Streetbeat News

Regulatory

SPY

Loretta Mester, President of the Federal Reserve Bank of Cleveland, stated that the Federal Reserve's balance sheet reduction could proceed independently of changes to the federal funds rate. This suggests that the Fed may continue to reduce its balance sheet even if interest rate adjustments are paused or reversed, indicating a continued focus on tightening monetary policy to combat inflation.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:24 pm

META

SNAP

SPY

CEOs of Meta Platforms, TikTok, and Snap are scheduled to testify at a Senate hearing on January 31, as reported by Bloomberg. The hearing will likely address issues related to social media platforms and their impact on users.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:07 pm

VRTX

Health Canada has granted Market Authorization for Vertex Pharmaceuticals' KALYDECO for children with cystic fibrosis ages 2 months and older. This expands the treatment's use for specific CFTR gene mutations. Vertex is committed to facilitating access for eligible patients and continues to focus on developing treatments for younger CF patients.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:03 pm

SPY

The Federal Reserve's Beige Book, prepared by the Federal Reserve Bank of Atlanta, summarizes economic information collected up to November 17, 2023. The report is used to gauge economic conditions across various regions and sectors in the United States. While the article does not provide specific details from the report, the Beige Book's findings can influence investor sentiment and monetary policy decisions, which in turn can affect the stock market and related ETFs like SPY.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:02 pm

PDCO

ROVR

VVOS

WOOF

Patterson Companies, Inc. (PDCO) shares fell by 14% after reporting Q2 earnings of $0.50 per share, missing estimates of $0.58 per share, and lowering FY24 adjusted EPS guidance below expectations. The company's sales were $1.65 billion, below the expected $1.70 billion. Other stocks moved in the mid-day session with various companies experiencing significant gains or losses due to various factors such as FDA clearances, earnings reports, acquisition announcements, and public offerings.

Portfolio Pulse from Lisa Levin

November 29, 2023 | 7:02 pm

HSAI

OUST

Hesai Technology (NASDAQ:HSAI) has responded to allegations by the House of Representatives Select Committee on the Chinese Communist Party, denying claims about its lidar technology. Hesai asserts that its lidars do not store or wirelessly transmit data, as confirmed by TÜV Rheinland and Dekra. The company has ISO/SAE 21434 certification and passed TISAX assessments. Hesai lidars, which cannot capture biometric data, are not designed for military use and are EAR99 classified. Hesai also won an ITC case against Ouster (NYSE:OUST), proving it did not infringe on Ouster's IP. Hesai is a publicly traded company that operates independently of the Chinese government and has not received government equity investments or intervention.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:00 pm

CRWD

DIA

GME

IWM

NTAP

QQQ

SPY

WDAY

Stocks are on the rise with the S&P 500 and Nasdaq 100 nearing highs, driven by stronger-than-expected U.S. GDP growth data for Q3. Despite hawkish comments from Richmond Fed President Thomas Barkin, the market is optimistic about future rate cuts. OPEC+ is considering oil production cuts, which has led to a rebound in oil prices. U.S. stock indices and sector ETFs saw gains, with notable performances from GM, WDAY, CRWD, GME, and NTAP after positive news. Other stocks and ETFs are also mentioned in relation to earnings reports and market performance.

Portfolio Pulse from Piero Cingari

November 29, 2023 | 6:59 pm

CEL

Cryptocurrency platform Zipmex is offering creditors compensation as part of its restructuring, with proposed rates between 3.35 and 29.35 cents per dollar. The company has a $97.1 million debt, including losses from Babel Finance and exposure to bankrupt Celsius Network. Major creditors are demanding an independent financial evaluation of Zipmex. The company had previously suspended withdrawals and sought creditor protection, and a funding deal with V Ventures fell through when a payment was missed in March.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 6:56 pm

SPY

Fed's Mester emphasizes the need for increased resilience of non-bank financial firms and a more credible bank resolution mechanism. She suggests that regulation should focus on the market value of bank balance sheets.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 6:49 pm