Streetbeat News

Regulatory

CC

Chemours has placed its President and CEO Mark Newman, Senior Vice President and CFO Jonathan Lock, and Vice President and Controller Camela Wisel on administrative leave pending an internal review. This review, assisted by independent counsel, is examining the company's ethics hotline processes, working capital management practices, non-GAAP metrics, and related disclosures. The company is evaluating potential material weaknesses in its internal control over financial reporting as of December 31, 2023, particularly concerning senior management's 'tone at the top' and information and communication controls.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:51 pm

CC

Chemours has announced management actions and a delay in filing its Form 10-K. Additionally, the company provided preliminary unaudited results for the year 2023. The delay in filing and the release of preliminary results may indicate operational or financial issues that could impact investor confidence.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:48 pm

AAPL

MARA

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have seen significant gains, leading to $750M in liquidations. Gemini will refund $1.1B to Earn Program customers. Apple's shareholders rejected a proposal for AI transparency. Marathon Digital's shares fell despite Bitcoin's rally. Dogecoin's market cap surpassed MicroStrategy and Robinhood. Analysts predict a 600% surge in Dogecoin's price. The ETF tracking Congressional Democrats' trades outperformed the S&P 500. US markets show uncertainty ahead of inflation data. Goldman Sachs CEO and Peter Schiff express concerns about the US economy. SEC investigates OpenAI CEO, and Apple faces a vote on AI transparency. Tesla is accused of polluting Berlin's water, and GXO Logistics leads a bidding war for Wincanton.

Portfolio Pulse from Akanksha Bakshi

February 29, 2024 | 2:45 pm

ROBO

FDA inspectors found deficiencies in record-keeping and quality controls at Elon Musk's Neuralink during inspections of its animal research facilities. These issues come shortly after Neuralink received clearance for human testing of its brain implants. The inspections revealed missing calibration records and lapses in quality control, particularly at the California facility, while the Texas facility showed no issues. These findings raise concerns about Neuralink's attention to detail and its readiness for human trials, despite FDA approval based on the company's data.

Portfolio Pulse from Vandana Singh

February 29, 2024 | 2:26 pm

ATRA

Atara Biotherapeutics has received FDA clearance for its Investigational New Drug (IND) application for ATA3219, aimed at treating Lupus Nephritis. This marks the second IND clearance for ATA3219, with the first being for Non-Hodgkin's Lymphoma (NHL). It's also the first time ATA3219 is being explored for an autoimmune disease. Initial clinical data for NHL is expected in the second half of 2024, and for Lupus Nephritis in the first half of 2025.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:12 pm

SPWR

SunPower announced a delay in filing its Form 10-K due to the additional time needed to complete its financial statements. This follows the restatements of the Company's prior period financial statements filed on December 18, 2023.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:12 pm

GOOG

GOOGL

XLC

Alphabet Inc's Google is facing a 2.1-billion-euro lawsuit from 32 media groups, including Axel Springer and Schibsted, over its digital advertising practices. The lawsuit accuses Google of market dominance abuse, leading to financial losses for these media companies. This legal action is part of broader antitrust scrutiny that Big Tech companies like Google, Apple, Amazon, Meta Platforms, and Microsoft are facing. The lawsuit was filed in a Dutch court, known for its strategic importance in antitrust damage claims in Europe. U.S. Big Tech companies continue to face regulatory scrutiny and lawsuits globally. The Communication Services Select Sector SPDR Fund, with significant exposure to Google, has seen a 9% increase year-to-date.

Portfolio Pulse from Anusuya Lahiri

February 29, 2024 | 2:03 pm

SWTX

SpringWorks Therapeutics has announced that the European Medicines Agency (EMA) has validated its Marketing Authorization Application for Nirogacestat, aimed at treating adults with desmoid tumors. This validation marks a significant step towards the potential approval and commercialization of Nirogacestat in Europe, expanding the treatment options for patients with this rare condition.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:02 pm

AMIX

Autonomix has signed key clinical agreements as final preparations to begin a proof-of-concept human clinical trial in March 2024, targeting the pancreatic cancer market with transvascular RF ablation. Patient enrollment is expected to start imminently.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 2:01 pm

FXI

China's housing and financial regulators have called on cities at the prefecture level and above to set up a financing coordination mechanism, as reported by Reuters citing a publication from China's Housing Ministry. This move is aimed at stabilizing the real estate market and ensuring the smooth financing of housing projects.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 1:47 pm