Streetbeat News

Regulatory

AAPL

HNHPF

Foxconn Technology Group, a key supplier for Apple Inc, faces increased regulatory scrutiny in China. The Foxconn Industrial Internet Co unit was fined 20,000 yuan for overstating expenses in Wuhan. Chinese authorities are also examining Foxconn's tax affairs and land use in major manufacturing regions. Despite this, Foxconn is expanding in India with over $1.2 billion investment in Karnataka, indicating a shift in production away from China amid regulatory uncertainties.

Portfolio Pulse from Anusuya Lahiri

November 22, 2023 | 12:34 pm

MSFT

Elon Musk, on X (formerly Twitter), expressed his support for OpenAI's semi-independence rather than a merger with Microsoft Corporation (NASDAQ:MSFT). Musk has been critical of Microsoft's significant control over OpenAI, citing concerns over the concentration of power in tech. His comments reflect ongoing concerns about the relationship between OpenAI and Microsoft, including the control over OpenAI's ChatGPT and its operation in Microsoft data centers.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 12:30 pm

TRDA

Entrada Therapeutics announced that the FDA has maintained the clinical hold on its Investigational New Drug (IND) application for ENTR-601-44. The FDA declined to lift the hold, which affects the company's ability to proceed with clinical trials for this drug candidate.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 12:06 pm

FEAM

5E Advanced Materials, Inc. has received authorization from the Environmental Protection Agency (EPA), which is a significant regulatory milestone for the company. This authorization likely pertains to the company's operations or products, which could have implications for its business activities and compliance with environmental standards.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 12:01 pm

NVDA

Nvidia Corp. (NASDAQ:NVDA) experienced a premarket reversal, recovering from earlier losses and Tuesday's after-hours trading decline. This change in direction occurred after analysts dismissed concerns about China that Nvidia highlighted, focusing instead on the company's strong quarterly earnings. Nvidia reported Q3 non-GAAP earnings of $4.02 per share on revenue of $18.12 billion, surpassing consensus estimates. The company's record Data Center revenues were driven by demand for accelerated computing and generative AI. Despite anticipating lower contributions from China due to U.S. export restrictions, Nvidia expects to compensate with robust global demand. The company's Q4 revenue guidance of $20 billion is ahead of consensus estimates but below the whisper number. KeyBanc analyst John Vinh maintained an Outperform rating with a $650 price target. Nvidia's stock rose 1.35% to $506.20 in premarket trading on Wednesday.

Portfolio Pulse from Shanthi Rexaline

November 22, 2023 | 11:46 am

TSLA

A Florida court ruling suggests Tesla Inc. (NASDAQ:TSLA) and CEO Elon Musk may have been aware of a significant Autopilot defect but did not address it. The ruling relates to a lawsuit from a fatal 2019 accident involving Tesla's Autopilot. The court found 'reasonable evidence' of a discrepancy between Tesla's internal knowledge and its marketing claims. The case, initially set for trial in October, has been postponed indefinitely. Tesla has successfully defended similar cases in California but faces criticism after engineers testified about unaddressed Autopilot crash limitations.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 11:29 am

XFIN

ExcelFin Acquisition's merger partner, Baird Medical Devices, announced that its subsidiary, Betters (Suzhou) Medical, has received FDA clearance to market its microwave ablation systems in the U.S. This regulatory approval could potentially open up a significant market for Baird Medical Devices and by extension, ExcelFin Acquisition.

Portfolio Pulse from Charles Gross

November 22, 2023 | 11:20 am

BITW

GBTC

The SEC is considering applications for spot Bitcoin ETFs from major firms like BlackRock, Fidelity, and Franklin Templeton. Investors in Grayscale Bitcoin Trust (GBTC) and Bitwise 10 Crypto Index Units (BITW) have seen significant returns, with GBTC and BITW increasing by 245.81% and 215.51% respectively over the past year. Both stocks have shown a strong positive correlation in their price movements with a coefficient of determination of 0.914.

Portfolio Pulse from Mehab Qureshi

November 22, 2023 | 11:06 am

TSLA

Tesla Inc (NASDAQ:TSLA) has implemented a new 'congestion fee' of $1 per minute for drivers charging over 90% at busy Supercharger stations in the U.S. The fee encourages efficient charging and increases availability. It replaces idle fees at certain locations and users are notified via the Tesla app with a five-minute grace period before the fee applies. The move follows Tesla's decision to open its Superchargers to other EVs, increasing network demand. EV makers like Ford, General Motors, and Rivian Automotive Inc have access to Tesla's network.

Portfolio Pulse from Anan Ashraf

November 22, 2023 | 10:16 am

BTCUSD

Binance, the world's largest cryptocurrency exchange, is nearing a $4 billion settlement with the DOJ over criminal violations. CEO Changpeng Zhao has resigned, with Richard Teng set to take over. Zhao retains majority ownership. Two months earlier, insiders Adam Cochran and Kevin O'Leary predicted legal issues and Binance's uncertain future. Bitcoin's price has fallen 3.11% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

November 22, 2023 | 10:00 am