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Regulatory

ETHUSD

Ethereum founder Vitalik Buterin has acknowledged the presence of 'training wheels' or backdoors in Ethereum Layer 2 (L2) solutions. These backdoors allow developers to intervene and modify the protocol in case of bugs or other issues. However, they also present potential vulnerabilities that could compromise the security of funds or data stored within the L2 solutions.

Portfolio Pulse from Murtuza Merchant

August 14, 2023 | 7:37 pm

IMCC

IM Cannabis Corp. reported its Q2 2023 financial results, with a 4% YoY increase in revenue to CA$13.2 million. Gross profit increased by 57% YoY to CA$3.5 million, while operating loss decreased by 69% YoY. The company's CEO, Oren Shuster, highlighted strategic decisions that led to 'sustainable profitability'. Shuster also praised the anticipated reform of medical cannabis regulations in Israel, which is expected to reduce industry restrictions. IMC's shares traded 15.3153% lower at $0.94 per share on Tuesday morning.

Portfolio Pulse from Jelena Martinovic

August 14, 2023 | 6:37 pm

PFE

Pfizer Inc. (NYSE:PFE) has received accelerated approval from the U.S. FDA for ELREXFIO (elranatamab-bcmm) for the treatment of adult patients with relapsed or refractory multiple myeloma. The approval is based on the results of the Phase 2 MagnetisMM-3 trial. Pfizer is also advancing the MagnetisMM clinical program to expand ELREXFIO into earlier lines of treatment. The approval of ELREXFIO is based on data from response rates and duration of response.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 6:09 pm

KBE

KRE

SPY

XLF

The U.S. Federal Deposit Insurance Corporation (FDIC) is planning to propose a 'comprehensive' overhaul of regional bank resolution plan requirements. This could potentially impact the operations of regional banks.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 6:06 pm

FRHC

Freedom Holding Corp. (FRHC) has received a non-compliance letter from Nasdaq due to its failure to timely file its Q2 2023 report with the SEC. The company now has 60 days to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant the company up to 180 days to regain compliance. The delayed filing of the company's annual report had the effect of decreasing the time available for the company to prepare the Q2 report. The company is working to complete the necessary work to file the Q2 report as soon as possible.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 6:01 pm

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Illinois Governor J.D. Pritzker has signed 45 bills into law, including cannabis reform, and has expunged over 800,000 low-level cannabis arrest records. He will be a keynote speaker at the Benzinga Cannabis Capital Conference in Chicago. Since Pritzker legalized cannabis two years ago, the market has grown significantly, with companies like Cresco Labs Inc, Verano Holdings Corp., and Green Thumb Industries participating. Illinois weed retailers sold $140 million in cannabis products in July 2023 alone, and total sales reached $1.5 billion in 2022.

Portfolio Pulse from Maureen Meehan

August 14, 2023 | 5:34 pm

NDRA

ENDRA Life Sciences Inc. has submitted a De Novo request to the U.S. FDA for its Thermo Acoustic Enhanced UltraSound (TAEUS) system, a device for non-invasive assessment of fatty liver tissue. The submission includes data from clinical studies comparing TAEUS with MRI-PDFF, showing a sensitivity of 90% and a strong correlation. The company believes the TAEUS system could fulfill an unmet need for a non-invasive, cost-effective tool for fatty liver disease assessment.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 5:31 pm

UBS

UBS has agreed to pay $1.44 billion to settle a Department of Justice (DOJ) case related to the financial crisis era. The settlement resolves allegations that UBS misled investors about the quality of mortgage-backed securities leading up to the 2008 financial crisis.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 5:26 pm

TALS

ImmunoFree, Inc. has acquired the rights to FCR001, a cellular therapy product, and the sponsorship of the FREEDOM-1 Study from Talaris Therapeutics (TALS). ImmunoFree will now oversee all remaining close-out activities and the shutdown of the remaining active FREEDOM-1 phase 3 clinical sites. The company plans to commence a new clinical trial with modifications to the protocol to improve patient outcomes.

Portfolio Pulse from Happy Mohamed

August 14, 2023 | 5:12 pm

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PEP

Nestlé ADR (OTC:NSRGY) has voluntarily recalled its Toll House Chocolate Chip Cookie Dough due to reports of wood chips in the product. The company is working with the FDA and believes the issue is isolated. PepsiCo, Inc. (NYSE:PEP) also recently had a recall due to undeclared allergens in its Doritos product.

Portfolio Pulse from Aaron Bry

August 14, 2023 | 4:39 pm