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BlackRock is the largest asset manager in the world, with $10.008 trillion in assets under management at the end of December 2023. Its product mix is fairly diverse, with 52% of managed assets in equity strategies, 28% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.

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Banking giant Morgan Stanley (NYSE:MS) is exploring a way to expand its offerings in the red-hot world of Bitcoin (CRYPTO: BTC) 

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The U.S. Securities and Exchange Commission is asking for public comments on changes made to BlackRock&#39;s (NYSE: BLK) proposed spot Ethereum (CRYPTO: ETH) exchange-traded fund.

SEC Asks for Comments on BlackRock&#39;s Amended Spot Ethereum ETF Proposal

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The Nasdaq 100’s technology stocks wrapped up their fourth consecutive week in the red, marking their most dismal stretch and sharpest declines since late 2022, as investors opted to pocket profits against a backdrop of mounting concerns over inflation and geopolitical tensions.

Powell, Middle East Fears Weigh On Tech Stocks, Treasury Yields Hit 5%, Gold Notches Fifth Week Of Gains: This Week In The Markets

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Banking giant Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) is exploring a way to expand its offerings in the red-hot world of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36586034/crypto-leaders-react-to-historic-sec-bitcoin-etf-approval-huge-inflection-point-for-digita">exchange-traded funds (ETFs)</a>.
What Happened: According to a <a href="https://www.advisorhub.com/morgan-stanley-explores-letting-brokers-recommend-bitcoin-etfs-sources/">report</a>, the firm is considering allowing its vast network of brokers, roughly 15,000 strong, to actively recommend Bitcoin ETFs to clients.
Under the existing framework, Morgan Stanley clients must initiate discussions about Bitcoin ETF investments themselves. 
The proposed change, which is still being refined to include specific &#8220;guardrails&#8221; such as risk tolerance assessments and limitations on how much and how often clients can trade, aims to broaden market participation. 
&#8220;We're going to make sure that we're very careful about it,&#8221; one executive emphasized. &#8220;We are going to make sure everybody has access to it. We just want to do it in a controlled way.&#8221;
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38401035/binance-founder-changpeng-zhao-apologizes-doj-pushes-for-3-year-sentence">Binance Founder Changpeng Zhao Apologizes, DOJ Pushes For 3-Year Sentence</a>
Why It Matters: The firm&#8217;s cautious stance mirrors that of other major institutions. 
For instance, Merrill Lynch and Wells Fargo also restrict Bitcoin ETF transactions to unsolicited engagements, with Merrill setting a high bar by requiring clients to possess assets upwards of $10 million. 
Representatives for these banks have declined to comment on any future plans regarding their cryptocurrency offerings.
Meanwhile, the landscape of financial firms embracing crypto varies widely. 
While the SEC <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514679/wall-street-enters-the-crypto-age-sec-issues-historic-approval-of-spot-bitcoin-etfs">approved 11 Bitcoin ETF applications</a> from heavyweights like BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and Fidelity in January, not all institutions have opted to include them in their portfolios. 
Vanguard has explicitly rejected incorporating crypto products, citing a lack of a clear role in long-term investment strategies. 
On the other hand, independent broker-dealer Cetera Financial Group recently greenlit four Bitcoin ETFs for its advisors, coupled with rigorous education and risk management protocols.
What&#8217;s Next: The discussions around Bitcoin ETFs and their integration into traditional finance will undoubtedly be a hot topic at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38385726/brics-eye-stablecoins-cbdc-bridge-to-advance-financial-integration">BRICS Eye Stablecoins, CBDC Bridge To Advance Financial Integration</a>
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The U.S. Securities and Exchange Commission is asking for public comments on changes made to BlackRock&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) proposed spot Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)&nbsp;exchange-traded fund. The world&#39;s largest asset manager is vying along with others for a spot Ethereum ETF, though optimism that one could get the SEC&#39;s greenlight in the next month has diminished. BlackRock filed for its spot Ethereum ETF in November 2023, naming it the iShares Ethereum Trust, and said it seeks to &quot;reflect generally the performance of the price of ether.&quot;
Read the <a href="https://www.theblock.co/post/290538/sec-asks-for-comments-on-blackrocks-amended-spot-ethereum-etf-proposal?utm_source=benzinga&amp;utm_medium=rss&amp;utm_campaign=SEC+asks+for+comments+on+BlackRock%27s+amended+spot+Ethereum+ETF+proposal">full story</a> at The Block.

SEC Asks for Comments on BlackRock's Amended Spot Ethereum ETF Proposal

The Nasdaq 100&#8217;s technology stocks wrapped up their fourth consecutive week in the red, marking their most dismal stretch and sharpest declines since late 2022, as investors opted to pocket profits against a backdrop of mounting concerns over inflation and <a href="https://www.benzinga.com/general/politics">geopolitical tensions</a>.
On Friday, Israel responded to Iranian attacks from the preceding week, adding another layer of uncertainty to the volatile situation in the Middle East despite widespread international <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38334504/israel-strikes-iranian-air-base-tehran-downplays-attack-as-blinken-calls-for-calm-oil-pric">calls for de-escalation.</a>
On Wednesday, Fed Chair Jerome Powell firmly shut the door on rate cuts, citing lack of confidence in progress <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/04/38278182/powell-delays-fed-rate-cuts-we-need-greater-confidence-in-inflation-2-year-yields-spik">on inflation</a>. This stance pushed two-year Treasury yields to 5%, their highest level since November 2023.
Gold prices notched their fifth consecutive week of gains, marking their longest streak since August 2020.
<h3 class="wp-block-heading">Chart of The Week: US Treasury Yields Hit 5%, Enter Danger Zone</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127-1024x495.png" alt="" class="wp-image-300659" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/19154705/image-127.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Debt Sustainability Concerns</h3>
Gita Gopinath, International Monetary Fund deputy chief, has voiced concerns over the U.S. national debt, stressing the need to reduce the federal deficit, which equals 7% of GDP. Projections indicate the U.S. deficit will remain above 6% through 2029, pushing the debt-to-GDP ratio <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">to 134%</a>.
<h3 class="wp-block-heading">Bitcoin Halving Looms</h3>
BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) have launched educational advertising campaigns to explain the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) halving process. This event, which halves the creation rate of new bitcoins, aims to reduce inflationary pressure and <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38336008/blackrock-and-coinbase-explain-importance-of-bitcoin-halving-in-new-ad-campaigns">potentially boost Bitcoin prices.</a>
<h3 class="wp-block-heading">Cybertruck Recall Alert</h3>
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is recalling 3,878 Cybertruck vehicles due to a risk of unintended acceleration caused by a potentially dislodging accelerator pedal pad. The company, which has not reported any injuries or accidents from this issue, will replace the accelerator assemblies for free and has adjusted the production to include <a href="https://www.benzinga.com/government/24/04/38331377/tesla-recalls-over-3-800-cybertrucks-citing-unintended-acceleration-risk">a new pedal design.</a>
<h3 class="wp-block-heading">Lockheed&#8217;s $17B Contract</h3>
Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) has been awarded a $17-billion contract by the U.S. Missile Defense Agency to develop the Next Generation Interceptor aimed at countering missile threats from North Korea and Iran. The contract is a part of a broader U.S. strategy to enhance missile defenses, with the NGI expected to <a href="https://www.benzinga.com/news/24/04/38263648/lockheed-martin-wins-17b-contract-to-shield-us-from-north-korea-iran-missile-threats">be operational by 2028.</a>
<h3 class="wp-block-heading">Musk Announces Layoffs</h3>
Tesla is reportedly laying off over 14,000 employees, which amounts to more than 10% of its global workforce. Elon Musk, in a companywide email, stated that this painful decision is necessary to reduce costs and eliminate <a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees">redundancy in job functions.</a>
Photo via Shutterstock.

