Streetbeat News

Regulatory

GOOG

GOOGL

INDA

Google is set to update its India-specific Gambling and Games policy on November 14 to align with recent changes in local law, particularly allowing rummy advertisements to target Tamil Nadu, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 5:21 pm

AAPL

AMZN

GOOG

GOOGL

META

MSFT

ZLNDY

Microsoft Corp (MSFT) and Alphabet Inc (GOOG, GOOGL) Google have agreed to comply with the EU's Digital Markets Act (DMA), which requires 'gatekeeper' services to make user access across services easier, including interoperability of messaging apps and freedom to choose pre-installed apps. The DMA affects other tech giants like Amazon (AMZN), Apple (AAPL), Meta Platforms (META), and ByteDance's TikTok. Companies have until November 16 to contest the regulations. Zalando (ZLNDY) and Amazon have challenged the related Digital Services Act (DSA). GOOG shares saw a 1.50% increase to $135.65.

Portfolio Pulse from Anusuya Lahiri

November 14, 2023 | 5:12 pm

NTLA

Intellia Therapeutics Inc (NYSE:NTLA) stock is experiencing an uptick after the company announced that its investigational therapy NTLA-2002 received the European Union orphan drug designation for the treatment of hereditary angioedema. This designation is significant as it provides incentives for the development of treatments for rare diseases and marks the fifth special regulatory designation for NTLA-2002. The company's CEO, John Leonard, highlighted the progress towards a novel treatment for hereditary angioedema, with the Phase 2 study enrollment expected to be completed soon. Intellia is a clinical-stage genome editing company that specializes in CRISPR-based single-dose therapeutics.

Portfolio Pulse from Adam Eckert

November 14, 2023 | 5:11 pm

KBNT

Kubient Inc (NASDAQ:KBNT) stock plummeted nearly 52% to $0.10 after the company announced its voluntary delisting from the Nasdaq Capital Market due to noncompliance with listing requirements. The Board of Directors decided to delist to avoid the costs and regulatory burdens of addressing noncompliance notices. Trading on Nasdaq will cease on November 17, with delisting about ten days later. Kubient plans to have its stock quoted on the Pink Sheets or another OTC Markets Group Inc. market, but trading continuity is uncertain.

Portfolio Pulse from Henry Khederian

November 14, 2023 | 5:07 pm

BTCUSD

At the Benzinga Future Of Digital Assets event, Brett Harrison, former president of FTX US, predicted a Bitcoin spot ETF could be approved in 2024. He believes the potential of cryptocurrency has not been fully realized and that the approval of a Bitcoin ETF is not entirely priced into the market. Harrison also speculated on the growth of the derivatives market and the impact of an ETF on spot cryptocurrency volumes, suggesting that authorized participants would need to trade the spot to maintain arbitrage opportunities between the spot market and the ETF.

Portfolio Pulse from Tanzeel Akhtar

November 14, 2023 | 5:02 pm

AMZN

BTCUSD

ETHUSD

John Liu commented on the future of regulation, indicating that it will progress at an uneven pace but is nonetheless advancing. He emphasized the necessity for regulations in the sector.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 4:59 pm

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