Streetbeat News

Regulatory

SPY

President Biden has signed an $886 billion U.S. defense policy bill into law, as reported by Reuters. This significant increase in defense spending could have implications for companies in the defense sector.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:45 pm

AAPL

The DOJ is reportedly investigating Apple Inc. (NASDAQ:AAPL) for antitrust concerns related to blocking the Beeper app, which provided Android users access to iMessage. The FTC is also examining Apple's actions. Beeper has discontinued its original app and launched Beeper Mini, but Apple closed the exploited loophole and obstructed over 60% of Beeper Mini users. Lawmakers have called for a DOJ probe, and Beeper's co-founder met with DOJ lawyers. The FTC is interested in companies that block interoperability under the guise of privacy and security.

Portfolio Pulse from Rounak Jain

December 22, 2023 | 8:20 pm

USO

Nigeria's Petroleum Minister has reaffirmed the country's unwavering commitment to OPEC amidst the dynamic landscape of the global energy sector, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:03 pm

DWAC

SPY

The US Supreme Court has declined to rule on former President Donald Trump's claim of immunity regarding his actions in the 2020 election subversion case. The Court has chosen to wait for the lower court's decision before considering the case.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 7:27 pm

TCEHY

China's gaming regulator introduced draft rules to limit in-game spending and ban content affecting national security. Tencent Holdings Ltd. (OTC:TCEHY) VP Vigo Zhang stated that no fundamental changes to Tencent's business model or operations are anticipated. The regulations caused an $80 billion market slump, with Tencent's value dropping by $54 billion in Hong Kong. Other companies like NetEase Inc. and Bilibili Inc. also saw downturns. Despite this, an increase in game licenses is expected in 2024.

Portfolio Pulse from Franca Quarneti

December 22, 2023 | 7:14 pm

COIN

PYPL

Paxos, a regulated stablecoin issuer, has received regulatory approval to expand its offerings to the Solana blockchain, with plans to launch on January 17, 2024. Paxos, which currently issues USDP stablecoin exclusively on Ethereum due to DFS restrictions, aims to grow despite challenges, such as the recent directive from DFS to stop issuing Binance's stablecoin, BUSD. Paxos is known for its partnerships with companies like MercadoLibre, Paypal, and Mastercard, emphasizing customer protection.

Portfolio Pulse from Murtuza Merchant

December 22, 2023 | 6:58 pm

UBER

Uber Technologies Inc (NYSE:UBER) has seen its stock price surge by 208% since June 2022, reaching $63 on December 15th, 2023. The company implemented a higher minimum wage for drivers in France, ensuring at least 9 euros per trip and a guaranteed income system of 30 euros per hour plus 1 euro per kilometer. This move aligns with potential EU legislation for gig economy worker benefits. Uber's stock has grown 30% in November and 9% in December, with a year-to-date increase of 142%, closing at $61.46 on December 21.

Portfolio Pulse from Zaheer Anwari

December 22, 2023 | 6:50 pm

AMKBY

USO

Disruptions in the Red Sea due to attacks by Yemeni Houthi rebels are causing freight rate spikes and potential inflationary pressures. The Red Sea/Suez Canal corridor, accounting for 12% of global trade, is being avoided by freight companies, leading to longer shipping routes and higher costs. Maersk (OTCPK: AMKBY) has imposed a surcharge, and oil prices have risen, with BP (NYSE:BP) suspending oil shipments through the region. The United States Oil Fund (NYSE:USO) ETF tracking light-sweet crude oil prices has seen an increase. Delays and higher freight rates may affect product availability and prices, with Europe likely to feel the impact more than the U.S.

Portfolio Pulse from Neil Dennis

December 22, 2023 | 6:41 pm

SNTI

Senti Biosciences' stock is trading higher following the FDA's clearance of its IND application for SENTI-202, aimed at treating relapsed or refractory hematologic malignancies, including acute myeloid leukemia.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 6:32 pm

ANSS

BMY

GLD

IWM

KRTX

MRNA

NKE

UUP

The S&P 500 and Nasdaq 100 are aiming for their eighth consecutive week of gains, buoyed by a larger-than-expected drop in the Fed's preferred inflation gauge, the PCE price index. The iShares Russell 2000 ETF (IWM) outperformed large-cap indices, while the Invesco DB USD Index Bullish Fund ETF (UUP) and SPDR Gold Trust (GLD) remained steady. ANSYS, Inc. (ANSS) saw a surge in stock price due to potential sale news, while NIKE Inc. (NKE) shares fell after missing revenue estimates. Brystol Myers Squib (BMY) rose after announcing the acquisition of Karuna Therapeutics (KRTX), and Moderna Inc. (MRNA) continued its upward trend.

Portfolio Pulse from Piero Cingari

December 22, 2023 | 6:04 pm