Streetbeat News

Regulatory

GSAT

SIRI

SPCE

UFO

The Pentagon is increasing its investment in space capabilities in response to China's growing space threat, with a $33.3 billion space budget for fiscal year 2024, a 15% increase YOY. This investment is crucial for US defense and the functioning of the military, as well as the global economy and daily life. ProcureAM's Space ETF (UFO) and its top holdings, including Sirius XM Holdings (SIRI), Globalstar Inc (GSAT), and Virgin Galactic Holdings Inc (SPCE), are likely to benefit from this increased spending.

Portfolio Pulse from Johnny Rice

December 18, 2023 | 8:45 pm

SGML

Sigma Lithium Corporation (NASDAQ:SGML) shares are trading higher, breaking the December selloff trend after reaching a 52-week low on Nov. 10. The company announced it is in the final stage of its strategic review, negotiating with finalists and preparing for a primary listing on the Nasdaq and Singapore Stock Exchange. The November rally was also spurred by a positive Q3 earnings report, with sales of $97.00 million and net income of $36.4 million, a significant improvement from the previous year's net loss.

Portfolio Pulse from Ryan Gustafson

December 18, 2023 | 8:43 pm

BMRA

CKPT

EBIX

GPCR

IVVD

ZIMV

The Nasdaq Composite gained over 100 points, while U.S. stocks traded mostly higher. Communication services shares led the gains, while real estate shares fell. ZimVie Inc. (ZIMV) announced the sale of its spine business to H.I.G. Capital for $375 million. Invivyd, Inc. (IVVD) and Biomerica, Inc. (BMRA) shares surged after positive trial results and FDA clearance, respectively. Checkpoint Therapeutics (CKPT), Structure Therapeutics (GPCR), and Ebix, Inc. (EBIX) shares fell due to regulatory setbacks and Chapter 11 filing.

Portfolio Pulse from Avi Kapoor

December 18, 2023 | 7:21 pm

COIN

Coinbase Global Inc. (NASDAQ:COIN) has submitted a petition to a federal appeals court, challenging the SEC's rejection of their proposal for new cryptocurrency regulations. The SEC, led by Chair Gary Gensler, voted 3-2 against establishing new rules tailored to the digital asset industry. Coinbase's legal action comes after an 18-month period without a response from the SEC. The issue highlights the ongoing debate over regulatory jurisdiction in the cryptocurrency sector, with differing views from various officials.

Portfolio Pulse from Murtuza Merchant

December 18, 2023 | 7:20 pm

EWC

BMO Capital Markets has revised its forecast for the Bank of Canada, now expecting interest rate cuts to begin in Q2 of 2024. The policy rate is projected to decrease by a full percentage point to 4% by this time next year. This outlook is less aggressive than market expectations, with rate cuts anticipated once inflation reaches the mid-2% range, expected in the spring.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:17 pm

TIO

The SEC has charged the CEO of fintech company Tingo with conducting a 'massive' fraud. This follows a short position taken by Hindenburg Research, which often publishes negative reports about companies it has bet against. The SEC's action could have significant implications for Tingo and its investors.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:11 pm

BTCUSD

The crypto market is abuzz with the possibility of Spot Bitcoin ETF approvals, with a decision expected between Jan. 5 to Jan. 10, 2024. Joe Burnett of Unchained.com used ChatGPT 4 to predict a $7.91 trillion BTC market cap if 10% of passive index fund flows go into a Bitcoin ETF over 24 months. Nate Geraci, ETF store president, warns of a potential 'rug pull' if the ETF is not approved, and a 'bloodbath for crypto exchanges.' The Bitcoin halving event in April 2024 is also anticipated to boost the market. Bitwise released an ad promoting its crypto-backed ETFs. In the last 90 days, BTC and ETH have seen significant gains, with some altcoins like Avalanche and Solana experiencing triple-digit increases.

Portfolio Pulse from Khyathi Dalal

December 18, 2023 | 7:07 pm

X

Senator John Fetterman has expressed opposition to the acquisition of United States Steel Corp. by a foreign company, stating it is detrimental to workers and Pennsylvania. He has vowed to do everything in his power to prevent the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:04 pm

BLK

BlackRock has stated it will contest any accusations of violating Tennessee's consumer protection laws, asserting that it fully and accurately discloses its investment practices and approach to proxy voting.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:37 pm

EPOW

Sunrise New Energy's stock is up following the acceptance of their patent application for a graphite micropowder production system by the National Intellectual Property Bureau.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:24 pm