Streetbeat News

Regulatory

RMAX

RE/MAX, LLC has received preliminary approval for a settlement in antitrust class action lawsuits. The lawsuits alleged that the company's policies led to inflated commissions for real estate brokers. This preliminary approval is a step towards resolving the litigation and may involve financial implications for the company, including potential payouts or changes to its business practices.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:54 pm

MSOS

Senate Majority Leader Chuck Schumer stated that the Senate is close to a floor vote on the SAFER Banking Act, which aims to reform marijuana banking laws. The bill requires more GOP support to reach the 60-vote threshold for passage. Schumer emphasized the public's support for marijuana legalization and the need to rectify harms caused by the drug war, particularly in minority communities. The bill includes provisions to support small minority businesses and may be further amended to address cannabis expungements and gun rights for consumers. Schumer has not personally used marijuana but supports legalization. Former NBA star Al Harrington, owner of cannabis company Viola, participated in the interview.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:52 pm

NEGG

Newegg Commerce Inc (NASDAQ:NEGG) stock dropped 14.5% to $0.85 due to non-compliance with Nasdaq's minimum bid price rule after closing below $1.00 for 30 days. The company has until May 6, 2024, to maintain a $1.00 closing bid for ten days to regain compliance or potentially receive a 180-day extension. Additionally, Newegg's board authorized a $10 million share repurchase program, planning to use $51.8 million in cash and equivalents for buybacks. NEGG's 52-week range is $0.52 to $3.09.

Portfolio Pulse from Henry Khederian

November 20, 2023 | 4:49 pm

BYON

JAT Capital Management LP has submitted a demand to inspect the books and records of Beyond, Inc, as per an amended 13D filing with the SEC. This demand is made under Section 220 of the Delaware General Corporation Law, which allows shareholders to examine a company's books and records for a proper purpose.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:29 pm

META

SNAP

SPY

The Senate Judiciary Committee has issued subpoenas to the CEOs of Discord, Snap, and an unspecified company 'X' to testify at a hearing on December 6 regarding online child sexual exploitation. The committee is also in discussions with Meta Platforms and TikTok, expecting their CEOs to testify voluntarily.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:20 pm

BEKE

BILI

EDU

HTHT

TME

ZJYL

Chinese stocks are experiencing an uptick following China's decision to maintain its one-year and five-year loan prime rates for November. The positive sentiment is further bolstered by reports of Chinese regulators promising additional support for the property sector.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:12 pm

BRSH

Bruush Oral Care Inc. (NASDAQ:BRSH) shares surged on high volume after receiving a notice from Nasdaq for non-compliance with the minimum bid price requirement. The company's stock had closed below $1.00 for 30 consecutive days. Bruush has until May 13, 2024, to regain compliance, potentially through a reverse share split. Over 68 million shares traded, far exceeding the 100-day average of 1.62 million. BRSH shares are currently up 116% at 37 cents.

Portfolio Pulse from Erica Kollmann

November 20, 2023 | 4:11 pm

CRSP

CRISPR Therapeutics AG (NASDAQ:CRSP) stock is trading higher due to momentum from the UK MHRA's conditional marketing authorization for its CRISPR/Cas9 gene-edited therapy, CASGEVY, for sickle cell disease treatment. The therapy is authorized for patients 12 and older, with an estimated 2,000 eligible patients in the UK. Analysts are generally positive on CRSP, with an average price target of $84.45. CRSP shares have risen 42% over the past week and 85% over the past month, with a 10.3% increase to $74.85 on Monday morning.

Portfolio Pulse from Adam Eckert

November 20, 2023 | 4:10 pm

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