Streetbeat News

Regulatory

JBLU

SAVE

Closing arguments in the antitrust case between JetBlue Airways and Spirit Airlines over their proposed merger were presented, with the Justice Department seeking to block the deal. The case, heard by U.S. District Court Judge William Young, marks a more aggressive stance on antitrust enforcement by the Biden administration. JetBlue contends the merger would create a stronger competitor to the top four U.S. carriers, while the Justice Department argues it would harm consumers by reducing competition. JetBlue has offered $33.50 per share for Spirit, valuing the deal at $3.8 billion, and has promised to give up gates at certain airports. The outcome of the case could have significant implications for the airline industry, which has seen consolidation over the years.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:18 pm

ALLR

CMND

DBI

IBIO

MFH

REPL

U.S. stocks were mixed with the Dow Jones falling 100 points and the NASDAQ rising. Consumer discretionary shares were up, while materials shares dipped. The ISM services PMI increased to 52.7 in November, exceeding estimates. Clearmind Medicine, Allarity Therapeutics, and Mercurity Fintech Holding saw stock price increases due to positive company news. Conversely, Replimune Group, iBio, and Designer Brands experienced significant stock price drops following negative announcements. Oil and gold prices were up, while silver and copper declined. European shares were mostly higher, and Asian markets closed mostly lower. U.S. job openings decreased, and the Economic Optimism Index fell.

Portfolio Pulse from Lisa Levin

December 05, 2023 | 5:11 pm

PXD

XOM

The Federal Trade Commission (FTC) is investigating Exxon Mobil's proposed $60 billion acquisition of Pioneer Natural Resources. The FTC is seeking additional information to determine if the merger could be anticompetitive. This inquiry is a standard procedure in merger reviews, which on average take about 10 months to complete according to Dechert law firm data.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:06 pm

TVTX

Travere Therapeutics, Inc. (NASDAQ:TVTX) stock is trading higher after announcing FDA regulatory updates. The company completed a successful pre-NDA meeting for Filspari and plans to submit an sNDA in Q1 2024 for full approval. However, the FDA indicated that Phase 3 Duplex study results for FSGS are insufficient for an sNDA submission. Citigroup upgraded the stock from Neutral to Buy with a price target increase from $7 to $10, while HC Wainwright reiterated a Buy rating with an $18 price target. TVTX shares rose 25% to $7.89.

Portfolio Pulse from Erica Kollmann

December 05, 2023 | 5:02 pm

TVTX

Travere Therapeutics' stock is up following a positive pre-NDA meeting with the FDA regarding FILSPARI for IgA nephropathy, along with regulatory updates for IgAN and FSGS.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 4:40 pm

SCGLY

Societe Generale (OTC:SCGLY) has issued its first digital green bond on the Ethereum blockchain, worth $11 million, through its subsidiary SG-Forge. The bond, with a three-year maturity, is aimed at financing ESG-classified products and companies. It was fully subscribed by AXA Investment Managers and Generali Investments using Société Générale’s EUR CoinVertible stablecoin. The use of Ethereum's blockchain is noted for its low greenhouse gas emissions, and the bond offers transparency and efficiency in transactions.

Portfolio Pulse from Khyathi Dalal

December 05, 2023 | 4:15 pm

MCOM

NIU

SPY

VLCN

NYC Mayor Adams has announced a 'Charge Safe, Ride Safe' plan, which includes a pilot program for delivery workers to safely charge lithium-ion batteries in public spaces and outside of residences. This initiative aims to support the safe use of e-bikes and prevent deadly accidents related to battery charging.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 3:45 pm

ACB

TLRY

Tilray Brands CEO Irwin Simon visited Israel to meet business partners and traveled to Germany in anticipation of cannabis legalization. Tilray (NASDAQ:TLRY) is well-positioned to benefit from potential German legalization, with its European headquarters in Germany. Aurora Cannabis (NASDAQ:ACB) is also among the companies likely to benefit. Despite a delay in the German legalization vote, Tilray shares rose 8.42% and an additional 0.24% after hours on Monday.

Portfolio Pulse from Nina Zdinjak

December 05, 2023 | 3:43 pm

ACRHF

CURLF

GTBIF

New York authorities seized over 11,000 pounds of illegal cannabis products worth $54 million from unlicensed stores. 350 locations have been raided this year. The Office of Cannabis Management aims to prioritize safety and promote legal dispensaries. Legal battles, including a lawsuit by veterans against the state's licensing process, have delayed the cannabis program. The injunction was lifted last week, allowing for license processing. New York has 27 licensed dispensaries, competing with 1200 illicit shops. Acreage Holdings, Curaleaf, and Green Thumb Industries are monitoring the situation closely.

Portfolio Pulse from Maureen Meehan

December 05, 2023 | 3:38 pm

CLSK

MARA

RIOT

Shares of Bitcoin miners Marathon Digital Holdings Inc (MARA), Riot Platforms Inc (RIOT), and CleanSpark Inc (CLSK) are rising as Bitcoin's price climbs above $42,000. The increase is attributed to optimism about a potential spot Bitcoin ETF and expectations of rate cuts from the Federal Reserve in 2024. At the time of publication, MARA, RIOT, and CLSK stocks have seen significant gains.

Portfolio Pulse from Adam Eckert

December 05, 2023 | 3:31 pm