Streetbeat News

Regulatory

PLSE

Pulse Biosciences has received FDA 510(k) clearance for its CellFX NSPFA Percutaneous Electrode System, marking a significant regulatory milestone for the company. This approval allows the company to market and distribute the CellFX System in the United States, potentially boosting its market presence and revenue streams.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 6:20 pm

KRE

TFC

USB

Federal Reserve Chairman Jerome Powell warned of more bank failures, particularly among regional banks with significant exposure to commercial real estate loans. Powell highlighted the issue is more pronounced in smaller and medium-sized banks, with some holding CRE loans worth nearly 35% of their total assets. The shift to remote work during the COVID-19 pandemic has left 19% of U.S. offices empty, exacerbating the problem. Truist Financial Corp. (TFC), U.S. Bancorp (USB), and New York Community Bancorp are among the banks with the largest exposures. Despite the concerns, the SPDR S&P Regional Banking ETF (KRE) and shares of TFC and USB have remained relatively stable, while NYCB's shares have dropped significantly.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 6:04 pm

ETH-USD

On Thursday, 14,656.93 Ether (ETH) worth $58,121,774 was burned, permanently removing it from circulation. This follows the EIP-1159 upgrade to the Ethereum blockchain, which introduced a variable base fee for transactions that is burned. The Ethereum network is currently issuing Ether at a 4% annual rate, expected to decrease with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -19.02% yesterday.

Portfolio Pulse from Benzinga Insights

March 08, 2024 | 6:00 pm

TSM

Taiwan Semiconductor Manufacturing (TSM) is poised to receive over $5 billion in federal grants to support its chipmaking project in Arizona, according to Bloomberg. This funding is part of the U.S. government's efforts to bolster domestic semiconductor manufacturing capabilities.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 5:16 pm

SMH

SNAP

SPY

Market indexes saw gains after the release of February jobs data, with semiconductor stocks continuing their upward trend. Snap Inc. shares also experienced a rise following the US House Committee's approval of a bill aimed at cracking down on TikTok.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 3:55 pm

ABBV

BGNE

GILD

NVS

RHHBY

The FDA granted accelerated approval to BeiGene Ltd's Brukinsa, in combination with Roche Holdings AG's Gazyva, for adult patients with relapsed or refractory follicular lymphoma, marking its fifth indication in the U.S. This approval is based on the response rate and durability from the ROSEWOOD Phase 2 trial. Brukinsa's global sales reached $1.3 billion for the full year 2023, with peak annual sales estimated to be $3 billion to $4 billion. BGNE shares rose 0.94% following the announcement.

Portfolio Pulse from Vandana Singh

March 08, 2024 | 3:02 pm

SNAP

Snap shares are trading higher following the unanimous approval by the House Energy and Commerce Committee of a bill that would require ByteDance to divest TikTok. This legislative move is perceived positively for Snap as it could reduce competition in the social media space.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:55 pm

SPY

In a CNN interview, Treasury Secretary Yellen stated that President Biden's top priority is addressing the high prices and cost of living affecting Americans. This indicates a focus on economic policies aimed at inflation control and financial relief for citizens.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:53 pm

SPY

In an MSNBC interview, Yellen stated that President Biden is committed to ensuring housing affordability for first-time buyers, focusing on increasing the housing supply.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:45 pm

BIIB

ESALY

LLY

The FDA has delayed its decision on Eli Lilly's Alzheimer's drug, donanemab, pending further review, causing Eli Lilly's stock to drop and Biogen's stock to rise due to the delay benefiting Biogen's competing drug, Leqembi.

Portfolio Pulse from Vandana Singh

March 08, 2024 | 1:58 pm