Streetbeat News

Regulatory

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares are trading lower amid overall market weakness and a downgrade of U.S. Treasuries by Fitch. The National Highway Traffic Safety Administration (NHTSA) has also opened an investigation into Tesla over steering control issues in the 2023 Model 3 sedan and Model Y crossover utility vehicles. Tesla shares are currently trading down by 2.67% at $254.11.

Portfolio Pulse from Erica Kollmann

August 04, 2023 | 11:46 am

FXI

TM

Toyota plans to increase its electric vehicle (EV) development efforts in China to compete with domestic players in the world's largest car market. The company will develop its own batteries, utilize big metal castings similar to Tesla, and focus on making its future cars as aerodynamic as possible. Toyota's suppliers Denso and Aisin will also increase their work in the powertrain department. The company will also develop 'smart cockpits' in China, with engineers from joint ventures with FAW Group, Guangzhou Automobile Group (GAC), and BYD working together at Toyota's largest research and development facility in China.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:42 am

SPY

White House Economic Adviser Bernstein has criticized the timing of Fitch's downgrade, stating that it makes no sense, according to CNBC.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:38 am

BNBUSD

COIN

FTTUSD

INX CFO Renata Szkoda advises companies to consider regulations before launching tokens. INX has avoided regulatory issues due to its commitment to compliance. The SEC is currently investigating several major cryptocurrency firms, including Binance (BNB), Coinbase (COIN), and FTX (FTT), for operating unregistered exchanges and failing to prevent U.S.-based investors from using their platforms.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 11:35 am

LUV

The U.S. Transportation Department is continuing its comprehensive investigation into Southwest Airlines' operational issues in December, according to Reuters.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:33 am

BABA

BIDU

BILI

JD

PDD

WB

Chinese internet and tech stocks are trading lower following the proposal of draft rules by the Cyberspace Administration of China that would limit the daily phone time of minors. This includes stocks such as BABA, BIDU, BILI, JD, PDD, WB.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:31 am

DIS

PARA

TGNA

Mario Gabelli, CEO of GAMCO Investors, sees significant upside in several media stocks, including TEGNA Inc (TGNA), Walt Disney Co (DIS), and Paramount Global (PARA). He believes that the increase in budgets for political advertising from $2.5 billion to $14 billion in 2024 will benefit television stations. Gabelli also expects the Federal Communications Commission to lift the 39% coverage cap for TV station operators, which could lead to companies like Disney and Paramount holding onto their networks and selling or spinning off the TV stations.

Portfolio Pulse from Adam Eckert

August 04, 2023 | 11:29 am

CRLBF

A political panel at the Benzinga Cannabis Capital Conference will discuss the need for marijuana reforms. The panel includes former Sen. Cory Gardner, former Rep. Ed Perlmutter, and senior counsel at Akin Gump Strauss, Hauer & Feld LLP, Reggie Babin. Perlmutter has been a strong advocate for banking reform in the cannabis industry, while Gardner has been a supporter of the cannabis industry and co-sponsored the SAFE Banking Act of 2019. Babin has worked with Chuck Schumer on cannabis reform. The panel will be moderated by Saphira Galoob, CEO of the Liaison Group, who has dealt with federal policy initiatives for leading cannabis operators like Cresco (OTCQX:CRLBF).

Portfolio Pulse from Nina Zdinjak

August 04, 2023 | 11:28 am

ORTX

Orchard Therapeutics (NASDAQ:ORTX) has expressed support for the Newborn Metabolic Screening Act in Illinois, which mandates the expansion of the state's Newborn Screening program to include metachromatic leukodystrophy (MLD) from January 2024. Illinois is the first US state to add newborn screening for MLD. Orchard Therapeutics is supporting several newborn screening initiatives, including nine prospective newborn screening studies across Europe, the US, and the Middle East.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:22 am