Adtran Holdings (NASDAQ:ADTN) Stock, Quote.Headers.trade-ideas

Adtran Holdings

Adtran

Adtran Holdings Inc is a provider of networking and communications platforms, software, and services focused on the broadband access market. It operates under two reportable segments: Network Solutions, which includes hardware and software products that enable a digital future that supports the company's Subscriber, Access & Aggregation, and Optical Networking Solutions; and Services & Support Segment which includes network design, implementation, maintenance and cloud-hosted services supporting the company's Subscriber, Access & Aggregation, and Optical Networking Solutions.

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U.S. stock markets saw a strong recovery on Tuesday, with both the S&amp;P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday’s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy’s ability to avoid a recession. 

Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What&#39;s Driving Markets Tuesday?

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Strong sell-off may be viewed as an opportunity to load up beaten-down stocks but traders may seek evidence regarding sustainability of uptrend.

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After spiking in the first quarter of 2024, inflation has been weakening from April. In fact, per the June data, the annual rate of inflation dropped to its lowest level in more than two years, raising hopes of a rate cut in September. This bodes well as low interest rates improve consumer outlays, decrease the cost of borrowings and, in turn, boost economic growth.

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Adtran Holdings Inc

<ul>
<li>Facility enhances Adtran's in-house ability to meet growing demand for its end-to-end fiber infrastructure technology</li>
<li>Center supports testing and production, empowering Adtran customers to boost deployment efficiency and service quality</li>
<li>Designed for operational speed and customer responsiveness, the facility will advance eco-sustainable UK fiber broadband expansion</li>
</ul>
Adtran today announced the opening of a new 20,000-square-foot distribution center in York, UK. The facility expands Adtran's UK operations, supporting the deployment of its end-to-end fiber infrastructure solutions, including optical transport, Carrier Ethernet and access equipment. By enhancing logistics capabilities, the new center will enable faster delivery of essential network components and ensure the highest levels of service quality for Adtran's growing customer base. It will support a wide array of services, such as testing, production and customization of hardware and software. The facility also underscores Adtran's commitment to sustainability and the highest standards of environmental performance.

Adtran Expands UK Operations With New Distribution Center, Enhancing Adtran's In-House Ability To Meet Growing Demand For Its End-To-End Fiber Infrastructure Technology

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Shares of companies within the broader tech sector are trading higher amid overall market strength following strong US economic data that could help ease recession concerns. The sector may be experiencing momentum in sympathy with Cisco Systems after the company reported better-than-expected Q4 financial results.

Needham analyst Ryan Koontz reiterates Adtran Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) with a Buy and maintains $8 price target.

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Reiteration

Needham Reiterates Buy on Adtran Holdings, Maintains $8 Price Target

Rosenblatt analyst Mike Genovese maintains Adtran Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) with a Neutral and maintains $6 price target.

Rosenblatt Maintains Neutral on Adtran Holdings, Maintains $6 Price Target

U.S. stock markets saw a strong recovery on Tuesday, with both the S&amp;P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday&#8217;s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy&#8217;s ability to avoid a recession. 
Gains were observed in both small-cap and blue-chip stocks, reflecting broad improvement in market sentiment.
The CBOE Volatility Index (VIX), often referred to as the market&#8217;s fear gauge, decreased by almost 40% on Tuesday after spiking 65% on Monday. 
According to the FedWatch Tool, the likelihood of a 50-basis-point interest rate cut decreased to 90% Monday to 64% Tuesday. 
As traders reassess Fed rate cuts, Treasury yields increased during the day, with the 10-year yield rising by 11 basis points to 3.9% and the two-year yield climbing 9 basis points to 4.01%.
The rebound of the U.S. dollar was supported by rising yields and diminished expectations of a larger Federal Reserve rate cut in September. The dollar increased by 0.8% against the low-yielding Japanese yen, breaking a streak of five consecutive days of losses.
In terms of macroeconomic data, the day was relatively quiet, with only June&#8217;s trade figures making news. The U.S. trade deficit narrowed to $73.1 billion in June 2024 from a revised 20-month high of $75 billion in May, slightly above market forecasts of a $72.5-billion gap. Exports increased by 1.5% to $265.9 billion, the second-highest on record, while imports grew by a more modest 0.6% to $339 billion.
Gold and oil prices both decreased by 0.7% and 0.8%, respectively, marking their fourth consecutive session of declines.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rebounded by 4.9% after experiencing a 7% drop on Monday.
<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,312.03</td>
<td>2.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,295.41</td>
<td>2.1%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,081.01</td>
<td>1.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,301.11</td>
<td>1.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:55 p.m. ET </figcaption></figure>
According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent080624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was trading 2.2% higher to $528.42.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.7% to $393.21.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 2.4% to $445.63.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.9% to $206.06.</li>
<li>All 11 sectors of the S&amp;P 500 saw gains, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) leading the way, increasing by 3.1%. The Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) witnessed the smallest gain, up 1.4%.</li>
</ul>
<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied over 6%, snapping three straight session of losses. </li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) soared over 5%, marking its best one-day surge in a month. </li>
</ul>
Stocks reacting to company earnings included: 
<ul>
<li>ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), down by nearly 18%, </li>
<li>Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), up 3.8%,</li>
<li>Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), up 6.9%,</li>
<li>CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), up 3.7%,</li>
<li>Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), up 2.3%,</li>
<li>Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>), down 4.4%,</li>
<li>Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), up 6.7%,</li>
<li>GLOBALFOUNDRIES Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>), down 1%,</li>
<li>Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), down 0.7%,</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) up 9%, </li>
<li>Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), up 6.8%,</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) up 12.3%, </li>
<li>Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), up 11%</li>
<li>Teradata Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) down about 14%,</li>
<li>WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) down 6.7%,</li>
<li>Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) up 3.7%,</li>
<li>ZoomInfo Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>), down nearly 19%.</li>
</ul>
Companies reporting after the close are Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Cirrus Logic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRUS#NASDAQ">CRUS</a>), Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Jack in the Box Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>), IAC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>), Tripadvisor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>).
Read now: 
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<li><a href="https://www.benzinga.com/news/earnings/24/08/40196554/warren-buffetts-oil-bet-hits-slick-patch-death-cross-looms-over-occidental-before-q2-earnings">Warren Buffett&#8217;s Oil Bet Hits Slick Patch: Death Cross Looms Over Occidental Before Q2 Earnings</a></li>
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Photo via Shutterstock.

Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What's Driving Markets Tuesday?

ADTRAN Holdings shares are trading lower after the company reported mixed Q2 financial results.

U.S. stocks look to bounce back on Tuesday following an across-the-board sell-off in the previous session. Strategists say<a href="https://www.benzinga.com/markets/equities/24/08/40179293/strategist-warns-theres-a-serious-collapse-thats-coming-after-mondays-global-market-crash-tons-a"> all the yen carry trades haven&#8217;t been unwound yet,</a> which raises the specter of incremental weakness. That said, positive reactions to earnings from tech players such as Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>) could buoy sentiment.
Tech stocks are reversing course, riding on these positive earnings. The CBOE Volatility Index, widely known as VIX, has pulled back notably toward the 32 level. Given the absence of any major catalysts, volatility will likely remain contained. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.86%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.82%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.71%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.75%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.78% to $521.40, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.82% to $438.95, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
Wall Street closed Monday&#8217;s session notably lower, although off its intraday lows. The global equity market plunge set in motion by the Japanese market on Monday spilled over into the U.S. The major averages opened notably lower but a report that showed that the service sector moved into expansion territory helped them trim some of the losses. Yet the averages closed the session sharply lower.
The S&amp;P 500 and the Nasdaq Composite fell for a third straight session, settling at three-month lows, while the Dow Jones Industrial Average retreated to its lowest since June 14.
The sell-off was across the board, with the IT, communication services and consumer discretionary stocks plunging hard.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.43%</td>
<td>16,200.08</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-3.00%</td>
<td>5,186.33</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-2.60%</td>
<td>38,703.27</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-3.33%</td>
<td>2,039.16</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Insights From Analysts: </figcaption></figure>
The recent correction is healthy for the market, according to WisdomTree Senior Economist and Wharton professor Jeremy Siegel. Volatility has finally returned to the market, the economist said, adding that this equity risk is what creates a premium long-term return.
A correction of 5-10% from the highs is healthy, Siegel said. &#8220;I would be more worried had the market continued to surge higher with no correction and created more bubble-like conditions,&#8221; he said.
&#8220;In the short run, if the Fed does not indicate that it will react soon, the outlook is very unsettled.&#8221;
Carson Group&#8217;s Chief Market Strategist Ryan Detrick sees light at the end of the tunnel. Drawing on historical data, the strategist noted that when the S&amp;P 500 Index falls by at least 1% on Thursday, Friday, and Monday, strong returns are typically observed three months later. Historically, this pattern has resulted in gains 90% of the time, with an average increase of around 10%.
&#8220;A year later up 18 of 21 and up 22.5% on avg,&#8221; he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 down at least 1% on a Thursday, Friday, and Monday? Pretty strong returns across the board. 3 months later higher 90% of the time and up nearly 10% on avg. A year later up 18 of 21 and up 22.5% on avg. Huh. Good chance those times felt pretty bad also. <a href="https://t.co/srKtgx1vqx">pic.twitter.com/srKtgx1vqx</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1820678336277856286?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
<ul>
<li>The Commerce Department is scheduled to release its trade balance report for June at 8:30 a.m. EDT. Economists, on average, expect a narrowing of the trade deficit from $75.1 billion in May to $72.5 in June.</li>
<li>The Treasury will auction three-year notes at 11:30 a.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Palantir climbed over 7% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results.</li>
<li>The other stocks moving on earnings are Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) (up 9%), ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) (down about 7.50%), Navitas Semiconductor (up about 5%), ZoomInfo Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>) (down nearly 15%), Teradata Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) (down about 8%) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>) (up over 8%) </li>
<li>Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>), Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), GLOBALFOUNDRIES Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>), Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>), Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening</a>.</li>
<li>Those reporting after the close are Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Cirrus Logic, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRUS#NASDAQ">CRUS</a>), Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>), Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Jack in the Box Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>), IAC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>), Tripadvisor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIP#NASDAQ">TRIP</a>), Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures rebounded after three straight sessions of declines and gold futures also advanced moderately, while the 10-year benchmark Treasury note yield rose 5.4 basis points to 3.836%.
Bitcoin (CRYPTO: BTC<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour">)</a> climbed over 6.5% and approached the $55K level.
In Asia, the sentiment was mixed. The Japanese market, which was the epicenter of Monday&#8217;s sell-off, rebounded strongly, with the Nikkei 225 average climbing over 10%. The Taiwanese and South Korean markets also rose notably. The Chinese market advanced, although the gain was much more modest, and the Australian market finished strong amid the nation&#8217;s central bank deciding to keep interest rates unchanged. On the other hand, the Indian, Malaysian, Hong Kong and New Zealand markets moved to the downside.
European stocks were lower in early trading amid volatility. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40178601/global-market-crash-sparks-reflection-on-jeff-bezos-2000-dotcom-comments-after-amazons-80-plunge">Global Market Crash Sparks Reflection On Jeff Bezos&#8217; 2000 Dotcom Comments After Amazon&#8217;s 80% Plunge: &#8216;We&#8217;re A Company That Wants To Be Weighed, And Over Time We Will Be&#8217;</a></li>
</ul>
Image Created Using Midjourney

US Stocks Set To Open Higher After Monday's Crash, VIX Plummets: Analyst Says Would Have Worried If Market Surged Higher Without Correction

For the&nbsp;third quarter&nbsp;of 2024, the Company expects revenue in a range of $215million to $235million. Non-GAAP operating margin is expected in a range of&nbsp;-1%&nbsp;to&nbsp;+3%.

