First Trust Institutional Preferred Securities and Income ETF (ARCA: FPEI)

Latest News for First Trust Institutional Preferred Securities and Income ETF (ARCA:FPEI)

First Trust Institutional Preferred Securities and Income ETF

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Stifel analyst Stephen Gengaro maintains Civeo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVEO#NYSE">CVEO</a>) with a Buy and raises the price target from $30 to $31.

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CVEO

Stifel Maintains Buy on Civeo, Raises Price Target to $31

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CATX

FDA Selects Perspective Therapeutics To Participate In The CDRP Program To Expedite Chemistry, Manufacturing, and Controls Development Readiness For VMT-α-NET in Neuroendocrine Tumors

The cryptocurrency investment landscape has been marked by a concerning trend in recent weeks, with <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38427873/blackrocks-spot-bitcoin-etf-sees-zero-inflows-as-net-outflows-tally-130m-on-wednesday">significant outflows recorded</a> across major Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs. 
What Happened: According to <a href="https://sosovalue.xyz/zh/assets/etf">data</a> from SoSoValue, notable outflows were reported on Monday, with ARK 21Shares&#8216;s ARKB (CRYPTO: ARKB) experiencing a single-day net outflow of $31.34 million, surpassing Grayscale&#8216;s GBTC (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) which saw a reduction of $24.66 million. The total net outflow for the day was $51.53 million.
Meanwhile, BlackRock's iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) showed no movement, maintaining a stagnant flow for four consecutive days.
This pattern of withdrawals is part of a broader trend affecting digital asset investment products, which have seen outflows for three consecutive weeks, culminating in a total of $435 million—the largest since March this year. 
Coinshares <a href="https://blog.coinshares.com/volume-180-digital-asset-fund-flows-weekly-report-998dde70036b">highlighted</a> a stark drop in trading volumes, with ETPs falling to $11.8 billion last week from $18 billion the prior week, coinciding with a 6% decline in Bitcoin prices.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38464921/michael-saylor-summarizes-why-microstrategy-is-superior-to-bitcoin-etfs">Michael Saylor Summarizes Why MicroStrategy Is Superior To Bitcoin ETFs</a>
Regionally, the majority of these outflows were concentrated in the U.S., which accounted for $388 million. Despite these recent losses, inflows for the year remain at a record high of $13.6 billion.
Grayscale alone accounted for $440 million in outflows, marking a slight improvement as the lowest in nine weeks. 
On a slightly positive note, Germany and Canada experienced smaller outflows, and Switzerland and Brazil saw modest inflows.
Interestingly, while Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) bore the brunt of the outflows, some diversity was observed in investor behavior towards altcoins. 
Multi-coin investment products attracted $7 million in inflows, with individual assets like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>), and Chainlink (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>) also experiencing positive movements.
This ongoing volatility and the shift in investment patterns underscore the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38460707/stripe-makes-a-crypto-comeback-accepts-stablecoins-for-online-payments">evolving dynamics of the cryptocurrency market</a>.
What&#8217;s Next: As industry leaders and investors seek to navigate these turbulent waters, Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on November 19 offers a timely platform for discussion.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38461470/fbi-issues-warning-against-unregistered-crypto-services-amid-privacy-concerns">FBI Issues Warning Against Unregistered Crypto Services Amid Privacy Concerns</a>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$ETH

