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Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) will likely report a third-quarter topline of $23.096 billion (versus $17.280 billion a year ago) and adjusted EPS of $1.80 on Thursday, according to analyst consensus estimates.
The 34% revenue growth comes from the continued artificial intelligence frenzy and as countries remain engaged in consolidating their semiconductor base to reduce dependence on Asian countries like China. TSMC has guided for revenue of <a href="https://www.benzinga.com/markets/equities/24/10/41248508/why-nvidia-apple-chip-supplier-tsmc-is-rallying-in-wednesdays-premarket" target="_blank" rel="noreferrer noopener">$22.4 billion-$23.2 billion</a>. 
Last week, the company reported September topline growth of 39.6% to 251.87 billion Taiwanese dollars ($7.82 billion).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235547/nvidia-amd-lead-the-pack-broadcom-stable-intel-falters-analysts-latest-take" rel="noreferrer noopener">Nvidia, AMD Lead The Pack, Broadcom Stable, Intel Falters: Analyst&#8217;s Latest Take</a>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6.png" alt="" class="wp-image-593257" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Taiwan Semiconductor stock is up over 109% in the last 12 months. Global funds&nbsp;injected $29.5 billion of capital into the Taiwan Stock Exchange between January and September on a net basis despite selling $16.9 billion of shares, implying ample cash for investment in the stocks, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-07/global-investors-are-hoarding-cash-to-bet-on-taiwan-ai-return?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
TSMC is a prime Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) chip supplier, and it remains invested in its geographical diversification, including&nbsp;the U.S., Japan, and Germany, signaling continued demand for its AI chips.
Taiwan Semiconductor has already earmarked over $65 billion for three plants in Arizona, U.S. The contract chipmaker is eying more AI chip plants in Europe, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-13/tsmc-plans-more-chip-plants-in-europe-taiwan-official-says?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">cites</a> from Taiwan&#8217;s National Science and Technology Council Minister&nbsp;Wu Cheng-wen interview.
Wu told Bloomberg that the AI market, including chips for Nvidia and&nbsp;Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), will be the most essential segment. He also hinted at the possible evaluation of expansion strategies in Europe.
Price Action: TSM stock is up 0.87% at $192.47 at the last check on Monday.
Also Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41236938/apple-iphone-16-pro-boosts-sales-but-base-models-lag-analyst-says" target="_blank" rel="noreferrer noopener">Apple iPhone 16 Pro Boosts Sales, But Base Models Lag, Analyst Says</a></li>
</ul>
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Taiwan Semiconductor Eyes $23B in Q3 Revenue as AI Demand Soars

BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) reported better-than-expected<a href="https://www.benzinga.com/quote/BLK/earnings"> third-quarter results on Friday</a>.
Revenue growth of 15% Y/Y to $5.197 billion, beating the consensus of $5.007 billion. Adjusted EPS increased 5% Y/Y to $11.46, beating the consensus of $10.38.
Laurence D. Fink, Chairman and CEO, said, "Through coordinated investments and initiatives, we are evolving our private markets capabilities to best serve our clients. We're already seeing the power of BlackRock and GIP together as we drive access to the enormous investment potential of infrastructure, especially to support AI innovation."
BlackRock shares gained 0.3% to trade at $993.33 on Monday.
These analysts made changes to their price targets on BlackRock following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ca96e2b85e930001f446d3/michael-cyprys">Morgan Stanley analyst Mike Cyprys</a> maintained BlackRock with an Overweight and raised the price target from $1,150 to $1,245.</li>
<li>Evercore ISI Group analyst Glenn Schorr maintained BlackRock with an Outperform and raised the price target from $995 to $1,040.</li>
<li>Barclays analyst Benjamin Budish maintained the stock with an Overweight and increased the price target from $1,010 to $1,120..</li>
</ul>
Considering buying BLK stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-1024x512.png" alt="" class="wp-image-594588" style="width:632px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104.png 1337w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

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BlackRock Analysts Boost Their Forecasts Following Strong Q3 Earnings

The Bank Of New York Mellon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) posted better-than-expected <a href="https://www.benzinga.com/quote/BK/earnings">third-quarter results on Friday</a>.
The finance behemoth reported third-quarter adjusted earnings per share of $1.52 (+20% YoY), beating the street view of $1.42. Quarterly revenue of $4.648 billion, an increase of 5% year-over-year, surpassed the analyst consensus of $4.542 billion.
"BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution against our strategic priorities, with assets under custody and/or administration exceeding $50 trillion for the first time," commented Robin Vince, President and Chief Executive Officer.
BNY shares gained 2.2% to trade at $75.78 on Monday.
These analysts made changes to their price targets on Bank Of New York Mellon following earnings announcement.
<ul>
<li>Evercore ISI Group analyst Glenn Schorr maintained Bank of New York Mellon with an In-Line rating and raised the price target from $66 to $77.</li>
<li>Wells Fargo analyst Whit Mayo maintained the stock with an Equal-Weight rating and raised the price target from $69 to $79.</li>
<li>Barclays analyst Jason Goldberg maintained Bank of New York Mellon with an Overweight and boosted the price target from $75 to $86.</li>
</ul>
Considering buying BK stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="502" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-1024x502.png" alt="" class="wp-image-594581" style="width:492px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-1024x502.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103.png 1348w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

