Streetbeat News

Regulatory

TSLA

India is considering a new electric vehicle (EV) policy that could significantly reduce import taxes for automakers willing to invest in local manufacturing. This comes after a proposal from Tesla Inc, which has been eyeing the Indian market. The proposed policy might allow automakers to import fully-assembled EVs into India with a reduced tax rate, potentially as low as 15%. Currently, cars that cost over $40,000 incur a 100% tax, while other cars attract a tax of 70%. This policy could significantly lower the cost of imported EVs, which could impact local automakers.

Portfolio Pulse from Arpit Nayak

August 25, 2023 | 12:01 pm

NVO

Novo Nordisk has announced positive results from the phase 3 STEP HFpEF trial of once-weekly semaglutide 2.4 mg in adults with heart failure. The findings show a significant improvement in patient-reported symptoms and physical limitations of HFpEF. The treatment also led to a 13.3% reduction in body weight and increased walking distance. The ongoing STEP HFpEF-DM trial is expected to be completed in Q4 2023, and subject to positive outcomes, Novo Nordisk expects to file for approval of the Wegovy label update in the U.S. and EU in 1H of 2024.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 12:00 pm

HUYA

HUYA shares are trading lower after the company, along with its peers, recently scrapped lucky draw features amid a gambling crackdown in China.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 11:42 am

BABA

FXI

KWEB

Alibaba Group Holding Limited (BABA) stock is trading higher on Friday, inversely with broader index ETFs like IShares China Large-Cap ETF (FXI) and KraneShares Trust KraneShares CSI China Internet ETF (KWEB). China is considering measures to address local government debt crisis risks, which could impact the state-dominated financial system. The U.S. economy is well positioned to weather headwinds arising from China's economic weakness, according to U.S. Deputy Treasury Secretary Wally Adeyemo.

Portfolio Pulse from Anusuya Lahiri

August 25, 2023 | 11:30 am

AZN

AstraZeneca has filed a legal challenge seeking re-examination of the unintended consequences of the Inflation Reduction Act on American cancer and rare disease patients. The company believes the Act could potentially harm patients by limiting access to life-saving medications.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 11:13 am

WHR

Whirlpool Corporation (NYSE:WHR) has agreed to pay $11.5 million in civil penalty to settle U.S. Consumer Product Safety Commission (CPSC) charges over hazardous cooktops. The company was accused of failing to report defects in its glass cooktops, which posed burn and fire hazards. The settlement requires Whirlpool to maintain internal controls and procedures to ensure compliance with the Consumer Product Safety Act.

Portfolio Pulse from Shivani Kumaresan

August 25, 2023 | 11:12 am

DBTX

The FDA has granted Fast Track designation to Decibel Therapeutics' DB-OTO, the company's lead gene therapy product candidate for congenital hearing loss caused by mutations of the Otoferlin gene.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 11:07 am

AUUD

Auddia Inc. has reported the filing of its delayed 10-Q quarterly report.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 11:02 am

OPA

Magnum Opus has received a notice from the New York Stock Exchange (NYSE) regarding the late filing of its Form 10-Q for the quarter ended June 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 10:54 am

ESAIY

MRK

Merck and Eisai have announced that their Phase 3 LEAP-010 trial evaluating KEYTRUDA plus LENVIMA did not result in an overall survival benefit for patients. The study will be closed due to the low likelihood of reaching the protocol-specified threshold for statistical significance.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 10:19 am