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Jamie Dimon, CEO of JPMorgan Chase, stated that the bank is &#8220;probably one of the bigger users of blockchain&#8221; during an interview on Tuesday at the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w" target="_blank" rel="noopener">Financial Markets Quality Conference</a>.
What Happened: Dimon, who has been skeptical of cryptocurrencies, emphasized that JPMorgan is an &#8220;actual user&#8221; of blockchain technology. He described blockchain as &#8220;just a database&#8221; and highlighted its utility in sharing data and building trust between banks and customers, <a href="https://www.theblock.co/post/316956/jamie-dimon-says-jpmorgan-chase-is-probably-one-of-the-bigger-users-of-blockchain">reported</a> The Block.
&#8220;We&#8217;re probably one of the bigger users of blockchain, an actual user, like a real user," Dimon said, according to the report.
Despite his skepticism towards cryptocurrencies, Dimon acknowledged the effectiveness of blockchain technology. He reiterated his view by calling cryptocurrency a &#8220;pet rock&#8221; but praised blockchain as a &#8220;great way to share data.&#8221;
JPMorgan&#8217;s blockchain network, Onyx, was launched in 2020 and is based on a forked version of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). It supports wholesale payments, peer-to-peer lending, and cross-border transactions. The network has processed over $700 billion worth of transactions and includes firms like Goldman Sachs, DBS Bank, and BNP Paribas among its users.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905692/bitcoin-ethereum-dogecoin-pump-5-heres-what-wednesdays-fed-rate-cut-decision-could-mean-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Pump 5%: Here&#8217;s What Wednesday&#8217;s Fed Rate Cut Decision Could Mean For Crypto</a>
Dimon has consistently dismissed cryptocurrencies while advocating for blockchain. At Davos in 2021, he labeled Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a &#8220;hyped-up fraud&#8221; but acknowledged blockchain&#8217;s efficiency in moving money. He reiterated on Tuesday that blockchain has not advanced as much as artificial intelligence over the past 12 years.
Dimon, who once suggested banning crypto, is <a href="https://www.benzinga.com/news/24/07/39807207/trump-eyes-jamie-dimon-for-treasury-secretary-rules-out-ousting-fed-chair-jerome-powell">reportedly a candidate for Treasury Secretary</a> if Donald Trump wins reelection. He mentioned that while Chase might not lend against cryptocurrencies, clients still have access to some crypto services.
Why It Matters: Dimon&#8217;s recent comments come amid a backdrop of significant shifts in the cryptocurrency landscape. 
Dimon reiterated his harsh stance on Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w">recalling his statement from seven years ago</a>, in which he said he would &#8220;fire in a second&#8221; any JPMorgan trader caught trading Bitcoin. Despite this, JPMorgan has investments in exchange-traded funds tied to Bitcoin, such as the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>).
Additionally, Trump and his family have launched a cryptocurrency project called World Liberty Financial, signaling a dramatic shift from the former President&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">previous stance on digital currencies</a>.
The skepticism towards Bitcoin is not isolated to Dimon. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40305550/bitcoin-skeptic-peter-schiff-says-he-is-open-minded-but-hasnt-seen-any-convincing-argument">Renowned economist</a> Peter Schiff and tech billionaire Peter Thiel have also <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39569413/billionaire-peter-thiel-voices-skepticism-on-bitcoins-future-growth-im-not-sure-its-going-">voiced doubts about Bitcoin&#8217;s potential</a>. Schiff stated in August that he hasn&#8217;t seen any convincing argument to embrace Bitcoin, while Thiel expressed skepticism about Bitcoin&#8217;s future growth.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40853339/donald-trumps-son-barron-is-his-chief-defi-visionary-but-the-real-mastermind-behind-world-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Son Barron Is His &#8216;Chief DeFi Visionary,&#8217; But The Real Mastermind Behind World Liberty Liberty Financial Is Someone Else</a></li>
</ul>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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

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Jamie Dimon Says JPMorgan Is Likely 'One Of The Bigger Users' Of Blockchain Technology, But Calls Cryptocurrencies A 'Pet Rock'

