Streetbeat News

Regulatory

Altria Group's subsidiary, NJOY, has filed a lawsuit against 34 manufacturers, distributors, and online retailers of illicit disposable e-vapor products. The suit alleges that these companies violate California's flavor ban law, federal law, and compete illegally against companies that comply with the laws. The litigation seeks a nationwide injunction against the import, marketing, and sale of these illicit products and significant compensatory and punitive damages.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:37 pm

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KRE

SPY

XLF

US regulators are considering measures to curb highly leveraged hedge fund trades, focusing on the basis trade strategy. This involves using leverage to profit from the price gap between Treasury futures and the underlying cash market. The borrowing in the repurchase market using US Treasuries as collateral has increased to nearly $3 trillion.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:31 pm

AIQ

NOK

SMH

TSLA

TSM

Tesla's stock is in a downtrend due to rising interest rates, despite the company's strong product lineup and competitive pricing. Taiwan Semiconductor's profits fell by 25%, but the company predicts a drop in industry inventory levels, indicating a potential buying opportunity in semiconductors. Two ETFs, Global X Artificial Intelligence & Technology ETF and VanEck Semiconductor ETF, are of special interest. The market is awaiting Fed Chair Powell's speech for clues on monetary policy. Jobless claims are lower than expected, indicating a strong job market. Nokia is laying off 14,000 employees. Money flows are positive in Amazon, Alphabet, Meta Platforms, Microsoft, and NVIDIA, neutral in Apple, and negative in Tesla.

Portfolio Pulse from The Arora Report

October 19, 2023 | 3:29 pm

ICU

SeaStar Medical's shares are trading higher following the FDA's Breakthrough Device Designation for the company's Selective Cytopheretic Device for hepatorenal syndrome.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:29 pm

EWU

SPY

The London Stock Exchange is investigating an incident that has limited trading to only FTSE 100, FTSE 250, and IOB securities. The impact on US-listed ETFs like EWU and SPY is yet to be determined.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:21 pm

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NVDA

VMW

The US's embargo on advanced artificial intelligence technology to China could potentially disrupt the $69 billion deal between Broadcom Inc (AVGO) and Vmware, Inc (VMW). China's State Administration of Market Regulation has not yet approved the deal, and the recent US sanctions on AI chips could further delay the process. The sanctions will affect Nvidia Corp's (NVDA) A800 and H800 chips. Broadcom has stated there are no legal impediments to the deal in the US, and expects the transaction to close this fiscal year. VMW shares traded lower by 9.25% and AVGO shares traded lower by 1.74% in the premarket.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 3:20 pm

EWU

SPY

A system 'incident' has halted trading in hundreds of shares on the London Stock Exchange, affecting several high-profile names such as Asos Plc, Deliveroo Plc, and Metro Bank Holdings Plc. The halt began at about 3:10 p.m. local time.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:20 pm

SPY

Rep. Jim Jordan (R-Ohio) will not seek an additional speaker vote, instead backing a plan to give Rep. Patrick T. McHenry (R-N.C.), the temporary speaker, additional powers. This comes after two rounds of votes where it was clear that Jordan did not have enough support to win the speaker's gavel. This decision allows House functions to move forward.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 3:15 pm

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IBM

INTC

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MSFT

NVDA

The World Health Organization (WHO) has released a publication outlining regulatory considerations for the use of artificial intelligence (AI) in healthcare. The document emphasizes the importance of safety, efficacy, and rapid deployment of AI systems, and encourages dialogue among stakeholders. The U.S. is a key player in the AI in Healthcare Market, with companies such as Nvidia Corp, Intel Corporation, IBM, Alphabet Inc's Google, General Electric Co, Microsoft Corporation, Siemens Healthineers, Medtronic Plc, Micron Technology Inc, and Amazon Web Services leading the way.

Portfolio Pulse from Vandana Singh

October 19, 2023 | 3:08 pm

ICU

SeaStar Medical Holding Corporation (NASDAQ:ICU) shares are trading higher after the company received FDA Breakthrough Device Designation for its Selective Cytopheretic Device (SCD). This is the third such designation granted by the FDA to SeaStar for the SCD device, which is expected to expedite its clinical development and regulatory review. The company's stock is up over 40% on heavy volume.

Portfolio Pulse from Vandana Singh

October 19, 2023 | 3:06 pm