Streetbeat News

Regulatory

UNIUSD

Uniswap (CRYPTO: UNI), a leading decentralized finance (DeFi) platform, won a legal battle in the United States District Court for the Southern District of New York against allegations of violating certain provisions of the Securities Act. The case revolved around the claim that Uniswap's liquidity pools were securities because they were investment contracts. The court disagreed, stating that Uniswap's liquidity pools did not meet the definition of an investment contract. This decision is expected to have significant implications for other crypto platforms facing similar legal challenges.

Portfolio Pulse from Murtuza Merchant

August 30, 2023 | 4:38 pm

ACB

CGC

TLRY

Cannabis stocks are trading higher following a report that the Health and Human Services (HHS) has suggested moving marijuana to a lower-risk drug category. This could potentially ease restrictions and boost the cannabis industry.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 4:30 pm

SPY

Investors are closely watching the July data of the Personal Consumption Expenditure (PCE) price index, due on Thursday, which is the Fed's main inflation gauge. The PCE inflation has receded to 3% by June 2022 from its peak at 7% in June 2022. The July PCE inflation is expected to rise to 3.3% and the core PCE inflation is expected to edge from 4.1% to 4.2% year-on-year. The data will shape the Fed's future decisions on interest rates. A PCE report that aligns with or falls below expectations is likely to solidify market anticipations of a Federal Reserve pause in interest rate hikes for September. This would likely negatively impact the U.S. dollar while yielding positive effects for bonds, stocks, and gold. The SPDR S&P 500 Trust (NYSE:SPY) was up 0.3% by midday Wednesday.

Portfolio Pulse from Piero Cingari

August 30, 2023 | 4:28 pm

AMBA

CONN

FGEN

NAOV

OTLK

TIO

US stocks traded higher with the Nasdaq Composite gaining around 100 points. Private businesses in the U.S. added 177,000 workers in August, missing market estimates of a 195,000 rise. NanoVibronix, Inc. (NAOV), Tingo Group, Inc. (TIO), and Conn's, Inc. (CONN) shares rose significantly. However, Outlook Therapeutics, Inc. (OTLK), Ambarella, Inc. (AMBA), and FibroGen, Inc. (FGEN) shares dropped due to various reasons including FDA response, revenue guidance, and trial data.

Portfolio Pulse from Lisa Levin

August 30, 2023 | 4:28 pm

ACB

CGC

CRON

TLRY

US health officials are recommending that marijuana be reclassified as a Schedule III drug under the Controlled Substances Act, which would mark a shift from its current status as a Schedule I substance. This move could potentially expand the cannabis market.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 4:19 pm

ACB

CGC

CRON

IIPR

The upcoming Benzinga Cannabis Capital Conference will discuss the trend of distressed assets in the cannabis sector, with companies shifting from a vertical integration model to an asset-light approach. This is exemplified by firms like Aurora (NASDAQ:ACB), Canopy Growth (NASDAQ:CGC), and Cronos Group (NASDAQ:CRON) departing from the Hemp and CBD market in the U.S. Additionally, Parallel, a cannabis operator, is in a legal dispute with cannabis REIT IIP (NYSE:IIPR) over an $8.5 million debt.

Portfolio Pulse from Nicolás Jose Rodriguez

August 30, 2023 | 4:17 pm

CMA

DKS

KEY

NVDA

The article discusses several key points in the investment world for the week. Jerome Powell's hawkish stance on inflation control and potential rate hikes is noted. S&P downgrades of several banks, including KeyCorp and Comerica, are mentioned. Nvidia's strong quarterly performance is highlighted, despite a slight stock decline. The concept of R-star, the 'natural' interest rate, is explained. Finally, the article discusses the impact of theft on retail companies like Dick's Sporting Goods.

Portfolio Pulse from Gary Brode

August 30, 2023 | 4:11 pm

ZLAB

Zai Lab has received Breakthrough Therapy Designation for its investigational repotrectinib in China, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 4:09 pm

BTCUSD

COIN

GBTC

SPY

The SEC filed a lawsuit against Coinbase Global Inc (NASDAQ:COIN) on June 6, 2023, accusing the company of breaking securities rules. Despite this, an investment of $1,000 in Coinbase shares on the day of the lawsuit announcement would have yielded a return of 83.2% in less than three months. The recent ruling in favor of Grayscale Bitcoin Trust (OTC:GBTC) converting to an ETF sent shares of Coinbase, Bitcoin (CRYPTO: BTC), and crypto-related stocks higher.

Portfolio Pulse from Chris Katje

August 30, 2023 | 3:50 pm

BIDU

Baidu has reportedly received approval from China for its AI models, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 3:49 pm