Latest news for  (OTC:AFFS) Stock

On Wednesday, the Federal Trade Commission (FTC) said Ryan Cohen, managing partner of RC Ventures and Chairman and CEO of GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), will pay a $985,320 civil penalty.
This <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/09/gamestop-ceo-ryan-cohen-pay-nearly-1-million-penalty-settle-antitrust-law-violation" rel="noreferrer noopener">fine</a> stems from charges that Cohen violated the Hart-Scott-Rodino (HSR) Act by failing to file the necessary paperwork during his acquisition of shares in Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>).
Cohen&#8217;s actions resulted in an acquisition that exceeded HSR filing thresholds, triggering the need for federal antitrust agencies to review the deal.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40816734/gamestop-analyst-says-retailer-could-close-all-stores-operate-as-bank-to-manage-los" rel="noreferrer noopener">GameStop Analyst Says Retailer Could Close All Stores, Operate As Bank To Manage Losses</a>.
According to the FTC&#8217;s complaint, Cohen&#8217;s purchase of more than 562,000 Wells Fargo voting securities required him to file an HSR form and wait for regulatory clearance before completing the transaction.
The HSR Act mandates that companies and individuals report large transactions to the FTC and the Department of Justice (DOJ) to allow for federal review.
As per the complaint, Cohen <a target="_blank" href="https://www.ftc.gov/system/files/ftc_gov/pdf/Cohen-Complaint-filed.pdf" rel="noreferrer noopener">acquired</a> 562,077 voting securities in Wells Fargo in March 2018, which resulted in his aggregated holdings of Wells Fargo securities exceeding the $100 million threshold, which in March 2018 was $168.8 million.
Cohen&#8217;s acquisition was not exempt under the Investment-Only Exemption of the HSR Act.
His emails and interactions with Wells Fargo&#8217;s leadership, where he advocated for a board seat and suggested business improvements, indicated an intent to influence the company&#8217;s operations. This intent disqualified his holdings from being considered passive investments.
In January 2021, Cohen made a corrective filing under the HSR Act for the March 2018 voting securities acquisition.
Under the law, finalizing a deal during the 30-day investigation period without approval is prohibited. At the time of Cohen&#8217;s violation, the maximum civil penalty for such infractions was $43,792 per day.
The FTC&#8217;s decision to settle the case and forward it to the DOJ for filing was unanimous, with a 5-0 vote.
Last week, GameStop reported second-quarter net sales of $798.0 million, down from $1.16 billion a year ago and missing the consensus of $895.7 million.
The video game retailer reported a profit of 1 cent per share, beating a Street consensus estimate of a loss <a target="_blank" href="https://www.benzinga.com/news/earnings/24/09/40803991/gamestop-q2-earnings-highlights-revenue-miss-eps-beat-cash-update-and-more" rel="noreferrer noopener">of 9 cents per share</a>.
Price Action: GME stock is up 1.50% at $19.94 during the premarket session at last check Thursday.
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Photo: Courtesy of Bill Jerome on Flickr