Whales with a lot of money to spend have taken a noticeably bearish stance on BlackRock.
Looking at options history for BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) we detected 9 trades.
If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 66% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $250,836 and 6, calls, for a total amount of $3,655,006.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $700.0 to $770.0 for BlackRock over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of BlackRock stands at 67.71, with a total volume reaching 824.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in BlackRock, situated within the strike price corridor from $700.0 to $770.0, throughout the last 30 days.
<h3>BlackRock Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713555960_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BLK</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$49.0</td>
<td>$47.9</td>
<td>$49.0</td>
<td>$740.00</td>
<td>$3.4M</td>
<td style="text-align: right;">11</td>
<td style="text-align: right;">700</td>
</tr>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$42.5</td>
<td>$41.0</td>
<td>$41.5</td>
<td>$710.00</td>
<td>$124.5K</td>
<td style="text-align: right;">89</td>
<td style="text-align: right;">30</td>
</tr>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$15.1</td>
<td>$14.7</td>
<td>$15.1</td>
<td>$740.00</td>
<td>$70.8K</td>
<td style="text-align: right;">268</td>
<td style="text-align: right;">41</td>
</tr>
<tr>
<td>BLK</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$56.8</td>
<td>$55.2</td>
<td>$55.9</td>
<td>$770.00</td>
<td>$61.4K</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">11</td>
</tr>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$15.1</td>
<td>$14.8</td>
<td>$14.99</td>
<td>$740.00</td>
<td>$55.4K</td>
<td style="text-align: right;">268</td>
<td style="text-align: right;">3</td>
</tr>
</tbody>
</table>

<h3>About BlackRock</h3>
BlackRock is the largest asset manager in the world, with $10.008 trillion in assets under management at the end of December 2023. Its product mix is fairly diverse, with 52% of managed assets in equity strategies, 28% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.
Having examined the options trading patterns of BlackRock, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of BlackRock</h3>
<ul>
<li>With a trading volume of 528,872, the price of BLK is up by 0.22%, reaching $748.93.</li>
<li>Current RSI values indicate that the stock is may be oversold.</li>
<li>Next earnings report is scheduled for 84 days from now.</li>
</ul>
<h3>What The Experts Say On BlackRock</h3>
4 market experts have recently issued ratings for this stock, with a consensus target price of $893.0.
<ul>
<li>An analyst from Keefe, Bruyette &amp; Woods downgraded its action to Outperform with a price target of $930. </li>
<li>An analyst from Morgan Stanley persists with their Overweight rating on BlackRock, maintaining a target price of $1025. </li>
<li>An analyst from UBS has decided to maintain their Neutral rating on BlackRock, which currently sits at a price target of $850. </li>
<li>An analyst from JP Morgan has decided to maintain their Neutral rating on BlackRock, which currently sits at a price target of $767. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for BlackRock, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

BlackRock Unusual Options Activity For April 19

MSCI

"House Committee Probe Focused On Blackrock And MSCI; Wall Street Firms Steered Billions To Blacklisted Chinese Firms, Congress Probe Finds" - WSJ

BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) has outperformed the market over the past 20 years by 5.64% on an annualized basis producing an average annual return of 13.31%. Currently, BlackRock has a market capitalization of $112.13 billion. 
Buying $100 In BLK: If an investor had bought $100 of BLK stock 20 years ago, it would be worth $1,230.68 today based on a price of $753.79 for BLK at the time of writing.
<h3>BlackRock's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713389420_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In BlackRock 20 Years Ago Would Be Worth This Much Today

