Streetbeat News

Regulatory

SOAR

Volato Group has filed a prospectus with the SEC, indicating that selling stockholders may offer up to 8.1 million shares of common stock from time to time.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 6:59 pm

META

Instagram, owned by Meta Platforms Inc., has cut 60 technical program manager positions, eliminating a management layer. Impacted employees have two months to find new roles within the company before termination. The cuts align with Meta's 'Year of Efficiency' initiative to improve financial performance and reduce headcount. Instagram is reorganizing product teams around three new focus areas: Creation, Creators, and Friend Sharing, targeting teen engagement. This comes amid a lawsuit from over 40 states accusing Meta of affecting youth mental health and a Senate hearing on child safety. Meta is also implementing content restrictions for teen users on Instagram and Facebook.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 6:35 pm

DAL

FLXS

WIT

Wipro Limited (NYSE:WIT) shares surged over 16% after reporting Q3 results, guidance, and an interim dividend. Other stocks showed significant movement in Friday's mid-day session, with various gainers such as Charge Enterprises, Inc. (NASDAQ:CRGE) and losers like Genius Group Limited (NYSE:GNS). Notable movements included Flexsteel Industries, Inc. (NASDAQ:FLXS) rising after strong Q2 preliminary results and Delta Air Lines, Inc. (NYSE:DAL) falling post Q4 financial results and 2024 guidance.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 6:28 pm

BIIB

DGX

ESALY

LLY

Blood tests for Alzheimer's diagnosis are gaining momentum, with Quest Diagnostics and LabCorp offering consumer-available tests. However, concerns about accuracy persist as none have FDA approval. The FDA is considering stricter regulations. Meanwhile, drugs like Biogen/Eisai's Leqembi and Eli Lilly's donanemab highlight the need for precise diagnosis. Medicare revised its policy on amyloid PET scans, and new NIH-funded research shows promise for early detection.

Portfolio Pulse from Vandana Singh

January 12, 2024 | 6:17 pm

ETHUSD

On Thursday, 6,827.95 Ether (ETH) valued at $17M was burned due to the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -7.20% for Ether, indicating a deflationary trend, especially with the upcoming Ethereum 2.0 upgrade that is expected to further reduce the issuance rate to 0.5-1% per year.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 6:00 pm

TSLA

Tesla has reportedly halted most production at its Berlin factory and implemented additional price cuts in China, leading to a decline in its stock price.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:56 pm

MNTS

Momentus Inc. (NASDAQ:MNTS) shares dropped after the company was not selected for the Tranche 2 Tracking Layer funding by the Space Development Agency. The company expressed substantial doubt about its ability to continue as a going concern, following a 20% reduction in workforce and a significant decrease in cash from $62 million to $10 million year-over-year. Despite discussions with potential strategic partners, no definitive agreements have been reached. Momentus is seeking capital to bridge to profitable commercial production, without which operations may be further reduced or stopped. MNTS shares fell 18.43% to $1.01.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 5:53 pm

LCID

Lucid Group, Inc. (NASDAQ:LCID) stock is trading lower, down nearly 20% over the past five days. The company is recalling over 2,000 Lucid Air sedans due to potentially faulty high voltage coolant heaters, which could increase the risk of a crash. Lucid produced 2,391 vehicles and delivered 1,734 in Q4, with full-year figures at 8,428 produced and 6,001 delivered. Lucid will announce Q4 2023 financial results on Feb. 21, with an expected loss of 30 cents per share and revenue of $192.629 million. LCID shares are currently down 7.2% at $3.02.

Portfolio Pulse from Erica Kollmann

January 12, 2024 | 5:49 pm

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