Streetbeat News

Regulatory

SPY

Atlanta Fed President Bostic predicts a single quarter point rate cut towards the end of next year. He also anticipates inflation approaching the 2% target by the end of 2025, indicating there is still work to do in lowering inflation, but is confident that underlying price trends are slowing.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 5:06 pm

META

SPY

The Meta Oversight Board is set to open a case regarding a manipulated video of U.S. President Biden. This comes as part of the company's efforts to combat misinformation on its platforms.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:57 pm

AMZN

GOOGL

MSFT

British media regulator, Ofcom, is advocating for an antitrust probe into Amazon and Microsoft's dominance in the UK's cloud computing market. The two companies hold a combined market share of 60-70%, significantly overshadowing Google's 10%. Ofcom has expressed concerns about the challenges clients face in negotiating favorable terms due to this market dominance. Amazon and Microsoft's shares traded lower by 3.25% and 2.55% respectively.

Portfolio Pulse from Anusuya Lahiri

October 03, 2023 | 4:48 pm

AMZN

According to the Wall Street Journal, Amazon used a secret algorithm, known as 'Project Nessie', to raise prices. This strategy reportedly generated over $1B in revenue for the company.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:46 pm

SNGX

Soligenix has been granted U.S. Patent #11771757 for the compositions and methods of manufacturing trivalent filovirus vaccines. This could potentially strengthen the company's intellectual property portfolio and provide a competitive edge in the vaccine market.

Portfolio Pulse from Charles Gross

October 03, 2023 | 4:40 pm

META

Meta Platforms Inc. is reportedly considering a $14/month subscription plan for European users to comply with EU regulations on personalized ads. This news has led to a decrease in Meta's share price.

Portfolio Pulse from Bill Haddad

October 03, 2023 | 4:34 pm

EZPW

FCFS

MMSC

OPFI

PFI

RZV

WRLD

The U.S. Supreme Court is set to hear a case challenging the funding structure of the Consumer Financial Protection Bureau (CFPB). The case, initiated by payday lenders, argues that the CFPB's funding mechanism, which draws from the Federal Reserve rather than Congress-approved budgets, violates the Constitution. If the court rules in favor of the lenders, regulations issued by the CFPB over the past 12 years could be nullified, and the funding models of other regulators and programs could be scrutinized. Stocks and ETFs exposed to the payday loan sector, including Firstcash Holdings Inc, Oppfi Inc, World Acceptance Corp., EZCORP Inc, First Trust Multi-Manager Sm Cap Opportunities ETF, Invesco S&P SmallCap 600 Pure Value ETF, and Invesco Dorsey Wright Financial Momentum ETF, could be impacted.

Portfolio Pulse from AJ Fabino

October 03, 2023 | 4:30 pm

OMIC

Singular Genomics Systems has been granted U.S. Patent #11773439 for its nucleic acid sequencing-by-synthesis (SBS) methods that combine SBS cycle steps. The patent could potentially strengthen the company's intellectual property portfolio and competitive position in the genomics market.

Portfolio Pulse from Charles Gross

October 03, 2023 | 4:30 pm

VRAR

Glimpse Group Inc has entered into a securities purchase agreement with accredited and institutional investors, according to a recent SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:28 pm

FEMY

OCEA

PNT

SDC

SPRC

VERY

US stocks fell with the Nasdaq Composite dropping over 200 points. Job openings increased by 690,000 to 9.61 million in August. Vericity, Inc. (VERY) shares rose 87% after iA Financial Group announced its acquisition. POINT Biopharma Global Inc. (PNT) shares rose 85% after Eli Lilly And Co (LLY) agreed to acquire it. SciSparc Ltd. (SPRC) shares rose 33% after being granted a European patent. SmileDirectClub, Inc. (SDC) shares fell 42% after receiving a delisting notice from Nasdaq. Ocean Biomedical, Inc. (OCEA) shares fell 26% after announcing its cancer-targeting immunotherapy antibody candidate's results. Femasys Inc. (FEMY) shares fell 36%.

Portfolio Pulse from Lisa Levin

October 03, 2023 | 4:20 pm