Guidance

ADTRAN For Q3 Expects Revenue Of $215M-$235M Vs. $225.875M Consensus; And Adj. Operating Margin Of -1% To +3%

Adtran (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) reported quarterly losses of $(0.24) per share which missed the analyst consensus estimate of $(0.09) by 166.67 percent. The company reported quarterly sales of $225.991 million which beat the analyst consensus estimate of $225.875 million by 0.05 percent. This is a 30.97 percent decrease over sales of $327.378 million the same period last year.

Earnings Beats

Earnings Misses

Adtran Q2 2024 Adj. EPS $(0.24) Misses $(0.09) Estimate, Sales $225.991M Beat $225.875M Estimate

After spiking in the first quarter of 2024, inflation has been weakening from April. In fact, per the June data, the annual rate of inflation dropped to its lowest level in more than two years, raising hopes of a rate cut in September. This bodes well as low interest rates improve consumer outlays, decrease the cost of borrowings and, in turn, boost economic growth.
Additionally, second-quarter quarter earnings have been impressive so far, with many companies reporting better-than-expected earnings per share. Given this brightening scenario, investors would like to design a winning portfolio of stocks for impressive returns. One way to do so is by following broker advice. Stocks like ADTRAN (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adtn#NASDAQ">ADTN</a>), Bread Financial (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bfh#NYSE">BFH</a>), Owens &amp; Minor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/omi#NYSE">OMI</a>), Bally&#39;s Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baly#NYSE">BALY</a>) and AMC Networks (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amcx#NASDAQ">AMCX</a>) are worth monitoring.
We have designed a screen to shortlist stocks based on improving broker recommendations and upward revisions in earnings estimates over the past four weeks. Also, since the price/sales ratio is a strong complementary valuation metric in the presence of broker information, it has been included. The price/sales ratio takes care of the company&#39;s top line, making the strategy a well-rounded one.
<h3>Screening Criteria</h3>
# (Up- Down Rating)/ Total (4 weeks) =Top #75&nbsp;(This gives the list of the top 75 companies that have witnessed net upgrades over the last 4 weeks).
% change in Q (1) est. (4 weeks) = Top #10&nbsp;(This gives the top 10 stocks that have witnessed earnings estimate revisions over the past 4 weeks for the upcoming quarter).
Price-to-Sales = Bot%10&nbsp;(The lower the ratio, the better. Companies meeting this criterion are in the bottom 10% of our universe of over 7,700 stocks with respect to this ratio).
Price greater than 5&nbsp;(as a stock trading below $5 will not likely create significant interest for most of the investors).
Average Daily Volume greater than 100,000 shares over the last 20 trading days&nbsp;(Volume has to be significant to ensure that these are easily traded).
Market value ($ mil) = Top #3000&nbsp;(This gives us stocks that are the top 3000 in terms of market capitalization).
Com/ADR/Canadian= Com&nbsp;(This takes out the ADR and Canadian stocks).
Here are five of the 10 stocks that made it through the screen:
ADTRAN is poised to capitalize on its strengths in ultra-broadband and fiber-to-the-home solutions along with Software-Defined or SD access and Ethernet passive optical network solutions. Its global leadership in SD access is likely to ensure a steady stream of revenues as it helps clients reduce costs and accelerate service delivery and deployment.
ADTN currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for ADTN&#39;s 2024 earnings has remained stable over the past 60 days.
Bread Financial is based in Columbus, OH. The company continues to benefit from data-driven marketing strategies. Solid receivables growth in Card Services should drive its top line. Acquisitions and divestitures will aid the company in growing inorganically and expanding its international footprint.
Over the past 60 days, the Zacks Consensus Estimate for BFH&#39;s current-quarter earnings has increased 31%. Bread Financial currently carries a Zacks Rank #3.
Owens &amp; Minor is a global healthcare solutions company. Shares of this Zacks Rank #3 company have gained 28% in the past month. In 2024, the company&#39;s earnings are expected to witness growth of 14.7% from 2023 actuals.
The Zacks Consensus Estimate for Owens &amp; Minor&#39;s 2024 earnings is currently pegged at $1.56 per share, indicating a 2% upward revision over the past 30 days. OMI&#39;s earnings surpassed estimates in each of the last four quarters, with an average beat of 11.1%.
Bally&#39;s shares have been moving north lately following news of its merger agreement with Standard General L.P., valued at approximately $4.6 billion. The agreement involves combining Bally&#39;s with The Queen Casino &amp; Entertainment Inc., a regional casino operator.&nbsp;
Over the past 60 days, the Zacks Consensus Estimate for BALY&#39;s current-quarter earnings has increased 57%. The company currently carries a Zacks Rank #2 (Buy).
AMC Networks is benefiting from a rising focus on high-quality programming and strong partnerships, which, in turn, are driving subscriber growth and ad revenues.
Over the past 60 days, the Zacks Consensus Estimate for AMCX&#39;s current-quarter earnings has remained stable at $1.38 per share. The radio and television broadcast company currently carries a Zacks Rank #3.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
<a href="https://www.zacks.com/stock/news/2315768/5-stocks-loved-by-brokers-worth-watching-currently?cid=CS-BENZ-FT-analyst_blog|rw-2315768">To read this article on Zacks.com click here.</a>