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General

GameStop CEO Ryan Cohen Penalized Nearly $1M Over Wells Fargo Share Acquisition

Wall Street analysts are increasing their expectations for further interest rate cuts following the Federal Open Market Committee&#8217;s decision to slash rates by a substantial <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">50 basis points on Wednesday. </a>
Even Fed Chair <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">Jerome Powell&#8216;s cautious remarks</a>, which initially rattled the markets, have not dampened the belief that the central bank is heading toward a more aggressive easing stance.
&#8220;The Fed attempted to sell its 50bp rate cut today as a &#8216;recalibration&#8217; of policy rates, rather than a sign of concern about the health of the labor market,&#8221; said Bank of America U.S. economist Aditya Bhave.
Bhave expects another 75 basis points of cuts in the fourth quarter and 125 basis points by 2025, bringing the neutral rate to a range of 2.75%-3%.
The S&amp;P 500 index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), initially reached record highs after the rate cut decision but pulled back during Powell&#8217;s press conference.
The index is expected to open to all-time highs on Thursday amid a strong rally <a href="https://www.benzinga.com/premarket">during premarket trading. </a>
Positive labor market data released Thursday indicated that weekly jobless claims declined by 17,000 to 214,000 for the week ending Sept. 14, well below expectations of 230,000. Continuing jobless claims also fell more than expected to 1.83 million, down from 1.843 million and below the predicted 1.85 million.
<h3 class="wp-block-heading">US Stock Market To Hit New Record Highs After Election?</h3>
A bold market call came from veteran Wall Street investor Ed Yardeni, who now predicts the easing stance from the Federal Reserve will propel the stock market to climb to new all-time highs after the November presidential election.
&#8220;Fed Chair Jerome Powell reiterated that the Fed&#8217;s main focus now is to keep a lid on the unemployment rate,&#8221; said Yardeni.
&#8220;Now that the Fed is stimulating the economy, the hard-landing crowd should disperse,&#8221; he added. 
<h3 class="wp-block-heading">Goldman Sachs Expects Rate Cuts At Each Meeting</h3>
&#8220;The greater urgency suggested by today's 50bp cut and the acceleration in the pace of cuts that most participants projected for 2025 makes a longer series of consecutive cuts the most likely path,&#8221; said Goldman Sachs economist Jan Hatzius. 
Hatzius highlighted the significance of upcoming employment reports, indicating that the choice between a 25- and 50-basis-point cut in November could hinge on these data points.
The bond market is pricing in a 34-basis-point reduction for the next meeting, according to CME&#8216;s FedWatch tool. 
Goldman Sachs now projects a series of 25-basis-point cuts extending from November 2024 through June 2025, targeting a terminal rate of 3.25%-3.5%.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40934972/wall-street-primed-for-relief-rally-as-traders-eye-jobless-claims-fedex-earnings-after-feds-50-basi">Wall Street Primed For Relief Rally As Traders Eye Jobless Claims, FedEx Earnings After Fed&#8217;s 50 Basis-Point Cut: Strategist Says These Stocks Will Gain Edge In First 6 Months Of Rate Cut</a></li>
</ul>
Photo via Shutterstock.

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Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: 'The Hard-Landing Crowd Should Disperse,' Economist Says

RBC Capital analyst Ken Herbert maintains FTAI Aviation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) with a Outperform and raises the price target from $120 to $143.

Price Target

Analyst Ratings

FTAI

RBC Capital Maintains Outperform on FTAI Aviation, Raises Price Target to $143

JP Morgan analyst John Royall downgrades Casey's General Stores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) from Neutral to Underweight and raises the price target from $300 to $337.

Downgrades

CASY

JP Morgan Downgrades Casey's General Stores to Underweight, Raises Price Target to $337

WIIM

Signing Day Sports shares are trading higher after the company announced it will acquire sports gaming technology company Swifty Global.

JP Morgan analyst John Royall downgrades Murphy USA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUSA#NYSE">MUSA</a>) from Neutral to Underweight and raises the price target from $415 to $435.

MUSA

JP Morgan Downgrades Murphy USA to Underweight, Raises Price Target to $435

Leerink Partners analyst Michael Cherny maintains Progyny (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>) with a Market Perform and lowers the price target from $25 to $21.

PGNY

Leerink Partners Maintains Market Perform on Progyny, Lowers Price Target to $21

<a href="https://www.astrazeneca-us.com/media/press-releases/2024/astrazeneca-announces-start-of-recruitment-in-2-new-phase-iii-trials-evaluating-saphnelo-in-cle-and-in-iim.html" title="https://www.astrazeneca-us.com/media/press-releases/2024/astrazeneca-announces-start-of-recruitment-in-2-new-phase-iii-trials-evaluating-saphnelo-in-cle-and-in-iim.html">https://www.astrazeneca-us.com/media/press-releases/2024/astrazeneca-announces-start-of-recruitment-in-2-new-phase-iii-trials-evaluating-saphnelo-in-cle-and-in-iim.html</a>

Biotech

AstraZeneca Initiates Recruitment For Two New Phase III Trials Investigating SAPHNELO In Cutaneous Lupus Erythematosus (LAVENDER) And Idiopathic Inflammatory Myopathies (JASMINE)

