Streetbeat News

Regulatory

GM

SPY

The National Highway Traffic Safety Administration (NHTSA) is planning to make a decision soon on General Motors' (GM) petition to deploy up to 2,500 self-driving vehicles annually without human controls, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 5:12 pm

ACB

CGC

CRON

TLRY

Senators Sherrod Brown and Steve Daines are at odds over the next steps for the Secure and Fair Enforcement (SAFE) Banking Act, a bipartisan marijuana banking bill. Brown is entrusting Daines to gather more Republican support, while Daines claims that Democratic members are pushing for amendments that would break their initial agreement. The bill aims to protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. The disagreement between the senators could delay the bill's progress.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 5:08 pm

SILK

Silk Road Medical Inc's stock plunged following an unfavorable government decision regarding Medicare coverage of carotid artery stenting. The Centers for Medicare & Medicaid Services proposed that coverage of percutaneous transluminal angioplasty of carotid arteries is 'reasonable and necessary' with FDA-approved devices. This decision uniquely impacts Silk Road Medical, leading to downgrades from J.P. Morgan and B of A Securities. The company's shares are down 32.5%.

Portfolio Pulse from Vandana Singh

July 12, 2023 | 4:53 pm

TSLA

An internal probe by Tesla Inc (NASDAQ:TSLA) is investigating the secretive “Project 42”, which is rumored to be a house for CEO Elon Musk, located in Texas, near the Tesla headquarters. The project involves the construction of a large glass building. Tesla board members are investigating if the project has been misusing company funds, particularly a large purchase for specialized glass costing millions of dollars. The outcome of the investigation is not yet known.

Portfolio Pulse from Chris Katje

July 12, 2023 | 4:31 pm

FXI

SPY

The Wall Street Journal reports that U.S. government emails have been hacked in a suspected Chinese espionage campaign. The ETFs FXI and SPY may be affected by this news.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 4:15 pm

CMDY

USO

Economists predict a year-over-year increase of 0.4% for the U.S. producer price index (PPI) in June, down from 1.1% in May, marking the lowest level since September 2020. This is due to easing inflationary pressures, with consumer inflation in June decreasing to 3% year-on-year. The Bloomberg Commodity Index, tracked by the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY), rose 2.6% in June, while oil prices, tracked by the United States Oil Fund ETF (USO), increased by 3.7% in June 2023 but remained 33% below June 2022 levels.

Portfolio Pulse from Piero Cingari

July 12, 2023 | 4:10 pm

WFC

Wells Fargo & Co (WFC) shares are trading higher by 1.12% amid overall market strength following a lighter-than-expected June inflation report. The company's second-quarter earnings report is expected on Friday, with an estimated revenue of $20.08 billion and EPS of $1.17. The U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve.

Portfolio Pulse from Henry Khederian

July 12, 2023 | 3:55 pm

META

Meta Platforms Inc. is set to fight European Union charges that it abused its dominance through Facebook Marketplace, according to Bloomberg. The EU has accused Meta of using its social network to promote its own service, disadvantaging competitors.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 3:45 pm

CMPS

MJ

Bipartisan lawmakers are pushing for marijuana and psychedelics amendments to be included in a large-scale defense bill. The amendments include ending drug testing for cannabis for military members, carrying out a clinical study into the therapeutic benefits of psychedelics for active duty service members with PTSD, traumatic brain injury or chronic traumatic encephalopathy, and a defense department medical cannabis pilot program examining the health impacts of marijuana use by veterans and service members who are VA beneficiaries. The fate of these proposals remains uncertain due to complications over unrelated measures.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 3:45 pm

AIU

Shares of Meta Data Limited have been halted due to pending code news. The details of the news are not yet disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 3:43 pm