Global markets are experiencing intense volatility, and while it seemed like a Black Monday for Wall Street was inevitable following a <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">13% overnight tumble of Japan&#8217;s Nikkei 225, stock indices</a> are attempting to limit early session losses by midday trading in New York.
The inflection point came after July&#8217;s services sector activity surveys revealed improved conditions from June and a stronger-than-expected expansion, easing fears of <a href="https://www.benzinga.com/news/econ-s/24/08/40161832/us-services-activity-returns-to-growth-in-july-global-market-selloff-stalls-are-recession-fears-over">an imminent U.S. recession.</a>
In July, business sentiment in the U.S. services sector returned to expansion, with the ISM Services Purchasing Managers&#8217; Index (PMI) rising from 48.8% to 51.4%, surpassing expectations of an increase to 51%.
Before the ISM data release, traders speculated on an intra-meeting Fed interest rate cut after Chicago Fed President Austan Goolsbee stated in a CNBC interview that everything could be on the table.
Following the data, market-implied probabilities for a 50-basis-point rate cut decreased from 100% to about 80%, while the likelihood of a smaller 25-basis-point increase rose from about 0% to 20%, according to the CME Group FedWatch Tool.
After opening over 4% lower at 5,120 points, the S&amp;P 500 slightly trimmed its losses to 5,233 by 12:30 p.m. in New York, marking a smaller 2.1% decline for the day.
Similar movements were observed in the tech-heavy Nasdaq 100, blue-chip stocks tracked by the Dow Jones and small-cap stocks.
As interest rate probabilities shifted, bonds halted their gains, and Treasury yields rose across all maturities. The 2-year Treasury yield traded 4 basis points higher at 3.92%, after having fallen to as low as 3.65% during early trading hours.
The popular iShares 20+Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) was unchanged, following seven straight sessions of gains. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) initially fell by 15% at 9:30 a.m. in New York, but then rallied by 10% between 9:30 a.m. and 12:30 p.m., reducing its daily losses to 5.9%.
Commodities traded lower across the board, with gold and oil down 1.5% and 1.3%, respectively. Silver plunged nearly 5%, in its worst session in two months. 
<h1 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,918.07</td>
<td>-2.1 %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,040.81</td>
<td>-2.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,226.62</td>
<td>-2.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,055.96</td>
<td>-2.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:43 p.m. ET</figcaption></figure>
According to Benzinga Pro data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 2.2% lower to $520.50.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 2.1% to $388.75.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 2.3% to $438.40.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tanked 2.7% to $203.26.</li>
<li>Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) experienced the smallest decline, down 1.2%, while the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) saw the largest drop, falling by 2.8%.</li>
</ul>
<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>
<ul>
<li>Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) soared over 14% after the Wall Street Journal reported that privately held Mars is in advanced talks to acquire the Pringles maker.</li>
</ul>
Stocks reacting to earnings included: 
<ul>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), down 2.54%,</li>
<li>The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>), down 8%, </li>
<li>Tyson Foods, Inc. (NYSW: TSN), up 4%. </li>
</ul>
Those reporting after the close are ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Avis Budget Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), CSX Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>), J&amp;J Snack Foods Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>).
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/08/40166207/how-to-navigate-market-volatility-5-etfs-that-strengthen-your-portfolio-during-stock-turmoil">How To Navigate Market Volatility: 5 ETFs That Strengthen Your Portfolio During Stock Turmoil</a></li>
</ul>
Photo: Shutterstock

Large Cap

Macro Economic Events

Sector ETFs

Econ #s

BNTX

FANG

JJSF

iShares Trust Barclays 20+ Year Treasury Bond Fund

US Stocks Trim Black Monday's Drops As Services Gauge Expands, Bond Gains Stall As Traders Reassess Fed Cuts: What's Driving Markets?

