Atlantic Union Bankshares Stock (NYSE: AUB)

Atlantic Union Bankshares Stock (NYSE:AUB), Trade Ideas

Atlantic Union Bankshares

Atlantic Union Bankshares Corp is a financial holding company and a bank holding company. Through its community bank subsidiary, the company provides financial services, including banking, trust, and wealth management. The bank is a full-service community bank offering consumers and businesses a wide range of banking and related financial services, including checking, savings, certificates of deposit, and other depository services, as well as loans for commercial, industrial, residential mortgage, and consumer purposes. The company operates through two reportable operating segments: Wholesale Banking and Consumer Banking, with corporate support functions such as corporate treasury and others included in Corporate Other.

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	SCWorx Corp. (NASDAQ: WORX) shares climbed 424.9% to close at $12.02 on Monday after the company reported a first installment of purchase order for 48 million coronavirus rapid testing units.


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Atlantic Union Bankshares Corporation Common Stock

Atlantic Union Bankshares Corp

AUB Group Ltd

Auburn National Bancorporation, Inc. - Common Stock

Auburn National Bancorp Inc

Atlantic Union Bankshares Corporation Depositary Shares each representing a 1/400th ownership interest in a share of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A

AUBURN BANCORP INC by Auburn Bancorp, Inc.

Auburn Bancorp Inc

Sen. Ted Cruz (R-TX) on Wednesday <a href="https://www.benzinga.com/topic/congress-trades">disclosed a transaction</a> in investment bank Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and this has raised some eyebrows.
What Happened: In a filing with the Senate, Cruz said his spouse sold Goldman shares on April 15 and the proceeds could be worth up to $500,000. Incidentally, the company reported its quarterly results on the same day. The sale was mentioned as part offloading of the position.
The filing was in line with the &#8220;Stock Trading on Congressional Knowledge Act,&#8221; which requires Congressmen to publicly file and disclose any financial transaction within 45 days of its occurrence.&nbsp;The values of trades are given in a range.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="347" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213-1024x347.png" alt="" class="wp-image-308074" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213-1024x347.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213-300x102.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213-768x261.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213-1536x521.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25033026/image-213.png 1872w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Incidentally, Cruz&#8217; wife Heidi Cruz has been with Goldman since 2005 and she is currently serving as Managing Director at the firm.
See Also: <a href="https://www.benzinga.com/money/best-bank-stocks">Best Bank Stocks Right Now</a>
Why It&#8217;s Important: Goldman is among the big banks, which reported stellar results for the first quarter. The stock rallied about 3% to $400.88 on the day of its earnings release (April 15) before pulling back about 1% in the very next session.
Since then, the stock has reversed course and ended Wednesday&#8217;s session at $423.04, down 0.23% from its previous close, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data.</a>
The company reported first-quarter top- and bottom-line beats, thanks to strong trading and investment banking revenues. CNBC Mad Money host Jim Cramer <a href="https://www.benzinga.com/markets/equities/24/04/38290992/jim-cramer-says-he-likes-earnings-from-these-big-banks-so-much-heres-why">picked Goldman as one of the big bank </a>earnings he liked this season due to the strong fee income relative to net interest income.
Given details of the purchase of those shares aren&#8217;t readily available, it isn&#8217;t known whether the transaction netted the senator a profit.
When Cruz was panned for allegedly inciting the Jan. 6, 2021 insurrection, corporate America chose to distance itself from tainted politicians. Goldman was among them but it chose to stand by Cruz&#8217;s wife who was employed with them.
Read Next: <a href="https://www.benzinga.com/news/24/04/38185125/elon-musk-agrees-with-ted-cruz-on-putting-homeland-security-secretary-on-trial-the-precedent-is-crys">Elon Musk Agrees With Ted Cruz On Putting Homeland Security Secretary On Trial: &#8216;The Precedent Is Crystal Clear&#8217;</a>
Photo by Consolidated News Photos on Shutterstock

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GOP Senator Ted Cruz Sold Shares Of This Big Bank On Q1 Earnings Release Date: Here Are The Details

