Streetbeat News

Regulatory

SPKX

SPY

UVXY

The SPDR S&P 500 (NYSE:SPY) was trading lower amid concerns of a global housing crisis and fears of the Federal Reserve continuing to hike interest rates. The ETF has declined almost 2% since Wednesday and over 5% since July 27. If the SPY continues its downtrend, volatility may increase. Traders can trade the potential volatility with options like the ConvexityShares Daily 1x SPIKES Futures ETF (NYSE:SPKX) and ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY).

Portfolio Pulse from Melanie Schaffer

August 18, 2023 | 5:01 pm

JAN

JanOne (NASDAQ:JAN), a biopharmaceutical company, will present prior data on Jan101's trial in diabetic neuropathy patients at the Ohio Society of Interventional Pain Physicians annual meeting. The data shows that Jan101 may provide a non-opioid solution to treat diabetic neuropathy pain and improve nerve function. This could be game changing for patients if proven further.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 4:49 pm

INTC

President Joe Biden is hosting South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida at Camp David, with China and North Korea being the main topics of discussion. The leaders pledged to strengthen Asian-Pacific relations amid escalating tensions with North Korea and China. The meeting comes after China rejected Intel Corporation's (NASDAQ:INTC) planned $5.4 billion acquisition of Israel-based Tower Semiconductor.

Portfolio Pulse from Anthony Noto

August 18, 2023 | 4:43 pm

IDAI

Trust Stamp (NASDAQ:IDAI) has been issued a provisional patent by the U.S. Patent and Trademark Office for its AI-powered semi-supervised and unsupervised biometric recognition technology. The technology, which can track changes in individuals' appearances over time without requiring re-enrollment, is being implemented immediately for a major financial services client.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 4:31 pm

JNJ

The European Commission has approved a Type II variation application for Tecvayli (teclistamab), a cell therapy for multiple myeloma developed by Johnson & Johnson's Janssen Pharmaceutical Companies. The approval allows for a reduced dosing frequency in patients who have achieved a complete response for a minimum of six months. The approval was supported by positive results from the Phase 1/2 MajesTEC-1 study. In October 2022, the FDA approved Tecvayli for relapsed or refractory multiple myeloma for patients who previously received four or more prior lines of therapy.

Portfolio Pulse from Vandana Singh

August 18, 2023 | 3:59 pm

FXI

SPY

The Biden administration has tightened controls on the export of materials and components for nuclear power plants to China. The Bureau of Industry and Security (BIS) and the Nuclear Regulatory Commission (NRC) now require exporters to get specific licenses for certain items. The move is seen as necessary to further the national security interests of the United States. Westinghouse, a U.S. company, has four AP1000 reactors in China. The changes are seen as more symbolic than substantive and are not expected to have a significant impact on China's nuclear weapons program.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 3:47 pm

BENF

FFIE

FTCH

GNLX

JFIN

NAUT

PHVS

TLSI

TMC

VFS

VNET

Several US stocks traded down, with Farfetch Ltd, Faraday Future Intelligent Electric Inc, TriSalus Life Sciences Inc, Beneficient, Pharvaris NV, VinFast Auto, Genelux Corp, Nautilus Biotechnology Inc, VNET Group Inc, Jiayin Group Inc, and TMC The Metals Company Inc all recording losses. Factors contributing to the decline include soft quarterly results, weak guidance, exit from the beauty category, delivery of first EV for the ultra-luxury market, concerns over further interest rate hikes by the Federal Reserve, and second-quarter results.

Portfolio Pulse from Lisa Levin

August 18, 2023 | 3:46 pm

ACB

CGC

CRON

TLRY

A marijuana legalization initiative is set to appear on the Ohio ballot in November. The Coalition to Regulate Marijuana Like Alcohol (CTRMLA) is optimistic about the measure, which has garnered majority support in polls. However, Ohio Governor Mike DeWine opposes the initiative, calling it a 'real mistake'. Meanwhile, GOP Congressman Dave Joyce has expressed his support for the measure. If enacted, the initiative could generate up to $404 million annually from adult-use cannabis sales.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 3:37 pm

AVGO

VMW

Broadcom Inc. has secured up to $28.39 billion in new debt commitments for its proposed $61 billion acquisition of VMware, Inc. The deal is currently under scrutiny by multiple regulatory watchdogs. The loans may be increased by up to $2 billion fifteen business days after the Funding Date. The U.K.'s antitrust regulator gave the merger deal interim clearance in July, while approval from the U.S. Federal Trade Commission is still pending.

Portfolio Pulse from Nabaparna Bhattacharya

August 18, 2023 | 3:37 pm

BLK

COIN

The National Futures Association (NFA) has approved Coinbase Global Inc (NASDAQ:COIN) as a Futures Commission Merchant (FCM), leading to speculation about the Securities and Exchange Commission's (SEC) stance on digital assets. Major financial institutions like BlackRock (NYSE:BLK) and Fidelity are applying for spot BTC ETFs, validating Bitcoin and the broader industry. The SEC's approach, seen as regulating by enforcement, has raised concerns about a potential exodus of digital asset innovators to markets with clearer regulatory frameworks.

Portfolio Pulse from Murtuza Merchant

August 18, 2023 | 3:23 pm