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Regulatory

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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

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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

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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

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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

Goldman Sachs Group (NYSE:GS) reported Q3 EPS of $5.47, down from $8.25 a year ago, beating the consensus of $5.31. BMO Capital Markets analyst James Fotheringham reiterated an Outperform rating on GS, with a price target of $421. However, due to higher compensation and credit costs, the analyst lowered out-year estimates by -2%. Regulatory uncertainty related to Basel 3 End-game proposals also dampens GS's outlook for 4Q23 share repurchases. GS shares are trading lower by 2.08% to $302.91.

Portfolio Pulse from Nabaparna Bhattacharya

October 18, 2023 | 6:43 pm

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Avangrid's subsidiary, Central Maine Power (CMP), has won a $30 million federal grant for smart grid technology. The grant, established by the Bipartisan Infrastructure Law, will enhance grid flexibility and improve the resilience of Maine's power grid against extreme weather threats.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:32 pm

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The Department of Justice (DOJ) has issued an advisory on Iran's ballistic missile procurement activities. The advisory does not directly mention any US-listed companies or ETFs.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:26 pm

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The article lists the stocks that have gained and lost the most in Wednesday's mid-day session. Notable gainers include Shift Technologies, Treasure Global, and SeaStar Medical Holding, while significant losers include Nuvve Holding, NuZee, and Color Star Technology. Factors influencing these changes range from bankruptcy filings and FDA approvals to public offerings and earnings reports.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 6:15 pm

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A senior State Department official has expressed optimism that the current engagement with Venezuela will lead to the release of political prisoners and wrongfully detained Americans in the near term.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:07 pm

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The U.S. is issuing licenses to broadly ease sanctions on Venezuela's oil and gas sector, including its business with Caribbean nations, according to a senior State Department official.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 6:06 pm