BAIOO Family Interactive Stock (OTC: BAOOF)

Latest News for BAIOO Family Interactive Stock (OTC:BAOOF)

Baioo Family Interactive Ltd is an investment holding company mainly engaged in the online entertainment business. The Company operates two segments: the Online Entertainment Business segment and the Other Businesses segment. The Online Entertainment Business segment develops, operates and exclusively distributes network virtual world business and other online game businesses. The Company focuses on three niche game genres, deepening its development in female-oriented games, pet collection and raising games, and nijigen games, involving computer games and mobile games in a region.

BAIOO FAM INTERACTIVE ORD by Baioo Family Interactive Ltd.

BAIOO Family Interactive Ltd

In response to mounting criticism over its <a href="https://www.benzinga.com/news/24/04/38190146/microsofts-latest-security-breach-whats-at-stake-for-company-integrity-and-trust">handling of cyberattacks</a>, Satya Nadella-led Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has announced the appointment of new security chiefs to its product groups.
What Happened: The tech giant has named Ann Johnson as the deputy chief information security officer or CISO to oversee communication and outreach regarding the company&#8217;s security, <a href="https://www.bloomberg.com/news/articles/2024-05-02/microsoft-adds-security-chiefs-to-product-groups-in-wake-of-hacking-woes?srnd=technology-vp">reported</a> Bloomberg on Friday. 
Johnson, who has been with Microsoft since 2015, will focus on customer engagement and communication about the company&#8217;s security. 
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Microsoft is also adding deputy CISOs to its product groups, with the new appointees reporting to Igor Tsyganskiy, the global CISO. The company, however, did not disclose the names of these new officials.
Why It Matters: Microsoft has been grappling with a <a href="https://www.benzinga.com/markets/equities/24/03/37561005/microsoft-says-russian-hackers-stole-code-after-spying-on-top-executives-attack-still-ongoing">string of security breaches</a>, raising concerns about the company&#8217;s integrity and trust. 
In April, it was reported that internal company files and credentials were exposed to the internet, and in January, the <a href="https://www.benzinga.com/news/24/01/36705147/microsofts-top-executives-emails-breached-by-russian-intelligence-group-responsible-for-solarwinds-h">email accounts of top Microsoft executives</a> were breached by a Russian intelligence group. 
These incidents have led to calls for urgent reforms and mandatory cybersecurity standards for collaboration software, with <a href="https://www.benzinga.com/government/24/04/38439394/ai-is-going-well-for-microsoft-but-cybersecurity-is-not">some questioning the effectiveness</a> of Microsoft&#8217;s Secure Future Initiative.
Despite these challenges, <a href="https://www.benzinga.com/news/earnings/24/04/38444199/microsoft-q3-earnings-revenue-beat-eps-beat-new-era-of-ai-transformation-and-more">Microsoft saw a 17% year-over-year</a> rise in third-quarter revenue, reaching $61.9 billion, surpassing the consensus estimate of $60.804 billion, according to <a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <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/24/04/38480373/musk-vs-moskovitz-rages-on-as-tesla-ceo-trolls-facebook-co-founders-company-why-would-anyone-pay-mon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Vs. Moskovitz Rages On As Tesla CEO Trolls Facebook Co-Founder&#8217;s Company: &#8216;Why Would Anyone Pay Money For Functionality That Comes For Free On Your Phone?&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

Tech

Media

MSFT

Satya Nadella-Led Microsoft To Beef Up Security Team After Facing Criticism Over Cyberattacks

As Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reports its <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">second-quarter 2024 earnings</a>, CEO Tim Cook has criticized the U.S. Department of Justice&#8217;s or DOJ antitrust lawsuit against the tech giant, calling it &#8220;misguided.&#8221;
What Happened: On Thursday, Apple reported its second-quarter results that outperformed&nbsp;<a href="https://www.benzinga.com/news/earnings/24/05/38580920/will-apple-crack-ai-code-and-spark-investor-optimism-tim-cooks-tech-strategy-in-focus-amid-expected" target="_blank" rel="noreferrer noopener">muted goals</a>. During the same time, Cook gave an interview to CNBC and addressed the DOJ&#8217;s antitrust lawsuit against the tech giant, <a href="https://www.theverge.com/2024/5/2/24147601/tim-cook-calls-dojs-antitrust-case-against-apple-misguided-in-first-public-comments-on-lawsuit">reported</a> The Verge. 
He called the case &#8220;misguided&#8221; and promised Apple would contest it. He also expressed concern about the lawsuit becoming a &#8220;distraction&#8221; for the company.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38512965/youtube-tech-reviewer-mkbhd-deems-rabbit-r1-barely-reviewable-after-humane-ai-pin-takedown-its-just?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">YouTube Tech Reviewer MKBHD Deems Rabbit R1 &#8216;Barely Reviewable&#8217; After Humane AI Pin Takedown: &#8216;It&#8217;s Just Exhausting&#8217;</a>
&#8220;I think the case is misguided, and we're going to fight it,&#8221; he said, adding, &#8220;It's my job to make sure it doesn't become a distraction. And so, you know, if you look at what they're trying to do, is essentially use the law to define how we design products. And that shouldn't be like that.&#8221;
Why It Matters: The DOJ filed the&nbsp;<a href="https://www.benzinga.com/news/24/03/37862409/apple-accused-of-illegally-maintaining-iphone-dominance-in-upcoming-doj-lawsuit-report">lawsuit against Apple</a> in March&nbsp;after a lengthy investigation. 
The department alleges&nbsp;that Apple has engaged in&nbsp;anticompetitive behavior&nbsp;by making it difficult for&nbsp;users to switch to other&nbsp;platforms. This included restricting iPhone technologies to its apps and services,&nbsp;keeping iMessage exclusive to Apple&nbsp;devices, limiting third-party digital wallets,&nbsp;and restricting Apple Watch compatibility.
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Apple has strongly refuted these claims. The company previously stated that the <a href="https://www.benzinga.com/markets/equities/24/03/37872817/apple-says-dangerous-doj-lawsuit-threatens-who-we-are-vows-to-fight-against-it">lawsuit &#8220;threatens who we are&#8221;</a> and undermines the company&#8217;s principles. The company also argues&nbsp;that the lawsuit sets a&nbsp;&#8220;dangerous precedent&#8221; by allowing governments to dictate how technology is designed.
&#8220;We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it,&#8221; Apple told Benzinga in March in an emailed statement. 
Photo Courtesy: Shutterstock.com
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:&nbsp;<a href="https://www.benzinga.com/news/24/04/38480373/musk-vs-moskovitz-rages-on-as-tesla-ceo-trolls-facebook-co-founders-company-why-would-anyone-pay-mon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Vs. Moskovitz Rages On As Tesla CEO Trolls Facebook Co-Founder&#8217;s Company: &#8216;Why Would Anyone Pay Money For Functionality That Comes For Free On Your Phone?&#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.

