Streetbeat News

Regulatory

SPY

TSLA

VGK

The European Union (EU) is planning to loosen new rules on electric vehicle (EV) sales in an attempt to defuse a row with the UK. The move could potentially impact the sales of EV manufacturers, including Tesla (TSLA).

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 6:27 pm

USDCUSD

USDTUSD

Hong Kong's Secretary for Financial Services and the Treasury, Christian Hui, announced that the country has not adopted any regulations for stablecoins such as Tether (USDT) or USD Coin (USDC), thus they will not be allowed to trade on the exchange. The Hong Kong Monetary Authority may introduce regulatory guidelines for the stablecoin market by the end of 2024. This comes after Hong Kong allowed retail trading of cryptocurrencies in early August 2023.

Portfolio Pulse from Khyathi Dalal

October 06, 2023 | 5:24 pm

BTCUSD

ETHUSD

RUNEUSD

THORSwap, a decentralized exchange built on the THORChain platform, has temporarily transitioned its interface into maintenance mode due to concerns about potential illicit funds movement. The exchange is working with advisors, legal teams, and law enforcement agencies to address the issue. The move comes after the 'FTX cybercriminal' reportedly moved 22,500 Ethereum, valued at $38 million, using THORChain and Railgun.

Portfolio Pulse from Murtuza Merchant

October 06, 2023 | 4:58 pm

OLIT

OmniLit Acquisition Corp. (NASDAQ:OLIT) has announced that its registration statement on Form S-4, relating to the business combination with Syntec Optics, Inc., has been declared effective by the U.S. Securities and Exchange Commission. The Annual Meeting to approve the proposed business combination is scheduled to be held on October 31, 2023. If approved, the combined entity will commence trading on the Nasdaq under the new ticker symbols 'OPTX' and 'OPTXW'.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 4:50 pm

CYTK

Cytokinetics, Incorporated (NASDAQ:CYTK) has presented the baseline characteristics of patients randomized in SEQUOIA-HCM, the pivotal Phase 3 clinical trial of aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM). The trial enrolled a total of 282 patients, with one third from the United States, one half from Europe and Israel, and the remainder from China. The company looks forward to announcing topline results from SEQUOIA-HCM by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 4:49 pm

AMGN

MRTX

SNY

Sanofi SA is reportedly considering the acquisition of Mirati Therapeutics Inc, which could strengthen Sanofi's drug pipeline and reduce its reliance on asthma medicine Dupixent. This would also aid Mirati in commercializing Krazati and funding further studies. Mirati's Krazati received FDA accelerated approval in December, but European regulators issued a negative opinion. Meanwhile, FDA advisers concluded that data from a late-stage trial lacked the requisite reliability to endorse the traditional approval of Amgen Inc's Lumakras. Analysts believe this could provide a positive boost to Krazati's launch and short-term adoption rate.

Portfolio Pulse from Vandana Singh

October 06, 2023 | 4:44 pm

AMZN

GOOG

MSFT

NVDA

Nvidia Corp's stock is trading higher as the U.S. prepares to implement another round of semiconductor technology sanctions on China. Many U.S. chip firms, including Nvidia, generate over 20% of their revenue from China. Nvidia and other chipmakers are urging the U.S. government to soften its China policy. Nvidia's revenue in the data center segment has soared from $339 million in fiscal 2016 to over $15 billion last year, bolstered by the launch of OpenAI’s AI chatbot ChatGPT. Nvidia GPUs are extensively used in AI and data centers of tech giants like Alphabet Inc, Microsoft Corp, and Amazon.Com, Inc.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 4:42 pm

DEO

Guinness Nigeria Plc, a unit of Diageo Plc (NYSE:DEO), plans to halt imports of certain spirits, including Johnnie Walker whiskey, from April 2024 due to currency fluctuations. This move aligns with Diageo's strategy to establish a new venture for managing spirit imports and distribution across West and Central Africa. The decision is expected to help Guinness Nigeria focus on its core business, fully utilize its assets, reduce foreign exchange requirements, and mitigate the impacts of foreign exchange scarcity and exchange rate volatility.

Portfolio Pulse from Shivani Kumaresan

October 06, 2023 | 4:33 pm

SPY

President Biden has stated that he was told he had no choice but to continue building new sections of the border wall. The impact on the stock market or specific companies is not directly mentioned in the article.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 4:32 pm

FXI

SPY

President Biden has stated that there is no meeting set up with Chinese President Xi Jinping, but it remains a possibility. This statement could potentially impact the relations between the two countries and their respective economies.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 4:32 pm