Billionaire entrepreneur Mark Cuban has shared a new patent that allows social media platforms and user profiles to sell advertisements of any media type.
What Happened: On Tuesday, Cuban took to X, formerly Twitter, and shared a screenshot of the patent, held by&nbsp;Zumedia Inc.
It empowers the owner of a social media profile or the platform itself to sell ads.&nbsp;
&#8220;Proud of this baby. It&#8217;s a system to deliver ads,&nbsp;of any media type, from&nbsp;social media or any other&nbsp;software with a user profile,&#8221; he stated, adding, &#8220;The system lets&nbsp;the owner of the profile,&nbsp;or the platform itself, sell&nbsp;the ads.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Proud of this baby. It&#39;s a system to deliver ads, of any media type, from social media or any other software with a user profile. The system let&#39;s the owner of the profile, or the platform itself, sell the ads. If you want to add revenue to your platform , just ask ! <a href="https://t.co/6HDhWNRsUk">pic.twitter.com/6HDhWNRsUk</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1836124719839670535?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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In a separate post, Zumedia, co-founded by&nbsp;Phyllis Jager and Barry Terach,&nbsp;with Cuban as a significant investor, also revealed more about the patent. 
According to the company, the system, dubbed &#8220;Backskin,&#8221; allows online platforms to monetize the space behind member profile pictures. The primary beneficiary of this system would be the profile holder themselves.
See Also: <a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings</a>
Backskin.com was created to free people from economic inequality, the company said, offering virtually unlimited potential.
It seeks to protect users from being exploited by social platforms that have traditionally capitalized on recruiting members for their financial gain.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">AMERICA THIS IS FOR YOU ! Backskin Advertising and Broadcast is available on <a href="https://t.co/pQLIDUmZZV">https://t.co/pQLIDUmZZV</a> to vetted members&#8230; While we&#39;re still building we opened it to the public so that it can be tested and enjoyed and so that those who wish to can start Backskinning!&#8230; <a href="https://t.co/nf62Z10K7h">pic.twitter.com/nf62Z10K7h</a>
&mdash; zuMedia (@MediaZu) <a href="https://twitter.com/MediaZu/status/1836213541717606864?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
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Why It Matters: This patent is a significant step in Cuban&#8217;s long-standing interest in patent law and intellectual property rights. In a 2015 <a href="https://ipwatchdog.com/2015/11/10/a-patent-conversation-with-mark-cuban/id=63090/">interview</a> with IPWatchdog, Cuban discussed his views on the patent system and its impact on innovation.
He said that many entrepreneurs waste resources on obtaining patents before validating their business models, suggesting that a patent alone does not guarantee success.
Cuban also advocated for significant reforms, including the abolition of software patents or limiting their duration to five years.
When asked what major patent reform would give big tech companies less incentive to engage in bullying tactics, Cuban said, &#8220;The first step is to get rid of software patents or at worst change to 5 years. Let smart people compete rather than litigate.&#8221;
From Cuban&#8217;s perspective, patents are potentially detrimental to the entrepreneurial spirit and innovation, especially in the tech industry.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40892284/oracles-larry-ellison-predicts-police-officers-will-be-supervised-at-all-times-and-citizens-will-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Oracle&#8217;s Larry Ellison Predicts Police Officers Will Be Supervised &#8216;At All Times&#8217; And Citizens Will Be On Their Best Behavior Thanks To Constant AI-Powered Surveillance</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
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News

Social Media

Tech

Mark Cuban Is No Poster Boy For The Existing Patent System But It's Not Stopping Him From Getting His Name On One: Here's How The Billionaire Plans To Empower Social Media Users

Vice President <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">Kamala Harris, who replaced President Joe Biden on the Democratic ticket,</a> has evinced confidence as the potential 2024 election winner, not only with the voters but also with the elite group which is well-versed with the pulse of the markets and economy.
Likely Winner: Harris edged out Trump by 48% to 41% as the likely winner of the November election, <a href="https://www.cnbc.com/2024/09/17/harris-trump-election-cnbc-fed-survey-economists.html?taid=66ea39d550982d0001f2782d&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter%7Cmain">according</a> to CNBC&#8217;s latest Fed survey, the results of which were published on Tuesday. The survey contacted 27 respondents, including investment strategists, economists and fund managers, between Sept. 12 and 14. The two main party candidates faced off in the first debate televised live on ABC News and most post-debate polls showed that voters picked Harris as the winner.
The findings contrasted with the results of the late-July survey, which found that 50% sided with Trump and far less than 37% backed Harris to be the president. The July survey was done within two weeks of Harris entering the fray after Biden dropped out.
When Biden was still in contention, this group picked Trump as the most likely winner by a 48%-35% margin, with 17% saying they were unsure.
See Also: <a href="https://www.benzinga.com/news/24/09/40893118/trump-vs-harris-vice-president-leads-in-this-must-win-swing-state-and-2-bellwether-counties-but-25-s">Trump Vs. Harris: Vice President Leads In This &#8216;Must-Win&#8217; Swing State And 2 &#8216;Bellwether&#8217; Counties, But 25% Say They Are Still Ignorant Of Her Policies</a>
Who&#8217;s Better For Market, Economy: On the flipside, 56% of the respondents said a Trump presidency would be better for the stock market than a Harris term. The former president also came on top of the economy, with 44% saying he is a better candidate for the overall economy compared to 41% who said the same about Harris.
But 42% of the respondents said Harris would be better for the country versus 37% who said the same about Trump.
Naroff Economics President Joel Naroff said Trump&#8217;s policy proposals of broad-based tariffs and mass deportation, or even modest deportation of immigrants, would fan inflation and slow the economy into a recession, CNBC said.
Harris&#8217; economic proposals are seen by strategists, fund managers and economists as better for budget deficits and trade policy. On the other hand, Trump is preferred for policy proposals that would impact business regulation, inflation, jobs and taxes.
Some hoped for a divided government, given their perception that the policies of both mainstream candidates were bad. A divided government is one in which no single party controls both the executive and legislative branches of the government.
The presidential election is seen as the sixth most concerning risk to the U.S. economy, with the Federal Reserve cutting interest rates too little or too late seen as the top risk.
When asked about the Federal Reserve&#8217;s independence, 100% of the respondents said Harris would respect it but only 42% said the same of Trump.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, ended Tuesday's session up 0.04% at $563.07, according to&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro data.&nbsp;</a>The exchange-traded fund has gained 19.2% so far this year.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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Kamala Harris Moves From 13-Point Deficit To 7-Point Lead Over Trump In Survey Of Fund Managers, Strategists And Economists: Here's Why Most Favor A Divided Government