Amid fluctuating market signals, a renowned analyst who previously anticipated Bitcoin&#8217;s (CRYTO: BTC) impressive rise is now forecasting a downturn across risk asset classes.
What Happened: Markus Thielen, the analyst celebrated for his precise prediction of Bitcoin&#8217;s ascent, has shifted to a bearish perspective on risk assets, encompassing both tech equities and cryptocurrencies, <a href="https://www.coindesk.com/markets/2024/04/16/analyst-who-called-bitcoins-pre-halving-rally-to-70k-turns-bearish/">CoinDesk</a> reported on Tuesday. Thielen, who helms 10X Research, has voiced his alarm over a probable substantial market correction, spurred by unyielding inflation and the bond market&#8217;s forecasts.
"We sold all our tech stocks last night (at the open) as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish risk assets (stocks + crypto)." Thielen said.
&#8220;Most of this 2023/2024 bitcoin rally is driven by expectations that interest rates would be cut, and this narrative is being seriously challenged now.&#8221;
Market participants have recalibrated their expectations for Fed rate cuts, envisioning fewer than three for the current year, a decrease from the previously expected six, as indicated by data from CMEGroup. This adjustment, combined with persistent inflation and a robust labor market, has propelled the 10-year Treasury yield to its highest level since November 2023, thus diminishing the allure of riskier investments.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38241856/dogecoins-road-to-the-golden-cross-crypto-analyst-shares-his-take-on-bull-market-milestone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Road To The Golden Cross, Crypto Analyst Shares His Take On &#8216;Bull Market Milestone&#8217;</a>
The recent surge in Bitcoin, largely fueled by the prospect of interest rate reductions, is now under scrutiny. Thielen pointed out that the flow into<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38262656/bitcoin-etfs-could-propel-king-crypto-above-golds-market-cap-says-analyst-these-are-very-c"> spot exchange-traded funds (ETFs) has stalled</a>, with the 5-day average of net inflows falling to zero. Although the U.S. Securities and Exchange Commission (SEC) greenlit several spot BTC ETFs in January, which initially attracted substantial investment, enthusiasm has tapered off this month.
As the fervor surrounding Bitcoin&#8217;s imminent mining reward halving, slated for April 20, starts to fade, market observers are bracing for a potential correction. This event will slash the reward for mining new blocks, thereby decelerating the pace at which new Bitcoin enters circulation. Despite these jitters, Bitcoin has still recorded a 42% gain year-to-date, and the broader CoinDesk 20 Index has risen by 17% for the same period.
Why It Matters: The bearish outlook from Thielen comes at a time when the cryptocurrency market is facing a complex mix of investor sentiment and economic indicators. On Monday, skepticism about Bitcoin&#8217;s long-term viability was voiced by finance professionals, despite <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38262428/bitcoin-is-just-an-extractive-bubble-says-portfolio-manager-as-blackrocks-acceptance-fails">BlackRock Inc.&#8217;s endorsement of the digital currency </a>in the previous year. This sentiment was echoed at a Miami event, where investment experts maintained reservations about Bitcoin.
Furthermore, the upcoming Bitcoin halving event, which historically tends to boost Bitcoin&#8217;s price, is now being met with uncertainty. Crypto.com&#8217;s CEO Kris Marszalek <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38263536/bitcoin-halving-may-see-rise-in-king-crypto-sales-forecasts-crypto-com-ceo-but-decent-acti">predicted a potential increase</a> in Bitcoin sales around the halving date of Apr. 20. However, with Bitcoin having already reached a record high in mid-March, the market&#8217;s reaction to this event remains uncertain.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38238033/14-8-trillion-shiba-inu-tokens-liquidated-in-just-24-hours-amid-market-downturn?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">14.8 Trillion Shiba Inu Tokens Liquidated In Just 24 Hours Amid Market Downturn</a>
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Crypto Analyst Warns Bitcoin's Impending Correction As Rally Falters: 'We Are Bearish Risk Assets'

In the lead-up to the &#8216;halving&#8217; event, Crypto.com CEO Kris Marszalek anticipates a surge in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) sales. This event, expected to significantly boost Bitcoin&#8217;s price over time, is predicted to occur around Apr. 20.
What Happened: The &#8216;halving&#8217; event decreases the new supply of Bitcoin and has historically been a positive influence on prices. However, there are uncertainties about a repeat performance, considering that Bitcoin already reached a record high in mid-March, <a href="https://www.bloomberg.com/news/articles/2024-04-16/bitcoin-btc-sales-may-pick-up-around-halving-crypto-com-ceo-says">reported</a> Bloomberg.
Marszalek proposed that as the &#8216;halving&#8217; date nears, there could be a rise in selling due to &#8216;buy-the-rumor, sell-the-news&#8217; trading. Despite this, he is confident that the &#8216;halving&#8217; event will make a &#8220;substantial difference&#8221; and is a &#8220;positive development for the market&#8221; over a longer period.
Inflows into three-month-old spot-Bitcoin exchange-traded funds in the U.S. helped the token reach an all-time peak of $73,798 last month.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38238919/crypto-markets-tumble-following-irans-drone-attack-against-israel-investor-warns-of-contin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Markets Tumble Following Iran&#8217;s Drone Attack Against Israel, Investor Warns Of Continued Selloff</a>
Marszalek expressed his anticipation for &#8220;pretty decent action within the six months following the Bitcoin halving.&#8221;
Why It Matters: The introduction of Bitcoin ETFs has been projected to potentially drive Bitcoin's price to <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38262656/bitcoin-etfs-could-propel-king-crypto-above-golds-market-cap-says-analyst-these-are-very-c">surpass that of gold</a>, according to cryptocurrency analyst Willy Woo. This prediction was made in light of the recent introduction of Bitcoin ETFs.
Despite Bitcoin&#8217;s endorsement by investment heavyweight BlackRock Inc, <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38262428/bitcoin-is-just-an-extractive-bubble-says-portfolio-manager-as-blackrocks-acceptance-fails">skepticism about the cryptocurrency persists</a> among many finance professionals. This skepticism was expressed at a recent Miami event.
Despite Bitcoin's sharp decline from highs of approximately $70,500 to a low of $62,800, over the weekend, Max Keizer, CEO and Founder of BecauseBitcoin.com, r<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38256809/bitcoins-weekend-selloff-a-healthy-shakeout-not-a-market-crash-expert-says">emains optimistic</a>. He urged investors to view the price drop as a healthy shakeout, not a reason to panic. 
Price Action: Bitcoin is currently trading at $62,682, experiencing a decline of 1.23% today, yet showing a robust increase of 41.91% year to date, 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/24/04/38238296/amid-dogecoin-crash-374-million-doge-moved-from-robinhood-to-unknown-wallet?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Dogecoin Crash, 374 Million DOGE Moved From Robinhood To Unknown Wallet</a>
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Bitcoin Halving May See Rise In King Crypto Sales, Forecasts Crypto.Com CEO, But 'Decent Action' Anticipated Within Next Six Months

