Streetbeat News

Regulatory

BLK

JPM

JPMorgan Chase & Co has expressed skepticism about the potential impact of the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The banking giant believes that such an event is unlikely to drastically affect the crypto space. The company highlighted that Bitcoin funds, including both futures-based and physically backed funds, have not attracted significant investor interest since Q2 2021. JPMorgan also mentioned BlackRock Inc, which submitted documents last month to create a spot Bitcoin ETF.

Portfolio Pulse from Murtuza Merchant

July 07, 2023 | 2:46 pm

BABA

PDD

PDD Holdings Inc's shares are trading higher, possibly due to strength in Alibaba Group Holding Ltd, which gained after China ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty. Ant Group has paid a fine for breaching consumer protection and corporate governance laws, which is expected to support its growth initiatives and revive its listing plans.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 2:35 pm

JD

Shares of JD.Com Inc (NASDAQ:JD) are trading higher by 2.79% amid strength in Chinese stocks, particularly Alibaba Group, following the end of China's regulatory overhaul on Alibaba's fintech affiliate Ant Group. Ant Group has paid a significant fine for breaching consumer protection and corporate governance laws, which is expected to support its growth initiatives and revive its listing plans.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 2:35 pm

SPY

President Biden has stated that the recent U.S. jobs report demonstrates 'Bidenomics in action', indicating continued economic growth. The SPY ETF, which tracks the S&P 500, may be impacted by this news.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 2:24 pm

BABA

Several US stocks recorded gains on Friday, with Castle Biosciences, CareDx, TMC the metals company, Paramount Group, Iris Energy, Rivian Automotive, Eos Energy Enterprises, Riot Platforms, COMPASS Pathways, TG Therapeutics, Cipher Mining, Kura Sushi USA, Maxeon Solar Technologies, Rackspace Technology, Clear Channel Outdoor Holdings, SoundHound AI, WW International, Nikola Corporation, and Alibaba Group Holding Limited all seeing increases. Alibaba's rise comes after China ended its regulatory overhaul on fintech affiliate Ant Group, imposing a penalty of 7.12 billion yuan ($984 million).

Portfolio Pulse from Lisa Levin

July 07, 2023 | 2:16 pm

OWLT

Owlet, Inc. (NYSE:OWLT) has announced a 1-for-14 reverse stock split of its Class A common stock, effective from July 7, 2023. The split-adjusted trading will begin on July 10, 2023. The reverse split is expected to help the company regain compliance with the $1.00 minimum average closing price requirement of the NYSE. The number of issued and outstanding shares will be reduced from approximately 118,078,000 to approximately 8,434,142.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 2:16 pm

AEMD

FXI

Three cases of monkeypox were discovered in Changsha, Central China's Hunan on July 5. Local health authorities have initiated an epidemiological investigation. The cases involve three males aged 24, 28, and 38.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 2:08 pm

BABA

JD

PDD

Large-cap US-listed Chinese stocks are trading higher, possibly due to strength in Alibaba after China ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty of 7.12 billion yuan.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 2:08 pm

GM

A defective battery incident at General Motors' (GM) Ultium electric-vehicle plant has sparked safety demands amid ongoing UAW contract talks. The UAW is seeking better safety protections following multiple accidents at the plant. The UAW is also pushing to include Ultium workers in its master-labor agreement with major Detroit car companies. Under the Inflation Reduction Act, GM expects to earn $300 million in tax credits this year and aims to build 1 million EVs annually by 2025.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 1:54 pm

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