Streetbeat News

Regulatory

GOOG

GOOGL

META

QCOM

Alphabet Inc's Google, Meta Platforms Inc, Qualcomm Inc, and other tech companies have formed the Coalition for Open Digital Ecosystems (CODE) in response to EU technology regulations. CODE aims to promote open digital platforms and systems to encourage growth and innovation in Europe. The coalition will focus on digital openness and influence the implementation of the Digital Markets Act (DMA) and future EU regulatory frameworks. CODE's membership includes a variety of technology firms from different regions and sectors.

Portfolio Pulse from Anusuya Lahiri

December 13, 2023 | 5:16 pm

AMD

INTC

NVDA

Nvidia Corp (NVDA) is facing challenges due to U.S. government restrictions on exporting its most advanced AI chips to China. While Nvidia can still sell GPUs for commercial AI applications in China, the launch of its powerful H20 model is delayed until next year. The company is also releasing a new driver for gaming enhancements. Intel Corp (INTC) and Advanced Micro Devices, Inc (AMD) are also mentioned as facing similar challenges due to the export bans.

Portfolio Pulse from Anusuya Lahiri

December 13, 2023 | 5:13 pm

LVS

This week's investment insights include Peter Schiff's defense of property rights, Moody's potential downgrade of China, Las Vegas Sands' ($LVS) strategic purchase of Sands China stock, new U.S. payroll and jobs data, and the Bank of Japan's interest rate signals. Schiff made a case for Bitcoin property rights, Moody's shifted China's outlook to negative due to economic and debt concerns, and Las Vegas Sands capitalized on discounted gaming assets. U.S. job growth is positive but slowing, and the Bank of Japan's interest rate hints could impact the U.S. stock market.

Portfolio Pulse from Gary Brode

December 13, 2023 | 5:04 pm

RSLS

ReShape Lifesciences, Inc. (NASDAQ:RSLS) stock surged after the company announced FDA PMA supplement approval for its next-generation Lap-Band 2.0 FLEX. The stock experienced heavy trading volume, with over 101 million shares traded, far exceeding its 100-day average. The stock is currently trading above its 50-day moving average but below its 52-week high.

Portfolio Pulse from Erica Kollmann

December 13, 2023 | 5:04 pm

AMD

AVGO

INTC

NVDA

QQQ

SPY

UUP

Markets are anticipating the Federal Reserve's final policy meeting of 2023, which could signal either a pivot to a dovish stance or a pushback maintaining a hawkish stance. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) have rallied significantly in 2023, while tech stocks like AMD, AVGO, INTC, and NVDA have seen substantial gains. A pivot could further boost equities, while pushback might lead to profit-taking and a stronger dollar, benefiting the Invesco DB US Dollar Index Bullish Fund (UUP). Analysts are suspecting pushback, with the Fed likely to reiterate its 'higher-for-longer' stance.

Portfolio Pulse from Neil Dennis

December 13, 2023 | 5:03 pm

MSOS

The Colombian Senate has postponed a bill to legalize marijuana, requiring the legislative process to restart next year. The bill's failure was attributed to misinformation and political maneuvers. Advocates argue that prohibition wastes resources and strengthens criminal mafias, while legalization could bring tax revenue and quality control. The bill had passed the Chamber of Representatives but stalled in the Senate. Colombian President Petro has criticized the global drug war and suggested legalization to weaken the illicit market.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:46 pm

BRPHF

USDTUSD

Deutsche Bank's DWS Group, Flow Traders Ltd., and Galaxy Digital Holdings plan to launch a euro-backed stablecoin, AllUnity, pending regulatory approval from BaFin. The stablecoin aims for mainstream adoption of tokenized assets and is expected to launch in Q1 2024. The partnership combines expertise from traditional and crypto markets, and the stablecoin will be fully collateralized to maintain its value. The move aligns with the EU's improved regulatory clarity in the digital assets space.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 4:26 pm

AAPL

SPOT

VGK

The European Union is poised to issue an antitrust order against Apple Inc., following a complaint by Spotify Technology SA. The order could potentially force Apple to change its business practices, which Spotify claims give Apple's music service an unfair advantage. This development is part of a broader regulatory scrutiny on big tech companies' operations in Europe.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:23 pm

CWBHF

Charlotte's Web Holdings Inc (CWBHF) and AJNA BioSciences PBC, through their collaboration DeFloria LLC, have initiated the Phase 1 clinical trial of AJA001, a full-spectrum hemp botanical drug. The trial, which began in September, is the first human testing of the substance and aims to evaluate its safety, tolerability, and pharmacokinetics with about 64 participants in Brisbane, Australia. The successful initiation of the trial is seen as a critical milestone, and DeFloria plans to submit an Investigational New Drug application to the FDA for Phase 2 trials. CWBHF's stock was trading 5.95% higher at $0.2225 per share at the time of the report.

Portfolio Pulse from Patricio Liddle

December 13, 2023 | 4:23 pm

BLK

GBTC

Bloomberg analysts report that four applicants for spot Bitcoin ETFs, including BlackRock (BLK), Grayscale (GBTC), Franklin, and Fidelity, have recently met with the SEC. While no specific changes were noted, the presence of key SEC divisions suggests a focus on the approval process for Bitcoin ETFs. The SEC's financial report indicates increased scrutiny on crypto-assets and blockchain technology in 2024. The global crypto market cap has risen slightly ahead of the FOMC meeting.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 4:04 pm