Latest news for Aimia (OTC:AIMFF) Stock

Aimia Inc is a holding company with a focus on making long term investments in public and private companies globally, through controlling or minority stakes. The company through its own operations and subsidiaries operates three reportable and operating segments, namely, Bozzetto, Cortland International and Holdings. The geographic segment are Europe, Asia & Oceania, Americas and Africa/Middle East. It generates maximum revenue from Europe.

Aimia Inc

Werner Enterprises&#39; (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wern#NASDAQ">WERN</a>) top line is grappling with a freight market downturn, hurting the company&#39;s prospects. Elevated operating expenses are challenging the company&#39;s financial stability. Escalated labor and fuel costs are hurting WERN&#39;s bottom line, making it an unattractive choice for investors&#39; portfolios.
Let&#39;s delve deeper.
<h2>WERN: Risks to Watch</h2>
Southward Earnings Estimate Revision:The Zacks Consensus Estimate for current-quarter earnings has been revised 33.3% downward in the past 60 days. For the current year, the consensus mark for earnings has moved 26% south in the same time frame. The unfavorable estimate revisions indicate brokers&#39; lack of confidence in the stock.
Weak Zacks Rank: Werner Enterprises currently carries a Zacks Rank #5 (Strong Sell).
Unimpressive Price Performance: WERN shares have declined 7% in the past year against the industry&#39;s 0.2% rise.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f1/78379.jpg?v=444018168" />
Image Source: Zacks Investment Research
Bearish Industry Rank: The industry to which Werner Enterprises belongs currently has a Zacks Industry Rank of 222 (out of 251). Such an unfavorable rank places it in the bottom 11% of Zacks Industries.Studies show that 50% of a stock price movement is directly related to the performance of the industry group it belongs to.
A mediocre stock within a strong group is likely to outclass a robust stock in a weak industry. Reckoning the industry&#39;s performance becomes imperative.
High Costs:&nbsp; High operating expenses are hurting WERN&#39;sbottom line, challenging its financial stability. The surge in operating expenses was caused by increased labor and fuel costs. In the second quarter of 2024, labor costs, comprising salaries and benefits, accounting for 35.1% of the total operating expenses, amounted to $741.2 million. Fuel costs totaled $72 million.
The freight market downturn does not bode well for the company&#39;s prospects. As a result, the top line fell by 6% year over year.
The persistent driver crisis in the trucking industry is worsening supply-chain challenges across the United States. Driver scarcity issues limit trucking capacity, making it difficult for trucking companies like WERN. American Trucking Associations&#39; chief economist, Bob Costello, expects the trucking industry to be short of more than&nbsp;160,000 drivers by 2030.
<h2>Stocks to Consider</h2>
Some better-ranked stocks for investors&#39; consideration in the Zacks Transportation sector include C.H. Robinson Worldwide (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chrw#NASDAQ">CHRW</a>) and Westinghouse Air Brake Technologies (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wab#NYSE">WAB</a>).
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy).&nbsp;CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 61% in the past year.
<a href="https://www.zacks.com/stock/news/2338348/here-s-why-investors-should-give-wern-stock-a-miss-now?cid=CS-BENZ-FT-analyst_blog|rank_focused-2338348">To read this article on Zacks.com click here.</a>

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CHRW

WERN

Here's Why Investors Should Give WERN Stock a Miss Now

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$BTC

Benzinga Market Summary: Stocks Across Sectors Rise On Rate Cut, Gold And Bitcoin Gain

Benchmark analyst Christopher Kuhn reiterates XPO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) with a Buy and maintains $140 price target.

Price Target

Reiteration

Benchmark Reiterates Buy on XPO, Maintains $140 Price Target

JP Morgan analyst Sebastiano Petti maintains T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) with a Overweight and raises the price target from $220 to $230.

TMUS

JP Morgan Maintains Overweight on T-Mobile US, Raises Price Target to $230

WIIM

SCCO

TECK

Shares of copper stocks are trading higher amid a rise in the metal's price after the Fed cut rates by 50 basis points at the FOMC yesterday.

