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Regulatory

SNAP

Snap shares are trading higher after the US House passed a bill that mandates TikTok to divest from ByteDance or face a ban, potentially reducing competition for Snap.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:44 pm

AMZN

FXI

GOOGL

META

PINS

RUM

SNAP

SPY

The U.S. House of Representatives has passed a bill that mandates TikTok to sever its ties with China or risk being banned in the United States. This move could significantly impact the competitive landscape for U.S. tech companies and the broader market.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:43 pm

RUM

SNAP

Shares of social media companies are moving higher as the U.S. House of Representatives votes on a bill that would require TikTok to divest from China or face a ban in the U.S. This legislative action is seen as a significant move that could reshape the competitive landscape of social media in the United States.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:23 pm

SNAP

Snap shares are experiencing an uptick following a US House vote on legislation that mandates TikTok to separate from its parent company ByteDance or risk being banned in the US.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:19 pm

IDAI

Trust Stamp (NASDAQ:IDAI) announced the commercial release of its new AI-powered age-estimation technology, designed to estimate the age of online users to ensure age-appropriate content access. The technology, which uses deep-learning algorithms, has been tested against industry leaders and is now in negotiations for its first commercial implementation. Trust Stamp's President, Andrew Gowasack, highlighted the technology's potential applications both online and offline, emphasizing its importance in complying with legislative initiatives on age verification.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:04 pm

AAPL

NVDA

SMH

SOXX

TSM

Taiwan Semiconductor Manufacturing Co (TSMC), a key supplier to Nvidia and Apple, reported an 11.3% year-on-year sales increase in February, driven by strong demand for AI-related products. This growth comes despite a 5.9% sales decline across Taiwan's tech sector. TSMC's performance contrasts with electronics manufacturers like Foxconn and Pegatron, which saw sales drops due to reduced business days from the Lunar New Year. TSMC is expanding globally, with new facilities in Japan and a $40 billion investment in Arizona, supported by up to $5 billion in U.S. grants.

Portfolio Pulse from Anusuya Lahiri

March 13, 2024 | 2:03 pm

MULN

Mullen Automotive has announced an update on the timeline for the U.S. government ruling regarding their Class 1 EV cargo vans. Following advice from the CBP, Mullen, in collaboration with RRDS, is moving forward with the GSA to finalize its qualification to sell these vans to all branches of the U.S. government.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 1:33 pm

TTE

TotalEnergies SE (NYSE:TTE) is being sued by Belgian farmer Hugues Falys for climate change-related damages to his farm and for an order to halt new fossil fuel projects. This landmark case, filed in the Tournai commercial court, marks the first climate change lawsuit against a multinational in Belgium. Falys claims TotalEnergies' CO2 emissions have significantly impacted his farming operations from 2016-2022, leading to reduced yields and herd size. The lawsuit also involves thousands of citizens and seeks to force TotalEnergies to adjust its business model.

Portfolio Pulse from Lekha Gupta

March 13, 2024 | 1:19 pm

BTCUSD

NYCB

This week, Jerome Powell's dovish stance before Congress, weaker job reports, all-time highs for Bitcoin and gold, rising gas and oil prices due to production cuts, and the investor bailout of New York Community Bank ($NYCB) were highlighted. Powell's willingness to lower rates before inflation hits 2% mirrors past mistakes, while job data suggests a weaker economy than reported. Bitcoin and gold reaching all-time highs indicate a search for stability amidst market volatility. Saudi Arabia and Russia's production cuts have pushed oil prices over $80. The $1 billion investment led by Steve Mnuchin in NYCB reflects ongoing concerns about the banking sector's stability.

Portfolio Pulse from Gary Brode

March 13, 2024 | 1:12 pm

HMC

MZDAY

Toyota Motor Corp (NYSE:TM) has agreed to its labor union's requests for salary and bonus increases for the fourth consecutive year, potentially influencing Japan's wage-price cycle. This move, which led to a surge in the yen and a drop in government bond futures, sets a precedent for wage trends in Japan, impacting over 5 million workers. Similar agreements by Honda Motor Co Ltd (NYSE:HMC) and Mazda Motor Corp (OTC:MZDAY) indicate a broader push for wage growth. These developments could prompt the Bank of Japan to reconsider its negative interest rate policy.

Portfolio Pulse from Shivani Kumaresan

March 13, 2024 | 1:10 pm