Streetbeat News

Regulatory

UNP

Union Pacific (UNP) has announced that its customers' shipments continue to be impacted by the actions of U.S. Customs and Border Protection, which has closed the rail interchange at Eagle Pass, Texas.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 4:50 pm

NCLH

RCL

Shares of Norwegian Cruise Line Holdings Ltd (NCLH) and Royal Caribbean Cruises Ltd (RCL) are trading lower due to concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. The cruise industry relies heavily on borrowing for operations and fleet expansion, and potential interest rate hikes could increase borrowing costs and reduce profitability. Additionally, higher interest rates could lead to higher consumer debt payments, reducing discretionary spending on non-essential items like cruises.

Portfolio Pulse from Henry Khederian

September 22, 2023 | 4:49 pm

AFRM

Shares of Affirm Holdings Inc (NASDAQ:AFRM) are trading lower by 4.3% due to concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates could increase borrowing costs for consumers, affecting their ability to access credit and take out loans, including those offered by Affirm. This could potentially lead to a decrease in consumer spending on big-ticket items often financed through Affirm's services.

Portfolio Pulse from Henry Khederian

September 22, 2023 | 4:43 pm

SOFI

The Biden administration has forgiven $37 million in student debt for borrowers defrauded by the University of Phoenix. This comes after a multi-year investigation by the Federal Trade Commission (FTC) that led to a $191 million settlement in 2019. The current situation escalates uncertainty for roughly 40 million Americans holding federal student loans. The uncertainty affects long-term financial planning, forcing borrowers to rely on existing programs that can potentially reduce their monthly repayments. This has led to an uptick in Google trend data for 'student loan refinance', a boon for student loan refinancing providers like SoFi Technologies Inc (NASDAQ:SOFI).

Portfolio Pulse from AJ Fabino

September 22, 2023 | 4:37 pm

AMZN

The Federal Trade Commission (FTC) is expected to file an antitrust lawsuit against Amazon's online retail operations as early as next week. The lawsuit, which has been in preparation since the start of the year, targets several of Amazon's business practices, including Amazon Prime and rules that block lower prices on competing websites. If successful, the lawsuit could lead to a court-ordered restructuring of Amazon's $1.35 trillion empire.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 4:12 pm

FEAM

FLUX

MLGO

MOND

NEPT

SCHL

U.S. stocks traded slightly higher with the Nasdaq Composite gaining around 100 points. MicroAlgo Inc. shares shot up 80% after unveiling a knowledge-enhanced backtracking search algorithm. 5E Advanced Materials, Inc. shares rose 16% after receiving EPA authorization for Step-Rate Testing. Mondee Holdings, Inc. shares gained 25% after a $30 million share repurchase program was approved. Neptune Wellness Solutions Inc. shares dropped 48% after pricing a $4.5 million public offering. Scholastic Corporation shares were down 16% after reporting downbeat Q1 results. Flux Power Holdings, Inc. shares fell 16% following weaker-than-expected quarterly sales.

Portfolio Pulse from Lisa Levin

September 22, 2023 | 4:08 pm

BTCUSD

Custodia Bank CEO Caitlin Long discussed the future of Bitcoin and the role of her bank in an interview with Benzinga. Long, who has a background in traditional banking, founded Custodia Bank to bridge the gap between traditional finance and digital assets. The bank is set to launch Bitcoin custody soon. Long also highlighted the importance of security and compliance in the cryptocurrency sector. She believes that programmable money is a superior system and could benefit the financial world. Long also mentioned that the Federal Reserve is beginning to shift its stance on cryptocurrency.

Portfolio Pulse from Chris Katje

September 22, 2023 | 4:00 pm

FEAM

5E Advanced Materials Inc (NASDAQ:FEAM) shares surged after the company received authorization from the Environmental Protection Agency to conduct Step-Rate Testing under its existing permit. This approval marks a progressive step towards conducting full boric acid and lithium carbonate extraction operations. The company will use the data from the testing to advance discussions with the EPA and to secure strategic funding through direct investment, off-taking agreements, royalty rights, and potential project financing through U.S. government agencies.

Portfolio Pulse from Shivani Kumaresan

September 22, 2023 | 3:57 pm

CNXA

Connexa Sports Technologies Inc. (NASDAQ:CNXA) has announced a 1-for-40 reverse stock split of its outstanding shares of common stock, effective from September 22, 2023. The move is part of the company's plan to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market. The reverse split will reduce the number of outstanding common stock from approximately 29.5 million shares to around 740,000 shares.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 3:51 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher after falling nearly 40% over the last five days. The cannabis sector has seen renewed interest due to recent news items, including a recommendation to reschedule marijuana and potential banking reform. Canopy Growth shares are up on heavy trading volume, with more than 42.5 million shares traded in the session.

Portfolio Pulse from Erica Kollmann

September 22, 2023 | 3:50 pm