Streetbeat News

Regulatory

META

Former President Donald Trump has expressed opposition to a potential TikTok ban in the U.S., arguing it would unfairly benefit Meta Platforms Inc. (NASDAQ:META), the parent company of Facebook, by potentially doubling its business. Trump's stance is a departure from his previous support for banning TikTok, citing concerns over Facebook's influence. The proposed legislation, which could lead to a TikTok ban if ByteDance doesn't divest from the app, has passed the House Energy and Commerce Committee and is supported by President Joe Biden amid national security concerns.

Portfolio Pulse from Ananya Gairola

March 09, 2024 | 3:06 am

GDX

GLD

Gold prices surged to a new all-time high, marking the longest winning streak since July 2000, driven by expectations of imminent interest rate cuts. The VanEck Gold Miners ETF (GDX) saw a 9% increase this week, while the SPDR Gold Trust (GLD) also hit record highs. Federal Reserve Chair Jerome Powell's remarks and economic data have fueled speculations of rate cuts, positively impacting gold prices.

Portfolio Pulse from Piero Cingari

March 08, 2024 | 9:26 pm

AAPL

Apple Inc (AAPL) has agreed to reinstate Epic Games' developer account, allowing 'Fortnite' to return to iOS in Europe. This decision comes after pressure from the European Union (EU) and is a significant test of the new Digital Markets Act (DMA), which mandates app stores to permit downloads from third-party sources. Epic Games had previously accused Apple of anticompetitive behavior, leading to their developer account being revoked. Apple's reversal follows the European Commission's investigation into these allegations.

Portfolio Pulse from Franca Quarneti

March 08, 2024 | 8:38 pm

AMZN

The Federal Trade Commission (FTC) is investigating Amazon's recently introduced fees within its $140 billion seller business. These fees, which include charges for inbound placement and low inventory, have sparked controversy and raised antitrust concerns.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 8:37 pm

ACB

Aurora Cannabis (NASDAQ:ACB), a leading global cannabis company, is well-positioned in Germany following the country's legalization of adult-use marijuana. Germany's reform is significant for Aurora, especially in the medical marijuana sector, where the company aims to expand its patient outreach. Aurora's VP of external affairs, Dirk Heitepriem, expressed optimism about leveraging their global experience for success in Germany's evolving market. The company's shares traded 3.92% higher at $3.18 per share following the news.

Portfolio Pulse from Nina Zdinjak

March 08, 2024 | 8:32 pm

GDX

GLD

IAU

SGOL

Global physically backed gold ETFs have experienced outflows for nine consecutive months, totaling $5.7 billion year-to-date, despite gold prices reaching all-time highs. The outflows are primarily from North America, with factors such as a strong labor market, higher inflation, and a potential Federal Reserve rate cut contributing to the trend. However, gold prices continue to rise due to speculative betting and physical demand, particularly from China. Central bank demand remains strong, supporting gold prices. Gold ETFs mentioned include SPDR Gold Trust (GLD), iShares Gold Trust (IAU), Abrdn Physical Gold Shares ETF (SGOL), and VanEck Gold Miners (GDX).

Portfolio Pulse from Stjepan Kalinic

March 08, 2024 | 8:31 pm

FXI

SPY

President Biden has announced his intention to sign a bill concerning TikTok if it is passed by Congress. This statement indicates a significant step towards regulating or potentially taking action against the social media platform, which could have implications for US-China relations and the tech industry.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 7:51 pm

FXI

SPY

The U.S. Justice Department has informed Congress that a divestment order for TikTok would put the government in a stronger legal position compared to merely imposing a ban, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 7:43 pm

AAPL

GFS

NVDA

TSM

Taiwan Semiconductor Manufacturing Corp. (TSMC) is expected to receive up to $5 billion in grants from the U.S. government for a chip fabrication facility in Arizona to meet the demand from major customers like Apple and Nvidia. The facility is part of TSMC's $40 billion investment in semiconductor manufacturing in Phoenix, aiming to start production in 2025. This move aligns with the U.S. CHIPS Act's goal to boost domestic semiconductor production.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 7:39 pm

NVO

PPH

The FDA has approved Novo Nordisk's Wegovy for expanded use in obesity and cardiovascular disease management, marking a significant advancement in preventive health strategies. This approval is based on the SELECT trial, which demonstrated a 20% reduction in major adverse cardiovascular events. Novo Nordisk's shares dipped 1.9% on the announcement day but have risen 90% over the past year. The VanEck Pharmaceuticals ETF, which holds a significant portion of Novo Nordisk shares, is also impacted.

Portfolio Pulse from Piero Cingari

March 08, 2024 | 7:36 pm