Streetbeat News

Regulatory

XRPUSD

Ripple is optimistic that U.S. banks and financial institutions will adopt its XRP token for cross-border payments following a significant court ruling that the token is not necessarily a security. Ripple's general counsel, Stu Alderoty, revealed that the company plans to initiate discussions with American financial firms in Q3 about using its On-Demand Liquidity (ODL) product, which uses XRP for money transfers. The ruling partially disputes claims from the U.S. Securities and Exchange Commission against Ripple.

Portfolio Pulse from Murtuza Merchant

July 17, 2023 | 6:15 pm

LLY

Eli Lilly has presented full results from the Phase 3 TRAILBLAZER-ALZ 2 study showing that its Alzheimer's drug candidate, donanemab, significantly slowed cognitive and functional decline in early symptomatic Alzheimer's patients. The submission to the FDA for traditional approval was completed last quarter, with regulatory action expected by the end of the year.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 6:05 pm

TSLA

Tesla plans to double the size of its factory near Berlin, aiming to produce up to one million electric cars a year. This could make it the largest auto manufacturing facility in Germany. The company has applied for approval to expand its existing factory in Brandenburg to increase production capacity for vehicles and batteries. Tesla's Model Y and Model 3 were the bestselling all-electric vehicles in Europe in the first quarter, outpacing Volkswagen's ID.3 and ID.4. However, the expansion plan could face resistance due to environmental concerns.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 6:03 pm

ATVI

MSFT

SONY

Microsoft and the UK's Competition and Markets Authority (CMA) have sought additional time from London's Competition Appeal Tribunal for the proposed $69 billion acquisition of Activision Blizzard. This comes after the US Federal Trade Commission's (FTC) application to halt the deal was dismissed. The CMA announced it would reconsider a revised proposal and a restructured agreement might address its concerns. Microsoft also announced a 10-year agreement with Sony to retain the Call of Duty video game series on the PlayStation console if the merger is successfully completed.

Portfolio Pulse from Franca Quarneti

July 17, 2023 | 6:03 pm

APLS

Apellis Pharmaceuticals Inc's shares are trading lower due to safety concerns about its newly launched product, Syfovre. The ASRS Research and Safety in Therapeutics Committee reported six cases of occlusive retinal vasculitis since the product's launch in March. Despite this, the company has distributed approximately 60,000 vials of Syfovre since its FDA approval, exceeding the Street-high 2Q23 estimate by about 15,000 vials. This could imply a 2Q23 Syfovre revenue of over $80 million.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 5:59 pm

CORN

SOYB

WEAT

The United Nations has given the green light for the final grain corridor ship from Ukraine to proceed. This could potentially impact the prices of grain-related ETFs.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 5:52 pm

MSFT

SPY

SEC Chair Gary Gensler has suggested that the SEC could benefit from using more artificial intelligence (AI) in its oversight activities, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 5:41 pm

SPY

SEC Chair Gensler has expressed concern over the concentration in AI models, warning that artificial intelligence could risk financial stability. The SEC staff is considering whether new regulations are needed.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 5:34 pm

AMD

INTC

NVDA

The U.S. National Security Council has been deliberate about chip regulations, with intensive coordination with the chip industry and U.S. allies, according to a statement cited by Reuters.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 5:08 pm

META

Meta Platforms Inc. (NASDAQ:META) faces a daily fine of $100,000 in Norway if it doesn't address its privacy issues. The Norwegian Data Protection Authority has imposed a three-month ban on Meta's behavioral advertising, effective from August 4 to November 3. If Meta fails to comply, it will be fined for each day of non-compliance. Advertising accounted for 97.5% of Meta's total revenue in 2022, amounting to $113.64 billion.

Portfolio Pulse from Rounak Jain

July 17, 2023 | 5:04 pm