Group Financial Targets and Outlook: 2024 &bull; Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity &bull; Income: targeting Barclays Group NII excluding IB and Head Office of c.&pound;10.7bn, of which Barclays UK NII of c.&pound;6.1bn1 &bull; Costs: targeting Group cost: income ratio of c.63%, which includes c.&pound;1bn of gross efficiency savings in 2024 &bull; Impairment: expect an LLR of 50-60bps through the cycle &bull; Capital: expect to operate within the CET1 ratio target range of 13-14% 2026 &bull; Returns: targeting a greater than 12% RoTE &bull; Capital returns: plan to return at least &pound;10bn of capital to shareholders between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks. Plan to keep total dividend stable at 2023 level in absolute terms, with progressive dividend per share growth driven through share count reduction as a result of increased share buybacks. Dividends will continue to be paid semi-annually. This multi-year plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target range of 13-14% &bull; Income: targeting Group total income of c.&pound;30bn &bull; Costs: targeting total Group operating expenses of c.&pound;17.0bn and a Group cost: income ratio of high 50s in percentage terms. This includes total gross efficiency savings of c.&pound;2bn by 2026 &bull; Impairment: expect an LLR of 50-60bps through the cycle &bull; Capital: expect to operate within the CET1 ratio target range of 13-14%&ndash; Targeting IB RWAs of c.50% of Group RWAs in 2026&ndash; Impact of regulatory change on RWAs in line with prior guidance, expected to be at lower end of 5&ndash;10% of Group RWAs. This includes c.&pound;16bn RWAs expected in H224 due to USCB moving to Internal Ratings-Based (IRB) models

Guidance

Barclays Reiterated  2024 Outlook: Targets Barclays Group NII Excluding Barclays Investment Bank And Head Office Of £10.7B, Expects RoTE Of Greater Than 10% In 2024 And 10.5% Excluding Inorganic Activity

Unilever Continues To Expect FY24 Underlying Sales Growth To Be Within Its Multi-year Range Of 3% - 5%, With Increasing Contribution From Volume Growth

Earnings

Unilever Q1 FY24 Sales €15.0B, Up 1.4% YoY, With Underlying Sales Growth Of 4.4%

Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) reported quarterly earnings of $0.52 per share which missed the analyst consensus estimate of $0.58 by 10.34 percent. The company reported $8.818 billion in sales this quarter. This is a 0.32 percent increase over sales of $8.790 billion the same period last year.

Earnings Misses

Barclays Q1 2024 GAAP EPS $0.52 Misses $0.58 Estimate, Sales $8.818B Up From $8.790B YoY

Mark Zuckerberg has outlined three strategies for Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) to monetize its <a href="https://www.benzinga.com/news/24/04/38400945/metas-massive-1b-bet-on-nvidia-h100-gpu-cluster-will-dwarf-every-other-companys-target-but-zuckerber">substantial investments</a> in artificial intelligence (AI.)
What Happened: Zuckerberg, during the <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">March 2024 quarter earnings</a> call, expressed his confidence in Meta&#8217;s AI capabilities, particularly with the launch of Llama 3, the company&#8217;s latest AI model.
He stated that Meta will &#8220;invest significantly more over the coming years to build even more advanced models and the largest scale AI services in the world.&#8221;
Despite the substantial costs associated with this ambition, Meta plans to increase its capital expenditure for this year to $35 billion to $40 billion, primarily for AI investments. This announcement resulted in a 16% stock drop in after-hours trading.
See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38397316/elon-musk-says-morgan-freeman-is-awesome-after-american-actor-says-hes-a-huge-fan-of-tesla-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Morgan Freeman Is &#8216;Awesome&#8217; After American Actor Says He&#8217;s A Huge Fan Of Tesla CEO</a>
Zuckerberg, however, is confident that Meta&#8217;s AI investments will yield significant profits in the future. He outlined three specific ways in which AI could become a &#8220;massive business&#8221; for Meta.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<h2 class="wp-block-heading">Zuckerberg's 3-Step Plan To Monetize AI Investments:</h2>
<h4 class="wp-block-heading">1. Charging Companies For Using Generative AI Tools</h4>
The first method involves companies paying Meta for generative AI tools, such as services supporting automated interactions with users and customers. This could become a reality within the next five years, according to Zuckerberg.
<h4 class="wp-block-heading">2. Advertisements</h4>
The second approach is to integrate ads or paid content into AI interactions. This aligns with Meta&#8217;s core business of selling digital advertising.
<h4 class="wp-block-heading">3. Monetizing Large AI Models</h4>
The third potential revenue stream is charging for access to Meta&#8217;s increasingly larger AI models.
Why It Matters: Zuckerberg&#8217;s announcement comes after Meta <a href="https://www.benzinga.com/news/24/04/38421280/metas-stock-plunge-after-q1-numbers-an-overreaction-to-zuckerbergs-capex-move-says-gene-munster-he-w">announced plans</a> to significantly increase its capital expenditure for AI investments.
This move has raised concerns among investors, given the company&#8217;s history of overspending on new technologies, such as the Metaverse.
These strategies align with Meta&#8217;s recent AI initiatives, including the launch of its latest AI model, <a href="https://www.benzinga.com/news/24/04/38330339/mark-zuckerbergs-meta-says-llama-3-beats-googles-gemini-mistral-and-jeff-bezos-backed-anthropics-cla">Llama 3</a>, which has outperformed other AI models in benchmark tests.
Price Action: Meta stock closed 0.52% lower at $493.50 on Wednesday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
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: <a href="https://www.benzinga.com/news/24/04/38420928/meta-ceo-mark-zuckerberg-more-than-50-of-the-content-people-see-on-instagram-is-now-ai-recommended">Meta CEO Mark Zuckerberg: &#8216;More Than 50% Of The Content People See On Instagram Is Now AI Recommended&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Mark Zuckerberg Photo by Alexandros Michailidis on Shutterstock

