Streetbeat News

Regulatory

VRNOF

Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) has lost its chance to get a share of the Alabama medical cannabis market after the state's cannabis regulator reissued licenses. Verano, which had secured a highly sought-after Integrated Facility License in June, was not included in the renewed licenses. The company has expressed disappointment and frustration, claiming it had the highest score of any applicant and will pursue all options to defend its license, including legal remedies.

Portfolio Pulse from Jelena Martinovic

August 11, 2023 | 5:21 pm

ACHR

STLA

UAL

Archer Aviation Inc (ACHR) has received a $215 million equity investment from Boeing Co (BA), Stellantis N.V. (STLA), and United Airlines Holdings Inc (UAL), increasing its total funding to over $1.1 billion. Archer also received FAA approval to begin flying its Midnight eVTOL aircraft and settled litigation with Boeing and Wisk Aero. The company is on track to deliver its first eVTOL aircraft to the Department of Defense. Archer's Q2 operating expense was $181.4 million and it expects Q3 operating expenses of $42 million - $52 million.

Portfolio Pulse from Shivani Kumaresan

August 11, 2023 | 5:10 pm

DIS

PENN

Penn Entertainment (PENN) has announced an agreement with The Walt Disney Company (DIS) to launch ESPN Bet in the fall. As part of the deal, PENN will divest the Barstool Sports business back to its founder, Dave Portnoy. A recent SEC filing from PENN listed 1,254,880 shares previously issued to Portnoy, which led to speculation that Portnoy was selling his PENN stock. However, Portnoy has refuted these claims, stating that he still owns the shares and has no plans to sell at the current price.

Portfolio Pulse from Chris Katje

August 11, 2023 | 5:03 pm

ABT

BSX

JNJ

MDT

Boston Scientific Corp (BSX) is set to present results from its ADVENT pivotal trial for the Farapulse Pulsed Field Ablation (PFA) system at the 2023 European Society of Cardiology Congress. The trial compares Farapulse to standard-of-care RF ablation and cryoballoon ablation. Analysts from Needham believe the trial could support FDA approval for Farapulse. The global electrophysiology market, valued at $7.6 billion in 2022, is projected to reach $9.4 billion by 2024. Boston Scientific's electrophysiology operations currently contribute about 5% of its revenue.

Portfolio Pulse from Vandana Singh

August 11, 2023 | 4:53 pm

ILMN

Illumina Inc (NASDAQ:ILMN) is under investigation by the Securities and Exchange Commission (SEC) regarding its $8 billion acquisition of Grail. The company disclosed this in its quarterly 10Q filing, stating that it received a letter in July 2023 about the investigation. The SEC is requesting documents related to the acquisition, Grail's products, and the conduct and compensation of certain management members. Illumina's shares are down 3.81% at $178.06.

Portfolio Pulse from Vandana Singh

August 11, 2023 | 4:31 pm

BNTX

MRNA

NVAX

PFE

The COVID-19 variant EG.5 is causing a resurgence in cases, accounting for an estimated 17.3% of all cases in the U.S. In response, Pfizer Inc (PFE), BioNTech SE (BNTX), Moderna Inc (MRNA), and Novavax Inc (NVAX) are preparing to release updated vaccines by the end of September, pending FDA and CDC approval. The new vaccines will primarily target the XBB variants, descendants of the original Omicron strain.

Portfolio Pulse from AJ Fabino

August 11, 2023 | 4:30 pm

SPY

U.S. Attorney General Garland has expressed confidence in David Weiss's ability to carry out his responsibilities in an even-handed and urgent manner.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 4:26 pm

SPY

U.S. Attorney General has appointed Federal Prosecutor David Weiss as Special Counsel in the probe of President Biden's son, Hunter. A public report related to the Hunter Biden probe will be released.

Portfolio Pulse from Happy Mohamed

August 11, 2023 | 4:25 pm

VIEW

View Inc. reported better-than-expected Q2 financial results, leading to a rise in its share price. The company also announced that it has regained compliance with the Nasdaq minimum bid price requirements.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 4:15 pm

ABNB

AirBNB shares are trading lower due to overall market weakness following the release of July PPI data, which showed higher-than-expected inflation. This could negatively impact consumer sentiment and travel spending.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 4:08 pm