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Regulatory

ADIL

Adial Pharmaceuticals' stock price increased following the announcement of a new patent for AD04, aimed at treating opioid use disorder.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:29 pm

SPY

A spokesperson for Mitch McConnell announced that the U.S. Senate Republican Leader will make remarks at 12:30 p.m. ET, according to Reuters citing a post on X.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:28 pm

SPY

Fed's Collins remarks on the labor market's condition influencing future decisions, stating it's premature to discuss a rate cut in May. The policy is deemed 'well positioned', allowing for a methodical approach. The baseline expectation is for the Fed to cut rates this year, but Collins warns against overreacting to single data points on inflation.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:27 pm

AAPL

LLY

TSLA

XBI

Biotech, represented by SPDR S&P Biotech ETF (XBI), has experienced a breakout, indicating strong investor conviction. Eli Lilly (LLY) has seen significant gains, highlighting opportunities beyond AI and big tech. Apple (AAPL) has canceled its electric vehicle project to focus on AI, potentially benefiting Tesla (TSLA). Recent GDP data shows strong economic growth with inflation pressure, while consumer confidence suggests a possible market pullback. Early trade money flows show positive sentiment for TSLA, neutral for AAPL and MSFT, and negative for AMZN, GOOG, META, and NVDA. Gold and oil are seeing buying interest, with USO being the popular oil ETF. Bitcoin has surged past $60,000.

Portfolio Pulse from The Arora Report

February 28, 2024 | 5:19 pm

DATS

DatChat, Inc. has been awarded a U.S. Patent (#119,146,84) for a 'Secure Messaging Service With Digital Rights Management Using Blockchain'. This patent represents a significant technological advancement in secure communications, leveraging blockchain technology to enhance digital rights management within messaging services.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 5:04 pm

SPY

The upcoming release of the January Personal Consumption Expenditure (PCE) price index is highly anticipated, serving as the Federal Reserve's preferred inflation gauge. Economists expect the annual PCE rate to decrease from 2.6% in December 2023 to 2.4% in January 2024, potentially marking the lowest rate since February 2021. The core PCE is also expected to decrease slightly. The market is currently pricing in a significant chance of Federal Reserve interest rate cuts by the end of 2024. An unexpectedly high PCE report could pressure stocks and decrease the likelihood of early rate cuts, while a lower-than-expected report could boost equity markets. The SPDR S&P 500 ETF Trust (SPY) previously fell 1.4% following a hotter-than-expected January CPI report.

Portfolio Pulse from Piero Cingari

February 28, 2024 | 4:25 pm

AMAT

Applied Materials' stock is trading lower following the company's announcement of receiving multiple subpoenas concerning its shipments to customers in China and certain federal award applications.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 4:12 pm

APLT

Applied Therapeutics Inc (NASDAQ:APLT) shares surged after the FDA accepted the New Drug Application for govorestat (AT-007) for Classic Galactosemia, granting it Priority Review with a PDUFA date of August 28, 2024. The drug, potentially the first treatment for Galactosemia, also received Pediatric Rare Disease designation. Additionally, the company announced a $100 million private placement to fund govorestat commercial activities and other projects, expecting to sustain the business into 2026.

Portfolio Pulse from Vandana Singh

February 28, 2024 | 4:01 pm

MRK

MRNA

MYNZ

Merck's Phase 3 LEAP-001 trial for endometrial carcinoma treatment with Keytruda failed, reflecting challenges in treating advanced cancers. Despite this, Merck is progressing with trials for a mRNA vaccine developed with Moderna against melanoma and plans to test it against other cancers. Merck also signed a $45 million licensing agreement with Inspirna for colorectal cancer treatment. Mainz Biomed showcased its ColoAlert® diagnostic solution at the Gynecology Congress, emphasizing the role of gynecologists in colorectal cancer screening and surpassing traditional methods by detecting tumor DNA and pre-cancerous lesions.

Portfolio Pulse from Upwallstreet

February 28, 2024 | 3:54 pm

BMY

LLY

NVO

Eli Lilly (LLY) plans to introduce its obesity drug, tirzepatide, in India next year, competing with Novo Nordisk's (NVO) Wegovy. Bristol Myers Squibb (BMY) is expanding its R&D in India, with a $100-million facility in Hyderabad to become its largest unit outside the U.S. by 2025. The companies aim to tap into the Indian market, emphasizing the need for better patent protection and policy reforms in India.

Portfolio Pulse from Vandana Singh

February 28, 2024 | 3:46 pm