Streetbeat News

Regulatory

GBTC

The article discusses the potential impact of SEC approval of Bitcoin ETFs on the Grayscale Bitcoin Trust (GBTC). It challenges the 'buy the rumor, sell the news' adage, suggesting that approval could lead to increased demand from institutional investors and pension funds currently restricted from buying GBTC. The author anticipates a possible price increase due to the upcoming Bitcoin halving event, which will reduce new coin issuance, coupled with the expected surge in demand if ETFs are approved.

Portfolio Pulse from Gary Brode

December 22, 2023 | 4:36 pm

DIA

IWM

QQQ

SPY

Consumer sentiment in December was revised upwards to 69.7, indicating improved consumer expectations. In contrast, new home sales in November saw a significant decline of 12.2%, the largest since April 2022. Despite mixed economic data, Wall Street traded higher, with speculation of rate cuts following a lower-than-expected PCE inflation report. ETFs like SPY, QQQ, DIA, and IWM all saw increases in early morning trading.

Portfolio Pulse from Piero Cingari

December 22, 2023 | 4:17 pm

TCNNF

California AG Rob Bonta warns of legal risks if the state allows interstate cannabis sales. Pennsylvania advances bills to protect medical cannabis patients from DUI charges without proof of impairment. Ohio police departments maintain zero-tolerance hiring policies despite cannabis legalization. Florida's medical marijuana home cultivation campaign fails due to lack of funds, while Trulieve Cannabis Corp. supports a separate legalization initiative facing legal challenges. Recent polls show strong voter support for marijuana legalization in Florida.

Portfolio Pulse from Jelena Martinovic

December 22, 2023 | 3:44 pm

SPY

USO

VGK

Russia is planning to reduce oil exports from its sea ports by 100,000 to 200,000 barrels per day in January, according to sources cited by Reuters. This decision could potentially affect global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:42 pm

QSR

YUM

New York is considering Bill A08336, which would require all food services at transportation facilities to be open seven days a week, potentially affecting Chick-fil-A's policy of closing on Sundays. The bill aims to provide reliable food services for travelers and the commercial trucking industry. Chick-fil-A, known for its high revenue despite being closed on Sundays, may face a decision regarding its seven locations at service areas in New York. The company's commitment to Sunday closures is rooted in its founder's religious beliefs, and the family intends to honor this tradition. Chick-fil-A's potential as an IPO candidate could bring additional pressure to reconsider its Sunday closure policy.

Portfolio Pulse from Chris Katje

December 22, 2023 | 3:08 pm

CMI

Cummins Inc (NYSE:CMI) shares dropped after the company agreed to a $1.675 billion settlement over U.S. regulatory claims of emissions certification violations for certain pick-up truck engines. Cummins allegedly installed defeat devices on 630,000 engines from model years 2013 to 2019 and undisclosed auxiliary emission control devices on 330,000 engines from model years 2019 to 2023. The company will record a charge of approximately $2.04 billion in Q4 FY23 and plans to pay about $1.93 billion in H1 FY24. Cummins' stock price fell 2.56% to $237.76.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 2:37 pm

NTES

TCEHY

NetEase, Inc (NASDAQ:NTES) and Tencent Holdings Ltd (OTC:TCEHY) stocks plummeted after Chinese regulators introduced new regulations targeting the video gaming industry. These rules set spending limits and prohibit certain in-game incentives, erasing nearly $80 billion in market value from China's top gaming companies. Tencent's shares dropped up to 16%, while NetEase's fell by up to 25%. Prosus, a stakeholder in Tencent, also saw a 14.2% decline in its shares. The regulations aim to reduce excessive gaming and protect minors, with new rules on spending limits and a ban on features like lucky draws for minors. Despite the regulatory challenges, China's video game market grew by 13% in domestic revenue to 303 billion yuan ($42.6 billion) this year.

Portfolio Pulse from Anusuya Lahiri

December 22, 2023 | 2:34 pm

TSLA

Sweden's Transport Agency is investigating Tesla over suspension failures, in a probe similar to one conducted by Norway. The investigation could potentially lead to recalls or other regulatory actions if defects are confirmed.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:33 pm

TENB

Tenable has achieved the FedRAMP 'Ready' designation for its Tenable Cloud Security for U.S. Government - Ermetic, a comprehensive CNAPP solution. This status, which follows the acquisition of Ermetic in October 2023, allows the U.S. federal government to deploy Tenable Cloud Security across various departments and agencies, enhancing cloud security and modernization efforts. Tenable's other solutions, Tenable Vulnerability Management and Tenable Web App Scanning, achieved FedRAMP authorization in 2021.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:04 pm

PBH

Insight Pharmaceuticals, a subsidiary of Prestige Consumer Healthcare Inc., is voluntarily recalling one lot of Americaine 20% Benzocaine Topical Anesthetic Spray due to the detection of benzene, a known carcinogen, from the propellant in the product. The recall is limited to one lot, with no other lots affected. The company has not received any reports of serious adverse events and is offering refunds to consumers with the affected lot. The recall is being conducted with the knowledge of the U.S. Food and Drug Administration.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:03 pm