Streetbeat News

Regulatory

MDT

Medtronic's shares are trading lower following the FDA CSDP's recommendation against the approval of the company's blood pressure treatment device, citing that the associated risks do not outweigh the benefits.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 6:30 pm

MDT

The FDA Circulatory System Devices Panel voted against the approval of Medtronic Plc's hypertension treatment device, citing that the risks do not outweigh the benefits. The panel raised concerns about the device's trial results and its widespread applicability. The analysts maintain a Hold rating for the stock. Medtronic's shares are down 2.95% at $81.20.

Portfolio Pulse from Vandana Singh

August 24, 2023 | 6:20 pm

ETHUSD

A total of 4,859.63 Ether (ETH) worth $8,011,059 was burned from Ethereum transactions on Wednesday. This follows the implementation of the Ethereum improvement proposal EIP-1159 on August 5th, 2021, which changed the fee model and introduced a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -4.73%.

Portfolio Pulse from Benzinga Insights

August 24, 2023 | 6:00 pm

FTTUSD

FTX (CRYPTO: FTT) founder Sam Bankman-Fried's lawyers are allowed to visit him in detention to prepare for his upcoming trial after his bail was revoked. Bankman-Fried will also have frequent access to a computer to review discovery materials. The court's allowances did not meet the defense's requests, which included daily extended meetings at his lawyers' office or moving him to a less secure prison.

Portfolio Pulse from Murtuza Merchant

August 24, 2023 | 5:05 pm

ET

The draft environmental impact statement for the Dakota Access oil pipeline, operated by Energy Transfer (ET.N), is expected to be released in fall, according to the U.S. Army Corps of Engineers. The pipeline has been the subject of a lengthy court battle between Native American tribes and Energy Transfer, with concerns over potential oil spills. The pipeline continues to operate during the review and there is a possibility it could be temporarily shut down.

Portfolio Pulse from Happy Mohamed

August 24, 2023 | 4:58 pm

SPKX

The article discusses sector-specific volatility in the stock market, highlighting that different sectors have varying levels of sensitivity to market fluctuations. The most volatile sectors include Technology, Energy, Biotechnology and Pharmaceuticals, and Consumer Discretionary. The article suggests that understanding this volatility can help investors make informed decisions and diversify their portfolios. It also mentions the use of volatility ETFs, like ConvexityShares 1x SPIKES Futures ETF (NYSE:SPKX), as a strategy to hedge against market-wide volatility.

Portfolio Pulse from Johnny Rice

August 24, 2023 | 4:47 pm

NKLA

Nikola Corp's shares are trading lower by 8.3% following the announcement of a registered direct offering of senior convertible notes worth up to $325 million. The company expects net proceeds of around $124.5 million. The stock has been under pressure after a nearby fire led to the voluntary recall of over 200 vehicles, causing a temporary halt on new BEV sales.

Portfolio Pulse from Henry Khederian

August 24, 2023 | 4:45 pm

FOX

GOOG

IAC

NYT

The New York Times Co (NYSE:NYT) has updated its Terms of Service to prevent AI companies from freely accessing its archives. Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, however, plans to continue scraping web data until regulations require them to stop. The Associated Press (AP) has partnered with OpenAI, granting them access to its textual archives. Barry Diller, co-founder of Fox Corp (NASDAQ:FOX) (NASDAQ:FOXA) and current Chairman at IAC Inc (NASDAQ:IAC), has expressed concerns about the AI industry's assertion of 'fair use' when using copyrighted content.

Portfolio Pulse from AJ Fabino

August 24, 2023 | 4:40 pm

QQQ

SPY

UUP

Susan M. Collins, President and CEO of the Federal Reserve Bank of Boston, discussed the current state of inflation, interest rates, and housing market challenges ahead of the Jackson Hole Symposium. She emphasized the need for a sustained realignment of demand and supply to bring inflation back to the 2% path. Collins also mentioned that the Federal Reserve can hold rates steady for a substantial period. The SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and Invesco DB USD Bullish Fund ETF (UUP) were impacted by her remarks.

Portfolio Pulse from Piero Cingari

August 24, 2023 | 4:36 pm

SPY

Philadelphia Federal Reserve Bank President Patrick Harker stated that the Fed has probably done enough in terms of rate hikes. He noted strong GDP growth, declining inflation, and low unemployment, but also mentioned a tightening of credit standards and a slight increase in credit card delinquencies. Harker is not overly concerned about the 10-year yield and sees a softening of demand trends, particularly from low-income consumers. He expects a broader slowdown in the economy and believes it's okay if unemployment rises to around 4% or slightly higher.

Portfolio Pulse from Adam Eckert

August 24, 2023 | 4:16 pm