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Regulatory

TLRY

Shares of Tilray Inc (NASDAQ:TLRY) have risen by 28% to $3.00 over the past five days, amid strength in the broader cannabis sector. This follows a report suggesting the Department of Health and Human Services (HHS) has called for the reclassification of marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act, which would move it to a lower-risk category.

Portfolio Pulse from Henry Khederian

September 01, 2023 | 2:45 pm

BABA

BEKE

BIDU

BILI

NTES

PDD

TAL

TME

Chinese stocks are experiencing a surge following China's decision to reduce the minimum down payment on mortgages as a stimulus measure.

Portfolio Pulse from Benzinga Newsdesk

September 01, 2023 | 2:30 pm

CGC

MSOS

TLRY

The AdvisorShares Pure US Cannabis ETF (MSOS) surged by over 14% on news that the Department of Health and Human Services was directing the DEA to ease federal restrictions on cannabis. By the end of the day, MSOS was the top-performing ETF for August, gaining over 20% for the month. Other cannabis stocks also saw significant gains, including Trulieve Cannabis, Cresco Labs, MedMen Enterprises, Canopy Growth, C21 Investments, Curaleaf Holdings, and Tilray Brands.

Portfolio Pulse from Maureen Meehan

September 01, 2023 | 2:19 pm

CURLF

MSOS

Cannabis stocks rallied after a leaked letter revealed that the U.S Department of Health and Human Services (HHS) recommended the Drug Enforcement Administration (DEA) reclassify cannabis from Schedule I to Schedule III under federal law. This move is seen as the most significant federal cannabis reform in modern history. The U.S canna ETF MSOS and Curaleaf (OTC:CURLF) are among the stocks that could benefit from this development.

Portfolio Pulse from Todd Harrison

September 01, 2023 | 2:08 pm

SPY

The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) saw a modest uptick to 47.6 in August, still indicating contraction in manufacturing activity. The S&P Global US Manufacturing PMI was revised to 47.9, down 1.1 points from a month earlier. The Bureau of Labor Statistics reported a gain of 187,000 jobs in August, but the unemployment rate increased from 3.5% to 3.8%. This week’s economic data eased pressure on the Federal Reserve to hike interest rates. U.S. stocks opened slightly higher on Friday, with the SPDR S&P 500 ETF Trust (NYSE:SPY) up 0.3%.

Portfolio Pulse from Piero Cingari

September 01, 2023 | 2:06 pm

SPY

The ISM Manufacturing Employment index for August has been reported at 48.5, which is higher than the estimated 44.2.

Portfolio Pulse from Bill Haddad

September 01, 2023 | 2:01 pm

SPY

The USA ISM Manufacturing Prices for August have been reported at 48.4, which is higher than the estimated 43.9 and the prior figure of 42.6.

Portfolio Pulse from Happy Mohamed

September 01, 2023 | 2:00 pm

SPY

The ISM Manufacturing PMI for August came in at 47.6, slightly above the estimated 47.

Portfolio Pulse from Bill Haddad

September 01, 2023 | 2:00 pm

BNTX

PFE

The European Commission has approved the Comirnaty XBB.1.5-adapted COVID-19 vaccine, developed by BioNTech SE (BNTX) and Pfizer Inc (PFE). This is the third adaptation of the vaccine to respond to new COVID-19 variants. The vaccine is authorized for adults, children, and infants above six months. The adapted vaccine is expected to increase immunity against current dominant and emerging variants. PFE shares are up 0.90% at $35.71, and BNTX stock is up 1.13% at $122.30.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 1:57 pm

BKNG

European Union regulators are likely to block the €1.63 billion acquisition of Sweden's Etraveli Group by Booking Holdings Inc (BKNG) due to competition concerns. This decision contradicts the UK's Competition and Markets Authority, which approved the deal last year. The European Commission expressed concerns about the deal granting Booking an advantage in the hotel booking sector, potentially facilitating its entry into other areas like car rentals and flights. A formal decision is expected later this month.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 1:55 pm