This story was originally published on the&nbsp;<a href="http://in.benzinga.com/" target="_blank">Benzinga India portal</a>.
Former U.S. President&nbsp;Donald Trump&nbsp;said he is scheduled to meet Indian Prime Minister&nbsp;Narendra Modi&nbsp;in the coming week.
What Happened:&nbsp;During a campaign event on Tuesday ahead of the 2024 Presidential election, Trump said Modi would be traveling to the US to meet the Republican Presidential nominee next week but gave no details regarding the time or place of their meeting.
Speaking at the event Trump criticized India as a &quot;very big abuser&quot; of the U.S.-India trade relationship but also praised the Indian prime minister, calling him &quot;fantastic&quot;. India is &quot;at the top of their game, and they use it against us&quot; he added, calling the country &quot;tough&quot;.
Do you want to keep up with all the latest stock market updates in India? Sign up for the&nbsp;<a href="https://share.hsforms.com/1K1H7Kd0aRhmSdDIuxTAkxg1npzh?utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-9Epn7q6aJNp9GSC5EOIhi4bHzDb9Xseqz4PYaEI7sGMhIcV2Rv9ZPxiCYKVKvNojA6WoH5" target="_blank">Benzinga India weekly newsletter</a>.
The Indian government has so far not issued any statement regarding the meeting. Modi is set to visit the US from September 21 to September 23, the Ministry of External Affairs said.&nbsp;
There he will participate in the fourth Quad Leaders&rsquo; Summit in Wilmington, Delaware, hosted by U.S. President&nbsp;Joe Biden. The Indian Prime Minister will also attend and address the United Nations General Assembly in New York. This will be Modi&rsquo;s first visit to the US since he secured a historic third term in office in June.
In February 2020, Trump made his maiden trip to India with his family, when he visited Ahmedabad, Agra and New Delhi. During the trip, the two leaders had vowed to boost trade ties between the countries.
Read Next:&nbsp;<a href="https://in.benzinga.com/news/24/09/40912638/tata-sons-declines-ipo-proposal-despite-sp-groups-urging-report?utm_source=benzinga_india&amp;utm_campaign=partner_feed&amp;utm_medium=partner_feed&amp;utm_content=site" rel="noopener noreferrer" target="_blank">Tata Sons Declines IPO Proposal Despite SP Group&#39;s Urging: Report</a>
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Global

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Donald Trump To Meet PM Modi Next Week, Calls India 'Very Big Abuser' But Lauds Modi As 'Fantastic'

Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) will restart contract negotiations on Wednesday with its largest union.
What Happened: The talks will involve federal mediators after the two sides failed to agree on wages and pensions on Tuesday. The International Association of Machinists and Aerospace Workers (IAM), representing over 30,000 Boeing factory workers, has been on strike since last Friday.
The union is demanding a 40% wage increase over four years, significantly higher than Boeing&#8217;s 25% offer, which was overwhelmingly rejected, Reuters reported.
IAM expressed frustration on X, stating, &#8220;The company was not prepared and was unwilling to address the issues essential for ending this strike: Wages and Pension.&#8221;
The strike has disrupted the production of Boeing&#8217;s popular 737 MAX jets and other widebody aircraft, causing delays in deliveries to airlines. Boeing has announced a hiring freeze and is considering temporary furloughs to manage costs, as the company is already dealing with $60 billion in debt.
See Also: <a href="https://www.benzinga.com/news/24/09/40890618/peter-schiff-says-unlikely-that-fed-rate-cuts-will-lower-borrowing-costs-predicts-rising-mortgage-ra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says Unlikely That Fed Rate Cuts Will Lower Borrowing Costs, Predicts Rising Mortgage Rates And Dollar Collapse — Suggests 100 Basis Points Rate Hike As Cure</a>
Why It Matters: The strike by over 30,000 workers has already had significant repercussions. Boeing&#8217;s stock has been falling <a href="https://www.benzinga.com/news/24/09/40886979/boeing-stock-continues-to-fall-after-announcing-hiring-freeze-other-cost-cuts-amid-workers-strike">since the strike began,</a> exacerbated by the company&#8217;s announcement of a hiring freeze and potential furloughs. The measures were outlined by CFO Brian West, who emphasized the urgent need to preserve cash amid the strike.
The union&#8217;s demands for higher wages and better pensions are a critical sticking point. IAM President Jon Holden has indicated that the <a href="https://www.benzinga.com/news/24/09/40867999/over-30-000-boeing-workers-are-standing-shoulder-to-shoulder-union-leader-says-strike-could-go-on-fo">strike could last a while</a>. The machinists, who produce key aircraft models like the 737 Max and the 777, are standing firm on their demands.
Analysts have also weighed in on the situation. BofA Securities analyst Ronald J. Epstein suggested that Boeing might need to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40860003/boeing-may-need-to-offer-additional-concessions-to-end-strike-despite-multi-billion">offer additional concessions</a> to resolve the strike, despite the company&#8217;s multi-billion dollar debt. Epstein noted that the strike could further delay Boeing&#8217;s plans to ramp up production rates for its 737 jets, initially scheduled for September 2024 but now pushed to March 2025.
Price Action: Boeing closed at $156.39 on Tuesday, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
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<li><a href="https://www.benzinga.com/news/24/09/40867076/laura-loomer-faces-republican-wrath-over-racist-posts-is-donald-trump-defending-her?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Laura Loomer Faces Republican Wrath Over Racist Posts</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Boeing And Its Largest Union Return To Table With Federal Mediators After 30K Workers Strike Over Failed Wage And Pension Talks

OneStream Announced A Series Of New Developments, Including AI Anomaly Detection, OneStream Navigation Center, Among Others, That Build On Its Sensible AI Portfolio And Core Finance Innovations.