The New Rack-Scale Ready FlexTwin&#x2122; Systems Deliver Unprecedented Compute-Density in a Multi-Node Form Factor, with DLC dual CPUs up to 500W Each per Node, Front Node Access and Optimized Networking&nbsp;
SAN JOSE, Calif., Sept. 19, 2024 /PRNewswire/ -- Supermicro, Inc. (NASDAQ:<a href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) a Total IT Solution Provider for AI/ML, HPC, Cloud, Storage, and 5G/Edge is announcing the all-new FlexTwin family of systems which has been designed to address the needs of scientists, researchers, governments, and enterprises undertaking the world's most complex and demanding computing tasks. Featuring flexible support for the latest CPU, memory, storage, power and cooling technologies, FlexTwin is purpose-built to support demanding HPC workloads including financial services, scientific research, and complex modeling. These systems are cost-optimized for performance per dollar and can be customized to suit specific HPC applications and customer requirements thanks to Supermicro's modular Building Block Solutions&#xAE; design.

SMCI

Supermicro Announces The All-New FlexTwin Family Of Systems Which Has Been Designed To Address The Needs Of Scientists, Researchers, Governments, And Enterprises Undertaking The World's Most Complex And Demanding Computing Tasks

JP Morgan analyst Jessica Fye downgrades Halozyme Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>) from Overweight to Neutral and raises the price target from $52 to $57.

HALO

JP Morgan Downgrades Halozyme Therapeutics to Neutral, Raises Price Target to $57

RBC Capital analyst Gregory Renza reiterates Agios Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGIO#NASDAQ">AGIO</a>) with a Outperform and maintains $55 price target.

Reiteration

AGIO

RBC Capital Reiterates Outperform on Agios Pharmaceuticals, Maintains $55 Price Target

Semiconductor stocks especially the ones linked to artificial intelligence technology led by Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), Super Micro Computer, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) picked up after the U.S. Federal Reserve cut <a target="_blank" href="https://in.benzinga.com/markets/equities/24/09/40932103/it-stocks-on-the-rise-after-u-s-fed-cuts-interest-rate" rel="noreferrer noopener">benchmark interest rate</a> to spur growth.
The U.S. Federal Reserve decided to cut its benchmark interest rate by 50 basis points in a first since 2020, setting the interest rate at 4.75% and 5%. The cut is expected to boost discretionary spending by the companies.
The rate cut will be a welcome move, as semiconductor companies have invested heavily in Big Tech (including Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>), Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Google parent Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)) spending on their artificial intelligence ambitions, which entail substantial capital expenditures.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40926422/super-micro-poised-for-expansion-as-gross-margin-concerns-ease-internal-control-risks-priced-in-anal" rel="noreferrer noopener">Super Micro Poised for Expansion as Gross Margin Concerns Ease, Internal Control Risks Priced In: Analyst</a>
The semiconductor companies are also under pressure due to the U.S. sanctions on China, a crucial market. Therefore, U.S. investors and the semiconductor chiefs closely watch the agenda of the next President, expecting a softer stance on China.
As per <a target="_blank" href="https://www.benzinga.com/news/24/09/40790177/harris-vs-trump-us-stocks-face-growing-risks-amid-economic-uncertainty-and-upcoming-presidential-ele" rel="noreferrer noopener">a CNBC survey</a>, Republican candidate Donald Trump appeared to be an investor favorite as the S&amp;P 500 and Nasdaq noted significant upside during Trump's tenure as President.
However, the current Biden administration has started doling out semiconductor grants to the companies to consolidate its position.
Contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), a crucial AI chip supplier for U.S. semiconductor companies, remains hugely invested in <a target="_blank" href="https://www.benzinga.com/news/24/09/40928754/what-has-taiwan-semiconductor-stock-done-since-nvidia-earnings" rel="noreferrer noopener">its Arizona fab construction</a> to produce AI chips after bagging U.S. chip subsidies. It recently secured two smartphone chip deals from Google and Apple.
Price Actions: NVDA stock is up 3.16% at $116.95 premarket at last check Thursday. AMD is up 3.74% at $153.84, AVGO is up 3.45% at $167.25, SMCI is up 3.00% at $450.00, TSM is up 2.80% at $171.97, INTC is up 2.31% at $21.25, ARM is up 3.78% at $143.59.
Photo via Shutterstock

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NVDA

What's Going On With AI Related Stocks Nvidia, AMD, Broadcom And Super Micro On Thursday?