Legal

AAPL

Tim Cook Blasts DOJ's Antitrust Lawsuit Against Apple, Says He's Going To Make Sure It Doesn't Become A Distraction: 'We're Going To Fight It'

Renowned economist and gold advocate Peter Schiff used the drastic plunge in Peloton Interactive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) stock to illustrate his theory on the mispricing of gold mining stocks.
What Happened: Schiff highlights the staggering 98.5% decline in Peloton&#8217;s stock, which reached a record low of $2.70. He emphasized how this situation mirrors the current state of gold mining stocks, but in reverse.
&#8220;#Peloton stock is down another 13% today, hitting another record low of $2.70. During the pandemic shares traded as high as $171. That&#8217;s a decline of 98.5%. This shows how badly stocks can be mispriced. The same situation exists today with #gold mining stocks, only in reverse,&#8221; Schiff wrote on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Peloton?src=hash&amp;ref_src=twsrc%5Etfw">#Peloton</a> stock is down another 13% today, hitting another record low of $2.70. During the pandemic shares traded as high as $171. That&#39;s a decline of 98.5%. This shows how badly stocks can be mispriced. The same situation exists today with <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> mining stocks, only in reverse.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1786052596706247091?ref_src=twsrc%5Etfw">May 2, 2024</a></blockquote>
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Schiff&#8217;s commentary highlighted the drastic decline in Peloton stock, shedding light on the potential for mispricing in the market. This phenomenon is evident in the gold mining sector, albeit in reverse. 
Schiff&#8217;s commentary comes as gold mining stocks exhibit varied performance. Barrick Gold Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is currently trading at $16.55, marking a 7.44% decline year to date. US Goldmining Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USGO#NASDAQ">USGO</a>) is trading at $6.09, experiencing a 17.37% decrease year to date. SSR Mining Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSRM#NASDAQ">SSRM</a>) is priced at $5.40, reflecting a 49.30% decrease year to date. Conversely, Kinross Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) is trading at $6.55, indicating a 10.64% increase year to date, while Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) is at $41.05, showing a modest 0.34% uptick year to date.<a href="https://twitter.com/PeterSchiff/status/1786052596706247091"></a>
See Also: <a href="https://www.benzinga.com/partner/commodities/24/04/38487758/why-gold-prices-are-at-record-highs-and-what-it-means-for-miners?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Gold Prices Are At Record Highs And What It Means For Miners</a>
Why It Matters: Schiff&#8217;s remarks come in the wake of a series of events that have impacted the financial markets. Earlier in April, Schiff&#8217;s firm, Schiff Gold, suggested that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38397480/gold-to-rally-even-higher-on-nvidia-big-tech-schiffs-firm-says-ai-has-looped-around">gold could rally even higher</a> due to its increasing use in technology, a trend that may not be fully appreciated by the market.
At the same time, Schiff has been a vocal critic of cryptocurrencies, challenging the predictions of a $100,000 Bitcoin price and suggesting that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38265256/peter-schiff-challenges-bitcoins-100k-prediction-as-crypto-linked-stocks-languish-i">crypto-linked stocks are languishing</a> in a bear market despite Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price movements.
Meanwhile, the global economy has been showing signs of resilience, with the&nbsp;Organization for Economic Cooperation and Development&nbsp;revising its 2024 <a href="https://www.benzinga.com/news/24/05/38575037/world-economy-seeks-to-avoid-stagflation-as-oecd-lifts-global-growth-forecast-for-2024">growth forecast upwards</a>, indicating a potential escape from a stagflationary rut. This could have implications for the broader market, including the gold mining sectors.
Amid these developments, Schiff&#8217;s comments on the mispricing of gold mining stocks and the Peloton stock&#8217;s dramatic decline serve as a reminder of the potential risks and opportunities in the current market environment.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38570836/bitcoins-historical-data-suggests-a-potential-99-surge-says-crypto-analyst-time-to-buy-the?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Historical Data Suggests A Potential 99% Surge, Says Crypto Analyst: &#8216;Time To Buy The Dip!&#8217;</a>
Image Via Wikimedia Commons
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Equities

Commodities

Global

Markets

$BTC

GOLD

PTON

SSRM

USGO

Peter Schiff Highlights Pandemic Darling Stock's 98.5% Decline To Make A Point About Mispriced Gold Mining Stocks: 'Same Situation Exists Today'

The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/HSY/earnings">opening bell on May 3, 2024.</a>
Analysts expect the Hershey, Pennsylvania-based company to report quarterly earnings at $2.76 per share, down from $2.96 per share in the year-ago period. Hershey is projected to report quarterly revenue of $3.11 billion, compared to $2.99 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 8, Hershey reported mixed fourth-quarter financial results and raised its quarterly dividend.
Hershey shares rose 1.1% to close at $195.88 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/HSY/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Wells Fargo analyst Chris Carey maintained an Equal-Weight rating and cut the price target from $205 to $200 on April 17. This analyst has an accuracy rate of 64%.</li>
<li>Piper Sandler analyst Michael Lavery maintained a Neutral rating and slashed the price target from $200 to $179 on April 15. This analyst has an accuracy rate of 71%.</li>
<li>Morgan Stanley analyst Pamela Kaufman downgraded the stock from Equal-Weight to Underweight and cut the price target from $191 to $183 on Feb. 12. This analyst has an accuracy rate of 66%.</li>
<li>Barclays analyst Lauren Lieberman maintained an Equal-Weight rating and boosted the price target from $200 to $210 on Feb. 12. This analyst has an accuracy rate of 60%.</li>
<li>JP Morgan analyst Ken Goldman maintained a Neutral rating and increased the price target from $185 to $193 on Feb. 9. This analyst has an accuracy rate of 80%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38582620/jim-cramer-this-pc-maker-is-a-good-stock-to-own-okta-is-terrific">Jim Cramer: This PC Maker Is A &#8216;Good Stock To Own&#8217;, Okta Is &#8216;Terrific&#8217;</a>

