Streetbeat News

Regulatory

TSLA

Tesla Inc. is exploring the introduction of an entry-level electric vehicle (EV) for the Indian market, priced around $24,000. The plan involves using smaller, quick-charging batteries to reduce costs, similar to the strategy in China. Tesla's success hinges on the development of a robust fast-charging network in India, where the current infrastructure is sparse. The company is in talks with the Indian government for support in charger and battery production development. Tesla is also considering a $2 billion investment in an Indian factory contingent on reduced import duties.

Portfolio Pulse from Shomik Sen Bhattacharjee

January 05, 2024 | 5:56 am

MS

James Gorman, former CEO of Morgan Stanley, expressed skepticism about Bitcoin's value as a storage medium, considering it too speculative and volatile for it to be a core investment. Despite this, he acknowledged that Bitcoin is not a fad and is here to stay. Gorman also commented on the recent bank failures, attributing them to poor management rather than an industry crisis, and shared a positive outlook on the U.S. economy, downplaying the likelihood of a recession.

Portfolio Pulse from Benzinga Neuro

January 05, 2024 | 4:27 am

BTCUSD

ETHUSD

GBTC

Bitcoin recovered to over $44,000, with the global cryptocurrency market cap rising to $1.66 trillion. Grayscale and VanEck reignited hopes for a U.S. Spot ETF approval with new filings. The Crypto Fear & Greed Index indicated 'Greed' at a value of 72. Analysts predict a bullish run for Bitcoin and Ethereum, with potential price targets of $48,000 and $57,000 for Bitcoin. Ethereum's non-exchange whales are accumulating, suggesting positive sentiment.

Portfolio Pulse from Shivdeep Dhaliwal

January 05, 2024 | 3:12 am

MSFT

NYT

OpenAI is negotiating licensing deals with various publishers while facing a copyright lawsuit from The New York Times Co. (NYSE:NYT). Tom Rubin of OpenAI is optimistic about the negotiations, despite the lawsuit which also involves Microsoft Corporation (NASDAQ:MSFT). OpenAI previously secured agreements with Axel Springer SE and The Associated Press, but the lawsuit from NYT could disrupt operations, as it alleges unauthorized use of articles for AI training without permission.

Portfolio Pulse from Ananya Gairola

January 05, 2024 | 2:07 am

SABS

Trading on the stock of SABS has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market orderliness and investor protection pending the release of material news.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 12:50 am

MESO

Trading on the stock of Mesoblast Limited (MESO) has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market order imbalances and ensure a fair and orderly market once trading resumes.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 12:50 am

SABSW

Trading on the stock SABSW has been halted at 7:50:00 p.m. ET due to pending news. The halt is in place to manage market orderliness and ensure fair information dissemination.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 12:50 am

UTEN

Jim Bianco, a top Wall Street analyst, predicts the 10-year Treasury yield will rise to 5.5% by mid-2024, the highest since May 2001. He believes the Fed will adopt a more hawkish approach and sees the economy expanding despite higher interest rates. Bianco suggests the Fed may cut rates up to three times, contrary to market expectations of up to six cuts. He also notes the yield curve has been inverted for 15 months, and normalization could benefit banks. The US Treasury 10 Year Note ETF (UTEN) has rallied 8% since 2023's lows.

Portfolio Pulse from Piero Cingari

January 04, 2024 | 11:09 pm

DRMAW

Dermata Therapeutics, Inc. (NASDAQ:DRMAW) saw its shares surge in after-hours trading following the announcement of a new patent issued in Japan for its DMT410 program, aimed at treating hyperhidrosis. The patent marks the first for DMT410 and leverages Dermata's Spongilla technology for topical delivery of botulinum toxin. The company's CEO highlighted the patent's validation of the novel concept and potential treatment opportunities for various forms of hyperhidrosis. Shares of Dermata increased by 96.7% to $1.20 in after-hours trading.

Portfolio Pulse from Ryan Gustafson

January 04, 2024 | 10:31 pm

BLK

The SEC has been in discussions with firms seeking approval for a spot Bitcoin ETF, focusing on the redemption model, handling of hard forks, and disclosure of authorized participants. Grayscale Investments and BlackRock Inc. (NYSE:BLK) have been urged by the SEC to adopt a cash redemption model, with Grayscale amending its S-3 form to comply. The SEC also wants issuers to disclose authorized participants, with BlackRock naming Jane Street Capital and JPMorgan Securities LLC. Firms have reached a consensus on handling hard forks, with Grayscale stating its ETF would not receive tokens from hard forks or airdrops. Meetings with major exchanges have fueled speculation about the approval of a spot Bitcoin ETF.

Portfolio Pulse from Murtuza Merchant

January 04, 2024 | 10:26 pm