Streetbeat News

Regulatory

SPY

Data from the New York Federal Reserve suggests that underlying inflation may be slower than previously thought, according to Reuters.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:49 pm

TSLA

Tesla Inc's shares are trading lower by 2.66% amid overall market weakness and concerns over further rate hikes. The Federal Reserve's latest data shows signs of supply and demand in the labor market moving toward a better balance. Higher interest rates could increase Tesla's borrowing costs, potentially impacting its ability to invest in future growth. Investors may also reassess the valuation of growth-oriented companies like Tesla, leading to downward pressure on stock prices.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 3:48 pm

DISH

SATS

Charlie Ergen, the chairman of Dish and EchoStar, is considering merging the two companies. EchoStar is financially stronger than Dish, which is spending heavily to build a nationwide mobile network. Dish has $22 billion of debt, more than 10 times its annual cash flow, while EchoStar is essentially debt-free. Dish is also under pressure from the FCC to meet a 2025 deadline to offer service to 75% of Americans, which may require an additional $3 billion investment.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:37 pm

F

GM

SPY

California has reached an agreement with major truck manufacturers on state emissions rules. The companies involved are not specified in the article.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:31 pm

NXPI

TSM

Semiconductor manufacturers NXP Semiconductors (NASDAQ:NXPI) and Taiwan Semiconductor Manufacturing Company (NYSE:TSM) are experiencing a decline in their stock prices following China's announcement of export restrictions on gallium and germanium, metals critical to chip production. This move is seen as a possible retaliation to U.S. export controls. The broader tech sector is also trading lower due to concerns over potential Fed rate hikes.

Portfolio Pulse from Erica Kollmann

July 06, 2023 | 3:27 pm

NYMX

Nymox Pharmaceutical has received a Nasdaq delisting notice, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 2:53 pm

USDCUSD

Payment services company Circle is considering issuing a stablecoin in Japan following the recent implementation of legislation governing stablecoins in the country. The revised Payment Services Act in Japan certifies stablecoins backed by legal tender as an 'electronic payment method' and permits their issuance. Circle recently secured a Major Payment Institution (MPI) license in Singapore, enabling it to offer digital payment token services, domestic money transfer services, and cross-border money transfer services in the city-state.

Portfolio Pulse from Murtuza Merchant

July 06, 2023 | 2:46 pm

FXI

SPY

U.S. Treasury Secretary Janet Yellen announced that the U.S. will end the Trump-era tariffs on China. This could potentially boost trade between the two countries.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 2:45 pm

IXHL

Incannex Healthcare Limited (NASDAQ:IXHL) has received approval to commence a bioavailability/bioequivalence clinical trial on IHL-42X, its proprietary drug for treatment of obstructive sleep apnea. The trial will assess the pharmacokinetics and tolerability of the two active pharmaceutical ingredients in IHL-42X, dronabinol and acetazolamide. The trial will be conducted at CMAX Clinical Research in Adelaide, South Australia and managed by Novotech. The results will form a critical component of a future new drug application.

Portfolio Pulse from Vuk Zdinjak

July 06, 2023 | 2:43 pm

CCCC

Brookline Capital has issued a note stating that the FDA-clearance of IND supports their outlook that C4 Therapeutics' CFT8634 could enter the third-line NSCLC market and could have sales of $1.1 billion. They have given C4 Therapeutics a buy rating and a price target of $84.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 2:41 pm