Earnings

Price Target

Pre-Market Outlook

Trading Ideas

Hershey Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Robert Kiyosaki, the author of the best-selling book &#8220;Rich Dad Poor Dad,&#8221; has shared his strategy for navigating the ongoing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) market crash, highlighting the potential for wealth growth during such periods.
What Happened: Kiyosaki took to social media platform X, to share his insights on the current market situation. He began by acknowledging the commencement of a &#8220;bad&#8221; crash, but also pointed out that such downturns present unique opportunities for wealth accumulation.
He warned against the devaluation of fiat currencies and encouraged his followers to view the crash as a potential turning point in their financial journey.
&#8220;DON'T SAVE MONEY: Fake money (US dollar, Euro, Yen, Peso) goes down in value. Save gold, silver, Bitcoin, real money that goes up in value, especially in a market crash. TAKE CARE and make this CRASH the best thing that ever happened to you,&#8221; Kiyosaki said. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BAD NEWS: CRASH has BEGUN. It will be a bad one. GOOD NEWS: CRASHES are the best time to get rich. Bargains will float to the surface. RULES to REMEMBER in a CRASH: 1: DON'T CATCH FALLING KNIVES: Just because prices are falling DO NOT get GREEDY. Wait til prices have…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1786227254168629296?ref_src=twsrc%5Etfw">May 3, 2024</a></blockquote>
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The author outlined six rules to follow during a market crash. These included refraining from making impulsive investment decisions, seeking out reliable sources of information, surrounding oneself with like-minded individuals, starting a side business, choosing the right mentors, and investing in assets that retain or increase in value, such as gold, silver, and Bitcoin.
See Also: <a href="https://www.benzinga.com/partner/commodities/24/04/38464603/insider-buying-vuzix-nasdaq-vuzi-executives-including-ceo-snap-up-shares?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">INSIDER BUYING: Vuzix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VUZI#NASDAQ">VUZI</a>) Executives Including CEO Snap Up Shares</a>
Why It Matters: Kiyosaki&#8217;s advice comes at a time when the global economy is facing significant challenges. The U.S. is grappling with the specter of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38480911/stagflation-spectre-haunts-us-economy-experts-warn-on-slow-growth-and-inflation-aft">stagflation</a>, a scenario characterized by slow growth and rising inflation. This has led to concerns about the future of the economy.
The Federal Reserve has decided to&nbsp;<a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff" target="_blank" rel="noreferrer noopener">keep interest rates steady</a>, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed's 2% goal. This decision has had a significant impact on market dynamics.
"The inflation data received so far this year have been higher than expected," Federal Reserve Chair&nbsp;Jerome Powell&nbsp;said on Wednesday, adding that it is likely that gaining&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel" target="_blank" rel="noreferrer noopener">greater confidence in disinflation</a>&nbsp;will take longer than previously thought.
However, there are also signs of resilience in the global economy, with the <a href="https://www.benzinga.com/news/24/05/38575037/world-economy-seeks-to-avoid-stagflation-as-oecd-lifts-global-growth-forecast-for-2024">OECD revising its 2024 growth forecast upwards</a>. This indicates a potential escape from the stagflationary trend, offering a glimmer of hope for the future.
Earlier in the year, Kiyosaki had also <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37922090/rich-dad-poor-dad-author-robert-kiyosaki-says-buy-as-much-bitcoin-as-you-can-afford">expressed his bullish stance on Bitcoin</a>, urging investors to buy as much as they could afford. His recent strategy aligns with this stance, emphasizing the potential of Bitcoin as a valuable asset during market downturns.
Price Action: Bitcoin is presently trading at $59,7790, up 1.19% over the last 24 hours. Nonetheless, it has surged by 35.31% since the beginning of the year, according to the data <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38490818/if-you-invested-1000-in-chipotle-mexican-grill-a-decade-ago-this-is-how-much-itd-be-worth-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Chipotle Mexican Grill a Decade Ago, This is How Much It&#8217;d Be Worth Now</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

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VUZI

'Rich Dad Poor Dad' Author Robert Kiyosaki Unveils His Bitcoin Strategy Amid Market Crash: 'The Best Time To Get Rich'

Macro Economic Events

Econ #s

Reported Earlier, Australia Home Loans (MoM) 2.8% Vs. 1.0% Est.; 1.6% Prior

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) has experienced a significant surge in customer adoption and trading activity across its platforms, driven by the launch of several Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs in the U.S. during the first quarter of 2024.
What Happened: Coinbase&#8217;s co-founder and CEO Brian Armstrong attributed the record growth to the excitement around Bitcoin ETFs. This led to all-time highs in trading volume and active clients, particularly in the institutional business.
&#8220;The excitement around Bitcoin ETFs drove new customer adoption across our product suite,&#8221; said Armstrong. &#8220;We saw all-time highs in trading volume and active clients, for instance, in our institutional business.&#8221;
The company&#8217;s institutional prime brokerage business, Coinbase Prime, also saw record levels of trading volume and active clients in the first quarter, driven by the Bitcoin ETF rollouts. 
This resulted in a significant increase in other transaction revenue, previously included in consumer transaction revenue, primarily due to higher Base sequencer fees and payment-related revenue, as indicated by Coinbase CFO Alesia Haas.
See Also: <a href="https://www.benzinga.com/news/24/04/38518177/29-year-old-tesla-worker-who-got-fired-says-he-slept-in-parking-lot-showered-at-factory-and-ate-micr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">29-Year-Old Tesla Worker Who Got Fired Says He Slept In Parking Lot, Showered At Factory And Ate Microwaved Dinner: &#8216;Sacrificed A Lot For The Company&#8217;</a>
During the quarter, 40% of Coinbase&#8217;s institutional clients engaged with three or more Coinbase Prime products, such as custody, trading, staking, and financing. 
This, according to Coinbase&#8217;s President and COO Emilie Choi, directly impacted the company&#8217;s financials, leading to a 69% quarter-over-quarter growth in assets under custody to $171 billion and a 64% growth in custodial fee revenue to $32 million.
The approval of spot Bitcoin ETFs in early 2024 marked a significant milestone in the cryptocurrency industry. It reshaped market dynamics and contributed to Bitcoin&#8217;s surge to a new record high. The launch of ETFs like ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>), Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), and VanEck Bitcoin Trust (BATS:<a class="ticker" href="https://www.benzinga.com/stock/HODL#BATS">HODL</a>) saw substantial trading volumes. 
ARK 21Shares recorded a volume of 1,717,102 shares, Fidelity Wise Origin Bitcoin Fund saw a volume of 23,013,692 shares, and VanEck Bitcoin Trust had a volume of 106,685 shares. 
Why It Matters: The surge in Coinbase&#8217;s Q1 performance is in line with the company&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38598804/coinbase-q1-earnings-highlights-revenue-beat-institutional-trading-volume-hits-all-time-hi">revenue beat and institutional trading volume</a> hitting an all-time high. The company reported total revenue of $1.64 billion, surpassing a Street consensus estimate of $1.34 billion and a GAAP EPS of $4.40.
Before the earnings report, Coinbase&#8217;s stock had <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38557434/coinbase-up-300-in-a-year-but-faces-bearish-technicals-ahead-of-q1-earnings">surged over 300%</a> in the past year, riding the crypto boom. The stock&#8217;s surge compared favorably to Bitcoin&#8217;s price, which rose by 103.13% over the past year. This performance indicates the company&#8217;s strong position in the market.
Additionally, Coinbase&#8217;s decision to <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38522744/coinbase-rolls-out-lightning-network-support-in-collaboration-with-lightspark">roll out support for the Lightning Network</a> in collaboration with Lightspark, the largest U.S. crypto exchange by trading volume, has also contributed to the company&#8217;s growth. The Lightning Network offers a faster and cheaper way for users to send, receive, or pay with Bitcoin directly from their account, addressing scalability issues and enhancing the overall user experience.
Price Action: On Thursday&#8217;s close, Coinbase Global Inc. traded at $223.70 in after-hours trading, marking a 2.25% decrease from the previous close, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38539108/trump-says-if-supreme-court-decides-president-doesnt-get-immunity-then-biden-will-be-prosecuted-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says If Supreme Court Decides President Doesn&#8217;t Get Immunity Then Biden &#8216;Will Be Prosecuted For All His Crimes&#8217;</a>
Image Via Shutterstock 
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.