Despite the endorsement of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) by investment heavyweight BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), skepticism about the cryptocurrency persists among many finance professionals.
What Happened: BlackRock&#8217;s acceptance of Bitcoin in 2023 marked a significant shift in the financial industry. However, at a recent Miami event, a number of investment professionals expressed reservations about the digital asset, <a href="https://www.coindesk.com/business/2024/04/15/there-are-many-bitcoin-critics-left-in-finance-despite-blackrocks-newfound-love/">reported</a> CoinDesk.
Mike Green, a portfolio manager at Simplify Asset Management said, &#8220;Bitcoin is just an extractive bubble.&#8221; Despite his stance, Simplify has launched two Bitcoin-exposed funds to meet client demand.
Other companies, including Vanguard and State Street, have yet to offer Bitcoin ETFs to their clients. Goldman Sachs, despite its involvement in BlackRock&#8217;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), maintains that Bitcoin has no place in investment portfolios.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38241856/dogecoins-road-to-the-golden-cross-crypto-analyst-shares-his-take-on-bull-market-milestone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Road To The Golden Cross, Crypto Analyst Shares His Take On &#8216;Bull Market Milestone&#8217;</a>
At the Miami conference, Kathryn Vera, chief strategist at Stone X Group, stated that Bitcoin will not become a reserve currency in her lifetime. Similarly, economist Peter Schiff dismissed Bitcoin as gambling money with no future use.
Despite the launch of 11 Bitcoin ETFs in the U.S., some asset managers are not yet considering the asset class as an investment. Green noted that his firm is not seeing much interest in Bitcoin from its clients, partly because it does not actively market the cryptocurrency.
Green also pointed out a lack of interest among his peers in understanding the technologies behind Bitcoin and other crypto assets. He suggested this is due to a lack of pressure from clients and the absence of negative impacts from expressing skepticism about the cryptocurrency.
Why It Matters: The skepticism voiced at the Miami event comes despite the recent surge in Bitcoin&#8217;s price. On the same day as the event, Bitcoin surpassed the $66,000 mark, emerging as the top gainer in <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38248683/bitcoin-surpasses-66-000-core-emerges-as-top-gainer">the cryptocurrency market</a>. This surge followed a sharp decline in the market due to Iran&#8217;s attack on Israel, which caused significant drops in major cryptocurrencies.
Renowned author Robert Kiyosaki also expressed his <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38215259/robert-kiyosaki-says-no-to-bitcoin-etfs-prefer-to-stay-as-far-away-from-wall-streets-finan">disinterest in Bitcoin ETFs</a>, favoring direct ownership of assets over Wall Street's financial products. He stated that he does not own gold or silver ETFs or REITS, real estate ETFS.
Price Action: Bitcoin is currently at $63,546, experiencing a 0.13% increase today and has risen by 43.86% year to date, 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/24/04/38238575/iran-launches-drone-attack-on-israel-in-escalation-of-tensions-bitcoin-drops-sharply-in-re?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Iran Launches Drone Attack On Israel In Escalation Of Tensions, Bitcoin Drops Sharply In Response</a>
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IBIT

'Bitcoin Is Just An Extractive Bubble,' Says Portfolio Manager, As Blackrock's Acceptance Fails To Quell Finance Sector Critics

BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), the world&#8217;s largest asset manager with $10 trillion in assets under mangement, has been steadily building a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38225585/popular-crypto-trader-shares-2024-predictions-for-these-three-altcoins">multifaceted crypto strategy</a>.
What Happened: Token Terminal, a research firm specializing in digital assets, has <a href="https://twitter.com/tokenterminal/status/1779583565967073369">analyzed</a> BlackRock&#8217;s approach to digital assets.
The company segments the crypto world into three primary categories: 
<ul>
<li>Crypto assets like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</li>
<li>Stablecoins such as USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>)</li>
<li>Tokenized assets, exemplified by <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38206718/blackrocks-tokenized-fund-gets-usdc-cash-out-option-via-circle-integration">BUIDL</a>, an onchain money market fund </li>
</ul>
The firm not only owns a significant stake in the Bitcoin Trust through its iShares Bitcoin Trust (NASDAQ: <a href="https://www.benzinga.com/quote/IBIT">IBIT</a>), boasting $18 billion in assets under management, but it also holds interests in Circle, the issuer of USDC with a circulating supply of $32 billion, and in Securitize, the transfer agent for BUIDL which manages $300 million in assets.
Bitcoin&#8217;s Strategic Utilization
Focusing on Bitcoin specifically, BlackRock recognizes several inherent benefits that bolster its appeal:
<ul>
<li>Its internet-native structure providing global accessibility.</li>
<li>Its utility in cross-border transactions enhancing transactional efficiency.</li>
<li>Its capped supply serving as a hedge against inflation. </li>
</ul>
The asset management giant is actively leveraging Bitcoin's attributes to offer novel products like IBIT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) to its worldwide clientele, hinting at plans to expand its crypto product offerings to include other major assets like Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>).
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38249321/arthur-hayes-that-was-the-dip-now-we-rip-asks-490k-followers-what-coins-to-buy">Arthur Hayes: &#8216;That Was The Dip, Now We Rip,&#8217; Asks 490K Followers What Coins To Buy</a>
Blockchain As A Transformative Technology
Beyond individual cryptocurrencies, BlackRock views blockchain technology as a revolutionary tool capable of overhauling traditional capital markets. 
The potential benefits identified include operational capabilities around the clock, enhanced transparency and accessibility for investors, and reductions in fees with faster settlements. 
Anticipating future trends, Token Terminal suggests that BlackRock might develop its own blockchain to consolidate the recordkeeping of its extensive holdings into a unified, interoperable, and transparent ledger, mirroring strategies employed by major platforms like Coinbase with their Base Layer-2 blockchain.
What&#8217;s Next: This strategic embrace of digital assets by BlackRock signals a significant shift in how traditional financial powerhouses are preparing to integrate blockchain and cryptocurrency into their operations. 
Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 19 will likely delve into these developments. 
Participants will explore how BlackRock's strategies could set precedents for asset management within the crypto sphere, potentially discussing the impacts of <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38249139/uk-aims-for-crypto-regulation-by-july">large-scale adoption on global financial systems.</a>
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38246569/move-over-shiba-inu-doge-okx-lists-soaring-memecoins-wif-and-mew"> Move Over Shiba Inu, Doge: OKX Lists Soaring Memecoins WIF And MEW</a>
Image: Shutterstock

$SOL

$USDC

Bitcoin, Stablecoins, Tokenization: BlackRock's Crypto Strategy Explained

Investors with a lot of money to spend have taken a bearish stance on BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with BLK, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 16 uncommon options trades for BlackRock.
This isn't normal.
The overall sentiment of these big-money traders is split between 25% bullish and 75%, bearish.
Out of all of the special options we uncovered, 11 are puts, for a total amount of $953,052, and 5 are calls, for a total amount of $226,302.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $550.0 and $1030.0 for BlackRock, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
In today's trading context, the average open interest for options of BlackRock stands at 99.08, with a total volume reaching 289.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in BlackRock, situated within the strike price corridor from $550.0 to $1030.0, throughout the last 30 days.
<h3>BlackRock 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713201369_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$250.9</td>
<td>$244.0</td>
<td>$247.48</td>
<td>$1020.00</td>
<td>$494.9K</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$50.9</td>
<td>$49.8</td>
<td>$50.5</td>
<td>$750.00</td>
<td>$151.5K</td>
<td style="text-align: right;">282</td>
<td style="text-align: right;">60</td>
</tr>
<tr>
<td>BLK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$263.9</td>
<td>$256.0</td>
<td>$260.36</td>
<td>$550.00</td>
<td>$78.0K</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">3</td>
</tr>
<tr>
<td>BLK</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/21/24</td>
<td>$20.5</td>
<td>$19.6</td>
<td>$20.0</td>
<td>$750.00</td>
<td>$60.0K</td>
<td style="text-align: right;">272</td>
<td style="text-align: right;">61</td>
</tr>
<tr>
<td>BLK</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$99.6</td>
<td>$94.8</td>
<td>$94.8</td>
<td>$770.00</td>
<td>$47.4K</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">5</td>
</tr>
</tbody>
</table>

