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Regulatory

COF

DFS

JPM

JPMorgan Chase & Co (NYSE:JPM) pursued Discover Financial Services (NYSE:DFS) for a year before Capital One Financial Corp (NYSE:COF) won the bid at $35 billion. JPMorgan aimed to acquire Discover's Pulse payments network but faced regulatory challenges and eventually abandoned the effort. The deal would have reduced JPMorgan's reliance on Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). Despite regulatory hurdles for JPMorgan, Capital One's acquisition faces less scrutiny, potentially due to its smaller market share.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 8:27 pm

ADM

FBI agents have issued grand jury subpoenas to current and former employees of Archer Daniels Midland (ADM) in Illinois, as part of an escalating accounting investigation. The subpoenas, issued by the Southern District of New York, are seeking information, messages, and devices related to ADM's accounting practices, specifically focusing on sales from two divisions to its Nutrition Unit.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:25 pm

MDT

Medtronic Plc (NYSE:MDT) is recalling its Duet External Drainage and Monitoring System (EDMS) catheter tubing due to potential disconnection risks, as identified by the FDA as a Class I recall, the most serious type. The recall is due to the risk of infections, cerebrospinal fluid leakage, over-drainage, and possible neurological injury or death. There have been 26 reported injuries but no deaths. Meanwhile, MDT shares dropped 0.74% to $84.92.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 7:57 pm

BTCUSD

GLD

NVDA

Gold has reached an all-time high, indicating strong investor conviction and momentum, while Nvidia and Bitcoin are also at all-time highs, reflecting high speculative interest. The job market remains strong, but IT jobs are weakening due to AI impacts. The European Central Bank has kept interest rates unchanged, and Japan may raise rates for the first time since 2007. Early trade money flows are positive for major tech stocks and negative for Tesla. The article suggests prudent investors are buying gold as a hedge against potential market downturns.

Portfolio Pulse from The Arora Report

March 07, 2024 | 7:44 pm

PFE

The FDA has approved Pfizer Inc's leukemia drug, Besponsa, for pediatric patients aged one year and older with relapsed or refractory CD22-positive B-cell precursor acute lymphoblastic leukemia (ALL). The approval is based on a study involving 53 pediatric patients, showing a complete remission rate of 22 out of 53 patients, with a median duration of 8.2 months. This follows the drug's initial approval for adults in August 2017. Pfizer's stock (PFE) saw a decrease of 1.03% to $26.91.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 7:25 pm

ACLS

AVGO

MRVL

POWI

SKYT

SWKS

TER

WOLF

Semiconductor and chip stocks are experiencing an uptick due to the ongoing momentum in AI. Broadcom is set to announce its Q1 earnings after the market closes today. The anticipation of CHIPS act subsidies is also contributing to the sector's gains.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:52 pm

DIA

MAGS

META

NVDA

QQQ

SPY

The S&P 500 reached new highs, driven by Fed Chair Powell's hints at potential rate cuts. Nvidia surpassed $900, and Bitcoin neared record levels. The Roundhill Magnificent Seven ETF and specific stocks like Meta Platforms and Nvidia showed significant gains. Treasury yields fell, and the dollar weakened. The ECB maintained interest rates, with President Lagarde emphasizing independence from the Fed. Gold hit new highs, and major US indices and ETFs saw varied performance. Several companies experienced notable stock movements due to earnings reports and other news.

Portfolio Pulse from Piero Cingari

March 07, 2024 | 6:32 pm

SPY

In a recent statement reported by CNBC, Federal Reserve official Loretta Mester expressed optimism about the U.S. economy, expecting it to remain 'solid'. She emphasized the Fed's commitment to reducing inflation while maintaining a healthy job market. This balance is crucial for ensuring economic stability and growth.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:26 pm

SPY

Fed's Mester mentioned that a few more inflation reports could provide confidence regarding inflation trends, suggesting the Fed might be in a position to cut rates later this year, according to CNBC.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:26 pm

CELZ

Creative Medical Technology Holdings Inc (NASDAQ:CELZ) saw its stock surge after receiving FDA authorization for CELZ-201, a therapy aimed at managing abnormal glucose tolerance and preventing Type 1 diabetes in high-risk individuals. This groundbreaking therapy represents a significant advancement in personalized medicine for diabetes management. Additionally, CELZ received Orphan Drug Designation for CELZ-101, ImmCelz, to prevent allograft rejection in pancreatic islet cell transplantation for Type 1 diabetes patients. CELZ shares rose 34.50% to $6.40.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:16 pm