Chevron Corporation&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) Chevron Shipping Company, in partnership with Wärtsilä, will convert engines on six <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40920735/chevron-slams-bidens-lng-export-pause-touts-natural-gas-for-ai-growth-report" rel="noreferrer noopener">liquefied natural gas</a> (LNG) carriers from dual-fuel to spark gas operation to cut methane<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40934277/chevron-shipping-w-rtsil-partner-to-lower-methane-emissions-on-lng-carriers" rel="noreferrer noopener"> emissions and support its carbon reduction goals</a>.
The order for the first two vessels was placed in the third quarter of 2024 after two years of collaboration.
The company believes that reducing methane emissions is crucial for lowering carbon intensity.
Wärtsilä&#8217;s 50DF to SG engine conversion aims to address this by switching from diesel pilot fuel to spark ignition, optimizing combustion to reduce methane slip and enhance efficiency.
&#8220;Chevron Shipping aims to reduce methane emissions intensity of our LNG fleet in support of a lower carbon future,&#8221; said Barbara Pickering, president of Chevron Shipping.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40920735/chevron-slams-bidens-lng-export-pause-touts-natural-gas-for-ai-growth-report" rel="noreferrer noopener">Chevron Slams Biden&#8217;s LNG Export Pause, Touts Natural Gas For AI Growth: Report</a>
This week, in a speech at the GasTech conference in Houston on Tuesday,&nbsp;CEO&nbsp;Michael Wirth predicted that the permitting halt will lead to higher energy costs, jeopardize supplies for America&#8217;s European allies, and increase emissions by delaying the shift from coal to gas.
Wirth predicted that the permitting halt will lead to higher energy costs, jeopardize supplies for America&#8217;s European allies, and increase emissions by delaying the shift from coal to gas.
Last week, Chevron Shipping teamed up with&nbsp;Mitsui O.S.K. Lines (MOL) to install the Wind Challenger, a wind-assisted&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40858554/chevron-takes-step-towards-greener-shipping-details" rel="noreferrer noopener">propulsion&nbsp;system, on a new LNG carrier</a>.
Investors can gain exposure to the stock via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Price Action: CVX shares are up 1.27% at $145.78 at the last check Thursday.
Photo by Jonathan Weiss on Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40937873" target="_blank" rel="noreferrer noopener">Walmart Steps Up Holiday Game, Inflation-Free Thanksgiving Meal Returns</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Contracts

DRLL

Chevron Takes Steps To Reduce Methane Emissions From LNG Carriers

Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) has surged 17% over the past 24 hours, following a wider market rally in light of the Federal Reserve&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40933361/jim-cramer-predicts-no-huge-run-for-tech-stocks-after-federal-reserve-cuts-rate-it-">interest rate cut</a>.
What Happened: Crypto trader Bleeker <a href="https://x.com/__bleeker/status/1836664373403631827">stated</a> that while the timeline is silent on WIF, he is "enjoying that."  He predicts nothing less than a 100% price breakout for WIF.
Bleeker also restated his Sep. 10 prediction that Dogwifhat is approaching its important $1.70-$1.75 resistance, where it could either break out to $1.95 or drop to $1.45. He had <a href="https://x.com/__bleeker/status/1833227125819576464">concluded</a> that it is "starting to look very constructive on its SOL pairing, nearing a break-up."
Another crypto trader, RookieXBT, <a href="https://x.com/RookieXBT/status/1836715032496713773">predicts</a> that WIF is going to erase six months&#8217; worth of downtrend in two to three weeks.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> has broken out! Our prediction is playing out well &#x1f91d; 1st target: $1.7 2nd target: $2.3 <a href="https://t.co/ehxGxK8jsf">https://t.co/ehxGxK8jsf</a> <a href="https://t.co/ND6Scrkjje">pic.twitter.com/ND6Scrkjje</a>
&mdash; Dami-Defi (@DamiDefi) <a href="https://twitter.com/DamiDefi/status/1836695774404420006?ref_src=twsrc%5Etfw">September 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40714959/floki-inu-doge-of-this-bull-run-drops-23-in-seven-days-opportunity-to-accumulate-once-agai">Floki Inu &#8216;DOGE Of This Bull Run&#8217; Drops 23% In Seven Days, &#8216;Opportunity To Accumulate Once Again&#8217;</a>
American cryptocurrency exchange Gemini announced on Thursday that Dogwifhat is now available on the exchange for trading, spurring on the meme coin&#8217;s 17% daily gains.
While traders currently remain bullish on the meme coin, it is important to note that cryptocurrency volatility could cause significant price fluctuations. &nbsp;&nbsp;
What&#8217;s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40526402/the-largest-holder-of-shiba-inus-rival-dogwifhat-is-up-68m-on-their-wif-but-just-started-a">The Largest Holder Of Shiba Inu&#8217;s Rival Dogwifhat Is Up $68M On Their WIF But Just Started Accumulating More</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