<h3>About BlackRock</h3>
BlackRock is the largest asset manager in the world, with $10.008 trillion in assets under management at the end of December 2023. Its product mix is fairly diverse, with 52% of managed assets in equity strategies, 28% in fixed income, 9% in multi-asset classes, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.
<h3>Where Is BlackRock Standing Right Now?</h3>
<ul>
<li>With a volume of 401,641, the price of BLK is up 0.46% at $766.89. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 88 days.</li>
</ul>
<h3>Expert Opinions on BlackRock</h3>
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $893.0.
<ul>
<li>Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on BlackRock with a target price of $1025. </li>
<li>An analyst from JP Morgan has decided to maintain their Neutral rating on BlackRock, which currently sits at a price target of $767. </li>
<li>Reflecting concerns, an analyst from Keefe, Bruyette &amp; Woods lowers its rating to Outperform with a new price target of $930.</li>
<li>Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on BlackRock with a target price of $850. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for BlackRock, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Smart Money Is Betting Big In BLK Options

Morgan Stanley analyst Mike Cyprys maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Overweight and raises the price target from $1013 to $1025.

Price Target

Analyst Ratings

Morgan Stanley Maintains Overweight on BlackRock, Raises Price Target to $1025

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 500 points on Friday.
The Dow traded down 1.37% to 37,934.02 while the NASDAQ fell 1.82% to 16,142.15. The S&amp;P 500 also fell, dropping, 1.61% to 5,115.54.
Check This Out: <a href="https://www.benzinga.com/news/24/04/38218786/best-buy-box-and-2-other-stocks-insiders-are-selling"> Best Buy, Box And 2 Other Stocks Insiders Are Selling</a>
&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Utilities shares fell by just 0.7% on Friday.
In trading on Friday, materials shares dipped by 2%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
BlackRock, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) posted stronger-than-expected earnings for its first quarter.
Revenue growth of 11% Y/Y to $4.728 billion, beating the consensus of $4.676 billion. Adjusted EPS increased 24% Y/Y to $9.81, beating the consensus of $9.32.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
PaxMedica, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pxmd#NASDAQ">PXMD</a>) shares shot up 106% to $0.8542 after the company announced the completed execution of three pivotal registration/validation batches of PAX-101.
Shares of EZGO Technologies Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ezgo#NASDAQ">EZGO</a>) got a boost, surging 31% to $2.04. EZGO entered into a $1.84 million procurement agreement for sale of security patrol robots and platform.
NextPlat Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxpl#NASDAQ">NXPL</a>) shares were also up, gaining 28% to $1.93 after the company reported a year-over-year increase in FY23 consolidated revenue results. NextPlat announced a proposed business combination with Progressive Care Inc.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Motus GI Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mots#NASDAQ">MOTS</a>) shares dropped 36% to $0.2640 after the company announced that it does not believe that it will be able to maintain the listing of its common stock on the Nasdaq and that it does not intend to appeal the staff&#39;s determination. The company said it is exploring a range of strategic and financing alternatives.
Shares of JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) were down 6% to $184.13 following first-quarter earnings.
Applied Digital Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apld#NASDAQ">APLD</a>) was down, falling 12% to $2.7150 after the company reported worse-than-expected third-quarter financial results.
Also Check This Out:<a href="https://www.benzinga.com/news/earnings/24/04/38215878/how-to-earn-500-a-month-from-goldman-sachs-stock-ahead-of-q1-earnings-report"> How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q1 Earnings Report </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded up 0.5% to $85.43 while gold traded down 0.8% at $2,353.50.
Silver traded down 0.6% to $28.075 on Friday, while copper rose 0.1% to $4.2580.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares closed mixed today. The eurozone&rsquo;s STOXX 600 rose 0.14%, London&rsquo;s FTSE 100 gained 0.91% while Spain&rsquo;s IBEX 35 Index rose 0.34% The German DAX fell 0.13% French CAC 40 fell 0.16% while Italy&rsquo;s FTSE MIB Index jumped 0.15%.
Industrial sales in Italy declined by 3.1% from the prior month in January following a 1% gain in the previous month. The annual inflation rate in France eased to 2.3% in March from 3% in February, while Spain&#39;s annual consumer price inflation rose to 3.2% in March from February&#39;s 2.8%. German consumer prices inflation slowed to 2.2% in March from 2.5% in the prior month.
Industrial production in the UK rose 1.1% month-over-month in February, while UK&#39;s trade deficit widened to &pound;2.291 billion in February versus a revised &pound;2.205 billion in January. The British economy grew by 0.1% month-over-month in February versus a revised 0.3% gain in January.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mostly lower on Friday, with Japan&rsquo;s Nikkei 225 gaining 0.21%, Hong Kong&rsquo;s Hang Seng Index dropping 2.18%, China&rsquo;s Shanghai Composite falling 0.49% and India&rsquo;s S&amp;P BSE Sensex dipping 1.06%.
China&#39;s trade surplus shrank to $58.55 billion in March from $78.43 billion in the year-ago period. Industrial production in Japan fell by 0.6% month-over-month in February versu flash reading of a 0.1% decline.
&nbsp;
<h3>Economics</h3>
&nbsp;
U.S. export prices increased 0.3% from the prior month in March following a revised 0.7% gain in the prior month.
Import prices in the U.S. gained 0.4% month-over-month in March compared to a 0.3% increase in February.
The University of Michigan consumer sentiment declined to 77.9 in April compared to March&rsquo;s reading of 79.4.
The total number of active U.S. oil rigs fell by 2 to 506 rigs this week, Baker Hughes Inc reported.
Now Read This: <a href="https://www.benzinga.com/news/24/04/38219274/top-3-health-care-stocks-that-may-collapse-in-q2"> Top 3 Health Care Stocks That May Collapse In Q2 </a>

