Streetbeat News

Regulatory

FXI

SPY

US Treasury Secretary Janet Yellen has urged China's Premier Li Qiang to not let tensions over technology disrupt economic cooperation. Yellen defended US curbs on Chinese access to advanced processor chips and other technology, citing national security concerns. She also criticized China's treatment of US companies and its use of non-market tools like subsidies for state-owned enterprises. The Chinese finance ministry called Yellen's visit a 'concrete measure' toward improving relations but urged the US to take the first step. The US curbs on Chinese tech access could impact China's development in telecoms and AI.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 3:15 pm

CMPS

COMPASS Pathways (NASDAQ:CMPS) has projected a 2027 commercialization timeline for its psilocybin-assisted therapy, pending Phase 3 clinical trial success. The company is currently conducting a Phase 3 clinical program for its proprietary psilocybin formula, COMP360, for treatment-resistant depression. Additionally, COMPASS is undertaking concurrent Phase 2 clinical studies using COMP360 for PTSD and anorexia nervosa. H.C. Wainwright reiterated their 'Buy' rating on COMPASS Pathways, maintaining its $120 per share price target.

Portfolio Pulse from The Dales Report

July 07, 2023 | 3:13 pm

BIDU

Shares of Baidu Inc (NASDAQ:BIDU) are trading higher by 2.4% amid strength in Alibaba Group, following China's regulatory overhaul on fintech affiliate Ant Group. 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. The People's Bank of China announced the penalty as part of its efforts to address Ant's alleged violations related to 'disorderly expansion of capital'.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 2:49 pm

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