Streetbeat News

Regulatory

FXI

NUE

SPY

STLD

China's Commerce Ministry has demanded the U.S. to immediately lift the tariffs imposed on steel and aluminum imports. This could potentially affect the trade dynamics between the two countries.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 3:04 pm

AAPL

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GOOG

INTC

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The article discusses the Federal Reserve minutes, China's directive to funds not to sell stocks, and Intel's scrapped deal with Tower Semiconductor due to lack of Chinese approval. It also mentions positive early trade money flows in NVIDIA and Microsoft, and negative flows in Amazon, Alphabet, Meta Platforms, Tesla, and Apple. Mixed flows are reported for SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1. The article also touches on housing starts, India's move to reduce dollar dominance, and oil and gold trades.

Portfolio Pulse from The Arora Report

August 16, 2023 | 2:56 pm

DWAC

Former President Trump will retain control of his social media company, Truth Social, even if he sells most of his shares post-IPO. This is due to the creation of a new class of high-vote stock by Digital World Acquisition Corp. (DWAC), the SPAC merging with Truth Social's parent company. Trump will be the sole holder of this stock, granting him 55% voting power. DWAC recently settled with the SEC over misleading investors and agreed to pay an $18 million penalty. The company has yet to file its required quarterly reports for Q1 or Q2 2023.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:50 pm

MGM

The Michigan Gaming Control Board (MGCB) has renewed licenses for MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown, which will run through to August next year. The three casinos posted $107.2m in revenue for July, level with last year and slightly up month-on-month. The casinos pay tax at a rate of 18% on adjusted gross receipts and an 8.4% tax on their retail sports betting qualified adjusted gross receipts.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:24 pm

BMY

Bristol Myers Squibb (NYSE:BMY) has announced updated results from the TRIDENT-1 study, showing that repotrectinib, a next-generation ROS1/TRK tyrosine kinase inhibitor (TKI), continues to show high response rates and durable responses in patients with ROS1-positive locally advanced or metastatic non-small cell lung cancer (NSCLC). The U.S. Food and Drug Administration has accepted the New Drug Application for repotrectinib and granted Priority Review. The data from the trial is expected to be presented at the IASLC 2023 World Conference on Lung Cancer.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:21 pm

FXI

SPY

The World Trade Organization (WTO) dispute settlement panel has found that China acted inconsistently with its WTO obligations by imposing additional duties on certain imports from the United States.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 2:12 pm

CAR

COIN

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META

MSFT

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TGT

TJX

TSEM

WBA

Elon Musk's X is accused of slowing traffic to sites criticized by him, including Instagram, owned by Meta Platforms Inc. Coinbase Global Inc has received federal approval for new futures offering. Tower Semiconductor Ltd's deal with Intel Corp has been terminated due to US-China tensions. Occidental Petroleum Corp is set to acquire Carbon Engineering Ltd for $1.1 billion. Emerson Electric Co is acquiring Flexim. Target Corp, TJX Companies Inc, and JD.com Inc have reported their Q2 earnings. Microsoft Corp's Game Pass is shaping the $60B gaming industry. Avis Budget Group Inc has been fined $275K for refusing to rent vehicles to customers without credit cards. Walgreens Boots Alliance Inc is facing a reopened lawsuit accusing it of Medicaid fraud.

Portfolio Pulse from Vandana Singh

August 16, 2023 | 2:01 pm

BABA

NIO

China's real estate sector is facing a crisis, with liquidity issues among developers and concerns over the $3 trillion shadow banking sector. Zhongrong International Trust Co. failed to meet payment obligations, leading to protests. Regulators have halted short selling and Country Garden Holdings Co. warned of 'major uncertainties' in bond redemption. The company could default if it fails to make a $45 million bond interest payment. JP Morgan Chase & Co. reduced its 2023 growth prediction for China from 5% to 4.8%. Chinese stocks listed in the US, including Alibaba, JD.com, and NIO, opened lower.

Portfolio Pulse from Piero Cingari

August 16, 2023 | 1:47 pm

FXI

KBE

KRE

SPY

XLF

Pimco suggests that the Chinese economic weakness and falling prices are likely to affect global markets. This could be a near-term positive for Western Central Banks battling inflation.

Portfolio Pulse from Happy Mohamed

August 16, 2023 | 1:31 pm

FXLV

F45 Training Holdings Inc (NASDAQ:FXLV) shares dropped by 6.5% to $0.16, hitting a new 52-week low. The company announced its intention to voluntarily delist and deregister its securities due to cost-efficiency and limited benefits of public status. This move follows a NYSE non-compliance notice due to delayed filings and a sub-$1.00 average stock price over 30 days.

Portfolio Pulse from Henry Khederian

August 16, 2023 | 1:28 pm