Streetbeat News

Regulatory

IMAQ

International Media Acquisition Corp. (IMAQ) received a notice from Nasdaq for not complying with Listing Rule 5250(c)(1) due to the delayed filing of its Q3 2023 Form 10-Q. The company has 60 days to file the report or submit a compliance plan, with a possible extension of up to 180 days. IMAQ is working to file the report promptly to regain compliance. The notice does not immediately affect IMAQ's Nasdaq listing or trading.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:23 pm

PFE

Health Canada has approved Pfizer Canada's LITFULO (ritlecitinib) for the treatment of severe alopecia areata in adults and adolescents over 12 years of age. This marks the first approved treatment for this autoimmune disease in Canada, which affects approximately 2% of the global population and can lead to significant hair loss. Pfizer Canada is working on making LITFULO available in Canada as soon as possible.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:05 pm

UDN

UUP

The dollar index (DXY) rose 0.3% to 103.57, while equity markets paused their rally. Investors question if dovish U.S. interest rate expectations are overstretched. The Invesco DB US Dollar Index Bullish Fund (UUP) increased by 0.5%, and the Invesco DB US Dollar Index Bearish Fund (UDN) decreased by 0.3%. Fed Chair Powell's cautious remarks suggest a slower pace of rate cuts, potentially disappointing markets betting on early rate reductions.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 3:57 pm

META

The Media Association (AMI) representing 83 Spanish media has filed a lawsuit against Meta Platforms, Inc. (formerly known as Facebook, Inc.) for systematic and massive breaches of European data protection regulations from May 25, 2018, to July 31, 2023. AMI claims over €550 million in damages, alleging that Meta's income from segmented advertising was obtained illegitimately by using personal data without user consent. The lawsuit could extend if Meta persists in its breaches, as indicated by the European Data Protection Committee's requirement on October 27, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 3:32 pm

VRNOF

Alabama's Medical Cannabis Commission granted 20 licenses for medical marijuana production and distribution, marking the third attempt to establish the industry after legal challenges. The November settlement resolved issues from previous attempts, leading to a new licensing process. Verano Holdings Corp. (OTCQX:VRNOF) was involved in the legal actions against the AMCC. Licenses were awarded for cultivators, processors, dispensaries, secure transporters, and testing labs. Integrated facility license applications are due this week, with awards expected on December 12.

Portfolio Pulse from Jelena Martinovic

December 04, 2023 | 3:11 pm

BITF

CLSK

Shares of Bitcoin miners CleanSpark Inc (CLSK) and Bitfarms Ltd (BITF) are trading higher due to a rise in Bitcoin's price over the weekend, crossing the $40,000 level. The crypto rally is driven by optimism for a potential spot ETF and expectations of a Federal Reserve rate cut in 2024. Fed Chairman Jerome Powell hinted at a potential slowdown in rate hikes, further fueling the rally. CleanSpark shares rose 22.2% to $9.36, and Bitfarms shares increased 16.3% to $1.94.

Portfolio Pulse from Adam Eckert

December 04, 2023 | 2:52 pm

XOM

Exxon Mobil Corp's CEO Darren Woods defended the company's investment in carbon capture technology at the COP28 climate summit, rejecting the IEA's claim that it's an 'illusion' for fighting climate change. Woods compared carbon capture's potential to that of electric vehicles and solar energy, emphasizing that no current solution is sufficient to solve the climate crisis alone. Exxon plans to invest $17 billion in low-carbon initiatives, including carbon capture, and maintains that fossil fuels will remain important through 2050. This marks Woods' first attendance at a U.N.-sponsored climate summit, indicating a shift in the oil and gas industry's approach to climate change.

Portfolio Pulse from Lekha Gupta

December 04, 2023 | 2:52 pm

GOOG

GOOGL

MSFT

TSLA

Larry Page and Elon Musk's friendship ended after a debate on AI's threat to humanity. Page, co-founder of Alphabet Inc., accused Musk, co-founder of Tesla Inc., of being a 'speciesist' for preferring humans over AI life forms. Musk, concerned about AI's potential to eliminate humanity, tried to prevent DeepMind's acquisition by Google but failed. He later co-founded OpenAI, backed by Microsoft Corp., but left due to similar concerns and has called for a pause in AI development.

Portfolio Pulse from Rounak Jain

December 04, 2023 | 2:49 pm

VALN

Valneva SE reported that 24 months after vaccination with a single dose of its chikungunya vaccine IXCHIQ, 97% of participants retained neutralizing antibodies. The vaccine was FDA approved in November 2023. The data supports long-term durability and supplements existing FDA approval and ongoing regulatory processes. No safety concerns were identified, and EMA and Health Canada are reviewing marketing applications. Valneva's stock (VALN) is down 3.69% at $11.08.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 2:34 pm

GTBP

GT Biopharma has submitted an Investigational New Drug (IND) application for GTB-3650, a treatment targeting CD33+ leukemia. This submission marks a significant step in the development process, potentially leading to clinical trials and eventual FDA approval if successful.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 2:30 pm