The most important <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40897882/retail-sales-rise-0-1-in-august-more-than-expected-boosting-odds-of-larger-fed-ra">Federal Reserve decision day is upon us </a>and market participants wait with bated breath regarding what Chairman Jerome Powell and his rate-setting committee team would deliver. Betting market odds suggest a steeper cut is more likely than a shallow one most economists have been factoring in. 
The Odds: The September Federal Open Market Committee meeting kicked off on Tuesday and the central bank will announce its rate decision via a post-meeting policy statement at 2 p.m. EDT. The apex bank will also release its latest &#8220;Summary of Economic Projections,&#8221; which consists of the dot-plot chart, plotted based on Fed officials&#8217; expectations of near- and medium-term interest rates. 
The chances of a 50 basis-point cut at the September meeting is 55% and that of a more modest 25 bps cut is 45%, according to data available on blockchain-powered prediction market Polymarket. The odds of another pause or a 25 bps hike are 1% and less than 1%, respectively.
Meanwhile, the futures market has priced in a steeper 63% chance of a 50 bps reduction and a 37% probability of a 25 bps cut.
But economists are less sanguine about a steeper cut. Wolters Kluwer, a provider of professional information and software, published its September issue of Blue Chip Economic Indicators in which it said 86% of the economists surveyed foresaw a 25 bps cut and also cuts of similar magnitude at each of the remaining three meetings of the year.
The <a href="https://www.cnbc.com/video/2024/09/17/fed-to-cut-rates-by-a-quarter-point-with-a-soft-landing-expected-according-to-cnbc-fed-survey.html">results </a>of the latest CNBC Fed survey suggested a 96% probability of a Fed rate cut in September, with 84% of the respondents going with a 25 bps cut. The respondents see the Fed funds rate at 3.7% at the end of 2025 while mentioning 3.3% as a neutral rate. The neutral rate is the rate at which the monetary policy is neither expansionary nor contractionary &#8211; one at which the economy operates with full employment and stable inflation.
The 27 respondents to the survey included investment strategists, economists and fund managers, CNBC said.
See Also<a href="https://www.benzinga.com/money/best-value-stocks">: Best Value Stocks</a>
Why It&#8217;s Important: A bigger cut will send the message to the market that the economy is in trouble, according to Nomura Managing Director, Cross-Asset Macro Strategy, Charlie McElligott. Financial Times <a href="https://www.ft.com/content/03eafa4e-7247-4fc5-b9fa-1273402d2b16">reported.</a> &#8220;When I hear people say &#8216;Well, 50 bps is telling the market that the Fed thinks we have a big problem and could lead to a risk-off tantrum,&#8217; my thought is that NOTHING in this steroidal, Frankenstein — cycle has been normal,&#8221; he reportedly said.
Drawing cues from history, Nomura said the S&amp;P 500 has been down 1% on average leading up to the previous 50 bps cuts. The best-performing sectors during this period are consumer staples and the worst performer is the tech sector. Energy, industrials, precious metals and small-cap Russell 2,000 stocks also don&#8217;t do well, Nomura&#8217;s analysis showed.
Three months after the cut, the S&amp;P 500 doesn&#8217;t budge, with 2007, 2001 and 1974 being exceptions when it sold off hard, the firm said, adding that value outperforms growth during the period, the dollar rises, metals surge and the yield curve steepens. The firm recommended<a href="https://www.benzinga.com/money/best-small-cap-stocks"> buying small-caps, which rise an average of 5.6%.</a>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, ended Tuesday&#8217;s session up 0.04% at $563.07, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>The exchange-traded fund has gained 19.2% so far this year.
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</ul>
Image Via Shutterstock

