Streetbeat News

Regulatory

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

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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

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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

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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

NVTA

Invitae's Common Hereditary Cancers Panel has received FDA market authorization, marking the first authorization of its kind. This could provide marketing differentiation and opportunities for the largest testing category. It also sets the bar for expected performance and data required for future regulatory approval of similar products.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 4:11 pm

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Shares of China Evergrande Group Limited (OTC:EGRNF) surged after it resumed trading in Hong Kong, sparking speculation of a potential bailout. The company's real estate subsidiary also resumed trading. Analysts caution that the price increase is driven by speculation rather than fundamental news. The Chinese government reportedly has around $500 billion on hand to assist developers if required. Evergrande's EV maker subsidiary was not allowed to resume trading. The company's future is contingent on the decision reached by a group of secret creditors who hold $15 billion of offshore bonds.

Portfolio Pulse from Daniel Harrison

October 03, 2023 | 3:47 pm

SDC

SmileDirectClub (SDC) has received notice that its securities will be delisted from the Nasdaq, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 3:42 pm

SPY

Federal Reserve's Loretta Mester expects to hit 2% inflation by the end of 2025 and doesn't foresee any rate cuts happening soon. She attributes the rise in yields to several factors, including a changed outlook on growth.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 3:32 pm