Streetbeat News

Regulatory

SPY

Republican U.S. Representative Matt Gaetz plans to put forward a motion this week to oust Kevin McCarthy as Speaker, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:31 pm

COIN

ETHUSD

USDCUSD

Coinbase Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing it to offer Digital Payment Token services in the country. The company has tailored its offerings to the region, introduced funding methods, integrated SingPass for a simplified onboarding process, and made USD Coin purchases using SGD more accessible by eliminating fees. Coinbase has also made over 15 investments in the region through Coinbase Ventures and collaborated with local entities.

Portfolio Pulse from Murtuza Merchant

October 02, 2023 | 4:31 pm

SPY

VGK

The Pentagon has warned Congress that it is running low on funds to replace weapons sent to Ukraine, and has already had to slow down resupplying some troops. The Pentagon Comptroller, Michael McCord, stated that there is $1.6 billion left of the $25.9 billion provided by Congress to replenish U.S. military stocks sent to Ukraine. The U.S. also has about $5.4 billion left to provide weapons and equipment from its stockpiles. McCord warned that without additional funding, the U.S. will have to delay or curtail air defense weapons, ammunition, drones, and other equipment.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:29 pm

SPY

Federal Reserve Chairman Jerome Powell has stated that the Fed's ambition is to maintain a strong labor market, which requires price stability. He also noted that as economic expansions continue, more wage gains are seen in the lower part of the income spectrum.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:18 pm

AAPL

GOOGL

MSFT

Microsoft's CEO, Satya Nadella, testified in the Google antitrust trial, highlighting the potential of AI in enhancing search capabilities. He expressed concerns that Google could leverage its substantial search-related earnings to secure exclusive content rights, enhancing its AI and further extending its market lead. Nadella also mentioned Microsoft's failed attempts to position Bing as the default search app on Apple's products.

Portfolio Pulse from Anusuya Lahiri

October 02, 2023 | 4:11 pm

BHRB

SMMF

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) and Summit Financial Group, Inc. (NASDAQ:SMMF) have submitted regulatory filings related to their merger agreement. The merger, announced on August 24, 2023, is expected to close in Q1 2024, subject to regulatory and shareholder approvals.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 4:02 pm

SPY

UNG

USO

International Energy Agency (IEA) Executive Director Birol stated that subsidies are a major incentive to increase fossil fuel use and eliminating them is crucial. This statement could impact the fossil fuel industry and related ETFs.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:58 pm

SNDX

Syndax Pharmaceuticals Inc announced topline data from the AUGMENT-101 trial of revumenib in patients with acute myeloid leukemia and acute lymphoid leukemia. The trial met its primary endpoint with a complete remission rate of 23% among the 57 efficacy evaluable patients. However, the company is stopping the trial to further accrual in the KMT2Ar cohorts based on the Independent Data Monitoring Committee recommendation. SNDX shares are down 9.09% at $13.20.

Portfolio Pulse from Vandana Singh

October 02, 2023 | 3:51 pm

ATHE

Alterity Therapeutics Ltd has filed for a mixed shelf of up to $50 million, according to a SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:48 pm

LLY

The FDA has declined to approve Eli Lilly's lebrikizumab biologic license application for the treatment of moderate-to-severe atopic dermatitis (eczema). The decision was based on findings from a third-party inspection of a contract manufacturing organization. The FDA had no concerns about the clinical data package, safety, or label for lebrikizumab. No other Lilly products are affected. LLY shares are down 0.77% in premarket trading.

Portfolio Pulse from Vandana Singh

October 02, 2023 | 3:46 pm