Streetbeat News

Regulatory

KBE

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SPY

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US banking regulators plan to enforce a new requirement on regional banks with at least $100 billion in assets to hold a layer of long-term debt that would absorb losses in case of a government seizure. This move is aimed at protecting depositors in the event of more bank failures. The most impactful change for shareholders of regional banks is the requirement to raise debt levels.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 2:05 pm

SPY

The USA CB Consumer Confidence for August is reported at 106.1, which is lower than the estimated 116.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 2:01 pm

GOOG

GOOGL

META

Meta Platforms, Inc (NASDAQ:META) has been unaffected by Canada's news ban, with daily active users and time spent on the app remaining stable. The company also successfully disrupted a disinformation campaign linked to Chinese law enforcement. Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) plans to intercept news from search results in Canada once the law comes into effect.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:48 pm

BNRG

Brenmiller Energy Ltd. (NASDAQ:BNRG) has received approval from the Israeli Ministry of Finance to supply Wolfson Hospital with electric process heat, replacing existing steam boilers powered by natural gas. The Ministry has approved a budget of up to $3.7 million for the hospital to procure Brenmiller's thermal energy storage equipment. The use of Brenmiller's bGen™ ZERO system could save the hospital up to $1.3 million annually and reduce its carbon footprint by 3,900 tons per year.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:43 pm

AMGN

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The Centers for Medicare and Medicaid Services (CMS) has announced the first ten drugs subject to price negotiations under President Joe Biden's Inflation Reduction Act. The drugs, which accounted for $50.5 billion in total Part D gross covered prescription drug costs, are produced by Bristol Myers Squibb, Eli Lilly, Johnson & Johnson, Merck & Co, AstraZeneca, Novartis, Amgen, and Novo Nordisk. The negotiated prices will take effect on January 1, 2026. AstraZeneca has legally challenged the Inflation Reduction Act.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 1:30 pm

AXLA

Axcella Health Inc's shares are soaring after the company was granted a patent for long COVID fatigue treatment. The U.S. Patent and Trademark Office granted Axcella a patent covering methods of use of AXA1125 for treating long COVID, particularly fatigue. The patent was issued Tuesday and has an expected expiration in 2042.

Portfolio Pulse from Adam Eckert

August 29, 2023 | 1:24 pm

AAPL

GOOG

GOOGL

IBM

MSFT

TSLA

Microsoft's president, Brad Smith, has voiced concerns about the risks of weaponizing artificial intelligence (AI), emphasizing the need for human control. Tech leaders worldwide, including those from Alphabet, OpenAI, Tesla, and Apple, have expressed similar concerns. A Goldman Sachs report suggested that generative AI could affect up to 300 million jobs worldwide. IBM's CEO, Arvind Krishna, stated that AI will first impact white-collar jobs.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:11 pm

SHPH

Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) announced the publication of a manuscript reporting on the ability of its lead drug candidate (SP-2-225) to stimulate the immune system following radiation therapy. The study was supported by NIH grant and Cancer Research Institute Grant, and the drug was provided by Shuttle Pharmaceuticals under a material transfer agreement.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:04 pm

NRXS

NeurAxis Inc (NYSE:NRXS) is conducting a randomized, double-blind, placebo-controlled trial to evaluate the efficacy of IB-Stim in children with post-concussion symptoms. The company's President and CEO, Brian Carrico, stated that positive data and FDA clearance could lead to a groundbreaking therapeutic option for post-concussion syndrome. The trial is currently enrolling up to 100 patients and is being conducted at Children's Hospital of Orange County, CA.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 12:54 pm

BABA

BIDU

EWH

NIO

TME

China is taking measures to protect its economy from the impact of its real estate sector crisis. These include substantial reductions in bank deposit and mortgage rates, and promises of increased stimulus measures. The mortgage rate cuts are targeted at loans for primary residences. China also announced a 50% reduction in stock-trading stamp duties and approved guidelines for affordable housing. The Hang Seng index, tracked by the iShares MSCI Hong Kong Index Fund (NYSE:EWH), posted a 2% surge. U.S.-listed Chinese stocks, including Alibaba Group Holdings (NYSE:BABA), Tencent Music Entertainment Group (NYSE:TME), JD.com Inc. (NASDAQ:JD) and Baidu Inc. (NASDAQ:BIDU), are trading about 1.5% higher in premarket trading. However, NIO Inc. (NASDAQ:NIO) declined over 6% after reporting disappointing Q2 earnings.

Portfolio Pulse from Piero Cingari

August 29, 2023 | 12:46 pm