Streetbeat News

Regulatory

USO

Saudi Finance Minister announced that Saudi Arabia, along with its OPEC+ partners, has made a significant reduction in oil production, which will impact the country's revenues.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 3:16 pm

GRFX

Graphex Group Limited has received a preliminary offer from a NASDAQ-listed blank check company to acquire its subsidiary, Graphex Technologies, for $100M-$200M in stock. The acquisition aims to make Graphex Tech an independent U.S. company serving the Li-ion battery anode material market in North America. The deal is subject to shareholder approval, registration of shares, and compliance with regulatory bodies. The transaction is expected to close in the first half of 2024, with Graphex Group distributing shares to its shareholders post-acquisition. CEO John DeMaio will continue to lead Graphex Tech, which is positioning itself as a key player in the EV battery supply chain amid graphite export restrictions from China.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:56 pm

SPY

VGK

The U.S. Attorney General is set to announce war crimes charges related to the conflict in Ukraine on Wednesday, according to NBC News citing a person familiar with the matter.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:46 pm

AAPL

GOOG

GOOGL

Senator Ron Wyden has raised concerns that Apple Inc and Alphabet Inc's Google may be inadvertently aiding global surveillance by providing data from push notifications to unidentified governments. Wyden's letter to the Department of Justice reveals that foreign officials have demanded such information, which could be used for tracking smartphone usage. Apple has stated it will update its transparency reports to include these requests, while the extent and duration of the surveillance are still under investigation.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 2:43 pm

IPA

MLGO

NRSN

OPTN

PHVS

SERA

U.S. stocks traded higher with the Dow up 0.21%, NASDAQ up 0.28%, and S&P 500 up 0.32% following economic reports. Private payrolls increased by 103,000 in November, below expectations of 130,000. Industrials shares rose by 0.8%, while energy shares fell by 0.6%. Sera Prognostics (SERA) surged 144% after a positive study recommendation. MicroAlgo (MLGO) jumped 62% on plans for a training practice base. Pharvaris (PHVS) gained 33% after meeting its primary endpoint in a clinical study. Conversely, ImmunoPrecise Antibodies (IPA) fell 37% after announcing a public offering, NeuroSense Therapeutics (NRSN) dropped 28% following trial results, and OptiNose (OPTN) declined 25% after an FDA review extension. Oil and silver prices fell, while gold and copper rose.

Portfolio Pulse from Lisa Levin

December 06, 2023 | 2:42 pm

OPTN

OptiNose, Inc. (NASDAQ:OPTN) stock plummeted after announcing a three-month delay in the FDA review of XHANCE for chronic rhinosinusitis. The new PDUFA goal date is March 16, 2024. The FDA requested additional analyses of clinical data, which OptiNose submitted, but the FDA needs more time to review. OPTN shares dropped 19.73% to $1.18 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 2:21 pm

SERA

Sera Prognostics' stock price has risen following the recommendation by the DSMB to halt enrollment in its PRIME study due to efficacy, indicating positive results.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:17 pm

ASPN

Aspen Aerogels' stock is up following the announcement of a commercial award for its PyroThin EV Thermal Barrier segment and news of an application for a loan from the U.S. Department of Energy Loan Programs Office.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:11 pm

SCLX

Scilex Holding Company has announced that its product ZTlido has been added to the Medicaid Preferred Drug List in two new states, one in the Midwest and one in the South. This inclusion could potentially increase the accessibility and usage of ZTlido in these regions.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:05 pm

AFCG

REFI

Zuanic & Associates initiated coverage of Chicago Atlantic Real Estate Finance Inc. (REFI) with an Overweight rating, highlighting its unique position as a capital provider to the cannabis industry with high Yield-to-Maturity rates due to a capital supply-demand imbalance. REFI's core business is providing senior loans to state-licensed cannabis operators, and it is managed by Chicago Atlantic REIT Manager LLC. The cannabis sector's limited banking access and potential federal reform could expand REFI's opportunities. REFI has a competitive advantage with shorter loan durations, lower loan-to-value ratios, and a modest debt leverage. It is compared favorably to AFC Gamma Inc. (AFCG), with expectations of annual loan book growth of 10% and a robust dividend yield.

Portfolio Pulse from Nicolás Jose Rodriguez

December 06, 2023 | 1:57 pm