Streetbeat News

Regulatory

BCLI

BPTS

GWH

MORF

RNAZ

SCYX

U.S. stocks traded mixed with the Nasdaq Composite trading higher and the Dow trading down. TransCode Therapeutics shares surged 218% after announcing pre-clinical gliblastoma results. ESS Tech shares rose 24% after Honeywell International entered into a strategic collaboration with ESS Tech. Biophytis shares gained 54% after announcing a partnership agreement for the production of Sarconeos for severe forms of Covid-19. SCYNEXIS shares dropped 34% after recalling BREXAFEMME and halting clinical studies. Brainstorm Cell Therapeutics shares were down 33% after the FDA said there is insufficient evidence to support the company's ALS therapy. Morphic Holding shares fell 37% after BTIG downgraded the stock from Buy to Neutral.

Portfolio Pulse from Lisa Levin

September 25, 2023 | 6:43 pm

MMM

3M Co's shares are trading lower after 3M Belgium announced it is evaluating options to restart its idled PFAS manufacturing processes or to accelerate its discontinuance. This could lead to potential legal costs, fines, and reputational damage for the company. The stock is also affected by concerns about future rate hikes and lower-than-expected initial jobless claims data. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 25, 2023 | 6:31 pm

SPY

Moody's has warned that a U.S. government shutdown would be credit negative for the U.S. sovereign, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 5:16 pm

EPOL

SHEL

Poland's Unimot is in talks to buy a 37.5% stake in Germany's PCK Schwedt refinery, currently owned by Shell. The refinery, majority-owned by Russia's Rosneft, has been a problem for the German government since it ended energy ties with Moscow. This led Shell to revive plans to sell its stake in the refinery. Unimot is expanding international trading and seeking to import diesel to Germany amid EU sanctions on Russian oil and refined products.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 4:59 pm

BEKE

Shares of KE Holdings Inc (NYSE:BEKE) are trading lower due to concerns over China's property sector, following reports that China Evergrande is unable to issue new debt due to an investigation into its Hengda Real Estate subsidiary. KE Holdings, an online real estate services provider, could see reduced transaction volumes and revenue due to instability in the property market.

Portfolio Pulse from Henry Khederian

September 25, 2023 | 4:49 pm

TTOO

T2 Biosystems, Inc. (NASDAQ:TTOO) shares are trading lower, with a drop of over 50% in the last five days. This follows a large insider sale of TTOO shares by CR Group, L.P., who sold more than 10 million shares at $0.366 per share. Despite the FDA clearing the company's biothreat panel for commercial distribution, the stock has attracted attention from retail investors and short-sellers.

Portfolio Pulse from Erica Kollmann

September 25, 2023 | 4:47 pm

JD.Com Inc's shares are trading lower due to concerns over China's property sector, particularly the ongoing investigation into China Evergrande's Hengda Real Estate subsidiary. Economic uncertainty and a shaky property market may lead to a slowdown in JD.com's sales growth as consumers cut back on discretionary spending and big-ticket purchases.

Portfolio Pulse from Henry Khederian

September 25, 2023 | 4:23 pm

BCS

BNPQY

HSBC

Major global banks including Goldman Sachs Group, Inc. (GS), HSBC Holdings, Plc (HSBC), Barclays PLC (BCS), and BNP Paribas (BNPQY) are collaborating to develop a unified method of revealing clients' stock positions. The initiative, named Endoxa, aims to enhance transparency, reduce expenses, and mitigate the potential dangers of under-reporting. The banks are working with RegTech expert Droit to optimize their efforts.

Portfolio Pulse from Akanksha Bakshi

September 25, 2023 | 4:18 pm

MFG

MUFG

SMFG

Japanese stocks are trading lower following the Bank of Japan's decision to maintain short-term interest rates at -0.1% and continue with a loose monetary policy.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 4:12 pm

BCLI

Shares of Brainstorm Cell Therapeutics Inc (NASDAQ:BCLI) are plunging after the FDA raised concerns over the safety and efficacy of the company's ALS therapy, NurOwn. The FDA stated that there is insufficient evidence to support NurOwn's clinical benefit and identified a higher incidence of deaths in the treatment group. This news follows a refusal to file letter from the FDA regarding Brainstorm's marketing application for NurOwn last year.

Portfolio Pulse from Vandana Singh

September 25, 2023 | 3:49 pm