Blackbird (OTC:BBRDF) Stock, Quote.Headers.trade-ideas

Blackbird PLC operates in the SaaS and cloud video market. It has created Blackbird, a suite of cloud-native computing applications for video. Its patented technology allows for frame-accurate navigation, playback, viewing and editing in the cloud. Blackbird enables multiple applications, which are used by rights holders, broadcasters, sports and news video specialists, esports, live events and content owners, post-production houses, other mass-market digital video channels and corporations. Enabling video companies to accelerate their path to true cloud business models, licensees benefit from the power and carbon reductions, cost and time savings, less hardware and bandwidth requirements and easy scalability. The company manages business as a single business segment.

Blackbird PLC

The S&amp;P 500 reached record highs during Wednesday morning trading in New York, while the tech-heavy Nasdaq 100 climbed past the 20,000-point mark, a level last <a href="https://www.benzinga.com/money/best-tech-stocks">seen on July 17.</a>
Semiconductor stocks outperformed, driven by anticipation of Micron Technology Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings report, due after the market close on Wednesday.
Yet, Wall Street showed sideways performance across major indices as investors cautiously digested positive stimulus news from China, which boosted market sentiment on Tuesday, and looked ahead to upcoming economic data.
On Thursday, investors will turn their attention to the final second-quarter gross domestic product report. The second estimate already showed the U.S. economy growing at a robust 3% pace for the quarter ending in June.
Weekly jobless claims will also be closely monitored, especially after the latest Conference Board Consumer Confidence Index revealed growing labor market concerns among U.S. households.
Friday brings the release of the personal consumption expenditures price index for August, the Federal Reserve&#8217;s <a href="https://www.benzinga.com/news/large-cap/24/09/41029162/feds-favorite-inflation-data-friday-could-sway-november-interest-rate-cut-odds">preferred inflation gauge</a>. This data could provide critical clues about the expectations for the November rate cut.
The U.S. dollar index edged higher Wednesday, supported by a slight rise in Treasury yields. Oil prices dipped by 1% but pared heavier losses after a larger-than-expected draw in crude oil inventories suggested continued strong demand.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.8%, retreating from an intraday high of $64,800 – its highest level since late July.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,003.52</td>
<td>0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,732.42</td>
<td>0.0%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,214.40</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,986.73</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 11:30 a.m.</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;flattened at $570.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $420.90.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.2% to $486.27.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell to $219.22.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.4%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.9%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers </h3>
<ul>
<li>Duolingo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOL#NASDAQ">DUOL</a>) rallied 6% after Evercore ISI raised the price target from $270 to $335. </li>
<li>Fortrea Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRE#NASDAQ">FTRE</a>) tumbled nearly 10% after Jefferies downgraded the stock from Buy to Hold. </li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) rallied nearly 5% after Jefferies raised the price target from $99 to $137. </li>
<li>Ford Motor Co. and General Motors Co. fell 4.4% and 5%, respectively, after receiving a downgrade from Morgan Stanley.</li>
<li>Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) rallied 4.9% after Barclays upgraded the stock from Equalweight to Overweight, raising the price target from $20 to $24. </li>
<li>Companies reporting earnings after the close include Micron Technology Inc and Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>). </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41025381/exclusive-novo-nordisk-faces-political-heat-over-weight-loss-drug-prices-ahead-of-e">EXCLUSIVE: Novo Nordisk Faces Political Heat Over Weight-Loss Drug Prices Ahead Of Elections, Yet &#8216;The Real Issue Is With The Middlemen&#8217;</a></li>
</ul>
Photo via Shutterstock.

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Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

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$BTC

SPDR Dow Jones Industrial Average ETF Trust

DUOL

FTRE

S&P 500 Hits All-Time Highs, Nasdaq 100 Tops 20K Ahead Of Key Economic Data: What's Driving Markets Wednesday?

Morgan Stanley analyst Stephen Byrd maintains ONE Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGS#NYSE">OGS</a>) with a Equal-Weight and raises the price target from $63 to $69.

