Streetbeat News

Regulatory

CTXR

Citius Pharmaceuticals (NASDAQ:CTXR) has received a Complete Response Letter from the FDA regarding its Biologics License Application for LYMPHIR, a treatment for patients with relapsed or refractory cutaneous T-cell lymphoma. The FDA has asked Citius to incorporate enhanced product testing and additional controls. No concerns were raised about the safety and efficacy of the clinical data package submitted with the application.

Portfolio Pulse from Charles Gross

July 29, 2023 | 8:32 pm

CNBS

CWBHF

POTX

THCX

TOKE

YOLO

Florida Governor Ron DeSantis has appointed six new members to the state's Drug Policy Advisory Council, including sheriffs and a pastor, to weigh in on Florida's cannabis reform. The council will provide recommendations to the governor's office. The panel includes sheriffs with contrasting stances on marijuana rights. As Florida activists aim to legalize cannabis through a ballot initiative, the panel members' past actions and statements related to drugs may influence the state's response.

Portfolio Pulse from Nicolás Jose Rodriguez

July 29, 2023 | 3:46 pm

AAPL

AMC

ARKK

BABA

NKLA

TSLA

The Dow Jones, S&P 500, and Nasdaq Composite all saw weekly gains, despite a dip on Thursday. The Federal Reserve raised the federal funds rate to between 5.25% and 5.5% due to a persistent core inflation rate of 4.8%. Benzinga highlighted bullish views on Tesla and Apple, with Tesla's Cybertruck and Apple's Vision Pro headset seen as potential game-changers. Bearish views were expressed on Ark Innovation ETF, Alibaba, Nikola Corp, and AMC Entertainment due to various issues including regulatory crackdowns and financial risks.

Portfolio Pulse from Michael Cohen

July 29, 2023 | 3:38 pm

CNBS

POTX

THCX

TOKE

YOLO

Tantalus Labs Ltd. has received permission from a British Columbia Supreme Court to sell over 1,200 kilograms of marijuana to alleviate its financial troubles. In other news, Uruguay celebrates six years of legal marijuana sales, and Slovenia is being touted as a potential hub for premium cannabis production due to its clean environment. Several cannabis ETFs including Cambria Cannabis ETF (BATS:TOKE), Amplify Seymour Cannabis ETF (NYSE:CNBS), AdvisorShares Pure Cannabis ETF (NYSE:YOLO), ETFMG Alternative Harvest (NYSE:MJ), AXS Cannabis ETF (NYSE:THCX), and Global X Cannabis ETF (NASDAQ:POTX) have shown varied price actions.

Portfolio Pulse from Jelena Martinovic

July 28, 2023 | 9:38 pm

BAM

NMRK

The Federal Deposit Insurance Corp. (FDIC) has initiated the sale of a loan portfolio valued at $18.5 billion held by Signature Bank. The portfolio includes 201 performing capital-call loans linked to firms such as Starwood Capital Group, Carlyle Group Inc., Blackstone Inc., Thoma Bravo, and Brookfield Asset Management Ltd. Newmark Group Inc. will manage the sale, which is expected to conclude in September. The FDIC aims to unload approximately $60 billion worth of loans from Signature Bank.

Portfolio Pulse from Piero Cingari

July 28, 2023 | 9:04 pm

BAC

BANC

GOOG

INTC

JPM

META

MSFT

The Dow Jones broke a 13-day winning streak, but ended the week up 0.65%. The Fed raised interest rates to 5.25%-5.5%, the highest level since 2001. Big Tech companies released earnings, with Microsoft (MSFT) shares falling due to slowed Azure growth, Alphabet (GOOG) shares rising after beating revenue estimates, Meta (META) shares increasing after beating earnings estimates, and Intel (INTC) shares climbing despite a revenue drop. Banc of California (BANC) announced a merger with PacWest Bancorp (PACW), causing its shares to soar. Bank of America (BAC) and JP Morgan Chase (JPM) shares slid after a proposal to raise capital requirements for big banks.

Portfolio Pulse from Natan Ponieman

July 28, 2023 | 8:06 pm

LYV

The Department of Justice (DOJ) is considering filing an antitrust lawsuit against Live Nation Entertainment, according to Politico. The potential lawsuit is due to allegations of Live Nation violating a 2010 agreement that prohibits the company from retaliating against venues for using a ticketing service other than Ticketmaster, which is owned by Live Nation.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 7:36 pm

JNJ

Janssen, a pharmaceutical company of Johnson & Johnson (JNJ), has submitted a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for an expanded pediatric indication for its HIV-1 therapy, Edurant.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 7:22 pm

CNBS

THCX

YOLO

Rep. Earl Blumenauer (D-OR) has criticized the U.S. Department of Veterans Affairs (VA) and Department of Defense (DoD) for their denial of medical marijuana as a treatment for PTSD in veterans. This comes after the VA and DoD released guidelines claiming the adverse effects of cannabis outweigh the benefits. Blumenauer's criticism coincides with the House approving an amendment to block the VA from enforcing policies that prevent doctors from recommending medical marijuana to veterans in legal states. Cannabis-related ETFs CNBS, YOLO, MJ, and THCX saw an increase in their share prices.

Portfolio Pulse from Joana Scopel

July 28, 2023 | 7:10 pm

AAPL

SPIKE

Apple Inc's stock (AAPL) is showing bullish patterns, indicating a potential for a short-term rise. The company's stock is trading in an inside bar pattern, which usually suggests a continuation of the current trend. The Federal Reserve's recent decision to increase interest rates by 25 bps has increased volatility in the stock market. Traders can use MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), to track expected volatility in the SPDR S&P 500 over the next 30 days.

Portfolio Pulse from Melanie Schaffer

July 28, 2023 | 6:15 pm