Streetbeat News

Regulatory

CSTR

ONB

CapStar Financial Holdings announced that on February 20, the Board of Governors of the Federal Reserve System approved its merger with Old National. Additionally, the Office of the Comptroller of Currency approved the bank merger, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:27 pm

SPY

The FDA has issued a warning against using smartwatches or smart rings for measuring blood glucose levels, stating that no such device has been authorized, cleared, or approved for this purpose.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:20 pm

COF

DFS

SPY

U.S. Representative Waters has called on the Department of Justice and banking regulators to quickly block a proposed acquisition, as per Reuters. The specific companies involved in the acquisition were not mentioned, but the financial sector, including companies like COF and DFS, and ETFs like SPY, could be impacted by regulatory actions on mergers and acquisitions.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:16 pm

COF

DFS

SPY

U.S. Representative Maxine Waters expressed strong opposition to the proposed acquisition of Discover by Capital One, citing significant implications for consumers and small businesses. The merger between these financial giants is seen as a move that could reshape the competitive landscape, potentially affecting pricing, service quality, and innovation in the sector.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:15 pm

GSK

MRNA

PFE

Moderna Inc (NASDAQ:MRNA) is set to report its Q4 earnings on Feb. 22, with expectations of a negative 99 cents EPS and $2.53 billion in revenues. The focus is on the scrutiny of its RSV mRNA vaccine, diminishing Spikevax revenue, and the potential FDA approval in 2024. Moderna's stock has declined 83% from pandemic highs due to these challenges. Analysts maintain a Buy rating with a target of $154.44, despite recent setbacks and competition from GSK (NYSE:GSK) and Pfizer Inc (NYSE:PFE).

Portfolio Pulse from Surbhi Jain

February 21, 2024 | 8:03 pm

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