Streetbeat News

Regulatory

GOOG

GOOGL

META

MSFT

Meta Platforms, Inc. (META) has disbanded its Responsible AI (RAI) team, reallocating most members to its Generative AI product division and others to the AI Infrastructure team. This move follows the company's introduction of AI features and a shift in focus towards AI, as indicated by CEO Mark Zuckerberg's recent emphasis over the metaverse. Competitors like Alphabet Inc. (GOOG, GOOGL) and Microsoft Corp. (MSFT) have called for AI regulation. META's stock saw a slight increase in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 20, 2023 | 3:38 pm

GOVT

U.S. Treasury Secretary Janet Yellen stated in a CNBC interview that there has been 'considerable progress' in the fight against inflation, attributing this success to recent legislation such as the Infrastructure bill, Chips and Science Act, and Inflation Reduction Act. She also emphasized the importance of supporting Ukraine and Israel for U.S. national security. Following her remarks, U.S. Treasury yields remained stable, and the iShares 20+ Year Treasury Bond ETF and iShares U.S. Treasury Bond ETF (GOVT) saw a slight decline.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 3:31 pm

SGD

Safe & Green Development Corp (NASDAQ:SGD) shares dropped 27% to $3.09 after announcing it will not proceed with a previously contemplated common stock offering. The company requested to retract its Registration Statement from the SEC. The decision was due to changed circumstances since the initial filing, and no shares have been or will be sold under this Registration Statement. SGD's 52-week range is $0.38 to $8.42.

Portfolio Pulse from Henry Khederian

November 20, 2023 | 3:28 pm

SUN

XOM

The Department of Energy (DOE) is facing challenges in refilling the Strategic Petroleum Reserve (SPR) after releases to mitigate gasoline prices and support allies during the Russia/Ukraine conflict. The SPR's capacity has decreased from 594 million barrels to 351.3 million barrels. The DOE's intricate refilling process involves soliciting proposals from energy companies for specific types of oil, with a current focus on sour crude. Purchase requests have ranged from 1.2 to 6 million barrels, with contracts awarded to companies like Exxon Mobil and Sunoco LP. At the current refill pace, it would take over six years to return to previous levels, indicating a need for an accelerated process.

Portfolio Pulse from Kevin Green

November 20, 2023 | 3:20 pm

WSFS

KBRA released its Q3 2023 U.S. Bank Compendium and 2024 Outlook, indicating a Stable outlook for the U.S. banking industry. The report suggests that most banks with KBRA ratings will maintain their ratings in an uncertain economic environment. It covers earnings, NIM stabilization, funding costs, credit trends, and capital measures. WSFS Financial Corporation (NASDAQ:WSFS) is featured with an A-/Stable outlook. The Compendium includes various performance metrics and a quarterly ESG bulletin.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 3:09 pm

SAN

Santander Private Banking International, a division of Banco Santander, is now offering cryptocurrency trading and investment services to its affluent clients in Switzerland. The bank will expand its crypto offerings based on a stringent screening process and provide a regulated custody model for asset security. This move is a departure from the typical stance of large banks on cryptocurrencies. Santander's private banking sector manages assets for approximately 210,000 high-net-worth individuals, with total assets and deposits around $315 billion.

Portfolio Pulse from Murtuza Merchant

November 20, 2023 | 3:07 pm

EWU

MSGE

SPHR

London Mayor Sadiq Khan has blocked the construction of the MSG Sphere, a major entertainment venue proposed by Madison Square Garden Entertainment Corp. The decision was reported by Reuters, citing Sky News. The Sphere, which was planned to be built in Stratford, East London, faced opposition due to concerns over traffic congestion and the impact on local residents.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 3:06 pm

ARGT

BMA

GGAL

YPF

Javier Milei's victory in Argentina's presidential election led to a surge in Argentine ADRs and ETFs in U.S. markets. The Global X MSCI Argentina ETF (ARGT) rose by 13%, while ADRs like YPF Sociedad Anonima (YPF), Banco Macro S.A. (BMA), and Grupo Financiero Galicia S.A. (GGAL) saw significant premarket gains. Milei's economic proposals include privatization, dollarization, and fiscal reforms. Goldman Sachs highlighted risks associated with these changes, particularly for the exchange rate. The Argentine peso's volatility against the dollar Tether (USDT) on Binance and the disparity between official and parallel exchange rates are concerns for financial stability.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 2:45 pm

BMY

TSVT

Bristol-Myers Squibb Company (BMY) and 2seventy Bio Inc (TSVT) stocks dropped due to a delay in expanded U.S. approval for their Abecma gene therapy. The FDA's ODAC will review the sBLA for Abecma based on the KarMMa-3 study, but the meeting date is unconfirmed, and the PDUFA target action date of December 16, 2023, will be missed. Abecma is approved for RRMM after four prior therapies and has generated significant revenue. The KarMMa-3 study showed a significant improvement in progression-free survival.

Portfolio Pulse from Vandana Singh

November 20, 2023 | 2:37 pm

BMY

TSVT

Shares of Bristol Myers Squibb (BMY) and 2seventy bio (TSVT) are trading lower following the FDA's announcement that it will miss the December 16 target action date for the expanded use approval of Abecma.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 2:33 pm