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Regulatory

DIS

SONY

Zee Entertainment Enterprises has reaffirmed its commitment to a $10 billion merger with Sony Group Corp's Indian arm, despite rumors of the deal's potential collapse. The speculation was based on disagreements over Zee CEO's role and a regulatory probe. The merger is crucial as Zee faces financial challenges, including a missed payment to Disney's India unit for cricket TV rights. Sony shares closed up 1.29% at $92.40.

Portfolio Pulse from Shivani Kumaresan

January 09, 2024 | 2:31 pm

AAPL

A Beijing-based research institute claims to have cracked Apple Inc.'s (NASDAQ:AAPL) AirDrop encryption, potentially exposing users' phone numbers and email addresses. The city's judicial bureau has used this method to identify suspects, enhancing case resolution effectiveness. This follows Apple's restriction of the 'Everyone' AirDrop setting in China amid protests and the recent iOS 17 update that allows AirDrop to work over the internet.

Portfolio Pulse from Rounak Jain

January 09, 2024 | 2:25 pm

BTCUSD

El Salvador's sovereign bonds, particularly the one due in June 2035, have surged over 200% following the country's Bitcoin investments turning profitable. Bitcoin's value doubled, coinciding with the bond rally and the anticipated approval of a Bitcoin ETF. El Salvador's economy grew by 3.6% in Q3 2023, and its Bitcoin portfolio has seen a 10.2% increase in profits. Despite IMF warnings about the risks of Bitcoin as legal tender and Bitcoin-backed bonds, El Salvador's financial strategy appears successful for now.

Portfolio Pulse from Piero Cingari

January 09, 2024 | 2:24 pm

MSFT

The European Union (EU) is scrutinizing Microsoft Corporation's (NASDAQ:MSFT) investment in OpenAI, which could be subject to EU merger regulations. Microsoft invested over $10 billion in OpenAI, gaining a non-voting board position but no ownership stake. The EU is also examining contracts between digital market players and AI developers to assess market impact. Feedback on competition in virtual worlds and generative AI is being sought until Mar. 11. This follows the UK's CMA considering a merger probe into the partnership in December 2023.

Portfolio Pulse from Benzinga Neuro

January 09, 2024 | 2:14 pm

MCRB

Seres Therapeutics' stock is up following the announcement of preliminary VOWST launch metrics and FDA Fast Track Designation for its SER-155 treatment.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 2:08 pm

SYRA

Syra Health is expanding its cybersecurity offerings with new services aimed at government agencies, payers, biopharmaceutical companies, and healthcare providers. These services include threat intelligence, data protection, policy development, cybersecurity audits, secure mobile solutions, risk management, fraud detection, claims processing, intellectual property protection, supply chain security, regulatory compliance, and HIPAA-related security measures.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 2:07 pm

TTNP

Trading for TTNP was halted and then resumed at 8:55 AM ET, with an update on news and resumption times provided.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:55 pm

BAC

C

JPM

KBE

SPY

WFC

Top U.S. banks JPMorgan, Citigroup, Bank of America, and Wells Fargo are set to report Q4 earnings on Friday with mixed expectations. Deloitte's 2024 outlook suggests a challenging year for financial services due to economic slowdown, rate cuts, geopolitical tensions, and assertive regulations. Disruptive technologies and other factors like GenAI and digitization will also impact the industry. Last year, KBE gained 3.2%, while SPY gained 16%. Zacks estimates vary for each bank, with JPM expected to post higher earnings and revenue, C to see a decline in earnings but increased revenue, BAC to have lower earnings and revenue, and WFC to report significant earnings growth with slightly higher revenue. Fitch Ratings maintains a deteriorating outlook for banks in 2024, while S&P Global sees steady outlook based on solid fundamentals, and Moody's holds a negative view due to a sluggish growth environment.

Portfolio Pulse from Neil Dennis

January 09, 2024 | 1:54 pm

EWTX

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) presented at the 42nd Annual J.P. Morgan Healthcare Conference, highlighting its 2023 accomplishments and 2024 milestones. In 2023, EWTX made significant progress in clinical trials for muscle diseases, including positive trial data for Becker muscular dystrophy and Duchenne muscular dystrophy treatments. The FDA granted Orphan Drug and Rare Pediatric Disease Designations for their drug EDG-5506. For 2024, EWTX plans to report further trial data and initiate a Phase 3 trial for EDG-5506, as well as announce Phase 1 data for their cardiac program EDG-7500.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:49 pm

ATOS

Atossa Therapeutics, Inc. (NASDAQ:ATOS), a biopharmaceutical company, issued a shareholder letter from CEO Steven Quay highlighting progress in 2023. Four Phase 2 trials of (Z)-endoxifen are underway, with primary data expected in the second half of the year. The Karisma-Endoxifen trial for breast density reached full enrollment. A federal law effective September 10 will require mammography facilities to notify patients about breast density. Atossa also initiated research with Weill Cornell Medicine on triple-negative breast cancer (TNBC). The company has a strong balance sheet with $94 million in cash as of September 30, 2023, and extended its share repurchase program through December 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:46 pm