ETFs

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

COIN

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

HODL

Bitcoin ETF Mania Drives Record Growth Across Coinbase's Platforms, CEO Brian Armstrong Notes 'We Saw All-Time Highs In Trading Volume...'

Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) CEO Jack Dorsey addressed a potential Department of Justice investigation during the company&#8217;s first-quarter earnings call on Thursday.
What Happened: Dorsey clarified that the company had proactively investigated potential threats in 2022, leading to a thorough review of transactions possibly linked to sanctioned countries. 
Dorsey stated, &#8220;In 2022, our compliance engineering risk team who proactively investigate threats identified signals that lead us to conduct a thorough review of transactions potentially associated with sanctioned countries.&#8221;
According to Dorsey, these transactions were voluntarily reported to the Office of Foreign Assets Control, and the company received a no-action letter from OFAC, indicating no further investigation or action was required at the time.
Regarding the prevention of tariff financing through Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Dorsey highlighted the company&#8217;s robust control environment, including the use of leading blockchain analytics firms to screen transactions in real time and maintaining some of the most restrictive limits in the industry for on-chain Bitcoin withdrawals.
&#8220;As it relates to preventing tariffs financing via Bitcoin, we have a robust control environment in place to mitigate exposure from adversaries. For instance, we use industry-leading blockchain analytics firms to screen transactions in real time. We also maintained some of the most restrictive limits in the industry for on chain Bitcoin withdrawals, which are deliberately calibrated to prevent bad activity,&#8221; Dorsey said. 
See Also: <a href="https://www.benzinga.com/partner/commodities/24/04/38464603/insider-buying-vuzix-nasdaq-vuzi-executives-including-ceo-snap-up-shares?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">INSIDER BUYING: Vuzix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VUZI#NASDAQ">VUZI</a>) Executives Including CEO Snap Up Shares</a>
He also emphasized the company&#8217;s commitment to compliance, stating that it is foundational to their work and that they continuously improve their compliance program based on various inputs, including self-identified issues, audits, and guidance from regulators.
&#8220;We take compliance seriously at Block. A culture of compliance is foundational to our work. We have a radically transparent culture that supports us. Employees are empowered to raise issues through multiple channels, including directly to me or anonymously through our Whistleblower hotline,&#8221; Dorsey said. 
Why It Matters: The earnings call comes amid a surge in Block Inc.&#8217;s stock price following the company&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38599124/block-stock-soars-on-q1-earnings-strategic-bitcoin-investment-details">strong first-quarter earnings</a> report. 
Despite the positive financial results, the company has been under scrutiny due to allegations of <a href="https://www.benzinga.com/news/24/05/38554959/whistleblower-claims-square-processed-crypto-transactions-for-terrorists-whats-going-on-with-block-s">processing crypto transactions for terrorists</a>. These allegations have reportedly led to a DOJ investigation, prompting Dorsey to address the issue during the earnings call.
Despite these challenges, Block Inc. has continued to make significant strides in the cryptocurrency space. Dorsey recently announced a new feature that allows <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38421167/jack-dorsey-says-block-will-allow-square-sellers-to-auto-convert-a-percent-of-daily-sales-">Square merchants</a> to convert a percentage of their daily sales into Bitcoin automatically. 
Additionally, the company has been working on making <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38413962/jack-dorsey-wants-to-make-bitcoin-mining-as-easy-as-plugging-in-a-lamp-heres-how">Bitcoin mining more accessible</a> by developing a complete Bitcoin mining system.
Price Action: Block Inc&#8217;s after-hours trading saw a notable increase, with the stock price rising to $75.78, marking a 7.80% surge from the previous close on Thursday, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38570836/bitcoins-historical-data-suggests-a-potential-99-surge-says-crypto-analyst-time-to-buy-the?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Historical Data Suggests A Potential 99% Surge, Says Crypto Analyst: &#8216;Time To Buy The Dip!&#8217;</a>
Image Via Shutterstock 
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.

Bitcoin Transaction Investigation By DOJ Addressed By Block CEO Jack Dorsey: 'We Take Compliance Seriously'

The co-creator of Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Billy Markus, also known as Shibetoshi Nakamoto and popular tech YouTuber Marques Brownlee, popularly called MKBHD, have criticized Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s virtual assistant, Siri, for <a href="https://www.benzinga.com/m-a/24/02/37400950/apples-abandoned-ev-project-almost-used-siri-as-the-steering-wheel-began-after-reported-deal-with-te">its underwhelming performance</a>.
What Happened: Following <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">Apple&#8217;s second quarter</a> 2024 earnings call,&nbsp;MKBHD&nbsp;took to X, formerly Twitter,&nbsp;to express his thoughts on Siri.&nbsp;
&#8220;On one hand: It seems&nbsp;like it&#8217;s only a matter&nbsp;of time before Apple starts&nbsp;making major AI-related moves around&nbsp;the iPhone and iOS and&nbsp;buries these AI-in-a-box gadgets extremely&nbsp;quickly,&#8221; he said, adding, &#8220;On the other hand: Have&nbsp;you used Siri lately?&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38574286/palantir-ceo-says-american-tech-industry-maximally-tolerant-of-any-personality-im-like-a-hyper-inexp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir CEO Says American Tech Industry &#8216;Maximally Tolerant&#8217; Of Any Personality: &#8216;I&#8217;m Like A Hyper Inexplicably Dyslexic Outsider&#8217;</a>
Markus responded to Brownlee&#8217;s post, stating,&nbsp;&#8220;I think everyone stopped using&nbsp;Siri cuz it's such a&nbsp;piece of garbage if it was tied to a competent&nbsp;GPT it might become usable&nbsp;again.&#8221;
<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">i think everyone stopped using siri cuz it's such a piece of garbage if it was tied to a competent gpt it might become usable again
&mdash; Shibetoshi Nakamoto (@BillyM2k) <a href="https://twitter.com/BillyM2k/status/1786181877659017256?ref_src=twsrc%5Etfw">May 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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.
For the past decade, Siri&nbsp;has been a staple feature&nbsp;in Apple devices. However, it&nbsp;has <a href="https://www.benzinga.com/news/23/09/34310916/apples-billion-dollar-bet-could-revolutionize-siri-with-cutting-edge-generative-ai-report">fallen behind competitors</a> like Alphabet Inc.&#8216;s Google Assistant and&nbsp;Amazon Inc.&#8216;s&nbsp;Alexa in terms of functionality&nbsp;and user satisfaction.
However, in the comment section of Brownlee&#8217;s post, some users didn&#8217;t seem too excited about the prospects of Google Assistant. One person said, &#8220;Google assistant is also getting worse. It&#8217;s bizarre that the main use case for AI has been neglected so much. ChatGPT has almost natural human conversations yet Google can&#8217;t even set a timer properly.&#8221;
Why It Matters: Apple&#8217;s Siri has been under scrutiny for its performance for some time. The company has reportedly been working on improving Siri&#8217;s capabilities through AI upgrades. 
Last year, it was reported that the tech giant has been <a href="https://www.benzinga.com/news/23/09/34310916/apples-billion-dollar-bet-could-revolutionize-siri-with-cutting-edge-generative-ai-report">gearing up to unveil Siri 2.0</a>, a transformative update designed to address long-standing criticisms and challenge its rivals head-on in the voice assistant war. 
In March 2024, reports surfaced suggesting that <a href="https://www.benzinga.com/startups/24/03/37424586/apples-launching-a-futuristic-siri-and-apple-based-artificial-intelligence-as-it-looks-to-take-on-mi">Apple might unveil an upgraded version</a> of Siri featuring enhanced generative AI capabilities at its Worldwide Developers Conference (WWDC) in June. Despite these efforts, Siri&#8217;s performance continues to be a point of contention. 
Apple CEO, Tim Cook, <a href="https://www.benzinga.com/news/24/05/38604743/apple-ceo-tim-cook-hints-at-exciting-ai-developments-in-2024-but-skimps-on-details-we-are-making-sig">hinted at &#8220;exciting things&#8221; in the AI space</a> during the company&#8217;s Q2 2024 earnings call, but refrained from divulging any specifics about the upcoming AI products.
Photo by Piotr Swat on Shutterstock
Check out more of Benzinga&#8217;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:&nbsp;<a href="https://www.benzinga.com/news/24/04/38508391/after-biden-signs-tiktok-ban-into-law-top-eu-leader-says-not-ruling-out-action-against-chinese-platf?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Biden Signs TikTok Ban Into Law, Top EU Leader Says Not Ruling Out Action Against Chinese Platform: &#8216;We Know Exactly The Danger&#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.

