Algoma Steel Group (NASDAQ:ASTL) Stock, Quote.Headers.trade-ideas

Algoma Steel Group

Algoma Steel Gr

Algoma Steel Group Inc is a Canadian company engaged in the production of clean and consistent light gauge steel. The company offers a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production including sheets, plates, slabs, and freights. The company's revenue is generated from contracts to produce, ship, and deliver steel products Geographically it serves Canada, the United States, and the rest of the world, whilst driving key revenue from domestic sales. The company generates the majority of its revenue from the sale of Steel sheets and strips.

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U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Monday.

Shares of  Archer-Daniels-Midland Company (NYSE: ADM) fell sharply in today’s pre-market trading after the company named Ismael Roig as Interim Chief Financial Officer.

Archer-Daniels-Midland, B. Riley Financial And Other Big Stocks Moving Lower In Monday&#39;s Pre-Market Session

Algoma Steel Group Inc

Earnings

MoneyHero Q2 Sales $20.67M Up From $16.65M YoY

Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) reported quarterly earnings of $1.75 per share which missed the analyst consensus estimate of $1.83 by 4.37 percent. This is a 1.69 percent decrease over earnings of $1.78 per share from the same period last year. The company reported quarterly sales of $2.76 billion which missed the analyst consensus estimate of $2.80 billion by 1.54 percent. This is a 0.95 percent increase over sales of $2.73 billion the same period last year.

Earnings Misses

Darden Restaurants Q1 Adj $1.75 Misses $1.83 Estimate, Sales $2.76B Miss $2.80B Estimate

Biotech

Health Care

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TNXP

Tonix Pharmaceuticals Secures US Patent Claiming Pharmaceutical Composition, Method Of Treating Migraine Via Intranasal Administration, And An Intranasal Delivery System For Tosymra. This Patent, Excluding Possible Patent Term Extensions, Is Expected To Expire In 2030.

VNDA

The FDA Declined To Approve Vanda's New Drug Application Of Tradipitant For The Treatment Of Symptoms In Gastroparesis, Providing Vanda With A Complete Response Letter

Business Outlook Operating Margin, Net Income and Diluted EPS
<figure class="table"> 
<table>
<tbody>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">(Unaudited)</td>
<td colspan="3">&nbsp;</td>
<td colspan="3">&nbsp;</td>
</tr>
<tr>
<td colspan="3">Figures may not foot due to rounding</td>
<td colspan="6">Annual Fiscal 2025 Guidance</td>
</tr>
<tr>
<td colspan="3">(In millions, except per share data)</td>
<td colspan="3">Low end of range</td>
<td colspan="3">High end of range</td>
</tr>
<tr>
<td colspan="3">Revenues</td>
<td>$</td>
<td>2,285&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>2,305&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Operating income</td>
<td>$</td>
<td>765&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>749&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Operating margin</td>
<td colspan="2">33.5&nbsp;</td>
<td>%</td>
<td colspan="2">32.5&nbsp;</td>
<td>%</td>
</tr>
<tr>
<td colspan="3">Intangible asset amortization</td>
<td colspan="2">80&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2">81&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Adjusted operating income</td>
<td>$</td>
<td>845&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>830&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Adjusted operating margin (a)</td>
<td colspan="2">37.0&nbsp;</td>
<td>%</td>
<td colspan="2">36.0&nbsp;</td>
<td>%</td>
</tr>
<tr>
<td colspan="3">&nbsp;</td>
<td colspan="3">&nbsp;</td>
<td colspan="3">&nbsp;</td>
</tr>
<tr>
<td colspan="3">Net income</td>
<td>$</td>
<td>598&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>577&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Intangible asset amortization</td>
<td colspan="2">66&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2">66&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Discrete tax items</td>
<td colspan="2">(4)</td>
<td>&nbsp;</td>
<td colspan="2">(3)</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Adjusted net income</td>
<td>$</td>
<td>660&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>640&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">&nbsp;</td>
<td colspan="3">&nbsp;</td>
<td colspan="3">&nbsp;</td>
</tr>
<tr>
<td colspan="3">Diluted earnings per common share</td>
<td>$</td>
<td>15.70&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>15.10&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Intangible asset amortization</td>
<td colspan="2">1.73&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2">1.73&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Discrete tax items</td>
<td colspan="2">(0.03)</td>
<td>&nbsp;</td>
<td colspan="2">(0.03)</td>
<td>&nbsp;</td>
</tr>
<tr>
<td colspan="3">Adjusted diluted earnings per common share</td>
<td>$</td>
<td>17.40&nbsp;</td>
<td>&nbsp;</td>
<td>$</td>
<td>16.80&nbsp;</td>
<td>&nbsp;</td>
</tr>
</tbody>
</table>
</figure>

