Streetbeat News

Regulatory

SNGX

Soligenix Inc (NASDAQ:SNGX) stock surged after announcing a publication on the preclinical efficacy of its novel bivalent vaccine, which showed 100% protection against SUDV and MARV infections. The vaccine is stable at high temperatures and there are currently no approved vaccines or therapeutics for these infections. The company's IND application for SGX945 was also cleared by the FDA for a Phase 2a clinical trial. SNGX shares rose 33.20% to $1.01.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 3:05 pm

ASML

SPY

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin have seen a spike in value on the first day of 2024, with Bitcoin crossing $45K. US markets are bullish with the S&P 500 surging 24% in 2023 and tech stocks predicted to rise 25% in 2024. US office buildings face a $117B debt cliff due to interest rates. Tesla shares have a lackluster start in 2024, and the company is set to report Q4 deliveries. Danone sells its U.S. organic dairy business, and Reckitt's Mead Johnson recalls baby formula. ASML halts exports to China, and US politics and world politics see significant developments.

Portfolio Pulse from Akanksha Bakshi

January 02, 2024 | 2:12 pm

AMD

NVDA

Nvidia (NVDA) and AMD (AMD) stocks are trading lower following the Netherlands' decision to block exports of specific lithography systems to China, which are crucial for advanced microprocessor production. This aligns with U.S. export restrictions. ASML's export license revocation and U.S. restrictions are not expected to affect its 2023 financial projections. Nvidia introduced the GeForce RTX 4090 D to comply with U.S. export controls and delayed the launch of three new AI chips for China. AMD plans to launch the Radeon RX 7600 XT graphics card on January 22. NVDA shares dropped by 1.05% and AMD by 2.45% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:09 pm

CVX

Chevron Corporation (NYSE:CVX) will incur a non-cash, after-tax charge of $3.5 to $4.0 billion in Q4 FY23 due to regulatory challenges in California affecting its upstream assets and obligations from previously sold assets in the Gulf of Mexico. The company plans to continue operating the California assets and expects to manage decommissioning activities in the Gulf over the next decade. Chevron announced a $16 billion capex budget for 2024, with $14 billion for upstream spending, two-thirds of which is for the U.S. CVX shares rose 0.76% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 2:06 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) is undergoing leadership changes with Rick Schonberg replacing Aaron Schnarch as CEO of Coinbase Custody. The company is preparing to provide custody services for potential spot Bitcoin ETF applicants, with notable clients like BlackRock, Franklin Templeton, and Grayscale Investments. Coinbase Custody, regulated by the New York Department of Financial Services and audited by Deloitte & Touche, is well-prepared for potential ETF approval. The SEC has a deadline of January 10 to decide on a spot Bitcoin ETF application. Despite a recent drop, COIN shares have surged almost 400% in the last year, with a 1.83% increase in premarket trading on Tuesday.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:02 pm

BIDU

YY

Joyy Inc's (NASDAQ:YY) stock is trading lower following the collapse of its proposed $3.6 billion sale of YY Live to Baidu Inc (NASDAQ:BIDU). The deal, announced in November 2020, failed to receive regulatory approval, leading to its termination by Baidu's affiliate Moon SPV. This reflects the Chinese government's tighter control over tech acquisitions and the ongoing regulatory challenges faced by companies like Baidu in the digital video and live-streaming sector. Joyy's stock was down 9.70% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:00 pm

CLSK

MARA

RIOT

Bitcoin mining stocks Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), and CleanSpark Inc (CLSK) are trading higher due to a surge in Bitcoin's price, which crossed $45,000. The rise is attributed to optimism about a potential spot Bitcoin ETF and expectations of Federal Reserve rate cuts in 2024. The SEC may soon decide on the ETF applications, with 14 asset managers seeking approval. As Bitcoin miners, MARA, RIOT, and CLSK are gaining investor attention with Bitcoin reaching its highest levels in nearly 21 months.

Portfolio Pulse from Adam Eckert

January 02, 2024 | 1:49 pm

NRXP

NRx Pharmaceuticals, Inc. (NASDAQ:NRXP) will present a keynote address on ketamine's efficacy and risks for treating suicidal depression at the Sachs Neuroscience Innovation Forum. The company plans to file a New Drug Application for ketamine in 2024 in the US and EU. NRx has shown ketamine's superiority to placebo and non-inferiority to electroshock therapy in trials. They are developing a new formulation with Nephron Pharmaceuticals and a REMS program. NRx has created HOPE Therapeutics, Inc. to advance ketamine's development and will award rights to shareholders and new investors. NRx is also developing NRX-101 for suicidal bipolar depression and chronic pain, in partnership with Alvogen Pharmaceuticals.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:45 pm

CRBJY

LGFRY

MCHI

Chinese stocks, particularly in the real estate sector, experienced a sharp decline following weak property market data. The iShares MSCI China ETF (MCHI) dropped 1.8% in pre-market trading. Longfor Group Holdings ADR (LGFRY) and China Resources Land ADR (CRBJY) are expected to be impacted, with their performance data delayed. The property market data showed a 26% year-on-year drop in average daily home sales, and the manufacturing PMI indicated economic contraction. The Chinese yuan also fell by 0.6% against the dollar.

Portfolio Pulse from Neil Dennis

January 02, 2024 | 1:44 pm

CDIO

Cardio Diagnostics Holdings, Inc. (NASDAQ:CDIO) has been assigned a dedicated CPT PLA code by the AMA for its AI-driven CHD detection test, PrecisionCHD. This code is crucial for securing reimbursement and broadening access to the test. PrecisionCHD, which uses genetic-epigenetic analysis and AI, aims to improve CHD diagnosis and patient outcomes while reducing healthcare costs. The test's scalability and remote deployment capabilities can enhance care delivery, especially in underserved areas. The innovation of PrecisionCHD has been recognized in a study and by Vizient, Inc.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 1:42 pm