Streetbeat News

Regulatory

BABA

Alibaba Group Holding Limited (NYSE:BABA) shares rose over 5% after China ended its regulatory overhaul on Ant Group, an affiliate of Alibaba, by imposing a $984 million penalty. The fine, paid for violating consumer protection and corporate governance laws, will help Ant Group secure a financial holding company license and revive its listing plans. Alibaba also announced that its AI image generator Tongyi Wanxiang will be initially available to enterprise customers in beta form.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 1:50 pm

AAPL

AVGO

BABA

CRON

DISH

EADSY

KKR

LVMHF

NVO

SBUX

SPOT

TSLA

TikTok plans to launch a new music streaming service in Brazil and Indonesia, posing a threat to Spotify. Cronos Group is considering a potential sale after attracting acquisition interest. DISH Network is considering merging with EchoStar Corp. Novo Nordisk has filed lawsuits against pharmacies for illegally selling products containing semaglutide. Alibaba's stock is trading higher amid reports of China looking to end its regulatory overhaul on Ant Group. Starbucks is being sued by the National Labor Relations Board for illegal termination. ChatGPT's website traffic and app downloads have declined. Zoom Video is planning to double its technology investments in the Asia-Pacific region. Broadcom is considering a major investment in Spain's semiconductor sector. Airbus delivered 72 airplanes to 48 customers in June. KKR is acquiring a majority stake in PangeaCo. Tesla is laying off some battery production workers at its Shanghai plant. LVMH-backed firm is considering an IPO of Birkenstock in the US market.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 1:31 pm

SPY

UUP

The June jobs report showed a rise in nonfarm payrolls by 209,000, missing economists' expectations of 225,000. The unemployment rate dropped from 3.7% to 3.6%, while average hourly wages increased by 0.4%. The report led to a decrease in the likelihood of a second rate increase in September from 27% to 22%. The SPDR S&P 500 ETF Trust (SPY) was flat for the day, while the Invesco DB USD Index Bullish Fund ETF (UUP) fell by 0.3%.

Portfolio Pulse from Piero Cingari

July 07, 2023 | 12:55 pm

AAPL

MSFT

UBS

ChatGPT's website traffic and app downloads have seen a decline in June, with a 9.7% decrease in worldwide traffic and a steady fall in iPhone app downloads since its peak in June. The decline is attributed to concerns over false information, potential data leaks, high operational costs, end of the school year, and regulatory concerns. The bot, backed by Microsoft and tracked by UBS, has been popular for its complex conversational abilities.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 12:49 pm

ZVSA

ZyVersa Therapeutics has been granted a patent by the European Patent Office for its Phase 2a-ready Cholesterol Efflux Mediator VAR 200, intended for use in diabetic nephropathy/diabetic kidney disease. This news has led to an increase in the company's stock price.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 12:35 pm

BCLI

BrainStorm Cell Therapeutics Inc (NASDAQ:BCLI) presented new biomarker data from the Phase 3 trial of its ALS treatment, NurOwn, showing significant elevation in markers of neuroprotection and reduction in markers of neuroinflammation and neurodegeneration. Statistical modeling identified three biomarkers that predict clinical outcomes with NurOwn treatment. Despite this, BCLI shares fell by 4.50% in the premarket session.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 12:34 pm

ONDS

Ondas Holdings Inc. (NASDAQ:ONDS) announced that its subsidiary Airobotics has signed an annual service agreement for the ongoing maintenance of the Optimus Systems operated by a local government entity in Dubai, UAE. The Optimus Systems, part of an urban drone infrastructure solution, have been extensively utilized for public safety and emergency response applications. Airobotics expects the Optimus Urban Drone Infrastructure to be widely deployed across Dubai and grow to more than 20 systems over the next few years.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 12:32 pm

SPY

The USA Nonfarm Payrolls for June came in at 209K, lower than the estimated 225K and significantly lower than the previous month's 306K.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 12:30 pm

BABA

GRRR

LEVI

Gorilla Technology (GRRR) shares are up after signing a $270 million contract with the Egyptian Government. Alibaba (BABA) stock is rising amid reports of China ending its regulatory overhaul on Ant Group with a penalty of at least $1.1 billion. Levi Strauss & Co (LEVI) shares are down after reporting a Q2 margin decline and issuing soft FY23 EPS guidance, along with an 18% inventory increase.

Portfolio Pulse from ryanfaloona@benzinga.com

July 07, 2023 | 12:25 pm

BABA

FXI

China's authorities have fined Ant Group 7.1 billion yuan and ordered the company to cease operations of Xianghubao and compensate its consumers. The authorities also stated that most issues with the financial platforms have been rectified.

Portfolio Pulse from Charles Gross

July 07, 2023 | 12:12 pm