Guidance

FactSet Research Systems Expects FY25 Revenue Of $2.285B-$2.305B Vs $2.301B Est, Adj EPS Of $16.80-$17.40 Vs $17.36 Est

Knowles Updates Q3 Guidance To Reflect Anticipated Sale Of CMM Business; Now Sees Revenues From Cont Ops Of $139M - $143M, Adj EPS From Cont Ops Of $0.24 - $0.28

Knowles is updating its&nbsp;third quarter&nbsp;2024&nbsp;guidance&nbsp;to reflect the anticipated sale of the CMM business. Operating results for the CMM segment will be reported as discontinued operations beginning in the&nbsp;third quarter&nbsp;of 2024.

Knowles  Expects Q4 Revenue From Continuing Operations To Be $140M -$150M

Earnings Beats

FactSet Research Systems Q4 2024 Adj. EPS $3.74 Beats $3.62 Estimate, Sales $562.187M Beat $546.813M Estimate

Mizuho analyst Nitin Kumar initiates coverage on Talos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) with a Outperform rating and announces Price Target of $16.

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Initiation

Analyst Ratings

TALO

Mizuho Initiates Coverage On Talos Energy with Outperform Rating, Announces Price Target of $16

BRTX

BioRestorative Therapies Announced That Its Chief Scientist And Vice President Of Research And Development, Francisco Silva, Will Present At The Annual International Federation For Adipose Therapeutics And Science Conference

On a pro forma basis, the remaining Knowles businesses, inclusive of Cornell Dubilier&#39;s full year results, had&nbsp;$560 million&nbsp;of revenue in 2023.
Knowles will receive&nbsp;$150 million&nbsp;in total consideration, subject to net working capital and other adjustments, consisting of&nbsp;$70 million&nbsp;in cash and&nbsp;$80 million&nbsp;in Syntiant preferred stock.
Knowles intends to use the net cash proceeds from the sale of CMM to fund the paydown of debt and the repurchase of Company stock.
&nbsp;

Asset Sales

Knowles Agrees To Sell Its Consumer MEMS Microphones Business To Syntiant For $150M

On Wednesday, September 18th, U.S. markets closed lower, with modest losses after the Federal Reserve cut interest rates by 50 basis points, its first cut in over four years. Despite initial gains, markets weakened, with the S&amp;P 500 and Dow closing lower.
The Dow Jones Industrial Average was down 0.04% and closed at 41,606.18. The S&amp;P 500 ended the day higher by 0.03% at 5,634.58, and the Nasdaq Composite rose 0.20%, finishing the session at 17,628.06.
Consumer staples, utilities, and tech stocks led losses on the S&amp;P 500, while energy and communication services stocks defied the market trend, closing higher.
The U.S. Federal Reserve cut interest rates by 50 basis points to 4.75%-5%, its first cut in over four years, breaking a 12-month pause. Economic data showed U.S. housing starts rose 9.6% in August, and building permits climbed 4.9% to 1.475 million.
Asian Markets Today
<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 closed the session higher by 2.15% at 37,120.50, led by gains in the Food, Fishery and Services sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 ended the day higher by 0.61% at 8,191.90, led by gains in the Materials, Metals &amp; Mining and Resources sectors.</li>
<li>India&#8217;s Nifty 50 was up 0.15% at 25,415.80, while Nifty 500 was down by 0.19% at 23,853.95.</li>
<li>China&#8217;s Shanghai Composite closed higher by 0.69% at 2,736.02, and Shanghai Shenzhen CSI 300 was up 0.79% and ended the day at 3,196.04.  </li>
<li>Hong Kong&#8217;s Hang Seng rose 2.00%, ending the day at 18,013.16.</li>
</ul>
Eurozone at 06:00 AM ET
<ul>
<li>The European STOXX 50 index gained 1.69%.</li>
<li>Germany&#8217;s DAX was up 1.39%.</li>
<li>France&#8217;s CAC rose 1.90%.</li>
<li>U.K.&#8217;s FTSE 100 index traded higher by 1.21%.</li>
<li>European stocks rose after the U.S. Fed&#8217;s 50-basis-point rate cut, boosting hopes for a soft landing. Miners led gains, while real estate, tech, and banks also climbed.</li>
</ul>
Commodities at 06:00 AM ET
<ul>
<li>Crude Oil WTI was trading higher by 1.09% at $70.64/bbl, and Brent was up 1.00% at $74.42/bbl.</li>
<li>Oil prices rose following a large U.S. Federal Reserve rate cut, which typically boosts economic activity and energy demand. However, concerns about weaker global demand, particularly from China&#8217;s slowing economy, kept prices below $75.</li>
<li>Natural Gas was up 1.18% at $2.311.</li>
<li>Gold was trading higher by 0.64% at $2,615.20, Silver gained 2.69% to $31.515, and Copper rose 1.60% to $4.3678.</li>
</ul>
US Futures at 06:00 AM ET
Dow futures were up 1.10%, S&amp;P 500 futures rose 1.51%, and Nasdaq 100 Futures gained 1.98%.
Forex at 06:00 AM ET
The U.S. Dollar Index fell 0.04% to 100.55, USD/JPY was up 0.49% at 142.96, and USD/AUD declined 1.02% to 1.4632.
Photo by Pavel Bobrovskiy via Shutterstock

