Streetbeat News

Regulatory

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) shares have gained over 45% in the last three months, driven by recent legislative and judicial developments. The stock has seen increased volatility following the recent debt ceiling deal and the U.S. Supreme Court ruling to block President Biden's plan to cancel $430 billion in student debt. Retail investors have shown interest in SOFI, and the stock is frequently listed in the top trending tickers on StockTwits and Twitter. SOFI also has considerable short interest with over 15% of available shares currently being sold short.

Portfolio Pulse from Erica Kollmann

July 03, 2023 | 3:35 pm

COIN

Coinbase shares are trading higher following the news that Cboe has refiled Bitcoin ETF proposals and plans to work with the exchange to prevent market manipulation.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 3:25 pm

MU

NVDA

SPY

Micron Technology Inc (NASDAQ:MU) is promising to catch up with AI chip leader NVIDIA Corporation (NASDAQ:NVDA) and other top S&P 500 companies. Despite a 57% YoY revenue drop and a negative gross margin of 17.8%, Micron's shares rose more than 2% after it topped Q3 estimates. The company is planning to introduce its first GDDR7 new-generation memory chips in H1 2024 and several AI-related products. However, Micron's recovery may be slowed by the ongoing U.S.-China technology dispute, which puts up to half of its China revenue at risk.

Portfolio Pulse from Upwallstreet

July 03, 2023 | 2:57 pm

MYO

Myomo announced that its request to the Centers for Medicare and Medicaid Services to classify MyoPro as a brace has been published for public comment. This news led to a decrease in Myomo's share price.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 2:55 pm

LUNAUSD

South Korea's National Assembly has approved the Virtual Asset User Protection Act, which provides a legal framework for digital assets. The act, which will come into effect next year, requires service providers to keep user assets separate, hold insurance, maintain reserves in cold wallets, and keep a record of all transactions. The Financial Services Commission will supervise service providers, and the Bank of Korea can demand data from them. This comes amid increased scrutiny of virtual assets in South Korea.

Portfolio Pulse from Murtuza Merchant

July 03, 2023 | 2:50 pm

ACB

CGC

CRON

TLRY

North Carolina Senator Bill Rabon is pushing for his medical marijuana legalization bill to pass this session, despite resistance from GOP leadership in the House. Rabon has included medical cannabis regulatory appointments in a new measure that passed the Senate last week. The bill would allow patients with qualifying conditions to possess and purchase cannabis from licensed dispensaries. It would also establish a Compassionate Use Advisory Board and Medical Cannabis Production Commission to oversee the program. However, the fate of the main bill remains uncertain.

Portfolio Pulse from Happy Mohamed

July 03, 2023 | 2:43 pm

BCS

JPM

MS

Barclays PLC (NYSE:BCS) is considering terminating its corporate banking relationship with Odey Asset Management due to sexual misconduct allegations against the hedge fund's founder. This follows similar actions by JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS). The Financial Conduct Authority (FCA) has not publicly commented on the situation but has been asked to explain its dealings with Odey at a Treasury select committee hearing later this month.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 2:40 pm

EIS

SPY

The White House has announced that it is closely monitoring the situation in the West Bank and supports Israel's security and right to defend itself.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 2:34 pm

NLSP

NLS Pharmaceutics announced that the FDA has reviewed the full protocol for the NLS-1031 study and the Institutional Review Board has approved the Phase 3 clinical trial protocol to evaluate Mazindol ER in patients. This news has led to a rise in the company's shares.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 2:33 pm

SPY

UUP

US manufacturing activity fell for the eighth consecutive month in June, marking the lowest level since May 2020, according to the latest ISM report. The manufacturing PMI was 46 in June, down from 46.9 in May. The S&P Global manufacturing PMI for June was confirmed at 46.3, indicating the sector's biggest contraction since December. Traders lowered their expectations for a September rate hike to 18%, down from 20%. The Invesco DB USD Index Bullish Fund ETF (UUP) eased by 0.1% after the release, while the SPDR S&P 500 ETF Trust (SPY) was up 0.15%.

Portfolio Pulse from Piero Cingari

July 03, 2023 | 2:26 pm