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Regulatory

NPSCY

President Joe Biden is expected to express concerns over Nippon Steel Corporation's (OTC:NPSCY) $14.9 billion bid to acquire U.S. Steel Corporation (NYSE:X), potentially affecting the deal's progress and U.S.-Japan relations. The statement, anticipated ahead of Japan's Prime Minister's visit, reflects bipartisan opposition and concerns for union jobs and domestic manufacturing. U.S. Steel's shares dropped 12.10% to $41.15.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 6:02 pm

ETHUSD

On Tuesday, 12,743.76 Ether (ETH) worth approximately $50.7 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade 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 -16.00% yesterday.

Portfolio Pulse from Benzinga Insights

March 13, 2024 | 6:00 pm

BMY

JNJ

LEGN

The FDA's Oncologic Drugs Advisory Committee is set to review supplemental biologics license applications for two cell therapies for multiple myeloma from Johnson & Johnson/Legend Biotech and Bristol-Myers Squibb. The discussions will focus on the risk-benefit assessments of Carvykti (ciltacabtagene autoleucel) and Abecma (idecabtagene vicleucel), considering clinical benefits against risks of early death and adverse events. HC Wainwright maintains a Buy rating for Legend Biotech with a price target of $87.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 5:44 pm

GGME

META

PNQI

Meta Platforms, Inc (NASDAQ:META) faces ongoing scrutiny from the FTC over its Facebook unit's privacy practices, despite a previous $5 billion fine and a 2020 privacy settlement. A U.S. appeals court has denied Meta's bid to halt the FTC's investigation, which focuses on minors' data use and facial recognition technology. The court emphasized the public interest in the FTC's privacy concerns. Meta criticizes the FTC's actions as an overreach, while the FTC has not commented on the court's decision. Investors can gain exposure to Meta through Invesco Nasdaq Internet ETF (NASDAQ:PNQI) and Invesco Next Gen Media And Gaming ETF (NYSE:GGME).

Portfolio Pulse from Anusuya Lahiri

March 13, 2024 | 5:37 pm

KTRA

Kintara Therapeutics, Inc. (NASDAQ:KTRA) announced the withdrawal of its registration statement for a public offering, leading to volatile trading. The stock has seen a significant increase in trading volume and a 13% price rise to 9 cents. Over the past year, KTRA shares have decreased by 97.05%, with a loss of $0.06 per share for investors from the beginning of the year. The stock's RSI of 23.07 suggests it is currently oversold.

Portfolio Pulse from Erica Kollmann

March 13, 2024 | 5:21 pm

CLOV

GXAI

LUNA

VERI

VJET

Clover Health Investments, Corp. (CLOV) shares rose by 11% after reporting better-than-expected Q4 revenue and FY24 guidance. Other stocks also moved significantly, with Gaxos.ai Inc. (GXAI) and Veritone, Inc. (VERI) among the top gainers, while voxeljet AG (VJET) and Luna Innovations Incorporated (LUNA) led the losers.

Portfolio Pulse from Avi Kapoor

March 13, 2024 | 5:18 pm

UNH

The Biden administration is investigating UnitedHealth Group due to a cyberattack on its subsidiary, Change Healthcare, which has disrupted health-care payments and likely exposed millions of patients' data. The Department of Health and Human Services (HHS) aims to determine the breach's extent and compliance with HIPAA. The attack, described as the most significant in U.S. health system history, has led to frozen payments, affecting hospitals and doctors' ability to meet payroll. UnitedHealth is under pressure to expedite payments to affected providers, with the White House and lawmakers urging action. UnitedHealth has outlined steps to restore services, but critics argue these efforts are insufficient.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 5:17 pm

KTRA

Kintara Therapeutics has filed a Form RW with the SEC to withdraw its registration statement for a public offering, citing no intention to pursue the offering at this time. The registration statement was not declared effective, and no securities were sold under it.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 4:57 pm

SPY

VGK

Fitch Ratings predicts the U.S. Federal Reserve and the European Central Bank (ECB) will each cut rates three times, totaling 75 basis points, by the end of the year, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 4:55 pm

President Joe Biden is expected to express concerns regarding the takeover of U.S. Steel by Nippon Steel. This move highlights potential regulatory and national security implications that could arise from such a significant acquisition in the steel industry.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 4:48 pm