Streetbeat News

Regulatory

AUVI

FLXS

GNS

INPX

JPM

MNTS

VCIG

The Dow Jones index fell over 200 points, while JPMorgan Chase & Co (NYSE:JPM) reported better-than-expected fourth-quarter earnings with a net revenue of $39.943 billion and EPS of $3.97, surpassing consensus estimates. Energy shares rose by 1%, but consumer discretionary shares dropped by 0.8%. Applied UV, Inc. (NASDAQ:AUVI), Flexsteel Industries, Inc. (NASDAQ:FLXS), and Inpixon (NASDAQ:INPX) saw their shares rise after positive announcements. Conversely, Genius Group Limited (NYSE:GNS), VCI Global Limited (NASDAQ:VCIG), and Momentus Inc. (NASDAQ:MNTS) experienced significant share price drops due to public offering pricing and concerns about ongoing viability.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 5:48 pm

VNDA

Vanda Pharmaceuticals has expressed concern over the FDA's recent guidance on communication about unapproved uses of approved drugs. The guidance could lead to criminal misbranding liability for drugmakers sharing new clinical trial results unless they meet the FDA's vague standards. Vanda views this as a threat to free speech and due process, and an overreach without clear congressional direction, potentially impacting medical practice and public health.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:28 pm

INTC

NVDA

QCOM

U.S. chipmakers Nvidia (NVDA), Intel (INTC), and Micron Technology (MU) have been summoned to testify before Congress by the House of Representatives' China committee, causing their stock prices to fall. The committee is intensifying its examination of companies with substantial ties to China. This scrutiny follows the CEOs' lobbying against stricter semiconductor-related export controls. Nvidia dominates China's AI chip market, while Micron has reduced its revenue from China from 50% to 16%. The U.S. Commerce Department has tightened AI chip export restrictions to China, affecting Nvidia. The House committee's actions are part of broader efforts to scrutinize U.S. companies with operations in China and may signal a push towards decoupling tech supply chains.

Portfolio Pulse from Anusuya Lahiri

January 12, 2024 | 5:24 pm

COST

NEE

SRE

USO

XLP

XLU

Tensions in the Middle East, particularly around the Red Sea, have escalated after U.S.-led airstrikes against Houthi rebels in Yemen, raising concerns of stagflation in 2024. The conflict has led to increased shipping costs as routes are diverted, contributing to a recent rise in oil prices towards $80 a barrel. The United States Oil Fund (USO) saw a 2.5% increase in response. Analysts suggest that if tensions continue, oil prices could surge to $120 per barrel. Despite these risks, the U.S. economy is expected to grow around 2.5% in 2023. In a stagflation scenario, consumer staples and utilities are considered safer investments, with funds like XLP and XLU holding stocks such as PG, COST, NEE, and SRE, which could perform well.

Portfolio Pulse from Neil Dennis

January 12, 2024 | 5:19 pm

BTDR

CLSK

COIN

HIVE

HOOD

HUT

MARA

MSTR

RIOT

WULF

Shares of miners and crypto-related stocks are down following SEC approval of spot Bitcoin ETFs, indicating market volatility in the sector. This includes companies like Coinbase (COIN), Robinhood (HOOD), Riot Blockchain (RIOT), MicroStrategy (MSTR), Marathon Digital Holdings (MARA), Bitdeer Technologies Holding Company (BTDR), Cleanspark (CLSK), HIVE Blockchain Technologies (HIVE), Hut 8 Mining (HUT), and Wulf Blockchain (WULF).

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:05 pm

DCGO

ELTX

LAES

SANA

SATS

Benzinga's Stock Whisper Index highlights five stocks: Sana Biotechnology Inc (SANA) after FDA clearance for an IND, DocGo Inc (DCGO) responding to a short report and providing revenue estimates, SEALSQ Corp (LAES) with increased revenue and extended semiconductor offerings, Elicio Therapeutics (ELTX) dosing the first patient in a Phase 2 study, and EchoStar Corp (SATS) after completing a merger with Dish Network Corp and receiving a $50 million grant. SANA shares are up 82% in the last month, while DCGO shares declined after the short report.

Portfolio Pulse from Chris Katje

January 12, 2024 | 5:00 pm

BAC

Bank of America's CFO stated that the bank is well-positioned against proposed rules to increase capital requirements. The bank has also reserved for an unemployment rate of nearly 5% by the end of 2024. Additionally, the bank observed lower marks on leveraged loan positions year-on-year, as mentioned during a conference call.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 4:45 pm

FAA Administrator Whitaker has stated that the agency anticipates 'continuous monitoring of the situation' once the Max 9 aircraft returns to service, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 4:43 pm

FAA Administrator Whitaker has announced a comprehensive audit of Boeing's production processes due to ongoing production issues. The audit aims to identify potential breakdowns and address the persistent problems that Boeing has been facing.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 4:42 pm

SPY

USO

The U.S. Department of Energy is soliciting up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) to replenish supplies used during previous disruptions. This move is part of the Biden administration's efforts to ensure energy security and support domestic energy producers. The SPR, the world's largest supply of emergency crude oil, was established to mitigate the impact of disruptions in oil supply.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 4:08 pm