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CLF

MT

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United States Steel Corporation (NYSE:X) has clarified that its labor agreement with the United Steel Workers (USW) does not grant the union veto power over potential company sale decisions. This comes amid ongoing strategic review and acquisition interest from Cleveland-Cliffs Inc (NYSE:CLF) and ArcelorMittal SA (NYSE:MT). U.S. Steel had previously declined a $7.8 billion cash-and-stock offer from Cliffs, citing it as inadequate. The company is considering multiple unsolicited proposals, including a $7.8 billion all-cash offer from Esmark Inc.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 12:54 pm

MU

Micron Technology, Inc. (MU) has applied for federal funding to develop a memory manufacturing facility in Boise, Idaho. The move is part of the company's efforts to expand its manufacturing capabilities.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:46 pm

MU

Micron Technology's units have submitted full applications to the U.S. Department of Commerce's Commercialization Program Office (CPO) in response to a notice of funding opportunity for semiconductor manufacturing.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:46 pm

SPY

The Federal Reserve's Jackson Hole Symposium is set to take place from Aug. 24-26, with the theme 'Structural Shifts in the Global Economy'. The event plays a key role in shaping global central banking policy. Markets will be closely watching for insights into the direction of monetary policy, with topics like deglobalization, green transitions, AI, and government debt expected to be discussed. Federal Reserve Chair Jerome Powell's speech on August 25 will be particularly anticipated, with Bank of America suggesting he may reaffirm the Fed's commitment to its 2% inflation target. Last year, Powell's comments triggered significant market reactions, with the S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), initially reacting positively.

Portfolio Pulse from Piero Cingari

August 21, 2023 | 12:43 pm

BIIB

EWJ

The Japan Health Ministry Panel has recommended the approval of Eisai and Biogen's Alzheimer's treatment, Leqembi. This news was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:42 pm

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BAYZF

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The FDA has approved Regeneron Pharmaceuticals' Eylea HD Injection 8 mg for wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. The approval is based on the results of two pivotal trials, PULSAR and PHOTON. Regeneron and Bayer AG are jointly developing Eylea HD, which is priced at $2,625 per single-use vial in the U.S.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 12:37 pm

EBET

Esports Technologies (EBET) has received a letter from Nasdaq staff notifying the company that it does not currently comply with Nasdaq's Listing Rule 5550(B)(1).

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:37 pm

ADIL

Adial Pharmaceuticals (NASDAQ:ADIL) reported its Q2 2023 financial results, revealing a cash position of $1.2M, down from $4M at the end of 2022. The company received positive feedback from US and EU regulatory meetings and is planning to conduct two Phase 3 trials with AD04. The sale of Purnovate significantly reduced the company's cash burn rate. Adial also received an upfront payment of $450K from Adovate, LLC for the purchase of Purnovate's assets and business, with potential for up to $83M in total consideration.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:32 pm

GILD

Gilead Sciences has announced a partial clinical hold for its Magrolimab studies in Acute Myeloid Leukemia (AML). However, patients already enrolled may continue receiving the study medicine and studies in solid tumors remain unaffected.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:31 pm

PHAT

Phathom Pharmaceuticals has submitted six-month stability data for its Erosive GERD New Drug Application (NDA) for vonoprazan. The data remains more than 10x below the acceptable intake limit set by the FDA, supporting the requested product shelf life. This submission satisfies Phathom's stability data submission requirements for the NDA, with a PDUFA goal date of November 17, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 12:14 pm