Streetbeat News

Regulatory

COIN

RIOT

Cryptocurrency markets are mixed with Bitcoin and Dogecoin trading sideways, while Ethereum is down. Notable developments include Ferrari expanding crypto payments in Europe, Peter Thiel's investment in Pudgy Penguins, and Riot Platforms becoming the second-largest US-listed miner. Analysts highlight $66,000 as a crucial support level for Bitcoin.

Portfolio Pulse from Khyathi Dalal

July 24, 2024 | 8:17 pm

PBM

Psyence Biomed Ltd. (NASDAQ:PBM) announced the export of nature-derived psilocybin to Australia and provided an update on its upcoming Phase IIb clinical trial for treating Adjustment Disorder in palliative care. The trial will start shortly after the drug product is received by trial sites.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 8:14 pm

CRWD

DAL

MAR

MSFT

UAL

CrowdStrike Holdings Inc (CRWD) admitted that a bug in its safety mechanism caused massive global IT outages, affecting Microsoft Windows systems and critical operations in various industries. The incident led to a significant drop in CRWD's share price and prompted a U.S. House Committee inquiry. Analyst Catharine Trebnick reiterated a Buy rating but lowered the price target due to expected short-term repercussions.

Portfolio Pulse from Shivani Kumaresan

July 24, 2024 | 8:12 pm

HYZN

Hyzon Motors has received approval from Nasdaq to transfer its listing from the Global Select Market to the Nasdaq Capital Market. The company's Class A common stock and warrants will begin trading on the Nasdaq Capital Market starting July 25, 2024.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 8:04 pm

NVS

Novartis lost a ruling from the FDA, which allows for the production of a generic version of its drug Ernestro. This could impact Novartis' market share and revenue from this drug.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 7:44 pm

GILD

Campaigners are urging Gilead Sciences Inc. to significantly reduce the price of its HIV prevention drug, lenacapavir, which is currently priced at $42,250 annually but could be produced for just $40. The drug, sold as Sunlenca, has shown 100% efficacy in preventing HIV in cisgender women in a Phase 3 trial. Gilead is awaiting further clinical trial data and regulatory approvals before pricing lenacapavir for prevention.

Portfolio Pulse from Vandana Singh

July 24, 2024 | 7:04 pm

NVO

The UK's NHS has prescribed Novo Nordisk's weight-loss drug Wegovy far less than expected due to a shortage of weight management clinics. Despite high demand and regulatory approval for reducing heart risks, the drug's international supply is limited. The NHS has prioritized supplies of Ozempic, another Novo Nordisk drug for type-2 diabetes, over Wegovy. The shortfall is also due to a lack of specialist NHS weight-loss services.

Portfolio Pulse from Vandana Singh

July 24, 2024 | 6:58 pm

AMD

MSFT

NFLX

NVDA

TSM

This week in investing, the focus is on strong retail sales, high jobless claims, a tech stock sell-off, China's liquidity injection into its banking sector, and larger, weaker Treasury auctions. Despite strong retail sales, the market expects a rate cut by the Fed in September. Jobless claims surged, adding pressure for a rate cut. Tech stocks, including Nvidia, Taiwan Semiconductor, AMD, Microsoft, and Netflix, faced a tough week due to geopolitical tensions and cybersecurity issues. China injected over $100 billion into its banking system to stabilize its economy. Treasury auctions are getting larger with weaker demand, raising concerns about government spending and debt management.

Portfolio Pulse from Gary Brode

July 24, 2024 | 6:15 pm

ISRA

SPY

Israeli Prime Minister Netanyahu addressed a joint session of Congress, discussing key geopolitical issues and the relationship between the U.S. and Israel.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2024 | 6:07 pm

KKR

NXTV

PKW

TMUS

T-Mobile US, Inc. (NASDAQ:TMUS) and KKR & Co. Inc. (NYSE:KKR) have formed a joint venture to acquire Metronet's broadband infrastructure, residential fiber operations, and customer base. T-Mobile will invest $4.9 billion for a 50% stake in the JV, enhancing its 5G Home Internet and fiber partnerships. The deal is expected to close in 2025, pending regulatory approvals.

Portfolio Pulse from Lekha Gupta

July 24, 2024 | 5:31 pm