The stock market is on track to gap-open sharply lower on Monday as negative sentiment seen in the final two sessions of last week has carried over into the new week. The index futures were all sharply lower, with the Nasdaq 100 down over 4% and volatility has spiked, with the CBOE Volatility Index, aka VIX, up over 100%. <a href="https://www.benzinga.com/markets/asia/24/08/40152994/as-global-markets-roil-strategist-soothes-nerves-some-normal-action-under-the-surface-as-tech-got-wa">Asset classes plunged across the board</a> amid worries over a hard landing in the U.S., which in turn may have a cyclical effect on the rest of the global economies as well.
Billionaire investor Warren Buffett&#8217;s Berkshire Hathaway, Inc. (BRK-A) (BRK-B) disclosed that it trimmed its equity portfolio considerably, and instead chose to accumulate cash. This could potentially trigger fears among traders regarding the near-term outlook for the market. His firm sold nearly half of the Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares it held in its portfolio. A duo of service sector activity readings may also be in the spotlight.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-4.37%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-2.88%</td>
</tr>
<tr>
<td>Dow</td>
<td>-1.90%</td>
</tr>
<tr>
<td>R2K</td>
<td>-4.06%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) declined 2.81% to $517.92, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) plunged 4.26% to $429.64, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session:
Earnings and economic catalysts were the dynamics in play in the market in the week ended Aug. 2, with all three major averages plunging sharply for the week. The tech-heavy Nasdaq Composite turned in the worst performance, with the mega-cap sell-off weighing on the index.
After showing apprehensions early in the week, stocks rose sharply on Wednesday, encouraged by Advanced Micro Devices, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) positive earnings and the Federal Reserve&#8217;s insinuation of a rate cut in September through the tweaks in the post-meeting policy statement.
Selling set in on Thursday amid the release of weak manufacturing data and the jobless claims report that showed a spike in the number of individuals claiming unemployment benefits. The selling intensified on Friday amid disappointing tech earnings and worries about the health of the economy.
The Nasdaq Composite and the S&amp;P 500 settled at their lowest in about two months, while the Dow slid to a one-month low. Small-caps, which were staging a nice recovery amid expectations of a Fed rate cut, pulled back sharply amid the deterioration in investor sentiment.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Week&#8217;s Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-3.35%</td>
<td>16,776.16</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-2.06%</td>
<td>5,346.56</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-2.10%</td>
<td>39,737.26</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-6.67%</td>
<td>2,109.31</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Weighing in on the premarket slump, CNBC Mad Money host Jim Cramer said investors may have been driven to the wall as they see the prospect of the Tokyo collapse of the 1980s recurring and were reacting to the fear. He also questioned whether SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) was controlling the sentiment toward the Nasdaq stocks with its desperate selling. Softbank&#8217;s Tokyo-listed shares fell over 18%. 
&#8220;Global reset led from Japan,&#8221; he said.
Cramer also recommended investors exercise restraint. &#8220;I do not want to call it over-exaggerated, but it would be more thoughtful if the decline were based on more basics and less emotion,&#8221; he said.
Wedbush&#8217;s Daniel Ives said in a post on X that Japan&#8217;s Nikkei 225 average&#8217;s historical sell-off as &#8220;Yen carry trade unwinds in brutal fashion and global economic/geopolitical jitters will cause a nasty day for US markets and tech stocks.&#8221; 
&#8220;We keep same tech playbook we used during March 2020 Covid sell-offs and other macro panic events last few years,&#8221; he added.
Upcoming Economic Data:
The unfolding week&#8217;s economic calendar is fairly light and noteworthy among them are two separate service sector activity readings and the weekly jobless claims data.
<ul>
<li>On Monday S&amp;P Global is due to release its final service sector purchasing managers&#8217; index for July at 9:45 a.m. EDT, with economists expecting a reading of 55 for the month.</li>
<li>The Institute for Supply Management&#8217;s non-manufacturing report due at 10 a.m. EDT, is expected to improve from 48.8 in June to 51.4 in July.</li>
<li>The Treasury will auction three- and six-month notes at 11:30 a.m. EDT.</li>
</ul>
See Also:<a href="https://www.benzinga.com/money/how-to-trade-futures"> How To Trade Futures </a>
Stocks In Focus:
<ul>
<li>Tech stocks as a pack are sliding with semiconductor stocks showing notable weakness. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 9.10% <a href="https://www.benzinga.com/premarket">in premarket trading</a> amid the market-wide negativity and rumors of a potential delay in its next-iteration Blackwell AI accelerators. Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) fell sharply, tracking the steeper loss by its parent SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) on the Tokyo stock exchange.</li>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>), The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) and Tyson Foods, Inc. (NYSW: TSN) are among the key companies due to <a href="https://www.benzinga.com/calendars/earnings">release their earnings reports ahead of the market opening</a>.</li>
<li>Those reporting after the close are ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Avis Budget Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>), J&amp;J Snack Foods Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JJSF#NASDAQ">JJSF</a>), Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) and Yum China Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NASDAQ">YUMC</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply and even safe-haven gold futures declined, while the 10-year benchmark Treasury note yield slipped further below 4%, as it was at 3.739%, down 5.5 percentage points. Bitcoin USD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) p<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour">lummeted over 15% toward the $51K mark.</a>
Global equity markets sold off, with Japan setting in motion the selling wave, as the yen strengthened following the Bank of Japan&#8217;s recent tightening. This triggered the unwinding of yen carry traders, which in turn weighed down on stocks in the other regions. 
Japan's Nikkei 225 average plunged 12.40% amid the mayhem on Monday before settling at 31,458.42. This came on top of the 5.8% plunge on Friday. Intraday, the index slumped 13.4%, marking the biggest single-day drop since a nearly 15% plunge in Oct. 1987 on the day dubbed "Black Monday."
South Korea's Kospi had to be halted amid a plunge and ended Monday's session down 8.77% at 2,441.55.
European stocks have started notably lower.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/08/40154219/what-investors-should-know-about-yen-carry-trade-unwinding-that-is-sending-global-markets-into-a-tai">What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin</a></li>
</ul>
Image Created Using Midjourney

AAPL

SFTBY

Nasdaq, R2K Futures Tumble Over 4%, VIX Spikes Over 100%, Bitcoin Plunges Hard As Global Sell-Off Deepens Amid Recession Fears

<ul>
<li>Ontario-based service provider required automated management and service delivery platform to optimize operations and scale its network</li>
<li>Adtran solution automates, simplifies and cuts the cost of activating new equipment as telMAX expands across the Greater Toronto Area</li>
<li>Mosaic CP with BroadHub&#xAE; boosts adaptability and efficiency, enabling telMAX to rapidly adjust services with minimal manual intervention</li>
</ul>
Adtran today announced that telMAX is leveraging its scalable, programmable fiber access technology as it extends its high-speed broadband services to many more communities. The Canadian service provider is harnessing Adtran's Mosaic CP microservices platform integrated with GLDS BroadHub&#xAE; subscriber management platform to enable rapid, cost-effective expansion of its network. With advanced automation features, the technology streamlines network management and service activation, empowering telMAX to enhance service delivery, troubleshooting and customer care. The new solution is built on Adtran's compact <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.adtran.com%2Fen%2Fproducts-and-services%2Ffiber-access-and-aggregation%2Foptical-line-terminals%2Fsdx-6000-series%3Futm_source%3Dbusiness-wire%26utm_medium%3Dpress-release%26utm_campaign%3D240716-telmax&amp;esheet=54094989&amp;newsitemid=20240716856855&amp;lan=en-US&amp;anchor=SDX+6000+Series&amp;index=1&amp;md5=bc4120f4f76d0ff8435213b50e2ec766">SDX 6000 Series</a> of Combo PON optical line terminals (OLTs), along with Adtran's multigigabit XGS-PON optical network terminals, designed for the most bandwidth-intensive subscribers.

