Streetbeat News

Regulatory

YJ

Yunji has regained compliance with Nasdaq's minimum bid price requirement. The closing bid price of the company's ADSs has been at $1.00 per ADS or greater for 10 consecutive business days from June 20, 2023, through July 3, 2023.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 10:03 am

FXI

SPY

U.S. Treasury Secretary Yellen met with Chinese Premier Li in Beijing, emphasizing that the U.S. seeks healthy competition, not a winner-take-all approach. Yellen also stated that the U.S. and China should not allow disagreements to lead to misunderstandings that worsen bilateral ties.

Portfolio Pulse from Charles Gross

July 07, 2023 | 9:11 am

EWH

FXI

SPY

U.S. inspectors have started a new round of routine checks on audits of Wall Street-listed Chinese companies in Hong Kong, according to Reuters. This could potentially impact the performance of ETFs like EWH, FXI, and SPY.

Portfolio Pulse from Charles Gross

July 07, 2023 | 9:04 am

BABA

FXI

China is set to conclude Ant Group's regulatory overhaul with a fine of at least $1.1 billion, according to a Reuters report. This marks the end of the company's years-long regulatory overhaul.

Portfolio Pulse from Charles Gross

July 07, 2023 | 8:52 am

CMI

F

GM

HINOY

STLA

Several truck and engine manufacturers have partnered with the California Air Resources Board (CARB) to develop zero-emission vehicles. The partnership includes Cummins Inc, Daimler Truck North America, Ford Motor Company, General Motors Company, Hino Motors Ltd, Izuzu Technical Center of America, Navistar, Stellantis N.V., Truck and Engine Manufacturers Association, and Volvo Group North America. The companies have committed to adopting zero-emission tech in California, and CARB has agreed to provide a lead time of four years and three years of regulatory stability before imposing further requirements.

Portfolio Pulse from Anan Ashraf

July 07, 2023 | 6:08 am

BIIB

ESALF

The FDA has granted traditional approval to Biogen and Eisai for LEQEMBI, a treatment for Alzheimer's disease. This approval could potentially boost the companies' revenues and stock prices.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 4:42 am

NKLA

TSLA

The California Transport Commission has awarded a $41.9 million grant to Nikola Corp to build hydrogen refueling stations across South California. Tesla CEO Elon Musk criticized the move, stating that the push for hydrogen as an alternate energy source 'makes no sense'. Nikola, which currently sells battery electric vehicles, plans to introduce its hydrogen fuel cell electric truck in Q3. Earlier this year, Nikola received orders for 100 of its hydrogen cell trucks, thanks to a California Air Resources Board program.

Portfolio Pulse from Anan Ashraf

July 07, 2023 | 4:31 am

GOOGL

META

The Biden administration is seeking an emergency order to halt a lower court ruling that prevents some government agencies from communicating with social media companies about content moderation. The lawsuit, brought by Republican attorneys general in Louisiana and Missouri, alleges that U.S. government officials coerced social media companies to censor posts over concerns they would fuel vaccine hesitancy or upend elections. The social media companies mentioned in the lawsuit include Meta Platforms Inc's Facebook, Twitter, and Alphabet Inc's YouTube.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 2:41 am

BIIB

META

PWM

RIVN

TSLA

US stocks traded lower with the Nasdaq Composite dropping over 100 points. Prestige Wealth Inc announced the pricing of its IPO of 1,000,000 ordinary shares at $5.00 per share. Rivian Automotive is facing a lawsuit alleging it deceived shareholders during its 2021 IPO. Meta Platforms launched a new social platform, Threads, to compete with Twitter. Tesla shares are trading lower amid market weakness and concerns over rate hikes. Biogen received FDA approval for Leqembi for treating Alzheimer’s Disease.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 12:27 am

JUSHF

Pennsylvania lawmakers have proposed a bill to legalize marijuana for adults over 21. The bill includes measures to prevent underage use and marketing to children, and expunges non-violent marijuana convictions for medical marijuana patients. Cannabis MSO Jushi Holdings Inc. (OTC:JUSHF) has expressed support for the bill, highlighting the economic and social benefits of a regulated adult-use market.

Portfolio Pulse from Nicolás Jose Rodriguez

July 06, 2023 | 10:30 pm