Streetbeat News

Regulatory

SPY

Atlanta Fed President Bostic has stated that the Federal Reserve can maintain its restrictive policy stance to continue slowing down inflation, and he expects this process to remain orderly.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 5:41 pm

BTCUSD

Approximately $1.2 million in Bitcoin was transferred to Satoshi Nakamoto's original Genesis wallet, sparking speculation that the sender may be attempting to provoke a response from the anonymous Bitcoin creator. The wallet, which contains the first 50 BTC mined and is believed to have unspendable contents, has seen a surge in 'dust' transactions following the large transfer. New IRS rules require reporting of crypto receipts over $10,000, potentially forcing Nakamoto to reveal their identity.

Portfolio Pulse from Murtuza Merchant

January 08, 2024 | 5:15 pm

EWJ

GOOGL

META

TWTR

The Japanese government is developing regulations that will mandate social media platforms to address user reports of online slander within a week. This includes establishing guidelines for post deletion and disclosing measures taken. Major tech companies like Meta Platforms Inc., Google, and Twitter will be affected by these new rules.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 5:10 pm

JNJ

Predicine, Inc. has announced a collaboration with Janssen Pharmaceutica NV, a Johnson & Johnson company, to develop PredicineCARE™, a urine cfDNA NGS assay, as a companion diagnostic tool for localized bladder cancer. The assay, which received FDA Breakthrough Device Designation, aims to identify patients who may benefit from targeted therapy by detecting genomic alterations in key cancer-associated genes.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 5:08 pm

CRLBF

MRMD

PLNH

TCNNF

VRNOF

Viridian Capital Advisors highlighted five attractively priced cannabis stocks with solid credit rankings and potential for growth. The MSOS ETF saw a significant rise, attributed to DEA's consideration of rescheduling cannabis. Viridian is cautious about the timing of regulatory changes before the election. The selected stocks are Marimed (MRMD), Trulieve (TCNNF), Cresco (CRLBF), Verano (VRNOF), and Planet 13 (PLNH), chosen for their low EV/EBITDA multiples and resilience. Grown Rogue (GRIN), Glass House Brands (GLASF), and Curaleaf (CURLF) were considered overvalued, while Green Thumb (GTBIF) and TerrAscend (TSNDF) were excluded from the top picks.

Portfolio Pulse from Viridian Capital Advisors

January 08, 2024 | 4:57 pm

BTCUSD

SEC Chair Gary Gensler warned of risks in cryptocurrency investments, emphasizing potential fraud and regulatory non-compliance. His comments, ahead of decisions on Bitcoin ETF applications, sparked varied reactions from the crypto community on Twitter. Skepticism and humor were evident, with some users accusing Gensler of playing politics and others making light of the situation. The responses underscore the tension between regulators and the crypto world, reflecting mistrust and frustration with regulatory approaches.

Portfolio Pulse from Murtuza Merchant

January 08, 2024 | 4:53 pm

DADA

Dada Nexus shares dropped following an internal audit revealing suspicious practices and potential revenue overstatement. The company advised that its Q4 and 2023 guidance are no longer reliable.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 4:52 pm

SPY

The Federal Aviation Administration (FAA) has approved the inspection criteria for Boeing's 737 Max 9 aircraft, a significant step for Boeing as it seeks to ensure the safety and reliability of its planes following previous groundings.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 4:48 pm

DADA

DTC

PACB

SPR

Boeing shares fell 6.6% after an exit door blew out of a 737 aircraft, leading to the FAA grounding 171 jets. Other stocks also moved lower: Dada Nexus dropped 38.1% due to suspicious practices in revenue reporting; Solo Brands decreased 34.7% after cutting revenue guidance; Prothena fell 25.1% after program updates; Pacific Biosciences declined 15.1% with preliminary FY23 revenue announcement; and Spirit AeroSystems dropped 6.5% as it was involved with the faulty door on the Boeing aircraft.

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 4:46 pm

BLK

A fee war has erupted among Bitcoin ETF applicants as they lower their fees in anticipation of SEC decisions. BlackRock initiated the trend with a 0.20% fee for the first year or until $5 billion in assets, followed by ARK21 and others. The fee reductions are seen as a strategy to attract the first wave of customers, with expectations of high demand. Some speculate that Bitcoin ETFs could challenge cryptocurrency exchanges by offering lower fees. BlackRock is rumored to have over $2 billion in potential inflows for the first week, which could make it one of the most successful ETF launches ever.

Portfolio Pulse from Khyathi Dalal

January 08, 2024 | 4:14 pm