Streetbeat News

Regulatory

WMT

Walmart Inc (NYSE:WMT) and Centric Brands are investigating their Cambodian supply chains following allegations of illegal garment production in the country's largest women's prison. The American Apparel and Footwear Association (AAFA) highlighted reports suggesting that garments for export, including to the U.S., were produced at the Correctional Center 2 (CC2) near Phnom Penh. Both international and Cambodian laws prohibit the trade of goods made by inmates. The U.S. and Cambodia have trade agreements that the illegal employment of prison labor may jeopardize.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:21 pm

REGN

The FDA has approved Regeneron Pharmaceuticals' drug, Veopoz, for the treatment of CHAPLE disease in adults and children over one year old. Veopoz is the first and only treatment specifically for CHAPLE, an ultra-rare and life-threatening hereditary immune disease. The drug will be sold in the U.S. at a list price of $34,615.38 per single-use vial. Following the news, REGN shares rose by 1.45%.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:18 pm

MPW

Medical Properties Trust Inc (MPW) has clarified issues regarding a halted transaction with Prospect Medical Holdings, as reported by the Wall Street Journal. The California state regulator ordered the transaction to be put on hold on July 20, requiring additional information before issuing final approval. MPW expects to complete the transaction and has shifted its capital allocation strategy to preserve capital, slashing its quarterly dividend by 49% to $0.15 per share. The company will continue exploring refinancing, sales, and joint-venture opportunities.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 1:59 pm

EH

EHang's Unmanned Aircraft Cloud System has been approved by the Civil Aviation Administration of China. This approval positions the EH216-S for post-TC commercial operations.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 1:24 pm

ANEB

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) has received positive feedback from the FDA for its drug ANEB-001, used for acute cannabinoid intoxication (ACI). The FDA suggests that a single well-controlled study of ANEB-001 could potentially support a new drug application. Anebulo has also completed dosing in an open-label part C extension of its phase 2 clinical trial to evaluate the safety and efficacy of ANEB-001. Full safety, pharmacokinetic, and pharmacodynamic data from the study are expected in Q4 2023.

Portfolio Pulse from Vuk Zdinjak

August 21, 2023 | 1:23 pm

DUO

Fangdd Network Group Ltd. (NASDAQ:DUO) has regained compliance with the Nasdaq minimum bid price requirement. The company had previously been notified of non-compliance as its American depositary shares (ADSs) closed below $1.00 per share for 30 consecutive business days. To regain compliance, the company changed the ratio of its ADSs representing Class A ordinary shares, which became effective on August 4, 2023. Nasdaq confirmed that the company's ADSs have been at $1.00 per share or greater for ten consecutive business days.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 1:03 pm

NKLA

Nikola Corp (NASDAQ:NKLA) shares are trading lower after the company announced an agreement to sell up to $325 million in aggregate principle amount of senior convertible notes. The company plans to close on approximately $125 million on Monday, with additional closings not exceeding $200 million. Nikola expects to generate net proceeds of approximately $124.5 million. The stock has seen increased selling pressure over the last month after a fire near its headquarters led to a voluntary recall of more than 200 vehicles.

Portfolio Pulse from Adam Eckert

August 21, 2023 | 1:02 pm

ENVB

Enveric Biosciences (NASDAQ:ENVB) has completed the manufacturing of its psilocin prodrug, EB-373, enabling the completion of preclinical work. The company will now commence remaining GLP studies to provide data required for human trials. The manufacturing process resulted in a high purity product, allowing Enveric and its partners to handle and ship EB-373 without restrictions for controlled substances. The company expects to complete all remaining preclinical studies required for Human Research Ethics Committee submission in Australia by the end of 2023.

Portfolio Pulse from Vuk Zdinjak

August 21, 2023 | 12:59 pm

AVGO

VMW

Vmware, Inc's stock is trading higher after the UK's Competition and Markets Authority (CMA) cleared Broadcom Inc's $69 billion purchase of VMware. The CMA had initially flagged potential competition issues, but after a Phase 2 investigation, it concluded that the acquisition wouldn't significantly impact competition within the UK's server hardware component market. Broadcom has secured up to $28.39 billion in new debt commitments to acquire VMware. The deal is still awaiting approval from the U.S. Federal Trade Commission.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 12:58 pm

CLF

MT

X

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