Streetbeat News

Regulatory

WDC

Worldcoin is redesigning its Orb device to be more user-friendly and aesthetically similar to Apple products, as revealed by CEO Alex Blania. The new design is expected in the first half of the year. The Orb scans irises to create a unique 'World ID' for accessing Worldcoin's applications. Despite polarized opinions on the device, Worldcoin has seen significant user growth, with 190,000 new users in the last week, totaling 3.13 million. The company has raised $250 million from investors like a16z and Bain Capital Crypto. OpenAI's CEO Sam Altman, a co-founder of Worldcoin, remains committed to the project amidst regulatory scrutiny in the U.K. and Germany. Worldcoin's cryptocurrency, WDC, is up 5.23% at $0.0079.

Portfolio Pulse from Mehab Qureshi

January 26, 2024 | 4:54 am

AAPL

JPM

JP Morgan Chase & Co. believes that Apple Inc.'s revenue will not be significantly impacted by the EU's new Digital Markets Act, despite Apple reducing its App Store commission and introducing a new fee. The EU accounts for only 6% of Apple's App Store revenue, and the new fifty-cent fee is expected to offset the commission cut. These changes are part of Apple's compliance with EU competition law and will take effect with the release of iOS 17.4.

Portfolio Pulse from Ananya Gairola

January 26, 2024 | 3:42 am

BTC-USD

Vivek Ramaswamy, an entrepreneur, voiced concerns about the threats to personal financial liberty posed by a Central Bank Digital Currency (CBDC). He believes a CBDC could enable the government to freeze assets of dissenters, citing examples from China and Canada. Ramaswamy praised former President Donald Trump for being open to these concerns and publicly opposing CBDCs. Trump has reiterated his stance against CBDCs, emphasizing the protection of individual financial freedom. Meanwhile, Bitcoin (BTC) saw a slight increase in its price.

Portfolio Pulse from Mehab Qureshi

January 26, 2024 | 3:38 am

VNDA

Vanda Pharmaceuticals Inc. (VNDA) announced that the U.S. Patent and Trademark Office has issued a notice of allowance for a patent application related to PONVORY®, a treatment for multiple sclerosis. The patent covers methods for reducing clinical management events and reinitiating treatment after missed doses, with an anticipated expiration date of October 10, 2042. Vanda plans to list the patent in the FDA's Orange Book. Vanda acquired the rights to PONVORY® in the U.S. and Canada from Actelion Pharmaceuticals Ltd., a subsidiary of Johnson & Johnson.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 3:17 am

STLA

Italian Prime Minister Giorgia Meloni criticized Stellantis NV for considering moving car production to lower-cost countries. Meloni emphasized that cars branded as 'Italian jewels' should be made in Italy. Stellantis has been advising Italian suppliers to look into investments in Morocco, but the Italian government wants Stellantis to produce a million cars in Italy annually. Stellantis reaffirmed its commitment to Italy, citing billions invested in local development. CEO Carlos Tavares highlighted the need for cost-cutting due to the expensive shift to electric vehicles (EVs) and criticized Italy's rigid EV incentives, which he believes have reduced production at the Mirafiori plant.

Portfolio Pulse from Anan Ashraf

January 26, 2024 | 2:40 am

TC

Trading on TC has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market orderliness and investor protection pending the release of material information.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 12:50 am

NXU

Nxu has applied for grant funding from the California Energy Commission's National Electric Vehicle Infrastructure Formula Program, aiming to secure a portion of the over $40 million allocated for the deployment of high-powered, direct-current fast charger electric vehicle charging infrastructure.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 10:58 pm

GM

General Motors Co (NYSE:GM) stock traded slightly lower after-hours following the release of a 105-page report by Quinn Emanuel on Cruise, GM's autonomous vehicle unit. The report, stemming from an investigation into a robotaxi accident involving a pedestrian, highlighted failures in leadership and an adversarial attitude towards regulators within Cruise. Although it did not accuse Cruise leadership of intentional deception, it criticized the company's handling of the incident. GM, which owns 80% of Cruise, acknowledged the shortcomings. Cruise's robotaxis are currently grounded, with investigations ongoing.

Portfolio Pulse from Erica Kollmann

January 25, 2024 | 10:56 pm

BA

SPR

SPY

Senator Duckworth met with Boeing CEO Dave Calhoun, urging Boeing to prioritize passenger safety over profit and to withdraw its petition for an FAA exemption to bypass safety standards.

Portfolio Pulse from Charles Gross

January 25, 2024 | 10:49 pm

AOSL

Alpha and Omega Semiconductor (AOSL) has been informed by the DOJ that the investigation into the company's compliance with export control regulations, specifically regarding transactions with Huawei and its affiliates, has been closed without any charges. The company had been cooperating with the investigation since late 2019.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 10:20 pm