$DOGE

AMZN

GOOGL

Dogecoin Co-Creator And MKBHD Slam 'Siri' After Apple's Q2 Earnings: 'It's Such A Piece Of Garbage'

Thursday saw major U.S. indices closing on a positive note, with the Dow Jones Industrial Average climbing 0.85% to reach 38,225.66, while the S&amp;P also showed gains, up 0.9% to 5,064.20. Additionally, the Nasdaq surged 1.5% to finish the day at 15,840.96.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)
Apple&#8217;s stock closed the day with a 2.20% increase at $173.03. The stock&#8217;s intraday high and low were $173.42 and $170.89 respectively, with a 52-week range of $164.08 to $199.62. Apple outperformed muted expectations in its second-quarter results, announcing a massive $110-billion stock buyback program and a slight increase in its quarterly dividend. The <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">earnings announcement</a> saw the shares rise by about 3.5%.
Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)
Coinbase&#8217;s stock soared by 8.93% to close at $228.85. The intraday high and low were $232.71 and $210.76 respectively, with a 52-week range of $46.43 to $283.48. The cryptocurrency trading platform reported <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38598804/coinbase-q1-earnings-highlights-revenue-beat-institutional-trading-volume-hits-all-time-hi">first-quarter financial results</a> that beat the Street consensus estimate, with total revenue of $1.64 billion and GAAP EPS of $4.40. The results highlighted an all-time high in institutional trading volume.
See Also: <a href="https://www.benzinga.com/partner/commodities/24/04/38487758/why-gold-prices-are-at-record-highs-and-what-it-means-for-miners?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Gold Prices Are At Record Highs And What It Means For Miners</a>
Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>)
Block&#8217;s stock rose by 5.18% to close at $70.30. The intraday high and low were $70.55 and $67.17 respectively, with a 52-week range of $38.85 to $87.52. The company reported first-quarter financial results that beat the analyst consensus estimate, with <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38599124/block-stock-soars-on-q1-earnings-strategic-bitcoin-investment-details">quarterly sales</a> of $5.957 billion and adjusted earnings of 85 cents per share. The earnings report saw the shares rise.
Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)
Amgen&#8217;s stock increased by 0.37% to close at $278.39. The intraday high and low were $278.63 and $274.9 respectively, with a 52-week range of $211.71 to $329.72. The company reported first-quarter financial results that beat the analyst consensus estimate, with <a href="https://www.benzinga.com/general/biotech/24/05/38601856/amgen-reports-better-than-expected-q1-results-50m-milestone-payment">quarterly earnings</a> of $3.96 per share and sales of $7.45 billion. The results represent a 21.98% increase in sales from the same period last year.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock saw a slight increase of 0.06% to close at $180.1. The intraday high and low were $184.60 and $176.02 respectively, with a 52-week range of $138.8 to $299.29. The EV giant reportedly <a href="https://www.benzinga.com/news/24/05/38572614/giga-pause-elon-musks-tesla-reportedly-backs-down-on-ambitious-ev-manufacturing-technique-amid-hardc">abandoned its pioneering manufacturing process</a>, indicating a shift in strategy amid falling sales and increasing competition. The report suggests a step back from its ambitious gigacasting plan.
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38570836/bitcoins-historical-data-suggests-a-potential-99-surge-says-crypto-analyst-time-to-buy-the?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Historical Data Suggests A Potential 99% Surge, Says Crypto Analyst: &#8216;Time To Buy The Dip!&#8217;</a>
Photo by Phongphan on Shutterstock

AMGN

TSLA

Apple, Coinbase, Block, Amgen, Tesla: Why These 5 Stocks Are On Investors' Radars Today

<div>I am thrilled that Firecrownis expanding into the railroad and space media sectors by acquiring Kalmbach Media's Trains and Astronomy media groups. This acquisition opens up exciting new possibilities for our company. </div>

The Kalmbach portfolio is highly synergistic with Firecrown. 

Firecrown proudly stands as one of the leading transportation media providers, serving the aviation, boating, and logistics industries with renowned brands such asFLYING, Boating, Yachting, Salt Water Sportsman and FreightWaves. 

The acquisition includes Trains, Model Railroader, Classic Toy Trains, Classic Trains, Garden Railways, and Trains.com, the space enthusiast brand Astronomy, as well as FineScale Modeler, Kalmbach Books, and their digital e-commerce stores. 

<div>
The rail titles fit perfectly in the Firecrown portfolio and the breadth of experience of our staff. 
</div>

Trains.com is the world's most trafficked railroad news and entertainment website, and the print magazines in its portfolio are the most read in the category. In recent years, Trains.com has built an extensive video portfolio, tailoring content around the love of trains and model railroading. 

Kalmbach has deep ties in the railroad community, having published magazines and books about railroads and model trains for over 90 years. There isn't a deeper connection in the rail enthusiast community than the one that Kalmbach built. The Firecrown staff will work diligently to continue and build on that connection moving forward.

Additionally, the rail and aviation communities have a great deal in common. Besides the obvious — both being transportation modes and having similarities in business models — the enthusiast audience is vast in both categories. We believe that "railfans" and "avgeeks" are kindred spirits.  
With the acquisition, Firecrown plans to invest significantly in Trains' business editorial coverage, increasing the cadence and depth of coverage of the rail industry. FreightWaves, one of Firecrown's brands, provides a playbook to help achieve this. <script type="text/javascript">
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There will be a substantial increase in daily update videos, news content and analysis, virtual events and business analysis for the rail industry, modeled after the FreightWaves media brand's success covering the logistics industry. 