News

Price Target

Analyst Ratings

Morgan Stanley Maintains Equal-Weight on ONE Gas, Raises Price Target to $69

Noble Black, Douglas Elliman&#8217;s leading agent with over $3 billion in sales, expects the Federal Reserve&#8217;s rate cut <a href="https://www.benzinga.com/real-estate/24/09/40977423/44-of-luxury-homes-bought-with-cash-but-this-0-5-fed-rate-cut-could-raise-luxury-home-prices-by-110k">to energize the real estate market</a>. Speaking on CNBC&#8217;s Power Lunch last week, Black noted that buyers are already responding to lower interest rates.
&#8220;We&#8217;re seeing increased activity, particularly in hot markets,&#8221; Black said. He pointed to a surge in signed contracts this summer, with Manhattan up 30% and Brooklyn 50% compared to last year.
Don't Miss:
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While cash deals have dominated the market for the past 18 months, Black said he is seeing a gradual shift. &#8220;You're starting to see people start tiptoeing back into financing,&#8221; he said, predicting that even those able to pay cash might opt for mortgages as rates decrease.
The <a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h">0.50% rate cut the Fed enacted last week</a> raises questions about housing affordability. Black acknowledged that lower rates could initially drive prices up due to increased demand. However, he said there are long-term benefits.&nbsp;
See Also: Will the surge continue or decline on real estate prices?<a href="https://www.benzinga.com/money/realbricks"> People are finding out about risk-free real estate investing that lets you cash out whenever you want.</a>
 "Lower rates are going to mean that more people are going to build houses, more builders get back in and, I mean, we have a housing crisis in the sense that nationally there&#8217;s not enough [inventory]. We need people building more houses, we need it to be easier for them to build more houses.&#8221;
For potential buyers, Black advised against waiting. &#8220;Long term I think this is the right direction, but short term if buyers are sitting waiting, it's the wrong move,&#8221; he said, warning that delaying could lead to higher prices and reduced affordability, even with lower interest rates.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
Black also addressed the broader issue of housing supply. He called for the next Presidential administration to reduce "red tape" (regulations) on builders, describing the current regulatory environment as an &#8220;unnecessary layer&#8221; that is hindering construction. "You know I really think the biggest thing is red tape. What [builders] have to go through and the hurdles that they have to go through to build. All of the regulations and the different things you have to satisfy, whether it&#8217;s state or national level – there are so many impediments." He continued, "They almost add a different layer or an additional unnecessary layer on top of that. They say you want more housing but in some sense they make it very hard for the builders to build."
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
If elected in November, Vice President Kamala Harris has promised to <a href="https://www.benzinga.com/real-estate/24/08/40485633/kamala-harris-3-million-homes-promise-everything-else-wont-work-unless-we-have-more-supply-says-chie">build three million housing units over the next four years</a>. Harris has also proposed new tax breaks for first-time buyers.
Meanwhile, while former President Donald Trump <a href="https://www.benzinga.com/real-estate/24/06/39401750/what-the-housing-market-could-look-like-if-donald-trump-wins-the-2024-presidential-election">hasn't said much about how he'd handle housing affordability</a>, the GOP says it will reduce mortgage rates by defeating inflation. It also said that it would allow new home construction on some portion of Federal land. &nbsp;
As the market anticipates the Fed&#8217;s moves (which include two additional rate cuts before the year ends), Black provides insights to the real estate industry. Potential changes in financing, pricing and construction on the horizon may reshape the landscape for buyers, sellers and builders in the coming months.
Read Next:
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<li>Finally allowing commercial real estate investing to be more accessible —<a href="https://www.benzinga.com/money/equitymultiple-ascent-fund"> This fund aims to triple your money in 10 years is with a surprisingly low minimum.</a></li>
<li>These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a></li>
</ul>

Real Estate

Douglas Elliman's Top Agent With $3B Record Sales Speaks on Fed Cut's Effect On Market Rate As 'People Start Tiptoeing Back Into Financing'

Morgan Stanley analyst David Arcaro maintains NextEra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) with a Overweight and raises the price target from $87 to $90.

Morgan Stanley Maintains Overweight on NextEra Energy, Raises Price Target to $90

Morgan Stanley analyst Stephen Byrd maintains MGE Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGEE#NASDAQ">MGEE</a>) with a Underweight and raises the price target from $71 to $74.