Equities

50 Or 25 Bps Fed Rate Cut? Markets And Economists At Odds — What Does Steeper Reduction Mean For Investors?

Ahead of a looming government shutdown, the House of Representatives is set to vote on Wednesday on a Republican-backed bill aimed at keeping the government funded.
What Happened: The House of Representatives will vote on Wednesday on a proposal by Speaker Mike Johnson (R-La.) to fund the government, as announced on Tuesday. The bill lacks sufficient Republican support to pass, the Washington Post<a href="https://www.washingtonpost.com/business/2024/09/17/gop-government-funding-bill/"> reported</a> on Wednesday.
Johnson&#8217;s plan aims to extend federal funding at current levels for six months and includes a measure requiring proof of citizenship to register to vote in national elections. However, opposition from Republicans across the ideological spectrum threatens to sink the bill if Democrats also oppose it.
The proposal is unlikely to pass in the Democratic-controlled Senate, and President Joe Biden has stated he would veto the legislation if it reached his desk. Current funding expires on Sep. 30, and without an extension, most federal government operations would shut down on Oct. 1.
Efforts by House Republican leadership to change &#8220;no&#8221; votes over the weekend were largely unsuccessful, according to sources familiar with the discussions. Johnson emphasized the need to fund the government responsibly and ensure election security in a statement.
See Also: <a href="https://www.benzinga.com/news/24/09/40890069/donald-trump-jr-doesnt-mince-words-democrat-donor-with-a-kamala-harris-bumper-sticker-on-his-car-tri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Jr. Doesn&#8217;t Mince Words: &#8216;Democrat Donor With A Kamala Harris Bumper Sticker On His Car Tried To Assassinate My Dad&#8217;</a>
Despite broad agreement between Republicans and Democrats that a shutdown would be undesirable, some far-right GOP lawmakers view the funding battle as a chance to secure immigration policy compromises. Others oppose stopgap funding bills and prefer year-long appropriations.
Johnson&#8217;s previous attempt to force a vote on the legislation failed, and Wednesday&#8217;s vote is also expected to falter. Republicans hope this will allow the speaker to advance a three-month funding bill that can pass with Democratic votes.
Why It Matters: The potential government shutdown has been a point of contention for both parties. Senate Majority Leader Chuck Schumer (D-N.Y.) recently warned that<a href="https://www.benzinga.com/news/24/09/40890590/chuck-schumer-says-if-government-shutdown-happens-it-will-because-of-republican-poison-pills-the-ame"> if a shutdown occurs</a>, it will be due to &#8220;Republican poison pills,&#8221; and suggested that the American public would hold the GOP responsible. Schumer emphasized the need to avoid a shutdown, stating, &#8220;We don&#8217;t need to go down this road.&#8221;
Earlier this year, the House successfully passed a major spending bill to <a href="https://www.benzinga.com/government/24/03/37529014/us-house-successfully-passes-major-spending-bill-to-prevent-government-shutdown">prevent a government shutdown</a>. The comprehensive package, which funded various federal departments through fiscal 2024, was passed with a bipartisan majority. The &#8220;minibus&#8221; package allocated over $450 billion to departments such as Veterans Affairs, Agriculture, and Energy, showcasing a rare moment of cooperation between the two parties.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40870369/trumps-i-hate-taylor-swift-met-with-witty-response-from-harris-campaign-the-american-people-want-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s &#8216;I Hate Taylor Swift&#8217; Met With Witty Response From Harris Campaign: &#8216;The American People Want To Be Out Of The Woods&#8217;</a></li>
</ul>
Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

House Set To Vote On GOP Bill To Prevent Government Shutdown After Chuck Schumer Warns Republicans Not To 'Go Down This Road'

Electric vertical take-off and landing (<a href="https://www.benzinga.com/news/23/06/32868889/fly-above-the-gridlock-san-francisco-to-get-electric-commuter-flights-by-2026">eVTOL</a>) aircraft manufacturer&nbsp;Eve Air Mobility (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVEX#NYSE">EVEX</a>) said on Tuesday that it is appointing former Rolls-Royce executive Megha Bhatia as its new Chief Commercial Officer (CCO).
What Happened: Bhatia will oversee Eve&#8217;s global sales, market intelligence, and government relations divisions in her new role, the company said. 
According to Bhatia&#8217;s LinkedIn profile, she is joining Eve from Jet Support Services where she was Chief Strategy Officer. Before that, she held several positions at Rolls-Royce and worked with the automaker for about 13 years.
&#8220;Megha&#8217;s extensive experience and strategic leadership are going to be instrumental as Eve prepares for LOI conversion into firm orders&#8221;, said Eve CEO Johann Bordais.
&#8220;Her ability to drive growth, manage large P&amp;Ls, and lead high-performing teams, combined with her deep understanding of the aviation industry, make her an invaluable addition to our executive team.&#8221;
Why It Matters: Eve is controlled by Brazilian planemaker Embraer SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERJ#NYSE">ERJ</a>).
It has received potential orders for 2,900 eVTOL aircraft from 30 customers around the globe and expects them to <a href="https://www.benzinga.com/news/23/11/36018355/embraer-controlled-eve-air-mobility-partners-with-flynas-to-explore-evtol-possibilities-in-saudi-ara">enter service in 2026</a>.
The company recently assembled its first full-scale eVTOL prototype at the Embarer test facility in Sao Paulo State. The company is now looking to conduct testing of the aircraft.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Elon Musk's Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: ‘Last Time Around He Endorsed Andrew Yang'</a></li>
</ul>
Photo courtesy: Eve Air Mobility

Embraer-Empresa Brasileira De Aeronautica

EVEX

Embraer-Controlled Eve Air Mobility Ropes In Former Rolls-Royce Exec As Chief Commercial Officer

<ul>
<li>SBC Medical scheduled to begin trading on Nasdaq on September 18, 2024 under the ticker symbol &quot;SBC&quot;</li>
<li>SBC Medical is a global owner, operator and provider of management services and products to cosmetic treatment centers</li>
</ul>

PTWO

Reported Earlier, SBC Medical Group And Pono Capital Two Close Business Combination, Shares To Trade On Nasdaq Under "SBC"