Bank of New York Mellon Analysts Increase Their Forecasts After Upbeat Earnings

Johnson Controls Intl's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>) short percent of float has risen 6.63% since its last report. The company recently reported that it has 10.51 million shares sold short, which is 1.77% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.23 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Johnson Controls Intl Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929724_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Johnson Controls Intl has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Johnson Controls Intl's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Johnson Controls Intl's peer group average for short interest as a percentage of float is 3.99%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into Johnson Controls Intl's Recent Short Interest

Aon's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) short percent of float has risen 7.07% since its last report. The company recently reported that it has 4.56 million shares sold short, which is 2.12% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.68 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Aon Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929719_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Aon has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Aon's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Aon's peer group average for short interest as a percentage of float is 3.38%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(AON) - Analyzing Aon's Short Interest

West Pharmaceutical Servs's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>) short percent of float has fallen 7.45% since its last report. The company recently reported that it has 1.44 million shares sold short, which is 2.61% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.18 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>West Pharmaceutical Servs Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929714_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for West Pharmaceutical Servs has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing West Pharmaceutical Servs's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, West Pharmaceutical Servs's peer group average for short interest as a percentage of float is 5.43%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(WST) - Analyzing West Pharmaceutical Servs's Short Interest

The cannabis industry&#8217;s financial health and future were at the forefront of conversations during the <a href="https://www.benzinga.com/events/">Benzinga Cannabis Capital Conference.</a> Beau Whitney, founder and chief economist at Whitney Economics, <a href="https://www.linkedin.com/feed/update/urn:li:activity:7249905219726143488">shared his insights</a> on the growing significance of debt financing in the cannabis space and his analysis of the industry&#8217;s overall financial health.
<h3 class="wp-block-heading">Debt Financing: A Growing Focus</h3>
Whitney highlighted the increasing reliance on debt as the primary means of financing within the cannabis sector. "There's a lot of debt versus equity. A lot of debt right now. It's heavy on the debt side," he noted, indicating that the trend toward debt-based financing has become more prominent.
Whitney presented during the conference, offering data on how much debt is necessary to finance the cannabis industry through 2035. "This puts a number on the amount of investment opportunity that there is," Whitney said, emphasizing the importance of understanding the scale of financial requirements for the industry's future growth. He believes this analysis is of value to the attendees, many of whom are investment and business leaders in the cannabis space.
<h3 class="wp-block-heading">Cannabis Industry Financial Health</h3>
Whitney also shared findings from a recent report published by Whitney Economics, focusing on the cash flow challenges facing many operators. "A lot of the cannabis operators are tight on cash flow and almost negative. Only 27.3% of the survey respondents said they were profitable," he explained. The data paints a stark picture of many businesses&#8217; difficulties, though Whitney pointed out that there are glimmers of hope. "A larger number are breaking even. And so hooray, but still."
This report, which closely examines cash flow, delinquent payments, and regulatory issues, serves as a barometer of the cannabis industry&#8217;s financial health. Whitney's assessment offers a sobering view of the challenges cannabis companies are facing in the current market environment.
<h3 class="wp-block-heading">Expanding Global Insights</h3>
In addition to his U.S.-focused analysis, Whitney is expanding his research to global markets. "I have a presence globally. And so now I'm starting to expand that analysis to the European, South American, and African markets," Whitney said. 
He aims to build upon the foundation he has developed over the past decade in the U.S. and apply the same methodologies to assess the health of cannabis markets internationally.
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Adobe shares are trading higher after the company revealed launches at the Adobe MAX 2024 event.

Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected earnings for its<a href="https://www.benzinga.com/quote/WFC/earnings"> third quarter on Friday</a>.
It reported a GAAP EPS of $1.42, beating the consensus of $1.28. Revenue fell 2% to $20.37 billion. Analysts expected $20.41 billion.
CEO Charlie Scharf commented, "Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others. Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds. We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control environment appropriate for a bank of our size and complexity."
For fiscal year 2024, Wells Fargo expects net interest income to be down around 9% from the 2023 level of $52.4 billion, compared to prior guidance of roughly 7% to 9% lower.
Wells Fargo shares gained 2.6% to trade at $62.54 on Monday.
These analysts made changes to their price targets on Wells Fargo following earnings announcement.
<ul>
<li>E<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f614b70bd9910001a77ae8/john-pancari">vercore ISI Group analyst John Pancari </a>maintained Wells Fargo with an Outperform and raised the price target from $68 to $71.</li>
<li>Piper Sandler analyst Scott Siefers maintained Wells Fargo with a Neutral and raised the price target from $60 to $62.</li>
<li>RBC Capital analyst Gerard Cassidy reiterated Wells Fargo with a Sector Perform and maintained a $61 price target.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-1024x512.png" alt="" class="wp-image-594568" style="width:538px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102.png 1333w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

These Analysts Increase Their Forecasts On Wells Fargo After Better-Than-Expected Q3 Earnings

