Streetbeat News

Regulatory

SPY

USO

U.S. Central Command has conducted strikes in Yemen in response to ongoing Houthi attacks against international shipping. This action reflects the U.S.'s commitment to maintaining the free flow of commerce in the region.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:09 pm

MINM

Minim received a deficiency letter from Nasdaq for not meeting the minimum stockholders' equity requirement, as reported in an SEC filing on Friday evening.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:07 pm

ETHUSD

On Monday, 4,768.82 Ether (ETH) valued at $12.2 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The Ethereum network currently has a 4% annual issuance rate of new Ether, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -3.82% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 6:00 pm

BABA

BIDU

BILI

PDD

US-listed Chinese stocks are trading lower due to potential concerns over US-China tensions, triggered by reports of Baidu's large language model being linked to military research in China.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 5:57 pm

CGC

CNBS

CRLBF

CURLF

GTBIF

MAPS

MJUS

MSOS

MSOX

TCNNF

TLRY

VRNOF

YOLO

Cannabis stocks and ETFs saw a surge in trading following the release of HHS documents recommending the DEA to reschedule cannabis from Schedule I to Schedule III. The documents and statements from HHS officials suggest cannabis has accepted medical use and a lower potential for abuse, fueling investor optimism for potential regulatory changes that could benefit the industry.

Portfolio Pulse from Jelena Martinovic

January 16, 2024 | 5:56 pm

SPR

Spirit Aerosystems has announced plans to enhance its manufacturing processes by leveraging the FAA's Safety Management System. This will involve incorporating visual work instructions and working with employees to improve their understanding of the Quality Management System, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 5:52 pm

BABA

BIDU

Alibaba Group Holding Limited (NYSE:BABA) shares have declined over 9% in January. The drop is partly attributed to broader market concerns following a report that Baidu, Inc.'s (NASDAQ:BIDU) AI platform is being tested by a university with ties to the Chinese military. Alibaba is also beta testing new AI tools for merchants. BABA's stock is trading below its 50-day moving average and its 52-week high. The company has a forward P/E ratio of 7.37, lower than its peers' average of 21.37, and has shown an average annual revenue growth of 20.74% over the past 5 years.

Portfolio Pulse from Erica Kollmann

January 16, 2024 | 5:45 pm

AAPL

Apple Inc (NASDAQ:AAPL) stock is trading lower after the company announced a price cut for iPhones in China to boost demand. The discount of up to 500 yuan ($70) is part of a Lunar New Year promotion. Early sales of iPhone 15 models in China are reportedly worse than previous models due to competition and government restrictions. The U.S. Supreme Court also declined Apple's appeal in the Epic v. Apple antitrust case. Meanwhile, Apple previewed its new Apple Vision Pro, launching on Feb. 2, featuring advanced technology for immersive entertainment experiences.

Portfolio Pulse from Adam Eckert

January 16, 2024 | 5:44 pm

Morgan Stanley's head of digital assets, Andrew Peel, warns of the U.S. dollar's declining global dominance due to the rise of digital assets like Bitcoin and CBDCs. He cites the approval of Bitcoin ETFs and the global adoption of Bitcoin as factors, along with the potential of CBDCs to enable rapid cross-border payments without the dollar. Peel also highlights the significance of stablecoins in reshaping international finance.

Portfolio Pulse from Murtuza Merchant

January 16, 2024 | 5:17 pm

GME

GameStop Corp (NYSE:GME) is closing its NFT marketplace due to ongoing regulatory uncertainty in the crypto space. The platform, which supported gaming NFTs and collectibles on Ethereum scaling networks Immutable X and Loopring, will cease operations on February 2, 2024. GameStop had previously terminated its NFT wallet four months earlier for similar reasons. The company had ventured into the cryptocurrency space in January 2022 but announced a reduced focus on the industry in December 2022. The former CFO resigned in August 2022 during a reevaluation of GameStop's crypto initiatives.

Portfolio Pulse from Franca Quarneti

January 16, 2024 | 5:12 pm