Streetbeat News

Regulatory

VZ

Verizon Communications Inc. (VZ) disclosed a non-cash goodwill impairment charge of $5.8 billion in Q4 2023, leaving a goodwill balance of $1.7 billion for its Business reporting unit. This charge is due to secular declines, competitive and macroeconomic pressures in wireline revenue, and lower financial projections from a five-year strategic review.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:07 pm

ZVSA

ZyVersa Therapeutics, Inc., a clinical stage biopharmaceutical company, announced the publication of a peer-reviewed article in Acta Neuropathologica Communications. The article demonstrates that inflammasome activation is linked to an increased risk of brain metastasis in women with Triple-Negative Breast Cancer (TNBC).

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 12:59 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) is challenging the SEC's classification of tokens on its platform as securities in federal court. The SEC sued Coinbase in June, claiming it operated as an unregistered securities exchange and targeted its staking program. Coinbase argues that crypto assets are distinct from traditional securities and should not face the same regulations. The case's outcome could significantly impact the crypto industry, which the SEC has been scrutinizing. Coinbase's CEO remains committed to the U.S. market and suggests that a change in SEC leadership could help resolve the dispute.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 12:55 pm

TSP

Trading for TSP has resumed at 7:25 AM ET after a temporary halt. The halt status update included news and resumption times for the stock.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 12:25 pm

BLUE

CRSP

VRTX

The FDA approved CRISPR Therapeutics AG's and Vertex Pharmaceutical Incorporated's Casgevy for transfusion-dependent beta-thalassemia in patients 12 years and older, ahead of its PDUFA date. Vertex is setting up treatment centers across the U.S. for Casgevy, which is also approved for sickle cell disease. Analysts predict a 'slow and steady launch' with peak sales of about $400 million. Bluebird Bio Inc's Lyfgenia was also approved for sickle cell disease. Vertex's stock closed at $437.49, and CRISPR's at $63.43.

Portfolio Pulse from Vandana Singh

January 17, 2024 | 12:15 pm

TSP

Trading for TSP has been halted at 6:55:00 a.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 17, 2024 | 11:55 am

NRXP

NRx Pharmaceuticals, Inc. (NRXP) received a positive determination from the Nasdaq Hearings Panel for its listing transfer to The Nasdaq Capital Market. The company must demonstrate compliance with a $35 million market value of listed securities and a $1.00 minimum bid price by April 16, 2024. NRx believes it has met the market value requirement and is working to meet the bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:51 am

ALB

Albemarle Corporation (NYSE:ALB) plans to reduce its capital expenditures for FY24 to $1.6B-$1.8B from $2.1B in FY23. The company aims to cut costs by $95M annually through workforce reduction and decreased contracted services spending. These measures are in response to changing market conditions, especially in the lithium value chain. Albemarle will focus on near-completion projects and defer others, expecting to save over $50M in 2024. A charge will be recorded in Q1 2024 related to these actions.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:50 am

STAF

Staffing 360 Solutions, Inc. (STAF) has received an additional 180-day period from Nasdaq to meet the minimum bid price requirement for continued listing. Initially notified on July 17, 2023, for not meeting the $1.00 per share requirement, STAF now has until July 15, 2024, to regain compliance. The extension is based on meeting all other listing requirements and the company's intention to cure the deficiency, potentially through a reverse stock split.

Portfolio Pulse from Charles Gross

January 17, 2024 | 11:09 am

MNOV

MediciNova has received a notice of grant for a new patent in China covering the use of MN-166 (ibudilast) for the treatment of macular injury. This development could potentially strengthen MediciNova's intellectual property portfolio and market position in China, a significant market for macular injury treatments.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:03 am