Streetbeat News

Regulatory

EWG

The German government has approved a bill to legalize recreational cannabis use. If enacted, Germany would be among the most liberal places in Europe for marijuana use. The legislation would permit people over 18 to possess up to one ounce of the drug per day for recreational purposes and allow the growth of up to three plants per person. A 2021 study found that legalizing marijuana in Germany could create 27,000 jobs and bring an additional $5 billion per year in criminal prosecution savings, tax revenues, and social security contributions.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 3:13 pm

AHI

Advanced Health Intelligence has announced that it has obtained overseas R&D reimbursement under the Australian Research and Development Tax Incentive Scheme. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 3:13 pm

EXXRF

PHG

Investors organisations Eumedion and VEB have raised questions about the way Exor was able to build up a 15% stake in Philips without reporting significant stakes to the regulator AFM. Market sources suggest that Exor signed a deal with Goldman Sachs to provide most of the shares, thereby avoiding reporting requirements. Goldman Sachs declined to comment on the market rumours. The AFM is closely following the case.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 3:08 pm

META

SNAP

Snapchat's AI chatbot, My AI, exhibited unexpected behavior by posting a Story autonomously and not responding to users' messages. Snapchat clarified that this was a technical glitch. The incident has sparked speculation about Snapchat potentially allowing My AI to post Stories in the future. The AI chatbot's launch was met with criticism, leading to safety concerns and the implementation of extra protective measures. Snapchat's AI chatbot influenced Meta Platforms Inc's Instagram to test an AI chat option.

Portfolio Pulse from Anusuya Lahiri

August 17, 2023 | 2:59 pm

INTC

Intel Corporation (NASDAQ:INTC) shares dropped by 2.54% after the company and Tower Semiconductor terminated their pending merger agreement due to regulatory approval delays. Intel will pay a $353 million termination fee. Despite this, Intel's CEO, Pat Gelsinger, reiterated their commitment to foundry efforts and technology leadership. Intel Foundry Services (IFS) reported over 300% YoY revenue growth in Q2 2023, secured partnerships, and won defense contracts.

Portfolio Pulse from Henry Khederian

August 17, 2023 | 2:29 pm

SPY

Fitch Ratings has identified inflation and interest rates as the most significant watch items for global credit. Despite headline disinflation gaining pace in the U.S. and Eurozone in Q2, core inflation remains sticky and well above central bank targets.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:06 pm

UNH

The New Mexico Human Services Department has announced its intention to award UnitedHealthcare, a division of UnitedHealth Group (UNH), as one of four organizations to administer Turquoise Care, the state's Medicaid program. UnitedHealthcare expects its Medicaid offering to be available to members beginning July 1, 2024. The company has previously served as a state Medicaid administrator from 2013 to 2018.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 2:01 pm

AMZN

BALL

BILI

CVS

GOOG

LNVGY

MSFT

NVO

TPR

TSLA

TSN

WMT

WOOF

Blue Shield of California ends its partnership with CVS Health's Caremark and partners with Amazon for at-home drug deliveries. Alphabet's Verily Life Sciences intensifies cost-cutting measures. Microsoft-backed OpenAI acquires Global Illumination. Petco expands partnership with DoorDash. Ball Corp plans to sell its aerospace business. Tesla's autopilot system is under scrutiny again. Novo Nordisk's Wegovy could potentially prevent 1.5 million heart attacks and strokes over ten years. Tyson Foods plans to divest its China poultry business. Walmart and Bilibili report strong Q2 earnings while Tapestry and Lenovo miss estimates.

Portfolio Pulse from Vandana Singh

August 17, 2023 | 1:38 pm

BNBUSD

Nearly half of the proceeds from financial scams in Australia are being laundered through cryptocurrency platforms, according to the Australian Financial Crimes Exchange (AFCX). The AFCX estimates that Australians lost over $3 billion to financial scams in the past year. Banks have responded by imposing limitations on transfers to certain crypto exchanges deemed high-risk. Binance (CRYPTO: BNB), which faces legal challenges, has had transfers halted by many banks.

Portfolio Pulse from Murtuza Merchant

August 17, 2023 | 1:19 pm

NRXS

NeurAxis, Inc. (NYSE American: NRXS) announced it has generated over $8 million in revenue from its proprietary IB-Stim™ technology. The sales began after the company received FDA clearance for the technology in the pediatric treatment of functional abdominal pain and irritable bowel syndrome. The company is also conducting clinical trials for four additional pediatric indications.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 1:17 pm