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Regulatory

MSOS

Cannabis stocks surged following Doug Kass's announcement on X about the DEA's imminent rescheduling of cannabis to Schedule III. The Benzinga Cannabis Capital Conference in Florida will discuss the industry's future, including valuations and investment opportunities. Senator Cory Booker hinted at the rescheduling, potentially around 4/20. Despite recent earnings struggles, the AdvisorShares Pure US Cannabis ETF (MSOS) saw an 8.94% increase.

Portfolio Pulse from Maureen Meehan

March 15, 2024 | 2:08 pm

BTCUSD

The upcoming FOMC meeting on March 19-20, 2024, is highly anticipated, with the Fed expected to maintain interest rates at 5.25%-5.50%. Recent high inflation reports have led to reduced expectations for a June rate cut, with a 60% chance now predicted. Former St. Louis Fed President James Bullard advocates for earlier rate cuts to avoid economic damage. Bank of America's Michael Hartnett points out that tolerating higher inflation could weaken policy credibility. Despite recent inflation upticks, economists expect the Fed to stick to its plan of three rate cuts in 2024. Some experts, however, believe the Fed might delay or reduce the number of rate cuts due to stronger-than-expected economic performance.

Portfolio Pulse from Piero Cingari

March 15, 2024 | 1:50 pm

BYDDY

GELYY

STLA

Mercedes-Benz CEO Ola Källenius has called for the European Union to lower tariffs on Chinese electric vehicles (EVs) amid a European Commission investigation into Chinese automotive subsidies. Källenius argues that reducing tariffs would foster competition, enhancing European car quality. The investigation focuses on whether Chinese subsidies allow their carmakers, like BYD and Geely, to undercut European manufacturers. Stellantis and Renault, facing competition from Chinese EVs, have different views, with Stellantis expressing concerns over the threat from Chinese vehicles.

Portfolio Pulse from Benzinga Neuro

March 15, 2024 | 1:07 pm

ALB

PILBF

XOM

Pilbara Minerals (OTCPK: PILBF) accepts a pre-auction offer for lithium spodumene concentrate, signaling a potential turnaround in the lithium market. The company also signs a significant agreement with Sichuan Yahua Industrial Group, moving away from its auction model. Meanwhile, Albemarle (NYSE:ALB) plans to auction some of its lithium, and an Argentine court suspends new mining permits in a key lithium-producing area, potentially affecting supply. Exxon Mobil (NYSE:XOM) explores Direct Lithium Extraction, indicating interest in more environmentally friendly lithium mining technologies.

Portfolio Pulse from Stjepan Kalinic

March 15, 2024 | 1:07 pm

JAN

JanOne Inc. has successfully regained compliance with Nasdaq's listing requirements, ensuring its continued listing on the exchange. This development is crucial for maintaining investor confidence and access to capital markets.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 1:03 pm

GLMD

Galmed Pharmaceuticals announced the grant of a new patent for the combination of Aramchol with Resmetirom (MGL-3196, REZDIFFRA) for the treatment of NASH and liver fibrosis. This development could potentially enhance the company's position in the market for NASH treatments.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 1:02 pm

ASIA

BABA

META

QLVE

Alibaba Group Holding Limited (NYSE:BABA) is under investigation by the European Commission for not adequately preventing the spread of illegal products and content on its AliExpress platform. The probe, focusing on consumer safety and adherence to the Digital Services Act, could impact Alibaba's operations and reputation in the EU. The company has expressed its commitment to regulatory compliance. This comes amid broader regulatory scrutiny, including a recent fine for monopolistic practices in China and ongoing antitrust probes involving U.S. Big Tech companies like Meta Platforms Inc (NASDAQ:META). Investors can access Alibaba through ETFs like Matthews Pacific Tiger Active ETF (NYSE:ASIA) and FlexShares Emerging Markets Quality Low Volatility Index Fund (NYSE:QLVE).

Portfolio Pulse from Anusuya Lahiri

March 15, 2024 | 12:57 pm

NVDA

SMH

SOXX

TSM

Taiwan Semiconductor Manufacturing Co (TSM) has seen its shares soar over 110% since October 2022, largely due to the AI boom and its role as a key supplier to Nvidia Corp (NVDA). Despite AI contributing only 6% to TSMC's total revenue in 2023, the company expects AI revenue to grow at an annual rate of 50%, aiming for it to represent a high-teen percentage of total revenue by 2027. TSMC is expanding globally, with new plants in the US, Japan, and Germany, to meet demand from tech giants like Amazon.com Inc (AMZN) and Microsoft Corp (MSFT). Apple Inc (AAPL) is also developing processors using TSMC's 2-nanometer fabrication process. However, overbought signals and geopolitical tensions pose risks. TSMC and Samsung Electronics Co (SSNLF) are set to receive significant funds from the US under the 2022 Chips and Science Act. Investors can gain exposure to TSMC through the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX). TSM shares traded lower by 2.16% to $136.60 premarket.

Portfolio Pulse from Anusuya Lahiri

March 15, 2024 | 12:44 pm

ADBE

CLDX

MDGL

Madrigal Pharmaceuticals (MDGL) shares surged 28% following FDA approval of Rezdiffra for NASH treatment. Cardlytics (CLDX) shares jumped 53% after reporting strong Q4 revenue and optimistic Q1 guidance, with Needham maintaining a Buy rating and raising the price target. Adobe (ADBE) shares fell 12% due to disappointing Q1 results and weak future guidance, alongside multiple firms reducing their price targets.

Portfolio Pulse from ryanfaloona@benzinga.com

March 15, 2024 | 12:36 pm

MDGL

Madrigal Pharmaceuticals' stock is trading higher following the FDA approval of Rezdiffra, a treatment for noncirrhotic NASH with moderate to advanced liver fibrosis.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 12:32 pm