MGEE

Morgan Stanley Maintains Underweight on MGE Energy, Raises Price Target to $74

Analysts at Morgan Stanley sparked a shakeup across auto stocks Wednesday as the firm moved to the sidelines on automakers and turned more positive on <a href="https://www.benzinga.com/money/best-auto-parts-stocks">dealers and parts companies</a>.
What Happened: Morgan Stanley analyst Adam Jonas downgraded Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) on Wednesday as he cut his overall U.S. auto industry outlook from Attractive to In Line.
Jonas&#8217; more sour view of the auto industry landscape is being driven by a combination of factors he believes may not be fully understood by the market, including climbing inventories, vehicle affordability challenges, rising credit losses and delinquencies and growth slowdowns in China.
&#8220;In addition, our previous attractive industry view was supported by our expectation of significant strategic changes such as lower capex and potential consolidation (M&amp;A/partnership) to improve capital efficiency. While there has been some modicum of progress, it has failed to meet our expectations,&#8221; the Morgan Stanley analyst said in a new note to clients.
Jonas also noted Morgan Stanley had been optimistic about automakers getting a boost for being AI enablers, but that concerns about the significant capital requirements for AI development now counter thesis.
Finally, investors are looking for an opportunity in the market driven by the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/41008403/consumer-confidence-tumbles-as-concerns-over-labor-market-grow-odds-rise-for-50-b">Federal Reserve&#8217;s rate-cutting cycle</a>, but although rate cuts can provide &#8220;temporary&#8221; relief for automakers, cuts are not likely to drive material outperformance, Jonas said.
The Morgan Stanley analyst highlighted data showing that although U.S. auto stocks have modestly outperformed on average in the six months following a rate cut, they have historically underperformed over the subsequent six-month period.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41024067/mortgage-demand-soars-as-fed-interest-rate-cut-fuels-housing-market-revival-next-sp">Mortgage Demand Soars As Fed Interest Rate Cut Fuels Housing Market Revival: &#8216;Next Spring Could See A Real Rebound&#8217;</a>
Ford Downgrade: Morgan Stanley downgraded Ford from Overweight to Equal-Weight and lowered the price target from $16 to $12.
Jonas expects Ford to suffer greater market share losses through the end of the decade. The analyst also anticipates pricing headwinds and regulatory compliance risk, which could hurt profitability. Jonas lowered his normalized earnings expectations by 15.1%. 
Morgan Stanley has a bull case price target of $19 on Ford stock and a bear case price target of $6.
GM Downgrade: Morgan Stanley downgraded GM from <a href="https://www.benzinga.com/analyst-stock-ratings">Equal-Weight to Underweight</a> and lowered the price target from&nbsp;$47&nbsp;to&nbsp;$42.
Jonas sees a lot of the same headwinds in front of GM. He specifically pointed to <a href="https://www.benzinga.com/news/24/09/40981404/us-proposes-ban-on-vehicles-equipped-with-chinese-software-as-team-biden-cracks-down-on-foreign-adve">China concerns</a> as one of the main drivers of the downgrade. GM has significant exposure to the Chinese automakers through its joint ventures, the analyst said.
&#8220;In addition, we believe investors may not appreciate the potentially adverse impact that excess capacity in China has on other highly profitable regions in the global auto market,&#8221; Jonas said.
Morgan Stanley lowered its normalized earnings estimates for GM by 16.4% but left its bull case price target of $62 and bear case price target of $28 unchanged.
Rivian Downgrade: Morgan Stanley downgraded Rivian from Overweight to Equal-Weight and lowered the price target from $16 to $13.
&#8220;The downgrade reflects our incorporation of the capital intensity of AV/ADAS which may be required to fulfill the technological underpinnings that attracted Volkswagen as a JV partner,&#8221; Jonas said. 
The Morgan Stanley analyst increased his annual capex estimates by $200 to $300 million per year beginning in 2026 as he waits for management to announce details around its joint venture cost structure. 
Morgan Stanley&#8217;s new price target of $13 consists of $10 per share in value for the automotive business and $3 per share in value for Rivian&#8217;s software and services business. The firm has a bull case price target of $29 and a bear case target of $6.
Related Link: <a href="https://www.benzinga.com/news/24/09/40985825/tesla-and-chinese-ev-startups-outpace-toyota-volkswagen-in-critical-software-race-report">Tesla And Chinese EV Startups Outpace Toyota, Volkswagen In Critical Software Race: Report</a>
Why It Matters: On the flip side, Morgan Stanley upgraded franchise dealers as the firm believes we are in the later innings of mean reversion in the franchise dealer model relative to legacy automakers who are just now going through peak earnings and are battling increased headwinds. 
&#8220;We believe that our latent concerns about the franchise dealer business model (secular DTC bear case, mean reversion thesis) have proven largely mitigated and see greater risk in other pockets of our U.S. autos coverage,&#8221; Jonas said.
Franchise dealers have proven to be pretty resilient by managing costs and focusing more on parts and services profits. Given the slower-than-expected <a href="http://benzinga.com/topic/evs">EV</a> adoption pace, these companies stand to benefit from a longer internal combustion engine parts tail and strength in hybrids, the analyst said.
Furthermore, many of the franchise dealers are more geared toward the higher-end consumer, which helps insulate the companies from a broader deterioration in auto credit relative to other areas of Morgan Stanley&#8217;s coverage.
<ul>
<li>Morgan Stanley upgraded Group 1 Automotive Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) from Equal Weight to Overweight and raised the price target to $430.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Penske Automotive Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>) from Underweight to Overweight and raised the price target from $115 to $180.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded AutoNation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) from Equal-Weight to Overweight and raised the price target from $145 to $200.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Asbury Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABG#NYSE">ABG</a>) from Underweight to Equal-Weight and raised the price target from $190 to $240.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Lithia Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) from Underweight to Equal-Weight and raised the price target from $225 to $310.</li>
</ul>
<ul>
<li>Morgan Stanley upgraded Sonic Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAH#NYSE">SAH</a>) from Underweight to Equal-Weight and raised the price target from $40 to $58.</li>
</ul>
F, GM, RIVN Price Action: At publication time, Ford shares were down 4.46% at $10.39, GM shares were down 5.51% at $45.42 and Rivian shares were down 6.42% at $11.10, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40973189/teslas-chinese-rival-byd-plans-to-assemble-evs-in-pakistan-after-india-said-no-we-have-big-ambit">Tesla&#8217;s Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: &#8216;We Have Big Ambitions&#8217;</a></li>
</ul>
Photo: Shutterstock.

