Streetbeat News

Regulatory

GBTC

The SEC's approval of 11 spot Bitcoin ETFs, including the Grayscale Spot Bitcoin ETF (GBTC), has provided traditional finance with direct Bitcoin exposure. Bitcoin, Ethereum, and Dogecoin experienced price movements following the approval, with Bitcoin nearing $50,000 before dropping 5%, Ethereum reaching a 20-month high before a 4.5% drop, and Dogecoin continuing a downtrend. The short-term price action for these cryptocurrencies is uncertain, with potential bullish and bearish scenarios outlined based on technical indicators.

Portfolio Pulse from Melanie Schaffer

January 12, 2024 | 7:56 pm

GTBIF

IWM

MSOS

QQQ

SPY

VRNOF

Virginia lawmakers have filed legislation to legalize marijuana sales, despite the governor's lack of interest. New Jersey is considering over a dozen cannabis policy bills, while Arizona's cannabis market shows stability. The U.S. cannabis ETF MSOS showed resilience despite market volatility, and there's anticipation for a DEA headline regarding marijuana rescheduling. Putnam Global Health Care Fund made notable stock moves in the cannabis sector, and Illinois reported an increase in adult-use cannabis sales. Analysts predict significant financial benefits if the 280E tax is removed for U.S. cannabis companies.

Portfolio Pulse from Todd Harrison

January 12, 2024 | 7:47 pm

ETNB

MDGL

RBC Capital Markets downgraded 89Bio Inc (ETNB) due to short-term uncertainties in its fatty liver drug development, specifically its drug pegozafermin for NASH treatment. While RBC is optimistic about the long-term prospects of FGF21 class drugs and pegozafermin's potential, they note fewer short to medium-term clinical updates and uncertainties around competitor Madrigal Pharmaceuticals Inc's (MDGL) resmetirom. RBC lowered ETNB's price target from $24 to $15 and downgraded the stock from Outperform to Sector Perform. The FDA's guidance suggests a longer timeline for NASH treatment development, with key approvals expected around 2027/2028. ETNB shares dropped 0.90% to $11.07.

Portfolio Pulse from Vandana Singh

January 12, 2024 | 7:41 pm

COIN

Coinbase Global (NASDAQ:COIN) is partnering with African stablecoin exchange Yellow Card to expand into Africa, starting with 20 countries from February 2024. The partnership will allow over 50% of the African population to access USDC purchases through the Coinbase wallet app, with fee-free stablecoin transfers via email and social messaging apps. Coinbase's Layer-2 blockchain Base will enable cheaper USDC transactions. This move is part of Coinbase's international expansion strategy, targeting Africa's young population. Yellow Card has previously raised funds through seed and Series A and B rounds. The market sentiment is positive with a historic Spot Bitcoin ETF approval, leading Wedbush to raise its price target on Coinbase to $180. Mizuho Securities, however, calls the approval a 'pyrrhic victory for COIN.' Coinbase is also acquiring a MiFID-licensed entity to expand in the EU, with the deal expected to close in 2024.

Portfolio Pulse from Khyathi Dalal

January 12, 2024 | 7:41 pm

BAC

SPY

Bank of America CEO Brian Moynihan appeared live on CNBC to discuss interest rates and the Federal Reserve's policies. His insights could influence market perceptions of the banking sector and monetary policy expectations.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 7:32 pm

BA

Boeing has expressed support for the FAA's announcement, emphasizing its commitment to actions that enhance quality and safety. The company is actively implementing measures across its production system to meet these objectives.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 7:17 pm

SIEB

Siebert Financial Corp received a notification from Nasdaq on January 5 stating that the company is no longer in compliance with Nasdaq's listing rules for continued listing, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 7:15 pm

MJ

MSOS

SPY

A group of 12 Democratic state attorneys general, led by Colorado AG Phil Weiser, has sent a letter to the DEA urging the rescheduling of cannabis from Schedule I to Schedule III, citing public safety and health concerns. They argue that regulated markets are safer and contribute significant tax revenue, and that rescheduling would allow for federal tax deductions for businesses. The DEA has the final authority on rescheduling and is currently reviewing the HHS recommendation. The outcome is uncertain, with various stakeholders expressing differing views on cannabis policy.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 7:07 pm

SOAR

Volato Group has filed a prospectus with the SEC, indicating that selling stockholders may offer up to 8.1 million shares of common stock from time to time.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 6:59 pm

META

Instagram, owned by Meta Platforms Inc., has cut 60 technical program manager positions, eliminating a management layer. Impacted employees have two months to find new roles within the company before termination. The cuts align with Meta's 'Year of Efficiency' initiative to improve financial performance and reduce headcount. Instagram is reorganizing product teams around three new focus areas: Creation, Creators, and Friend Sharing, targeting teen engagement. This comes amid a lawsuit from over 40 states accusing Meta of affecting youth mental health and a Senate hearing on child safety. Meta is also implementing content restrictions for teen users on Instagram and Facebook.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 6:35 pm