Earnings

Penny Stocks

Eurozone

Small Cap

Intraday Update

APLD

EZGO

MOTS

NXPL

PXMD

Nasdaq Down 300 Points; BlackRock Posts Upbeat Earnings

In a week already ablaze with market fervor sparked by inflation data surpassing expectations and prompting a jolting reassessment of Federal Reserve rate cut projections, Friday witnesses heightened volatility, fueled by escalating geopolitical tensions<a href="https://www.benzinga.com/topic/middle-east"> in the Middle East.</a>
Israel is bracing for an attack from Iran, which could occur within the next 48 hours or even earlier, according to various media sources. 
White House National Security Council spokesperson John Kirby stated that an Iranian attack on Israel poses a "real" and "viable" threat. 
According to the Times of Israel, Hezbollah has launched a rocket barrage into Northern Israel. Meanwhile, the USS Dwight Eisenhower aircraft carrier has sailed north through the Red Sea toward Israel in a show of deterrence from the Biden administration, as an attempt to intercept missiles and drones fired by Iran.
Market volatility, as indicated by the CBOE VIX Index, experienced a sharp spike, with the fear gauge surging by 23%, marking the most significant daily increase since late April 2022 and surpassing the uptick observed during the Silicon Valley Bank collapse in March 2023.
Stock indices plunged deeply into the red, with the S&amp;P 500 declining by 1.4% and the Nasdaq 100 by 1.7%. Notably, no sectors managed to evade losses on Friday.
Amid escalating threats in the Middle East, oil prices surged, with West Texas Intermediate (WTI) light crude climbing by 1.2% to reach $87 per barrel.
Investors flocked to safe-haven Treasuries in search of a liquidity shelter, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 1%. 
Gold faced a wild session, with the yellow metal spiking to a new-record high to $2,400 per ounce, before falling to $2,370. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 1.7%, amid a worsening risk sentiment. 
<h3 class="wp-block-heading">Chart Of The Day: VIX Spikes Over 20%, In The Most Volatile Day For Markets Since Late April 2022</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-1024x495.png" alt="" class="wp-image-290059" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/12130750/image-38.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,950.16</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>199.18</td>
<td>-1.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,118.62</td>
<td>-1.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,982.40</td>
<td>-1.8%</td>
</tr>
<tr>
<td>СВОЕ VIX</td>
<td>18.72</td>
<td>25.6%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:10 p.m. ET </figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) tumbled 1.5% to $510.49, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 1.3% to $379.75 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) plummeted 1.6% to $438.00, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) felt the heaviest losses, down 1.8%, followed by the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), down 1.7%. 
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) tumbled nearly 6%, despite reporting better-than-expected results last quarter, as the net interest income fell below expectations. </li>
<li>Other financial companies reacting to earnings were Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 2%, Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), down 0.5%, BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), down 2.3%, and State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), flat for the day. </li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) dropped 4.5% following reports that China is urging national telecom companies to curb reliance on foreign chips. Peer Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fell 4%. </li>
<li>Arista Network Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>) plummeted 9% on a double downgrade by Rosenblatt Securities.</li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/equities/24/04/38223912/us-energy-stocks-eye-9th-week-of-gains-as-iran-israel-tensions-escalate-oil-prices-spike-above-9">Oil Prices Spike Above $90 A Barrel As Iran-Israel Tensions Escalate: US Energy Stocks Eye 9th Week Of Gains</a>
Photo: Shutterstock

Macro Economic Events

Politics

Economics

ANET

SPDR Dow Jones Industrial Average ETF Trust

INTC

iShares Trust Barclays 20+ Year Treasury Bond Fund

XLRE

VIX Rockets 25% On Most Volatile Session In 2 Years; Oil Rises As Israel Braces For Iranian Attack: What's Driving Markets Friday?

BlackRock Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), the world&#8217;s largest asset manager, faced a setback in its appeal concerning the U.K. tax it sought to reclaim from HM Revenue &amp; Customs on its $13.5 billion acquisition of&nbsp;Barclays Global Investors&nbsp;(BGI) in 2009.&nbsp;
The appeal revolves around a structure BlackRock established during the Barclays acquisition. Specifically, it concerns the U.S. part of the BGI business, acquired through a corporate structure involving a U.K. tax resident entity, LLC5, funded by $4 billion in loans from another BlackRock entity based in the U.S.
The Court of Appeal&#8217;s decision&nbsp;<a target="_blank" href="https://www.ft.com/content/d5b3ef90-ebd8-48d4-aed8-c0f7338ca116" rel="noreferrer noopener">marks</a>&nbsp;the conclusion of a lengthy legal dispute. Initially, HMRC rejected the tax deductions, but the First-tier Tribunal ruled in favor of BlackRock, the Financial Times noted.&nbsp;
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38218056" rel="noreferrer noopener">BlackRock Starts Strong In 2024 With Q1 AUM &amp; Fees Surge, Stock Gains</a>
However, this decision was overturned on appeal to the Upper Tribunal and eventually upheld by the Court of Appeal, albeit on different grounds. The Court found that the tax deductions for the interest on the loans were disallowed under the &#8220;unallowable purpose rule,&#8221; asserting that LLC5 had a primary intention of obtaining a tax advantage by entering into the loans.
BlackRock&nbsp;believed it was entitled to a £654 million tax-deduction claim. Despite the ruling, BlackRock stated that it had already paid all of its U.K. corporation tax, including taxes related to this matter, and emphasized that the hearing pertains to a specific point of tax law. The company added that it is currently evaluating its next steps.
Led by its chair and chief executive&nbsp;Larry Fink, BlackRock&#8217;s acquisition of BGI during the financial crisis was pivotal, catapulting it into a dominant position in passive investing.&nbsp;
Currently, index funds and ETFs represent $6.6 trillion of BlackRock&#8217;s $10 trillion in assets under management.&nbsp;
BlackRock is now looking to expand into higher-margin alternatives strategies, recently announcing a deal to acquire alternatives manager Global Infrastructure Partners, solidifying its position as a major player in the alternatives market.
Price Action:&nbsp;BLK shares are down 2.15% at $759.08 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
BlackRock photo by Michael Vi on Shutterstock

Large Cap

Movers

BlackRock Loses Appeal Over UK Tax Dispute in Barclays Global Investors' Acquisition

BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Friday.</a>
The company reported revenue growth of 11% year over year to $4.728 billion in the first quarter,<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;beating the consensus of $4.676 billion</a>.&nbsp;
According to Goldman Sachs analyst Alexander Blostein, the company&#8217;s management fees of $3.778 billion missed consensus by 1% <a href="https://www.benzinga.com/quote/BLK/analyst-ratings" target="_blank" rel="noreferrer noopener">on worse-than-expected fee rate dynamics. </a>
Blostein writes equity fee rates were light across all product types, and the Alts fee rate declined three bps quarter on quarter as catch-up fees rolled off, and Tech/risk management fees were also a bit light (-1% versus Street).
The analyst adds that flows were driven by a good quarter for iShares, which accounted for $55 billion of flows between fixed income and equity and drove flows across Alternatives (bitcoin ETF).
Taking a step back, investor expectations into the quarter were light, Blostein fags.
Read More: <a href="https://www.benzinga.com/news/earnings/24/04/38218056/blackrock-starts-strong-in-2024-with-q1-aum-fees-surge-stock-gains" target="_blank" rel="noreferrer noopener">BlackRock Starts Strong In 2024 With Q1 AUM &amp; Fees Surge, Stock Gains</a>
Overall, the analyst views the first quarter results as mixed &#8211; core revenue trends continue to lag management&#8217;s targets (organic base fee growth +1% LTM and softer trends in Tech), partially offset by better operating leverage (175 bps of margin expansion year over year, but helped by unusually high-performance fees this quarter).
Looking ahead, management called out a line of sight into the funding of significant wealth, institutional, and Aladdin mandates, suggesting growth is likely to pick up, the analyst notes.
Blostein sees investors remain focused on softer core revenue trends (management fees and Tech) and a path to getting organic base fee growth closer to management&#8217;s 5% target.
Price Action: BLK shares are trading lower by 2.01% to $770.14 on the last check Friday.
Photo via Shutterstock

Analyst Color

BlackRock's Q1 Equity Fee Rates Were Light Across All Product Types, Analyst Cautions On Fee Rate Dynamics

Federal Reserve

Live On CNBC, BlackRock CEO Larry Fink Says "Still Projecting 2 Rate Cuts This Year"

UBS analyst Brennan Hawken maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Neutral and raises the price target from $818 to $850.

UBS Maintains Neutral on BlackRock, Raises Price Target to $850

The relief rally sparked by Thursday&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/04/38208908/stocks-bounce-back-with-tech-gold-gaining-after-modest-producer-inflation-data-whats-drivi" rel="noreferrer noopener">producer price index report</a>&nbsp;is teetering on the edge. The mood has shifted back to cautiousness, with stock futures pointing towards a potential pullback in today&#8217;s final trading session of the week. Traders are meticulously analyzing each incoming piece of economic data to gauge the Federal Reserve&#8217;s next move. Upcoming consumer confidence data and speeches by Fed officials are likely to garner significant market interest.
Big bank earnings released so far have triggered negative reactions, and this could cast a cloud on the upcoming reporting season and its impact on the market.
 Futures Performance On Friday ( as of 6:30 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.53%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.43%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.27%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.52%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a> trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.30% to $516.43, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.43% to $443.45, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
Producer price data released on Thursday came in slightly lower than anticipated, initially triggering a knee-jerk negative reaction in the market. However, major averages reversed course later in the morning, steadily climbing before consolidating in late-day trading. The Nasdaq Composite and S&amp;P 500 closed solidly higher, with the Nasdaq reaching a new closing high driven by strength in IT and communication services stocks. Conversely, the Dow Jones Industrial Average closed with a slight negative bias, marking its fourth consecutive down day.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.68%</td>
<td>16,442.20</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.74%</td>
<td>5,199.06</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.01%</td>
<td>38,459.08</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.70%</td>
<td>2,042.60</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
After an insipid performance so far in April, stocks could pick up momentum, an analyst said, citing a historical trend. Carson Group&#8217;s Ryan Detrick said, &#8220;Since 2000, during the first half of April stocks don&#8217;t do much. Then as soon as you get past April 15, the second half is usually strong.&#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">Since 2000, during the first half of April stocks don&#39;t do much. Then as soon as you get past April 15, the second half is usually strong. <a href="https://t.co/Vmu2MHX2iC">pic.twitter.com/Vmu2MHX2iC</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1778535651958497513?ref_src=twsrc%5Etfw">April 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">LPL Financial Chief Technical Strategist Adam Turnquist sees the current market pullback as only a shallow one. &#8220;The violation of the S&amp;P 500's 20-dma and corresponding breakout in 10-year Treasury yields points to a percolating risk for a deeper pullback,&#8221; the analyst said, adding, &#8220;We consider 4,800 as a worst-case scenario for a drawdown on the S&amp;P 500 but note there are several support levels to get through on the way down, including the 50-dma at 5,100 and the 5,000-point milestone.&#8221; &#8220;Confidence for a relatively shallow drawdown is primarily supported by broad market breadth, cyclical leadership trends, economic resiliency, historically narrow credit spreads, and the longer-term momentum implications of this rally,&#8221; he said.</figcaption></figure>
Upcoming Economic Data:
The Labor Department is due to release the import and export prices report for March at 8:30 a.m. EDT. Economists, on average, expect both import and export prices to increase 0.3% month-over-month, compared to 0.3% and 0.8%, respectively, in February.
The University of Michigan&#8217;s consumer sentiment index for April, due at 10 a.m. EDT, may have edged down from 79.4 in March to 79 in April. The report will also shed light on one-year and five-year inflation expectations of consumers.
Atlanta Fed President Raphael Bostic&nbsp;and San Francisco Fed President Mary Daly are scheduled to speak at 2:30 p.m. EDT and 3:30 p.m. EDT, respectively.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Globe Life Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>), which slumped over 55% on Thursday on a short report, rebounded by about 12% in premarket trading.</li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) pulled back about 2% each after a Wall Street Journal report said the Chinese government has asked the biggest domestic telecom carriers to phase out U.S.-made chips.</li>
<li>BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) rose nearly 2% in premarket following an earnings beat, while JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) plunged over 3% and Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) was down a more modest 1.5%.</li>
<li>Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) are among the other companies due to<a href="https://www.benzinga.com/calendars/earnings"> report their quarterly results before the market opens.</a></li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures topped $86 per barrel after Thursday&#8217;s pullback and gold futures traded at a new record, north of $2,400 an ounce. The yield on the benchmark 10-year Treasury held around the 4.55% level.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose modestly and was at the $70.8k level/
Among the global equity markets, Asian stocks fell almost across the board, leading the Hong Kong and Indian markets. The Japanese and Indonesian markets bucked the downtrend and ended modestly higher. Trade data released by China underlined stuttering domestic growth as both exports and imports fell more than expected in March.
European stocks rebounded in early trading on Friday after moving to the downside in the previous session, reacting to a pause decision from the region&#8217;s central bank.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38212196/inflation-upends-feds-plans-when-do-wall-street-analysts-expect-first-interest-rate">Inflation Upends Fed&#8217;s Plans: When Do Wall Street Analysts Expect First Interest Rate Cut?</a>
Photo via Shutterstock

Futures

Previews

Pre-Market Outlook

Wall Street Wobbles: Stock Futures Point To Slide As JPMorgan Tumbles 3% While Gold Surges Past $2,400 — Analyst Sees This As 'Worst-Case' Scenario For S&P 500 Pullback