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4256575-1&amp;h=1271591985&amp;u=https%3A%2F%2Fclarivate.com%2F&amp;a=Clarivate+Plc" target="_blank">Clarivate Plc</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLVT#NYSE">CLVT</a>), a leading global provider of transformative intelligence, today launched&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4256575-1&amp;h=4137271713&amp;u=https%3A%2F%2Fexlibrisgroup.com%2Fproducts%2Fprimo-discovery-service%2F&amp;a=Primo%E2%84%A2+Research+Assistant" target="_blank">Primo&trade; Research Assistant</a>. Developed in collaboration with partners from the library community, the new generative AI-powered library discovery solution offers a seamless experience for students and researchers. It provides immediate answers to natural language queries and offers expansive visibility into sources and references.&nbsp;
<a href="https://mma.prnewswire.com/media/1159266/Clarivate_Logo.html" target="_blank"><img alt="(PRNewsfoto/Clarivate Analytics)" src="https://mma.prnewswire.com/media/1159266/Clarivate_Logo.jpg" /></a>
Yariv Kursh, Senior Vice President at Ex Libris&trade;, part of Clarivate&trade; said: &quot;Primo Research Assistant harnesses responsible academic AI to ensure that students and researchers have access to reliable and trustworthy sources, helping to nurture their curiosity and confidence to push the boundaries of knowledge. By partnering with the community, Clarivate is committed to responsibly applying AI, identifying where AI brings most value and developing best practices.&quot;
Primo Research Assistant, part of Primo Discovery solution, is built based on a Retrieval Augmented Generation (RAG) architecture and grounded in the Ex Libris Central Discovery Index (CDI), which contains over 5 billion records from thousands of publishers, aggregators and repositories.
Key features include:
<ul>
<li>Semantic search and natural language queries: Users can interact with the system using everyday language, making the search process more intuitive.</li>
<li>AI-powered answers with references to sources used: The tool provides immediate answers based on the top five abstracts, with links to the full text and the complete result list.</li>
<li>Search suggestions: The assistant offers suggestions to help users expand their topics and delve deeper into their research.</li>
<li>Non-English query support: Users can ask questions and receive answers in multiple non-English languages.</li>
</ul>
To ensure the product was designed to fit the needs of librarians and their end users, the product was created in close partnership with development partners. The Primo Research Assistant beta program began in&nbsp;June 2024&nbsp;and featured 18 institutions across 10 different countries/regions. The group of beta testers includes representatives from various cultural and language backgrounds and reflects the diversity of the global academic community.
<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4256575-1&amp;h=3616544955&amp;u=https%3A%2F%2Fexlibrisgroup.com%2Fblog%2Fartificial-intelligence-blog-series-meet-primo-research-assistant-2%2F&amp;a=Summon+Research+Assistant" target="_blank">Summon Research Assistant</a>, first announced in&nbsp;June 2024, will launch in&nbsp;Q1&nbsp;2025.

CLVT

Clarivate Introduces Primo Research Assistant, Offering AI-Powered Solutions for Students and Researchers

Reported Earlier, Sunrun Prices $365M In Securitized Solar & Battery Leases, Marking Third Issuance Of 2024

First-in-class PD-1/IL-2&alpha;-bias&nbsp;bispecific antibody fusion protein IBI363 combined with bevacizumab in patients with advanced colorectal cancer: Results from Phase 1 study
This Phase 1 study was conducted to evaluate the safety, tolerability and preliminary efficacy of IBI363 combined with bevacizumab in subjects with advanced colorectal cancer.
A total of 35 subjects received treatment of IBI363 combined with bevacizumab, demonstrating promising anti-tumor efficacy with good tolerability and safety
<ul>
<li>As of the data cutoff date (Aug 30, 2024), a total of 35 subjects with advanced colorectal cancer received combination treatment at 3 different dose levels (0.6 mg/kg IBI363 combined with 5 mg/kg bevacizumab Q2W, 1 mg/kg IBI363 combined with 5 mg/kg bevacizumab Q2W, and 1.5 mg/kg IBI363 combined with 7.5 mg/kg bevacizumab Q3W). Among them,&nbsp;91.4%&nbsp;of the subjects had advanced colorectal cancer with microsatellite stable (MSS) or proficient mismatch repair (pMMR), and the MSI/MMR status was unknown in&nbsp;8.6%&nbsp;subjects.&nbsp;91.4%&nbsp;of the subjects had previously received 2 or more lines of systemic anti-tumor treatment.&nbsp;51.4%&nbsp;of the subjects had liver metastases.&nbsp;25.7%&nbsp;of the subjects had received prior immunotherapy.&nbsp;40%&nbsp;of the subjects had KRAS/NRAS exon 2/3/4 mutations.</li>
<li>The most common treatment related adverse events (TRAEs) were arthralgia, thyroid disorders, and rash. The total incidence of TRAEs &ge;&nbsp;grade 3 was&nbsp;22.9%. Immune related adverse events (irAEs) &ge;&nbsp;grade 3 occurred in&nbsp;5.7%&nbsp;of subjects. The safety profile of the combination regimen was similar to that of IBI363 monotherapy, and no new safety signals were identified.</li>
</ul>

IVBIY

Reported Earlier, Innovent Presents Phase 1 Clinical Data Of IBI363 PD-1/IL-2α-Bias Bispecific Antibody Fusion Protein In Colorectal Cancer At ESMO 2024