Analyst Color

Upgrades

Downgrades

General

RIVN

Analyst Ditches Automakers For Auto Dealers, Parts Companies

Flora Growth Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLGC#NASDAQ">FLGC</a>) has secured an exclusive distribution deal with Canapuff, a Czech Republic-based provider of <a href="https://www.benzinga.com/cannabis">cannabinoid consumer products.</a> The partnership will introduce Flora&#8217;s Vessel brand of cannabis accessories into the Czech market, one of Central Europe&#8217;s most progressive.
Under the terms of the agreement, Canapuff will distribute the full range of Vessel products, including the Core and Compass series of vaporizers, the Helix water pipe and Rise accessory line. These products are known for their craftsmanship, innovative design and functionality. 
Flora, a global cannabis company, aims to solidify Vessel as the premier brand for cannabis accessories in the Czech Republic as its intends to cater to the growing demand for high-quality hardware.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40879273/this-european-country-could-lose-242m-a-year-if-it-doesnt-regulate-its-marijuana-market-study-fi">This European Country Could Lose $242M A Year If It Doesn&#8217;t Regulate Its Marijuana Market, Study Finds</a>
Clifford Starke, chairman and CEO of Flora Growth, said, &#8220;Partnering with Canapuff is a strategic move as we continue to expand in Europe. The Czech Republic is a new market for us, and with Canapuff&#8217;s established presence and dedication to cannabis products, we believe that Vessel will meet consumer demands seeking high-end hardware. This partnership not only brings our products to a new audience but also strengthens Flora&#8217;s overall market positioning in the European cannabis landscape.&#8221;
Flora Growth, with its mission to become a leading international cannabis company, operates in over 28 countries and has a wide distribution network. Its expansion into the Czech market via Canapuff is a move toward strengthening its position in the European cannabis landscape.
Canapuff&#8217;s CEO David Bukovjan seemed to be equally positive about being the exclusive distributor of Vessel in the Czech Republic. &#8220;Our goal is to provide our customers with access to the best&nbsp;cannabis&nbsp;accessories available, and Vessel&#8217;s products align perfectly with that mission,&#8221; Bukovjan said. &#8220;We believe this partnership will set a new standard for the customer experience in the Czech Republic, and we are excited to introduce Vessel&#8217;s product lineup to our growing customer base.&#8221;
Through this exclusive agreement, Flora Growth and Canapuff are poised to redefine the&nbsp;cannabis&nbsp;accessory market in the Czech Republic. 
Now Read:
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<li><a href="https://drupal-cloudfront.benzinga.com/markets/cannabis/24/08/40626067/full-cannabis-legalization-not-yet-off-the-table-in-czech-republic-some-lawmakers-want-only-home">Full Cannabis Legalization Not Yet Off The Table In Czech Republic, Some Lawmakers Want Only Home Grow</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://pixabay.com/es/users/2857989-2857989/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1503159" target="_blank" rel="noreferrer noopener">2857989</a>&nbsp;on&nbsp;<a href="https://pixabay.com/es//?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1503159" target="_blank" rel="noreferrer noopener">Pixabay</a>, and&nbsp;<a href="https://unsplash.com/@rodrigoardilha?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash" target="_blank" rel="noreferrer noopener">Rodrigo Ardilha</a>&nbsp;on&nbsp;<a href="https://unsplash.com/photos/photo-of-boat-on-body-of-water-near-high-rise-buildings-WAPFd4fMy2o?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash" target="_blank" rel="noreferrer noopener">Unsplash</a>

