Streetbeat News

Regulatory

AMZN

The U.S. Consumer Product Safety Commission (CPSC) has ordered Amazon to recall over 400,000 hazardous products sold on its platform, including faulty carbon monoxide detectors, hairdryers without electrocution protection, and children's sleepwear that violates federal flammability standards. Amazon is required to submit plans to notify customers and remove these products from circulation. The company plans to appeal the ruling.

Portfolio Pulse from Ananya Gairola

July 31, 2024 | 9:25 am

BTCUSD

Nobel laureate Paul Krugman criticized Donald Trump's support for Bitcoin, calling it a 'government bailout' of a scandal-ridden industry. Krugman questioned the economic utility of Bitcoin and highlighted its association with money laundering and extortion. Despite past criticisms, Bitcoin has seen a significant price increase since the collapse of FTX in 2022.

Portfolio Pulse from Aniket Verma

July 31, 2024 | 9:13 am

MSFT

OpenAI has started rolling out its advanced Voice Mode to a select group of ChatGPT Plus users, offering more natural, real-time conversations and emotional responsiveness. This comes after a delay due to safety concerns and a controversy involving Scarlett Johansson. Microsoft has integrated OpenAI models into its Azure cloud platform.

Portfolio Pulse from Benzinga Neuro

July 31, 2024 | 8:43 am

GOOG

GOOGL

META

Meta Platforms Inc. (NASDAQ:META) and Alphabet Inc. (NASDAQ:GOOG, NASDAQ:GOOGL) have faced criticism for their AI systems' handling of information related to an attempted assassination on former President Donald Trump. Meta's AI assistant incorrectly denied the event, which the company attributed to 'hallucinations' in generative AI. Alphabet's Google faced allegations of censoring search results, which it addressed by explaining outdated protections and automatic news topic generation.

Portfolio Pulse from Ananya Gairola

July 31, 2024 | 7:22 am

JNJ

Johnson & Johnson's DARZALEX FASPRO Quadruplet Therapy has been approved by the FDA for the initial treatment of multiple myeloma. The therapy showed a 60% reduction in the risk of disease progression or death, solidifying it as a foundational frontline therapy.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 7:05 am

FFIE

Faraday Future has regained Nasdaq compliance and reported significant financial improvements for Q1 2024. Operating expenses dropped to $22.9 million from $95.8 million year-over-year, and the loss from operations decreased to $43.6 million. Cash from operating activities improved to a loss of $14.7 million from negative $103.0 million in Q1 2023. The company had $499.9 million in assets and $298.4 million in liabilities, with a book value of $201.5 million as of March 31, 2024. Shares of Class A common stock increased slightly from May to July 2024.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:57 am

TEF

TIGO

Millicom and Telefonica are in talks for a significant telecom acquisition in Colombia. Millicom plans to purchase La Nación's and other minority interests in Coltel, as well as Empresas Públicas de Medellin's 50% interest in TigoUne, for approximately $1 billion in cash and assumed debt. The transaction is subject to negotiations, regulatory approvals, and other conditions.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:37 am

BTCUSD

Senator Bill Hagerty (R-TN) emphasized the Republican Party's evolving stance on cryptocurrencies, highlighting former President Donald Trump's commitment to making the U.S. a 'crypto hub.' Hagerty criticized the Biden administration for regulatory actions against the industry and reiterated the need for the U.S. to embrace digital currencies to prevent China from dominating the field.

Portfolio Pulse from Aniket Verma

July 31, 2024 | 5:41 am

BBJP

DXJ

EWJ

The Bank of Japan has decided to raise its interest rate to 0.25%, up from the previous 0.10% and higher than the estimated 0.10%. This decision could impact various Japan-focused ETFs listed in the US.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 4:19 am

ETHUSD

MATICUSD

A trader on Polymarket lost $72,000 after betting on Trump's victory in the upcoming presidential elections. Trump's odds fell 12% after Kamala Harris replaced Biden as the Democratic nominee. Polymarket, built on Ethereum's Layer-2 chain Polygon, has become a leading prediction market for U.S. elections.

Portfolio Pulse from Aniket Verma

July 31, 2024 | 1:39 am