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Regulatory

DASH

DoorDash has reached a settlement with the California Attorney General over a privacy issue from four years ago, involving a vendor and the sharing of non-sensitive consumer information. DoorDash ceased working with marketing cooperatives in 2020, emphasizing its commitment to privacy.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 7:58 pm

ADAUSD

LINKUSD

SOLUSD

XRPUSD

The cryptocurrency market is experiencing a correction, with a 1.28% decrease in total market capitalization, following the release of the FOMC meeting minutes. Altcoins such as Cardano, Solana, and XRP are down approximately 4%, while Chainlink is down 2%. The correction is attributed to stronger-than-expected inflation data and fears of continued tight monetary policy. Fed Chairman Jerome Powell indicated a March rate cut was unlikely. Investors are now looking towards the Bitcoin halving event to potentially catalyze a price rally.

Portfolio Pulse from Khyathi Dalal

February 21, 2024 | 7:56 pm

CYH

MAX

MOTS

PANW

THRM

UCAR

U.S. stocks traded lower with the Nasdaq Composite down 1.06%. Energy shares rose by 1.7%, while information technology shares fell by 1.7%. FOMC minutes highlighted the Federal Reserve's cautious stance on interest rate reductions. MediaAlpha, Gentherm, and Motus GI Holdings saw significant stock increases following positive financial results and patent news, respectively. Conversely, Palo Alto Networks, U Power, and Community Health Systems experienced notable declines due to disappointing guidance and financial results.

Portfolio Pulse from Avi Kapoor

February 21, 2024 | 7:42 pm

AYRWF

CRLBF

JUSHF

TSNDF

Jushi Holdings (OTC:JUSHF) is highlighted by analyst Pablo Zuanic as having significant upside potential in the cannabis market, particularly in Pennsylvania and Virginia due to regulatory shifts. The company's current undervaluation and strategic positioning, including debt management and market expansion, suggest a positive outlook. Zuanic projects a substantial market cap increase for Jushi, outpacing competitors like AYR (OTC:AYRWF), Cresco (OTC:CRLBF), and TerrAscend (OTC:TSNDF), especially if recreational sales commence in these states. Despite challenges, Jushi's operational efficiencies and financial maneuvers indicate resilience and potential for growth.

Portfolio Pulse from Nicolás Jose Rodriguez

February 21, 2024 | 7:35 pm

QQQ

SPY

TLT

The latest FOMC minutes revealed the Federal Reserve's cautious stance on interest rate cuts, emphasizing the need for more evidence of a disinflationary trend towards a 2% inflation target. Concerns were raised about the risks of easing policy too quickly and the potential for less restrictive financial conditions to hinder inflation reduction efforts. The minutes also highlighted risks in the Commercial Real Estate (CRE) sector, noting declining prices in multifamily and office spaces. Market reactions included rising Treasury yields, a drop in the iShares 20+ Year Treasury Bond ETF (TLT), increased volatility with the VIX up 4%, and declines in the Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF Trust (SPY).

Portfolio Pulse from Piero Cingari

February 21, 2024 | 7:18 pm

RAPT

RAPT Therapeutics Inc (NASDAQ:RAPT) experienced a significant stock price drop from $25.97 to $6.87 after the FDA placed a clinical hold on its Phase 2b and 2a trials for zelnecirnon in atopic dermatitis and asthma, respectively. Despite this, shares rebounded 27.9% to $8.79 amid high trading volume. Analysts from HC Wainwright, Leerink Partners, Cantor Fitzgerald, and JP Morgan downgraded the stock, citing uncertainties and potential delays in clinical development.

Portfolio Pulse from Vandana Singh

February 21, 2024 | 7:04 pm

PYPL

Block Inc (NYSE:SQ) is anticipated to report Q4 earnings with expected revenue of $5.70 billion and EPS of 59 cents, surpassing last year's figures. Analysts have upgraded ratings and price targets, citing potential profitability improvements and the Rule of 40 as key factors. The report follows PayPal's (NASDAQ:PYPL) results, with Block's layoffs and Cash App's regulatory scrutiny also in focus.

Portfolio Pulse from Chris Katje

February 21, 2024 | 6:48 pm

SPY

Federal Reserve Governor Michelle Bowman stated that it is not the time for lower interest rates, emphasizing that the housing market will not influence the Fed's decision on rate cuts. Additionally, new U.S. capital rule plans are expected to negatively impact lending.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 6:35 pm

BTCUSD

Tom Lee of Fundstrat predicts Bitcoin (BTC) could reach as high as $150,000 within the year, citing supply-demand dynamics, upcoming halving event, and potential easing of monetary policy as key factors. Despite concerns over its use for illicit activities, Lee emphasizes Bitcoin's trustworthiness and potential to hit $500,000 in five years.

Portfolio Pulse from Adam Eckert

February 21, 2024 | 6:22 pm

LQDA

UTHR

United Therapeutics Corporation (NASDAQ:UTHR) has initiated legal action against the FDA over the approval process of Liquidia Corporation's (NASDAQ:LQDA) drug, claiming the FDA allowed Liquidia to improperly amend an existing new drug application for a second indication for PH-ILD, rather than requiring a new application. United Therapeutics argues this bypasses a potential 30-month stay on approval due to patent infringement litigation. Meanwhile, United Therapeutics reported strong Q4 earnings, with a 25% increase in sales and a significant rise in EPS.

Portfolio Pulse from Vandana Singh

February 21, 2024 | 6:17 pm