Streetbeat News

Regulatory

HERTF

Heritage Cannabis Holdings Corp.'s Pura Vida products have been approved for retail and online distribution in Québec. This marks a significant expansion for the company, which is now selling products in every province in Canada. The company's shares traded 7.4074% higher at $0.0116 per share following the announcement.

Portfolio Pulse from Jelena Martinovic

September 06, 2023 | 4:11 pm

SPY

The U.S. Senate has voted in majority to confirm Philip Jefferson as the Federal Reserve Vice Chair. The voting process is still ongoing.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 4:04 pm

SAVA

Cassava Sciences has completed enrollment for its main RETHINK-ALZ Phase 3 clinical trial for the treatment of Alzheimer's disease. This starts a 52-week countdown to a major data readout.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 3:35 pm

TSLA

Tesla Inc's shares are trading lower by 3.59% amid overall market weakness. The company reported a 9.4% YoY increase in China sales in August and a 30.92% MoM increase. Tesla's Shanghai Gigafactory has produced 2 million vehicles. China's large automobile market and supportive regulatory environment for EVs present immense sales potential for Tesla.

Portfolio Pulse from Henry Khederian

September 06, 2023 | 3:22 pm

ACB

CGC

TLRY

Senate Banking Committee Chairman Sherrod Brown plans to advance the Secure and Fair Enforcement (SAFE) Banking Act, a key marijuana banking legislation, within the next six weeks. The Act, which has bipartisan support, aims to protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. However, its passage is contingent on several factors, including disagreements over certain sections of the bill. The Act has 42 cosponsors, including eight Republicans and three independents, and is expected to reach the 60-vote threshold needed for passage in the Senate.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 3:15 pm

MSTR

MicroStrategy, along with other crypto companies, has won fair value accounting, according to Reuters. This could potentially impact the way these companies report their financials, particularly in relation to their crypto assets.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 3:05 pm

SPY

The US services sector showed signs of resilience in August, with the ISM Services PMI recording its eighth straight month of expansion at 54.5, higher than July's reading of 52.7 and above economist expectations of 52.5. However, the Service PMI data measured by S&P Global was downwardly revised from an initial estimate of 51 to 50.5 in August, indicating only a marginal pace of expansion. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.5% amid worries that the Fed may keep a rate hike option open for the coming months.

Portfolio Pulse from Piero Cingari

September 06, 2023 | 2:29 pm

F

RIVN

TSLA

Ford Motor Company is facing regulatory scrutiny over its partnership with Chinese battery manufacturer CATL, labor negotiations that could lead to a strike, and competition in the electric vehicle market against Tesla and Rivian. The regulatory scrutiny is due to concerns that the partnership could compromise national security and increase U.S. dependence on China for electric vehicle supply chains. The labor negotiations could affect wages and benefits for thousands of workers and potentially disrupt Ford's production. Ford is also preparing to compete in the electric pickup market with its F-150 Lightning and upcoming products.

Portfolio Pulse from Mohit Manghnani

September 06, 2023 | 2:26 pm

SPY

U.S. Majority Leader Schumer has called for bipartisanship to avoid a government shutdown. This political development could potentially impact the stock market.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 2:19 pm

CGC

Shares of Canopy Growth Corp (NASDAQ:CGC) are trading higher by 7.6% due to the strong performance of the cannabis sector. This is driven by news that the Department of Health and Human Services (HHS) proposed reclassifying marijuana to a lower-risk drug category. The reclassification from Schedule I to Schedule III under the Controlled Substances Act is based on an FDA evaluation of marijuana's classification.

Portfolio Pulse from Henry Khederian

September 06, 2023 | 2:11 pm