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U.S. stocks traded higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. The NAHB/Wells Fargo Housing Market Index increased to 37 in December, exceeding expectations. In company news, Invivyd's shares soared after announcing positive trial results, Biomerica surged following FDA clearance for its test, and ZimVie gained on news of selling its spine business. Conversely, Checkpoint Therapeutics, Structure Therapeutics, and Ebix faced significant declines for various reasons including a Complete Response letter from the FDA and Chapter 11 filing.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 5:17 pm

COIN

USDCUSD

XRPUSD

The Fairshake Super PAC, representing the U.S. crypto community, has raised over $78 million to support pro-crypto candidates in the 2024 elections. Contributions came from 20 companies and industry figures, including Andreessen Horowitz, Ark, Coinbase Global Inc. CEO Brian Armstrong, and Blockchain Capital. The PAC aims to gain 1 million supporters to advocate for fair crypto policies, with over 215,000 already onboard. The initiative reflects the interests of 52 million Americans who own digital assets and are dissatisfied with the current financial system.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 5:09 pm

ILMN

Illumina Inc (NASDAQ:ILMN) has agreed to divest Grail Inc after nearly three years of regulatory battles following their $8 billion acquisition. The divestiture is in response to antitrust concerns from the U.S. Federal Trade Commission and the European Commission, with a deadline for terms to be finalized by Q2 2024. Illumina has decided not to appeal the U.S. Fifth Circuit Court's decision mandating the divestiture. The company was fined €432 million by the EU for proceeding with the acquisition without approval. Illumina's shares rose 1.46% to $128.95 following the news.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 4:55 pm

LNTH

PNT

Lantheus Holdings Inc (LNTH) and POINT Biopharma Global Inc (PNT) reported positive Phase 3 SPLASH trial results for 177Lu-PNT2002 in treating metastatic castration-resistant prostate cancer. The trial met its primary endpoint, showing a significant reduction in the risk of radiographic progression or death. Despite favorable safety profiles and efficacy, LNTH and PNT stocks are trading lower, with LNTH down 23.05% and PNT down 11.13%.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 4:47 pm

NRXP

NRx Pharmaceuticals' stock price has increased following the announcement that the FDA has cleared its Investigational New Drug (IND) application for NRX-101.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 4:44 pm

SIDU

Sidus Space, Inc. (NASDAQ:SIDU) has announced a 1-for-100 reverse stock split to take effect after market close on December 19, 2023. The action aims to comply with Nasdaq's minimum bid price requirement for continued listing. Post-split trading will begin on December 20, 2023, under the same symbol 'SIDU', with a new CUSIP number 826165201. The reverse split will reduce the number of outstanding shares to approximately 778,679 and proportionately adjust equity-based awards.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 4:30 pm

CKPT

Checkpoint Therapeutics' stock is trading lower following the FDA's issuance of a complete response letter for the biologic license application of cosibelimab, which was impacted by inspection findings at a third-party manufacturer.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 4:29 pm

BMRA

Biomerica, Inc. has received FDA 510(k) clearance for its H. pylori test, Hp Detect ELISA, causing its stock to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 4:28 pm

SPY

Goldman Sachs' chief equity strategist, David Kostin, has raised the S&P 500 year-end target for 2024 to 5,100, up from 4,700, a 7% increase from its current level. This revision is based on expectations of Federal Reserve rate cuts and a global disinflation trend. Goldman Sachs projects rate cuts in March, May, and June of the upcoming year, with a policy rate between 4.0% and 4.25% by year-end. The bank also forecasts a 5% year-over-year earnings growth for the S&P 500, with an EPS estimate of $237, above the median Wall Street estimate of $230. The SPDR S&P 500 ETF Trust (NYSE:SPY) reflects the current performance of the S&P 500.

Portfolio Pulse from Piero Cingari

December 18, 2023 | 4:18 pm

AAPL

Apple Inc (NASDAQ:AAPL) stock is trading lower due to two main factors. Firstly, Apple is set to withdraw its Apple Watch Series 9 and Ultra 2 in the US to comply with an ITC import ban stemming from a patent dispute with Masimo over the SpO2 sensor. Secondly, a Bloomberg report reveals an acceleration of China's iPhone ban across government and state firms, with employees being instructed to use local brands instead. Despite closing at an all-time high last week, Apple shares were down 1.46% at $194.68.

Portfolio Pulse from Adam Eckert

December 18, 2023 | 4:14 pm