Streetbeat News

Regulatory

BABA

BIDU

BILI

TME

US-listed Chinese stocks are down due to new draft rules in China targeting online gaming expenditure, affecting gaming and internet-related stocks.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 11:17 am

NTES

NetEase shares have declined following China's announcement of draft rules designed to limit online gaming expenditure.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 11:15 am

BGNE

The FDA has approved an update to the label for BeiGene's Brukinsa (Zanubrutinib) to include progression-free survival data from the Phase 3 ALPINE trial. This trial compared Brukinsa to Imbruvica (Ibrutinib) in previously treated relapsed/refractory chronic lymphocytic leukemia patients.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 11:04 am

BILI

NKE

NTES

UAA

Nike reported better-than-expected earnings but missed sales expectations for Q2, causing its shares to fall 11.4% in pre-market trading. The company is exploring ways to achieve $2 billion in cost savings over the next three years. Other stocks such as NetEase, TAL Education Group, Nanobiotix, Bilibili, LexinFintech, HUYA, Gaotu Techedu, New Oriental Education & Technology Group, Foot Locker, and Under Armour also saw declines in pre-market trading, with NetEase and Bilibili affected by China's new draft rules on gaming.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 10:54 am

AAPL

Apple Inc. (AAPL) has seen its market value increase by nearly $1 trillion this year, but analysts predict challenges in sustaining this growth in 2024. Factors such as China's crackdown on foreign devices, competition from Huawei, and a potential U.S. ban on Apple's smartwatch business could pose threats. Despite these concerns and stretched valuations, Apple's stock rose by 50% this year. Analysts warn of potential money rotation to other names due to higher valuations and slower growth. Yet, some, like Daniel Ives from Wedbush Securities, remain bullish, predicting a $4 trillion market value by the end of next year.

Portfolio Pulse from Benzinga Neuro

December 22, 2023 | 10:38 am

BILI

NTES

TCEHY

China's top gaming regulator introduced new draft rules targeting online gaming, causing a significant market selloff. Tencent Holdings Ltd. (OTC:TCEHY) saw a $54 billion loss in market value, with its stock experiencing the largest intraday dip since 2008. Other companies like NetEase Inc. (NASDAQ:NTES) and Bilibili Inc. (NASDAQ:BILI) also faced substantial drops. The regulations include spending limits, bans on certain rewards, and content restrictions. This move is part of the Chinese government's broader campaign against the private sector's unchecked growth and is expected to impact gaming companies' revenue and monetization strategies.

Portfolio Pulse from Benzinga Neuro

December 22, 2023 | 8:49 am

EWU

The U.K.'s Gross Domestic Product (GDP) for Q3 has contracted by 0.1%, which is below the estimated 0.0% and the previous 0.2% growth. This indicates a slight economic downturn for the U.K. during the third quarter.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 7:21 am

NTES

TCEHY

China's regulators have issued new rules to curb spending in online games, impacting major gaming companies Tencent Holdings and NetEase. The rules set spending limits, ban daily login rewards, first-time spending rewards, and consecutive spending rewards. Tencent's shares dropped by 16%, while NetEase's plunged by 25%. The regulations also require game approvals within 60 days and mandate that servers be located in China. The gaming industry, which shrank in 2021, saw a 13% revenue increase to 303 billion yuan in 2022.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 7:20 am

EWU

U.K. business investment for Q3 has been reported at -3.2%, which is better than the estimated -4.2%, but still a decline from the previous quarter's revised figure of 1.4%.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 7:19 am

AZN

IONS

The US FDA has approved AstraZeneca and Ionis Pharmaceuticals' WAINUA™ for treating adults with polyneuropathy of hereditary transthyretin-mediated amyloidosis. The approval is based on positive Phase III NEURO-TTRansform study results, which showed that WAINUA consistently improved neuropathy impairment and quality of life. Additional regulatory reviews are in progress globally.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 6:35 am