Streetbeat News

Regulatory

AMZN

BTCUSD

ETHUSD

John Liu commented on Layer 2 solutions, noting that they exhibit some level of centralization due to the expertise required to run them. He suggests that as these solutions prove themselves, they can begin to be distributed and decentralized.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:58 pm

WKHS

Workhorse Group Inc (NASDAQ:WKHS) reported Q3 FY23 sales of $3.03 million, significantly below the consensus estimate of $20.9 million. The company faced delays in HVIP voucher availability in California, impacting its ability to deliver vehicles. Despite resolving the HVIP issue, Workhorse slashed its FY23 revenue outlook from $65-$85 million to $10-$15 million, far below the consensus of $63.01 million. The company also reported a narrowed gross loss and is exploring strategic alternatives for its Aero business. Workhorse shares dropped by 4.18% following the news.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 4:57 pm

IDCBY

The New York branch of the Industrial and Commercial Bank of China (ICBC) experienced a cyberattack involving Lockbit 3.0 ransomware, which disrupted the U.S. Treasury market. The attack exploited vulnerabilities in Citrix-managed services, previously flagged by U.S. officials. ICBC's Financial Services unit, significant in the Treasury market, had to disconnect from the market and manually clear trades. The FBI, DHS, and CISA had warned about such vulnerabilities and ransomware risks earlier.

Portfolio Pulse from Vandana Singh

November 14, 2023 | 4:46 pm

AMZN

BTCUSD

ETHUSD

John Liu commented on the benefits of stable coins, highlighting that they settle instantly and PYUSD represents an open standard for everyone to build upon, without reliance on other financial institutions.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:44 pm

PYPL

John Liu announced that PYUSD is a regulated stablecoin fully backed by cash and cash equivalents. PayPal is integrating Web3 technology into its network, allowing PYUSD to be used in Web4 native applications.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:42 pm

BLK

John Liu commented on the impact of BlackRock's cryptocurrency ETF filing, suggesting it paves the way for other institutions to file for similar ETFs, potentially increasing institutional involvement in the cryptocurrency market.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:40 pm

EWU

SPY

UK's Badenoch reveals active work on a trade deal with Texas, with potential deals with New York and California in the pipeline. The Florida trade pact will focus on sectors like space and financial technology.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:11 pm

EWU

SPY

UK Business Secretary Badenoch is set to sign a Memorandum of Understanding on trade with Florida Governor DeSantis. This indicates progress towards a broader UK-US trade agreement, which could be reached 'fairly soon' according to Badenoch.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:10 pm

SPY

Fed Vice Chair for Supervision Michael S. Barr provided testimony, which could influence market sentiment and impact ETFs like SPY that track broad market indices. His statements often give insights into the Federal Reserve's views on the economy, which can affect investor confidence and monetary policy expectations.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:06 pm