Streetbeat News

Regulatory

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

MQ

SQ

V

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

HTOO

Fusion Fuel Green PLC (NASDAQ:HTOO) shares surged in premarket trading after the company announced its HEVO-Portugal project was selected for approval under the European Commission's IPCEI Hy2Infra program. The project, valued at €650 million, aims to produce 62,000 tonnes of green hydrogen annually in Sines, Portugal. This approval allows Fusion Fuel to begin funding discussions with government entities and the European Investment Bank.

Portfolio Pulse from Nabaparna Bhattacharya

February 16, 2024 | 1:32 pm

SPY

USA Building Permits for January decreased by 1.5%, missing the estimated 1.3% increase and showing a decline from the previous 1.8% growth.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:32 pm

SPY

USA Building Permits for January were reported at 1.470M, falling short of the estimated 1.509M and the previous month's 1.493M.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:31 pm

SRPT

Sarepta Therapeutics' stock is trading higher following the FDA's acceptance and filing of the company's efficacy supplement for ELEVIDYS to the Biologics License Application.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:23 pm