Streetbeat News

Regulatory

ZVRA

Zevra Therapeutics has resubmitted its New Drug Application (NDA) for Arimoclomol, a treatment for Niemann-Pick disease type C, to the FDA. The company anticipates that the application will be considered a Class II submission, which would lead to a six-month review period by the FDA.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 12:33 pm

BWEN

Broadwind (NASDAQ:BWEN) has reached a definitive agreement to sell about $15 million of Advanced Manufacturing Production Credits from the Inflation Reduction Act to MarketAxess Holdings Inc. The sale is subject to discounts, transaction fees, and related expenses.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 12:01 pm

ALT

BITF

BTBT

BUR

CHRS

CIFR

HIVE

WULF

Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged 34.8% in pre-market trading after the FDA approved UDENYCA ONBODY for pegfilgrastim-cbqv. Other stocks showing pre-market gains include Burford Capital Limited (NYSE:BUR), TeraWulf Inc. (NASDAQ:WULF), Bitfarms Ltd. (NASDAQ:BITF), Bit Digital, Inc. (NASDAQ:BTBT), HIVE Digital Technologies Ltd. (NASDAQ:HIVE), Cipher Mining Inc. (NASDAQ:CIFR), and Altimmune, Inc. (NASDAQ:ALT). U.S. stock futures were slightly lower, with Dow Jones futures down about 5 points.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 11:08 am

BMWYY

BYDDY

MBGAF

BYD Company has received a conditional testing license for Level 3 autonomous driving on high-speed roads in China, marking progress in the EV maker's autonomous technology. This is the first such license granted in China since BYD's initial award in July. The development reflects the increasing competition among automakers in China's autonomous driving space, with BMW and Mercedes Benz also pursuing similar advancements. BYD's stock (OTC:BYDDY) closed higher by 1.27% at $53.38 following the news.

Portfolio Pulse from Shivani Kumaresan

December 27, 2023 | 10:57 am

AAPL

Apple Inc. (NASDAQ:AAPL) is reportedly developing an enhanced MagSafe technology that could support data transmission and user authentication. A patent application suggests Apple is addressing the current MagSafe system's heat trap issue by enabling iPhones to identify and differentiate between MagSafe accessories. This technology could adjust charging based on temperature and allow accessories to communicate data and function as keys. The development aligns with rumors of MagSafe charging in the 2024 iPad Pro and Apple's ongoing focus on MagSafe improvements.

Portfolio Pulse from Benzinga Neuro

December 27, 2023 | 10:34 am

META

MSFT

Yann LeCun, Meta Platforms Inc.'s chief AI scientist, criticized OpenAI for its lack of transparency in research, suggesting the research world is losing interest in the company. He highlighted the instability caused by recent events at OpenAI, including the temporary ousting of co-founder Sam Altman. Despite this, OpenAI is reportedly in talks to raise funds at a $100 billion valuation. LeCun contrasted OpenAI's approach with Meta's open-source Llama 2 model, aligning with his belief in keeping AI research open and secure.

Portfolio Pulse from Rounak Jain

December 27, 2023 | 10:09 am

ACNT

BLIN

CHRS

PROC

TOMZ

Coherus BioSciences, Inc. (CHRS) received FDA approval for UDENYCA ONBODY, causing its shares to jump 37.2% after hours. Bridgeline Digital, Inc. (BLIN) is expected to post a quarterly loss, with a slight gain in after-hours trading. Ascent Industries Co. (ACNT) sold Specialty Pipe & Tube for $55 million, leading to a 7.4% share increase after hours. Procaps Group S.A. (PROC) reported strong Q3 results and provided positive full-year guidance, resulting in a 1.3% share gain after hours. TOMI Environmental Solutions Inc (TOMZ) filed for a shelf offering, with shares dropping 3.4% after hours.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 9:17 am

LEJU

Leju Holdings Limited (NYSE:LEJU), a Chinese e-commerce and online media platform for real estate and home furnishing, has received a non-compliance letter from the NYSE. The letter indicates that Leju is below the NYSE's compliance standards because of its low total market capitalization and stockholders' equity.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 9:02 am

BABA

NVDA

TCEHY

Despite expectations that the AI boom would drive up cloud services spending in China, the reality has been underwhelming. Alibaba (BABA) reported only a 2% YoY revenue growth for its cloud business, and scrapped plans for a public listing of its cloud operations. Huawei and Tencent (TCEHY) did not disclose their cloud revenues. The Chinese cloud market's growth slowed to 10% in 2022, down from 45% in 2021. The U.S. is scrutinizing AI technology, with Nvidia Corp. (NVDA) facing examination for its AI accelerators intended for the Chinese market.

Portfolio Pulse from Benzinga Neuro

December 27, 2023 | 8:57 am

AAPL

AMZN

BBY

TGT

Apple Inc.'s Series 9 and Ultra 2 watch models are banned from sale in the U.S. due to a patent violation ruling by the ITC. Despite this, third-party retailers like Best Buy, Target, AT&T, and Amazon are still selling the watches. Apple faces potential holiday sales losses of $300 million to $400 million but is fighting the ban with an emergency motion for a temporary suspension while appealing the decision. The ban's impact on Apple's sales and its efforts to overturn the decision highlight the significance of the ITC ruling and the ongoing legal battle with Masimo.

Portfolio Pulse from Benzinga Neuro

December 27, 2023 | 8:12 am