Streetbeat News

Regulatory

PBLA

Panbela Therapeutics Inc (NASDAQ:PBLA) stock dropped 25% to $1.18 after a recent surge. The decline follows the FDA approval of eflornithine, a drug Panbela divested to US WorldMeds, for high-risk neuroblastoma patients. Despite the approval being a positive development, the stock has retreated from its recent highs. Panbela could earn $9.5 million based on milestones from US WorldMeds. The company sees the approval as a significant step for polyamine targeted therapy in cancer treatment.

Portfolio Pulse from Henry Khederian

December 20, 2023 | 6:37 pm

ENS

EnerSys (NYSE:ENS) shares surged after raising its Q3 fiscal 2024 adjusted EPS guidance from $1.80-$1.90 to $2.50-$2.60, following the U.S. Treasury's proposed regulations on tax credits for battery manufacturing. The company now anticipates annual tax credits of $120M-$160M, up from the previous $80M-$120M estimate. Oppenheimer analyst Noah Kaye reaffirmed an Outperform rating and increased the price target from $110 to $116. ENS stock rose 5.15% to $101.73.

Portfolio Pulse from Shivani Kumaresan

December 20, 2023 | 6:37 pm

GOGO

Gogo Business Aviation's AVANCE LX5 has achieved two significant regulatory milestones by receiving Supplemental Type Certification (STC) and Parts Manufacturer Approval (PMA) from the Federal Aviation Administration (FAA). This progress is part of Gogo's ongoing 5G program and represents a critical step forward for the company in the aviation communications market.

Portfolio Pulse from Charles Gross

December 20, 2023 | 6:16 pm

IWM

QQQ

TLT

UUP

XLRE

The market is anticipating the release of the November Personal Consumption Expenditure (PCE) price index, the Fed's preferred inflation gauge, this Friday. Economists expect a year-on-year increase of 2.8%, down from October's 3%, and a monthly rate unchanged from October. Core PCE is expected to be at 3.3% year-over-year. The PCE data influences the Fed's monetary policy and interest rate decisions. Five ETFs to watch in relation to the PCE report are TLT, QQQ, IWM, XLRE, and UUP, as they are sensitive to interest rate expectations.

Portfolio Pulse from Piero Cingari

December 20, 2023 | 6:16 pm

X

Senate Banking Chair Sherrod Brown has urged President Biden to closely examine the sale of U.S. Steel to Nippon Steel, expressing concerns over the implications of the deal.

Portfolio Pulse from Charles Gross

December 20, 2023 | 6:06 pm

ETHUSD

On Tuesday, 11,640.44 Ether (ETH) valued at $26M was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -15.16% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

December 20, 2023 | 6:00 pm

TSLA

A Reuters investigation alleges that Tesla has been aware of defective parts causing suspension or steering failures for at least seven years, affecting its entire vehicle lineup globally. Despite internal acknowledgment of these 'flaws' and 'failures', Tesla reportedly blamed customers for the issues and charged them for repairs. The company, led by CEO Elon Musk, prioritized new product rollouts and sales over addressing safety concerns. Tesla did not recall affected vehicles in the US or Europe, even after being compelled to do so in China due to regulatory pressure. Tesla has not responded to Reuters' inquiries about the investigation.

Portfolio Pulse from Adam Eckert

December 20, 2023 | 5:56 pm

TGT

Target Corporation (NYSE:TGT) closed nine stores due to theft and violence, but a CNBC investigation suggests that crime rates are higher at many nearby stores that remain open. The closures, which Target attributes to safety and business performance issues, represent less than 0.5% of its U.S. footprint. The timing of the closures coincides with the National Retail Federation's push for harsher penalties for organized theft, leading to speculation about the true motives behind the closures. TGT shares dropped by 0.98% to $1378.21.

Portfolio Pulse from Nabaparna Bhattacharya

December 20, 2023 | 5:51 pm

DARE

Daré Bioscience Inc (NASDAQ:DARE) reported positive Phase 1 results for DARE-PDM1, a treatment for primary dysmenorrhea using a proprietary hydrogel to deliver diclofenac vaginally. The treatment was well-tolerated, with mild to moderate adverse events, and showed dose proportionality and 24-hour vaginal retention. A statistically significant decrease in pain was observed compared to placebo. Daré plans to seek FDA approval via the 505(b)(2) pathway. DARE stock fell 3.83% to $0.33.

Portfolio Pulse from Vandana Singh

December 20, 2023 | 5:34 pm

MDT

Medtronic Plc (NYSE:MDT) has issued a Class I recall for its StealthStation S8 surgical navigation software versions 2.0 and 2.0.1 due to a glitch that can misplace surgical plan data, potentially leading to serious health consequences or death. No injuries or deaths have been reported. The recall affects 2,109 devices distributed in the U.S. from Jan. 7, 2022, to Oct. 2, 2023, and was initiated on Sept. 27, 2023. MDT shares dropped 0.46% to $81.69.

Portfolio Pulse from Vandana Singh

December 20, 2023 | 5:32 pm