Streetbeat News

Regulatory

GM

General Motors Company (NYSE:GM) shares are trading lower following a report suggesting the company has at least 20 million vehicles with potentially explosive airbag parts. The National Highway Traffic Safety Administration (NHTSA) is considering a recall. This news, along with the ongoing United Auto Workers strike, has put pressure on General Motors stock, which is down 23.19% over the past three months.

Portfolio Pulse from Ryan Gustafson

October 05, 2023 | 6:33 pm

MRTX

Mirati Therapeutics shares are trading higher amid an FDA advisory committee meeting discussing a rival drug by Amgen.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 6:25 pm

CARR

BofA Securities analyst Andrew Obin has downgraded Carrier Global Corporation (NYSE:CARR) to Underperform from Neutral, lowering the price target to $55 from $62 due to increasing HVAC concerns in Europe. The analyst notes that countries are diluting green incentives and regulations, leading to a slowdown in the market. This is particularly impactful for Carrier as Viessmann's revenue is approximately 40% heat pumps. The analyst also notes that Carrier's valuation has been rerated upwards following the announcement of the Viessmann acquisition.

Portfolio Pulse from Nabaparna Bhattacharya

October 05, 2023 | 6:24 pm

FTTUSD

Insiders from cryptocurrency exchange FTX (CRYPTO: FTT) have revealed a concealed mechanism linked to Alameda Research that allowed unauthorized withdrawal of billions in customer funds. The issue was reported to the company's higher-ups but no action was taken. The 'backdoor' is now a focal point in the ongoing trial against FTX's former head, Sam Bankman-Fried, who faces charges of fraud in a New York federal court. The discrepancy was first noticed by a team from LedgerX, a U.S. crypto-derivatives exchange acquired by FTX.

Portfolio Pulse from Murtuza Merchant

October 05, 2023 | 6:18 pm

AVGR

Avinger has received a notice of allowance for its U.S. patent application 17/449,867 titled 'Occlusion-Crossing Devices, Imaging, and Atherectomy Devices'.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 6:03 pm

ETHUSD

A total of 2,016.63 Ether (ETH) worth $3,263,084 was burned from Ethereum transactions on Wednesday. This follows the implementation of the Ethereum improvement proposal EIP-1159 in August 2021, which changed the fee model and introduced a variable base fee that is burned, reducing the supply of Ether. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency.

Portfolio Pulse from Benzinga Insights

October 05, 2023 | 6:00 pm

VLO

XOM

Crude oil prices have dropped over 12% recently due to producers lessening their short positions, signaling decelerating demand. This has led to a significant dynamic within economic cycles, potentially hinting at future shifts in rates. Refiners like ExxonMobil (XOM) and Valero (VLO) may need to recalibrate their refining processes due to shrinking margins. The U.S. Energy Information Administration’s Weekly Petroleum Status Report shows a decrease in refinery capacity utilization rates and an unexpected surge in motor gasoline inventories. The current spread correction between crude oil and gasoline is one of the most pronounced since 2008, which could indicate a decrease in treasury rates after 3-6 months.

Portfolio Pulse from Kevin Green

October 05, 2023 | 5:47 pm

ACAQ

Athena Consumer Acquisition Corp. (ACAQ) has announced that the conditions for closing the business combination with Next.e.GO Mobile SE and its subsidiaries have not yet been met. The parties are working to satisfy these conditions, including obtaining Nasdaq approval to list TopCo’s ordinary shares post-closing. There is no assurance that the business combination will be completed by the deadline of October 22, 2023, as required by ACAQ's governing documents.

Portfolio Pulse from Charles Gross

October 05, 2023 | 5:42 pm

EWC

Canada's Innovation Minister has announced that major grocery chains have made an initial commitment to stabilize food prices. This will result in discounts across a variety of food products, price freezes, and price matching campaigns.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 5:27 pm

AAL

ALK

BA

DAL

JBLU

LUV

SAVE

UAL

Senior Democratic Senator Durbin has asked U.S. airlines to respond to service complaints and high fees. The airlines potentially involved include American Airlines (AAL), Alaska Air Group (ALK), Boeing (BA), Delta Air Lines (DAL), JetBlue Airways (JBLU), Southwest Airlines (LUV), Spirit Airlines (SAVE), and United Airlines (UAL).

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 5:22 pm