Streetbeat News

Regulatory

ADXN

Addex Therapeutics (NASDAQ:ADXN) has announced a 1-for-20 reverse ADS split to regain compliance with the Nasdaq minimum bid price requirement. The change in the ADS ratio, from one ADS to six ordinary shares to a new ratio of one ADS to 120 ordinary shares, has been accepted by Nasdaq and will be effective on October 23, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 7:12 am

USO

The U.S. Department of Energy’s Office of Petroleum Reserve announced plans to purchase up to 6 million barrels of oil for the Strategic Petroleum Reserve (SPR), with deliveries in December 2023 and January 2024. The purchases will be made when oil prices are below $79 per barrel. The announcement follows the Biden administration's sale of about 180 million barrels of oil from the SPR in 2022. The United States Oil Fund, LP (NYSE:USO), an ETF, rose 2.30% to $81.68 on Thursday.

Portfolio Pulse from Shanthi Rexaline

October 20, 2023 | 6:32 am

EWG

Germany's Producer Price Index (PPI) for September has decreased by 0.2%, missing the estimated 0.4% and lower than the prior 0.3%.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 6:04 am

EWU

UK's core retail sales for September fell by 1%, which is more than the estimated 0.4% decrease and a significant drop from the 0.6% increase in the previous month.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 6:01 am

FXI

The People's Bank of China has kept its loan prime rate unchanged at 3.45%. This decision could influence the performance of related assets, such as the iShares China Large-Cap ETF (FXI).

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:53 am

BBJP

DXJ

EWJ

Japan's National Consumer Price Index (MoM) has increased to 0.3% from the previous 0.2%.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:53 am

BTCUSD

TSLA

Bitcoin (BTC) surged to $29,000 following Federal Reserve Chair Jerome Powell's acknowledgment of persistent inflation and the need for lower economic growth. Over $20 million worth of BTC shorts were liquidated in the last 24 hours. JPMorgan anticipates Bitcoin ETF approvals within the next few months. Morgan Stanley's report suggests the potential end of the 'crypto winter' bear market. Tesla's Q3 financial statement revealed it continues to hold Bitcoin, valued at $184 million.

Portfolio Pulse from Mehab Qureshi

October 20, 2023 | 4:45 am

COIN

XRPUSD

The U.S. Securities and Exchange Commission (SEC) has asked the judge to dismiss its lawsuit against Ripple's key executives, Christian Larsen and Bradley Garlinghouse. The lawsuit was centered around allegations that Larsen and Garlinghouse aided Ripple's violations of the Securities Act of 1933 with Ripple's 'Institutional Sales' of XRP. The SEC and Ripple will deliberate on a potential briefing schedule concerning the appropriate remedies against Ripple for its alleged Section 5 violations tied to its Institutional Sales of XRP. The SEC had also taken legal action against Binance and Coinbase Global Inc.

Portfolio Pulse from Murtuza Merchant

October 19, 2023 | 9:56 pm

F

GM

STLA

TSLA

The United Auto Workers (UAW) union is in discussions with General Motors, Ford Motor, and Stellantis over wage and union representation issues at upcoming electric vehicle battery factories. The dispute is influenced by Tesla and its Chinese counterparts. UAW President Shawn Fain is advocating for a rise in wages at their respective joint-venture battery factories and for UAW to unionize future battery plant employees. Fain is also advocating for a bigger portion of the expected U.S. government subsidies for battery cell manufacturing. Ford Motor announced another round of layoffs in Michigan, affecting an additional 150 workers, due to the ongoing strike led by the UAW.

Portfolio Pulse from Piero Cingari

October 19, 2023 | 9:28 pm

LLY

Pharmaceutical company Lilly has filed a complaint with the U.S. International Trade Commission against companies importing, selling, or distributing what they claim is tirzepatide, the active ingredient in Mounjaro®. Testing revealed that at least one company was selling sugar alcohol instead. Lilly aims to prevent these companies from potentially endangering patient health.

Portfolio Pulse from Charles Gross

October 19, 2023 | 8:58 pm