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Regulatory

ACHR

STLA

UAL

Archer Aviation Inc. (ACHR) shares are trading higher after the company announced a $215 million equity investment from industry leaders including Stellantis NV (STLA), Boeing Co. (BA), United Airlines Holdings (UAL), ARK Invest and other financial institutions. Archer also announced that its Midnight eVTOL aircraft has received its Special Airworthiness Certificate from the FAA and flight test operations will begin soon. Archer, Wisk, and Boeing have agreed to enter into an autonomous flight collaboration and reached a settlement to resolve litigation between the companies.

Portfolio Pulse from Erica Kollmann

August 11, 2023 | 2:32 pm

ARKK

The U.S. Securities and Exchange Commission (SEC) is expected to delay its decision on ARK Invest's Bitcoin spot ETF application, but Bitcoin investors remain unconcerned. Industry figures, including Mike Novogratz, CEO of Galaxy Digital, and Cathie Wood, CEO of ARK Investment Management, anticipate eventual regulatory approval. The SEC is currently reviewing nine active applications for Bitcoin spot ETFs. Wood suggested that the SEC might approve multiple applications simultaneously to prevent any single ETF from gaining an unfair advantage.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 2:32 pm

SPY

The SPDR S&P 500 ETF Trust (SPY) fell on Friday following the release of the latest Producer Price Index (PPI) data, which showed a 0.8% annualized increase, bouncing back from its revised 0.2% in June and exceeding the expected 0.7% hike. Economists suggest that the PPI report underscores the Federal Reserve's hesitance in claiming success in its inflation containment strategies. Despite July's acceleration, the PPI grew just 0.85% over the year, and business input costs have cooled off notably in July.

Portfolio Pulse from AJ Fabino

August 11, 2023 | 2:29 pm

SPY

The Michigan Consumer Sentiment for August is reported at 71.2, slightly above the estimated 71 but below the prior figure of 71.6.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 2:00 pm

IDBA

IDEX Biometrics ASA (NASDAQ:IDBA) has voluntarily delisted its American Depositary Shares (ADSs) from The Nasdaq Capital Market. The company has also filed a Form 15 with the SEC to suspend its reporting obligations under the Securities Exchange Act of 1934. The deregistration of the ADSs under the Exchange Act is expected to become effective 90 days after the filing. The listing of IDEX Biometrics ordinary shares on the Euronext Oslo Børs remains unchanged.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 1:59 pm

JTAI

Shares of Jet.AI (JTAI) have resumed trading but were halted again due to a circuit breaker.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 1:45 pm

EWW

TSLA

Tesla Manufacturing Mexico has requested environmental permits for the construction of an industrial warehouse in Santa Catarina, Nuevo Leon. The warehouse is part of the Gigafactory Mexico project, which is expected to produce Tesla's next-generation electric car. The warehouse construction is expected to cost about $90 million, a fraction of the estimated $5 billion investment for the entire project. Vehicle production at Giga Mexico is expected to start around Q1 2025.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 1:42 pm

DIA

IWM

QQQ

SPY

Major indexes have declined following the release of July's Producer Price Index (PPI) data, which indicated higher-than-expected inflation.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 1:33 pm

BABA

BIDU

NVDA

TCEHY

Alibaba Group Holding Limited (NYSE:BABA) reported a 14% YoY revenue growth to $32.29 billion in Q1 FY23, beating the consensus of $31.20 billion. However, the company faces challenges due to the U.S.'s embargo on artificial intelligence technology. Alibaba's net profit jumped over 50%, but the company acknowledged the inability to fulfill the demand for AI training from clients due to a crisis of critical components like AI chips fueled by U.S. sanctions. Chinese internet giants, including Baidu, Inc (NASDAQ: BIDU), ByteDance Ltd, Tencent Holding Ltd (OTC: TCEHY), and Alibaba, have placed orders totaling $1 billion for close to 100,000 A800 processors from Nvidia Corp's (NASDAQ:NVDA) for delivery in 2023.

Portfolio Pulse from Anusuya Lahiri

August 11, 2023 | 1:11 pm

UUP

The U.S. Producer Price Index (PPI) for final demand surged 0.8% in July, exceeding market expectations and reigniting inflation concerns. This follows a revised higher 0.2% in June and surpasses the projected 0.7% increase. The core PPI index, excluding food and energy, maintained a year-on-year increase of 2.4% for July, exceeding market expectations of 2.3%. Following the release of the PPI, futures on the S&P 500 and Nasdaq 100 tumbled, 0.5% and 0.3% respectively, and the U.S. dollar index rose 0.2%.

Portfolio Pulse from Piero Cingari

August 11, 2023 | 1:00 pm