Tech

Mark Zuckerberg Lays Down How Meta Will Make Money From Its Multi-Billion Dollar AI Bet

Subsea 7 (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SUBCY#OTC">SUBCY</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $(0.03) by 400 percent. The company reported quarterly sales of $1.395 billion which missed the analyst consensus estimate of $1.492 billion by 6.53 percent. This is a 11.96 percent increase over sales of $1.246 billion the same period last year.

Earnings Beats

SUBCY

Subsea 7 Q1 2024 GAAP EPS $0.09 Beats $(0.03) Estimate, Sales $1.395B Miss $1.492B Estimate

Pershing Square founder Bill Ackman has in the past made <a href="https://www.benzinga.com/news/23/09/34429616/bill-ackman-calls-for-strong-alternatives-to-very-beatable-biden-and-trump-but-tells-why-he-wont-run">no bones about his displeasure</a> about President Joe Biden&#8217;s handling of his job and on Wednesday, he categorically ruled out voting for the incumbent.
Biden Or Trump: &#8220;For anyone who is still confused on the topic, I am not voting for Biden,&#8221; he said in a post on X, formerly Twitter. When a conservative journalist prodded him as to whether he would vote for probable Republican nominee Donald Trump, he did not rule out the possibility.
&#8220;And yes, I am open to voting for [Donald Trump],&#8221; Ackman said. But he hinted that he could make his final choice closer to the election date. &#8220;I will share whom I am supporting when I make my decision closer to the election. I like to preserve optionality,&#8221; he said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For anyone who is still confused on the topic, I am not voting for Biden.
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1783294245215908143?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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In a separate thread, replying to a social-media user&#8217;s question as to whether he has ever voted for a Republican, Ackman said he voted for Trump in 2016.
See Also: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
Hostage Issue: Separately, Ackman responded to a post regarding the White House&#8217;s briefing on Biden signing the Ukraine and Israeli aid bill into law. The hedge-fund manager slammed the president for not acting decisively on the hostages being held in Gaza.
&#8220;I have not heard @potus Biden take ownership of this issue,&#8221; Ackman said.
&#8220;I have heard him talk about calls for a ceasefire, shrinkflation, hotel fees, and four more years, but not the fact that hostages including American hostages are still being held in Gaza.&#8221;
This is evident from the president&#8217;s delegation to staff and what he speaks to the American public, Ackman said. &#8220;He has not made clear that returning the hostages is high on his priority list. He is too focused on other talking points in an attempt to get re-elected. And the media are letting him off the hook on this issue,&#8221; he added.
The hostage issue came to the centerstage on Wednesday after Hamas released a <a href="https://www.nytimes.com/live/2024/04/24/world/israel-gaza-war-hamas">video</a> of Israeli-American  Hersh Goldberg-Polin, who was taken captive during the Oct. 7 Hamas strikes against Israel. 
Ackman has in the past expressed hopes that<a href="https://www.benzinga.com/news/23/03/31469332/not-biden-bill-ackman-says-this-corporate-ceo-more-likely-to-win-against-trump-in-presidential-race"> JPMorgan CEO Jamie Dimon would throw in his hat in the ring </a>and contest in the Democratic primary. He previously approved of businessman Vivek Ramaswamy, who has since then dropped off the race. The fund manager was also found backing Democrat turned-independent candidate Robert Kennedy Jr.&#8217;s stance on the COVID-19 vaccine. In January, he denoted $1 million to support Rep. Dean Phillips (D-Minn.) to become the Democratic nominee in the 2024 presidential election. Phillips quit the race in early March.
Read Next: <a href="https://www.benzinga.com/news/24/02/37253969/bill-ackman-reveals-first-investment-book-he-read-was-the-same-one-that-influenced-warren-buffett-it">Bill Ackman Reveals First Investment Book He Read Was The Same One That Influenced Warren Buffett: &#8216;It Was Kind Of The Inspiration For My Career…&#8217;</a>
Trump vs Biden illustration was generated using artificial intelligence via MidJourney.

