Streetbeat News

Regulatory

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

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

ALLR

ARVL

AXTI

CCCC

EFSH

IMPL

US stocks traded mostly lower with the Dow Jones dropping around 100 points. C4 Therapeutics shares jumped 16% after FDA clearance for its new drug application. Impel Pharmaceuticals shares rose 44% after receiving a US patent for a Parkinson's disease treatment. Allarity Therapeutics shares gained 27% after positive initial data from a Phase 2 trial. 1847 Holdings shares dropped 34% after pricing a public offering. Arrival shares fell 14% after a proposed merger was terminated. AXT shares fell 19% as its subsidiary seeks export permits in China.

Portfolio Pulse from Lisa Levin

July 05, 2023 | 7:14 pm

Stifel has released a note stating that Rivada has received a waiver from the International Telecommunication Union (ITU) for its Low Earth Orbit (LEO) constellation. This allows Rivada to proceed with its second milestone of deploying 300 satellites.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 7:09 pm

AMZN

COHR

LITE

MSFT

The ongoing tech war between the U.S. and China has escalated with new measures that could affect companies in the semiconductor and cloud computing sectors. China has imposed restrictions on the export of gallium and germanium, metals crucial in the manufacturing of semiconductors, which could impact U.S. companies like Coherent Corp, Lumentum Holdings, Ciena Corporation, Infinera Corp, Wolfspeed, Power Integrations, Navitas Semiconductor, Qorvo, NXP Semiconductors, Skyworks Solutions, Qualcomm, and Broadcom. Meanwhile, the Biden administration is considering restricting Chinese access to U.S. cloud-service providers like Amazon and Microsoft.

Portfolio Pulse from Natan Ponieman

July 05, 2023 | 6:54 pm

USO

Iran has denied reports that it attempted to seize oil tankers, according to Reuters citing state TV. The US-listed ETF, United States Oil Fund (USO), may be indirectly affected by this news.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 6:41 pm

FXI

SPY

The US Commerce Department has announced its firm opposition to China's export controls on gallium and germanium. The US plans to engage with allies and partners to address these controls.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 6:22 pm