Streetbeat News

Regulatory

BTI

British American Tobacco Industries Plc (NYSE:BTI) was fined $110 million by the Nigerian Federal Competition & Consumer Protection Commission for violating competition laws and tobacco control efforts. This record fine is a result of a probe into BAT's practices, including impeding competitors and breaching health controls. The fine is a 'consent order' and not subject to appeal. BAT is also expected to incur a non-cash impairment charge of about £25 billion related to U.S. cigarette brands and anticipates 2023 organic revenue at the lower end of 3%-5% guidance. BTI shares saw a slight increase in premarket trading.

Portfolio Pulse from Vandana Singh

December 29, 2023 | 1:48 pm

CC

CTVA

DD

MMM

In 2023, lawsuits over PFAS contamination in U.S. drinking water led to over $11 billion in settlements involving 3M Co (MMM), The Chemours Co (CC), Corteva Inc (CTVA), and DuPont de Nemours Inc (DD). The litigation, which is expected to increase due to upcoming federal regulations and heightened awareness, poses a significant threat to these companies, with potential for more lawsuits in 2024 and existential risks including bankruptcy.

Portfolio Pulse from Vandana Singh

December 29, 2023 | 1:43 pm

NVDA

QQQ

Nvidia Corp (NVDA) has announced the launch of the GeForce RTX 4090 D, a modified gaming chip designed to comply with U.S. export controls for the Chinese market. The chip will be available in January and is 5% slower than the banned RTX 4090, priced at 12,999 yuan ($1,842). Nvidia dominates China's AI chip market but faces competition from domestic firms due to U.S. export curbs. NVDA stock has outperformed the Invesco QQQ Trust, Series 1 (QQQ) year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 29, 2023 | 1:20 pm

NRBO

NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) shares dropped in Friday's premarket session by 4.76% to $3.81 after a 21.2% gain the previous day. The decline follows the company's submission of an IND application to the FDA for a Phase 1 trial of DA-1726, a novel treatment for obesity. DA-1726 has shown promising preclinical results, outperforming existing treatments like semaglutide and tirzepatide in animal models. The Phase 1 trial will be randomized, placebo-controlled, double-blind, and will have two parts: a single ascending dose study and a multiple ascending dose study.

Portfolio Pulse from Nabaparna Bhattacharya

December 29, 2023 | 12:59 pm

PEG

Public Service Enterprise Group (PSEG) has filed a rate case seeking to recover over $3 billion in capital investments made in recent years. The company is requesting an overall bill increase of approximately 9% to facilitate this recovery.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 12:46 pm

VSME

VS Media (VSME) has been notified by the Nasdaq Stock Market that it is not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. This could lead to potential delisting if the issue is not resolved.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 12:01 pm

FXI

SPY

VGK

China's President Xi emphasized the importance of safeguarding national sovereignty, security, and development interests, signaling a readiness to challenge strong powers. This stance was reported by Reiters citing state media.

Portfolio Pulse from Charles Gross

December 29, 2023 | 11:31 am

CING

The CNN Money Fear and Greed Index remains in the 'Extreme Greed' zone, indicating strong market sentiment. The S&P 500 is close to its record high, with a slight 0.3% decrease from its peak. The Fed is expected to cut rates by 25 basis points in March, with a 74.1% probability. Economic data shows a rise in jobless claims and an increased trade deficit, while pending home sales remained unchanged. Cingulate Inc. (CING) saw a 146% stock surge after receiving FDA guidance for its ADHD drug candidate. Most S&P 500 sectors ended positively, except for energy and materials. The Dow Jones and S&P 500 are expected to close the year with significant gains.

Portfolio Pulse from Avi Kapoor

December 29, 2023 | 10:50 am

BA

Chinese airlines have resumed operations of all Boeing Co (NYSE:BA) 737 MAX jets, ending a global grounding since 2019 due to two fatal crashes. Boeing China's CEO, Liu Qing, announced that around 100 737 MAX planes are back in service and new planes have been delivered to Chinese customers. The Civil Aviation Administration of China (CAAC) granted approval in December, allowing Boeing to restart 737 MAX deliveries in China after over four years. This marks a potential improvement in Boeing-China relations and is financially beneficial for Boeing as it can now reduce its inventory backlog.

Portfolio Pulse from Benzinga Neuro

December 29, 2023 | 7:38 am

JKS

JinkoSolar has become the first photovoltaic (PV) company to have its net-zero targets approved by the Science Based Targets initiative (SBTi). This approval marks a significant industry milestone, positioning JinkoSolar as a leader in sustainability within the PV sector.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 7:13 am