Streetbeat News

Regulatory

SPY

Federal Reserve's John Williams expressed surprise at the resilience of the housing market amidst the pandemic. He did not mention any specific stocks or ETFs.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:13 pm

VSTM

Verastem Oncology has finalized the design of its Phase 3 trial for the combination of avutometinib and defactinib in treating recurrent low-grade serous ovarian cancer. The trial, RAMP 301, will commence in the second half of 2023. The company also intends to file for accelerated FDA approval based on data from RAMP 201 and the FRAME trial. As of March 31, 2023, Verastem had cash and short-term investments of $111.2M, which increased to approximately $202.7M after a public offering in June 2023.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:11 pm

CBUS

Cibus, Inc. (NASDAQ:CBUS), an agricultural technology company, has welcomed the European Commission's proposal on the regulation of plants obtained from New Genomic Techniques (NGTs). The proposal aims to adapt EU legislation to scientific and technological progress, enabling NGTs to contribute to sustainable agriculture, climate resilience, and food security. The proposed regulation identifies a 'Conventional-like' category of NGT products that would be regulated as conventional varieties. Products from Cibus' gene editing platform, such as canola and oilseed rape resistant to disease or with reduced seed losses, would be considered 'Conventional-like'.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:10 pm

SPY

Federal Reserve's John Williams expressed dissatisfaction with the current state of inflation, emphasizing that combating inflation remains the Fed's primary responsibility.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:08 pm

JBLU

JetBlue has issued a statement disagreeing with the court's ruling against its Northeast Alliance (NEA) with American Airlines. The company believes the NEA has been successful in increasing capacity, adding new routes, reducing fares, and providing an alternative to Delta and United. The alliance has also expanded the value of JetBlue's loyalty program benefits.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 8:08 pm

MRUS

Merus N.V. (NASDAQ:MRUS) has been granted a second Breakthrough Therapy Designation (BTD) by the U.S. Food and Drug Administration (FDA) for its drug zenocutuzumab (Zeno) for the treatment of NRG1+ non-small cell lung cancer. This follows a previous BTD for the treatment of NRG1+ pancreatic cancer. The BTD is supported by data from the ongoing phase 1/2 eNRGy trial and Early Access Program (EAP). Merus plans to engage in expedited discussions with the FDA and provide an update on the path and timeline to a potential Biologics License Application (BLA) submission.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:03 pm

NKLA

Nikola Corporation (NASDAQ:NKLA) has been awarded a $41.9 million grant by the California Transportation Commission (CTC) to build six heavy-duty hydrogen refueling stations across Southern California. The grant is part of the Trade Corridor Enhancement Program (TCEP) and will be used to further Caltrans' zero-emission vehicle (ZEV) strategy. The stations are expected to facilitate refueling for approximately 80 to 100 trucks per station per day and are designed to scale up over time.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:01 pm

INTC

KLAC

LRCX

MU

ON

Shares of semiconductor and chip companies are trading lower after China announced restrictions on the export of metals used in chip production. This impacts companies like Intel (INTC), KLA Corp (KLAC), Lam Research (LRCX), Micron Technology (MU), and ON Semiconductor (ON).

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 7:26 pm

BLK

BTF

COIN

Valkyrie has resubmitted an application for a Bitcoin ETF after the SEC deemed the initial documents inadequate. The firm revealed that Coinbase Global Inc. would offer market surveillance for its proposed Bitcoin fund. The documents also reveal that Nasdaq, where Valkyrie plans to list if approved, had executed a term sheet with Coinbase. This follows BlackRock's filing for a similar ETF in mid-June, which triggered a rush among other issuers to file similar applications and ignited a broader rally for cryptocurrencies.

Portfolio Pulse from Murtuza Merchant

July 05, 2023 | 7:24 pm

CMCSA

PARA

WBD

Benchmark analyst Matthew Harrigan has reiterated a Buy rating on Warner Bros. Discovery, Inc (NASDAQ:WBD) with a price target of $26.00. The potential sale of CNN to ex-CEO Jeff Zucker, if funded primarily by the UAE, could raise political and regulatory concerns. The sale would necessitate a comprehensive CFIUS review. The analyst also mentioned that CNN live programming could be a building block for the Max streaming service, and could potentially enable a merger with Comcast Corp (NASDAQ: CMCSA)-owned NBCUniversal.

Portfolio Pulse from Anusuya Lahiri

July 05, 2023 | 7:23 pm