Streetbeat News

Regulatory

LLY

NVO

PFE

Pfizer Inc (PFE) is targeting the obesity pill market with its experimental drug, danuglipron, aiming for a $10 billion segment. Pfizer discontinued another candidate, lotiglipron, due to unsatisfactory Phase 1 results. Competitors Eli Lilly (LLY) and Novo Nordisk (NVO) have set high standards in the weight loss drug industry. Pfizer's upcoming phase two trial data for danuglipron is eagerly awaited by investors, with results expected by year-end for the twice-daily pill and early next year for a once-daily version. Despite a 40% share price drop, Pfizer's CEO sees a $90 billion market potential for GLP-1s. Analysts highlight the need for Pfizer's pill to achieve a 14%-15% weight loss to compete with Eli Lilly's product. PFE shares were down 1.44% at $29.06 on the last check Monday.

Portfolio Pulse from Vandana Singh

November 13, 2023 | 7:04 pm

MSOS

Republican presidential candidate Vivek Ramaswamy plans to remove federal restrictions on marijuana and psychedelics for veterans with PTSD if elected. He supports descheduling certain substances and has criticized federal prohibition on marijuana. Despite this, he voted against Ohio's state-level legalization due to conflicts with federal law and concerns over federal power overreach. His stance has been seen as inconsistent, especially with his proposal to expand the DEA while reducing other federal agencies.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 6:26 pm

ETHUSD

On Sunday, 5,963.58 Ether (ETH) valued at $12.4 million was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain, which introduced a variable base fee for transactions that is permanently removed from circulation. This event contributes to the deflationary aspect of Ethereum, especially in anticipation of the Ethereum 2.0 upgrade, which is expected to further reduce the issuance rate of new Ether.

Portfolio Pulse from Benzinga Insights

November 13, 2023 | 6:00 pm

TSLA

TSLL

TSLS

Tesla, Inc (TSLA) saw its stock rise over 4% on reports that India may cut taxes on EV imports, potentially encouraging Tesla to enter the Indian market and build a manufacturing facility. The stock regained the 200-day SMA, a key technical indicator, suggesting a possible new bull cycle. Direxion Daily Tesla Bull 1.5X Shares (TSLL) offers 150% leverage to play Tesla's upside, while Direxion Daily Tesla Bear 1X Shares (TSLS) offers inverse tracking for bearish bets.

Portfolio Pulse from Melanie Schaffer

November 13, 2023 | 5:59 pm

RACE

Ferrari plans to hire 250 new employees in the first half of 2024 and launch a broad-based share ownership plan for its 5,000+ employees, starting in Italy. The plan includes a one-off grant of shares and additional shares after 36 months. Ferrari also renewed its Competitiveness Award agreement, allowing employees to convert part of the award into company shares. The company is committed to sustainability by including an ESG indicator in the award calculation. Additionally, Ferrari is expanding its health and parenting support initiatives, including free annual medical check-ups and extended support for parents.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:51 pm

QQQ

SPY

TLT

The U.S. CPI inflation rate is expected to decrease from 3.7% in September to 3.3% in October, marking the first drop since June 2023. The report, due for release by the Bureau of Labor Statistics, is being closely watched for its implications on future interest rate adjustments. Fed Chair Jerome Powell has indicated that the inflation target of 2% is still distant. Bank of America economists predict a possible increase in core inflation, which could lead to another rate hike in December. Ahead of the CPI release, ETFs like SPY and QQQ experienced minor downturns, while TLT also dipped, reflecting investor caution.

Portfolio Pulse from Piero Cingari

November 13, 2023 | 5:32 pm

ENSV

Enservco Corporation has filed a prospectus with the SEC, which pertains to the potential offer and resale of up to 2.93 million shares of its common stock by Oilserv, LLC. This filing indicates that Oilserv, LLC may from time to time sell these shares in the public market.

Portfolio Pulse from Charles Gross

November 13, 2023 | 5:29 pm

SQM

Codelco and SQM have reached a pre-agreement for the exploitation of lithium in the Salar de Atacama, which falls short of the Chilean government's initial goal to control the company with 51% of the shares before 2030. The agreement allows Codelco to gradually increase its stake in a public-private company, reaching 51% only after 2030. The negotiation, advised by the Carey law firm, has been criticized for potential conflicts of interest and for not aligning with the government's strategy to control lithium exploitation sooner. The terms appear to favor SQM, preventing competition for the exploitation rights and potentially not increasing state revenue compared to the current contract. The situation raises concerns about the transparency of the negotiations and the management of Codelco, which is also facing criticism for its economic performance and decisions such as purchasing shares of a company with questionable assets.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 5:18 pm

AMD

ASML

QCOM

SSNLF

Micron Technology Inc faces a lawsuit from Chinese chipmaker Yangtze Memory Technologies Co for alleged patent infringement, amidst escalating US-China tensions over semiconductor technology. The lawsuit, which involves eight patents, comes as the US increases restrictions on China, citing national security. China's retaliatory measures have impacted Micron's revenue, which has dropped significantly from 50% in FY17 to 16% in 2022. Micron's stock traded lower following the news.

Portfolio Pulse from Anusuya Lahiri

November 13, 2023 | 5:11 pm

ACRS

MNTK

MYNZ

TENX

TIVC

TSN

VERV

U.S. stocks were mostly higher with the Dow Jones up by 100 points. Energy shares led gains, while utilities fell. Tyson Foods (TSN) reported better-than-expected Q4 earnings but missed on sales forecasts. Tenax Therapeutics (TENX) surged after FDA clearance for a heart failure treatment. Tivic Health (TIVC) rose following a positive analysis, and Montauk Renewables (MNTK) gained on an upgrade and new price target. Aclaris Therapeutics (ACRS) plummeted after disappointing trial results, Mainz Biomed (MYNZ) fell on a direct offering announcement, and Verve Therapeutics (VERV) dropped after clinical trial data.

Portfolio Pulse from Lisa Levin

November 13, 2023 | 5:03 pm