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Asia And Europe Up, Crude And Gold Gain Following Fed's Rate Cut - Global Markets Today While US Slept

Mizuho analyst William Janela initiates coverage on Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Outperform rating and announces Price Target of $47.

Mizuho Initiates Coverage On Northern Oil & Gas with Outperform Rating, Announces Price Target of $47

HC Wainwright &amp; Co. analyst Mitchell Kapoor reiterates Kyverna Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KYTX#NASDAQ">KYTX</a>) with a Neutral and maintains $7 price target.

Reiteration

KYTX

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Mizuho analyst William Janela initiates coverage on Kosmos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) with a Neutral rating and announces Price Target of $5.

Mizuho Initiates Coverage On Kosmos Energy with Neutral Rating, Announces Price Target of $5

U.S. stocks look set for a relief rally after the <a href="https://www.benzinga.com/markets/equities/24/09/40909187/s-p-500-briefly-hits-record-high-just-ahead-of-fed-rate-cut-extends-7-day-winning-streak-tuesday">market failed to sustain the upward momentum</a> set in motion by the 50 basis-point cut announced by the Federal Reserve on Wednesday. The index futures point to a sharply higher opening on Thursday. Given the central bank&#8217;s focus on labor market statistics, traders may closely monitor the weekly jobless claims data. The results of a regional manufacturing survey and the Conference Board&#8217;s leading economic index may also create some ripples in the market.
With the Fed decision on the back-burner, earnings could get back to the spotlight, with FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) due to report after the close. Tech and small-cap stocks remain poised to rally out of the gates even as most strategists warn of a tech rally cool-off. Volatility is on the wane amid the risk-on mood, with the CBOE Volatility Index, aka VIX, down about 9%.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+1.99%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+1.53%</td>
</tr>
<tr>
<td>Dow</td>
<td>+1.15%</td>
</tr>
<tr>
<td>R2K</td>
<td>+2.88%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) jumped 1.55% to $570.08 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 2.00% to $480.96, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Wall Street closed Wednesday&#8217;s session modestly lower despite the Fed obliging with the magnitude of the cut the market was hoping for. The major indices resigned themselves to the pattern typical of a Fed decision day and moved sideways until the announcement was made. The central bank delivered and traders indulged in strong buying that took the S&amp;P 500 Index to a new intraday high. 
The dot plot suggested policymakers will likely cut rates a 25 basis points at each of the next two decisions and by at least another percentage point in 2025. While the growth outlook was left unchanged, the unemployment rate forecasts were revised. But Fed Chair Jerome Powell&#8217;s cautious comments at the press conference spooked the market, sending stocks lower in late-afternoon trading.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.31%</td>
<td>17,573.30</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.29%</td>
<td>5,618.26</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.25%</td>
<td>41,503.10</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.04%</td>
<td>2,206.34</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
It could be time for defensives and small-caps to shine, now that the rate-cutting cycle has begun and the door is open for more.
LPL Financial Chief Equity Strategist Jeff Buchbinder said in a note ahead of the rate cut that value stocks outperform their growth counterparts three and six months after the initial cut. The 1995 monetary policy is the most analogous to the current one, he said, adding that during the 12 months after the cut at that time, growth stocks were slightly better. But value stocks have an edge over the first six months, he said.
Defensive sectors typically outperform in the six months after the initial rate cuts, and this was particularly evident during the 1995 period that saw a soft landing and technology buildout, the strategist said. Specifically, the defense and the telecom services sector were top performers, while consumer staples and utilities also outperformed, he said. Financials did well in the 1995 cycle and performed in-line in the 2019 period, which is more comparable to the current situation than the 2001 cycle, he added.