Firecrown also becomes the new owner of Astronomy, the largest magazine serving the space community. Published for over 50 years, Astronomy has become the go-to source for amateur and professional astronomers. 

Firecrown plans to retain all of the editorial and content resources of the former Kalmbach Media brands and open a new office in Wisconsin to accommodate the teams currently working on them. 

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"We are excited to have found a new home for these storied and well-respected brands" said Dan Hickey, CEO of Kalmbach Media. "While these are always difficult decisions, it is great to know that their stewardship moving forward will be under the guidance of a company and leader dedicated and passionate about their continued growth and expansion." 

An exciting time for astronomy 

The emphasis on space exploration has created massive interest in all things space. This is expected to increase as private companies and government agencies accelerate the second "space race." 

Amateur astronomy is also experiencing a renaissance as new digital telescopes come to market. Telescope and astrophotography manufacturers are introducing smart telescopes that make the hobby more accessible and enjoyable than ever. 

These new technologies have enabled even the most inexperienced astronomers to take photos of deep-space objects such as nebulas, galaxies and clusters — all with a button on an app.  <script type="text/javascript">
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More impressively, these digital telescopes built for amateurs rival and often exceed the capabilities of professional telescopes, which can cost 100 times more. This is the Instagram generation's answer to astronomy.  Astronomy may seem like an outlier to Firecrown's portfolio, but that couldn't be further from the truth. The aviation and space communities have a substantial overlap. 

Pilots and aviation enthusiasts are often drawn to the cosmos, dreaming of space flight and exploration. Firecrown plans to broaden Astronomy's coverage of space exploration and anticipates significant collaboration between the FLYING and Astronomy editorial teams. 

Over the past three years, FLYING has rapidly expanded its editorial coverage of space flight and exploration with great success. 

Some of the most trafficked stories on FLYINGMag.com are about space exploration and missions. This is a huge opportunity to make space a core focus of our portfolio. 

E-commerce 

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Kalmbach has expanded beyond media to include e-commerce in the past few years. It has two media properties, one focused on railroad hobbyists and the other on the astronomy community. As part of this transaction, Firecrown is acquiring both. 

Firecrown plans to expand the product lineup at Kalmbach's hobby store (which will be rebranded) to include a greater selection of railroad-fan merchandise. 

Firecrown has even bigger plans for the astronomy e-commerce operation, MyScienceShop.com.

This past February, Firecrown acquired the largest e-commerce store for NASA collectibles, the Space Store. The plan is to merge MyScienceShop into the SpaceStore, creating a "space enthusiast superstore." 
The product lineup of the two e-commerce stores is very different. 

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MyScienceShop has focused on products that enable space enthusiasts to explore and express their curiosity about the science and love of space. In contrast, the Space Store provides high-quality collectibles for the NASA and space mission community. By merging two properties and products into a single entity, the Space Store will have the largest selection of space-focused products anywhere in the universe. 

To me, this whole transaction is personal 

I love all things transportation — trucks, airplanes, boats and trains. 

I've always been fascinated by how people and products move. This is really in my blood. While I grew up around trucks, I also had a deep love for trains. I've built my share of model railroad layouts and even had the chance to work around the rail industry — first in intermodal operations at U.S. Xpress and then through my work at FreightWaves.  

But that isn't even the most exciting part of this whole deal. 

This transaction takes me back to when I was a young kid. My love of transportation is only matched by my passion for astronomy. The first two magazines I ever subscribed to were FLYING and Astronomy. 

Each of the Firecrown brands reflects not only my passions but the passions of each employee. We will work to give our audiences the best reporting, information and merchandise available.

The post <a href="https://www.freightwaves.com/news/firecrown-media-grows-again-with-addition-of-trains-astronomy">Firecrown Media grows again with addition of Trains, Astronomy</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

Entertainment

SPACE

General

Firecrown Media Grows Again with Addition of Trains, Astronomy

<div>Logistics real estate operator Link Logistics signed 696 new and renewing leases in the first quarter, representing 17.8 million square feet of space. In the fourth quarter, it inked deals covering 23.4 million square feet.</div>

Link Logistics' portfolio was 94.6% leased in the first quarter, which was 160 basis points lower than in the fourth. Blended cash leasing spreads — a comparison of new rents to expiring rents — were 44.4%, which was 1,120 bps lower sequentially.

"We entered 2024 with persistent demand for our well-located, last-mile properties" said CEO Luke Petherbridge. "E-commerce continued to be a significant growth driver, along with the onshoring of manufacturing and the transition to clean energy."

New York-based Link Logistics holds the largest U.S.-only logistics real estate portfolio at 533 million square feet, including developments. It has 13.1 million square feet under construction. During the first quarter, it disposed of 10 facilities with 7.1 million square feet, generating $1.5 billion in gross proceeds.

<div>
"In the first quarter, our scale, unique data insights and talented team helped us to take advantage of attractive, value-creating opportunities, including our market-leading $6.5 billion of refinancings" said Nicholas Pell, president and chief investment officer. "We are focused on tailoring our portfolio to prioritize high-barrier markets with favorable supply and demand fundamentals."
</div>

The company added $2 billion in assets last year, which included 59 logistics facilities totaling 12.5 million square feet.

The post <a href="https://www.freightwaves.com/news/e-commerce-onshoring-drive-q1-demand-for-link-logistics">E-commerce, onshoring drive Q1 demand for Link Logistics</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.

Real Estate

E-commerce, Onshoring Drive Q1 Demand for Link Logistics

Monthly USD-pegged stablecoin volumes in April fell just short of beating the previous month despite First Digital USD (CRYPTO: FDUSD) having its best month on record.&nbsp;FDUSD volumes surpassed $18 billion, according to The Block Dashboard, more than doubling March&#39;s activity.&nbsp;&quot;First Digital USD has been getting a boost since it became the prominent stablecoin on Binance&quot; said The Block Research Analyst Rebecca Stevens. &quot;Although this has been the case for a while, it&#39;s still helpful for its adoption.&quot; Meanwhile, the world&#39;s largest USD stablecoin in terms of supply, Tether&#39;s USDT (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), saw volume slip to $205 billion from $243 billion in March. Cumulatively, April volumes came in at $546 billion, down from March&#39;s $587 billion, which was the highest monthly level in exactly one year.&nbsp;
Read the <a href="https://www.theblock.co/post/291954/stablecoin-volumes-stay-strong-as-fdusd-hits-record-high-while-usdt-declines?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=Stablecoin+volumes+stay+strong+as+FDUSD+hits+record+high%2C+while+USDT+declines">full story</a> at The Block.

