Streetbeat News

Regulatory

BUG

DIA

NVDA

PANW

QQQ

SPY

Wall Street experienced a downturn ahead of the Federal Reserve meeting minutes and Nvidia's earnings report. Cybersecurity stocks, notably Palo Alto Networks, faced significant losses, impacting the Global X Cybersecurity ETF. Energy stocks outperformed due to a rise in natural gas prices. Major indices and ETFs like SPY, DIA, and QQQ saw declines, while specific stocks reacted to earnings reports or anticipated earnings.

Portfolio Pulse from Piero Cingari

February 21, 2024 | 6:04 pm

ETH-USD

On Tuesday, 7,886.89 Ether (ETH) worth approximately $22.9 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -8.53% yesterday.

Portfolio Pulse from Benzinga Insights

February 21, 2024 | 6:00 pm

GOOGL

California's regulator has suspended Waymo's application to expand its driverless services to parts of Los Angeles and additional areas of the San Francisco Peninsula until June 19, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 5:36 pm

AWH

DARE

FEMY

HOLX

OGN

First Lady Jill Biden announced $100 million in federal funding for women's health R&D, aimed at addressing the historical underfunding in this area. The funding, provided by ARPA-H, seeks to encourage innovative research in women's health. Companies like Hologic Inc, Daré Bioscience Inc, Aspira Women’s Health Inc, Organon Inc., and Femasys Inc, which are involved in women's health diagnostics and treatments, could potentially benefit from this initiative.

Portfolio Pulse from Vandana Singh

February 21, 2024 | 5:24 pm

CYH

EXC

MAX

MOTS

PANW

THRM

UCAR

U.S. stocks traded lower with the Nasdaq Composite down 0.5%. Energy shares rose by 1.5%, while information technology shares fell by 1%. Exelon Corp reported better-than-expected Q4 results and increased its dividend. MediaAlpha, Gentherm, and Motus GI Holdings saw shares rise after positive financial results or patent news. Palo Alto Networks, U Power, and Community Health Systems shares fell due to disappointing guidance, delisting notice, and financial results, respectively. Oil prices increased by 0.6%.

Portfolio Pulse from Avi Kapoor

February 21, 2024 | 5:03 pm

XBRAF

Xebra Brands Ltd. (OTCQB:XBRAF) has entered into a CBD supply agreement with ICAN Green S.A. de C.V. to provide CBD isolate to Desart MX, a division of Xebra, for manufacturing legal CBD products in Mexico. This deal, exclusive for two years with potential annual renewals, positions Xebra as the only company in Mexico with federal approval for comprehensive cannabis operations. The agreement aims to accelerate the commercialization of CBD products in Mexico, leveraging ICAN's reputation in Latin America.

Portfolio Pulse from Patricio Liddle

February 21, 2024 | 4:59 pm

ENTG

The Biden administration has intensified actions against China's leading chipmaker, SMIC, by restricting its most advanced factory from receiving more American imports, following its production of a sophisticated chip for Huawei's Mate 60 Pro. This move, part of escalating U.S.-China technology tensions, involved halting shipments from U.S. suppliers, notably Entegris, to SMIC's advanced plant. The restrictions aim to curb SMIC and Huawei's access to cutting-edge U.S. technology, amidst concerns over national security and technological supremacy.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 4:22 pm

RAPT

RAPT Therapeutics shares are trading higher as the stock rebounds from a previous sell-off. The sell-off occurred after the company announced that the FDA placed a clinical hold on its Phase 2b trial of zelnecirnon, leading to increased volatility.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 4:11 pm

JNJ

The FDA has approved Johnson & Johnson's (NYSE:JNJ) application for a reduced dosing frequency of Tecvayli in patients with relapsed or refractory multiple myeloma (RRMM) who have maintained a complete response for at least six months. This approval, based on the Phase 1/2 MajesTEC-1 study, allows for a dosing frequency of 1.5 mg/kg every two weeks. Tecvayli, a bispecific antibody targeting BCMA and CD3, was initially approved in October 2022 for RRMM patients after at least four prior lines of therapy. Over 3,600 patients in the U.S. have been prescribed Tecvayli since its approval.

Portfolio Pulse from Vandana Singh

February 21, 2024 | 4:04 pm

LVS

SWAV

This week's investment highlights include a reversal of economic trends, with the CPI and PPI coming in hot, suggesting a 'higher for longer' interest rate environment. Retail sales weakened while manufacturing exceeded expectations, reversing previous trends. Shockwave Medical (SWAV) outperformed earnings expectations and is expanding its market share. Macau's visitation for Chinese New Year exceeded expectations, benefiting Las Vegas Sands (LVS). Japan entered recession, impacting its economy and currency. Oil prices are predicted to remain range-bound for the year, according to energy expert Tracy Shuchart.

Portfolio Pulse from Gary Brode

February 21, 2024 | 3:23 pm