Streetbeat News

Regulatory

BLK

BTCUSD

Samson Mow, CEO of Bitcoin company Jan3, predicts Bitcoin could reach $3 million per coin by 2033. He dismisses altcoins and meme coins as distractions. His comments come as BlackRock refiles its application with the SEC for a Bitcoin ETF, with Coinbase chosen for surveillance-sharing agreements to detect fraud. Cboe Global Markets has also refiled paperwork for a Fidelity Investments spot BTC ETF. Mow believes approval of a Bitcoin ETF could lead to a significant influx of investment from pension funds and others.

Portfolio Pulse from Mehab Qureshi

July 08, 2023 | 12:33 pm

META

A resurfaced instant message exchange from a 19-year-old Mark Zuckerberg has intensified the rivalry between Twitter and Meta Platforms Inc.'s Threads. The conversation reveals Zuckerberg's casual attitude towards user privacy in the early days of Facebook, raising fresh concerns over the company's privacy practices. The timing of the leak coincides with growing interest in Meta's Threads, and the impact on Facebook’s user base and public perception is yet to be seen.

Portfolio Pulse from Ananya Gairola

July 08, 2023 | 9:51 am

BYDDY

LI

NIO

TSLA

The pledge made by 16 automakers, including Tesla Inc., BYD Co, Li Auto, and Nio, to refrain from unsettling the China market with 'abnormal prices' has been retracted less than two days after its signing. The China Association of Auto Manufacturers, which organized the pledge, stated that the clause was inappropriate and violated the spirit of the anti-monopoly law. The association urged companies to set their own prices and compete fairly.

Portfolio Pulse from Anan Ashraf

July 08, 2023 | 9:44 am

GS

IVV

JPM

VTI

Chicago Fed President Austan Goolsbee believes that the Federal Reserve is on a path to reduce inflation without resorting to recession. This is supported by June's data showing a slowing pace of job creation and rising wages. Goolsbee suggests that further tightening measures, including higher interest rates, may be needed. Companies like Goldman Sachs Group Inc. and JPMorgan Chase & Co., as well as ETFs like Vanguard Total Stock Market ETF and iShares Core S&P 500 ETF, could be impacted by these changes.

Portfolio Pulse from Piero Cingari

July 07, 2023 | 8:05 pm

AMZN

BIIB

MSFT

TSLA

UPS

The June jobs report showed mixed data, with unemployment dropping to 3.6% but job additions falling short of expectations. Traders are expecting a Fed interest rate hike in July, but weaker job market numbers decrease the likelihood of a consecutive hike in September. The ongoing US-China spat is affecting the semiconductor sector, with new restrictions and bans affecting companies like Amazon and Microsoft. The FDA approved a new Alzheimer's drug by Eisai Co and Biogen. UPS is facing potential labor issues, and Tesla reported strong Q2 deliveries. Earnings reports from several major companies are expected next week.

Portfolio Pulse from Natan Ponieman

July 07, 2023 | 7:52 pm

NVS

Novartis has announced its intention to appeal to the U.S. Court of Appeals to uphold the validity of its Entresto combination patent. The company maintains its 2023 guidance and mid-term outlook.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:32 pm

CSTL

Shares of Castle Biosciences are trading higher following a Medicare coverage policy reversal by Novitas related to DecisionDx.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:32 pm

SPY

USO

The Department of Energy has issued a request for proposals to purchase an additional 6 million barrels for the Strategic Petroleum Reserve, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:11 pm

RTX

SPY

VGK

The U.S. State Department has approved a possible sale of Advanced Medium Range Air-to-air missiles to Sweden for $605 million.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:09 pm

LMT

SPY

VGK

The U.S. State Department has approved a possible foreign military sale to France of Hellfire missiles for $203M, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:09 pm