Wall Street Breakfast Podcast: TikTok Divestment Bill On Potential Fast Track

seekingalpha04-18

Proposed bill may fast track TikTok's divestment from ByteDance or face a U.S. ban.Micron Technology to receive funding from the U.S. for chipmaking projects.23andMe CEO eyes taking DNA-testing ...

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Fast Track\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-18 18:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4684411-wall-street-breakfast-podcast-tiktok-divestment-bill-on-potential-fast-track><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Proposed bill may fast track TikTok's divestment from ByteDance or face a U.S. ban.Micron Technology to receive funding from the U.S. for chipmaking projects.23andMe CEO eyes taking DNA-testing ...</p>\n\n<a href=\"https://seekingalpha.com/article/4684411-wall-street-breakfast-podcast-tiktok-divestment-bill-on-potential-fast-track\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOOG","symbol_name":"谷歌","start_time":0,"source_url":"https://seekingalpha.com/article/4684411-wall-street-breakfast-podcast-tiktok-divestment-bill-on-potential-fast-track","article_id":"2428697315","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1733640162/image_1733640162.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2428697315","pubTimestamp":1713437552,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Proposed bill may fast track TikTok's divestment from ByteDance or face a U.S. ban.Micron Technology to receive funding from the U.S. for chipmaking projects.23andMe CEO eyes taking DNA-testing company private.   georgeclerk/iStock Unreleased via Getty Images Listen below or on the go on Apple Podcasts and 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potential fast track through Congress. (00:23) Micron (MU) to get $6.1B grant from U.S. for local chipmaking projects. (01:14) 23andMe (ME) CEO Anne Wojcicki eyes taking DNA-testing company private. (02:06) This is an abridged transcript of the podcast. A proposed bill forcing TikTok to divest from ByteDance (BDNCE) or face a U.S. ban might be getting fast tracked. Bloomberg reported Wednesday that House Speaker Mike Johnson (R-LA) plans to include the TikTok bill in a fast-track package that includes aid for Ukraine and Israel. Snapchat (NYSE:SNAP) surged 4.7% in Wednesday trading following news of the proposed bill. Although Meta (META) and Google (GOOG)(GOOGL) have been considered the companies most likely to benefit if the TikTok bill becomes law, Meta was down 1.1%, while Google ticked up 0.5%. The U.S. House of Representatives passed a bill in March that would require TikTok to divest from ByteDance within six months if it became law. The bill passed 352-65 with wide bipartisan support. Micron Technology (NASDAQ:MU) will be awarded $6.1B in grant funding through the CHIPS Act. Bloomberg reported, citing unnamed sources, that the announcement will be made next week. The funds will support Micron’s planned projects for advanced memory computer chips in New York and Idaho. Micron (MU) is planning a megafab in New York and a new factory in Idaho, where Micron (MU) is based. The New York megafab, would be the largest semiconductor fabrication facility in the U.S. The Commerce Department has so far awarded six preliminary awards under the CHIPS Act. The goal of the legislation is to boost U.S. chip-making and reduce reliance on Asian companies. It provides for $39B in manufacturing incentives. As we reported earlier this week, Commerce Secretary Gina Raimondo expects all the grant funding to be allocated by the end of this year. Premarket MU is up 2.5%. 23andMe (ME) has been a public company for just under three years but that could soon change. According to an exchange filing, the company’s CEO Anne Wojcicki informed a special board committee that she was working with advisors, and planned to begin speaking to potential partners and financing sources about going private. The filing noted that Wojcicki, who holds a 25.8% stake in 23andMe (ME), wished to maintain control of the company and wouldn't support any alternative transaction. 23andMe (ME), which had a market value of over $6B at its peak, has seen its stock crater over the years as its DNA tests were no longer as popular as they once were. Its current market capitalization is just $188.4M. ME fell 8.7% in Wednesday’s trading. Other articles to look out for on Seeking Alpha: Tesla to let go of 285 employees in Buffalo, New York Oracle to invest over $8B in Japan to meet cloud computing, AI demand Nvidia retakes top spot from Tesla as IBKR's most actively traded during 'chaotic' week On our catalyst watch for the day, Benitec Biopharma (BNTC) will host a virtual R&D Day. The event will feature two key opinion leaders who will discuss the clinical symptoms and the natural history of oculopharyngeal muscular dystrophy, a rare genetic muscle disorder. U.S. stocks on Wednesday ended lower, with the S&P 500 (SP500) posting a four-day losing streak for the first time since the start of the year. The NASDAQ (COMP:IND) fell 1.15%, the S&P (SP500) slipped 0.58% and the Dow (DJI) retreated 0.12%. Of the 11 S&P sectors, seven ended in the red. Tech shed nearly 2%. Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 1.2% at more than $81 per barrel. Bitcoin is down 2.1% at more than $61,000. In the world markets, the FTSE 100 is down 0.2% and the DAX is up 0.1%. The biggest movers for the day premarket: Duolingo (DUOL) is up 7% after the announcement that the language learning app provider will be joining the S&P MidCap 400 index on April 22, 2024. Duolingo will be taking the spot previously held by Cable One (CABO), which is transitioning to the S&P SmallCap 600. On today’s economic calendar:  915am The Fed’s John Williams will participate in moderated discussion before the Semafor World Economy Summit. 10am Existing home sales 11am The Fed’s Raphael Bostic will speak on the economic outlook, monetary policy and real estate in a moderated armchair chat at the University of Miami Herbert Business School. Editor's Note: This article covers one or more microcap stocks. 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