Streetbeat News

Regulatory

DUK

The North Carolina Utilities Commission (NCUC) has issued an order on Duke Energy Carolinas' Performance-Based Regulation application, which Duke Energy views as constructive. The order approves capital investments for system reliability and a cleaner energy future, implements Performance-Based Regulations, approves settlements from the proceeding, and introduces Performance Incentive Mechanisms and innovative rate designs. Duke Energy will assess the impact on customer rates in the coming weeks.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:47 pm

ARQT

The FDA has approved Arcutis Biotherapeutics' ZORYVE topical foam for treating seborrheic dermatitis in individuals aged 9 and older. ZORYVE is the first drug with a new mechanism of action for this condition in over 20 years, offering rapid disease clearance and significant itch reduction. The product is expected to be commercially available by the end of January 2024. Arcutis will host a conference call on December 18 to discuss the approval. The approval is based on positive results from Phase 2 and Phase 3 trials, with ZORYVE showing high efficacy and safety.

Portfolio Pulse from Happy Mohamed

December 16, 2023 | 11:41 pm

MRK

The FDA has approved Merck's KEYTRUDA in combination with Padcev for first-line treatment of locally advanced or metastatic urothelial cancer. The approval, based on the Phase 3 KEYNOTE-A39 trial, showed significant improvement in overall survival and progression-free survival compared to platinum-based chemotherapy. The trial also demonstrated a higher objective response rate with the KEYTRUDA plus Padcev combination. This approval was granted ahead of the PDUFA goal date and was part of the FDA's Real-Time Oncology Review program.

Portfolio Pulse from Happy Mohamed

December 16, 2023 | 11:38 pm

CDZI

The U.S. Bureau of Land Management (BLM) has approved the assignment of a Mineral Leasing Act right-of-way (ROW) grant to Cadiz Inc. for the company's Northern Pipeline. This approval finalizes Cadiz's acquisition of the 220-mile pipeline from El Paso Natural Gas (EPNG) and enables the company to proceed with project development. The pipeline is central to Cadiz's clean water and energy initiatives, including green hydrogen and low-emission generation projects.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:33 pm

BAC

GS

JPM

Wall Street banks have adjusted their 2024 interest rate forecasts after the Federal Reserve's dovish pivot, suggesting potential rate cuts. The Fed's projections show a decrease in expected end-of-2024 interest rates to 4.6%. Bank of America (BAC) sees a 90% chance of a rate cut by March. Goldman Sachs (GS) predicts three 25 basis point cuts in the first half of the year, while JPMorgan (JPM) expects the first cut in June with a target range 125 basis points lower by year-end. Macquarie Group Ltd forecasts nine 25-basis point rate cuts in 2024.

Portfolio Pulse from Bibhu Pattnaik

December 16, 2023 | 9:27 pm

MRK

MRNA

The FDA found quality control issues at Moderna's Massachusetts facility, including lapses in cleaning and use of expired materials. These issues were identified during a September inspection and involved the production of Moderna's COVID-19 vaccine and an experimental mRNA cancer vaccine. Moderna has taken immediate actions to address the FDA's findings. No recalls have been issued, and there's no evidence of harm to vaccine recipients. Moderna's shares saw a slight increase on Friday but dipped slightly after hours.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 7:58 pm

USDCUSD

Circle, the issuer of USDC, is facing renewed accusations from the Campaign for Accountability (CFA) regarding its Cross Chain Transfer Protocol (CCTP) being used for illicit finance through the Tron blockchain. CFA has raised concerns to Senators Elizabeth Warren and Sherrod Brown, citing law enforcement actions involving Tron. Circle's Dante Disparte responded in November, denying the claims and stating that Circle monitors blockchain activity and has cut ties with Justin Sun and related entities. Despite this, CFA criticizes Circle for lack of transparency and regulatory approval for offering USDC on Tron and other offshore blockchains.

Portfolio Pulse from Khyathi Dalal

December 16, 2023 | 5:47 pm

JD

LCID

MSFT

XOM

The past week saw bullish sentiment in the stock market with the Dow Jones, Nasdaq-100, and S&P 500 showing gains. The Federal Reserve maintained interest rates, hinting at a peak and potential cuts in 2024. Bullish reports included Microsoft's options trading by Rep. Gottheimer, Lucid's production success in Saudi Arabia, and Dogecoin's potential rise. Bearish news covered SEC's crypto compliance warning, U.S. oil production's lack of impact on energy stocks, and JD.com's need for strategic changes.

Portfolio Pulse from Michael Cohen

December 16, 2023 | 3:00 pm

EWY

FXI

SPY

VGK

The White House has issued a stern warning that any nuclear attack by North Korea on the United States or its allies would be unacceptable and would lead to the termination of the Kim regime. This statement underscores the high stakes of nuclear diplomacy and the U.S. commitment to deterrence.

Portfolio Pulse from Charles Gross

December 16, 2023 | 2:30 pm

BTCUSD

Bitcoin (BTC) has seen a recent slowdown, with a 3.4% drop after reaching $44,200, now trading at $42,241. Despite this, analysts predict a strong 2024 for Bitcoin, with the Woo Network forecasting a rise to $75,000 by early 2024. Factors contributing to this optimistic outlook include the potential for a Bitcoin spot ETF and the upcoming halving event. The cryptocurrency market has been influenced by the US Federal Reserve's signals of possible interest rate cuts and the positive sentiment around the Bitcoin ETF.

Portfolio Pulse from Rounak Jain

December 16, 2023 | 8:22 am