Streetbeat News

Regulatory

SPY

In his prepared speech, Fed's Bostic did not discuss the future outlook of interest rates, leaving investors speculating on the Federal Reserve's next moves.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 7:10 pm

AEY

ADDvantage Technologies, symbol AEY, will be delisted from Nasdaq. This decision follows the company's inability to meet Nasdaq's listing requirements.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 6:51 pm

SPH

ALPS Advisors and Alerian MLP ETF have disclosed a 16.78% ownership stake in Suburban Propane Partners, according to a recent SEC 13G filing.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 6:49 pm

NVO

The FDA has announced that Wegovy, an injection with a dosage of .25 mg/.5 ml, is currently experiencing limited availability. The estimated duration of this shortage is yet to be determined.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 6:12 pm

ETHUSD

On Sunday, 3,396.50 Ether (ETH) worth approximately $7.8 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -1.50% yesterday.

Portfolio Pulse from Benzinga Insights

February 05, 2024 | 6:00 pm

ADM

The U.S. Department of Justice (DOJ) is investigating Archer Daniels Midland (ADM) for its accounting practices, specifically focusing on pricing practices within its nutrition segment. The investigation is being conducted by the U.S. Attorney's Office for the Southern District of New York, which has recently been in contact with former ADM employees for information.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 5:56 pm

CAT

MCD

TLT

Federal Reserve Chair Jerome Powell pushed back on the notion of interest rate cuts in a 60 Minutes interview, emphasizing the need for more confidence in inflation reduction. This stance comes amid political and market pressure for rate cuts. The iShares 20 Plus Year Treasury Bond ETF (TLT) saw a pullback following Powell's comments and a strong jobs report. Notably, earnings reports from Caterpillar Inc. (CAT) and McDonald's Corp (MCD) showed mixed results. Early trade money flows were positive for Apple Inc (AAPL), Alphabet Inc Class C (GOOG), and NVIDIA Corp (NVDA), neutral for Microsoft Corp (MSFT), and negative for Amazon.com, Inc. (AMZN), Meta Platforms Inc (META), and Tesla Inc (TSLA), with mixed flows for SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ). Gold and oil markets reacted to Powell's interview and geopolitical developments, respectively.

Portfolio Pulse from The Arora Report

February 05, 2024 | 4:58 pm

GOOG

GOOGL

Google is set to face a jury trial on September 9, 2024, due to an antitrust lawsuit filed by the U.S. Justice Department and several U.S. states, focusing on its digital ads business, as reported by Reuters citing a court order.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 4:56 pm

TLT

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that the Federal Reserve's monetary policy might not be as tight as previously assumed, suggesting a possible recalibration of the 'neutral' policy stance. This follows Fed Chair Jerome Powell's comments on inflation not being under control and the need for more positive data before considering interest rate reductions. Kashkari highlighted the economy's resilience, particularly in construction and housing markets, while acknowledging areas of concern such as auto loan and credit card delinquencies. Following these remarks, market expectations for interest rate cuts have decreased, with a notable impact on the iShares 20+ Year Treasury Bond ETF Trust (TLT), which fell 2%.

Portfolio Pulse from Piero Cingari

February 05, 2024 | 4:56 pm

BTAI

BioXcel Therapeutics' shares surged following the announcement that the USPTO has allowed a U.S. Patent Application for a method of treating agitation in Alzheimer's disease using dexmedetomidine oromucosal formulations.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 4:51 pm