Streetbeat News

Regulatory

ZJYL

CulperResearch has announced a short position on Jin Medical International Ltd (ZJYL), criticizing the company's high valuation at approximately 45 times its revenues, which fell 8% to $19M in 2022. They argue that at more typical industry revenue multiples of 1-6x, ZJYL's stock could plummet by 90% or more. CulperResearch also highlights concerns about the company's underwriter, Prime Number Capital, and its history of involvement in alleged China frauds. Additionally, ZJYL faced a NASDAQ delisting notice in September 2023 and has recently changed its auditor.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 4:04 pm

EBS

The FDA has announced that Emergent Biosolutions will extend the shelf-life of its Narcan 4 mg nasal spray, a naloxone product used for emergency treatment of opioid overdose, from 3 years to 4 years. This extension applies to newly manufactured products.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 4:01 pm

TSLA

XPEV

XPeng Inc – ADR (NYSE:XPEV) shares dropped 3% to $10.29 amid broader declines in US-listed Chinese stocks after China's GDP and retail sales fell short of expectations. The EV sector's downturn may also be influenced by Tesla Inc's recent price reductions in China. China's Premier expressed confidence in the country's economic resilience at the World Economic Forum in Davos, projecting a 5.2% GDP growth for 2023.

Portfolio Pulse from Henry Khederian

January 17, 2024 | 3:37 pm

AAPL

DIS

Walt Disney Company (NYSE:DIS) shares are trading lower despite announcements including Disney+ content streaming on Apple's (NASDAQ:AAPL) Apple Vision Pro at no extra cost, CEO Bob Iger's 2023 compensation doubling to $31.59 million, and the board's rejection of Nelson Peltz and James Rasulo's nominations by Trian Fund Management.

Portfolio Pulse from Erica Kollmann

January 17, 2024 | 3:36 pm

NIO

TSLA

NIO Inc – ADR (NASDAQ:NIO) stock reached a new 52-week low of $6.40, down 2.3% during Wednesday's session, amid broader declines in US-listed Chinese stocks following China's missed GDP and retail sales estimates. The EV sector, including Tesla Inc (NASDAQ:TSLA), may also be experiencing downward pressure due to Tesla's recent price cuts in China. Despite this, China's Premier Li Qiang expressed confidence at the World Economic Forum in Davos about China's economic resilience and growth prospects.

Portfolio Pulse from Henry Khederian

January 17, 2024 | 3:24 pm

ALK

BA

Alaska Air Group Inc has started preliminary inspections on a group of its 737-9 MAX aircraft following the FAA's requirement for additional data from Boeing before approving the manufacturer's proposed inspection and maintenance instructions.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 3:23 pm

PDD

PDD Holdings Inc – ADR (NASDAQ:PDD) stock fell by 2.8% to $139.14 due to broader declines in US-listed Chinese stocks after China's GDP and retail sales figures missed estimates. Despite China's Premier Li Qiang's reassurance at the Davos meeting about the country's economic stability and growth trajectory, investors reacted negatively to the early announcement of China's GDP growth rate for 2023, which is around 5.2%.

Portfolio Pulse from Henry Khederian

January 17, 2024 | 3:21 pm

GOOGL

VGK

Google, part of Alphabet Inc. (GOOGL.O), is set to adjust its search results to comply with the EU's Digital Markets Act (DMA) by March 7. This includes promoting comparison sites more prominently and allowing business users to access their data on Google's platform. Changes will also involve testing a dedicated space for comparison sites in categories like hotels, and removing some features like the Google Flights unit. Additionally, Android users will be able to switch default search engines or browsers more easily, and European users will see a new consent banner for data sharing for targeted ads. Google expressed concerns that the DMA rules might limit choices for consumers and businesses in Europe.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 3:04 pm

USO

Iran conducted an airstrike in Pakistan's Balochistan province, killing two children and prompting Pakistan to condemn the attack as an 'unprovoked violation of airspace' with warnings of retaliation. Iran claimed the strike targeted militants responsible for attacks in Iran. The incident escalates tensions in the Middle East, following Iran's missile strikes in Iraq and Syria against alleged Israeli targets. The U.S. condemned the strikes as 'reckless,' and the UN called for dialogue. The broader conflict includes Israel's war in Gaza, U.S. strikes against Houthi targets in Yemen, and attacks on U.S. troops by Iranian proxies.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 2:46 pm

GLD

SPY

VIXM

The CBOE VIX volatility index, known as Wall Street's 'fear gauge,' reached a two-month high of 14.5, indicating increased market volatility and investor concern. The ProShares VIX Mid-Term Futures ETF (VIXM) rose 2.4% in response. The S&P 500 and SPDR S&P 500 ETF Trust (SPY) previously gained 16% as the VIX fell from 21 to around 12. Market expectations of Federal Reserve rate cuts are being reassessed due to recent economic data and Fed member comments, suggesting a more cautious approach to rate cuts. Geopolitical tensions, particularly in the Middle East, are also contributing to market uncertainty, although they have not significantly impacted oil prices or traditional safe-haven assets like gold and Treasuries, with the SPDR Gold Shares ETF (GLD) remaining flat.

Portfolio Pulse from Neil Dennis

January 17, 2024 | 2:33 pm