Cannabis

Eurozone

FLGC

Flora Growth Scores Exclusive Distribution Deal With Canapuff For Vessel Brand In Czech Republic

<a href="https://values.snap.com/news/eu-ai-pact">https://values.snap.com/news/eu-ai-pact</a>
Snap has signed up to the EU's new AI Pact, launched today by the European Commission.&nbsp;
Snap is joining the <a href="https://digital-strategy.ec.europa.eu/en/policies/ai-pact">AI Pact</a> because our values and ongoing efforts are fundamentally aligned with the objective of the AI Act to support the development of trustworthy AI.&nbsp;
The EU's new AI Act introduces a new risk-based approach to regulating AI by introducing safety and fundamental rights protection for European citizens. Although the AI Act legally entered into force on 1 August 2024, most provisions – including requirements on high-risk AI systems – will only apply at the end of a transitional period. Ahead of this full implementation, the European Commission has launched the AI Pact which allows companies to take actions towards compliance with some of the key provisions of the AI Act before its full implementation.
As a signatory to the AI Pact, Snap has made three core commitments:
Adopt an AI governance strategy to foster the uptake of AI in the organization and work towards future compliance with the AI Act
Carry out to the extent feasible a mapping of AI systems provided or deployed in areas that would be considered high-risk under the AI Act
Promote awareness and AI literacy of their staff and other persons dealing with AI systems on their behalf, taking into account their technical knowledge, experience, education and training and the context the AI systems are to be used
&nbsp;
We look forward to the opportunity to further improve Snap's AI governance work and collaborate with the European Commission, and in particular the AI Office, as well as the rest of the tech sector and other stakeholders, on the implementation of the AI Act. We welcome steps to help build trust in AI and other emerging, innovative technologies.&nbsp;

Global

SNAP

'Snap Signs Up To The EU's AI Pact, Launched Today By The European Commission' - Blog Post

WIIM

SONN

Sonnet BioTherapeutics shares are trading lower after the company announced a 1-for-8 reverse stock split.

<a href="https://www.barrons.com/articles/ge-vernova-stock-price-target-ai-data-boom-7423d828?mod=hp_LATEST">https://www.barrons.com/articles/ge-vernova-stock-price-target-ai-data-boom-7423d828?mod=hp_LATEST</a>
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Morgan Stanley analyst Andrew Percoco reiterated his Buy rating on GE Vernova stock and upped his price target, reminding investors that the power producers is a good solution for AI data centers.

Trading Ideas

'GE Vernova Stock Is Hot. Wall Street Might Be Just Waking Up to the Opportunity.' - Barron's