Media

Bill Ackman Says 'Not Voting For Biden,' Slams President For Inaction On American Hostage Issue: 'Too Focused On Other Talking Points…To Get Re-elected'

Reported Earlier, U.S. Bancorp's Subsidiary Elavon Partners Withg FreedomPay To Revolutionize Payments In European Hospitality And Retail Sectors

Dearborn-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is now prioritizing hybrid vehicles in a bid to diversify its offerings and withstand the <a href="https://www.benzinga.com/news/earnings/24/04/38417196/ford-q1-earnings-highlights-automaker-beats-street-estimates-guidance-improves-ev-revenue-falls-84">dwindling demand and price war within the EV market. </a>
What Happened: &#8220;We&#8217;re learning about the importance of choice. Our growth in the first quarter in hybrids is a good example&#8221; Ford CEO Jim Farley said during the company&#8217;s first-quarter earnings call on Wednesday. 
Ford&#8217;s global hybrid sales were up 36% year-on-year in the first quarter and the company is eyeing a growth of 40% for 2024. 
Competition From Foreign Players: The U.S. hybrid market is dominated by foreign players like Toyota and Honda. Ford is ranked below the two but is optimistic about carving out a share of the market for itself. 
&#8220;Our hybrid capacity is in trucks. That&#8217;s where most of our hybrid sales are in North America. And we don&#8217;t see a lot of competition so far for that business. We&#8217;ll see over time,&#8221; Farley said.
Ford is now looking to offer hybrid options across its lineup. The process, Farley says, does not require inventing new powertrains. 
&#8220;It doesn&#8217;t require wholesale inventing new powertrains. But it does involve some engineering and investment in capacity. I would say kind of modest investments, mostly in the capacity side and some engineering,&#8221; he said.
Other U.S. Players And Hybrids: Tesla CEO Elon Musk on Tuesday slammed the decision of other car manufacturers to pull back on EVs and offer hybrids instead. 
&#8220;We believe this is not the right strategy and electric vehicles will ultimately dominate the market,&#8221; Musk said. 
Detroit-based General Motors does not offer any hybrids in the U.S. as of now. However, in February, GM CEO Mary Barra said that the company plans to introduce <a href="https://www.benzinga.com/news/24/02/36906793/gm-chief-mary-barra-rewrites-roadmap-plug-in-hybrids-to-deliver-green-goals-a-ev-growth-slows" target="_blank" rel="noreferrer noopener">plug-in hybrid technology</a> in select North American vehicles in the coming years despite its vision to stop selling combustion-engine light-duty vehicles by 2035. For 2024, however, pure electric vehicles are the focus, she added.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta">Tesla Will Solve Autonomy ‘Even If I Got Kidnapped By Aliens Tomorrow,' Says Elon Musk As He Reveals Talks With ‘Major Automaker' For FSD Licensing</a>

Ford Positive About Hybridization Of Vehicle Lineup Despite Competition From Honda, Toyota: 'We're Learning About The Importance Of Choice...'