telMAX Uses Adtran Mosaic CP With GLDS BroadHub To Streamline Network Expansion

<ul>
<li>As cyber threats to GNSS grow, network operators are turning to alternative sources of positioning, navigation and timing data</li>
<li>Adtran's Oscilloquartz solutions now support Iridium&#xAE; STL services as part of a zero-trust architecture, delivering precise, secure timing via low-Earth orbit satellites</li>
<li>Customers from 5G mobile operators to the defense sector can select STL services to ensure ultimate defense against GNSS vulnerabilities</li>
</ul>

IRDM

Adtran And Iridium Strengthen Announce European And Asia-Pacific Launch Of Its Solutions Featuring Iridium STL Technology

Shares of Kaival Brands Innovations Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KAVL#NASDAQ">KAVL</a>) fell sharply during Friday's session after the company announced pricing of $6.0 <a href="https://www.benzinga.com/quote/KAVL/news">million public offering</a>.
Kaival Brands priced its 3,921,500 unit offering at $15.3 per unit.
Kaival Brands Innovations Group shares dipped 47% to $1.52 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>American Rebel Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AREB#NASDAQ">AREB</a>) shares jumped 161% to $0.8048 after the company signed a Connecticut distribution agreement with Dichello Distributors.</li>
<li>Sharecare, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHCR#NASDAQ">SHCR</a>) jumped 74% to $1.35 after the company agreed to be acquired by Altaris affiliate for $1.43 per share in cash.</li>
<li>Spectaire Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPEC#NASDAQ">SPEC</a>) shares surged 73% to $0.5883. The company recently announced a purchase order and delivery of its advanced AireCore units to American Ag Energy.</li>
<li>Minim, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MINM#NASDAQ">MINM</a>) gained 48% to $4.2389.</li>
<li>Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) rose 39.2% to $171.89 after the company announced FDA approval of an expansion to the labeled indication for ELEVIDYS to include individuals with Duchenne muscular dystrophy with a confirmed mutation in the DMD gene who are at least 4 years of age. Also, multiple firms raised their respective price targets on the stock.</li>
<li>Mustang Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBIO#NASDAQ">MBIO</a>) gained 36.5% to $0.7661. Mustang Bio recently announced a $2.5 million registered direct offering of 6.130 million shares at $0.41 per share.</li>
<li>Clover Health Investments, Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLOV#NASDAQ">CLOV</a>) shares climbed 31% to $1.35 following insider buying from the company's co-founder. After the market close on Thursday, Clover Health filed a Form 4 with the SEC showing that co-founder and executive chair Vivek Garipalli purchased 877,567 shares of Clover Health stock at an average price of $1.14 per share.</li>
<li>Orgenesis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORGS#NASDAQ">ORGS</a>) rose 29.4% to $0.58.</li>
<li>36Kr Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KRKR#NASDAQ">KRKR</a>) gained 26% to $0.4342 after the company announced that it has entered into a strategic partnership with SenseTime.</li>
<li>Qualigen Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QLGN#NASDAQ">QLGN</a>) jumped 25% to $0.2196.</li>
<li>Eco Wave Power Global AB (publ) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WAVE#NASDAQ">WAVE</a>) gained 21.3% to $2.68.</li>
<li>Universe Pharmaceuticals INC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPC#NASDAQ">UPC</a>) gained 19.9% to $2.7699.</li>
<li>Nexalin Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXL#NASDAQ">NXL</a>) rose 19% to $1.3150. Nexalin Technology was recently awarded a patent by the USPTO related to its deep intracranial frequency stimulation device for the treatment of Alzheimer&#8217;s and dementia.</li>
<li>Gossamer Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOSS#NASDAQ">GOSS</a>) jumped 17% to $0.6637.</li>
<li>Avid Bioservices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDMO#NASDAQ">CDMO</a>) rose 13.7% to $7.75.</li>
<li>DermTech, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DMTK#NASDAQ">DMTK</a>) gained 13.5% to $0.1337 after declining 19% on Thursday. DermTech recently filed for Chapter 11 protection and implemented a 20% workforce reduction to preserve cash.</li>
<li>Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) rose 13.4% to $12.90 after the company announced a $150 million stock repurchase program.</li>
<li>Trinity Place Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPHS#NYSE">TPHS</a>) shares rose 12.2% to $0.1440 after gaining more than 5% on Thursday.</li>
<li>Cabaletta Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CABA#NASDAQ">CABA</a>) gained 9.1% to $9.09.</li>
<li>ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) rose 8.7% to $5.65</li>
<li>Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) climbed 8.6% to $3.8150. The company revealed the upsize and pricing of $1 billion offerings, which comprised $750 million of First Lien Senior Secured Notes, which represents an upsize from the previously announced $500 million.</li>
<li>Zoomcar Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZCAR#NASDAQ">ZCAR</a>) rose 7.5% to $0.1570. Zoomcar announced closing of sale of $3.6 million notes private placement.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Psyence Biomedical Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PBM#NASDAQ">PBM</a>) shares dipped 36% to $0.3820 after gaining 6% on Thursday.</li>
<li>Professional Diversity Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPDN#NASDAQ">IPDN</a>) shares fell 23.1% to $0.5012 after dipping around 14% on Thursday.</li>
<li>Reliance Global Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELI#NASDAQ">RELI</a>) shares fell 22.8% to $0.4668. Reliance Global shares jumped 54% on Thursday after the company announced an institutional investor has redeemed all of its outstanding Series B and Series G warrants.</li>
<li>Professional Diversity Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPDN#NASDAQ">IPDN</a>) dipped 22.5% to $0.5008.</li>
<li>Crown Electrokinetics Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRKN#NASDAQ">CRKN</a>) declined 21.8% to $0.0391 after the company announced a 1-for-150 reverse stock split.</li>
<li>Allurion Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALUR#NYSE">ALUR</a>) fell 21.5% to $2.0399. Allurion Technologies, on Thursday, announced the publication of a new study showing patients on its Allurion Program experienced an average weight loss of 14% and an average lean mass gain of 5.6% over four months.</li>
<li>Brand Engagement Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNAI#NASDAQ">BNAI</a>) fell 20.2% to $2.89.</li>
<li>African Agriculture Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAGR#NASDAQ">AAGR</a>) declined 18% to $0.2376</li>
<li>SMX (Security Matters) Public Limited Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMX#NASDAQ">SMX</a>) shares fell 17% to $0.1335 after gaining 35% on Thursday.</li>
<li>NANO Nuclear Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>) shares fell 13.2% to $13.21 after surging 31% on Thursday.</li>
<li>SmartKem, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTK#NASDAQ">SMTK</a>) fell 12.8% to $5.36.</li>
<li>Molecular Partners AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOLN#NASDAQ">MOLN</a>) shares dipped 12.3% to $9.66 after jumping over 38% on Thursday.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) fell 12% to $5.32.</li>
<li>Cipher Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIFR#NASDAQ">CIFR</a>) declined 11.5% to $4.6350.</li>
<li>Smith &amp; Wesson Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>) fell 10.7% to $14.65 after the company reported quarterly earnings.</li>
<li>Abacus Life, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABL#NASDAQ">ABL</a>) shares declined 10.3% to $8.75 as the company priced $80 million public offering of 10 million common stock at $8 per share.</li>
<li>Trex Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TREX#NYSE">TREX</a>) dipped 7.7% to $77.59.</li>
<li>Bloom Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) fell 6.3% to $13.14.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/06/39432562/wall-streets-most-accurate-analysts-spotlight-on-3-tech-and-telecom-stocks-delivering-high-dividend">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Tech And Telecom Stocks Delivering High-Dividend Yields</a>