$USDT

USDT

Stablecoin Volumes Stay Strong as FDUSD Hits Record High, While USDT Declines

All eyes are on technology giant Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), which is set to release second-quarter fiscal 2024 results after market close on May 2. Since Apple accounts for nearly 7% of the total market capitalization of the entire technology sector on the S&amp;P 500 Index, it is worth taking a look at its fundamentals ahead of its quarterly results. 
Apple shares are down about 7.6% over the past three months, underperforming the industry&#39;s decline of 3.9%. The trend is expected to reverse, given that the tech giant has a reasonable chance to beat earnings estimates. It saw positive earnings estimate revision activity, which is generally a precursor to an earnings beat. 
This has put investors&#39; focus on ETFs having the largest allocation to the tech titan. Technology Select Sector SPDR Fund (ARCA:XLK), Vanguard Information Technology ETF (ARCA:VGT), MSCI Information Technology Index ETF (ARCA:FTEC), iShares US Technology ETF (ARCA:IYW) and Vanguard Mega Cap Growth ETF (ARCA:MGK) have Apple as the top or second firm with a double-digit allocation and sport a Zacks ETF Rank #1 (Strong Buy) or 2 (Buy).
<h3>Inside Our Methodology</h3>
Apple has an Earnings ESP of +0.93% and a Zacks Rank #3 (Hold). According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 increases the chances of an earnings beat. 
Apple saw a positive earnings estimate revision of a penny over the past 30 days for the fiscal second quarter. Analysts raising estimates right before earnings &mdash; with the most up-to-date information possible &mdash; is a good indicator for the stock. The Zacks Consensus Estimate indicates modest year-over-year decline of 0.7% for earnings and 5.1% for revenues. The company has a strong track record of positive earnings surprises. It delivered an average earnings surprise of 5.20% in the trailing four quarters. 
The stock has a top Growth Score of A. It currently has an average brokerage recommendation&nbsp;of 1.73 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell etc.) made by 28 brokerage firms. The current ABR compares to an ABR of 1.80 a month ago based on 28 recommendations. Of the 28 recommendations deriving the current ABR, 17 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 60.71% and 10.71% of all recommendations. A month ago, Strong Buy made up 57.14%, while Buy represented 10.71%. 
Based on short-term price targets offered by 28 analysts, the average price target for Apple comes to $204.88. The forecasts range from a low of $158.00 to a high of $250.00.
<h3>What to Watch</h3>
On the last earnings call, the tech giant offered a cautious outlook for the ongoing quarter. Apple CFO Luca Maestri indicated that iPhone sales in the March quarter would be similar to last year&#39;s $51.33 billion in revenues. This excludes $5 billion in sales attributed to outperformance a year ago as supply recovered from COVID-19 shutdowns and caught up with demand.
<h3>Are Apple iPhone Sales a Concern?</h3>
Apple stock has been struggling with concerns about iPhone sales, particularly in China. Sales of its flagship product are facing significant headwinds in the crucial Chinese market due to rising competition from domestic smartphone makers as well as national security concerns. Additionally, consumers globally are holding their iPhone devices for longer before upgrading, further weighing on demand and sales growth. 
According to the preliminary data from research firm IDC, Apple lost its crown to South Korean rival Samsung as the world&#39;s biggest mobile phone seller after its shipments fell about 10% in the quarter ended March. Samsung retook the lead in the global market with a 20.8% share, beating Apple&#39;s 17.3% share, which has been dented by slowing sales in China. 
IDC revealed that Apple shipped 50.1 million iPhones in the quarter ended March, down from the 55.4 million units in the year-ago quarter. It was the biggest drop in iPhone sales since COVID-19 lockdowns caused global supply chain chaos in 2022. A separate new report from market research firm Counterpoint Research shows that Apple&#39;s iPhone sales dropped sharply by 19.1% year over year in the quarter ended March in China amid strong competition from domestic brand Huawei.
<h3>ETFs in Focus</h3>
Technology Select Sector SPDR Fund 
Technology Select Sector SPDR Fund targets the broad technology sector and follows the Technology Select Sector Index. It holds about 65 securities in its basket, with Apple making up 20.3% share. Technology Select Sector SPDR Fund has key holdings in software, semiconductors and semiconductor equipment, and technology hardware, storage and peripherals. 
Technology Select Sector SPDR Fund is the most popular and heavily traded ETF, with an AUM of $62.7 billion and an average daily volume of 7 million shares. The fund charges 9 bps in fees per year. 
Vanguard Information Technology ETF 
Vanguard Information Technology ETF manages $62.6 billion in its asset base and provides exposure to 313 technology stocks. It currently tracks the MSCI US Investable Market Information Technology 25/50 Index. Here, Apple accounts for a 15.4% share. Semiconductors, systems software, technology hardware storage &amp; peripheral, and application software are the top four sectors. 
Vanguard Information Technology ETF has an expense ratio of 0.10%, whereas volume is solid at nearly 433,000 shares. 
MSCI Information Technology Index ETF 
MSCI Information Technology Index ETF is home to 303 technology stocks with an AUM of $9.3 billion. It follows the MSCI USA IMI Information Technology Index. Apple accounts for a 15.4% share in the basket. 
MSCI Information Technology Index ETF has an expense ratio of 0.08%, while volume is solid at 246,000 shares a day. 
iShares US Technology ETF 
iShares Dow Jones US Technology ETF tracks the Russell 1000 Technology RIC 22.5/45 Capped Index, giving investors exposure to 131 U.S. electronics, computer software and hardware, and informational technology companies. Apple makes up 15.3% of the assets. 
iShares Dow Jones US Technology ETF has an AUM of $15.7 billion and charges 40 bps in fees and expenses. Volume is good as it exchanges 931,000 shares a day. 
Vanguard Mega Cap Growth ETF 
Vanguard Mega Cap Growth ETF offers diversified exposure to the largest growth stocks in the U.S. market. It tracks the CRSP US Mega Cap Growth Index and holds 79 securities in its basket, with Apple accounting for 11.9% of the total assets. 
Vanguard Mega Cap Growth ETF charges 7 bps in annual fees and trades in a good volume of around 303,000 shares a day on average. The fund has an AUM of $18.4 billion.
<a href="https://www.zacks.com/stock/news/2266312/will-apple-beat-on-q2-earnings-amid-iphone-slump-etfs-in-focus?cid=CS-BENZ-FT-etf_news_and_commentary-2266312">To read this article on Zacks.com click here.</a>