Both the S&amp;P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key <a href="https://www.benzinga.com/earnings">corporate earnings reports </a>later this week.
The S&amp;P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41314387/most-widely-hated-bull-market-reaches-2-year-milestone-top-20-s-p-500-stocks-drivin">the bull market&#8217;s start.</a>
However, the Nasdaq 100 is still lagging. It gained 0.7% on the day but remains about 1% below its all-time high set on July 10.
Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.
Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.
Commodities were the weakest asset class, weighed down by uncertainty over China&#8217;s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC&#8217;s weakening demand outlook dampened sentiment.
Chinese equities, tracked by the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>), declined 1.1%.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.
<h3 class="wp-block-heading">Monday&#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>S&amp;P 500</td>
<td>5,857.62</td>
<td>0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,409.65</td>
<td>0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,245.80</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,027.29</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> 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;rose 0.7% to $583.72.</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 0.4% to $430.59.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 0.8% to $497.15.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.6% to $222.52.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XKE#NYSE">XKE</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.</li>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.</li>
<li>Upstart Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.</li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) and MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) rallied 7.7%, 7.3% and 5.4%, respectively, on the heels of Bitcoin&#8217;s rally. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41302909/18-stocks-to-buy-7-to-sell-this-earnings-season-goldman-sachs-calls-it-the-year-of-the-stock-picker">18 Stocks To Buy, 7 To Sell This Earnings Season: Goldman Sachs Calls It &#8216;The Year Of The Stock Picker&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

Equities

Large Cap

Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Economics

ETFs

$BTC

CLSK

COIN

SPDR Dow Jones Industrial Average ETF Trust

MARA

MCHI

SOFI

UPST

Select Sector SPDR-Consumer Discretionary

S&P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin's Rally Lifts Crypto Stocks: What's Driving Markets Monday?

On Monday, Hologic Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>) agreed to acquire&nbsp;&nbsp;Gynesonics, Inc. for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41310959/hologic-to-acquire-gynesonics-developer-of-minimally-invasive-solutions-for-womens-health" rel="noreferrer noopener">approximately $350 million</a>.
Gynesonics is a privately held medical device company that develops minimally invasive solutions for women&#8217;s health.
California-based Gynesonics develops and sells the Sonata System, a technology intended for diagnostic intrauterine imaging and transcervical treatment of certain symptomatic uterine fibroids, including those associated with heavy menstrual bleeding.
The Sonata System combines real-time intrauterine ultrasound guidance with targeted radiofrequency ablation in an incisionless procedure.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39534064/womens-health-focused-hologic-has-significant-capacity-for-expansion-via-m-a-bullis" rel="noreferrer noopener">Women&#8217;s Health-Focused Hologic Has Significant Capacity For Expansion Via M&amp;A, Bullish Analyst Says</a>.
William Blair writes that Sonata System&#8217;s approach differs from Hologic&#8217;s Acessa device/ procedure, which delivers imaging and radiofrequency heat through two small abdominal incisions.
Hologic&#8217;s MyoSure device/procedure is also a solution for fibroid removal, though this is done through tissue removal rather than tissue ablation. &#8220;We believe that while there could become overlap amongst these products, having different solutions in Hologic&#8217;s product suite should allow for greater adoption,&#8221; the analyst writes.
Given the target&#8217;s profile, William Blair analyst says it is unlikely that the deal will significantly impact Hologic&#8217;s objective of maintaining operating margins in the low-30% range.
Hologic is scheduled to report fiscal fourth-quarter<a target="_blank" href="https://www.benzinga.com//node/41183593" rel="noreferrer noopener"> earnings in early November.</a>
As per data from Benzinga Pro, analysts expect adjusted EPS of $1.01 and <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">revenues of $977.05 million</a>.
The analyst adds that revenue and earnings forecasts and consensus estimates have decreased in the past month as the company signals a more cautious stance on non-core elements like net interest expense.
The company is well-positioned to achieve mid-single-digit organic revenue growth, with earnings growth projected to outpace that in the high-single- to low-double-digit percentage range over time.
Several factors could drive earnings within this expected range, and shares are trading at a fair multiple of just under 19 times 2025 earnings.
The analyst reiterates <a target="_blank" href="https://www.benzinga.com/quote/HOLX/analyst-ratings" rel="noreferrer noopener">the Outperform rating</a>.
Price Action: HOLX stock is up 1.54% at $81.04 at last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317937/qualcomm-set-for-50-surge-in-snapdragon-8-gen-4-shipments-by-late-2024-analyst-pred" target="_blank" rel="noreferrer noopener">Qualcomm Set For 50% Surge In Snapdragon 8 Gen 4 Shipments By Late 2024, Analyst Predicts</a>.</li>
</ul>

Health Care

Reiteration

General

HOLX

Hologic Adds Gynesonics' Sonata System In $350M Acquisition To Boost Fibroid Treatments

Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) added large-scale layoffs to its list of troubles in 2024 as the company faces an ongoing strike of its unionized factory workers, government investigations, executive churn and <a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees">mounting financial losses.&nbsp;</a>
Boeing To Cut 17,000 Jobs: The aerospace giant announced Friday a 10% workforce reduction of approximately 17,000 jobs in an effort to <a href="https://www.benzinga.com/pressreleases/24/10/n41299056/boeing-ceo-message-to-employees-on-positioning-for-the-future">stem financial losses</a> related to production delays and its ongoing factory workers strike. Boeing CEO Kelly Ortberg said the layoffs would affect executives, managers and employees.&nbsp;
"We know these decisions will cause difficulty for you, your families and our team, and I sincerely wish we could avoid taking them. However, the state of our business and our future recovery require tough actions," Ortberg wrote in a message to employees.&nbsp;
According to a Reuters report, Boeing planned a series of internal meetings this week to flesh out its workforce reduction plan. The reductions may include involuntary cuts in order to better manage costs and impacts, industry sources said.
Read Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41312047/jim-cramer-is-worried-about-this-plane-maker-says-palo-alto-is-a-good-one">Jim Cramer Is Worried About This Plane Maker, Says Palo Alto Is A &#8216;Good&#8217; One</a>
Ongoing Boeing Strike: Approximately 33,000 Boeing factory workers remain on strike after aircraft assembly workers rejected a new contract offer and <a href="https://www.benzinga.com/news/24/09/40853982/boeings-stock-falls-as-33-000-aircraft-assembly-workers-strike">walked off the job </a>on Sept. 13. Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day strike would cost the struggling aerospace giant $1.5 billion, and the strike has <a href="https://www.benzinga.com/startups/24/09/40960505/boeing-in-a-death-spiral-of-their-own-making-according-to-a-consultant-as-employees-already-have-a-d">now passed </a>the 30-day mark.&nbsp;
Last week, S&amp;P Global Ratings placed Boeing&#8217;s "BBB" issuer <a href="https://www.benzinga.com/markets/equities/24/10/41244830/boeings-credit-rating-on-negative-watch-by-s-p-as-machinist-strike-enters-4th-week">credit rating</a> and senior unsecured debt ratings on CreditWatch with negative implications. The rating agency pointed to the ongoing strike which could cost the company about $10 billion in 2024 if it continues through the fourth quarter.
Boeing&#8217;s Safety Concerns: Boeing began 2024 with a critical safety incident when a 737 MAX door plug blew out midair, injuring several passengers and forcing an emergency landing of the aircraft. The incident led to the grounding of Boeing&#8217;s 737 fleet and increased oversight of the company. A National Transportation Safety Board (NTSB) investigation and Federal Aviation Administration (FAA) audit also found multiple instances of non-compliance with Boeing&#8217;s manufacturing process control, parts handling and storage and product control.
In July, the U.S. Department of Justice (DOJ) and Boeing finalized a plea agreement in a case related to two fatal MAX plane crashes in 2018 and 2019. Boeing pleaded guilty to conspiracy to defraud the U.S. and was fined $243.6 million. Boeing is also serving a three-year term of organizational probation and investing $455 million in compliance, quality and safety programs.
Earlier this month, Sens. Elizabeth Warren of Massachusetts and Richard Blumenthal of Connecticut sent a letter to Attorney General Merrick Garland pressing the DOJ to criminally prosecute Boeing executives for not doing enough to ensure passenger safety.
Most recently, the FAA <a href="https://www.benzinga.com/markets/equities/24/10/41236652/boeing-hit-with-737-safety-alert-issues-deliveries-warning-as-strike-continues">issued an alert</a> last Monday for operators of Boeing 737 airplanes that the rudder system could jam due to a faulty part supplied by Rtx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>).
Boeing Q3 Preview: On Friday, Boeing said it will recognize impacts to its <a href="https://www.benzinga.com/pressreleases/24/10/n41299059/boeing-reports-preliminary-third-quarter-results">third-quarter financial results</a> related to charges for programs across its Commercial Airplanes and Defense, Space &amp; Security segments and the ongoing assembly workers strike.&nbsp;
The company anticipates pre-tax earnings charges of $3 billion on the 777X and 767 programs in the Commercial Airplanes segment and expects pre-tax earnings charges of $2 billion on the T-7A, KC-46A, Commercial Crew and MQ-25 programs in the Defense, Space &amp; Security segment.&nbsp;
Boeing expects to report third-quarter revenue of $17.8 billion, GAAP loss per share of $9.97 and negative operating cash flow of $1.3 billion.
Boeing Analysts Weigh In: Goldman Sachs analyst Noah Poponak maintained a Buy rating on Boeing stock and lowered the price target from $202 to $200 following the company&#8217;s preliminary third-quarter results. 
The firm highlighted Boeing's better-than-expected cash flow for the quarter and the company's cost reduction plans. Goldman Sachs estimated Boeing's labor to be 15% of total cost following workforce reductions, which the analyst said could partially offset margin shortfalls elsewhere in its business.&nbsp;
Wall Street analysts and investors will be closely watching when Boeing reports its third-quarter results on Wednesday, Oct. 23 before the market opens. According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, the Street expects Boeing to report quarterly losses of $1.65 per share and revenue of $18.432 billion. 
BA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Boeing shares are down 1.54% at $148.470 at the time of publication Monday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41277250/whats-going-on-with-first-solar-stock">What&#8217;s Going On With First Solar Stock?</a></li>
</ul>
Photo: Shutterstock.

