Streetbeat News

Regulatory

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

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc., is set to update its advertising policy related to cryptocurrency and blockchain-based games, effective from September 15, 2023. The update will clarify rules around promoting NFTs, NFT gaming, blockchain gaming, and related products on Google Ads. The policy will not allow promotion of social casino games that reward NFTs, games where players can barter NFTs, and promotions related to real money gambling destinations. Advertisers must adhere to specific requirements and be certified by Google.

Portfolio Pulse from Khyathi Dalal

September 07, 2023 | 4:17 pm

AAPL

China has banned the use of Apple's iPhones and other foreign-branded devices by government officials, which could extend to sensitive departments, government-affiliated entities, and state-owned enterprises. This could result in a substantial headwind of 5 to 10 million units for Apple, significantly impacting the tech giant. Bank of America analysts estimate that for every 1 million iPhones sold, there’s a potential $0.01-per-share impact on Apple’s earnings. If Huawei claws back 10 million units from Apple in China, it could translate into an $0.11 headwind to Apple’s 2024 earnings per share.

Portfolio Pulse from Piero Cingari

September 07, 2023 | 4:16 pm

MULN

Mullen Automotive Inc. (NASDAQ:MULN), an electric vehicle manufacturer, has filed an appeal to the Nasdaq Listing Qualifications Panel to request a further extension of time and present its plan to regain compliance with Nasdaq Listing 5550(a)(2). The company failed to maintain a minimum bid price of $1.00, leading to non-compliance. The Panel has the discretion to grant the company up to an additional 180 days to regain compliance, but there is no guarantee of this.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 3:37 pm

ACLS

AMD

NVDA

Semiconductor and chip stocks are trading lower due to a tech selloff triggered by rate hike fears following US jobs data. The sector is also affected by China's planned iPhone crackdown and Huawei's announcement of a new smartphone with a 5G Kirin 9000s chip.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 3:34 pm

AAPL

ASXC

NVDA

QQQ

SPY

Nvidia Corp's stock is trading lower in line with broader indexes due to rising Treasury yields. China extends its Apple Inc iPhone ban in sensitive departments, marking retaliation against U.S. semiconductor technology sanctions. Several U.S. chipmakers, including Nvidia, had requested the U.S. government to soften its China policy due to their significant exposure to the country. Meanwhile, Asensus Surgical, Inc stock is rising after it partnered with Nvidia to accelerate the development of its Intelligent Surgical Unit.

Portfolio Pulse from Anusuya Lahiri

September 07, 2023 | 3:30 pm

BABA

NIO

Chinese stocks are trading lower due to economic concerns following recent economic data from China. The planned iPhone ban for government employees in China may escalate US-China tensions, while fears of a rate hike add further pressure.

Portfolio Pulse from Bill Haddad

September 07, 2023 | 3:25 pm

AAPL

NKE

SBUX

TSLA

China has expanded its ban on iPhone use by government workers, causing a further drop in Apple Inc's stock. The ban now extends to other agencies and state-owned enterprises. The news has also highlighted the potential risk to other companies such as Tesla Inc, Nike Inc, and Starbucks Corp. In early trade, money flows were negative for Apple Inc, Amazon.com, Inc., Alphabet Inc Class C, Meta Platforms Inc, Microsoft Corp, NVIDIA Corp, and Tesla Inc, as well as SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 07, 2023 | 3:23 pm