Streetbeat News

Regulatory

ABT

The FDA has approved Abbott Laboratories' AVEIR dual chamber leadless pacemaker system, the world's first of its kind to treat abnormal or slow heart rhythms. The system uses Abbott's proprietary i2i communication technology to provide synchronized cardiac pacing. The approval follows recent clinical data showing that the AVEIR DR system met its safety and efficacy endpoints. ABT shares are down 0.06% at $107.15.

Portfolio Pulse from Vandana Singh

July 05, 2023 | 4:35 pm

EWC

GOOG

GOOGL

META

Canada's Heritage Minister has stated that there is a path forward in resolving the dispute over the online news law and is willing to continue discussions with Google and Meta. However, the Canadian government will cease advertising on Facebook and Instagram.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 4:12 pm

Shares of MP Materials are trading higher following China's announcement of restrictions on germanium and gallium. This has positively impacted companies outside of China dealing in rare earth metals.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 4:07 pm

AXTI

AXT Inc's shares are trading lower following China's announcement of new export control regulations on gallium-related and germanium-related materials.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 4:05 pm

SVXY

TVIX

UVXY

VIXY

VXX

VXZ

XIV

The Federal Reserve minutes from the June 14 meeting are expected to confirm the board's strong majority for two additional rate hikes in 2023 and the intention to maintain higher interest rates for an extended period. However, market participants remain skeptical that the Fed can enact two more rate hikes in 2023. The CBOE Volatility Index (VIX) rose by 3% ahead of the release of the minutes. ETFs that track the VIX index include VXX, VIXY, TVIX, UVXY, VXZ, XIV, and SVXY.

Portfolio Pulse from Piero Cingari

July 05, 2023 | 4:04 pm

AXTI

AXT Inc's shares are trading lower after China announced export restrictions on select rare earth metals, including gallium and germanium, which are used in semiconductor production. The restrictions will take effect on August 1. AXT's China-based subsidiary Tongmei plans to seek permits to export these products. Gallium arsenide and germanium substrates exported outside of China contributed approximately $4.3 million in revenue for AXT in the first quarter.

Portfolio Pulse from Adam Eckert

July 05, 2023 | 3:49 pm

FXI

STLA

Stellantis CEO has stated that it is up to the European Union to find a solution with China on the Gallium issue. This comes amid concerns over the supply of the metal, which is crucial for the production of semiconductors.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 3:33 pm

NXPI

QCOM

QRVO

SWKS

China has announced export restrictions on gallium and germanium, metals critical to semiconductor production. This has led to a drop in the stock prices of several semiconductor and chip manufacturers, including Qorvo, Inc. (QRVO), QUALCOMM, Inc. (QCOM), Skyworks Solutions, Inc. (SWKS), and NXP Semiconductors N.V. (NXPI).

Portfolio Pulse from Erica Kollmann

July 05, 2023 | 3:04 pm

AMZN

MSFT

NVDA

QRVO

SMH

SWKS

WOLF

The article discusses the current positioning of the semiconductor sector, highlighting the VanEck Semiconductor ETF (SMH). It also mentions the impact of China's restrictions on the export of critical metals like gallium and germanium, which are essential for semiconductor, electric vehicle, solar, defense, and automotive applications. This could negatively affect US semiconductor companies like Skyworks Solutions (SWKS), Qorvo (QRVO), and Wolfspeed (WOLF). The article also mentions a $2B deposit from Renesas Electronics Corp (RNECF) to Wolfspeed for a 10-year silicon carbide supply agreement. Furthermore, the US plans to restrict cloud companies from providing certain infrastructure to Chinese companies, which could negatively impact Microsoft (MSFT), Amazon (AMZN), and Nvidia (NVDA).

Portfolio Pulse from The Arora Report

July 05, 2023 | 2:58 pm

NVTS

Navitas Semiconductor confirmed the continued supply of gallium nitride power ICs and does not expect customer deliveries or its business to be adversely impacted by export restrictions. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 2:53 pm