Government

Previews

Movers

Boeing's Q3 Earnings Face Turbulence: Strikes, Layoffs, Safety Woes Ahead

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported better-than-expected third-quarter FY24 earnings on Friday.
Reported revenue rose 7% year-on-year to $42.654 billion, beating the consensus of $41.649 billion. Net revenue (managed) stood at $43.3 billion (+6% Y/Y) in the quarter. Net income fell 2% Y/Y to $12.90 billion in the quarter. EPS of $4.37, exceeding the consensus of $4.00.
JPMorgan said it now expects FY24 net interest income, excluding Markets, of ~$92.5 billion (up from ~$91 billion earlier). The bank continues to project card services NCO rate of ~3.40%.
Jamie Dimon, Chairman and CEO, said, &#8220;We await our regulators&#8217; new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR…Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion.&#8221;
JPMorgan shares fell 0.6% to trade at $221.00 on Monday.
These analysts made changes to their price targets on JPMorgan following earnings announcement.
<ul>
<li>Evercore ISI Group analyst Glenn Schorr maintained JPMorgan Chase with an Outperform and raised the price target from $217 to $230.</li>
<li>RBC Capital analyst Gerard Cassidy maintained JPMorgan Chase with an Outperform and boosted the price target from $211 to $230..</li>
<li>Barclays analyst Jason Goldberg maintained JPMorgan with an Overweight and raised the price target from $217 to $257.</li>
<li>Oppenheimer analyst Chris Kotowski maintained JPMorgan with an Outperform and lowered the price target from $234 to $232.</li>
</ul>
Considering buying JPM stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="511" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-1024x511.png" alt="" class="wp-image-594554" style="width:629px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-1024x511.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-768x383.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101.png 1327w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41314267/wells-fargo-to-rally-around-16-here-are-10-top-analyst-forecasts-for-monday">Wells Fargo To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Monday</a></li>
</ul>

These Analysts Revise Their Forecasts On JPMorgan After Upbeat Q3 Results

The world&#39;s best hedge funds and investors tend to look at more abstract data than the average retail investor does. Now, some of this data might not be accessible, such as satellite feeds to figure out parking lot traffic and predict a financial quarter for a retail stock. However, other data points and public information are free to access, which still generates an advantage for those who look over them.
Today, the data investors can look over is found in which companies are receiving new government contracts, as the expectation is to see higher demand for their services and products in the coming months. Through this database, investors will land on the top three stocks, earning multi-million dollar contracts from the United States government. They are all focused on the theme of arms and defense, with a mix of cybersecurity in the technology sector.
This list includes names representing the defense sector, such as General Dynamics Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gd#NYSE">GD</a>) and Lockheed Martin Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lmt#NYSE">LMT</a>). Then there is Oracle CO. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/orcl#NYSE">ORCL</a>), which is in the cybersecurity end of the market. It makes sense for the government to call upon these companies to ramp up national security, especially as geopolitical conflicts are on the rise in the Middle East, and that creates an opportunity for retail investors to take advantage of.
<h2>Multi-Million Dollar Contract Drives Analyst Upgrades for General Dynamics Stock</h2>
The latest reports show a contract of up to $614 million for General Dynamics, a decision from the government that comes at a time when the conflicts between Israel and other nations escalate, leading U.S. allies to call for military support.
Based on this current contract, Wall Street analysts think that the company could generate additional revenue and earnings, a view that they have reflected in their price targets today. While the consensus valuation is for $317 a share today, calling for a 6.7% upside from today&#39;s prices, investors should focus on the outliers.
Leading the bullish sentiment, Morgan Stanley thinks that General Dynamics could get up to $345 a share, implying a net upside of 16.5% from where the stock trades today. Considering the stock already trades at 97% of its 52-week high, these analysts now expect to see a new high for the year in this stock, something investors need to keep in mind.
The earnings per share (EPS) forecast today is driving these valuations higher. Wall Street has landed on a projection for $4.22 a share in the next 12 months, a significant jump of 29.5% from this quarter&#39;s $3.26. It&#39;s not often that investors see a $81.1 billion company offer double-digit upside and EPS growth, but that&#39;s the effect new contracts have.
<h2>Lockheed Martin Called Upon Global Conflicts: Stock Gains Investor Favor</h2>
This is another defense stock trading near its 52-week high, at 95% this time, to show investors the market does have a reasonable preference for this stock during today&#39;s ongoing military conflicts. The price action is only the beginning of the bullish story in this stock, though, as Wall Street has also broken out with its own set of gauges.
Starting with analysts, those at the Royal Bank of Canada have landed an &quot;Outperform&quot; rating as recently as October 2024. This time, they chose to go with a price target boost as well, projecting Lockheed Martin stock to $675 a share to imply up to 12% net upside from where the company trades today, which is also a new yearly high.
The latest database updates show up to $599 million in capital being granted to Lockheed Martin as a government contract, giving investors a new viewpoint as to how important this stock is becoming in the eyes of the market and today&#39;s national security concerns.
Knowing this is the new reality for Lockheed Martin stock, markets are now willing to overpay for exposure to its future earnings. On a price-to-book (P/B) ratio, Lockheed Martin stock trades at a high 21.4x multiple, significantly above the aerospace sector&#39;s average valuation of 5.6x P/B today. Commanding a premium is always justified with underlying growth, and Lockheed wants to deliver on that.
<h2>Cybersecurity Concerns Rise, Positioning Oracle for Major Government Grants</h2>
Conflicts are now extending past the physical front and taking on a new shape through technology, where cybersecurity capabilities become more important for leading nations to cover as conflicts rise.
This is why the U.S. granted Oracle up to $358.6 million over the past quarter, calling on its services and technology to help.
Of course, this raises sentiment among Wall Street analysts and other investors, which is why analysts at Sanford C. Bernstein have reiterated their &quot;Outperform&quot; rating on Oracle stock, a view that came alongside a price target of $202 a share.
To prove these new valuations right, the stock must rally as much as 17% upside from where Oracle stock trades today. This would make for another new 52-week high, setting the bullish momentum trend for these defense and national security stocks, which the government prefers and picks.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/big-government-contracts-propel-these-3-defense-stocks-higher/">Big Government Contracts Propel These 3 Defense Stocks Higher</a>&quot; first appeared on MarketBeat.

