange, with $3M in Nxu shares swapped for $3M in Lynx shares. This partnership aims to accelerate highway electrification and helps Nxu comply with Nasdaq's listing standards. Nxu gains a seat on Lynx's Board and has provided a $250,000 interest-free bridge loan to Lynx.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 5:28 pm

BJDX

CHRS

CYTK

FWBI

HALL

IOVA

U.S. stocks traded higher, with the Dow Jones gaining around 80 points. Consumer discretionary shares led gains, while information technology shares fell. The Richmond Fed Manufacturing Index dropped to -11, the lowest in ten months. First Wave BioPharma, Cytokinetics, and Coherus BioSciences saw significant stock increases due to positive developments. Hallmark Financial Services announced its intention to delist from Nasdaq, Bluejay Diagnostics initiated a clinical study, and Iovance Biotherapeutics faced an FDA clinical hold, all leading to stock declines. Gold rose 1%, and oil prices fell slightly.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 5:27 pm

SAM

Despite no federal legalization of marijuana or approval of the SAFE Banking Act, optimism persists in the cannabis industry. Experts predict 2024 could bring significant changes, including potential rescheduling of cannabis and advancements in minor cannabinoids and marijuana beverages. Industry leaders emphasize the importance of scalable solutions and cost management. Political dynamics may influence progress, with predictions of reclassification efforts and increased M&A activities. The cannabis sector is also expected to impact alcohol sales, with a projected increase in cannabis users and a decrease in alcohol consumers.

Portfolio Pulse from Nina Zdinjak

December 27, 2023 | 5:17 pm

CHRS

Coherus BioSciences, Inc. (NASDAQ:CHRS) stock is rising after announcing FDA approval for its Udenyca Onbody pegfilgrastim delivery device. The device offers an automatic delivery option for medication, complementing existing administration methods. High short interest in CHRS shares could lead to larger stock movements following such positive catalysts.

Portfolio Pulse from Erica Kollmann

December 27, 2023 | 4:54 pm

CODX

Co-Diagnostics shares are trading higher following the company's announcement of submitting its Co-Dx PCR COVID-19 test and Co-Dx PCR Pro instrument for FDA Emergency Use Authorization review.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 4:48 pm

AAPL

MASI

The U.S. Appeals Court has temporarily paused an import ban on certain Apple Watch models that was previously imposed. This decision comes as a relief to Apple, as the ban was related to a patent infringement case involving Masimo Corp's pulse oximetry technology. The stay on the import ban allows Apple to continue importing and selling the affected Apple Watch models while the legal proceedings continue.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 4:32 pm

IROHU

Trading for the IPO security IROHU was halted but has now resumed as of 10:35 AM ET.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 3:35 pm