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Regulatory

IRTC

Baird has initiated coverage on iRhythm Technologies Inc (IRTC) with an Outperform rating and a $130 price target. The company's ZioService is expected to dominate the ambulatory cardiac monitoring (ACM) sector. The analyst predicts a 20% growth outlook over the next five years, with IRTC's PCP volumes growing at a ~25% CAGR. The company plans to expand into multiple international markets, with international revenue expected to represent ~8% of total company revenue by 2027. However, IRTC received a Warning Letter from the FDA regarding non-conformities to medical device regulations, which could impact the stock.

Portfolio Pulse from Vandana Singh

July 19, 2023 | 5:41 pm

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Legislation has been introduced by two members of Congress to ban members of Congress from buying and selling stocks. The bill, introduced by Sens. Kirsten Gillibrand (D-NY) and Josh Hawley (R-MO), would prevent members of Congress, the president, vice president, executive branch employees, and Capitol Hill aides from owning stocks in individual companies. They would, however, be allowed to own mutual funds and index funds. The bill also calls for penalties for those who violate the rules. The legislation comes amid strong public support for such a ban.

Portfolio Pulse from Chris Katje

July 19, 2023 | 5:19 pm

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In Q2 2023, Bitcoin (BTC) gained market dominance over altcoins despite a downturn in the crypto market. Major cryptocurrencies like Binance Coin (BNB), Ripple (XRP), and Cardano (ADA) suffered significant losses due to lawsuits filed by the SEC. DeFi tokens like Uniswap (UNI), Chainlink (LINK), and Lido (LDO) also experienced double-digit losses. However, Bitcoin's dominance increased to a two-year high of over 52% in late June.

Portfolio Pulse from Murtuza Merchant

July 19, 2023 | 5:04 pm

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Russian President Putin has criticized Western grain deal partners for not intending to implement the renewed grain deal, accusing them of distorting its meaning. He praised Russia for showing 'miracles of tolerance' in renewing the deal.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 4:58 pm

Juul Labs is seeking US authorization for a next-generation vaporizer, according to the Wall Street Journal. The company is looking to gain approval for its new product from the Food and Drug Administration (FDA).

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 4:04 pm

GTBIF

An employee at Green Thumb Industries' (OTCQX:GTBIF) facility died from natural causes, according to a police report. However, the incident has raised safety concerns, with the cannabis workers union Teamster highlighting occupational hazards at the facility. The company has faced multiple complaints with the Occupational Safety and Health Administration (OSHA) alleging serious safety and health violations. The report also mentions a previous death at a Trulieve facility due to potential exposure to cannabis dust.

Portfolio Pulse from Nina Zdinjak

July 19, 2023 | 4:02 pm

SEED

Origin Agritech Ltd. (NASDAQ:SEED) has been awarded a grant of approximately $280,000 from the Xinjiang government. The grant will support Origin's efforts to build a local Germplasm Bank in Xinjiang and the Company's contract growing of Nutritionally Enhanced Corn (NEC) in the region. The company sees this as a validation of their efforts to modernize agriculture in China and contribute to regional food security.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 3:56 pm

Deutsche Bank AG has acknowledged the need to fulfill its commitments and close its remediation obligations in the near future.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 3:42 pm

Deutsche Bank AG has expressed appreciation for the Federal Reserve's recognition of the progress it has made in recent years in remediating and resolving control weaknesses.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 3:42 pm

Deutsche Bank AG has received two enforcement actions from the Federal Reserve related to its risk management programs, particularly focusing on anti-financial-crime and compliance controls. The bank has committed to maintaining robust risk management programs.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 3:41 pm