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Regulatory

JAZZ

A bipartisan group of U.S. lawmakers reintroduced a measure to secure the FDA’s regulation of hemp-derived CBD products. The move comes seven months after the FDA announced it will not regulate CBD products as food and dietary supplements. The goal of the announced subcommittee hearing is to examine the FDA’s failure to regulate hemp-derived and cannabidiol (CBD) products under existing authorities for years. The FDA approved Jazz Pharmaceuticals' Epidiolex, a CBD-based drug for treating severe forms of epilepsy.

Portfolio Pulse from Nina Zdinjak

July 21, 2023 | 2:35 pm

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SPY

USO

VGK

Major fossil fuel producers, including Saudi Arabia and Russia, have opposed a proposal to triple G20 countries' renewable energy capacity by 2030, according to three sources.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:25 pm

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DWAC

ETSY

EVLO

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HYZN

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MATX

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Several US stocks traded higher on Friday, with notable gains for Digital World Acquisition Corp. (DWAC), Evelo Biosciences (EVLO), ServisFirst Bancshares (SFBS), Scholastic Corporation (SCHL), Matson (MATX), POSCO Holdings (PKX), Sight Sciences (SGHT), Autoliv (ALV), Stoke Therapeutics (STOK), Hyzon Motors (HYZN), Inter & Co (INTR), Sify Technologies (SIFY), United Homes Group (UHG), Forestar Group (FOR), Etsy (ETSY), WNS (Holdings) (WNS), and Zoetis (ZTS). Reasons for the gains include settlements with the SEC, termination of sublease agreements, upbeat Q2 results, stock repurchase programs, and analyst upgrades.

Portfolio Pulse from Lisa Levin

July 21, 2023 | 2:23 pm

SPY

Ford Motor's partnership with Chinese battery maker Contemporary Amperex Technology Ltd. (CATL) is under scrutiny by Republican lawmakers due to concerns over forced labor in China's Xinjiang region. The lawmakers have demanded more information about the partnership, including Ford's plan to employ several hundred Chinese workers at a new battery factory in Michigan. CATL, the world's largest maker of batteries for electric vehicles, also supplies General Motors, Volkswagen, BMW, Tesla, and other major automakers. Critics have labeled the agreement a 'Trojan horse' for Chinese interests and called for scuttling the partnership.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:21 pm

GLMD

CVI Investments, Inc. has increased its stake in Galmed Pharmaceuticals to 9.9% as of July 14, according to a 13D filing with the SEC.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:17 pm

DWAC

Digital World Acquisition Corp. (DWAC) shares are trading higher after the company announced a settlement with the SEC on fraud charges related to its IPO and proposed merger with Trump Media & Technology Group Corp. (TMTG). As part of the settlement, DWAC agreed to a cease-and-desist order and to pay an $18 million penalty if it closes a merger transaction. The company also committed to ensuring that any amended Form S-4 it files will be accurate and consistent with the SEC's findings.

Portfolio Pulse from Erica Kollmann

July 21, 2023 | 2:16 pm

IXHL

Incannex Healthcare Limited (NASDAQ:IXHL) has submitted an Investigational New Drug (IND) application to the US FDA for IHL-42X, a dronabinol-based drug for the treatment of obstructive sleep apnea. The IND includes comprehensive information on the safety, efficacy, development, manufacturing, and quality of IHL-42X. The clinical trial protocol for the IND opening clinical trial, a multi-site phase 2/3 clinical trial, is also detailed in the application.

Portfolio Pulse from Vuk Zdinjak

July 21, 2023 | 2:09 pm

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DSNKY

NVS

The FDA has approved Daiichi Sankyo's Vanflyta for adult patients with newly diagnosed acute myeloid leukemia. This puts Daiichi Sankyo in competition with Novartis AG's Rydapt and Astellas Pharma Inc's Xospata. The approval was based on the results of the QuANTUM-First trial, which showed a 22% reduction in the risk of death compared to standard chemotherapy alone.

Portfolio Pulse from Vandana Singh

July 21, 2023 | 1:44 pm

CRM

MSFT

German company Alfaview has filed an EU antitrust complaint against Microsoft (MSFT) over its bundling of the Teams app with its Office product. This marks the second complaint against Microsoft's bundling practices, with the first being from Salesforce (CRM)-owned Slack in 2020. Alfaview argues that this bundling gives Teams an unfair competitive advantage. The EU Commission is considering an investigation after Microsoft's proposed remedies were deemed insufficient.

Portfolio Pulse from Anusuya Lahiri

July 21, 2023 | 1:37 pm

MRTX

Mirati Therapeutics shares are trading lower following the announcement that the EMA's CHMP issued a negative opinion on the Conditional Marketing Authorization Application for KRAZATI, a treatment for patients with KRASG12C -mutated advanced NSCLC.

Portfolio Pulse from Benzinga Newsdesk

July 21, 2023 | 1:35 pm