Streetbeat News

Regulatory

BABA

FXI

SPY

Alibaba has expressed concerns that the newly expanded U.S. export control rules could have a material and adverse effect on its Cloud Intelligence Group. The company also warned that the rules might generally restrict businesses from upgrading their technological capabilities.

Portfolio Pulse from Charles Gross

November 16, 2023 | 12:15 pm

ADMA

ADMA Biologics has received FDA approval for its tenth plasma collection facility, ADMA BioCenters, located in Laurel, Maryland. The facility began operations and started collecting source plasma in the first half of 2023.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 12:05 pm

AZN

BMY

MRK

RHHBY

The FDA has approved Bristol Myers Squibb's Augtyro for treating ROS1-positive non-small cell lung cancer. Acquired through a $4.1 billion deal with Turning Point Therapeutics, Augtyro demonstrated a 79% objective response rate in TKI-naïve patients. It enters a competitive market with existing treatments from Roche, Merck, and AstraZeneca. Augtyro will be available in the U.S. in mid-December 2023, and BMY shares closed at $51.57.

Portfolio Pulse from Vandana Singh

November 16, 2023 | 11:48 am

BABA

Alibaba's subsidiary Freshippo has postponed its plans for an IPO due to current market conditions. The company is taking time to evaluate the market before proceeding with the public offering.

Portfolio Pulse from Charles Gross

November 16, 2023 | 11:48 am

SWTX

SpringWorks Therapeutics announced positive topline results from the Phase 2b ReNeu trial of Mirdametinib for NF1-PN, showing a 52% response rate in pediatric patients and 41% in adults. The treatment led to significant improvements in patient-reported outcomes and was well tolerated with low rates of severe adverse events. Additional data will be presented at a medical conference, and an NDA submission to the U.S. FDA is planned for the first half of 2024. The company will host a conference call to discuss these results.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 11:33 am

TFX

Teleflex has enrolled the first patient in a clinical registry to collect data on the outcomes of the MANTA Vascular Closure Device when used in standard care transcatheter aortic valve replacement procedures. The registry aims to examine the on-label use of the device.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 11:32 am

NOAH

At the 2023 Investor Day, Noah Holdings Limited outlined its growth strategy and global expansion plans, highlighting progress in Hong Kong, Singapore, and the US.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 11:27 am

TSLA

Tesla CEO Elon Musk met with China's President Xi Jinping on Wednesday, where he received support from Xi for Tesla's development in China, according to Tesla's Weibo account.

Portfolio Pulse from Charles Gross

November 16, 2023 | 10:39 am

MSFT

NVDA

Nvidia Corp (NVDA) is capitalizing on the artificial intelligence boom, with CEO Jensen Huang highlighting generative AI's significance at Microsoft Corp's (MSFT) Ignite event. Nvidia reported a $6 billion profit earlier this year due to the AI surge. The company is upgrading its H200 GPU and preparing new chip models H20, L20, and L2 for clients in China, aiming to comply with U.S. sanctions. Despite these developments, NVDA shares dropped by 0.77% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 16, 2023 | 10:32 am

LI

MSFT

Microsoft CEO Satya Nadella stated the company is focusing on global markets excluding China, in light of US national security concerns. Microsoft, which has been present in China since 1992 and provides AI services to Chinese firms like Li Auto and Xiaomi, is adhering to US government restrictions. This comes after the US introduced export restrictions on AI chips for China. Nadella mentioned the importance of following US trade, competition, and security policies, and does not see China's manufacturing role for Microsoft's Surface PCs as a major issue unless supply chain disruptions occur.

Portfolio Pulse from Benzinga Neuro

November 16, 2023 | 10:09 am