Streetbeat News

Regulatory

LNW

Light & Wonder, Inc. (LNW) has officially appointed Oliver Chow as the company's Executive Vice President, Chief Financial Officer, and Treasurer. Chow has been serving as the Interim CFO since August 2023 and has over 15 years of experience in entertainment and gaming, with previous senior finance roles at Aristocrat and other companies. CEO Matt Wilson expressed confidence in Chow's abilities and experience. Chow is committed to supporting the company's growth and financial strategy.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:13 pm

DIA

IBM

MSFT

QQQ

SPY

WBA

The Dow Jones Industrial Average surged past the 37,000 mark, a record high, following the Federal Reserve's decision to maintain interest rates and signal a potential rate-cutting cycle beginning in 2024. The SPDR Dow Jones Industrial Average ETF (DIA) reflected this rally with a 14% increase over six weeks. The Nasdaq 100 and S&P 500, tracked by Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF Trust (SPY) respectively, are also approaching their all-time highs. The Dow's rise was broad-based, with 27 of 30 stocks gaining, led by Walgreens Boots Alliance Inc. (WBA) and others, while IBM, Verizon (VZ), and Microsoft (MSFT) saw declines.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 9:11 pm

MDRX

Veradigm Inc. (MDRX) has been granted continued listing on the Nasdaq Capital Market by the Nasdaq Hearings Panel, conditional upon the company demonstrating compliance with Nasdaq Listing Rule 5250(c)(1) by February 27, 2024. Veradigm is currently noncompliant due to not filing its Annual Report for 2022 and Quarterly Reports for 2023. The company's stock remains listed on the Nasdaq Global Select Market and Veradigm intends to file the overdue reports as soon as possible.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:11 pm

ALGN

Health Canada has issued an updated medical device license for Align Technology, Inc.'s Invisalign Palatal Expander System, designed for skeletal and dental expansion in patients of various ages. The system, which includes Invisalign First aligners, offers a removable and clinically effective alternative to traditional palatal expanders. The product is currently available on a limited basis in Canada and is pending FDA 510(k) clearance in the U.S., with availability in other markets expected in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:07 pm

ESPR

Esperion announced that the FDA has updated the LDL-C lowering indication for its drugs NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe) tablets. This immediate change reflects the FDA's initiative to modernize drug labels and Esperion's efforts to broaden the indications for its products.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:04 pm

AMGN

Amgen has announced that the FDA has accepted for priority review the Biologics License Application for Tarlatamab, a treatment for advanced small cell lung cancer.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:01 pm

BAC

WFC

Bank of America Corp (BAC) and Wells Fargo & Co (WFC) shares are trading higher after the Federal Reserve left rates unchanged, with expectations of rate cuts in 2024-2026. Lower interest rates can boost borrowing and spending, potentially increasing demand for financial products and benefiting bank revenues. The Fed kept the federal funds rate steady and will base future policy on upcoming data.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 8:57 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) stock rose by 6.3% to $19.35 as the broader industrial sector gained following the Federal Reserve's decision to keep interest rates unchanged. The Fed's stance and potential rate cuts in 2024-2026 could make borrowing cheaper, benefiting companies like Rivian. The Fed has paused rate hikes and is focusing on reducing inflation to the 2% target, basing future policy on incoming data.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 8:49 pm

SNY

The Federal Trade Commission (FTC) has decided to dismiss its case against the proposed transaction between Sanofi and Maze Therapeutics after Sanofi chose to terminate the deal. The FTC had been challenging the transaction, but with Sanofi's decision to pull out, the case is no longer active.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:42 pm

DIA

GLD

TLT

Federal Reserve Chair Jerome Powell indicated that interest rates are likely at their peak and may see cuts in 2024. The Fed left rates unchanged in its last 2023 meeting, with the median projection for the federal funds rate at 4.6% for the end of 2024, and further reductions to 3.6% by 2025 and 2.9% by 2026. Powell highlighted progress in controlling inflation and economic growth but remained cautious, stating it's too early to declare victory over inflation. Markets reacted by increasing bets on a rate cut by March 2024, with gold, U.S. 20+ Year Treasuries, and stocks rallying, while the U.S. dollar dropped. The SPDR Dow Jones Industrial Average ETF (DIA) reached all-time highs.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 8:35 pm