Intraday Update

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Qualigen Therapeutics, Inc. - Common Stock

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Why Kaival Brands Innovations Shares Are Trading Lower By 47%? Here Are Other Stocks Moving In Friday's Mid-Day Session

U.S. stocks were mixed, with the Dow Jones index gaining around 50 points on Friday.
Shares of Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) rose sharply during Friday's session after the company announced a $150 million share repurchase program and <a href="https://www.benzinga.com/news/24/06/39422750/asana-announces-150-million-stock-buyback-what-to-know">reaffirmed its forward guidance</a>.
Asana said its board of directors approved a stock repurchase program authorizing the company to repurchase up to $150 million of its Class A common stock through June 30, 2025.
Asana shares jumped 13.4% to $12.90 on Friday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) shares jumped 39.2% to $171.89 after the company announced FDA approval of an expansion to the labeled indication for ELEVIDYS to include individuals with Duchenne muscular dystrophy with a confirmed mutation in the DMD gene who are at least 4 years of age. Also, multiple firms raised their respective price targets on the stock.</li>
<li>Clover Health Investments, Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLOV#NASDAQ">CLOV</a>) shares gained 31% to $1.35 following insider buying from the company's co-founder. After the market close on Thursday, Clover Health filed a Form 4 with the SEC showing that co-founder and executive chair Vivek Garipalli purchased 877,567 shares of Clover Health stock at an average price of $1.14 per share.</li>
<li>Avid Bioservices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDMO#NASDAQ">CDMO</a>) climbed 13.7% to $7.75.</li>
<li>Cabaletta Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CABA#NASDAQ">CABA</a>) rose 9.1% to $9.09.</li>
<li>ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) climbed 8.7% to $5.65</li>
<li>Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) gained 8.6% to $3.8150. The company revealed the upsize and pricing of $1 billion offerings, which comprised $750 million of First Lien Senior Secured Notes, which represents an upsize from the previously announced $500 million.</li>
<li>Studio City International Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSC#NYSE">MSC</a>) rose 8% to $6.75.</li>
<li>Codere Online Luxembourg, S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDRO#NASDAQ">CDRO</a>) gained 7.6% to $7.80.</li>
<li>Methode Electronics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEI#NYSE">MEI</a>) jumped 7.1% to $10.74.</li>
<li>Ironwood Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRWD#NASDAQ">IRWD</a>) gained 6.5% to $5.94. Ironwood Pharmaceuticals named Sravan K. Emany as Senior Vice President, Chief Operating Officer, and Chief Financial Officer.</li>
<li>Enviri Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVRI#NYSE">NVRI</a>) rose 6% to $8.86.</li>
<li>PTC Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTCT#NASDAQ">PTCT</a>) gained 5.4% to $35.08. B of A Securities analyst Tazeen Ahmad maintained PTC Therapeutics with an Underperform and raised the price target from $25 to $32.</li>
<li>Spirit AeroSystems Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) rose 4.8% to $33.19. Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is reportedly close to finalizing a deal to reacquire Spirit AeroSystems, its former subsidiary, following significant progress in separate negotiations between Spirit and Airbus SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>) to divide Spirit's projects between the two aerospace giants.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/06/39432562/wall-streets-most-accurate-analysts-spotlight-on-3-tech-and-telecom-stocks-delivering-high-dividend">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Tech And Telecom Stocks Delivering High-Dividend Yields</a>