Ahead of the 2024 presidential election, former President Donald Trump has made headlines with his latest trade policy proposal, promising hefty tariffs on vehicles produced by alleged Chinese factories in Mexico.
What Happened: Trump reiterated claims about Chinese automakers building large factories in Mexico, during a town hall event in Flint, Michigan, the Associated Press <a href="https://apnews.com/article/trump-auto-industry-tariffs-false-chinese-factories-0f024d98e25a361db35761b2fb740e3b">reported</a> on Tuesday
Trump pledged to impose 200% tariffs on vehicles produced by these unbuilt factories and shipped to the U.S. He also claimed that if Vice President Kamala Harris is elected, the U.S. auto industry would vanish within two to three years due to EV production moving to China.
"If I don't win, you will have no auto industry within two to three years," Trump said.
&#8220;You will not have any manufacturing plants. China is going to take over all of them because of the electric car."
Despite Trump&#8217;s assertions, auto industry employment has increased since President Joe Biden took office in January 2021. According to the Bureau of Labor Statistics, auto jobs rose 13.6% to 1.07 million in August.
Trump stated that his tariffs would make Chinese vehicles built in Mexico unsellable in the U.S., forcing automakers to establish factories in the U.S. He also promised tariffs on vehicles from countries that tax U.S.-made vehicles.
However, industry analysts indicate there are no large Chinese-owned auto factories under construction in Mexico, with only one small assembly plant operated by JAC. The Harris campaign responded, asserting that a second Trump term would harm auto jobs and benefit China, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40890618/peter-schiff-says-unlikely-that-fed-rate-cuts-will-lower-borrowing-costs-predicts-rising-mortgage-ra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says Unlikely That Fed Rate Cuts Will Lower Borrowing Costs, Predicts Rising Mortgage Rates And Dollar Collapse — Suggests 100 Basis Points Rate Hike As Cure</a>
Why It Matters: Trump&#8217;s tariff proposals have been a recurring theme in his campaign. Last week, a strategist from Commerzbank AG warned that Trump&#8217;s plan to enforce <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40773903/trumps-100-tariff-plan-for-dollar-dominance-could-backfire-warns-expert-that-change">dollar dominance through 100% tariffs</a> could disrupt the global economic system and weaken the U.S. currency.
During a presidential debate, Vice President Harris <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">criticized Trump&#8217;s tariff policy</a>, labeling it a &#8220;Trump sales tax&#8221; that would impose a 20% tax on everyday goods, affecting middle-class families. Trump defended his tariffs, proposing additional duties of 60% to 100% on China.
Jason Furman, an economist from former President Barack Obama&#8216;s administration, questioned the logic behind Trump&#8217;s tariffs, <a href="https://www.benzinga.com/news/24/09/40824903/obama-era-economist-blasts-trump-tariffs-who-do-you-think-is-going-to-pay-for-all-the-foreign-tariff">highlighting the potential economic repercussion</a>s and who would bear the cost of retaliatory measures from other countries.
Earlier in July, Goldman Sachs chief economist Jan Hatzius stated that Trump&#8217;s proposed 10% across-the-board tariff on U.S. imported goods could lead to a trade war, causing significant monetary policy shocks and <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach">increasing inflation across the U.S</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40895240/wall-street-could-head-higher-as-traders-look-forward-to-retail-sales-data-ahead-of-fed-decision?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Firm Up Ahead Of Retail Sales Data</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Trump Vows 200% Tariffs On Chinese-Made Cars In Mexico, Warns Of US Auto Industry Collapse If Kamala Harris Wins In 2024

Endava plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAVA#NYSE">DAVA</a>) will release earnings results for its fourth quarter, before the <a href="https://www.benzinga.com/quote/DAVA/earnings">opening bell on Thursday, Sept. 19</a>.
Analysts expect the UK-based company to report quarterly earnings at 30 cents per share, down from 71 cents per share in the year-ago period. Endava is projected to post revenue of $256.75 million, compared to $237.01 million a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On May 23, Endava posted third-quarter adjusted earnings of £0.22 per share on sales of £174.365 million.
Endava shares fell 8% to close at $29.40 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/587f78d077f9dd000126ef10/bryan-bergin">TD Cowen analyst Bryan Bergin</a> maintained a Buy rating and cut the price target from $46 to $42 on May 24. This analyst has an accuracy rate of 64%.</li>
<li>Needham analyst Mayank Tandon maintained a Buy rating and slashed the price target from $50 to $42 on May 24. This analyst has an accuracy rate of 73%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/598354bdc1f558000155ebc3/moshe-katri">Wedbush analyst Moshe Katri </a>maintained an Outperform rating and cut the price target from $65 to $50 on May 23. This analyst has an accuracy rate of 70%.</li>
<li>JP Morgan analyst Tien-Tsin Huang maintained an Overweight rating and cut the price target from $49 to $43 on May 2. This analyst has an accuracy rate of 64%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5845b510ee7bf6000154d079/james-faucette">Morgan Stanley analyst James Faucette </a>maintained an Equal-Weight rating with a price target of $40 on April 22. This analyst has an accuracy rate of 65%.</li>
</ul>
Considering buying DAVA stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18025333/image-133-1024x510.png" alt="" class="wp-image-553166" style="width:665px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18025333/image-133-1024x510.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18025333/image-133-300x149.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18025333/image-133-768x382.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18025333/image-133.png 1352w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next:<a href="Cramer: Hewlett Packard Is A 'Very Inexpensive' Stock, Likes This Big Tech Stock"> </a>
<ul>
<li><a href="https://www.benzinga.com/24/09/40898216/cramer-hewlett-packard-is-a-very-inexpensive-stock-likes-this-big-tech-stock">Cramer</a><a href="Cramer: Hewlett Packard Is A 'Very Inexpensive' Stock, Likes This Big Tech Stock">: Hewlett Packard Is A &#8216;Very Inexpensive&#8217; Stock, Likes This Big Tech Stock</a></li>
</ul>