STOCK RISES QUICKLY AFTER THE SIGNAL AT 10:17 AM AND HITS THE HIGH OF THE DAY AT 10:55 AM EDT
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="769" height="771" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/24235141/Screen-Shot-2024-09-24-at-7.50.22-PM.png" alt="" class="wp-image-1447" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/24235141/Screen-Shot-2024-09-24-at-7.50.22-PM.png 769w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/24235141/Screen-Shot-2024-09-24-at-7.50.22-PM-300x300.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/24235141/Screen-Shot-2024-09-24-at-7.50.22-PM-150x150.png 150w" sizes="(max-width: 769px) 100vw, 769px" /></figure>
Today, TradePulse&#8217;s latest Power Inflow alert indicated institutional volume is coming into AutoZone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>), signaling a shift from net selling to buying. This shift is a key indicator of rising investor confidence and the potential for an uptrend in AZO&#8217;s stock.
At 10:17 AM ET on SEPTEMBER 24th, AZO registered a Power Inflow at a price of $2987.80. Following this signal, the stock reached its high point at 10:55 AM EDT, climbing over 100 points ($3097.42) during the day, translating to an approximate increase of 3.7%. This alert is crucial for investors relying on order flow analytics, suggesting the beginning of an uptrend and presenting a valuable opportunity for those anticipating higher prices. Observers are now closely monitoring AZO for sustained positive momentum, viewing this as a bullish sign.
Understanding Power Inflow:
A Power Inflow is identified by a surge in buy orders over sell orders, typically occurring within the first one or two hours after the market opens. This phenomenon is observed in ten to twenty stocks daily, reflecting the initial strategies and reactions of large institutional investors. Analyzing the size, timing, and price of these transactions helps signal shifts in market sentiment and potential price changes. For those interested in monitoring more stocks exhibiting Power Inflows, visiting the TradePulse website provides comprehensive insights and updates on daily occurrences.
Importance of Power Inflow:
Power Inflows are crucial as they offer early indications of potential uptrends, enabling traders to act even before the market fully adjusts. Such a change is commonly viewed as a sign of larger inflows than retail is capable of producing, indicating institutional interest and a short-term uptrend in the stock. Although not always marking the lowest point, stocks tend to rise following a Power Inflow. This makes these signals especially valuable for identifying strategic entry points and planning short-term investments, as they provide an opportunity to capitalize on upward momentum ahead of wider market recognition.
Strategic Actions Following a Power Inflow:
After detecting a Power Inflow, traders should view it as a potential entry buying point but also confirm the trend with TradePulse's additional indicators such as Momentum, Daily, and Large Deal flows to ensure its strength and viability. Prompt action, combined with strategic stop-loss settings, can maximize returns and minimize risks. This comprehensive approach allows traders to make more informed decisions, optimizing their trading strategies in alignment with real-time market dynamics.
If you want to stay updated on the latest options trades for AutoZone Inc.,<a href="https://benzinga.grsm.io/register174"> Benzinga Pro</a> gives you real-time options trade alerts.&nbsp;<a href="https://benzinga.com/apis?_gl=1&#x2A;1hlgn5i&#x2A;_ga&#x2A;MTY1NjE2NTYxMi4xNzE0NzQ4MTAy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDc0ODEwMi4xLjEuMTcxNDc0ODQyOC4wLjAuMA..">Market News and Data are brought to you by Benzinga APIs</a> and include firms, like<a href="https://finitusa.com/en/"> Finit USA</a>, responsible for parts of the data within this article.
After Market Close UPDATE:
The price at the time of the Power Inflow was $2987.80. The returns on the High price ($3097.42) and Close price ($3049.98) after the Power Inflow were respectively 3.7% and 2.0%. That is why it is important to have a trading plan that includes Profit Targets and Stop Losses that reflect your risk appetite. 
Past Performance is Not Indicative of Future Results

Signals

Tradepulse Power Inflow Alert: Autozone Inc. Climbs Over 100 Points After Signal

KULR

KULR Technology shares are trading higher after the company announced it secured a $2.4 million battery contract expansion with the U.S. Army.

Barclays analyst Brandon Oglenski maintains Canadian Pacific Kansas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>) with a Overweight and raises the price target from $95 to $97.

Barclays Maintains Overweight on Canadian Pacific Kansas, Raises Price Target to $97

Morgan Stanley analyst David Arcaro maintains Idacorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDA#NYSE">IDA</a>) with a Equal-Weight and raises the price target from $102 to $108.

Morgan Stanley Maintains Equal-Weight on Idacorp, Raises Price Target to $108

Morgan Stanley analyst David Arcaro maintains FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Overweight and raises the price target from $48 to $51.

Morgan Stanley Maintains Overweight on FirstEnergy, Raises Price Target to $51

Brewer's Latest Investment Strengthens Local Economy and Brewing Excellence with Multimillion-Dollar Commitment&nbsp;
LOS ANGELES, Sept. 25, 2024 /PRNewswire/ -- Anheuser-Busch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>), America's leading brewer and maker of Michelob ULTRA, Busch Light, Budweiser and Bud Light, today announced a new $16 million investment in its Los Angeles brewery. Over the past 5 years, Anheuser-Busch has invested nearly $2 billion in its facilities across the country to help create and sustain jobs and drive economic prosperity in the communities where it operates and its employees call home.&nbsp;

Contracts

Anheuser-Busch Invests $16M To Bring Increased Capabilities And Capacity To Los Angeles Brewery

Barclays analyst Brandon Oglenski maintains Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Equal-Weight and raises the price target from $120 to $121.

