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Regulatory

AMZN

MSFT

Amazon has offered to change its marketplace rules to address concerns raised by the UK's Competition and Markets Authority (CMA) following a regulatory probe into alleged abuse of its position. The company has committed to not using Marketplace seller data and to treating all sellers' offers equally. It will also allow independently negotiated rates between carriers and sellers for Prime orders that Amazon does not fulfill. The CMA is currently consulting on Amazon's proposed commitments. Amazon's shares traded lower by 1.70% at $126.94 on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

July 26, 2023 | 2:54 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) shares are trading higher by 7.81% to $27.33 despite no company-specific news. The stock is trading higher amid overall market volatility ahead of the Fed's decision on interest rates. Higher interest rates could make borrowing more expensive for companies like Rivian, potentially impacting their growth plans and overall financial health. It could also reduce consumer spending, impacting Rivian's sales.

Portfolio Pulse from Henry Khederian

July 26, 2023 | 2:52 pm

ABT

The FDA has announced that Abbott (ABT) is recalling its Amplatzer Steerable Delivery Sheath due to an increased risk of air embolism. The FDA has classified this as a Class I recall, the most serious type of recall which indicates that use of these devices may cause serious injuries or death.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:47 pm

SPY

U.S. Majority Leader Schumer has announced that the Senate is close to finalizing a defense policy bill. The bill's completion could have implications for defense-related stocks.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:38 pm

AMZN

Amazon.com, Inc (NASDAQ:AMZN) opened about 2% lower following reports of the Federal Trade Commission preparing an anti-trust lawsuit aimed at breaking up parts of the company. The news caused Amazon's stock to break down from an inside bar pattern on the daily chart, indicating a bearish trend. The stock fell to the 50-day simple moving average (SMA), where it found support. However, the downtrend remains intact with the most recent lower high and lower low confirmed. The stock has resistance above at $131 and $136.83 and support below at $125.93 and $117.16.

Portfolio Pulse from Melanie Schaffer

July 26, 2023 | 2:33 pm

MKGAF

NVO

REGN

TEVA

The World Health Organization (WHO) has published new editions of the Model Lists of Essential Medicines (EML) and Essential Medicines for Children (EMLc), which include new medicines for various diseases. However, Novo Nordisk's obesity drug Saxenda was not included due to uncertain long-term clinical benefit and safety. Other drugs included in the list are from EMD Serono, Merck KGaA, Teva Pharmaceuticals, Roche Holdings, Ridgeback Biotherapeutics, and Regeneron Pharmaceuticals.

Portfolio Pulse from Vandana Singh

July 26, 2023 | 2:24 pm

SPY

The Federal Reserve is expected to raise rates by 0.25% at the end of its two-day FOMC meeting, according to former Atlanta Fed president Dennis Lockhart. This would bring the fed funds rate to its highest level in over 20 years. Lockhart also anticipates another rate hike in September. The market is pricing in a 98.9% chance of a 0.25% hike this afternoon, with a 20% expectation for a subsequent hike in September. The SPDR S&P 500 (NYSE:SPY) was down 0.14% at $454.78 at the time of writing.

Portfolio Pulse from Adam Eckert

July 26, 2023 | 2:23 pm

LIAN

Lianbio's partner, Tarsus Pharmaceuticals, has received FDA approval for Xdemvy 0.25% for the treatment of Demodex Blepharitis. This approval could potentially boost Lianbio's revenues and market position.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 1:14 pm

ABBV

AMGN

NVS

Seven pharmaceutical companies have launched biosimilars of AbbVie's arthritis drug Humira, sparking calls for reform in drug pricing intermediaries. Despite the increased competition, prices remain high, highlighting the need for reform in the pharmaceutical supply chain. The Biden administration has prioritized lowering drug prices and passed the Inflation Reduction Act, targeting pharmacy benefit managers (PBMs). Amgen, which launched its biosimilar to Humira, argues that PBMs favor higher list prices for subsequent after-market discounts. Novartis's Sandoz unit has also launched biosimilars.

Portfolio Pulse from Vandana Singh

July 26, 2023 | 1:06 pm

VS

Versus Systems has been granted an additional 180-day extension by Nasdaq to regain compliance with the minimum bid price requirement.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 12:57 pm