Streetbeat News

Regulatory

CVX

UGA

USO

XLE

XOM

Gas prices are rising, with the national average at $3.49 and some West Coast states over $4. The surge is attributed to drone attacks on Russian refineries by Ukraine, affecting up to 15% of Russia's refining capacity. This has led to higher wholesale gasoline prices, with the United States Gasoline Fund (UGA) reaching its highest level since September. Crude oil prices are also near four-month highs, impacting U.S. inflation and delaying expected Federal Reserve rate cuts. Exxon Mobil Corp (XOM) and Chevron Corp (CVX) stocks have risen due to the strength in oil prices, as has the Energy Select Sector SPDR Fund (XLE), which tracks U.S. oil companies.

Portfolio Pulse from Neil Dennis

March 19, 2024 | 2:48 pm

AUUD

Auddia Inc has received a U.S. patent for a machine learning technology that identifies shifts in audio content. The patent, numbered 11,935,520, marks a significant intellectual property milestone for the company.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 2:44 pm

TSLA

Tesla shares are trading lower due to a decrease in weekly insurance registrations for its electric vehicles in China. This news comes as broader growth and tech stocks face pressure ahead of the Federal Reserve's upcoming decision.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 2:29 pm

COSM

Cosmos Health Inc. (NASDAQ:COSM) is nearing regulatory approval in the UK for its C-Scrub disinfectant hand soap and has received its first purchase order. The approval from the UK's Health Security Agency will enable distribution across the UK, with plans to supply the National Health Service. C-Scrub is a biocide disinfectant formulated with 4% chlorhexidine gluconate, offering up to 6 hours of antimicrobial action. Cosmos Health is also exploring opportunities in non-EU markets, targeting the global hospital disinfectant market projected to reach $75.6 billion by 2033.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 2:13 pm

META

Instagram, owned by Meta Platforms Inc. (NASDAQ:META), has made a significant comeback, outperforming TikTok in app downloads and user engagement in 2023. Instagram's downloads increased by 20%, surpassing TikTok's 4% growth, with total downloads of 767 million versus TikTok's 733 million. The resurgence is attributed to the introduction of Threads, a Twitter competitor, and improvements in Reels content. Despite criticism from high-profile users like Kim Kardashian and Kylie Jenner, Instagram has adapted its feed to feature more suggested posts and Reels. However, concerns about Instagram's innovation for long-term success remain. Meanwhile, TikTok faces potential U.S. ban legislation, which could impact its operations.

Portfolio Pulse from Rounak Jain

March 19, 2024 | 2:07 pm

NVDA

SMCI

Semiconductor stocks are trading lower due to concerns around the Federal Reserve's meeting this week and specific developments with SMCI and NVIDIA's recent GCT announcements. This trend impacts a broad range of semiconductor companies.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 2:05 pm

BA

ETN

Eaton has introduced an FAA-approved oxygen sensor replacement for the Boeing 737 NG / 737 MAX, offering increased accuracy and an extended warranty. This product, requiring no modifications to aircraft, is a direct replacement for the OEM's sensor, aiming to meet new regulatory requirements and reduce maintenance costs. Eaton's solution, leveraging technology from its high-performance sensors, promises enhanced reliability and operational efficiency for commercial aviation.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 2:04 pm

FCX

Copper prices have reached an 11-month high of $9,164.50 a ton, driven by U.S. equity market rallies and global supply concerns, including smelter cuts in China and mine closures in Peru and Panama. Freeport-McMoRan's CEO, Richard Adkerson, highlighted the need for improved mine permitting processes in the U.S. and discussed the company's focus on community support and technological advancements in copper smelting and leaching.

Portfolio Pulse from Stjepan Kalinic

March 19, 2024 | 1:40 pm

ACER

BAYRY

BAYZF

Bayer AG announced positive Phase 3 results for elinzanetant, a menopausal relief drug, showing significant reduction in hot flashes compared to placebo. The drug, aiming for FDA approval, could generate over a billion dollars annually. In contrast, Acer Therapeutics' similar trial failed to meet its primary goals.

Portfolio Pulse from Vandana Singh

March 19, 2024 | 1:31 pm

MMSI

Merit Medical Systems, Inc. (NASDAQ:MMSI) announced the commercial release of its FDA-cleared Micro ACE Advanced Micro-Access System, a part of its Merit Vascular portfolio. The system is designed for micro-access in various vascular anatomies, offering improved stiffness, resistance to kink and compression, and visibility under fluoroscopy compared to competitors. Merit Medical also plans to file for CE mark designation in Europe and is pursuing patents for Micro ACE technology both in the US and internationally.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 1:28 pm