Omeed Malik, founder and CEO of Farvahar Partners, recently voiced his concerns over the TikTok crackdown bill signed by President Joe Biden, expressing distrust in the bill and its implementation.
What Happened: During CNBC&#8217;s &#8220;Last Call&#8221; on Wednesday, Malik stated, "I really have an issue with what TikTok is doing to society. With all of that said… I don't trust this bill that was passed, and I certainly don't trust the Biden administration to implement it fairly." 
Malik, who had previously vouched for a ban on TikTok and the decoupling of the app from China, explained that the text of the bill was &#8220;way too vague.&#8221; He expressed his worries about the bill&#8217;s broad language, which he fears could be used to target any individual or platform deemed &#8220;subject to the direction of a foreign power.&#8221;
&#8220;I am very concerned about that language because that same language was used against our former president of the United States [Donald Trump] for three years when they called him a Russian asset. Does that mean that Truth Social now should be banned as well? What does it mean for Rumble? Or X?&#8221;
Malik also criticized the outdated social media laws in the country, calling for the removal of legal liability shields from big tech companies and the implementation of antitrust laws to break them up. He urged for a bill of rights around privacy to prevent data misuse by all companies, not just TikTok.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"I really have an issue with what TikTok is doing to society, with all of that said… I don't trust this bill that was passed, and I certainly don't trust the Biden administration to implement it fairly," says <a href="https://twitter.com/RealOmeedMalik?ref_src=twsrc%5Etfw">@RealOmeedMalik</a> on Pres. Biden signing the TikTok crackdown bill. <a href="https://t.co/NmVRZwbri6">pic.twitter.com/NmVRZwbri6</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1783279548429115814?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38397316/elon-musk-says-morgan-freeman-is-awesome-after-american-actor-says-hes-a-huge-fan-of-tesla-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Morgan Freeman Is &#8216;Awesome&#8217; After American Actor Says He&#8217;s A Huge Fan Of Tesla CEO: &#8216;What He&#8217;s Done, Nobody Else Has Ever Done&#8217;</a>
Why It Matters: The comment was in response to President <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">Biden signing the bill</a> that could potentially ban or lead to the sale of TikTok, a popular social media platform owned by Chinese company ByteDance.
The bill, which was passed with a Senate vote of 79-18, gives ByteDance a nine-month window to sell the app or face a national ban. The President also has the option to extend this period by 90 days.
The signing of the bill has sparked controversy and debate. TikTok&#8217;s CEO, Shou Zi Chew, has publicly opposed the legislation, stating, "Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice." 
The platform has vowed to <a href="https://www.benzinga.com/markets/asia/24/04/38418913/tiktok-fights-back-we-arent-going-anywhere-whats-next-for-users">fight back against the legislation,</a> marking a significant development in the ongoing debate over TikTok&#8217;s Chinese ownership.
Read Next: <a href="https://www.benzinga.com/news/24/04/38349837/elon-musk-agrees-every-american-household-will-have-a-1-000-per-month-home-robot-in-7-years-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees Every American Household Will Have A $1,000-Per-Month Home Robot In 7 Years&#8217; Time</a>
Image via Shutterstock
Disclaimer: This content was partially produced with the help of&nbsp;<a target="_blank" href="https://www.benzinga.com/author/benzinga-neuro" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Expert Slams TikTok Ban Bill As 'Way Too Vague,' Questions Impact On Donald Trump's Truth Social, Rumble And X

Dearborn-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), on Wednesday, reiterated its commitment to cutting costs in its EV segment to <a href="https://www.benzinga.com/news/earnings/24/04/38417196/ford-q1-earnings-highlights-automaker-beats-street-estimates-guidance-improves-ev-revenue-falls-84">counter its growing losses</a> and withstanding the ongoing price war. 
What Happened: Ford is eyeing hitting profitability in its EV segment with the launch of its next generation of EVs. However, the launch timeline of these vehicles is currently under wraps. In the meantime, the company is looking to cut costs of the business, CFO John Lawler said during the company&#8217;s first-quarter earnings call on Wednesday. 
&#8220;We&#8217;re going to continue to work on driving every dollar of cost out of the business in the near term,&#8221; he said. 
But revenue over the past several months is dropping faster than the company is able to reduce costs, Lawler conceded, referring to the price war triggered by EV giant Tesla which forced others <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38039584/fords-price-cuts-send-mustang-mach-e-sales-soaring-in-weeks-but-next-decade-will-be">including Ford to cut prices </a>to retain their market share. 
 &#8220;If the pricing stabilizes and we don&#8217;t see these significant reductions continuing across the industry, then I think that you could probably start to see some of those cost reductions flow to the bottom line,&#8221; he said. 
While at the onset of EV adoption customers were willing to pay a premium for an EV, they are now looking for cheaper options, Lawler noted. 
&#8220;We think that prices for EVs are going to normalize around where gas is and the consumers are going to weigh the value proposition of that propulsion choice,&#8221;&nbsp;Lawler said while adding that the company does not see EV prices falling below gas vehicle prices.
Why It Matters: Ford&#8217;s EV segment called &#8220;Model e&#8221; posted an EBIT loss of $1.3 billion in the first quarter, a drastic jump from the EBIT loss of $0.7 billion reported in the corresponding quarter of 2023. 
Revenue, likewise, fell 84% year-on-year to $0.1 billion, partly due to the industry-wide pricing pressure. 
For 2024, Ford expects its EV division to post an EBIT loss between $5.5 billion and $5 billion, widening from the EBIT loss of $4.7 billion recorded last year. 
Image Via Shutterstock
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta" target="_blank" rel="noreferrer noopener">Tesla Will Solve Autonomy ‘Even If I Got Kidnapped By Aliens Tomorrow,&#8217; Says Elon Musk As He Reveals Talks With ‘Major Automaker&#8217; For FSD Licensing</a>