Surprisingly, the technology sector underperformed the S&amp;P 500 after the 1995 rate cut, even though the internet buildout was in its early phases, Buchbinder said, referring to Netscape&#8217;s initial public offering which came after the first rate cut. Netscape is credited with creating the first internet browser.
&#8220;The takeaway here is that the technology sector, which as we know, is in a major buildout phase now with artificial intelligence, may not get a performance bump from a more accommodating Fed,&#8221; the strategist said.
Carson Group Chief Market Strategist Ryan Detrick pointed out a positive data point that bodes well for the market. In a post on X, he said the Fed has cut rates with stocks near all-time highs 20 times in the past. In all the instances, the S&amp;P 500 was higher a year later.
<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">The Fed has cut rates with stocks near all-time highs 20 times. The S&amp;P 500 was higher a year later 20 times. S&amp;P 500 at all-time highs now and the Fed is cutting tomorrow. <a href="https://t.co/MSHhII1Cu4">pic.twitter.com/MSHhII1Cu4</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1836069055070916634?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>The Labor Department is scheduled to release its weekly jobless claims data for the recent reporting week at 8:30 a.m. EDT. The number of individuals claiming unemployment benefits may have edged down from to 229,000 in the week ended Sept. 14, down from 230,000 in the previous week.</li>
<li>The Philadelphia Fed will release the results of its September regional manufacturing survey at 8:30 a.m. EDT. The diffusion index of business activity, the headline reading of the report, is widely expected to show continued contraction, albeit at a slower rate. Economists, on average, expect the index to increase from -7.0 in August to -1.1 in September.</li>
<li>The National Association of Realtors is due to release its existing home sales report for August at 10 a.m. EDT. Existing home sales are expected to come in at a seasonally adjusted annual rate of 3.9 million units, almost flattish with the 3.95-million-unit rate in July.</li>
<li>The Conference Board&#8217;s leading economic index, due at 10 a.m. EDT, is expected to show a 0.3% month-over-month drop for August, smaller than the 0.6% drop in July.</li>
<li>The Treasury is set to auction four- and eight-week bills at 11:30 a.m. EDT and a 10-year TIPS auction at 1 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Steelcase Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) shares fell nearly 8% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results.</li>
<li>Cracker Barrel Old Country Store, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRL#NASDAQ">CBRL</a>), Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) and FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting their quarterly results ahead of the market open. </a></li>
<li>Those reporting after the close include FedEx and Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude futures rose in the early U.S. session, extending the gain from the previous session, as the dollar continues to be weak against most currencies barring the yen. Gold futures also firmed up. The 10-year T-note yield rose 1.9 basis points to 3.706%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallied strongly following the Fed decision, with the apex crypto now trading just shy of the $62.5K level.
The major Asian averages gained notably on Thursday, as they reacted to the Fed&#8217;s largesse, with Japan benefiting from the yen&#8217;s modest weakening against the greenback. European stocks were on a firmer footing in early Thursday, with traders in the region awaiting the Bank of England&#8217;s rate decision. The Monetary Policy Committee of the central bank is widely expected to keep rates unchanged at 5.25% although signaling reductions in the future.
Read Next:
<ul>
<li><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">Powell Defends 0.5% Interest Rate Drop As &#8216;Right Thing For The Economy,&#8217; Doubles Down On Fed&#8217;s Cautious, Data-Driven Approach</a></li>
</ul>
Image via Pixabay

