Streetbeat News

Regulatory

SPY

Fed's Barkin has indicated that there is no issue with adjusting interest rates to more normal levels as confidence grows that inflation is decreasing. He suggests that the Federal Reserve should normalize rates as the economy returns to normal conditions.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm

SPY

Fed's Barkin comments on the labor market 'normalizing nicely' in light of recent rate hikes. He acknowledges the difficulty in pinpointing the real interest rate due to uncertainties around the neutral rate and expected inflation.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm

SPY

USO

VGK

Yemen's Houthi Supreme Revolutionary Committee has warned that any country joining the U.S.-led Red Sea coalition will lose maritime security and be targeted, according to a statement to the BBC reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 7:58 pm

AAPL

The U.S. Justice Department is nearing the final stages of a comprehensive antitrust investigation into Apple, examining the company's use of its products and services to protect its main business operations. This development signals a potential legal challenge that could have significant implications for Apple's business practices.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 7:56 pm

JNJ

MRK

PFE

Florida has received FDA approval to import prescription drugs from Canada, aiming to reduce drug costs for state care individuals, including those in corrections and disability agencies. Governor Ron DeSantis anticipates $150 million in savings for the state in the first year. The program will face challenges, including potential legal action from PhRMA and restrictions from Canadian wholesalers and the Canadian government. The move could impact U.S. drug pricing policy and the pharmaceutical industry.

Portfolio Pulse from Vandana Singh

January 05, 2024 | 7:53 pm

MLGO

WIMI

MicroAlgo has agreed to sell 8 million shares to WiMi Hologram Cloud for $4 million, according to an SEC filing. The transaction will take place at MicroAlgo Inc.'s offices once specific conditions are fulfilled.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 6:41 pm

BLK

BTCUSD

The SEC is considering the approval of the first spot Bitcoin ETFs, with 13 applications from firms like BlackRock, ARK Invest, and others. Approval could lead to increased institutional investment and market stability but also poses risks of market manipulation and environmental concerns. The decision could significantly impact the integration of crypto with traditional finance.

Portfolio Pulse from Murtuza Merchant

January 05, 2024 | 6:27 pm

AGL

ANGO

APLT

ELAN

MPW

Applied Therapeutics, Inc. (NASDAQ:APLT) shares plummeted by over 35% after announcing topline results from the ARISE-HF Phase 3 trial of AT-001, which did not meet its primary endpoint. Other stocks experienced significant movement in Friday's mid-day session, with various companies reporting gains due to positive updates, acquisitions, and earnings, while some faced declines due to negative guidance, downgrades, and public offerings.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 6:13 pm

STNE

StoneCo Ltd. (NASDAQ:STNE) shares rose after announcing it received a Financeira License from the Brazilian Central Bank, allowing it to offer new products like time deposits. The license will help diversify funding sources. StoneCo also secured a $467.5 million revolving securitization facility from the U.S. International Development Finance Corporation last month. The company aims to more than double its profitability in four years, targeting an adjusted net income of R$4.3 billion. StoneCo's stock increased by 3.01% to $17.12.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 6:04 pm

ETHUSD

On Thursday, 4,758.45 Ether (ETH) valued at approximately $10.6 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -3.76% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

January 05, 2024 | 6:00 pm