Streetbeat News

Regulatory

SPY

Federal Reserve's Logan stated that the progress on inflation is encouraging but it's too early to be confident that it is headed to Fed's 2% target in a sustainable, timely way. He also noted that output and spending have been surprisingly strong and the outlooks for consumers are positive.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:02 pm

SPY

Federal Reserve's Logan stated that if the stronger economy is causing the rise in long-term rates, the Fed may need to take further action. He emphasized that high inflation is the most significant risk, but the labor market remains strong with solid wages.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:02 pm

GOVX

GeoVax has received a notice of allowance for its Marburg vaccine patent, titled 'Replication-Deficient Modified Vaccinia Ankara (MVA) Expressing Marburg Virus Glycoprotein (GP) And Matrix Protein (VP40)'. The patent application number is 17/584,231.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:01 pm

SPY

Federal Reserve's Logan suggests that if higher long-term rates are due to higher term premiums, there may be less need for the Fed to raise rates. The role of higher term premiums in higher long-term rates is clear, but the magnitude is uncertain.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:01 pm

HYPR

Hyperfine, Inc. has received FDA clearance for its updated AI-powered software, which improves image quality for all Swoop System sequences. This development could potentially enhance the company's market position.

Portfolio Pulse from Bill Haddad

October 09, 2023 | 1:01 pm

SPY

Federal Reserve official Lorie Logan stated that continued restrictive financial conditions will be necessary to control inflation. She also mentioned that the Federal Reserve must consider the financial conditions, which have tightened significantly in recent months, while setting the policy rate.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 1:00 pm

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc, is under scrutiny in an ongoing antitrust trial. Witnesses have revealed that Google altered its advertising auction formula in 2017, leading to a 15% increase in prices and potentially billions in extra revenue. The company is accused of maintaining a monopoly over online search by paying significant sums to web browsers and smartphone makers to be the default search option. Google's search ad revenue, contributing to over 60% of its total income, exceeded $100 billion in 2020.

Portfolio Pulse from Anusuya Lahiri

October 09, 2023 | 12:57 pm

ALNY

ANAB

MTEK

AnaptysBio (ANAB) announced positive top-line Phase 3 clinical trial results for Imsidolimab, causing a 29% increase in stock price. Maris-Tech (MTEK) will exhibit at Milipol Paris 2023, featuring its AI-based intelligence gathering and advanced video payload solutions, leading to a 45% stock price increase. Alnylam (ALNY) received a complete response letter from the U.S. FDA for a supplemental new drug application, causing a 7% decrease in stock price.

Portfolio Pulse from ryanfaloona@benzinga.com

October 09, 2023 | 12:54 pm

AAPL

BABA

China plans to increase its computing power by over a third by 2025, aiming for more than 300 exaflops, up from 220 this year. This initiative is part of Beijing's strategy to enhance its technological self-reliance amidst U.S. sanctions. The plan includes constructing 20 new smart computing centers within two years and expanding optical networks and advanced data storage by 2025. Alibaba Group Holding Limited (NYSE: BABA) and Apple Inc (NASDAQ: AAPL) are mentioned in the context of this development.

Portfolio Pulse from Anusuya Lahiri

October 09, 2023 | 12:52 pm

ARM

CART

The IPO market has been struggling due to rising interest rates and recessionary headwinds. High-profile IPOs like Arm Holdings (NASDAQ:ARM) and Instacart (NYSE:CART) have seen their stocks wobble soon after listing, with Arm's stock falling nearly 15% and Instacart's plunging over 24%. The Federal Reserve's plan to continue raising interest rates has deterred companies from going public due to concerns about rising borrowing costs. The current hawkish backdrop is unfavorable for IPOs as growth expectations and funding availability remain low.

Portfolio Pulse from Aditi Ganguly

October 09, 2023 | 12:52 pm