Streetbeat News

Regulatory

SPY

U.S. Representative Jim Jordan has announced that the next vote for the Speaker of the House is expected to take place on Thursday. The outcome of this vote could potentially influence the direction of future legislation.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 7:53 pm

POR

The U.S. Department of Energy (DOE) has granted $250 million to the Confederated Tribes of Warm Springs, in partnership with Portland General Electric (PGE), for critical transmission upgrades.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 7:43 pm

CCL

Carnival Corp (NYSE:CCL) shares are trading lower by 5.9% despite no company-specific news. The stock is down due to weakness in major indexes, rising Treasury yields, weakness in Morgan Stanley following its Q3 earnings, and softer-than-expected housing start data. The Israel-Hamas conflict has also caused travel uncertainty and U.S. airlines suspending flights to Israel, impacting the travel industry, including cruise stocks.

Portfolio Pulse from Henry Khederian

October 18, 2023 | 7:40 pm

RIOT

Riot Platforms, Inc. (NASDAQ:RIOT) shares are trading lower following a slight decline in the price of Bitcoin. The decline in RIOT's stock price may be due to the volatility of Bitcoin, which surged to $29,397.30 on Monday but has since pulled back. This follows a now-refuted rumor of Bitcoin spot ETF approval that had initially caused a spike in Bitcoin and related stocks.

Portfolio Pulse from Ryan Gustafson

October 18, 2023 | 7:38 pm

USO

The Biden administration is reportedly preparing to ease sanctions on Venezuela's oil and gas sector following a 2024 election deal between the Venezuelan government and its opposition. This move could be reversed if the Venezuelan government fails to lift bans on opposition presidential candidates and release political prisoners. The decision has led to a 1% increase in oil prices and a 1.6% increase in the United States Oil Fund (NYSE:USO).

Portfolio Pulse from Piero Cingari

October 18, 2023 | 7:30 pm

COIN

Coinbase Global Inc. (NASDAQ:COIN) has chosen Germany as its base for European expansion, as part of its 'Go Broad, Go Deep' international market strategy. The move is part of the company's Phase II of its international strategy. Germany will serve as the regional talent hub for Coinbase's infiltration of markets across the European Union. The decision was influenced by the increasing migration of Web3 firms from the U.S. to Europe, and the fact that Germany is Coinbase's second-largest international market.

Portfolio Pulse from Khyathi Dalal

October 18, 2023 | 7:23 pm

CRLBF

FFNTF

GTBIF

MRMD

Pablo Zuanic, managing partner and senior analyst at Zuanic & Associates, has analyzed the capital expenditure (capex) strategies of 20 prominent cannabis Multi-State Operators (MSOs). Amid high interest rates and regulatory uncertainties, most companies are prioritizing cost reduction and cash flow management. However, Zuanic suggests that some MSOs with the resources should increase capex for profitable growth. Green Thumb (OTC:GTBIF) leads the way with a capex-to-sales ratio of 26% in 1H23, well above the group average of 6%. Other high capex players include MariMed (OTC:MRMD), 4Front (OTC:FFNTF), and Cresco (OTC:CRLBF).

Portfolio Pulse from Nicolás Jose Rodriguez

October 18, 2023 | 7:16 pm

ARDX

BAER

ICU

NUZE

NVVE

SPR

US stocks traded lower with the S&P 500 falling more than 1% on Wednesday. Energy shares climbed by 0.9% while materials shares fell by 2.1%. Crude oil inventories in the US declined by 4.491 million barrels. Spirit AeroSystems shares shot up 24% after an agreement with Boeing. Ardelyx shares rose 13% after FDA approval of XPHOZAH. SeaStar Medical shares gained 54% after FDA granted Breakthrough Device Designation for hepatorenal syndrome. Nuvve Holding shares dropped 42% after pricing of $1 million underwritten public offering. NuZee shares were down 44% after pricing its $1.275 million underwritten public offering. Bridger Aerospace shares fell 29% after announcing a $70 million proposed public follow-on offering.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 7:02 pm

ALE

The U.S. Department of Energy has awarded a $50 million grant to Minnesota Power, a division of ALLETE (NYSE:ALE), to modernize its high-voltage direct current (HVDC) transmission system. The grant will support the HVDC Terminal Expansion Capability Project, which aims to increase the reliability and resilience of the regional grid and prepare it for future energy needs. The project is part of Minnesota Power's strategy to support federal and state energy policy goals, including Minnesota's carbon-free by 2040 legislation.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:58 pm

UBS

VFS

Credit Suisse AG is under investigation by Singapore authorities for money laundering, following its acquisition by UBS Group AG. The probe has so far seized around $2 billion in assets and raises questions about the bank's potential status as a safe-haven for dirty money. This comes at a time when UBS and Credit Suisse are also under investigation by the Department of Justice over evasion of Russian sanctions. The news poses a risk to the bank's global relationships and comes after the loss of six high-ranking executives from Credit Suisse.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 6:51 pm