Streetbeat News

Regulatory

GS

SPY

The Federal Reserve has indicated that Goldman Sachs Group has the highest projected commercial real estate loan loss rate of 16% of average loan balances.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:32 pm

SPY

The Federal Reserve's 2023 stress test indicates that large banks are well equipped to continue lending during a severe recession. The test also showed that large bank trading books were resilient to a rising interest rate environment.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:31 pm

SPY

The Federal Reserve's stress test revealed that 23 banks could face projected losses of $541 billion but still maintain capital ratios above the required levels. The banks' capital declined by 2.3 percentage points to 10.1%, a smaller decline than in the 2022 test.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:31 pm

MU

Micron Technology Inc reported better-than-expected Q3 results, with revenue of $3.75 billion beating the consensus estimate of $3.65 billion. The company also reported a smaller loss than anticipated. Despite a weak earnings outlook and the Cyberspace Administration of China's decision to ban Chinese companies from buying Micron products, shares rose in after-hours trading.

Portfolio Pulse from Adam Eckert

June 28, 2023 | 8:28 pm

IAC

NWS

NYT

Publishers including IAC, News Corp, and New York Times are considering forming a coalition to address the impact of AI, according to the Wall Street Journal. The move is seen as a response to the increasing influence of AI on content creation and distribution.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:25 pm

ICCC

ImmuCell Corporation (ICCC) has announced a delay in its anticipated FDA submission for Re-Tain, pushing it back by one month. The company plans to use the extra time to optimize readiness for the related pre-approval re-inspection.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 8:09 pm

PAVM

PAVmed Inc., a diversified commercial-stage medical technology company, has received a 180-day extension from Nasdaq to regain compliance with its $1.00 minimum bid price requirement. The company was first notified by Nasdaq on December 29, 2022, and originally was given until June 27, 2023, to regain compliance. The new deadline is December 26, 2023. The extension has no immediate effect on the listing of the company's common stock or Series Z warrants.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 8:07 pm

SRGA

Surgalign Holdings' subsidiary, Holo Surgical, has been granted European Patent Number EP3751516 for 'Autonomous Multidimensional Segmentation Of Anatomical Structures On Three-Dimensional Medical Imaging'. This could potentially strengthen the company's intellectual property portfolio and increase its competitive advantage in the medical imaging market.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 7:58 pm

REGN

Regeneron Pharmaceuticals' stock continues to fall after the FDA issued a Complete Response Letter (CRL) for aflibercept 8 mg Biologics License application due to an ongoing review of inspection findings at a third-party filler. This effectively denied the company approval of a higher-dose version of EYLEA. Several analysts also lowered their price targets on the stock.

Portfolio Pulse from Ryan Gustafson

June 28, 2023 | 7:53 pm

ATVI

MSFT

SONY

Activision Blizzard's CEO, Bobby Kotick, has stated that the company may abandon the $68.7 billion takeover bid by Microsoft if the U.S. Federal Trade Commission (FTC) manages to pause the deal. The FTC argues that Microsoft's acquisition of Activision Blizzard could harm competitors like Sony by excluding games such as 'Call of Duty' from PlayStation consoles. However, Microsoft's Phil Spencer has committed to keeping the game on the PlayStation platform.

Portfolio Pulse from Franca Quarneti

June 28, 2023 | 7:52 pm