Streetbeat News

Regulatory

AAPL

SWKS

Skyworks Solutions Inc's stock is trading lower due to concerns over rate hikes and China's iPhone crackdown. As a supplier to Apple, Skyworks might experience a decrease in orders and revenue due to a potential ban on iPhones within sensitive Chinese government sectors. This comes amid Beijing's efforts to reduce reliance on American technology.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 6:56 pm

AMAT

Applied Materials, Inc. (NASDAQ:AMAT) shares dropped by 3.7% due to tech sector weakness, rate hike concerns, and China's iPhone crackdown. China's move to ban iPhones in certain sectors could disrupt the supply chain for companies like Apple and other semiconductor manufacturers, potentially leading to delays or reductions in orders for semiconductor manufacturing equipment, including those provided by Applied Materials.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 6:21 pm

TSM

Shares of Taiwan Semiconductor Mfg. Co. Ltd. (NASDAQ:TSM) have fallen by approximately 2.9% due to concerns over rate hikes and China's crackdown on iPhones. TSMC, a key supplier for Apple, could face revenue impacts if the ban on iPhones in critical Chinese government sectors affects Apple's sales and product demand in China.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 6:19 pm

AMD

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are trading lower by 2.2% amid tech sector weakness, fueled by rate hike concerns and China's iPhone crackdown. The ban on iPhones within certain government and state-owned entities in China could lead to disruptions in the supply chain for semiconductor companies like AMD, potentially affecting their production and sales.

Portfolio Pulse from Henry Khederian

September 07, 2023 | 6:17 pm

ETHUSD

On Wednesday, 4,091.09 Ether (ETH) worth $6.7 million was burned from Ethereum transactions. This is a result of the Ethereum blockchain's EIP-1159 upgrade implemented on August 5th, 2021, which changed the fee model and burns a variable base fee from each transaction. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -3.21%.

Portfolio Pulse from Benzinga Insights

September 07, 2023 | 6:00 pm

KRE

XLF

Regional banks have been impacted by the Federal Reserve's rate-hiking cycle and poor risk management strategies. However, with the anticipation of yield curve normalization, funds may flow into financial stocks. The SPDR S&P Regional Banking ETF (KRE) and the Financial Select Sector SPDR Fund (XLF) are mentioned as examples. The market sentiment suggests that the Fed is nearing the end of its rate-hiking cycle, which could bring stability to treasury yield volatilities and benefit regional banks. However, generating new loans in a market with flat yields remains a challenge.

Portfolio Pulse from Kevin Green

September 07, 2023 | 5:50 pm

FMC

FMC Corporation (NYSE:FMC) has responded to a report by short-seller Blue Orca Capital, stating that it contains misleading and factually inaccurate statements about FMC's patents for its diamide insecticide technology and the strength of FMC's business. FMC has always been transparent about its diamide growth strategy and has consistently disclosed material developments in diamide litigation in SEC filings.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 4:54 pm

BTCUSD

GBTC

JPM

JPMorgan Chase & Co predicts that the U.S. Securities and Exchange Commission (SEC) may approve multiple spot Bitcoin ETFs simultaneously. This prediction follows the SEC's recent interactions with Grayscale Investments and a court ruling in favor of Grayscale's proposal. The SEC's inconsistent treatment of similar products, such as futures-based bitcoin ETFs, was highlighted in the court decision. The SEC is unlikely to withdraw its previous approval of futures-based bitcoin ETFs, and may approve pending spot bitcoin ETF applications from various asset managers, including Grayscale.

Portfolio Pulse from Murtuza Merchant

September 07, 2023 | 4:48 pm

SPY

The U.S. Senate has confirmed the appointment of Kugler to the Federal Reserve Board of Governors.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 4:40 pm

ELBM

Electra Battery Materials Corp has requested the U.S. SEC to consent to the withdrawal of its Registration Statement on Form F-10, originally filed on May 10, 2023.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 4:34 pm