Streetbeat News

Regulatory

ETH-USD

On Monday, 7,114.69 Ether (ETH) worth approximately $20.66 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, 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 -7.32% yesterday.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 6:00 pm

DFIN

Donnelley Financial Solutions, Inc (NYSE:DFIN) reported its quarterly earnings with a 5.2% Y/Y increase in net sales to $176.5 million, surpassing the consensus of $169.4 million. Adjusted EPS of $0.61 also beat the consensus of $0.59. Despite positive earnings, DFIN shares dropped by 2.43% to $59.91. The company anticipates a net sales increase of $20 million to $25 million in 2025 due to new regulations, despite expecting a slight dilution in net earnings and Adjusted EBITDA in 2024.

Portfolio Pulse from Anusuya Lahiri

February 20, 2024 | 5:54 pm

AXP

COF

DFS

The $35 billion merger between Capital One Financial Corp (NYSE:COF) and Discover Financial Services (NYSE:DFS) positions Capital One as the largest credit card operator in the U.S., posing a significant challenge to Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). The merger could lead to substantial market share gains and synergies for Capital One, potentially allowing it to shift a significant portion of its credit card volume from Visa and Mastercard to Discover's network. This move could result in a loss of up to 25% of U.S. credit volume for Mastercard and about 9% for Visa. However, the deal faces potential regulatory scrutiny due to the concentration in the credit card market.

Portfolio Pulse from Neil Dennis

February 20, 2024 | 5:51 pm

SSRM

SSR Mining Inc (NASDAQ:SSRM) shares declined after environmental permits for its Copler mine in Turkey were revoked. RBC Capital Markets downgraded SSRM from Sector Perform to Underperform, reducing the price target from $6 to $3. The revocation and charges against several employees at Copler are expected to significantly reduce SSRM's production through 2027.

Portfolio Pulse from Priya Nigam

February 20, 2024 | 5:47 pm

GFS

INTC

Intel Corp (NASDAQ:INTC) stock rose amid discussions with the U.S. government to secure a record sum under the U.S. Chips Act, aiming to enhance its position in the AI market. The company could receive over $10 billion in loans and grants. Intel is also expanding its manufacturing capabilities, including a significant investment in a new plant in Ireland and a partnership with Brookfield Infrastructure in Arizona. However, analysts predict a first-quarter sales miss due to various challenges. Meanwhile, GlobalFoundries Inc (NASDAQ:GFS) secured $1.5 billion in grants under the same act.

Portfolio Pulse from Anusuya Lahiri

February 20, 2024 | 5:37 pm

CMMB

Chemomab Therapeutics Ltd (NASDAQ:CMMB) experienced a significant trading volume increase following the announcement of new patents granted in Brazil and Israel for CM-101, a monoclonal antibody targeting fibrosis and inflammation. The patents, which extend protection until 2038, cover the composition of CM-101 and its use in various diseases, including primary sclerosing cholangitis (PSC). CM-101 is in a Phase 2 trial, with results expected by mid-2024. Despite the positive news, CMMB shares dropped 3.33% to $0.61.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:30 pm

RAPT

RAPT Therapeutics Inc (NASDAQ:RAPT) shares plummeted after the FDA placed a clinical hold on Phase 2b and 2a trials of zelnecirnon for atopic dermatitis and asthma, respectively, due to a serious adverse event of liver failure in one patient. The company is investigating the case, which involved a patient with a complex medical history. RAPT shares are down 65.7% at $8.9.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:24 pm

RAPT

Rapt Therapeutics' shares dropped following the FDA's verbal notification of a clinical hold on the company's Phase 2B trial of zelnecirnon in atopic dermatitis and Phase 2A trial in asthma.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:15 pm

BAC

JPM

KRE

NYCB

SFBS

VLY

WFC

XLF

Rising delinquencies in the commercial real estate sector are causing concerns for major banks like JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, as bad loans begin to exceed loss reserves. The Financial Times reports a significant drop in average reserves against delinquent debt, with a nearly tripled delinquent debt reaching $9.3 billion. The banking sector's scrutiny by regulators increases as delinquent loans tied to commercial properties more than double to $24.3 billion. The Financials SPDR Select Sector Fund and the SPDR S&P 500 Regional Banking ETF saw declines, with New York Community Bancorp, ServisFirst Bancshares, and Valley National Bancorp experiencing notable stock drops.

Portfolio Pulse from Piero Cingari

February 20, 2024 | 4:53 pm

IOVA

Iovance Biotherapeutics' stock is trading higher following the FDA's accelerated approval of AMTAGVI for advanced melanoma.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:52 pm