Streetbeat News

Regulatory

CHRS

CING

FWBI

HALL

IOVA

ROI

U.S. stocks saw a slight increase with the Dow Jones gaining over 20 points. Coherus BioSciences, Inc. (NASDAQ:CHRS) announced FDA approval for UDENYCA ONBODY. First Wave BioPharma, Inc. (NASDAQ:FWBI) surged 236% after announcing a term sheet to sell its Niclosamide program. Cingulate Inc. (NASDAQ:CING) and RiskOn International, Inc. (NASDAQ:ROI) also saw significant gains. Hallmark Financial Services, Inc. (NASDAQ:HALL) and Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) experienced declines, with HALL intending to delist from Nasdaq and IOVA facing an FDA clinical hold.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 2:56 pm

CODX

Co-Diagnostics has submitted its Co-DX PCR COVID-19 test and Co-Dx PCR PRO instrument for FDA Emergency Use Authorization. The platform aims to support point-of-care and at-home testing, with a development pipeline including tests for TB, HPV, and a multiplex respiratory panel for flu A/B, COVID-19, and RSV.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 2:32 pm

MSFT

NVDA

U.S. lawmakers express national security concerns over Microsoft Corp's (NASDAQ:MSFT) increased collaboration with China in AI technology. Microsoft President Brad Smith's meeting with China's Minister of Commerce and the company's intention to play a role in China's AI sector have raised alarms. Senators Josh Hawley and Marsha Blackburn, along with Rep. Mike Gallagher, have voiced worries about potential Chinese exploitation of advanced tech. Nvidia Corp (NASDAQ:NVDA) is also mentioned for its compliance with U.S. export limitations in the Chinese AI chip market. MSFT shares saw a slight premarket decline.

Portfolio Pulse from Anusuya Lahiri

December 27, 2023 | 2:18 pm

BITF

MARA

RIOT

Shares of Bitcoin miners Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), and Bitfarms Ltd (BITF) are trading higher as Bitcoin's price increases. The rise in Bitcoin and related stocks is attributed to optimism about a potential spot Bitcoin ETF and expectations of Federal Reserve rate cuts in 2024. Bitcoin crossed $40,000 in early December and has been fluctuating within a range for most of the month. Analysts expect the SEC to approve a spot ETF in early 2024, which is driving positive sentiment in the crypto market.

Portfolio Pulse from Adam Eckert

December 27, 2023 | 2:16 pm

BABA

NTES

PDD

TCEHY

Chinese regulators have proposed revisions to stringent video game rules, leading to a brief recovery in shares of gaming companies like Tencent Holdings and NetEase, Inc. The National Press and Publication Administration of China approved 105 new game licenses for December, which saw Tencent and NetEase shares increase by 5% and 10%, respectively. Despite this, concerns remain over the regulatory impact on the market. Smaller gaming companies saw lesser gains, and various firms have started share buyback plans with limited market impact. Alibaba Group Holding Limited has faced an 18% loss year-to-date amid leadership and organizational restructuring, while PDD Holdings Inc continues to grow its market share.

Portfolio Pulse from Anusuya Lahiri

December 27, 2023 | 2:15 pm

DWAC

SPY

The Michigan Supreme Court has rejected a case seeking to remove Donald Trump from the 2024 primary ballot based on the 'insurrectionist ban' in the US Constitution. This decision contrasts with Colorado's Supreme Court ruling, which removed Trump from its ballot. The Michigan case was dismissed on procedural grounds without addressing whether the January 6 event was an insurrection or if Trump was involved. The Michigan Supreme Court did not release a vote count, and the decision was unsigned. Justice Elizabeth Welch highlighted differences in election laws between Michigan and Colorado.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 2:03 pm

NXU

Trading for NXU was halted and then resumed at 8:55 AM ET, with updated status including news and resumption times.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:55 pm

AAPL

Apple Inc (NASDAQ:AAPL) shares closed slightly lower on Tuesday. The company is exploring licensing its content to news and publishing firms and is under DOJ scrutiny for blocking the Beeper app. Apple's dividend yield is 0.50%, with a quarterly dividend of 24 cents per share. To earn $500 monthly from dividends, one would need to own 6,250 shares, valued at approximately $1,206,563. The dividend yield fluctuates with stock price and dividend changes. AAPL shares fell 0.3% to close at $193.05.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 1:52 pm

BWEN

MKTX

Broadwind Inc (BWEN) has agreed to sell approximately $15 million of Advanced Manufacturing Production Credits to MarketAxess Holdings, Inc. (MKTX) under the Inflation Reduction Act. The tax credits are related to Broadwind's domestic production and sale of wind turbine components. Broadwind will also sell section 45X tax credits generated in 2024 on a quarterly basis. CEO Eric Blashford highlighted the economic incentive for renewable energy investment provided by the 45X tax credit. BWEN's stock saw a slight increase of 0.35% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 27, 2023 | 1:52 pm

CHRS

Coherus BioSciences' stock is trading higher following the announcement of FDA approval for UDENYCA ONBODY, a pegfilgrastim-cbqv product.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 1:46 pm