Streetbeat News

Regulatory

ACB

The Italian government has reclassified cannabidiol (CBD) as a narcotic, diverging from the European Commission's stance that CBD should not be classified as such. This move has been opposed by key industry stakeholders, warning of potential negative impacts on businesses and the local CBD market. Despite these changes, Italy's medical cannabis market continues to source cannabis primarily from the Netherlands, Canada, Denmark, and Germany, with Aurora Cannabis Inc. (NASDAQ:ACB) among the top suppliers since 2019.

Portfolio Pulse from Joana Scopel

September 15, 2023 | 1:57 am

VRNOF

The U.S. Department of Health and Human Services (HHS) has recommended the DEA to reclassify marijuana from Schedule I to Schedule III. The Congressional Research Service (CRS) report suggests the DEA may follow the HHS's recommendation. This could lead to federal tax benefits for marijuana businesses, legally sanction medical marijuana's manufacture, distribution, and possession, and expand rights for medical cannabis users. However, the final decision lies with Congress. Verano Holdings Corp. (OTCQX:VRNOF) CEO, George Archos, sees this as a positive moment for the cannabis industry.

Portfolio Pulse from Joana Scopel

September 14, 2023 | 9:08 pm

ITA

SPCE

U.S. Secretary of the Air Force Frank Kendall confirmed that the Pentagon has established a contract with SpaceX to deliver Starlink services in Ukraine. This follows a controversy last year when SpaceX CEO Elon Musk decided to withhold Starlink satellite service from Ukraine during an attack on Russian forces. The situation reignited debates regarding the U.S. government’s dependence on SpaceX for national security matters. The iShares U.S. Aerospace & Defense ETF (NYSE:ITA) rose 0.5% on Thursday.

Portfolio Pulse from Piero Cingari

September 14, 2023 | 9:07 pm

CGRN

Capstone Green Energy has received notifications from Nasdaq regarding a delay in its annual report on Form 10-K and a minimum bid price deficiency. The company is working to address these issues.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 8:18 pm

TMCI

Treace Medical Concepts has been issued a new patent, U.S. Patent No. 11,771,467, by the United States Patent and Trademark Office. The patent covers bunion correction procedures.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 8:14 pm

SF

Stifel Financial Corp has filed for a mixed shelf offering, according to a SEC filing. The size of the offering has not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 8:11 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is expanding its Tesla Electric business, which allows users of Tesla Powerwall to buy and sell electricity. The company has applied to become a 'market customer' with the Australian Energy Market Operator, potentially preparing to launch Tesla Electric in Australia. Currently, Tesla Electric is only available in Texas, but plans are in place for expansion to other areas, including the UK. The expansion could help diversify Tesla's business and justify increased valuations for other segments.

Portfolio Pulse from Chris Katje

September 14, 2023 | 7:25 pm

AMZN

GOOG

GOOGL

META

MSFT

The U.S. Justice Department has accused Alphabet Inc (Google) of using billions to suppress competition and maintain its online search monopoly in an ongoing antitrust trial. The case focuses on whether Google's dominance is due to its algorithm or the scale of data it collects. Other tech giants, including Amazon and Meta Platforms, face similar lawsuits. The trial's outcome could potentially separate Alphabet's search business from other products.

Portfolio Pulse from Anusuya Lahiri

September 14, 2023 | 7:22 pm

MRNA

Moderna, Inc.'s shares are trading higher after the EMA Committee for Medicinal Products for Human Use recommended authorization of the company's updated COVID-19 vaccine, Spikevax, in the EU. The next step is for the European Commission to make an authorization decision for the use of the vaccine for autumn/winter 2023. The positive recommendation coincides with rising COVID cases in the US, which has also caused vaccine stocks to rise in recent weeks.

Portfolio Pulse from Ryan Gustafson

September 14, 2023 | 7:21 pm

ALNY

An FDA advisory committee voted 9-3 in favor of Alnylam Pharmaceuticals' patisiran, but raised concerns about the drug's efficacy. The FDA has set an action date of October 8, 2023. Analysts from William Blair, Needham, Stifel, and Cantor Fitzgerald provided mixed views on the approval prospects and potential label restrictions. ALNY shares are down 8.08% at $194.55.

Portfolio Pulse from Vandana Singh

September 14, 2023 | 7:00 pm