Streetbeat News

Regulatory

AAL

The U.S. Department of Transportation (DOT) has fined American Airlines $4.1 million for violating federal statutes and the Department’s rule prohibiting tarmac delays of three hours or more on domestic flights without providing passengers an opportunity to deplane. This is the largest fine ever issued for tarmac delay violations. The investigation found that between 2018 and 2021, American allowed 43 domestic flights to remain on the tarmac for lengthy periods without providing passengers an opportunity to deplane, affecting a total of 5,821 passengers.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 3:21 pm

SPY

The US Securities and Exchange Commission (SEC) is investigating The Change Company, a California-based lender, over its mortgage-backed securities. The regulator is also probing actions of the company's CEO, Steven Sugarman. The Change Company's loans have been backed by some of Wall Street's largest money managers.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 3:19 pm

NKLA

Nikola Corp's shares have fallen by 45% over the past month, with a 5.3% drop to $1.24 on Monday. The decline follows the company's announcement of a registered direct offering involving senior convertible notes worth up to $325 million, with anticipated net proceeds of $124.5 million. The company also revealed that the holders of these shares could resell them, but Nikola will not profit from these sales. The company's shares have also been affected by a voluntary recall of over 200 vehicles following a nearby fire, leading to a temporary halt on new BEV sales.

Portfolio Pulse from Henry Khederian

August 28, 2023 | 2:54 pm

AAL

BA

DAL

EWU

JBLU

LUV

SAVE

UAL

VGK

UK airspace experienced a network-wide failure for air traffic control systems, causing widespread delays at several airports. Major airlines were affected, with hundreds of flights cancelled. The issue has been identified and remedied by National Air Traffic Services (NATS), but a huge backlog remains. Airlines such as British Airways, EasyJet, Loganair, Ryanair, and Aer Lingus have been impacted, with some offering refunds or free flight transfers due to the disruption.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 2:50 pm

LLY

The European Medicines Agency (EMA) has clarified that the shortage of Trulicity, a diabetes drug, in Austria, Finland, Greece, Poland, and Sweden is not due to a quality defect or safety issue. The manufacturer of Trulicity is Eli Lilly and Company (LLY).

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 2:47 pm

AAPL

AMZN

BTCUSD

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

The article discusses the current state of the stock market, highlighting the impact of Nvidia's earnings and the narrative of zero recession probability. It also mentions the Chinese government's efforts to prop up its stock market and the positive early trade money flows in several major US companies. The article suggests that the stock market is priced for no landing and zero percent probability of a recession, which may not align with the actual probabilities.

Portfolio Pulse from The Arora Report

August 28, 2023 | 2:16 pm

BMY

JNJ

LLY

MRK

The U.S. government is set to negotiate prices for 10 drugs as part of President Joe Biden's Inflation Reduction Act, which could lead to significant savings for taxpayers but challenge the profit margins of pharmaceutical companies. Johnson & Johnson's Xarelto and Eli Lilly's Jardiance are expected to be on the list. The new act could lead to approximately $36.5 billion in savings for the U.S. between 2026-2028. However, drug manufacturers warn that limited profits might stifle innovation.

Portfolio Pulse from Vandana Singh

August 28, 2023 | 2:05 pm

DG

DIS

Ron DeSantis reaffirmed his opposition to marijuana legalization at a campaign event, citing concerns about potential adulteration with fentanyl. He was booed at a prayer vigil following a racially-motivated shooting at a Dollar General store. DeSantis's 'war on woke' campaign, which includes a battle with Walt Disney Co, has been criticized for its impact on the Black community.

Portfolio Pulse from Maureen Meehan

August 28, 2023 | 2:01 pm

SPY

President Biden has approved an emergency declaration for Florida in anticipation of Tropical Storm Idalia. The decision was made following a conversation with Florida Governor DeSantis.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 1:57 pm

FXI

SPY

A senior U.S. official has announced that the U.S. and China plan to hold at least annual meetings on export control information exchange. This could potentially impact trade relations between the two countries.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 1:36 pm