Streetbeat News

Regulatory

ACB

CGC

TLRY

A top GOP North Carolina lawmaker has indicated that the medical marijuana bill is likely to be shelved for the year, according to a Marijuana Moment report. This could potentially impact the performance of several US-listed companies in the cannabis sector.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 5:52 pm

AMZN

MSFT

TSLA

U.S. Senator Bernie Sanders, known for his criticism of the ultra-wealthy and large corporations, owns stakes in several mutual funds that hold positions in companies he has criticized, including Tesla, Amazon, and Microsoft. Sanders has been advocating for a ban on lawmakers buying and selling stocks and options. He has also proposed legislation that would impose additional taxes on stock trading.

Portfolio Pulse from Chris Katje

July 12, 2023 | 5:49 pm

NTES

Shares of NetEase Inc (NASDAQ:NTES) hit a new 52-week high, trading higher by 3.8% to $102.40. The rise is attributed to positive sentiment around Chinese stocks following meetings between Premier Li Qiang and tech company heads, and positive comments from China's NDRC on Alibaba Group and Tencent. Additionally, the end of China's regulatory overhaul on Ant Group also contributed to the positive sentiment.

Portfolio Pulse from Henry Khederian

July 12, 2023 | 5:41 pm

BABA

BILI

Shares of Bilibili Inc (BILI) are trading higher by 9.10% following positive developments in the Chinese tech sector. Premier Li Qiang's meeting with tech company heads and positive comments from China's NDRC on Alibaba Group (BABA) and Tencent have raised hopes of an end to the sector's crackdown. Additionally, China has ended its regulatory overhaul on Ant Group by imposing a penalty. The NDRC has also commended projects from ten internet giants, aiming to stimulate the economy and foster growth.

Portfolio Pulse from Henry Khederian

July 12, 2023 | 5:41 pm

BAC

Bank of America Corp (BAC) shares are trading higher by 1.4% amid overall market strength following a lighter-than-expected June inflation report. The company's second-quarter earnings report is expected to show revenue of $25.16 billion and EPS of 84 cents. 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 | 5:33 pm

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