Streetbeat News

Regulatory

NVS

The FDA has approved Novartis' Xolair for reducing allergic reactions in patients with IgE-mediated food allergies, based on the Phase III OUtMATCH study. This makes Xolair the first and only FDA-approved medicine for this purpose. The study showed significant improvement in patients' ability to tolerate allergens like peanuts, milk, egg, and cashew. Xolair's safety profile was consistent with previous findings, and it's now available for prescription in the US.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:28 pm

IDAI

Trust Stamp (NASDAQ:IDAI), a provider of AI-powered trust and identity services, has been recognized by the Federal Reserve as a Fraud Mitigation Service Provider for synthetic identity fraud. This recognition follows their participation in a call for participation by the Federal Reserve in September 2022. Trust Stamp serves nearly fifty US banks and is involved in the ICBA ThinkTECH Accelerator, emphasizing the importance of combating synthetic identity fraud for their clients. The company's technology aims to address the challenges posed by Trojans to third-party device-based biometric solutions.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:27 pm

SPY

USO

Federal Reserve's Raphael Bostic commented that disruptions in the Red Sea have not significantly impacted the U.S. economy so far, according to CNBC.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:18 pm

SPY

Fed's Bostic emphasized the goal of reaching neutral interest rates to allow the economy to operate independently, while continuously monitoring bank risks and commercial real estate issues. He noted that banks in the Atlanta Fed District are managing well with commercial real estate challenges. Bostic highlighted geopolitics as the biggest risk to the economic outlook.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:17 pm

SPY

Fed's Bostic expressed caution about pushing balance sheet reductions too far, indicating a careful approach to monetary policy adjustments. This statement suggests a potentially more measured pace of balance sheet cuts, which could impact market sentiment and investor strategies.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:15 pm

SPY

Fed's Bostic highlighted the economy's positive aspects and questioned the market's rush for rate cuts. He mentioned that Fed officials are evaluating balance sheet policy, suggesting that balance sheet reductions could proceed given the strong market liquidity.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:14 pm

SPY

Fed's Bostic anticipates the possibility of starting to lower interest rates in the summer, with flexibility to adjust the timing based on economic data. He still expects two rate cuts in 2024, noting the economy's strong momentum. This suggests a cautious yet adaptable approach to monetary policy.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:13 pm

SPY

Fed's Bostic expressed optimism about the economy, expecting a return to 2% inflation. He mentioned that deciding when to cut rates will require 'art' and emphasized the importance of progress on underlying inflation measures.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:13 pm

SPY

Fed's Bostic comments on recent inflation data, indicating progress on inflation but acknowledges more work is needed. He suggests the Fed should be patient with policy adjustments.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 4:12 pm

WFC

Wells Fargo & Co (NYSE:WFC) shares are slightly up after the company announced the termination of a 2016 consent order by the OCC regarding sales practices misconduct. CEO Charlie Scharf highlighted this as a sign of progress, marking the sixth consent order termination since 2019. The bank also reported a GAAP EPS of $0.86, surpassing the consensus of $0.71, with revenue increasing 2% to $20.48 billion. However, Wells Fargo anticipates net interest income for FY 2024 to be 7-9% lower than the 2023 level of $52.4 billion.

Portfolio Pulse from Lekha Gupta

February 16, 2024 | 3:24 pm