Streetbeat News

Regulatory

ETHUSD

On Monday, 5,068.77 Ether (ETH) valued at approximately $11.48 million was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain, which introduced a variable base fee for transactions that is permanently removed from circulation. This has led to a net annualized issuance rate of -4.30% for Ether, indicating a deflationary trend, especially with the anticipated Ethereum 2.0 upgrade that could further reduce the issuance rate to 0.5-1% per year.

Portfolio Pulse from Benzinga Insights

January 09, 2024 | 6:00 pm

VRTX

Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) has received approval from the Saudi Food and Drug Authority (SFDA) for CASGEVY, a CRISPR/Cas9 gene-edited therapy for sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT). This marks the first SFDA Breakthrough Designation and approval through this pathway, as well as Vertex's first regulatory approval in Saudi Arabia. Vertex is working to expand access to CASGEVY in Saudi Arabia by qualifying additional hospitals as Authorized Treatment Centers and securing hospital formulary listings for reimbursement.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:44 pm

AAPL

IBM

INTC

META

QCOM

TSLA

TSM

Samsung Electronics topped the U.S. patent recipient list for 2023 with 6,165 patents, followed by Qualcomm, TSMC, and IBM. Apple, Micron, and Intel were also in the top 10, while Meta and Tesla were notably absent. The patent landscape shows growth in autonomous driving, electrical smoking devices, quantum computing, breathing masks, and nanotechnology. U.S. patents issued decreased by 3.4% in 2023, with U.S. companies securing nearly half of all patents. Japan and South Korea are also significant recipients, despite declines.

Portfolio Pulse from Surbhi Jain

January 09, 2024 | 5:40 pm

FXI

ILMN

An executive from Illumina has indicated that the company's business operations in China are expected to face challenges throughout 2024, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:35 pm

BTCUSD

SEC Chair Gary Gensler and Lori Schock warn investors about the risks of crypto assets, emphasizing the lack of regulatory oversight, potential for fraud, and the dangers of celebrity endorsements. Despite the crypto community's criticism and anticipation of a spot Bitcoin ETF, the SEC urges caution and responsible investing.

Portfolio Pulse from Murtuza Merchant

January 09, 2024 | 5:34 pm

USO

The U.S. Energy Information Administration forecasts that OPEC+ will increase crude oil production by 700,000 barrels per day in 2025 as current output cuts expire, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:31 pm

USO

The U.S. Energy Information Administration forecasts a decline in OPEC+ crude oil production by 600,000 barrels per day in 2024. This projection could influence global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:30 pm

ALK

Boeing Co (BA) is under scrutiny after a door plug dislodged from an Alaska Air Group (ALK)-operated 737 MAX 9, leading to the grounding of some jets by the FAA. Analysts from Goldman Sachs, Bank of America, RBC Capital Markets, and JPMorgan commented on the potential impact on Boeing's reputation and operations, maintaining their ratings but noting the reputational and potential financial risks. The incident could also affect Boeing's resumption of deliveries to China, although Chinese carriers do not currently operate MAX 9s.

Portfolio Pulse from Surbhi Jain

January 09, 2024 | 5:17 pm

AMZN

GOOG

MSFT

The European Commission (EC) is 'checking' Microsoft Corp's (NYSE:MSFT) investment in OpenAI, which may be subject to EU Merger Regulation review. This follows the UK's Competition and Markets Authority (CMA) investigation into whether Microsoft's partnership with OpenAI resulted in an 'acquisition of control.' The EC is also conducting a wider probe into virtual worlds and generative AI, inviting feedback on competition levels. Global regulators are concerned about big tech firms like Microsoft, Amazon.com Inc (NYSE:AMZN), and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) dominating AI innovation through investments.

Portfolio Pulse from Neil Dennis

January 09, 2024 | 5:12 pm

MCRB

Seres Therapeutics Inc (NASDAQ:MCRB) is trading higher after receiving FDA Fast Track Designation for SER-155, aimed at preventing infections in immunocompromised patients. Phase 1b data showed favorable results, supporting further trials. The company expects its financial resources to support operations into Q4 of 2024. Additionally, Seres announced preliminary sales figures for VOWST, the first FDA-approved oral microbiome therapeutic, with Q4 net sales of $10.4 million and total 2023 sales of $19.6 million since its launch in June.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 5:12 pm