Streetbeat News

Regulatory

META

Eight EU consumer groups have filed complaints against Meta Platforms Inc. (NASDAQ:META), accusing it of illegal data processing and violating GDPR. The complaints focus on Meta's 'pay-or-consent' policy, which allegedly covers up the lack of a legal basis for its extensive data collection from Facebook and Instagram users. This follows Meta's attempts to address privacy concerns, including proposals for consent-based ads and paid ad-free versions of its platforms.

Portfolio Pulse from Rounak Jain

February 29, 2024 | 12:48 pm

DIA

QQQ

SPY

On February 28th, U.S. stock markets closed lower, with the Dow Jones, S&P 500, and Nasdaq experiencing declines amid anticipation of an inflation update influencing Federal Reserve rate cut predictions. Economic data revealed a slowdown in U.S. annual growth rate and a drop in wholesale inventories. Market expectations for the Fed's rate cut shifted from March to June due to persistent inflation and a strong economy. Asian and European markets mostly saw gains, while commodities like crude oil, gold, and natural gas showed mixed performance. U.S. futures and the forex market also indicated varied movements.

Portfolio Pulse from Akanksha Bakshi

February 29, 2024 | 12:18 pm

ASLN

ASLAN Pharmaceuticals has received a favorable opinion from the European Patent Office on its composition of matter patent application for Farudodstat, ensuring exclusivity for the drug until at least 2043. This development is significant for the company's intellectual property rights and its ability to commercialize Farudodstat in the European market.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:16 pm

AAPL

Apple Inc. announced that a shareholder proposal requesting a report on the use of artificial intelligence (AI) was not approved. The announcement was made in a recent 8-K filing.

Portfolio Pulse from Charles Gross

February 29, 2024 | 12:07 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is accused by a local water authority near its German Gigafactory in Grünheide of polluting Berlin's drinking water with hazardous pollutants exceeding permitted levels. Despite warnings, Tesla has not addressed the pollution issues. This adds to Tesla's challenges in Germany, including opposition to its expansion plans. Tesla aims to double the plant's capacity for battery and car production, but faces environmental and community concerns.

Portfolio Pulse from Anan Ashraf

February 29, 2024 | 11:46 am

IMUX

Immunic announced the presentation of data from its Phase 2 CALLIPER and CALVID-1 trials of Vidofludimus Calcium (IMU-838) at the Americas Committee for Treatment and Research in Multiple Sclerosis Forum 2024. The trials focus on the effectiveness of IMU-838 in treating multiple sclerosis.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 11:32 am

AI

AMC

QQQ

SPY

U.S. stock futures signal a cautious open amid inflation data anticipation, affecting market sentiment and specific stocks. The SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw premarket declines. Various companies reported earnings, influencing their stock prices, including AMC Entertainment and c3.ai with significant movements. Upcoming economic data and Fed speeches are also in focus, potentially impacting market direction.

Portfolio Pulse from Shanthi Rexaline

February 29, 2024 | 11:22 am

IRWD

Ironwood Pharmaceuticals announced positive results from its Phase 3 STARS trial of apraglutide for Short Bowel Syndrome (SBS) with Intestinal Failure. Apraglutide met its primary endpoint, showing a significant reduction in parenteral support (PS) dependency at week 24. The drug was well-tolerated, and Ironwood plans to submit a new drug application for apraglutide as a once-weekly treatment.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 11:17 am

KARS

Former Ford CEO Mark Fields advocates for a short-term ban on Chinese automakers entering the U.S. market, citing unfair advantages due to government incentives. He suggests this measure to protect U.S. automakers, particularly the Detroit Big Three, from the economic impact similar to past industries like aluminum and steel. Fields' views echo broader concerns about the U.S. auto industry's survival against Chinese competition. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) recently saw a decrease in value.

Portfolio Pulse from Shanthi Rexaline

February 29, 2024 | 9:26 am

RBGLY

RBGPF

Reckitt Benckiser Group, owner of the Durex brand, is tapping into China's livestreaming trend to sell condoms, aiming to expand its share in the $5 billion-plus Chinese condom market. Despite the challenges posed by strict regulatory oversight on sex-related content, Reckitt sees significant potential in livestreaming, having already found success with household products. The move comes as China's aging population and demographic shifts highlight the growing importance of healthcare and wellness industries, with Reckitt holding a 40% market share in China's condom market as of 2020.

Portfolio Pulse from Benzinga Neuro

February 29, 2024 | 7:54 am