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Regulatory

BABA

EBIZ

INTC

ONLN

Alibaba Group Holding Limited (NYSE:BABA) is set to unveil the C930, the latest RISC-V processor from its Damo Academy, as part of its strategy to navigate U.S. trade restrictions. The announcement was made at the XuanTie Partner Conference, highlighting the processor's applications in 5G, robotics, and financial services. Additionally, Alibaba introduced an open-source laptop, Ruyi Book, showcasing its commitment to RISC-V technology. The move reflects a broader shift towards RISC-V architecture as an alternative to traditional chip technologies, with Alibaba forming the "Wujian Alliance" to promote RISC-V commercialization. BABA stock has seen a 10% decline last year but traded higher by 0.16% recently.

Portfolio Pulse from Anusuya Lahiri

March 19, 2024 | 5:21 pm

CVX

HES

XOM

Chevron Corporation (CVX) and JX Nippon Oil & Gas Exploration Corporation have signed an MOU to develop the CCS value chain in the Asia Pacific, focusing on CO2 storage. The collaboration aims to evaluate the export of CO2 from Japan to CCS projects in Australia and potentially other countries. In a separate development, Chevron's $53 billion takeover of Hess Corporation (HES) is threatened by Exxon Mobil Corporation (XOM), which has filed for arbitration over Hess's Guyana oilfield stake, claiming the right of first refusal.

Portfolio Pulse from Lekha Gupta

March 19, 2024 | 5:04 pm

UNH

UnitedHealth Group (NYSE:UNH) has taken significant steps to mitigate the impact of a cybersecurity breach at its Change Healthcare technology arm, including disbursing over $2 billion in advance payments to support healthcare providers. The company is actively working to restore services, with new medical claims preparation software launched and services to be reinstated in phases. The Biden administration has urged UnitedHealth to help stabilize the U.S. health system, and the company has suspended certain authorizations to assist care providers. Following the cyberattack, UnitedHealth's Change Healthcare pharmacy network is now operational, with major systems up and nearly all pre-incident claim volume restored. The U.S. Department of Health and Human Services is investigating the cyber-attack.

Portfolio Pulse from Vandana Singh

March 19, 2024 | 4:58 pm

MATICUSD

USDCUSD

Investors and analysts are anticipating the Federal Reserve's potential rate cuts in 2024, with the FOMC meetings being closely watched. The Fed hinted at three rate cuts for 2024, adjusting from an initial four due to higher inflation. Goldman Sachs economist Alec Phillips predicts these cuts in June, September, and December. The crypto prediction market Polymarket has over $3.1 million wagered on the timing of these cuts, with a majority betting on a cut by June 12.

Portfolio Pulse from Chris Katje

March 19, 2024 | 4:54 pm

EWJ

SMH

Chip stocks experienced a pullback while the dollar strengthened in anticipation of the Federal Reserve's decision. Additionally, Japan's central bank raised interest rates, impacting global markets.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 4:49 pm

NOK

RDDT

Reddit is reviewing a letter from Nokia Technologies claiming patent infringement by the social media platform. This comes just before Reddit's highly anticipated IPO this week.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 4:45 pm

COCH

Envoy Medical has been granted a European patent (EP3858425) for an 'Implantable Modular Cochlear Implant System With Communication System And Network'. This development could enhance Envoy Medical's product offerings in the European market, potentially leading to increased market share and revenue from sales of this advanced cochlear implant system.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 4:36 pm

MITK

Mitek (NASDAQ:MITK), a leader in digital identity and fraud prevention, announced a delay in filing its FY23 Annual Report on Form 10-K due to issues transmitting the report to the SEC's EDGAR system since March 18, 2024. The company is working to resolve the issue with its financial reporting provider and the SEC. Despite the delay, Mitek plans to issue an earnings release and hold an earnings call on March 19, 2024, to discuss its fiscal 2023 Q4 and full-year results. The earnings call is contingent on successfully filing a Form 8-K with the SEC.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 4:25 pm

AAPL

AMZN

GOOG

NVDA

TSLA

Nvidia is extending its AI dominance, with its stock becoming a favorite for speculative trading, particularly in options. The company announced Blackwell, a successor to its Hopper AI chip, promising significant performance improvements. Meanwhile, the Bank of Japan raised interest rates for the first time in 17 years, which could have long-term negative implications for the U.S. stock market. Early trade money flows show positive trends for AAPL and GOOG, but negative for AMZN, META, MSFT, NVDA, TSLA, SPY, and QQQ. The momo crowd is actively buying stocks, gold, and oil in early trades.

Portfolio Pulse from The Arora Report

March 19, 2024 | 4:23 pm

TAK

Takeda (TAK) has received U.S. FDA approval for a supplemental New Drug Application for ICLUSIG in adult patients with newly diagnosed Ph+ ALL in combination with chemotherapy. This makes ICLUSIG the first and only targeted treatment for this condition in the U.S. The approval, under accelerated conditions based on MRD-negative complete remission rates, was supported by data from the Phase 3 PhALLCON trial, demonstrating superiority over imatinib. Continued approval may depend on further confirmatory trials.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 4:21 pm