Streetbeat News

Regulatory

AAL

The Panamanian government has ordered the shutdown of First Quantum Minerals' Cobre Panama copper mine due to a Supreme Court ruling and protests. This closure, which affects a significant portion of Panama's GDP and employment, exacerbates the global copper deficit, with potential impacts on prices and economic growth. The copper market is already facing a projected deficit due to increased demand, particularly from the electric vehicle sector, and production cuts from other major miners like Anglo American.

Portfolio Pulse from Stjepan Kalinic

December 15, 2023 | 3:33 pm

BTCUSD

ORDI

The Bitget's 2024 Bitcoin Report forecasts significant growth in the Bitcoin ecosystem, predicting a potential surge in Bitcoin (BTC) and ORDI (ORDI) values. The report anticipates a 1,200% increase in ORDI's market cap and Bitcoin's price potentially reaching $100,000. It highlights the Lightning Network's role in payment adoption and increased earnings for Bitcoin miners due to the Ordinals protocol. However, it also notes challenges such as Bitcoin's scalability and complexities in channel management. Bitget's Managing Director Gracy Chen expects spot Bitcoin ETFs to be approved by the SEC, potentially by January next year, and predicts Bitcoin could reach $150,000 in the next bull market.

Portfolio Pulse from Murtuza Merchant

December 15, 2023 | 3:32 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

Market sentiment has become extremely positive, which is often a contrary indicator signaling a potential sell-off. SPDR S&P 500 ETF Trust (SPY) is at the low band of the top resistance zone, with room to run higher despite overbought conditions. Quadruple witching is causing volatility with over $5 trillion in options expiring, potentially leading to a market maker gamma squeeze. New York Fed President John Williams is attempting to moderate expectations after Powell's dovish comments. Records are being set with 44% of S&P 500 stocks overbought and small caps' rapid rise. Money flows are mixed in major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying, while smart money's actions are undisclosed. Gold, oil, and Bitcoin are experiencing volatile trades. Investors are advised to maintain protection bands to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 15, 2023 | 3:27 pm

GEVO

Gevo, Inc. has expressed appreciation for the Biden Administration's decision to use the Argonne GREET method for the SAF tax credit, as outlined by the U.S. Department of Treasury. This method will provide a science-based approach to transparent carbon accounting in the SAF supply chain. The GREET model, which includes tools for precise measurement of SAF carbon intensity, will be finalized by March 1, 2024. Gevo's CEO, Dr. Patrick Gruber, highlighted the importance of data-driven integrity and the role of U.S. farmers in contributing to cleaner aviation fuel. The Inflation Reduction Act's tax credits for SAF with at least 50% lower emissions than conventional fuel are expected to create new markets for American farmers.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:22 pm

CBIH

Cannabis Bioscience International Holdings (OTC: CBIH) has had its registration statement for the public offering of over 10 billion shares declared effective by the SEC. The company plans to use the proceeds to fund cannabis clinical trials using AI. Texas, where CBIH is based, maintains strict cannabis laws, but some cities are moving towards decriminalization. The article also promotes Benzinga PotProfits, highlighting recent gains in cannabis stocks and teasing upcoming stock picks.

Portfolio Pulse from Jelena Martinovic

December 15, 2023 | 3:09 pm

COIN

The SEC has denied a petition for rulemaking filed on behalf of Coinbase, according to Bloomberg. This decision could have regulatory implications for Coinbase and potentially affect its operations and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:35 pm

BIIB

Biogen Inc. has received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) for SKYCLARYS, a treatment for Friedreich's Ataxia. This is a significant step towards potential approval and commercialization in the European market.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:07 pm

CING

Cingulate's CFO Louis G. Van Horn retired effective immediately on Dec 13, as per an SEC filing. Shane Schaffer will serve as the interim Principal Financial Officer until a new CFO is appointed.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:00 pm

MRK

NVS

The FDA has approved Merck & Co Inc's (NYSE:MRK) drug Welireg (belzutifan) for advanced renal cell carcinoma (RCC) in patients previously treated with PD-1/PD-L1 inhibitors and VEGF-TKI. This marks the first new treatment class approved for advanced RCC since 2015. The approval is based on the LITESPARK-005 trial results, where Welireg showed superior progression-free survival (PFS) and objective response rate (ORR) compared to Novartis AG's (NYSE:NVS) Afinitor (everolimus). MRK shares rose 0.58% in premarket trading.

Portfolio Pulse from Vandana Singh

December 15, 2023 | 1:59 pm

LQR

LQR House has regained compliance with the Nasdaq's minimum bid price requirement by maintaining its stock price above the $1 minimum bid price for 10 consecutive days.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:54 pm