Streetbeat News

Regulatory

AAPL

SPOT

Apple Inc was fined over $1.95 billion by the European Commission for restricting music streaming services like Spotify from informing users about alternative payment methods outside Apple's App Store. This decision, which Apple plans to challenge, was based on antitrust violations. Concurrently, Apple announced new MacBook Air models with the M3 chip, expected to significantly outperform previous versions.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 4:51 pm

GEO

SPY

Texas Governor Greg Abbott has announced that law enforcement officers in Texas are now authorized to arrest and jail illegal immigrants crossing the border. This new measure allows any Texas law enforcement officer to arrest individuals on misdemeanor charges of illegal entry.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 4:48 pm

NVS

Novartis AG (NYSE:NVS) presented promising data from the SMART Phase 3b study for Zolgensma, a gene therapy for spinal muscular atrophy (SMA) in older children. The study showed safety and efficacy in children weighing ≥ 8.5 kg to ≤ 21 kg, with significant improvements in motor milestones and no new safety signals. Zolgensma sales reached $1.21 billion in fiscal year 2023. The therapy is approved in over 51 countries and has treated over 3,700 patients globally.

Portfolio Pulse from Vandana Singh

March 04, 2024 | 4:34 pm

RNLX

Renalytix plc (NASDAQ:RNLX), an AI-powered diagnostics company focusing on kidney disease, has received an unsolicited acquisition approach, causing its stock to soar. The company is evaluating the acquisition of its entire share capital by a large, publicly-listed strategic diagnostics company. Renalytix has initiated a formal sale process to explore all options, including a potential sale of the company or assets. The company's stock surged 26.0% to $1.32, with a session volume of 9.26 million, significantly higher than its average volume of 1.42 million. Additionally, Renalytix announced that its FDA de Novo Marketing authorized test, kidneyintelX.dkd, will be added to the US Government's 10-year Acquisition Contract for early-stage kidney disease bioprognostic testing services starting March 1, 2024.

Portfolio Pulse from Vandana Singh

March 04, 2024 | 4:22 pm

PHUN

Phunware, Inc. (NASDAQ:PHUN) shares surged amid volatility in Trump-related stocks following Trump's wins in the Missouri and Idaho Republican caucuses and a Supreme Court ruling ensuring Trump remains on the Republican primary ballot in all states. The court stated that Congress, not states, has the authority to enforce the 14th Amendment provision against federal office-seekers. Phunware does not pay dividends but may engage in capital allocation programs like stock buybacks. Phunware's stock price increased by 105% to $14.51.

Portfolio Pulse from Erica Kollmann

March 04, 2024 | 4:22 pm

AMAT

An executive from Applied Materials (AMAT) stated that the company benefited from being permitted to ship certain technologies to Chinese DRAM customers in the current quarter, which were previously restricted in 2023.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 4:19 pm

JBLU

SAVE

The Justice Department has declared the termination of the JetBlue and Spirit Airlines merger as a victory for its efforts to protect American consumers. It emphasizes its commitment to vigorously enforcing the nation's antitrust laws.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 4:02 pm

NYCB

RNA

SAVE

TSLA

U.S. stocks were lower on Monday, with significant movements in several companies. Tesla's shares fell 5.4% due to a reported decline in China sales. Other notable movements include Avidity Biosciences dropping 16.6% after announcing trial data, New York Community Bancorp declining 13.6% due to identified material weaknesses, and Spirit Airlines dipping 12.1% after terminating its merger with JetBlue. Various other stocks also recorded losses.

Portfolio Pulse from Avi Kapoor

March 04, 2024 | 3:40 pm

QNRX

Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) shares surged after announcing FDA clearance to include teens in Netherton Syndrome clinical trials. The news led to a significant increase in trading volume, with shares up 84% at $5.09.

Portfolio Pulse from Erica Kollmann

March 04, 2024 | 3:19 pm

KO

Coca-Cola Company (NYSE:KO) reported its Q4 2023 earnings, showcasing resilience with an 8% earnings per share growth and a 12% organic revenue growth despite global challenges. The company achieved market share gains and benefited from its digital transformation and innovation. However, geopolitical tensions, inflation, and hyperinflation in certain markets posed challenges. The refranchising of bottling operations is expected to impact revenues and earnings in 2024 negatively.

Portfolio Pulse from Tornado

March 04, 2024 | 3:04 pm