Zeta Marketing Platform brings next-generation AI capabilities to enhance Yahoo marketing and amplify precision and reach for brands
Zeta Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>), the AI-powered marketing Cloud, and Yahoo, a global media and tech company that serves as the trusted guide to the internet for hundreds of millions of people globally, today announced plans to migrate Yahoo's email marketing to the Zeta Marketing Platform (ZMP). Additionally, Zeta's Data Cloud is now interoperable with Yahoo ConnectID, enabling Yahoo DSP users to seamlessly activate audiences to deliver higher returns on investment.

ZETA

Zeta Global And Yahoo Announces Plans To Migrate Yahoo's Email Marketing To The Zeta Marketing Platform, Zeta's Data Cloud Is Now Interoperable With Yahoo ConnectID, Enabling Yahoo DSP Users To Seamlessly Activate Audiences To Deliver Higher Returns On Investment

GRYP

Gryphon Digital Mining Terminates Robby Chang As CEO And President, Appoints Steve Gutterman As New CEO Effective September 17, 2024

JP Morgan analyst Matthew Boss downgrades Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) from Neutral to Underweight and raises the price target from $89 to $95.

FIVE

JP Morgan Downgrades Five Below to Underweight, Raises Price Target to $95

INAQ's Special Meeting of Stockholders to Approve the Business Combination Scheduled to be Held on October 14, 2024
CORNELIUS, N.C. and NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Alpha Modus Corp. ("Alpha Modus"), a technology company with a core focus on artificial intelligence in retail, and Insight Acquisition Corp. ("Insight") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INAQ#NASDAQ">INAQ</a>), a publicly traded special purpose acquisition company, announced today that the U.S. Securities and Exchange Commission ("SEC") has declared effective the registration statement on Form S-4 (as amended, the "Registration Statement") filed with the SEC related to the previously announced business combination (the "Business Combination"). Insight has also filed with the SEC the definitive proxy statement for its special meeting of stockholders (the "Special Meeting"), to, among other things, approve the Business Combination. &nbsp;
Upon closing of the Business Combination, which is subject to stockholder approval, the combined company will operate as "Alpha Modus Holdings, Inc." and its common stock and warrants are expected to commence trading on the Nasdaq Global Market ("Nasdaq") under the tickers "AMOD" and "AMODW", respectively, shortly thereafter.
For additional details regarding the Business Combination, please see the sources described below under, "Important Information About the Proposed Business Combination and Where to Find It".

INAQ

Alpha Modus And Insight Acquisition Corp. Announce Effectiveness Of Form S-4 Registration Statement For Proposed Business Combination,  Expects To Commence Trading On The Nasdaq Global Market Under The Tickers "AMOD"

Leerink Partners analyst Mani Foroohar reiterates 4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) with a Outperform and lowers the price target from $40 to $36.

FDMT

Leerink Partners Reiterates Outperform on 4D Molecular Therapeutics, Lowers Price Target to $36

RBC Capital analyst Luca Issi reiterates Alnylam Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) with a Outperform and maintains $300 price target.

ALNY

RBC Capital Reiterates Outperform on Alnylam Pharmaceuticals, Maintains $300 Price Target

(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RENB#NASDAQ">RENB</a>) PersonalAIze and RenovaroCube are proud to announce a strategic partnership to develop, validate, and commercialize&nbsp;Cube's&nbsp;AI-driven, multi-omic&nbsp;platform for&nbsp;early detection of cancer and other diseases. This strategic partnership aims to provide services to many AI companies and healthcare systems while also creating the next generation of medical diagnostics through cutting-edge AI by driving greater accuracy, transparency, and trust in healthcare solutions.

RENB

PersonalAIze And RenovaroCube Announce A Strategic Partnership To Develop, Validate, And Commercialize Cube's AI-Driven Platform For Early Detection Of Cancer And Other Diseases

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