Streetbeat News

Regulatory

ACB

CGC

CRON

Canadian cannabis companies Canopy Growth Corp. (CGC), Aurora Cannabis Inc. (ACB), and Cronos Group (CRON) are retreating from the US hemp-derived CBD market due to oversupply, regulatory ambiguity, and slow pace of US federal cannabis legalization. This shift highlights a move from vertical integration to an 'asset-light model' of branding and outsourcing. The current sale of Hemp CBD assets at a fraction of their original cost indicates notably reduced valuations, attracting interest from individuals seeking distressed asset opportunities.

Portfolio Pulse from Nicolás Jose Rodriguez

August 25, 2023 | 4:08 pm

SLM

SOFI

SPY

President Biden has reaffirmed his commitment to provide relief to student loan borrowers and make college more accessible to Americans. This could potentially impact student loan providers.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 4:07 pm

BABA

META

MSFT

NVDA

Alibaba Group Holding Limited (BABA) has launched two new open-source artificial intelligence models, Qwen-VL and Qwen-VL-Chat, which are capable of understanding images and executing complex conversations. These models are expected to compete with similar tools from Meta Platforms Inc (META) and Microsoft Corp (MSFT). The U.S. has extended its one-year exemption on semiconductor tech embargo for China, which is beneficial for U.S. chipmakers like Nvidia Corp (NVDA).

Portfolio Pulse from Anusuya Lahiri

August 25, 2023 | 4:02 pm

NKLA

Nikola Corp's shares are trading higher by 8.2% after a recent slump. The company announced a registered direct offering of senior convertible notes worth up to $325 million, expecting net proceeds of around $124.5 million. However, the stock is down 21.6% over the past five sessions and 35% over the past month due to a voluntary recall of over 200 vehicles following a nearby fire.

Portfolio Pulse from Henry Khederian

August 25, 2023 | 3:58 pm

SPY

Federal Reserve's Loretta Mester stated that the main debate within the Fed is whether the current interest rates are restrictive enough. She also emphasized the need for the Fed to be patient with its policy at the moment.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:39 pm

SPY

Federal Reserve's Loretta Mester stated that there is likely more work to be done with interest rates, expressing concern about the Fed overtightening them. In her June forecast, she did not anticipate the Fed cutting rates in 2024.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:38 pm

SPY

Federal Reserve's Mester has stated that the current rates are nearing the desired level. However, she emphasized the need for more evidence of cooling inflation.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:36 pm

SPY

Federal Reserve's Harker has stated that there should be no change in the course of balance sheet rundown at this point. He also mentioned that the endgame for balance sheet drawdown is not near.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:12 pm

SPY

Federal Reserve's Harker has stated that labor markets are cooling and he doubts that rate cuts will be on the table until next year. This could potentially impact the overall market, including ETFs like SPY.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:06 pm

SPY

Federal Reserve's Harker has stated that he does not see the need for additional rate rises at the moment. He suggests holding rates steady to observe how policy affects the economy. However, if inflation retreat stalls, it could call for more rate hikes.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 3:04 pm