Streetbeat News

Regulatory

ETHUSD

On Sunday, 4,148.84 Ether (ETH) worth $7,641,084 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -3.79%.

Portfolio Pulse from Benzinga Insights

July 24, 2023 | 6:00 pm

OCX

Oncocyte Corporation (OCX) has announced a 1-for-20 reverse stock split of its common stock, effective from July 24, 2023. The move is part of the company's plan to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Stock Market. The reverse stock split will reduce the number of outstanding shares to approximately 8,241,054.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 5:37 pm

BIDU

BILI

JD

KWEB

Shares of Chinese companies Bilibili Inc (BILI), Baidu Inc (BIDU), JD.Com, Inc (JD) and KraneShares CSI China Internet ETF (KWEB) are trading higher after China pledged to optimize the business environment for private enterprises. The National Development and Reform Commission (NDRC) released a 17-point statement supporting private investment in various sectors. This follows recent measures to stimulate the struggling Chinese economy, including equal treatment for private and state-owned entities and changes to cross-border financing guidelines.

Portfolio Pulse from Erica Kollmann

July 24, 2023 | 5:30 pm

LEDS

SemiLEDs has received a notice of allowance for its U.S. patent application 17/676,334 titled 'Method For Making Electronic (Light Emitting) Device Arrays Using A Temporary Substrate And A Carrier Substrate'.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 5:17 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) has announced a 1-for-10 reverse stock split to regain compliance with Nasdaq's listing rules. The reverse stock split will be effective as of July 25, 2023. The company's board of directors approved the reverse stock split ratio of 10 to 1, aiming to decrease the total number of shares of common stock outstanding and increase the market price of the common stock. The company's common stock will continue trading under the ticker symbol 'ABVC'.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 4:30 pm

SPY

The market is fully expecting a 25bps rate hike by the Federal Reserve this week. The market's reaction will depend on the language of the statement and the tone of Jerome Powell. Three scenarios are considered: a dovish hike could see SPY retest 456 (55% probability), a hawkish hike could see SPY drop below 443 (35% probability), and a slim chance (10% probability) that the FOMC signals the end of the rate hiking cycle, which could see SPX rise 1% - 1.5%.

Portfolio Pulse from John Chang

July 24, 2023 | 4:21 pm

EWL

UBS

UBS has announced that it will reflect the provision in purchase accounting for the acquisition of Credit Suisse. The Federal Reserve and FINMA have imposed remedial requirements relating to credit, liquidity and non-financial risk management, as well as oversight.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 3:56 pm

KSCP

Knightscope has received a letter of compliance from the Nasdaq, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 3:56 pm

EWL

EWU

SPY

UBS

Swiss financial regulator has announced that US and UK regulators have imposed fines of $268.5M and GBP87M respectively in relation to the Archegos investigation. UBS has stated that it has resolved Credit Suisse regulatory matters related to Archegos.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 3:54 pm