CDRO

European Aeronautic Defence And Space Unsponsored

EADSY

IRWD

NVRI

PTCT

Asana, Clover Health Investments, Hertz Global And Other Big Stocks Moving Higher On Friday

<h3>Gainers</h3>
<ul>
<li>TROOPS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROO#NASDAQ">TROO</a>) stock increased by 13.7% to $1.74 during Tuesday's pre-market session. The market value of their outstanding shares is at $176.7 million. </li>
<li>SMX (Security Matters) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMX#NASDAQ">SMX</a>) shares moved upwards by 8.54% to $0.16. The company's market cap stands at $6.1 million. </li>
<li>Red Cat Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) shares increased by 8.47% to $0.96. The market value of their outstanding shares is at $71.3 million. </li>
<li>UTime (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTO#NASDAQ">WTO</a>) stock increased by 7.48% to $0.58. The company's market cap stands at $227.5 million. </li>
<li>Cyngn (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYN#NASDAQ">CYN</a>) shares increased by 7.35% to $0.11. The company's market cap stands at $15.0 million. </li>
<li>Valens Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLN#NYSE">VLN</a>) shares rose 6.56% to $3.41. The market value of their outstanding shares is at $358.7 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>CalAmp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAMP#NASDAQ">CAMP</a>) shares decreased by 16.7% to $0.55 during Tuesday's pre-market session. </li>
<li>Yext (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) shares declined by 11.91% to $4.44. The market value of their outstanding shares is at $559.3 million. As per the news, the Q1 earnings report came out yesterday. </li>
<li>Presto Automation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRST#NASDAQ">PRST</a>) stock declined by 8.28% to $0.1. The company's market cap stands at $11.7 million. </li>
<li>Spectaire Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPEC#NASDAQ">SPEC</a>) shares declined by 7.33% to $0.47. The market value of their outstanding shares is at $8.6 million. </li>
<li>Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) stock declined by 6.48% to $1.3. The market value of their outstanding shares is at $51.0 million. </li>
<li>Adtran Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>) stock fell 6.35% to $4.72. The market value of their outstanding shares is at $373.4 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Information Technology Stocks Moving In Tuesday's Pre-Market Session

S&amp;P Dow Jones Indices announced late Friday changes to various S&amp;P indices, coinciding with the quarterly rebalance. Notable among the additions to the prestigious <a href="https://www.benzinga.com/topic/s-p-500-index">S&amp;P 500 Index</a> was cybersecurity company CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>).
What Happened: CrowdStrike will replace Robert Half Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RHI#NYSE">RHI</a>) in the S&amp;P 500 Index, while investment management company KKR &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) and GoDaddy Inc. (NYSE:&nbsp;GDDY) will take the place of Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) and Illumina Inc. (NASD:ILMN), respectively in the broader gauge.
The changes will take effect, prior to the open of trading on Monday, June 24. S&amp;P Dow Jones said the changes ensure each index is more representative of its market capitalization range.
Illumina will be relegated to the S&amp;P MidCap 400 Index in lieu of GoDaddy, while Robert Half&nbsp;and Comerica will replace Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>) and ADTRAN Holdings Inc. (NASD:ADTN) in the S&amp;P SmallCap 600 Index. Gene sequencing company Illumina has announced plans to spin off cancer blood test making unit Grail on June 24.
S&amp;P Dow Jones also announced a host of changes to its S&amp;P MidCap 400 and the S&amp;P 600 SmallCap indices.
Notable among the companies that have been kept out of the S&amp;P 500 list are AI-powered data analytics company Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and computer and peripherals maker Dell Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>). Incidentally, <a href="https://www.benzinga.com/markets/equities/24/03/37440459/palantir-misses-out-super-micro-computer-makes-the-cut-what-investors-should-know-about-s-p-500-">Palantir investors had anticipated inclusion in the S&amp;P 500 at the previous quarterly rebalance in early March.</a>
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Why It&#8217;s Important: The S&amp;P 500 Index is considered the best single gauge of large-cap U.S. equities and includes 500 leading companies, covering approximately 80% of available market capitalization. The S&amp;P 500, a market-cap weighted index, is rebalanced quarterly, usually on the third Friday of March, June, September and December.
During the rebalancing process, companies are typically removed or added based on the most recent share count and float of constituent companies. Their weights in the index are adjusted accordingly.
The eligibility criteria for S&amp;P 500 Index inclusion are market capitalization of $15.8 billion or more, an annual dollar value traded to float-adjusted market capitalization greater than 0.75, a listing in either NYSE or NASDAQ, and a primary listing in the U.S. There is a a trading-volume criterion as well.
Index inclusion is typically positive for stocks, as funds holding portfolios mirroring the index will buy them to maintain the respective weightings of the component stocks. The stock will also benefit from increased volume and liquidity due to purchases by index funds and ETFs.
Following the announcement, CrowdStrike rose 5.35% to $367.80 in after-hours trading on Friday, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> KKR &amp; Co. climbed 7.72% and GoDaddy added 3.72%.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39188726/crowdstrike-outperforms-peers-against-tough-macro-in-q1-10-analysts-comment-on-top-"> CrowdStrike Outperforms Peers Against Tough Macro In Q1, 10 Analysts Comment On &#8216;Top Name To Own In Security&#8217;</a>
Photo: Shutterstock

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Cybersecurity Provider CrowdStrike And These 2 Companies Make The Cut For S&P 500 Inclusion, Palantir Misses Out Yet Again

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ADTRAN Holdings, Inc. (ADTN) Q2 2024 Earnings Call Transcript

There's a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Adtran (ADTN – Research Report), Powerfleet (AIOT – ...

Analysts' Top Technology Picks: Adtran (ADTN), Powerfleet (AIOT)

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