Earnings

Price Target

Analyst Ratings

Trading Ideas

DAVA

Top Wall Street Forecasters Revamp Endava Price Expectations Ahead Of Q4 Earnings

The Company priced the offering of&nbsp;$500 million&nbsp;aggregate principal amount of its&nbsp;4.625%&nbsp;senior secured notes due 2029 (the &quot;2029 Notes&quot;) and&nbsp;$500 million&nbsp;aggregate principal amount of its&nbsp;5.050%&nbsp;senior secured notes due 2034 (the &quot;2034 Notes&quot;, and together with the 2029 Notes, the &quot;Notes&quot;). The Notes will pay interest semi-annually in arrears, on&nbsp;April 15th&nbsp;and&nbsp;October 15th&nbsp;of each year, beginning on&nbsp;April 15, 2025. The 2029 Notes will mature on&nbsp;October 15, 2029&nbsp;and the 2034 Notes will mature on&nbsp;October 15, 2034, unless earlier redeemed or repurchased.&nbsp;

Reported Earlier, Universal Health Services Prices $1B Senior Secured Notes Offering With Maturities In 2029 And 2034

The Maine Public Utilities Commission approved Avangrid&#39;s request for an exemption from approval requirements for a change in ownership

IBDRY

Reported Earlier, Avangrid Secures Merger Exemption From Maine PUC, Paving Way For Iberdrola's Full 100% Ownership

Labcorp Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LH#NYSE">LH</a>) (Labcorp) announced today that its wholly owned subsidiary, Laboratory Corporation of America Holdings (LCAH), has priced its offering of&nbsp;$2,000,000,000&nbsp;in senior notes (the Offering). The Offering consists of three tranches:&nbsp;$650,000,000&nbsp;aggregate principal amount of&nbsp;4.350%&nbsp;Senior Notes due 2030 (the 2030 Notes),&nbsp;$500,000,000&nbsp;aggregate principal amount of&nbsp;4.550%&nbsp;Senior Notes due 2032 (the 2032 Notes) and&nbsp;$850,000,000&nbsp;aggregate principal amount of&nbsp;4.800%&nbsp;Senior Notes due 2034 (the 2034 Notes and, together with the 2030 Notes and the 2032 Notes, the Notes).

Laboratory Corporation Of America Holdings

Reported Earlier, Labcorp Prices $2B Senior Notes Offering Across Three Tranches With Maturities In 2030, 2032, And 2034

The Company intends to use a portion of the net proceeds of the offering to redeem its outstanding&nbsp;6.15%&nbsp;Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, and use any remaining proceeds for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

Reported Earlier, Air Lease Prices $300M Offering Of 6.00% Fixed-Rate Reset Preferred Stock, Series D

Sen. Cynthia Lummis (R-Wyo.) on Tuesday slammed President Joe Biden for permitting delays in deploying EV charging infrastructure in the state of California where <a href="https://www.benzinga.com/startups/24/08/40597630/while-california-leads-in-evs-these-two-states-are-way-behind-with-the-fewest-per-100-000-people">EV adoption is highest</a>.
What Happened: &#8220;Tell me, President Biden, how do you expect to power America's electric vehicles by 2030 if California, the state with the most EV's, is taking up to 9 years to power theirs?&#8221; Lummis wrote on social media platform X, formerly Twitter.
&#8220;This unrealistic mandate puts CA years behind your schedule,&#8221; the Republican from Wyoming 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">Tell me, <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a>, how do you expect to power America's electric vehicles by 2030 if California, the state with the most EV's, is taking up to 9 years to power theirs? This unrealistic mandate puts CA years behind your schedule.<a href="https://t.co/C9bNADDyDd">https://t.co/C9bNADDyDd</a>
&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1836178325934375274?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Lummis is referring to the California Public Utilities Commission&#8217;s decision last week to allow Pacific Gas and Electric Company, San Diego Gas &amp; Electric Company, and Southern California Edison Company 3,242 calendar days, or nearly nine years, to put up a new substation.
Why It Matters: California is the fastest adopter of EVs compared to the rest of the U.S. In the second quarter, 118,181 electric vehicles were sold in California and 390,036 across the country, meaning California accounts for about 30% of the country&#8217;s overall EV sales.
Last month, California Governor Gavin Newsom said that the number of EV chargers in the state has surpassed 150,000 including <a href="https://www.benzinga.com/government/24/08/40596240/us-says-public-ev-chargers-doubled-after-biden-took-over-white-house-from-trump-but-data-shows-that">public and shared private chargers</a>. Besides the public network, there are over 500,000 private home chargers in the state.
California is aiming to make all new car sales zero emission by 2035. The Biden government, meanwhile, is looking to make half of all new vehicles sold in the country by 2030 <a href="https://www.benzinga.com/news/24/08/40482862/former-tesla-exec-says-harris-not-trump-will-be-far-better-for-ev-giants-long-term-success-still-tru">zero-emission vehicles </a>and to build a charging network of 500,000 chargers. 
According to the Department of Energy&#8217;s data center, there are currently over 196,000 public EV charging ports available across the U.S. at over 72,000 station locations. Of these, nearly 2000 ports have received permits or are under construction and nearly 11,000 are temporarily out of service or offline. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election">Former Tesla Exec Says Elon Musk&#8217;s Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: &#8216;Last Time Around He Endorsed Andrew Yang&#8217;</a></li>
</ul>
Photo courtesy: Unsplash

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