Streetbeat News

Regulatory

BTCUSD

Lawmakers have expressed concerns over proposed stablecoin legislation, fearing it could allow tech moguls like Elon Musk to issue their own stablecoins. The legislation aims to regulate stablecoins, a type of cryptocurrency designed to maintain a stable value relative to the U.S. dollar. Criticism also came from Republicans, who noted the bill contains no commercial entity prohibition.

Portfolio Pulse from Mehab Qureshi

July 28, 2023 | 4:19 am

BLTE

Belite Bio, Inc (NASDAQ:BLTE) has dosed the first subject in its pivotal Phase 3 PHOENIX trial for Geographic Atrophy (GA). The trial is evaluating the oral tablet Tinlarebant, which is intended to slow disease progression in subjects with Stargardt Disease and GA in advanced Dry Age-related Macular Degeneration. The trial aims to enroll approximately 430 GA subjects across multiple centers globally. There are currently no FDA-approved oral or non-invasive treatments for GA.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 9:20 pm

OVV

Ovintiv Inc. has filed for a 31.8 million shelf offering, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 9:15 pm

SHLS

Shoals Technologies Group (NASDAQ:SHLS) has amended its patent infringement complaint against Voltage, LLC, adding a third, recently-issued U.S Patent. The patent relates to improved connectors for solar panel arrays. Shoals' complaint requests that the ITC issue a limited exclusion order and a cease and desist order against Voltage and related entities to bar the importation into the United States of devices, components and products that are alleged to infringe Shoals' patents.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 8:53 pm

Ford's CFO has stated that the company is not providing a date for when it will be able to produce 2 million electric vehicles (EVs) annually. This is a change from their previous target of the end of 2026.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 8:35 pm

AAPL

AMZN

GOOGL

IRBT

MSFT

The Federal Trade Commission (FTC) is expected to file an antitrust lawsuit against Amazon (AMZN) that could potentially break apart some parts of the company. The FTC recently lost an antitrust lawsuit against Microsoft's (MSFT) acquisition of Activision Blizzard (ATVI). The Department of Justice is reportedly preparing an antitrust lawsuit against Apple (AAPL) and has already sued Google's parent company, Alphabet (GOOG, GOOGL), for monopolizing digital advertising technologies. The FTC is also investigating Amazon's proposed acquisition of iRobot (IRBT).

Portfolio Pulse from Natan Ponieman

July 27, 2023 | 8:25 pm

SCTL

Societal CDMO Inc. (NASDAQ:SCTL) has secured a DEA Schedule 1 Controlled Substances manufacturer’s license, allowing it to enter the biopharma industry’s psychedelic drugs subsection. This expands Societal’s drug development capabilities, building on its 25 years of experience manufacturing Schedule 2 compounds. The company will now offer research and commercial customers high-quality cGMP clinical psychedelic supplies.

Portfolio Pulse from Lara Goldstein

July 27, 2023 | 8:24 pm

DIA

IWM

TLT

XLF

The VIX index surged over 10% amid speculation that the Bank of Japan might remove the yield curve control, causing major U.S. stock indices to turn red. The SPDR Dow Jones Industrial Average ETF (DIA) broke its record streak, losing 0.7% for the session. The iShares Russell 2000 ETF (IWM) fell 1.3%, and the Financial Select Sector SPDR Fund (XLF) was down 1.3% following new regulations by U.S. regulators. The iShares 20+ Year Treasury Bond ETF (TLT) declined by 2%.

Portfolio Pulse from Piero Cingari

July 27, 2023 | 8:11 pm

BAC

JPM

XLF

US regulators have proposed that large banks increase their capital levels by an average of 16% to safeguard against potential future crises. This will primarily impact the largest banks, many of which already have sufficient capital to comply with these new rules. The Financial Select Sector SPDR Fund (NYSE:XLF) fell as much as 2.2% following the news. The new rules will also apply to institutions with as little as $100 billion in assets, affecting roughly 30 banks. The eight largest banks, including JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC), will see capital requirements rise by 19% on average.

Portfolio Pulse from Piero Cingari

July 27, 2023 | 7:42 pm

VIEW

View Inc. has been granted a European patent for 'Power Distribution Networks for Electrochromic Devices (Smart Windows)'.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 6:55 pm