$LINK

$LTC

$SOL

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

GBTC

IBIT

Bitcoin ETFs Record $51M Net Outflows On Monday, Continue 3-Week Outflow Trend

Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38485399/tesla-skyrockets-about-10-in-premarket-whats-fueling-the-dramatic-rally" rel="noreferrer noopener">remarkable surge on Monday</a>&nbsp;signals validation for the electric vehicle maker&#8217;s CEO,&nbsp;Elon Musk.&nbsp;Investors embraced the company&#8217;s trajectory following a prolonged downturn, providing an opportune moment for Musk to express his satisfaction.
What Happened:&nbsp;According to data from&nbsp;<a target="_blank" href="https://benzinga.grsm.io/lxquj26b2sag" rel="noreferrer noopener">Benzinga Pro</a>, Tesla stock surged by $25.76, marking a 15.31% increase, before settling at $194.05 at the day&#8217;s close.&nbsp;
Tesla influencer and investor&nbsp;Sawyer Merritt&nbsp;shared the stock chart, humorously noting that &#8220;$TSLA stock is up one Gordon Johnson today,&#8221; in a mocking reference to Tesla bear Gordon Johnson&#8217;s $23 price target&nbsp;for the stock.&nbsp;
Musk responded promptly with an emoji expressing tears of joy, reflecting his amusement.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1784968676153901459?ref_src=twsrc%5Etfw">April 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
In another post on Twitter, Musk conveyed his sentiment through imagery, sharing a monochrome picture featuring the Tesla logo emblazoned on a star, accompanied by the words &#8220;Don&#8217;t Mess With&#8221; encircling the edges.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/eygrdIhWZz">pic.twitter.com/eygrdIhWZz</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1784982156823138657?ref_src=twsrc%5Etfw">April 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It&#8217;s Important: Despite Tesla&#8217;s upward momentum,&nbsp;GLJ Research&#8216;s Johnson remains resolute.&nbsp;
In a new analysis, Johnson expressed concerns regarding Tesla&#8217;s advancements in China post-Musk&#8217;s visit, particularly regarding data collection. 
He noted that while Tesla&#8217;s progress in China was promising, the requirement for data to remain within China poses challenges. The Chinese government mandates that data collected by Tesla must stay within the country, necessitating the construction of a data center in China, according to local news sources.
Johnson believes that building a data center in China presents significant hurdles,&nbsp;particularly&nbsp;due to current U.S. laws restricting the shipment of NVDA chips to China. He also refuted media claims suggesting China had approved Tesla&#8217;s sale of U.S.-trained Full Self-Driving (FSD) capabilities in the country.
With Tesla banking on broader adoption of its Full Self-Driving technology, which promises high-margin recurring revenue, the company faces significant stakes as&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp" rel="noreferrer noopener">it navigates a downturn</a>&nbsp;in its core electric vehicle business.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/04/38510252/jim-cramer-says-tesla-stock-will-keep-running-until-all-shorts-are-crushed-praises-elon-musks-ch"> Jim Cramer Says Tesla Stock Will &#8216;Keep Running Until All Shorts Are Crushed,&#8217; Praises Elon Musk&#8217;s China FSD Deal As &#8216;Perfect Example Of Redefining Narrative&#8217;</a>
Photo via Shutterstock

Analyst Color

Equities

Tech

TSLA

Elon Musk Has Tears Of Laughter As Tesla Investor Says Stock Is 'Up One Gordon Johnson' After Bear-Defying Surge

BMO Capital analyst Andrew Strelzik maintains Domino's Pizza (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) with a Outperform and raises the price target from $535 to $575.

BMO Capital Maintains Outperform on Domino's Pizza, Raises Price Target to $575

YELP

Yelp Announces Spring Product Release Featuring New AI-Powered Yelp Assistant

Large Cap

Contracts

PeptiDream Announces Expansion Of Peptide Discovery Collaboration With Novartis, PeptiDream Will Receive An Upfront Payment Of $180M And Is Eligible To Receive Up To $2.71B In Milestone Payments

Mr. Barber addressed the Company&#39;s planned capital expenditures while reiterating branch expansion objectives, stating, &quot; With the availability of equipment from manufacturers returning to normal, we could quickly increase our spending range should industry demand accelerate. The revised spending range will adequately address the planned growth in 2024 across our branch network, which remains at 12 to 15 new locations as we continue to demonstrate strong execution of our accelerated branch expansion strategy. Also, additional branch growth in 2024 could be achieved through the acquisition of attractive rental operations, as demonstrated by the acquisition of Precision Rental, which closed in the first week of 2024, and the recently announced pending acquisition of four locations in the state of Montana. Following the expected close of this latest transaction in the&nbsp;second quarter&nbsp;of 2024, H&amp;E will operate 145 branches across 30 states, including eight branch additions since the close of 2023.&quot;

Guidance

HEES

H&E Equipment Services Expects FY24 Capital Investment Of $350M-$400M, Down From Prior Outlook Of $450M-$500M

EARNINGS&nbsp;GUIDANCE
AEP management reaffirms its 2024 operating earnings&nbsp;guidance&nbsp;range to&nbsp;$5.53&nbsp;to&nbsp;$5.73&nbsp;per share. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for 2024 earnings&nbsp;guidance.
Reflecting special items recorded through the&nbsp;first quarter, the estimated earnings per share on a GAAP basis would be&nbsp;$6.17&nbsp;to&nbsp;$6.37&nbsp;per share. See the table below for a full reconciliation of 2024 earnings&nbsp;guidance.