Equities

Previews

Economics

Federal Reserve

$BTC

CBRL

Wall Street Primed For Relief Rally As Traders Eye Jobless Claims, FedEx Earnings After Fed's 50 Basis-Point Cut: Strategist Says These Stocks Will Gain Edge In First 6 Months Of Rate Cut

Anthony Scaramucci, founder of SkyBridge Capital and <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40916521/anthony-scaramucci-calls-for-bipartisan-crypto-regulation-applauds-donald-trump-for-coming">outspoken critic of former President</a> Donald Trump's influence on cryptocurrency, has once again raised concerns about the potential impact of a Trump victory on the industry. 
What Happened: Speaking at crypto conference Token2049, Scaramucci reiterated his belief that Trump's re-election could spell trouble for the digital asset space.
"Trump is a polarizing person. He's for it," Scaramucci <a href="https://www.dlnews.com/articles/regulation/anthony-scaramucci-panel-highlights-political-crypto-divides/?utm_source=twitter&amp;utm_medium=organic_social&amp;utm_campaign=">said</a>, referencing Trump's vocal support for crypto. "It could touch off an avalanche of people that are against it."
Scaramucci's concerns stand in sharp contrast to the views of other industry leaders, as political allegiances within the crypto community continue to diverge.
The former White House Director of Communications also touched on the crypto stance of Vice President Kamala Harris, saying, "I'm here, but there's a group of cryptocurrency advocates, bitcoin advocates that are working alongside her to distance the Democratic Party, the future of the Democratic Party, away from Elizabeth Warren and Gary Gensler. I believe we are making progress, and I think it's going in the right direction."
While Scaramucci has endorsed Democratic nominee Kamala Harris, others have thrown their support behind Trump. 
Mike Belshe, CEO of Bitgo, voiced his approval of the former president's stance on crypto regulations during the same panel. 
"We do have clarity from the Trump proposals. They want to make sure we put in pro-crypto folks there," Belshe said, referring to the administration's approach to regulatory bodies like <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40876874/sec-moves-to-amend-binance-lawsuit-reinforcing-claims-of-unregistered-securities-sales">the SEC</a>. "We have not heard the same from Harris."
Jeremy Allaire, CEO of Circle, took a more neutral stance, refusing to align with either political side. "Crypto is purple," Allaire said, hinting at the industry's bipartisan nature, a comment that drew applause from the audience.
"Technology does not care about politics," Allaire elaborted. "It doesn't matter who wins the presidential election."
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40927528/microstrategy-raises-875m-in-convertible-notes-plans-further-bitcoin-purchases">MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases</a>
Why It Matters: As the U.S. presidential <a href="https://www.benzinga.com/news/24/09/40931251/trump-isnt-happy-with-jerome-powells-50-bps-rate-cut-maneuver-i-guess-it-shows-the-economy-is-very-b">election heats up</a>, cryptocurrency has become a central issue, with Trump leading the charge for the sector. 
From launching his own DeFi project to <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40932192/trump-pays-up-for-smash-burgers-and-diet-cokes-with-bitcoin-during-new-york-campaign-halt-">purchasing burgers with bitcoin</a> in New York City, Trump has embraced the industry in ways no previous president has.
Harris, on the other hand, has yet to <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40836362/exclusive-scaramucci-predicts-harris-will-adopt-a-more-open-minded-approach-to-crypto-if-e">publicly declare</a> a firm position on crypto, though her team has reportedly engaged with key players like Scaramucci, billionaire investor Mark Cuban and Mike Novogratz, CEO of Galaxy Digital, on regulatory matters.
Despite his critique of Trump's divisiveness, Scaramucci did acknowledge the former president's awareness of the industry's significance. "Ironically, he's pulling the Democrats along into a centrist position on regulation," he said, hinting that Trump's influence may inadvertently push the Democratic party toward a more <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40916521/anthony-scaramucci-calls-for-bipartisan-crypto-regulation-applauds-donald-trump-for-coming">favorable stance</a> on crypto.
Still, the panel's conversation wasn't solely about political division. 
A common target emerged: SEC Chairman Gary Gensler, whose regulatory approach has been <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40841087/sec-chair-gary-gensler-under-investigation-for-alleged-political-favoritism-in-hiring-prac">a thorn in the side</a> of many in the crypto space. "Regulation by enforcement has not been an effective strategy," Allaire stated. "It's been a very, very destructive strategy."
As the industry grapples with an uncertain regulatory future, Scaramucci's caution about Trump's impact underscores the growing polarization within the crypto community. 
With the U.S. election on the horizon, the debate over how cryptocurrency should be regulated will likely intensify, bringing the industry's political affiliations further into the spotlight.
What&#8217;s Next: The ongoing discussion about cryptocurrency's future, including regulation and adoption, will continue to evolve at events like Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 19, where industry leaders and experts will dive deeper into these pressing issues.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40926729/bitcoin-spikes-above-61-000-as-fed-implements-50-bps-rate-cut">Bitcoin Spikes Above $61,000 as Fed Implements 50 Bps Rate Cut</a></li>
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Image: Shutterstock