Ford CFO Says EV Price Cuts Bringing Down Revenue Faster Than Company Can Cut Costs; 'If The Pricing Stabilizes...'

Allison 3414 Regional Haul Series&trade; (RHS) and 4000 Series&trade; now available to order as the exclusive fully automatic in International RH and HX Series trucks, respectively.

ALSN

Reported Earlier, Allison Fully Automatic Transmissions Selected For International Truck's Latest S13 Models

Nasdaq provided the Company 60 days to submit a plan to regain compliance with the Rule (the &quot;Plan&quot;).&nbsp; The Company intends to submit its plan of compliance to Nasdaq by June 17, 2024.&nbsp;

HRYU

Reported Earlier, Hanryu Holdings Receives Delinquency Notice From Nasdaq For Late Annual Report Filing

IPOs

RBRK

Reported Earlier, Rubrik Prices Upsized Initial Public Offering Of 23.5M Class A Common Shares At $32/Share

<ul>
<li>Advances Labcorp strategy to launch and scale specialty testing&nbsp;in areas such as oncology and rare diseases</li>
<li>Transaction requires court approval, with confirmation expected on&nbsp;May 6, 2024</li>
</ul>

Laboratory Corporation Of America Holdings

NVTA

Reported Earlier, Labcorp Wins Bid For Invitae Assets To Boost Specialty Testing In Oncology And Rare Diseases

<ul>
<li>Walgreens Specialty Pharmacy combines existing specialty assets, fully integrates AllianceRx and represents the company&#39;s latest step to leverage its neighborhood pharmacies into fast-growing areas of healthcare</li>
<li>Investments include new Gene &amp; Cell Services Pharmacy and Innovation Center</li>
</ul>

Reported Earlier, Walgreens Launches New Gene And Cell Therapy Services, Expands Specialty Pharmacy Offerings

SK Hynix, a key supplier to NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), has reported its first profitable quarter in five, attributing the turnaround to soaring demand for AI chips.
What Happened: The South Korean memory chip manufacturer recorded a net profit of 1.92 trillion South Korean won ($1.39 billion) in the first quarter, a stark contrast to the 2.58 trillion won loss in the same period last year, CNBC <a href="https://www.cnbc.com/2024/04/25/nvidia-supplier-sk-hynix-reverses-losses-in-first-quarter-on-ai-demand.html">reported</a>. This marks SK Hynix&#8217;s first positive income since the third quarter of 2022.
The company attributes its strong performance to the increased sales of AI server products, driven by its leadership in AI memory technology, particularly high-bandwidth memory. This technology is crucial for AI chipsets, such as those used by Nvidia.
The demand for AI chipsets has significantly boosted the high-end memory chip market, benefiting major players like SK Hynix and Samsung Electronics.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38368953/jim-cramer-sees-nvidia-as-going-from-star-of-the-show-to-being-the-goat-of-the-game?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Sees Nvidia As Going &#8216;From Star Of The Show To Being The Goat Of The Game&#8217;</a>
SK Hynix plans to meet the increasing demand for AI memory by boosting the supply of HBM3E, the latest generation of high-bandwidth memory for AI. The company also intends to introduce 32GB Double Data Rate 5 products this year to strengthen its position in the high-capacity server DRAM market.
"We will continue to work towards improving our financial results by providing the industry's best performing products at a right time and maintaining the profitability-first commitment," said Chief Financial Officer Kim Woohyun.
Why It Matters: The surge in AI chip demand is a result of the growing adoption of large language models like ChatGPT, which rely on high-performance memory chips to generate human-like responses. This trend has led to a significant increase in the demand for high-performance memory chips, benefiting companies like SK Hynix and Samsung Electronics, according to the report.
SK Hynix&#8217;s financial turnaround comes amid a broader resurgence in the South Korean semiconductor industry. In December, Samsung Electronics and <a href="https://www.benzinga.com/government/23/12/36408195/south-koreas-semiconductor-surge-samsung-and-sk-hynix-shatter-records-with-unprecedented-production">the South Korean semiconductor industry</a> experienced substantial growth, marking a significant rebound in production and shipments.
SK Hynix&#8217;s recent financial success is also tied to its strategic investments in the U.S. semiconductor industry. The company announced plans to invest $3.9 billion in an advanced chip-packaging facility in West Lafayette, Indiana, <a href="https://www.benzinga.com/government/24/04/38089624/nvidia-to-benefit-from-sk-hynixs-new-3-9b-indiana-facility-focused-on-high-bandwidth-memory-chips">to mass-produce high-bandwidth memory (HBM)</a>, crucial for powering NVIDIA GPUs used in AI systems training, like ChatGPT. 
This investment underscores the region&#8217;s growing appeal in the semiconductor sector, fueled by the Biden administration&#8217;s efforts to restore America&#8217;s global standing in chip manufacturing and the incentives from the $53 billion Chips Act.
Read Next: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Image Via Shutterstock 
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 Engineered by 
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
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Asia

