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Regulatory

INTC

QQQ

The Nasdaq 100 index fell to late August lows following the Federal Reserve's decision to maintain rates at 5.25%-5.5% and hint at a possible rate hike by the end of 2023. The Invesco QQQ Trust, the largest ETF tracking the Nasdaq 100, dropped 1.5%. Other ETFs such as SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, and Dow Jones Industrial Average ETF also experienced declines. Among S&P 500 mega caps, Intel Corp., Alphabet Inc., Nvidia Corp., Netflix Inc., and Microsoft Corp. were the worst performers.

Portfolio Pulse from Piero Cingari

September 20, 2023 | 8:25 pm

ARM

NVDA

The article discusses the current economic situation, focusing on inflation, interest rates, and the impact of the Federal Reserve's actions. It also mentions the IPO of Arm Holdings, which is trading above Nvidia's valuation, despite skepticism about its role in AI advancements. The article suggests that the Federal Reserve's rate hikes are not solely responsible for the current inflation and economic growth, pointing to Congressional overspending as another factor.

Portfolio Pulse from Gary Brode

September 20, 2023 | 8:18 pm

AXTI

AXT, Inc.'s subsidiary, Beijing Tongmei Xtal Technology Co., Ltd., has received initial export permits from China's Central Ministry of Commerce to resume shipping gallium arsenide and germanium substrates to certain customers. This follows China's new export control regulations on gallium and germanium materials implemented on August 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:15 pm

PMVP

PMV Pharmaceuticals will present updated Phase 1 clinical data on PC14586, a precision oncology investigational therapy, at the 2023 AACR-NCI-EORTC International Conference. The data pertains to patients with advanced solid tumors that have a TP53 Y220C mutation. The company will also host a webinar on October 12, 2023, to review the data and provide a regulatory update.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:08 pm

DYN

Dyne Therapeutics has received FDA Orphan Drug Designation for DYNE-101, a treatment for Myotonic Dystrophy Type 1. The company is on track to report initial data from the global, multiple ascending dose Phase 1/2 ACHIEVE Clinical Trial in the second half of 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:05 pm

AMD

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are trading lower in line with the broader market following the Federal Reserve's decision to maintain the federal funds rate. The company's stock, like many tech companies, is often valued based on expectations of future growth and earnings. A potential future rate hike could lead to a reevaluation of valuation models, potentially resulting in a lower valuation for AMD and a decrease in its stock price.

Portfolio Pulse from Henry Khederian

September 20, 2023 | 8:05 pm

IVA

Inventiva (NASDAQ:IVA) and Hepalys Pharma, Inc. have entered into an exclusive licensing agreement to develop and commercialize Inventiva's drug candidate lanifibranor in Japan and South Korea. Inventiva will receive a $10 million upfront payment and is eligible to receive up to $231 million in milestone payments. Inventiva has a 30% ownership in Hepalys Pharma and the option to acquire all outstanding shares of Hepalys Pharma.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:01 pm

UPTD

TradeUP Acquisition Corp. has announced that each investor will purchase an aggregate of $5M shares of the company's stock, at a price per share of $10, concurrently with the closing of the business combination, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 7:58 pm

MOS

SPY

VGK

The U.S. International Trade Commission (ITC) has been ordered by a court to reconsider phosphate duties. The court ruled that the ITC must conduct a new analysis of the situation and make a new determination within 7 months.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 7:57 pm

TSLA

Tesla Inc's shares are trading lower, down by 1.1% to $263.70, in line with the broader market following the Federal Reserve's decision. The company, which relies on borrowing for various purposes, could face higher borrowing costs if the Federal Reserve hints at future rate hikes. Tesla has historically burned through significant amounts of cash and carries substantial debt, so higher interest rates could increase its interest expenses, potentially impacting profitability and cash flow.

Portfolio Pulse from Henry Khederian

September 20, 2023 | 7:55 pm