Streetbeat News

Regulatory

LCID

MO

NVDA

PLUG

PM

QQQ

SPY

TSLA

XOM

Wall Street is set for a rebound with U.S. futures indicating a positive open after two days of declines. The ADP National Employment Report showed weaker-than-expected private employment growth, fueling speculation about potential Fed rate cuts in 2024. Job openings decreased, suggesting a softening labor market. Oil prices fell, while gold prices rose. Chinese stocks dropped after Moody's downgraded China's credit outlook. Bitcoin and Ethereum's market value surpassed $1 trillion. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are up in premarket trading. NVIDIA, Tesla, Lucid Group, and Exxon Mobil saw premarket gains, while Altria Group, Philip Morris, and Plug Power faced declines.

Portfolio Pulse from Piero Cingari

December 06, 2023 | 1:49 pm

SQFT

Presidio Property Trust, Inc. (SQFT) has been granted an additional 180 days by Nasdaq to meet the minimum bid price requirement of $1.00 for continued listing. The company must maintain a closing bid price of at least $1.00 for ten consecutive trading days before June 3, 2024, to regain compliance. Failure to do so may lead to delisting, but Presidio can appeal to a Nasdaq Hearings Panel. Presidio will monitor its stock price and explore options to address the deficiency.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:48 pm

FBIO

Cyprium Therapeutics has received a $4.5 million payment upon closing a deal related to its drug CUTX-101. The company is also eligible for royalties and up to $129 million in development and sales milestones. Additionally, Cyprium retains full ownership of any FDA Priority Review Voucher that may be issued upon NDA approval for CUTX-101.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:42 pm

FBIO

Cyprium Therapeutics, a subsidiary of Fortress Biotech (NASDAQ:FBIO), has completed the transfer of its CUTX-101 product candidate for Menkes disease to Sentynl Therapeutics, a subsidiary of Zydus Lifesciences Ltd. Cyprium received $4.5 million at closing and is eligible for royalties and up to $129 million in milestones. Cyprium retains ownership of any FDA priority review voucher. CUTX-101 has shown significant improvement in survival for Menkes disease patients and has received multiple FDA designations.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:41 pm

NVDA

Nvidia Corp (NASDAQ:NVDA) is working to ensure its new chips for the Chinese market comply with U.S. export restrictions. Nvidia dominates China's AI chip market but faces challenges from U.S. curbs and Chinese competitors like Huawei. The company delayed a new AI chip launch in China until next year, aiming to adhere to U.S. regulations. Nvidia's sales in China account for 20% of its revenue, with additional sales in Singapore. Nvidia is also investing in Singapore's AI ecosystem and planning to enhance Japan's AI capabilities through partnerships and an AI research lab. NVDA stock rose 1.09% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 1:38 pm

SERA

Sera Prognostics has announced that the Data Safety Monitoring Board overseeing the PRIME Study has recommended stopping enrollment due to efficacy. This decision suggests that the study has met its efficacy endpoints earlier than expected, which is typically a positive development for clinical trials.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:34 pm

FXI

MSFT

China's Commerce Minister met with Microsoft's President, encouraging multinational companies like Microsoft to continue their business in China for mutual benefit. The Minister expressed hope for Microsoft to contribute positively to Sino-US relations.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:23 pm

JAZZ

Japan's Parliament has legalized medical products derived from cannabis while simultaneously tightening laws against recreational use by introducing a prison sentence of up to seven years for consumption. The move aims to close loopholes in the current ban and address substance abuse among youth. Cannabis-derived CBD medicines, such as Epidiolex, are now allowed, which is significant for Jazz Pharmaceuticals (NASDAQ:JAZZ) as Epidiolex is part of their portfolio after acquiring GW Pharmaceuticals in 2021. The law is expected to be enacted within a year, with changes to cultivation licenses in two years.

Portfolio Pulse from Nina Zdinjak

December 06, 2023 | 1:21 pm

NVS

The FDA has approved Novartis AG's Fabhalta for adult patients with paroxysmal nocturnal hemoglobinuria (PNH), marking it as the first oral monotherapy for this rare blood disorder. Clinical trials showed that Fabhalta increased hemoglobin levels and reduced the need for blood transfusions. Novartis developed Fabhalta, which will be available in the U.S. in December. NVS shares closed at $96.98 on Tuesday.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 1:18 pm

ORA

Ormat Technologies, Inc. (NYSE:ORA) has signed a 25-year Power Purchase Agreement with Dominica Electricity Services Ltd. for a 10 MW geothermal power plant in Dominica, expected to be operational by 2025. The project aligns with Ormat's growth plans and will utilize operational synergies with its Bouillante power plant in Guadeloupe. The development will increase Ormat's Caribbean capacity to 35 MW and support regional transition from fossil fuels. Ownership of the plant will transfer to the Dominica government at the end of the term.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:13 pm