NVDA

Nvidia Supplier SK Hynix Sees First Profit In 5 Quarters, Credits AI Chip Demand

Whales, the colossal beings of the ocean, are not just a marvel because of their size, but also due to their intriguing behaviors and physiological mysteries. From their unique sleeping patterns to their complex relationships with other marine animals, whales continue to fascinate scientists and ocean lovers alike. Let&#8217;s dive deep and explore some of the most fascinating facts about these fascinating gentle giants you probably didn&#8217;t know!
1. How Whales Sleep
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194-1024x585.png" alt="" class="wp-image-307987" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030418/image-194.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whales practice unihemispheric slow-wave sleep which allows them to shut down half of their brains: Image Generated Via Dall-E</figcaption></figure>
Ever wondered how a creature as enormous as a whale catches some Z&#8217;s? Whales have a mesmerizing way of sleeping: they shut down only half of their brain along with the opposite eye. The other half stays awake to help them come up for air and to stay alert for potential threats. This unique sleep method is known as unihemispheric slow-wave sleep.
2. Whales&#8217; Surprising Diet
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195-1024x585.png" alt="" class="wp-image-307988" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030429/image-195.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Despite their large size, whales eat the smallest of marine life. Image Generated Via Dall-E</figcaption></figure>
Despite their massive size, many whales feed on some of the smallest marine life. Baleen whales, for example, sieve tiny krill and plankton through their baleen plates, consuming up to 4,000 pounds of these tiny creatures each day!
3. The Orca-Humpback Feud
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196-1024x585.png" alt="" class="wp-image-307989" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030437/image-196.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Orcas and Humpback whales have a long-standing dispute. Image Generated Via Dall-E</figcaption></figure>
It seems there&#8217;s some marine drama! Humpback whales are known to have a particular disdain for orcas, also known as killer whales. Humpbacks will often intervene if they see orcas attacking other marine mammals, sometimes even coming to the rescue of seals or other whales!
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38384714/whats-going-on-with-trump-media-technology-stock-on-tuesday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Trump Media &amp; Technology Stock On Tuesday?</a>
4. Beluga Whale Quirks
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198-1024x585.png" alt="" class="wp-image-307991" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030457/image-198.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Beluga Whales are often referred to as the &#8216;canaries of the sea.&#8217; Image Generated Via Dall-E</figcaption></figure>
Beluga whales, often called the &#8220;canaries of the sea,&#8221; are famous for their wide range of vocalizations. These white whales can mimic a variety of sounds and are known to be especially chatty among their peers.
5. Whales Cannot Breathe Underwater
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199-1024x585.png" alt="" class="wp-image-307993" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030505/image-199.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Despite living in the seas, whales cannot breathe underwater. Image Generated Via Dall-E</figcaption></figure>
Unlike fish, whales can&#8217;t breathe underwater. They are mammals, just like us, and need to surface regularly to breathe air through their blowholes. This adaptation requires them to have a conscious control over their breathing even while sleeping.
6. Whale Songs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200-1024x585.png" alt="" class="wp-image-307994" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030510/image-200.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whale Songs are known to be haunting yet beautiful. Image Generated Via Dall-E</figcaption></figure>
Some whale species are known for their haunting and beautiful songs, especially the humpback whales. These melodies are complex and often sung by the males in a population. Scientists believe these songs play a role in mating rituals and social bonding.
7. Whales&#8217; Life Span
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201-1024x585.png" alt="" class="wp-image-307995" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030528/image-201.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whales have some of the longest lifespans among animals. Image Generated Via Dall-E</figcaption></figure>
Whales have some of the longest lifespans in the animal kingdom. For instance, bowhead whales can live over 200 years, making them one of the oldest living animal species on Earth.
8. Whales Help the Environment
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202-1024x585.png" alt="" class="wp-image-307996" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030532/image-202.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whales have a crucial role to play in the marine ecosystem. Image Generated Via Dall-E</figcaption></figure>
Whales play a crucial role in the marine ecosystem. Their feces are rich in iron and nitrogen, which fertilize plankton. More plankton means more carbon dioxide is absorbed from the atmosphere, significantly contributing to the reduction of global warming.
9. The Migration of Whales
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203-1024x585.png" alt="" class="wp-image-307997" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030543/image-203.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whales undertake some of the longest migrations among mammals. Image Generated Via Dall-E</figcaption></figure>
Whales undertake some of the longest migrations among mammals, traveling thousands of miles annually to breed and feed. This journey often brings them from polar feeding grounds to tropical breeding grounds.
10. Whales and Sharks
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="585" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204-1024x585.png" alt="" class="wp-image-307998" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204-1024x585.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204-300x171.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204-768x439.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204-1536x878.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25030551/image-204.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Whales rarely have to worry about Shark attacks. Image Generated Via Dall-E</figcaption></figure>
While sharks are often viewed as the ultimate predators, in the open sea, large whales have very few enemies. Healthy adult whales, such as the massive blue whale, rarely have to worry about shark attacks. However, orcas, a type of whale, are known to prey on sharks!
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Spee</a>