$WIF

'Shiba Inu Killer' Dogwifhat Erupts For 17% Gain, Will Erase 'Six Months Of Downtrend In 2-3 Weeks,' According To Trader

SPDR Dow Jones Industrial Average ETF Trust

Major indexes are higher following the Fed's Wednesday rate cut.

Benchmark analyst Christopher Kuhn reiterates Saia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) with a Buy and maintains $480 price target.

SAIA

Benchmark Reiterates Buy on Saia, Maintains $480 Price Target

Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) shares are trading higher by 4.63% to $194.75 during Thursday&#8217;s session. Shares of semiconductor and chip stocks are trading higher following Wednesday&#8217;s rate cut, which has lifted growth stocks and rate-sensitive sectors such as tech.
Wall Street analysts also raised expectations for more rate cuts after the Federal Open Market Committee slashed rates by <a href="http://Wall Street analysts are raising expectations for more rate cuts after the Federal Open Market Committee slashed rates by 50 basis points on Wednesday.">50 basis points</a>.
Why This Matters: Applied Materials is a key supplier of semiconductor manufacturing equipment, which makes it highly sensitive to changes in capital spending by chipmakers. Interest rate cuts directly impact the cost of borrowing for these manufacturers, making it cheaper to finance large projects like building new semiconductor fabs or upgrading existing facilities. 
This is significant because Applied Materials&#8217; revenue relies on selling expensive and specialized equipment for these facilities. When rates fall, companies like Intel, TSMC and Samsung are more likely to increase their capital expenditures on such projects, which directly boosts Applied Materials' sales.
The semiconductor industry also operates on rapid innovation cycles, driven by the need to create smaller, faster, and more efficient chips. Lower interest rates reduce the cost of financing research and development in both Applied Materials&#8217; customers and the company itself. 
This makes it easier for semiconductor companies to fund investments in advanced equipment necessary to produce cutting-edge technologies, which further drives demand for Applied's tools.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40941053/s-p-500-dow-jones-hit-record-highs-magnificent-7-add-400-billion-after-feds-histori">S&amp;P 500, Dow Jones Hit Record Highs: Magnificent 7 Add $400 Billion After Fed&#8217;s Historic Interest Rate Cut</a>
What Else: Growth companies, particularly those tied to long-term innovation like Applied Materials, tend to see their stock prices rise when interest rates fall. This is because lower rates increase the present value of their future earnings, making them more attractive to investors. 
With the cost of borrowing lower, both tech companies and their customers are more likely to invest in future growth, benefiting suppliers like Applied Materials.
Lower rates also stimulate broader economic activity by encouraging consumers and businesses to spend more. As consumer demand for electronics, smartphones, and computers rises, the semiconductor industry must ramp up production to meet that demand. 
This, in turn, could lead to greater demand for semiconductor manufacturing equipment, giving Applied Materials a potential revenue boost.
Traders and investors can gain exposure to through the SPDR S&amp;P 500 ETF Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NASDAQ">SPY</a>) and Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>).
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40940715/apple-revenue-growth-just-too-slow-for-investors-to-get-excited-about-analyst-highl">Apple Revenue Growth &#8216;Just Too Slow For Investors To Get Excited About&#8217;: Analyst Highlights Advertising As Future Catalyst</a>
<h2 class="wp-block-heading">How To Buy AMAT Stock</h2>
By now you're likely curious about how to participate in the market for Applied Materials &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
In the the case of Applied Materials, which is trading at $194.43 as of publishing time, $100 would buy you 0.51 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, AMAT has a 52-week high of $255.89 and a 52-week low of $129.21.