Contracts

ORCL

Big Government Contracts Propel These 3 Defense Stocks Higher

Goldman Sachs analyst Will Nance reinstates NCR Voyix (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VYX#NYSE">VYX</a>) with a Neutral and announces $14 price target.

Initiation

Goldman Sachs Reinstates Neutral on NCR Voyix, Announces $14 Price Target

Goldman Sachs analyst Eric Sheridan upgrades Ibotta (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBTA#NYSE">IBTA</a>) from Neutral to Buy and maintains the price target from $87 to $87.

Upgrades

IBTA

Goldman Sachs Upgrades Ibotta to Buy, Maintains Price Target to $87

The market&#39;s price action and attention are making a new shift this quarter. For most of 2024, everyone wanted to find the next best thing in the United States technology sector, as the semiconductor industry saw massive rallies in shares of NVIDIA Co. However, it seems that the industry has run its course, and investors are now left to find the next hot trend, which came up in an unlikely place worldwide.
Asia&#39;s powerhouse, China, has recently sparked a new stock market rally after cutting interest rates by 50 basis points and injecting a few billion in capital into the economy to support its faltering financial markets. Some of the nation&#39;s biggest companies saw their stocks break out into multi-year highs, from valuations that were undeniably low to attract some of the United States&#39; best investors and fund managers.
These stock picks include names like Alibaba Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>), which is the fit choice amongst many investors today looking to get exposure to China. Then, there is Baidu Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bidu#NASDAQ">BIDU</a>), serving as a companion to the technology sector. For those investors who don&#39;t feel comfortable&nbsp;investing in individual stocks, the&nbsp;iShares MSCI China ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mchi#NASDAQ">MCHI</a>) can&nbsp;diversify their capital across different industries and companies.
<h2>For Investors Who Missed the First Rally, China&#39;s Markets Are Offering a Second Chance</h2>
Even after having the best days in over two years and bringing these stocks to new valuations, reality fell short of bullish expectations to justify keeping the rally going for these stocks. At least, this is what the media headlines are blaming the recent retracement on, ignoring the fact that there might have been a lot of old business &quot;stuck&quot; on these stocks waiting to get out.
When investors realize that stocks like Alibaba and others in the iShares China ETF spent just over two years trading in a near-flat channel, it&#39;s easier to imagine many premature bulls holding onto their positions and waiting for the first big rally to start unloading some of their inventory.
That might be what&#39;s actually happening at the moment, and that&#39;s why investors should not take the current sell-off lightly or as anything short of an opportunity to get in before the sentiment continues. Surely, some investors who recently bought these stocks before the rally may be obligated to trim down their positions for weighing purposes, but that doesn&#39;t mean they&#39;re suddenly bears.
Investors like Michael Burry and David Tepper recently chose to make Alibaba their largest position. Institutional players like these two have to decrease the weight of a stock if its position becomes too big compared to the rest of its holdings. This, combined with old stuck bulls getting out, might have caused the sell-offs.
However, Wall Street analysts recognize these stocks for their double-digit upside potential and high-quality business models. China&#39;s economy is just starting to come off its bottoming cycle, so it would seem that only clear skies lie ahead for this nation and the Asian region.
<h2>Worst Day in the Market? A Golden Opportunity for Value Investors</h2>
After suffering a 10.8% decline in a single day, the iShares China ETF just posted its worst day in history this week. However, that doesn&#39;t have to mean everyone should get out; in fact, just the opposite might be true.
The same goes for Alibaba and Baidu, as these two stocks fell by 6.7% and 7.4%, respectively, in a single day.
Compared to today&#39;s prices, investors can see that current Wall Street valuations and projections would place an attractive value proposition for these companies in the next 12 months; here&#39;s what these analysts have to say.
<h2>Alibaba&#39;s Recovery Still Intact</h2>
While the consensus price target for Alibaba stock is now set at $111.1 a share, a few analysts felt bold enough to stand out from the pack. Leading the way were those at Macquarie, upgrading Alibaba stock to an &quot;Outperform&quot; rating, a new view that was coupled with a $145 a share price target for the company.
To prove these analysts right, the stock would need to rally by as much as 32.2% from where it has gotten to today. More than that, Alibaba&#39;s management has approved a stock buyback program of up to $25 billion for this year, representing roughly 10% of the company&#39;s market capitalization today.
<h2>Baidu&#39;s Value Proposition Seems Best</h2>
What better way to play the world&#39;s fastest-growing middle class than by having access to consumer and user data on a daily basis, as well as being able to monetize such data to other businesses that might find it useful. Investors can think of Baidu as America&#39;s Alphabet Inc., only with a few more years of high growth.
Wall Street&#39;s consensus price target of $132.1 a share calls for a net upside of as much as 24.6% from where it trades today, especially after the recent sell-off. More than that, Baidu is one of Michael Burry&#39;s top five holdings in his fund, and if he&#39;s known for anything, it is for being right on his big bets.
Based on the noncyclical nature of Baidu&#39;s business, unlike Alibaba&#39;s dependence on consumer discretionary trends, it is the best path to a recovery stemming from its value proposition to investors today.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/this-major-sell-off-in-chinese-stocks-could-be-your-buy-signal/">This Major Sell-Off in Chinese Stocks Could Be Your Buy Signal</a>&quot; first appeared on MarketBeat.

