Streetbeat News

Regulatory

SPG

Rep. Victoria Spartz from Indiana reported purchasing Simon Property Group (NYSE:SPG) stock valued between $52,003 and $130,000 on February 15, 2024. The transaction was disclosed in a Periodic Transaction Report. Simon Property Group's shares were trading down 0.91% at $146.66 at the time of the report. Congressional transactions, such as this, are monitored under the STOCK Act to prevent the use of private information for personal gain and require timely public disclosure.

Portfolio Pulse from Benzinga Insights

February 16, 2024 | 3:05 pm

SPY

Recent CPI data indicating high and unstable inflation has led to a downturn in the S&P 500 ETF (SPY), as investors worry that the Federal Reserve might not cut interest rates in March. The article explains the relationship between the Consumer Price Index (CPI), inflation, and the Fed's interest rate decisions, highlighting the Fed's cautious approach due to current economic trends and the potential consequences of rate cuts during high CPI periods.

Portfolio Pulse from Thrash Capital

February 16, 2024 | 3:00 pm

BTCUSD

Mark Yusko, CEO of Morgan Creek Capital Management, predicts Bitcoin's (BTC) fair value at $75,000, expecting it to reach $150,000 post-halving. He cites on-chain activity, Bitcoin Ordinals, and Metcalfe's law as valuation methods. Yusko anticipates a market cycle with altcoins dropping significantly, while Bitcoin maintains its 'digital gold' status. He also discusses the legitimization of cryptocurrency investing through new Bitcoin ETFs and addresses regulatory opposition and misconceptions about Bitcoin's security.

Portfolio Pulse from Ivan Crnogatić

February 16, 2024 | 2:14 pm

COIN

MSTR

SPY

YELP

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin surged amid increased US demand. MicroStrategy's potential S&P 500 inclusion could broaden Bitcoin's reach. Dogecoin's co-creator disclosed minimal Bitcoin holdings. Cathie Wood praised Coinbase's timing and execution after selling shares. Coinbase is named custodian in multiple Ethereum ETF applications, seen as beneficial for the company. Yelp, Roku, and Dropbox stocks moved lower in pre-market trading. S&P 500 hit a record high, reflecting improved investor optimism. Political and economic events also influenced market sentiments.

Portfolio Pulse from Akanksha Bakshi

February 16, 2024 | 2:08 pm

DIS

FOX

NFLX

PARA

WBD

The Justice Department is reviewing a proposed joint streaming service by Disney (DIS), Fox (FOX/FOXA), and Warner Bros. Discovery (WBD), focusing on potential consumer harm and sports rights control. The service, combining ESPN, ABC, Fox, TNT, and TBS content, could control 55% of US sports rights. Concerns include price inflation and limited rights-selling options for sports leagues. The review is part of broader antitrust scrutiny in sports and media. Disney is also evaluating its TV network strategy, considering sales or shifts to joint ventures, amid broader challenges in the streaming market.

Portfolio Pulse from Anusuya Lahiri

February 16, 2024 | 1:58 pm

WFC

Federal regulators are investigating allegations by whistleblowers that Cash App, operated by Block Inc., and its partners, including Visa Inc., Wells Fargo, Marqeta Inc., and Lincoln Savings Bank, have inadequate customer due diligence processes, potentially facilitating money laundering and terrorism financing. The complaints highlight transactions with sanctioned entities, offshore gambling sites, and the sale of illegal data. The Financial Crimes Enforcement Network (FinCEN) and other federal agencies are reviewing these allegations. Cash App's popularity and rapid growth, with 55 million active accounts and significant financial inflows, are contrasted with concerns over its due diligence and the risks to shareholders of Block Inc., Marqeta Inc., and Visa Inc.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:48 pm

FUSN

Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) has entered into an exclusive worldwide license agreement with Heidelberg University and Euratom for the development and commercialization of FPI-2265, a PSMA targeted radiotherapy for PSMA-expressing cancers. The agreement also settles a patent dispute. Fusion plans to provide updates on the TATCIST study in April and initiate a Phase 2/3 study in Q2 2024. The company has aligned with the FDA on the Phase 2/3 protocol for FPI-2265 and will pay the Licensors €1.0 million upfront, plus future royalties.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:45 pm

COIN

HTOO

ROKU

Coinbase Global (COIN) shares surged 16% following better-than-expected Q4 results and positive Q1 guidance, with Canaccord Genuity upgrading its price target. Fusion Fuel (HTOO) soared 292% after receiving IPCEI approval from the European Commission for its HEVO-Portugal project. Roku (ROKU) shares fell 18% due to disappointing Q4 results and a downgrade by Oppenheimer.

Portfolio Pulse from ryanfaloona@benzinga.com

February 16, 2024 | 1:37 pm

SPY

U.S. producer inflation in January exceeded expectations, rising by 0.3% month-over-month and by 0.9% year-over-year, leading to a reevaluation of Federal Reserve rate cut expectations for 2024. The core PPI also saw significant increases, surpassing forecasts. This news impacted Treasury yields, the U.S. dollar, and futures on major U.S. averages, with the SPDR S&P 500 ETF Trust (SPY) experiencing a shift to the downside in premarket trading after reaching record highs.

Portfolio Pulse from Piero Cingari

February 16, 2024 | 1:36 pm

ALLO

Allogene Therapeutics announced it will restate financial statements for 2020, 2021, and 2022 due to non-cash accounting adjustments related to the formation of the Allogene Overland Biopharm joint venture. The restatements will not affect the company's cash position, investments, or operations. Allogene aims to file amended statements by March 14, 2024, and reaffirms its financial runway into 2026.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:33 pm