Streetbeat News

Regulatory

NSC

The National Transportation & Safety Board (NTSB) gave a presentation on the recent Norfolk Southern train derailment. The presentation covered the causes, impact, and future safety measures to prevent such incidents.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 2:05 pm

ABBV

AbbVie Inc (NYSE:ABBV) received an FDA Complete Response Letter (CRL) for its Parkinson's disease therapy ABBV-951 due to issues at a third-party manufacturer. The CRL does not cite safety, efficacy, or labeling concerns, nor does it request additional trials. ABBV-951 is already approved in 34 countries. AbbVie's stock was down 0.38% following the news.

Portfolio Pulse from Vandana Singh

June 25, 2024 | 1:58 pm

AZN

AstraZeneca's cancer drug Imfinzi failed to meet the primary endpoint in a Phase 3 trial for early-stage lung cancer but succeeded in a Phase 3 bladder cancer study. The drug showed no new safety concerns and is being investigated in other lung cancer settings. Japan also approved AstraZeneca's Tagrisso for a specific type of lung cancer.

Portfolio Pulse from Vandana Singh

June 25, 2024 | 1:45 pm

IXN

MSFT

TEAM

XLK

The European Union has charged Microsoft with anti-competitive practices for bundling its Teams app with its Office suite, potentially disadvantaging competitors like Slack and Zoom. Microsoft is attempting to address these concerns by proposing to unbundle Teams from Office products outside Europe. The company faces a potential fine of up to 10% of its annual global revenues if found guilty. Microsoft is also under scrutiny for its $13 billion partnership with OpenAI. Over the last decade, Microsoft has paid $1.71 billion in EU antitrust fines. Microsoft stock has gained over 36% in the last 12 months.

Portfolio Pulse from Anusuya Lahiri

June 25, 2024 | 1:36 pm

ARM

AVGO

DELL

NVDA

QCOM

SMCI

Nvidia Corp (NASDAQ:NVDA) experienced a significant stock price drop after briefly becoming the world's most valuable company. This decline also impacted other tech companies linked to the AI boom, including Super Micro Computer Inc (NASDAQ:SMCI), Dell Technologies Inc (NYSE:DELL), Arm Holdings Plc (NASDAQ:ARM), Qualcomm Inc (NASDAQ:QCOM), and Broadcom Inc (NASDAQ:AVGO). Despite the drop, experts believe Nvidia's performance will continue to be strong for the next 18-24 months, making it a good time to buy the dip. Geopolitical tensions between the U.S. and China could negatively affect semiconductor stocks.

Portfolio Pulse from Anusuya Lahiri

June 25, 2024 | 1:22 pm

CING

Cingulate has completed twelve required registration batches for its ADHD drug CTx-1301, marking a significant milestone in its development. The company is now preparing a New Drug Application for submission to the FDA for marketing clearance.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 1:22 pm

GTLB

GitLab Inc. has achieved the 'In Process' designation at the Moderate impact level from the Federal Risk and Authorization Management Program (FedRAMP).

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 1:18 pm

SMH

UUP

XLK

Federal Reserve Governor Michelle Bowman indicated her readiness to support further rate hikes if inflation worsens, stating it is premature to lower the policy rate. Following her remarks, the U.S. Dollar Index saw a slight increase, and U.S. equity futures were broadly positive, with tech and semiconductor sectors showing gains.

Portfolio Pulse from Piero Cingari

June 25, 2024 | 1:13 pm

Ford Motor Company (NYSE:F) is recalling 552,188 of its 2014 F-150 vehicles in the U.S. due to a transmission issue that can cause an unexpected downshift into first gear, potentially leading to a loss of vehicle control. This follows several other recalls earlier this year for various issues. Ford shares are trading lower by 0.41% premarket.

Portfolio Pulse from Nabaparna Bhattacharya

June 25, 2024 | 1:13 pm

BSFC

Blue Star Foods Corp. (NASDAQ: BSFC) has secured a renewal for its land-based aquaculture license through 2033, allowing it to continue its sustainable seafood operations under the Fisheries Act.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 1:09 pm