Barclays Maintains Equal-Weight on Canadian National Railway, Raises Price Target to $121

Ulta Beauty, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ulta#NASDAQ">ULTA</a>), a leading retailer in the beauty and cosmetic industry, has seen its stock price fall below critical technical thresholds, including its 200-day moving average. This moving average is an important indicator for gauging market trends and momentum. Yesterday the stock closed at $393.84, below the moving average of $436.89. The breach of this threshold heightens investors&#39; concerns about the stock&#39;s short-term outlook and signals the potential for further downside if these levels are not reclaimed.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/7f/79020.jpg?v=541858321" />
Image Source: Zacks Investment Research
Shares of Ulta Beauty have dropped 22.1% in the past six months compared with the industry&#39;s 12.2% decline. The S&amp;P 500 has gained 9.4% in the same time. Currently, the stock stands below its 52-week high of $574.76.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/01/79017.jpg?v=1437951768" />
Image Source: Zacks Investment Research
This decline in the stock price can be attributed to a combination of broader market dynamics and specific challenges encountered by the company. Let&#39;s see whether investors should exit or if this stock is on the verge of recovery.
<h2>Decoding Headwinds Behind ULTA&#39;s Dismal Stock Performance</h2>
ULTA is encountering challenges within prestige beauty. According to Circana data for the 13 weeks ended Aug. 3, 2024, the company retained market share in mass beauty, while losing share in the prestige beauty, particularly in makeup and hair categories. ULTA is also being impacted by changing consumer purchasing behavior, as they are increasingly prioritizing value over premium offerings in the face of inflationary pressures. It is also battling increased competitive pressures with the introduction of new points of distribution for prestige beauty products.
ULTA came across some unexpected operational challenges stemming from its Enterprise Resource Planning (&quot;ERP&quot;) system transformation in the second quarter of fiscal 2024. While managing old and new systems during the transition, some disruption occurred in in-store inventory allocation. To reduce future disruption, ULTA is identifying key legacy processes causing friction and implementing proactive monitoring and dedicated support to quickly address issues as they arise.
Another aspect that impacted ULTA&#39;s performance was the effect of incremental promotions, which fell short of generating the expected sales lift. While these promotions drove traffic and sales on the company&#39;s digital platforms, they failed to generate a meaningful uplift in ULTA&#39;s brick-and-mortar stores. The increased frequency of offers, with new structures, pressured the average selling price without leading to additional purchases in stores.
<h2>ULTA&#39;s Weak Gross Margin and High Cost</h2>
Ulta Beauty experienced a contraction in gross margin in the second quarter due to lower merchandise margin and fixed cost deleverage. The merchandise margin decreased due to increased promotional activity, adverse impact from the brand mix and the continued lapping of benefits from price increases last year. For fiscal 2024, the company is expecting gross margin to decline, as lower merchandise margin and deleverage of store fixed costs are likely to be only partially offset by growth in other revenues and lower transportation costs.
Ulta Beauty also has been grappling with higher selling, general and administrative (SG&amp;A) expenses for a while now. In the second quarter of fiscal 2024, SG&amp;A expenses increased due to the deleveraging of store payroll and benefits, higher corporate overhead from strategic investments and increased store and marketing expenses.
<h2>Revised Outlook of ULTA</h2>
To adopt a more cautious approach, the company decided to revise ULTA&#39;s fiscal 2024 outlook downward at its last earnings call. ULTA now expects net sales to be in the range of $11-$11.2 billion compared with the previous guidance of $11.5-$11.6 billion. Comparable sales are expected to be flat to down 2% compared with the 2% to 3% growth projected earlier. For fiscal 2024, earnings are envisioned in the band of $22.60-$23.50 per share, lower than the earlier guided range of $25.20-$26.
<h2>ULTA&#39;s Earnings Estimates Decline</h2>
ULTA is currently in a tough spot. The Zacks Consensus Estimate for earnings per share has seen downward revisions. In the past 30 days, analysts have decreased their estimates for the current and next fiscal year by 8.9% to $23.21 and 10.5% to $25.16 per share, respectively.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d3/79016.jpg?v=2035038154" />
Image Source: Zacks Investment Research
<h2>Factors Working in ULTA&#39;s Favor</h2>