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

Cryptocurrency

Anthony Scaramucci Says Donald Trump Is A 'Polarizing Person' But 'Pulling Democrats Along' On Crypto, Working On Distancing Kamala Harris 'Away From Gary Gensler'

Needham analyst Joshua Reilly reiterates HubSpot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) with a Buy and maintains $730 price target.

HUBS

Needham Reiterates Buy on HubSpot, Maintains $730 Price Target

XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) shares are trading higher premarket Thursday. The company disclosed that XPENG Motors will showcase its latest technologies and solutions at the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40933214/xpeng-to-unveil-the-future-of-ai-mobility-in-europe-at-paris-motor-show-2024" rel="noreferrer noopener">Paris Motor Show 2024 in October</a>.
The company plans to unveil its latest innovations, including the Tianji XOS 5.4 smart in-car operating system, designed for the European market.
This system highlights XPENG's vision for adaptive, AI-driven driving experiences in Europe.
The company will also showcase its next-generation smart cockpit with advanced personalization options and frequent OTA updates.
Brian Gu, Vice Chairman and President at XPENG, said, &#8220;The European automotive market is undergoing a transformation from electrification to smartification. At the Paris Motor Show, we are not only showcasing highlights from our vehicle portfolio, but also new solutions that we will be integrating in our car models.&#8221;
XPENG said it looks forward to further expanding its European footprint with cutting-edge technology and AI-powered solutions.
This month, the company&nbsp;reportedly asked suppliers to ramp up parts capacity as the M03, the first model in its <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40794637/whats-going-on-with-xpeng-stock-today" rel="noreferrer noopener">Mona lineup, gains popularity</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, XPEV stock has lost around 50%&nbsp;in the past year. Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Kensho Smart Mobility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAIL#NYSE">HAIL</a>) and Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>).
Price Action: XPEV shares are up 6.94% at $9.24 premarket at the last check Thursday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40866380/tesla-china-shines-lucid-gives-peek-into-model-y-rival-ford-eyes-electric-restart-in-india-and-m" target="_blank" rel="noreferrer noopener">Tesla China Shines, Lucid Gives Peek Into Model Y Rival, Ford Eyes &#8216;Electric&#8217; Restart In India And More: Biggest EV Stories Of The Week</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mid Cap

HAIL

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Mizuho analyst Graig Suvannavejh downgrades Athira Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATHA#NASDAQ">ATHA</a>) from Outperform to Neutral and lowers the price target from $5 to $0.5.

Downgrades

ATHA

Mizuho Downgrades Athira Pharma to Neutral, Lowers Price Target to $0.5

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ASTLW

Press Releases

Algoma Steel to Announce Fiscal 2024 Fourth Quarter and Full Year Results June 20, 2024

Algoma Steel Appoints Erin Oliver as Vice President - Health and Safety

Algoma Steel Group Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results

Algoma Steel Group to Participate at the Stifel Canada's 3rd Annual Summer Solstice Conference

Algoma Steel to Announce Fiscal 2025 First Quarter Results August 13, 2024

Algoma Steel Issues 2024 ESG Annual Report

Algoma Steel Group Reports Fiscal First Quarter 2025 Financial Results

Algoma Steel Applauds Approval of New 230kV Transmission Line in Sault Ste. Marie, Supporting Regional Growth and Green Steel Transition

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Algoma Steel Group (ASTL) Forecast

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