Asia

Sector ETFs

Buybacks

BABA

BIDU

This Major Sell-Off in Chinese Stocks Could Be Your Buy Signal

A recent analysis of 14 <a href="https://www.benzinga.com/money/multi-state-operators">multi-state cannabis operators </a>(MSOs) looks at how the potential removal of 280E in 2025 could impact their cash flows.
<a href="https://www.google.com/search?client=safari&amp;rls=en&amp;q=280E+benzinga+cannabis&amp;ie=UTF-8&amp;oe=UTF-8">Section 280E</a> of the U.S. tax code, which prevents cannabis companies from deducting normal business expenses due to federal prohibition, has long been a burden on the industry. If this tax provision were eliminated, cannabis companies would enjoy far better financial health.
<h4 class="wp-block-heading">Breakdown Of The Analysis</h4>
The chart provided by Viridian Capital Advisors shows the projected 2025 sources and uses of cash among the industry&#8217;s top MSOs, with an emphasis on how eliminating 280E could alter their financial standing.
<ul>
<li>EBITDAR (Earnings Before Interest, Taxes, Depreciation and Rent): This is a critical metric because it represents the companies&#8217; operational cash flow, excluding fixed charges.</li>
<li>Additional Cash: Some companies are sitting on significant cash reserves, which serve as a buffer for covering operational needs. This is represented by the black line that shows EBITDAR plus existing cash.</li>
<li>Impact of 280E: The red bars on the chart represent the additional tax expenses cannabis companies are incurring due to 280E. The black bars below reflect the estimated tax liability if 280E were removed. The significant gap between these bars shows how much relief companies could experience.</li>
</ul>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="943" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/12172339/Captura-de-pantalla-2024-10-12-a-las-18.23.16-943x1024.png" alt="" class="wp-image-592495" style="width:637px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/12172339/Captura-de-pantalla-2024-10-12-a-las-18.23.16-943x1024.png 943w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/12172339/Captura-de-pantalla-2024-10-12-a-las-18.23.16-276x300.png 276w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/12172339/Captura-de-pantalla-2024-10-12-a-las-18.23.16-768x834.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/12172339/Captura-de-pantalla-2024-10-12-a-las-18.23.16.png 995w" sizes="(max-width: 943px) 100vw, 943px" /></figure>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41297836/exclusive-tracking-every-cannabis-deal-is-a-lot-of-fun-says-financial-expert-behind-essential-in">EXCLUSIVE: Tracking Every Cannabis Deal Is &#8216;A Lot Of Fun,&#8217; Says Financial Expert Behind Essential Investor Tool</a>
<h4 class="wp-block-heading">Financial Outlook For Major MSOs</h4>
According to the analysis, six companies, including Green Thumb (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Verano (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), Cresco (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>), Glass House (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTC">GLASF</a>), and MariMed (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>), are projected to have enough cash flow to cover all fixed charges in 2025, even without the removal of 280E. Notably, every other company except Schwazze (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/SHWZ#OTCQX">SHWZ</a>) would have positive cash flow if 280E were eliminated.
However, while 2025 looks relatively benign for <a href="https://www.benzinga.com/markets/cannabis/24/09/41103899/cannabis-chart-of-the-week-introducing-the-improved-viridian-capital-credit-ranking-model">MSO credit</a>, 2026 could present challenges, with significant debt maturities that many companies will need to refinance, Viridian Capital analysts <a href="https://dealtracker.viridianca.com/chart-of-the-week/">warn</a>.
Additionally, companies like Curaleaf and Trulieve have substantial back taxes recorded as "uncertain tax liabilities," which could become a financial strain depending on how repayment plans are structured.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h4 class="wp-block-heading">What This Means For The Cannabis Industry</h4>
If 280E is eliminated in 2025, the financial outlook for most cannabis companies would significantly improve. Companies would have more flexibility with <a href="https://www.benzinga.com/markets/cannabis/24/10/41237666/exclusive-tax-changes-could-unlock-hundreds-of-millions-in-cash-flow-for-cannabis-sector-experts">cash flow</a> and this relief could lead to higher profitability and more strategic investments. The potential tax reform could mark a turning point for an industry that has struggled under the burden of high taxes and federal prohibition.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/10/41283230/epic-cannabis-fails-you-should-know-about-medmen-eaze-and-others-go-down-in-california-meltdowns">Epic Cannabis Fails You Should Know About: MedMen, Eaze And Others Go Down In California Meltdowns</a></li>
</ul>
Cover: image generated with IA tools.