ULTA is concentrating on reinforcing its competitive position and driving stronger performance through several initiatives. These include strengthening product assortment, increasing social relevance, enhancing the digital experience, leveraging a powerful loyalty program and evolving promotional strategies.
ULTA is consistently attracting new and lapsed members to the loyalty program while experiencing healthy growth in platinum and diamond members. By the end of the second quarter of fiscal 2024, the company had 43.9 million active Ulta Beauty Rewards members, a 5% increase from the previous year. The company&#39;s brand awareness and loyalty are showing significant gains across multiple demographics.
With a distinct business model, Ulta Beauty offers unique and lasting experiences both online and in-store. Although some aspects have faced challenges, the company continues to engage effectively with customers. ULTA focuses on enhancing guest experiences, assortment, loyalty programs, services and omni-channel offerings.
<h2>Unlocking ULTA&#39;s Valuations</h2>
Although ULTA&#39;s stock is currently trading at a discount compared with its industry peers, this valuation disparity might not be as favorable as it seems. The lower price could be indicative of underlying issues rather than representing a clear investment opportunity.
ULTA is currently trading at a discount to its industry benchmarks. The stock has a forward 12-month P/E ratio of 16.09 compared with the industry&#39;s forward 12-month P/E ratio of 16.59.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f5/79003.jpg?v=1407325771" />
Image Source: Zacks Investment Research
<h2>ULTA&#39;s Investment Analysis</h2>
Ulta Beauty&#39;s stock decline points to several challenges, including slowing beauty category growth, heightened competition, changing consumer trends and ERP system disruptions. The company&#39;s reduced fiscal 2024 guidance, coupled with negative sentiment from analysts, indicates that it could face ongoing difficulties. While omnichannel expansion and loyalty program improvements are noteworthy, these may not be enough to counter current obstacles. With persistent issues and an uncertain future, investors should approach the stock with caution. Currently, Ulta Beauty stock carries a Zacks Rank #5 (Strong Sell).
<h2>Stocks to Consider</h2>
Here, we have highlighted three better-ranked stocks, namely Abercrombie &amp; Fitch Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anf#NYSE">ANF</a>), Sprouts Farmers Market, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sfm#NASDAQ">SFM</a>) and Nordstrom, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jwn#NYSE">JWN</a>), currently sporting a Zacks Rank #1 (Strong Buy) each.
Abercrombie &amp; Fitch is a global, digitally-led, omnichannel specialty retailer of apparel and accessories catering to kids through millennials with assortments curated for their specific lifestyle needs. ANF has a trailing four-quarter earnings surprise of nearly 28%, on average.
The Zacks Consensus Estimate for Abercrombie &amp; Fitch&#39;s current fiscal year&#39;s sales and earnings indicates growth of 13.1% and 63.4%, respectively, from the year-ago reported numbers.
Sprouts Farmers Market engages in the retailing of fresh, natural and organic food products under the Sprouts brand in the United States. SFM has a trailing four-quarter earnings surprise of around 12%, on average.
The Zacks Consensus Estimate for Sprouts Farmers Market&#39;s current financial year&#39;s sales and earnings suggests a rise of 9.6% and 18.7%, respectively, from the year-earlier reported figures.
Nordstrom, a fashion retailer, provides apparel, shoes, beauty accessories and home goods. JWN delivered an earnings surprise of 29.7% in the last reported quarter.
The Zacks Consensus Estimate for Nordstrom&#39;s current financial year&#39;s sales implies growth of 0.6% from the year-ago reported number.
<a href="https://www.zacks.com/stock/news/2340747/ulta-beauty-trades-below-200-day-moving-average-time-to-hold-or-exit?cid=CS-BENZ-FT-analyst_blog|rank_focused-2340747">To read this article on Zacks.com click here.</a>

Earnings

Guidance

Technicals

Offerings

Retail Sales

ULTA

ULTA Beauty Trades Below 200-Day Moving Average: Time to Hold or Exit?

Wolfe Research analyst Andy Chen reiterates Celldex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLDX#NASDAQ">CLDX</a>) with a Outperform and maintains $51 price target.

Reiteration

CLDX

Wolfe Research Reiterates Outperform on Celldex Therapeutics, Maintains $51 Price Target

Morgan Stanley analyst David Arcaro maintains Exelon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>) with a Equal-Weight and raises the price target from $42 to $45.

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Blackbird

Blackbird (BBRDF) Forecast

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