AMAT

Why Applied Materials (AMAT) Stock Is Rising

<a href="https://www.axios.com/2024/09/19/crypto-legislation-lame-duck-emmer-gillibrand-election">https://www.axios.com/2024/09/19/crypto-legislation-lame-duck-emmer-gillibrand-election</a>
&nbsp;
Crypto legislation could move forward as soon as the end of this calendar year, lawmakers said at Axios' State of Play for Crypto on Capitol Hill event in Washington, D.C., this morning.
Why it matters: The legislation could provide some of the regulatory certainty the crypto industry has been seeking.
Driving the news: Both Rep. Tom Emmer (R-Minn.) and Sen. Kirsten Gillibrand (D-N.Y.) said they were hopeful that some crypto bills could be introduced during the lame-duck session after the election.
<ul>
<li>"The one bill that's very well positioned is the one written through the Ag Committee on the CFTC regulatory oversight for digital commodities," Gillibrand said.</li>
<li>"They haven't introduced the actual compromise language yet, but I imagine after the election, it's a great time to do so," she added.</li>
</ul>
Between the lines: Emmer's hope for a "very productive" lame-duck is contingent in part on Republicans winning a clean sweep of the Presidential race and House and Senate majorities in the upcoming election.
<ul>
<li>[During] the lame duck, if [Republicans are] in control, Trump has already said he will be the crypto president," Emmer said.</li>
</ul>
Yes, but: Not everyone is keen on the substance of the bills being introduced.
<ul>
<li>Dennis Kelleher, CEO of the nonprofit group Better Markets, was critical of the selection of the CFTC to play a main regulatory role overseeing the crypto industry.</li>
<li>"The CFTC is the smallest financial regulatory agency, the most chronically underfunded and understaffed regulatory agency… which is why the industry is pushing to get the CFTC to be their regulator," he said.</li>
</ul>
&nbsp;
<ul>
<li>"Nowhere else would we let an industry pick its regulator," he added.</li>
</ul>
The other side: Emmer, meanwhile, was critical of the SEC's approach to regulating crypto.
<ul>
<li>Regarding SEC chair Gary Gensler, Emmer said, "He should be fired. He's gone well beyond and gone against his mission."
<ul>
<li>"The mission of the SEC is to make sure that every American… has access to the greatest financial markets on the planet," Emmer said, adding that crypto "is the on-ramp for so many people of color [and] people that are trying to do remittances."</li>
</ul>
</li>
</ul>

Politics

Legal

'Lawmakers Say Crypto Legislation Could Come By Year-End' - Axios

Benchmark analyst Mark Palmer reiterates Dave (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAVE#NASDAQ">DAVE</a>) with a Buy and maintains $53 price target.

DAVE

Benchmark Reiterates Buy on Dave, Maintains $53 Price Target

Earlyworks Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELWS#NASDAQ">ELWS</a>) ("Earlyworks" or the "Company"), a blockchain solution provider headquartered in Taito-ku, Tokyo which develops its proprietary blockchain technology, Grid Ledger System ("GLS"), has signed a business alliance agreement with CAICA DIGITAL Inc. ("CAICA"), a company headquartered in Minato-ku, Tokyo which develops system solutions for the financial industry and Web3 businesses. Together, the Company and CAICA will provide comprehensive support to businesses engaged in Web3 projects.

ELWS

Earlyworks And CAICA DIGITAL Enter Into Business Alliance Agreement To Support The Expansion Of Web3 Businesses

Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) shares are trading higher by 1.2% to $81.75 Thursday morning after the Federal Reserve cut interest rates by <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">50 basis points</a>.
Why This Matters: Rate cuts are typically designed to stimulate consumer spending by making credit more affordable, which can boost discretionary spending on items like apparel and footwear. 
Nike's products are consumer discretionary goods, meaning that when consumers have more disposable income (or easier access to credit), they may be more inclined to purchase non-essential items like Nike shoes and sports gear.
With interest rate cuts, Nike as a company also faces lower borrowing costs, improving its overall cost structure. This reduction in financial expenses could increase profitability, making the stock more attractive to investors.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40938804/gamestop-ceo-ryan-cohen-penalized-nearly-1m-over-wells-fargo-share-acquisition">GameStop CEO Ryan Cohen Penalized Nearly $1M Over Wells Fargo Share Acquisition</a>
What Else: Nike operates in many markets around the world. A more aggressive stance from the Federal Reserve on rate cuts suggests a more supportive macroeconomic environment, which could spur growth not only in the U.S. but also in global markets. 
If central banks worldwide follow a similar easing path, the global consumer base for Nike may increase spending, particularly in emerging markets where credit is becoming more accessible.<a href="https://www.benzinga.com/quote/hood" target="_blank" rel="noreferrer noopener"></a>
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: &#8216;The Hard-Landing Crowd Should Disperse,&#8217; Economist Says</a>
<h2 class="wp-block-heading">Is NKE A Good Stock To Buy?</h2>
When deciding whether to buy a stock, there are some key fundamentals investors may want to consider. One of these factors is revenue growth. Buying a stock is essentially a bet that the business will continue to grow and generate profits in the future.
Nike (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) has reported average annual revenue growth of 8.47% over the past 5 years. .
It's also important to pay attention to valuation when deciding whether to buy a stock. Nike has a forward P/E ratio of 26.18. This means investors are paying $26.18 for each dollar of expected earnings in the future. The average forward P/E ratio of Nike's peers is 17.58.
Other important metrics to look at include a company's profitability, balance sheet, performance relative to a benchmark index and valuation compared to peers. For in-depth analysis tools and important financial data, check out <a href="https://pro.benzinga.com">Benzinga PRO</a>.
NKE has a 52-week high of $123.39 and a 52-week low of $70.75.

What's Going On With Nike Stock?

BMO Capital analyst Tristan Thomas-Martin maintains Thor Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THO#NYSE">THO</a>) with a Outperform and maintains $120 price target.

BMO Capital Maintains Outperform on Thor Industries, Maintains $120 Price Target

GLXG

Galaxy Payroll Group Shares Resume Trade

BMO Capital analyst Keith Bachman maintains HubSpot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) with a Outperform and maintains $570 price target.

HUBS

BMO Capital Maintains Outperform on HubSpot, Maintains $570 Price Target

Toronto-Dominion Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) shares are seeing positive movement Thursday. Here&#8217;s <a href="https://www.benzinga.com/news/24/09/40937551/td-bank-group-president-and-ceo-bharat-masrani-to-retire-april-10-2025-board-names-raymond-chun-as-s">what you need to know.</a>
What To Know: The bank revealed that Bharat Masrani, who has served as CEO for over a decade and spent 38 years at the institution, will retire on April 10 2025. Masrani&#8217;s tenure saw significant milestones but also faced challenges, particularly toward the end of his leadership, as TD dealt with an unraveling $13.4 billion acquisition of First Horizon Corp and investigations into lapses in money-laundering controls at U.S. branches.
In response to these developments, TD Bank Group&#8217;s Board of Directors has named Raymond Chun, currently Group Head of Canadian Personal Banking, as the successor. Chun will step into the role of Chief Operating Officer on November 1 2024, with responsibility for all business lines, before officially taking over as CEO on April 10 2025. This move is part of TD's ongoing efforts to strengthen its leadership and reassure stakeholders during a challenging period for the bank.
What Else: The leadership transition is taking place while the bank grapples with investigations by the U.S. Department of Justice and financial regulators over its handling of money-laundering controls in its American branches—a division that Masrani had previously overseen. The fallout from these issues has led to the departure of several top executives in the bank&#8217;s legal and compliance departments, contributing to uncertainty about the company's direction.
Price Action: TD shares were trading higher by 2.27% at $64.01 according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="553" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png" alt="" class="wp-image-556379" style="width:509px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-1024x553.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-300x162.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD-768x415.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100258/TD.png 1072w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also:
<ul>
<li><a href="https://www.benzinga.com/real-estate/24/09/40939943/elon-musk-mark-zuckerberg-and-jay-z-take-out-mortgages-despite-their-billion-dollar-fortunes-heres-w">Elon Musk, Mark Zuckerberg And Jay-Z Take Out Mortgages Despite Their Billion-Dollar Fortunes – Here&#8217;s Why The Ultra-Wealthy Borrow</a></li>
</ul>
Image via Shutterstock.

Stock Split

Movers

What's Going On With Toronto-Dominion Bank Today?

BMO Capital analyst Brian Pitz maintains Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) with a Outperform and maintains $230 price target.

AMZN

BMO Capital Maintains Outperform on Amazon.com, Maintains $230 Price Target

Cantor Fitzgerald analyst Louise Chen reiterates Roivant Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIV#NASDAQ">ROIV</a>) with a Overweight.

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