Earnings

American Electric Power Reaffirms 2024 Adjusted Operating Earnings Guidance Of $5.53 -5.73 Per Share Vs. $5.59 Consensus

LendingTree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) reported quarterly earnings of $0.70 per share which beat the analyst consensus estimate of $0.37 by 89.19 percent. This is a 180 percent increase over earnings of $0.25 per share from the same period last year. The company reported quarterly sales of $167.800 million which beat the analyst consensus estimate of $162.773 million by 3.09 percent. This is a 16.31 percent decrease over sales of $200.500 million the same period last year.

Earnings Beats

TREE

LendingTree Q1 2024 Adj EPS $0.70 Beats $0.37 Estimate, Sales $167.800M Beat $162.773M Estimate

GRTS

Gritstone Bio Highlights The Durability and Potential Broad Utility of its Self-amplifying mRNA COVID-19 Vaccine at ESCMID Global 2024

Cannabis

Aurora Improves Offerings In Australia With New Range Of Premium Dried Flower Products

WIIM

Banco Santander shares are trading lower after the company reported worse-than-expected Q1 GAAP EPS results.

Financing

Offerings

CYCC

Cyclacel Pharmaceuticals Announces $8M Private Placement Priced At-The-Market Under Nasdaq Rules

H&E Equipment Services Q1 Sales Of New Equipment Totaled $10.4M, Up 33.2% YoY

<ul>
<li>Lead Candidate, EPX-100, Holds Orphan Drug and Rare Pediatric Disease Designations</li>
<li>EPX-100 in Pivotal Registrational Trial for Dravet Syndrome; Topline Data Expected in 2026</li>
<li>Plan to Initiate Phase 3 Trial for Lennox-Gastaut Syndrome in Second Half of 2024</li>
<li>Potential Billion Dollar Plus Market Opportunity in Rare Epilepsy</li>
</ul>

HRMY

Harmony Biosciences Acquires Epygenix Therapeutics For $35M With Development Milestone Payments Of $130M And There Is Potential Sales Milestone Payments Of $515M

Susquehanna analyst Christopher Stathoulopoulos maintains Southwest Airlines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) with a Neutral and lowers the price target from $27 to $25.

Susquehanna Maintains Neutral on Southwest Airlines, Lowers Price Target to $25

2024&nbsp;outlook&nbsp;remains solid:&nbsp;We are tracking well towards achieving the 2024&nbsp;outlook&nbsp;provided in our 2023 annual MD&amp;A. We continue to expect strong cash flow generation, with estimated consolidated revenue of between about&nbsp;$2.9 billion&nbsp;and&nbsp;$3.0 billion. We maintain the&nbsp;outlook&nbsp;for our share of Westinghouse&#39;s 2024 adjusted EBITDA of between&nbsp;$445 million&nbsp;and&nbsp;$510 million.

Cameco 2024 Outlook: Expects Consolidated Revenue Of C$2.9B-C$3B Vs. C$3.054B Consensus ; And Adjusted EBITDA Of Between C$445M-C$510M

Corning Sees Q2 2024 Core EPS $0.42-$0.46 Vs $0.44 Est.; Core Sales ~$3.4B Vs $3.332B Est.

Dana Reiterated FY24 Diluted EPS Outlook At $0.35-$0.85 vs. $0.73 Est., Adjusted EBITDA At $875M-$975M, Implied Adjusted EBITDA Margin Of Approximately 8.5% At Midpoint Of The Range

Preferreds Weekly Review: AHL Preferred Gets Stuck Near Libor Peak

Preferreds Weekly Review: A High Yield-To-Call Is Not Enough

U.S. Preferred Stocks Look Attractive And PFFA Is A Top-Performing Preferred Stocks ETF

First Trust Institutional Preferred Securities and Income ETF declares $0.0808 dividend

Preferreds Weekly Review: Historic Drawdowns Are Relevant Again

Preferreds Weekly Review: Mandatory Convertibles Offer High-Beta Preferred Exposure

First Trust Institutional Preferred Securities and Income ETF declares $0.0882 dividend

Preferreds Weekly Review: Keep An Eye On The Spread Of Floating-Rate Preferreds

Preferreds Weekly Review: Bond Interest Deferral Worries Investors

First Trust Institutional Preferred Securities and Income ETF declares $0.0844 dividend

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Latest News for First Trust Institutional Preferred Securities and Income ETF (ARCA:FPEI)

Friday, August 25, 2017