Earnings Beats

Sector ETFs

FTEC

iShares Dow Jones US Technology Sector Index Fund

Will Apple Beat on Q2 Earnings Amid iPhone Slump? ETFs in Focus

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market&#39;s attention and deliver solid returns. However, it isn&#39;t easy to find a great growth stock.
In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.
However, it&#39;s pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score, which looks beyond the traditional growth attributes to analyze a company&#39;s real growth prospects.
Costco (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cost#NASDAQ">COST</a>) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.
Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).
While there are numerous reasons why the stock of this warehouse club operator is a great growth pick right now, we have highlighted three of the most important factors below:
Earnings Growth
Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Costco is 17%, investors should actually focus on the projected growth. The company&#39;s EPS is expected to grow 9.1% this year, crushing the industry average, which calls for EPS growth of 8.2%.
Impressive Asset Utilization Ratio
Growth investors often overlook asset utilization ratio, also known as sales-to-total-assets (S/TA) ratio, but it is an important feature of a real growth stock. This metric shows how efficiently a firm is utilizing its assets to generate sales.
Right now, Costco has an S/TA ratio of 3.61, which means that the company gets $3.61 in sales for each dollar in assets. Comparing this to the industry average of 1.45, it can be said that the company is more efficient.
In addition to efficiency in generating sales, sales growth plays an important role. And Costco is well positioned from a sales growth perspective too. The company&#39;s sales are expected to grow 4.4% this year versus the industry average of 3.9%.
Promising Earnings Estimate Revisions
Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The current-year earnings estimates for Costco have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.2% over the past month.
Bottom Line
Costco has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.
This combination indicates that Costco is a potential outperformer and a solid choice for growth investors.
<a href="https://www.zacks.com/stock/news/2266304/is-costco-cost-a-solid-growth-stock-3-reasons-to-think-yes?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_11_growth-2266304">To read this article on Zacks.com click here.</a>

COST

Is Costco a Solid Growth Stock? 3 Reasons to Think "Yes"

VanEck said in a new report that a total of roughly $175 billion in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)&nbsp;is currently being held across the various ETFs, nations and public and private companies that have acquired the popular cryptocurrency. &quot;Bitcoin interest among institutional investors has also increased. Hedge funds, asset management firms, and endowments are increasingly recognizing bitcoin&#39;s potential as a store of value&quot; VanEck said in the report. &quot;Approximately $175 billion worth of bitcoin are now held by ETFs, countries, public and private companies.&quot;
Read the <a href="https://www.theblock.co/post/292011/vaneck-says-about-175-billion-in-bitcoin-held-by-etfs-nations-and-companies?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=VanEck+says+about+%24175+billion+in+bitcoin+held+by+ETFs%2C+nations+and+companies">full story</a> at The Block.

VanEck Says About $175 Billion in Bitcoin Held by ETFs, Nations and Companies

Sprouts Farmers (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sfm#NASDAQ">SFM</a>) came out with quarterly earnings of $1.12 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to earnings of $0.98 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 12%. A quarter ago, it was expected that this natural and organic food retailer would post earnings of $0.45 per share when it actually produced earnings of $0.49, delivering a surprise of 8.89%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Sprouts Farmers, which belongs to the Zacks Food - Natural Foods Products industry, posted revenues of $1.88 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 2.20%. This compares to year-ago revenues of $1.73 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
Sprouts Farmers shares have added about 37.3% since the beginning of the year versus the S&amp;P 500&#39;s gain of 5.6%.
What&#39;s Next for Sprouts Farmers?
While Sprouts Farmers has outperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Sprouts Farmers: favorable. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.73 on $1.81 billion in revenues for the coming quarter and $2.95 on $7.3 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Natural Foods Products is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Farmer Brothers (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/farm#NASDAQ">FARM</a>), is yet to report results for the quarter ended March 2024. The results are expected to be released on May 9.
This coffee and tea company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of +71.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Farmer Brothers&#39; revenues are expected to be $88.5 million, down 28.8% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2266398/sprouts-farmers-sfm-beats-q1-earnings-and-revenue-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2266398">To read this article on Zacks.com click here.</a>

Penny Stocks

FARM

Sprouts Farmers Beats Q1 Earnings and Revenue Estimates

MetLife (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/met#NYSE">MET</a>) came out with quarterly earnings of $1.83 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this insurer would post earnings of $1.95 per share when it actually produced earnings of $1.93, delivering a surprise of -1.03%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
MetLife, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $17.02 billion for the quarter ended March 2024, missing the Zacks Consensus Estimate by 3.81%. This compares to year-ago revenues of $16.13 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
MetLife shares have added about 7.5% since the beginning of the year versus the S&amp;P 500&#39;s gain of 5.6%.
What&#39;s Next for MetLife?
While MetLife has outperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for MetLife: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $2.15 on $18.24 billion in revenues for the coming quarter and $8.71 on $73.59 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Assurant (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aiz#NYSE">AIZ</a>), has yet to report results for the quarter ended March 2024. The results are expected to be released on May 7.
This insurer is expected to post quarterly earnings of $3.87 per share in its upcoming report, which represents a year-over-year change of +40.7%. The consensus EPS estimate for the quarter has been revised 2.2% lower over the last 30 days to the current level.
Assurant&#39;s revenues are expected to be $2.82 billion, up 6.1% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2266383/metlife-met-q1-earnings-match-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2266383">To read this article on Zacks.com click here.</a>

MetLife Q1 Earnings Match Estimates

GFL Environmental Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gfl#NYSE">GFL</a>)&nbsp;reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.01. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post earnings of $0.18 per share when it actually produced earnings of $0.04, delivering a surprise of -77.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
GFL Environmental, which belongs to the Zacks Waste Removal Services industry, posted revenues of $1.34 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 1.82%. This compares to year-ago revenues of $1.33 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
GFL Environmental shares have lost about 7.6% since the beginning of the year versus the S&amp;P 500&#39;s gain of 5.6%.
What&#39;s Next for GFL Environmental?
While GFL Environmental has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for GFL Environmental: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.27 on $1.52 billion in revenues for the coming quarter and $0.80 on $5.94 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the bottom 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Arq, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arq#NASDAQ">ARQ</a>), has yet to report results for the quarter ended March 2024. The results are expected to be released on May 8.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +82.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Arq, Inc.&#39;s revenues are expected to be $23.1 million, up 11% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2266390/gfl-environmental-inc-gfl-reports-break-even-earnings-for-q1?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2266390">To read this article on Zacks.com click here.</a>

GFL Environmental Inc. Reports Break-Even Earnings for Q1

Rayonier (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ryn#NYSE">RYN</a>) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this forest products company would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Rayonier, which belongs to the Zacks Building Products - Wood industry, posted revenues of $168.1 million for the quarter ended March 2024, missing the Zacks Consensus Estimate by 13.94%. This compares to year-ago revenues of $179.1 million. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
Rayonier shares have lost about 11.2% since the beginning of the year versus the S&amp;P 500&#39;s gain of 5.6%.
What&#39;s Next for Rayonier?
While Rayonier has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Rayonier: favorable. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $229.92 million in revenues for the coming quarter and $0.48 on $878.98 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Wood is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Masonite (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/door#NYSE">DOOR</a>), another stock in the same industry, has yet to report results for the quarter ended March 2024. The results are expected to be released on May 6.
This door maker for the housing industry is expected to post quarterly earnings of $2.01 per share in its upcoming report, which represents a year-over-year change of +6.9%. The consensus EPS estimate for the quarter has been revised 0.2% lower over the last 30 days to the current level.
Masonite&#39;s revenues are expected to be $706.07 million, down 2.7% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2266512/rayonier-ryn-q1-earnings-top-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2266512">To read this article on Zacks.com click here.</a>