Streetbeat News

Regulatory

BABA

Alibaba shares are trading higher by 1.01% after Eddie Wu was announced as the new CEO, succeeding Daniel Zhang. Chinese stocks fell after China's central bank cut its one-year loan prime rate and five-year rate to stimulate economic recovery.

Portfolio Pulse from Henry Khederian

June 21, 2023 | 1:51 pm

SPY

The World Health Organization (WHO) is preparing for a 'very high' probability of an El Nino event in 2023 and 2024, which could increase the spread of diseases like dengue, Zika, and chikungunya.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 1:45 pm

ALDX

Aldeyra Therapeutics plans to discuss an Expanded Access Program with the FDA due to a shortage of Methotrexate, lack of approved therapy for PVRL, and inbound requests for ADX-2191.

Portfolio Pulse from Bill Haddad

June 21, 2023 | 1:36 pm

ALDX

Aldeyra Therapeutics' literature-based NDA submission faced criticism from the FDA, citing a lack of substantial evidence of effectiveness due to inadequate and poorly controlled investigations.

Portfolio Pulse from Bill Haddad

June 21, 2023 | 1:36 pm

ALDX

Aldeyra Therapeutics has received a Complete Response Letter from the FDA for the New Drug Application (NDA) of ADX-2191, indicating that the FDA has completed its review but is not approving the drug at this time.

Portfolio Pulse from Bill Haddad

June 21, 2023 | 1:35 pm

LI

XPEV

China announced an extension of its new energy vehicle (NEV) purchase tax exemption, introducing a 520 billion yuan ($72.35 billion) package aimed at increasing auto demand. NEVs purchased in 2024 and 2025 will be eligible for a purchase tax exemption of up to 30,000 yuan per vehicle, with exemptions extending into 2026 and 2027 at reduced amounts. This has fueled a rally in Chinese EV stocks, including Li Auto and XPeng.

Portfolio Pulse from Adam Eckert

June 21, 2023 | 1:29 pm

FDX

MA

MU

The Indian government has approved Micron Technology's $2.7 billion plan for a new semiconductor testing and packaging unit in Gujarat, with production-linked incentives worth $1.34 billion. This comes as the White House urges US chip companies to invest in India to reduce business risks in China.

Portfolio Pulse from Anusuya Lahiri

June 21, 2023 | 1:28 pm

SHY

UK inflation data for May 2023 showed a higher-than-expected 8.7% YoY increase, prompting traders to anticipate additional interest-rate hikes by the Bank of England. This has led to a rise in Treasury 2-year yields and may result in a negative session for the Ishares 1-3 Year Treasury Bond ETF (NASDAQ:SHY).

Portfolio Pulse from Piero Cingari

June 21, 2023 | 1:22 pm

CEI

Camber Energy, Inc. (NYSE:CEI) announced that the NYSE American has accepted its business plan to regain compliance with the Exchange's continued listing standards regarding stockholders' equity.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2023 | 1:21 pm

LUMO

Lumos Pharma is hosting a virtual KOL Webinar to discuss new data and analysis on oral LUM-201 for idiopathic Pediatric Growth Hormone Deficiency (iPGHD) from Phase 2 trials. The data shows a durable response after 12 months of LUM-201 administration and supports the physiologic mechanism of action of LUM-201.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 1:17 pm