Streetbeat News

Regulatory

BABA

MSFT

TSLA

The S&P 500 and Nasdaq 100 closed lower on Friday, with the S&P 500 dropping around 1.2% for the week. The U.S. economy added 209,000 jobs in June, the lowest reading since Dec. 2020. Alibaba shares gained 8% after China ended its regulatory overhaul on Ant Group. Microsoft and Tesla shares fell, contributing to the Nasdaq's decline. The CBOE Volatility Index fell 4%.

Portfolio Pulse from Lisa Levin

July 10, 2023 | 9:37 am

UBS

Saudi National Bank's plan to increase its stake in UBS Group's Credit Suisse from 9.88% to 40% has been halted by Swiss regulator FINMA. The reason for the rejection is not clear. Last month, UBS closed the acquisition of Credit Suisse.

Portfolio Pulse from Lekha Gupta

July 10, 2023 | 9:36 am

BYDDF

FXI

LI

NIO

TSLA

XPEV

The China Association of Auto Manufacturers (CAAM) has retracted its pledge to avoid abnormal pricing, citing antitrust law. This has led to a premarket drop in the shares of Chinese electric vehicle (EV) companies.

Portfolio Pulse from Charles Gross

July 10, 2023 | 8:49 am

BTCUSD

ETHUSD

Bitcoin and Ethereum are trading at a significant discount on the Binance.US exchange due to restrictions imposed by the platform. Bitcoin is trading at a discount of nearly $3,000, while Ethereum is $200 cheaper. However, most investors cannot take advantage of these discounts due to restrictions imposed by Binance.US. The platform has also announced that the last day for USD withdrawals will be on July 20, adding to the uncertainty surrounding the platform.

Portfolio Pulse from Mehab Qureshi

July 10, 2023 | 7:43 am

BTCUSD

ETHUSD

USDTUSD

Veteran trader Peter Brandt criticized cryptocurrency enthusiasts who hold assets via Tether (USDT) on Binance, labeling the exchange as a scam. He highlighted an incident where Binance US executed Bitcoin sell orders at $8,000 while it was trading at $60,000 on other platforms. Brandt also declared Bitcoin as the only trustworthy cryptocurrency, calling others 'wannabees or scams'.

Portfolio Pulse from Mehab Qureshi

July 10, 2023 | 6:54 am

BPTS

Biophytis has filed with the FDA for authorization to initiate the SARA-31 Phase 3 study in Sarcopenia. The company is awaiting approval to proceed with the clinical trial.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 5:23 am

HCM

HUTCHMED has initiated a Phase I study of its novel SHP2 inhibitor HMPL-415 for advanced malignant solid tumors in China. The study aims to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of HMPL-415 in patients with advanced solid tumors.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 4:02 am

BTCUSD

Democratic presidential candidate Robert F. Kennedy Jr reportedly holds between $100,001 and $250,000 worth of Bitcoin (BTC), according to a financial disclosure form. This has raised concerns about a potential conflict of interest as Kennedy continues to publicly support Bitcoin during his campaign. The Kennedy campaign initially stated that the Bitcoin investment belonged to Kennedy's wife, Cheryl Hines, but later confirmed that Kennedy holds the Bitcoin investment.

Portfolio Pulse from Mehab Qureshi

July 10, 2023 | 3:53 am

META

MSFT

Comedian Sarah Silverman and authors Christopher Golden and Richard Kadrey are suing OpenAI and Meta Platforms Inc. (NASDAQ:META) over allegations of copyright infringement. They claim that OpenAI's ChatGPT and Meta’s LLaMA stole information from copyrighted books, including Silverman's 'The Bedwetter'. OpenAI, which recently received a $13 billion investment from Microsoft Corporation (NASDAQ:MSFT), is facing increasing scrutiny over its AI technology.

Portfolio Pulse from Anthony Noto

July 09, 2023 | 9:34 pm

FYBR

T

VZ

Telecommunications companies including AT&T Inc., Verizon Communications Inc., and Frontier Communications Parent Inc have left behind thousands of toxic lead-covered cables, posing a health risk to surrounding communities. The Wall Street Journal found that lead levels in sediment and soil at over 4 dozen locations exceeded safety recommendations set by the U.S. Environmental Protection Agency. The companies have known about the potential risks but have not acted meaningfully to mitigate them.

Portfolio Pulse from Anthony Noto

July 09, 2023 | 3:21 pm