Retail Sales

CRLBF

GLASF

GTBIF

MRMD

SHWZ

TCNNF

VRNOF

Almost Every Major Cannabis Company Could See Positive Cash Flow If 280E Is Removed In 2025

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.accenture.com%2Fus-en%2Fabout%2Fcompany%2Funited-states&amp;esheet=54134974&amp;newsitemid=20241011534028&amp;lan=en-US&amp;anchor=Accenture&amp;index=1&amp;md5=be060dc19101383a76178c415e31ad3c">Accenture</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) has acquired <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.thejoshuatreegroup.com%2F&amp;esheet=54134974&amp;newsitemid=20241011534028&amp;lan=en-US&amp;anchor=Joshua+Tree+Group&amp;index=2&amp;md5=3248348ee43411265288398435e96ac8">Joshua Tree Group</a> ("JTG"), a supply chain consulting firm specializing in distribution center performance. The acquisition will help Accenture make distribution centers more productive and efficient for its clients in retail, consumer goods and other product-based industries. It also expands Accenture's capabilities to design and build more autonomous supply chains, where AI-powered tools improve labor productivity, inventory management and customer fulfillment.
&nbsp;

Accenture Acquires Joshua Tree Group To Enhance Distribution Center Performance For Retail And Consumer Goods Clients; The Terms Of The Deal Were Not Disclosed

On Monday, Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) announced plans to boost its presence in the U.K., following a collaboration with the U.K. government that was revealed at the International Investment Summit.
The global pharmaceutical giant is set to <a target="_blank" href="https://www.gov.uk/government/news/landmark-collaboration-with-largest-pharmaceutical-company" rel="noreferrer noopener">invest</a> in a new Gateway Lab in the U.K., building on the country's leading life sciences sector. This 279 million pounds ($294.41 million) investment will tackle significant health challenges and further solidify the U.K.'s reputation as a world leader in healthcare innovation.
The life sciences sector is already worth 108 billion pounds to the U.K. economy, and the partnership with Lilly demonstrates its ongoing value in advancing public health.
With the planned Gateway Lab marking the first such facility in Europe, the U.K. is positioning itself at the forefront of global scientific progress.
Amid the excitement around new investments, scrutiny continues over Lilly's Alzheimer's drug, donanemab.
David Ricks, CEO of Eli Lilly, has touted the drug's potential as a groundbreaking treatment that could prevent Alzheimer's by addressing the buildup of amyloid plaques in the brain.
In a meeting with former U.K. Health Secretary Victoria Atkins in December 2023, Ricks described donanemab as a "one-and-done" treatment that could stop Alzheimer's before symptoms appear. However, data supporting this claim remain limited, and the drug is still undergoing trials, with results not expected until 2027.
European regulators have been more cautious than their U.S. counterparts regarding new Alzheimer's treatments like donanemab and lecanemab. The European Medicines Agency (EMA) has already rejected Eisai Co., Ltd&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ESALY#OTC">ESALY</a>) and&nbsp;Biogen Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) lecanemab due to safety concerns, specifically related to amyloid-related imaging abnormalities (Aria), such as <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39985709/biogeneisais-alzheimers-drug-leqembi-gets-no-go-from-european-drug-regulators-advisory-panel-cite" rel="noreferrer noopener">brain swelling and bleeding</a>.
Over a third of donanemab patients experienced Aria during clinical trials, raising similar concerns.
While the U.K.'s Medicines and Healthcare Products Regulatory Agency (MHRA) is currently reviewing donanemab, it has already approved lecanemab, though the National Institute for Health and Care Excellence (NICE) ruled the drug too <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40551066/eli-lillys-alzheimers-drug-faces-uk-agency-block-after-biogens-medicine-rejection-over-cost-safet" rel="noreferrer noopener">costly for NHS prescriptions</a>.
The challenges in adopting these new treatments also stem from the complexity and cost of diagnosing Alzheimer's early enough for the drugs to be effective, the Financial Times <a target="_blank" href="https://www.ft.com/content/3bf05aba-86ad-4a20-8167-1a5d619f93c0" rel="noreferrer noopener">highlighted</a>.
Expensive PET scans are required to identify eligible patients, and there are concerns over the limited availability of <a target="_blank" href="https://www.benzinga.com/news/24/01/36615264/evolving-landscape-for-alzheimers-blood-tests-gains-momentum-amid-inaccuracy-concerns" rel="noreferrer noopener">PET cameras in the U.K</a>.
Price Action: LLY stock is trading 0.07% lower at $931.40 at last check Monday.
Read Next:
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<li><a href="https://www.benzinga.com/news/large-cap/24/10/41313679/bausch-lomb-sale-process-gains-momentum-as-tpg-and-blackstone-join-forces" target="_blank" rel="noreferrer noopener">Bausch + Lomb Sale Process Gains Momentum As TPG And Blackstone Join Forces</a></li>
</ul>
Photo by Jonathan Weiss via Shutterstock

Biotech

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ESALY

Eli Lilly's Alzheimer's Drug Raises Hopes but Faces Regulatory Hurdles in Europe

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