Streetbeat News

Regulatory

AMZN

Amazon has filed four lawsuits against entities facilitating fake reviews on its platform. The lawsuits target Nice Discount, Littlesmm, MangoCity, and Reddit Marketing Pro, which allegedly sell fake reviews to Amazon sellers. Amazon has been investing in machine learning models and expert investigators to proactively block fake reviews, blocking over 200 million suspected fake reviews in 2022. The company has taken legal action against 94 fraudsters across the U.S., China, and Europe as of May 2023.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 4:12 pm

FXI

NVDA

Nvidia has acknowledged reports of new export restrictions in China. Despite this, the company's CFO does not anticipate any significant changes to earnings as a result of these rules. China accounts for 20-25% of Nvidia's data center sales.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 4:07 pm

FHTX

Foghorn Therapeutics has announced data from a Phase 1 study of FHD-286 in metastatic uveal melanoma, validating its safety and tolerability. However, the company will not pursue FHD-286 for this condition. Instead, Foghorn plans to initiate a Phase 1 study of FHD-286 in combination with decitabine or cytarabine for relapsed and/or refractory AML patients. Earlier this month, the FDA lifted the clinical hold on the Phase 1 monotherapy dose escalation study of FHD-286 in acute myelogenous leukemia and myelodysplastic syndrome.

Portfolio Pulse from Vandana Singh

June 28, 2023 | 3:44 pm

CRON

CURLF

A coalition of marijuana businesses and advocacy groups, including Curaleaf and Cronos Group, has launched a super PAC, Legalize America, to advance cannabis reform in the 2024 election and beyond. The PAC will use various tools to advance cannabis reform, including scorecards, endorsements, and targeted independent expenditure campaigns. The PAC will also seek partnerships with high-profile public figures and brands and explore options for customers to 'round up' their purchases, with the extra change going to the campaign as donations.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 3:32 pm

BAC

JPM

WFC

The Federal Reserve is set to release the results of its annual stress test on Wednesday. The test is designed to determine if the nation’s largest banks can withstand a severe economic downturn. This year's scenario includes a steeper rise in unemployment and sharper decline in home prices. Despite the more severe scenarios, all 23 banks undergoing the tests are expected to pass due to their strong capitalization. However, the adverse scenario could result in steeper loan losses for banks due to their commercial real estate exposure, leading the Fed to impose tougher capital requirements on some banks. The stocks of major US banks such as JPMorgan Chase & Co., Bank of America Corp, Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., and Morgan Stanley could be affected.

Portfolio Pulse from Piero Cingari

June 28, 2023 | 3:20 pm

SPY

UUP

The four major global central bankers convened in Portugal for the ECB Forum, where they agreed on the need for more rate hikes to combat inflation. Fed Chair Jerome Powell stated that a strong labor market is a key reason for the Fed's hawkish position and did not rule out consecutive rate hikes. The dollar rose, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), while the S&P 500 Index, represented by the SPDR S&P 500 ETF Trust (SPY), remained flat.

Portfolio Pulse from Piero Cingari

June 28, 2023 | 3:19 pm

ALZN

Alzamend Neuro's CEO, Stephan Jackman, has announced that the company plans to submit three Investigational New Drug applications (INDs) to the FDA in 2023. These applications will be for treatments of bipolar disorder, major depressive disorder, and PTSD.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 3:13 pm

AMD

BABA

NVDA

President Biden is set to impose new restrictions on the export of artificial intelligence chips to China, impacting stocks of Chinese AI companies and US companies like NVIDIA and AMD. The news has led to a 3.5% drop in NVIDIA's stock and a 3% drop in AMD's stock. Despite the AI frenzy, AMD's stock has lost about 20% from its peak. The 'magnificent seven' (Apple, Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla) continue to perform and are responsible for a majority of the stock market gain in 2023.

Portfolio Pulse from The Arora Report

June 28, 2023 | 3:12 pm

REGN

Regeneron Pharmaceuticals' shares are trading lower after the FDA declined to approve a higher-dose version of EYLEA. This has led to multiple analysts lowering their price targets on the stock.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 3:06 pm

SPY

VGK

The ECB Forum on Central Banking, which included Fed Chair Powell, has concluded. No specific details or outcomes from the forum have been provided in the news.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 3:04 pm