Entertainment

Whales Can't Breathe Underwater Same As Us Yet Manage To Dive Miles Into The Ocean And Even Sleep Peacefully: 10 Reasons Why These Gentle Giants Fascinate Me So Much

<ul>
<li>Hyundai Motor Group to establish&nbsp;mid- to&nbsp;long-term strategies to solidify its position as a leading mobility provider in&nbsp;India</li>
</ul>
&hellip;&nbsp;&nbsp; Hyundai Motor India to establish an annual production system of one million units by 2025; Combined with Kia India, Hyundai Motor Group to be able to annually produce 1.5 million units annually in&nbsp;India
&hellip;&nbsp;&nbsp; Electrification strategy to strengthen leadership in the Indian EV market by expanding EV local production and lineups as well as creating EV ecosystems
<ul>
<li>Executive Chair Chung also had a town hall meeting to share visions and strengthen trust with Hyundai Motor India employees</li>
</ul>
&hellip;&nbsp;&nbsp; Approximately 400 local employees attended the site, while over 3,000 joined through a video connection across all Hyundai Motor sites in&nbsp;India
&hellip;&nbsp;&nbsp; Executive Chair highlighted the Group&#39;s customer-centric philosophy, strategic importance of&nbsp;India&nbsp;as well as electrification strategies and future directions
<ul>
<li>Hyundai Motor Group to continue seek future growth strategies in&nbsp;India, which has emerged as the world&#39;s fifth largest economy and top three automobile markets</li>
</ul>

HYMTF

Hyundai Motor Group's Executive Chair Euisun Chung Visits India To Reinforce Long-Term Mobility Strategies

Dividend Champion, Contender, And Challenger Highlights: Week Of February 18

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An announcement from Atlantic Union Bankshares Corporation (AUB) is now available. Discover insights into a company's future with a presentation se...

Atlantic Union Bankshares' Upcoming Strategy Webcast Event

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AUB Stock Earnings: Atlantic Union Bankshares Misses EPS, Misses Revenue for Q1 2024

Atlantic Union Bankshares Corporation 2024 Q1 - Results - Earnings Call Presentation

Atlantic Union Bankshares Corporation (AUB) Q1 2024 Earnings Call Transcript

Analysts have been eager to weigh in on the Financial sector with new ratings on Atlantic Union Bankshares (AUB – Research Report), Zurich Insuranc...

Analysts Offer Insights on Financial Companies: Atlantic Union Bankshares (AUB), Zurich Insurance Group (OtherZFSVF) and Old National Bancorp Capital (ONB)