Investment giant&nbsp;BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38216908/blackrock-reports-first-quarter-2024-earnings" rel="noreferrer noopener">first-quarter FY24 results</a>.
Revenue growth of 11% Y/Y to $4.728 billion, beating the consensus of $4.676 billion.&nbsp;
Investment advisory, administration fees, and securities lending revenues increased to $3.78 billion from $3.50 billion a year ago, led by market beta on average AUM, positive organic base fee growth, and the impact of one additional day.
Technology services revenue increased to $377 million from $340 million the prior year, reflecting continued demand for Aladdin technology offerings.
BLK stated that the net inflow stood at $57 billion in the quarter. Adjusted operating income rose 17% Y/Y to $1.78 billion, with the margin expanding to 42.2% from 40.4% a year ago.
Adjusted EPS increased 24% Y/Y to $9.81,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of $9.32.</a>
Total AUM stood at $10.5 trillion as of March 31, 2023, compared to $9.1 trillion last year quarter.
BLK&#8217;s Board of Directors approved a quarterly cash dividend per share of $5.10 and repurchased shares worth $375 million in the quarter.&nbsp;
Laurence D. Fink, Chairman and CEO said, &#8220;With markets full of complexity and opportunity, clients are increasingly coming to BlackRock for insights and advice. We see significant growth potential in infrastructure, technology, retirement and whole portfolio solutions, with a strong pipeline that has some of the best breadth that we&#8217;ve ever seen.&#8221;&nbsp;
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37566254/blackrock-bolsters-wealth-management-arsenal-with-spiderrock-advisors-acquisition-expanding-sma-" rel="noreferrer noopener">BlackRock Bolsters Wealth Management Arsenal With SpiderRock Advisors Acquisition, Expanding SMA Solutions</a>
BlackRock issued debt of $3 billion to fund portion of cash consideration for the acquisition of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/01/36609162/investment-giant-blackrocks-strong-finish-to-2023-dividend-boost-accretive-acquisition-more" rel="noreferrer noopener">Global Infrastructure Partners</a>.
In March, the company, alongside Singaporean sovereign wealth fund GIC Pte, stated that it is reportedly considering selling a U.K. gas pipeline network&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37712407/why-blackrock-shares-are-falling-today" rel="noreferrer noopener">valued at around $2 billion</a>.
Investors can gain exposure to the stock via&nbsp;Fidelity Disruptive Finance ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDFF#NASDAQ">FDFF</a>) and&nbsp;Madison ETFs Trust Madison Dividend Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIVL#NYSE">DIVL</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/04/38206718/blackrocks-tokenized-fund-gets-usdc-cash-out-option-via-circle-integration" rel="noreferrer noopener">BlackRock&#8217;s Tokenized Fund Gets USDC Cash-Out Option Via Circle Integration</a>
Price Action: BLK shares are trading higher by 2.68% at $807.00 premarket on the last check Friday.
Photo via Shutterstock

Dividends

Buybacks

DIVL

FDFF

BlackRock Starts Strong In 2024 With Q1 AUM & Fees Surge, Stock Gains

Bank of America Securities analyst Craig Siegenthaler maintained a Buy rating on BlackRock (BLK – Research Report) today. The company's shares open...

Bank of America Securities Sticks to Its Buy Rating for BlackRock (BLK)

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Astute investors become millionaires when certain possibilities in the stock market appear silently. These are three examples of quiet surges. These businesses are profiting from changing market trends, such as semiconductor advancements, identity verification technology and the shift to renewable energy sources, even if they don&rsquo;t often make headlines. Silent millionaire maker stocks aren&rsquo;t always obvious picks or big names, but they can offer tremendous opportunity for savvy investors.



Of the three companies on this list, the first is a pioneer in semiconductor wafer cleaning solutions. It has seen a sharp increase in sales because of its inventive product line that serves local and foreign consumers. The second is using state-of-the-art identity verification solutions to lead the charge in combating fraud. The third is establishing itself as a dominant force in the worldwide market thanks to its technical advancements and smart investments that are changing the face of renewable energy.



All three companies are demonstrating tenacity and flexibility as they negotiate shifting market conditions. Each offers a different chance for investors to partake in the quiet wave of wealth creation.



<h2>ACM Research (ACMR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/acmr-stock-1-300x169.jpg" alt="a magnifying glass enlarges the ACM logo on a website"><div>Source: Pavel Kapysh / Shutterstock.com</div></div>In 2023, sales of single wafer cleaning, Tahoe and semi-critical cleaning products from ACM Research (NASDAQ:<a href="https://investorplace.com/stock-quotes/acmr-stock-quote/">ACMR</a>)&nbsp;<a href="https://ir.acmrcsh.com/news-releases/news-release-details/acm-research-reports-fourth-quarter-and-fiscal-year-2023-results" target="_blank">increased by 43%</a>, accounting for 72% of total sales. Because of its extensive cleaning portfolio, ACM Research is a vital partner for Chinese mature node development and worldwide markets. This portfolio supports about 90% of all cleaning process stages for logic and memory devices.



Moreover, ACM Research leads the market thanks to its flagship Space Alternated Phase Shift (SAPS) Tahoe and Timely Energized Bubble Oscillation (TEBO) single-wafer cleaning solutions. These flagships have technological characteristics that rivals cannot match. The 30-millimeter auto bench cleaning industry has shown good profitability. Thus, the company has had a solid increase in market share since its initial debut. 



In 2023, the combined revenue from furnace, electro-chemical plating (ECP) and other technologies&nbsp;<a href="https://ir.acmrcsh.com/news-releases/news-release-details/acm-research-reports-fourth-quarter-and-fiscal-year-2023-results" target="_blank">increased by 33%,</a>&nbsp;topping $100 million. The strong performance from ECP, especially in front-end processes, suggests that ACM Research successfully gained market share for total plating.&nbsp;



Advanced packaging revenue&nbsp;<a href="https://ir.acmrcsh.com/static-files/fb7b38d9-7bd2-44b7-89a0-7a74fd9a24c0" target="_blank">increased by 31.5%</a>&nbsp;in 2023 and accounted for 9% of total revenue. ACM Research also anticipates growing demand for high-performance computer applications like artificial intelligence (AI) and launched ULTRA C v Vacuum Cleaning Tools.



<h2>Mitek Systems (MITK)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/cybersecurity-1600-300x169.jpg" alt="internet security and data protection concept, blockchain and cybersecurity"><div>Source: Song_about_summer / Shutterstock</div></div>Mitek Systems (NASDAQ:<a href="https://investorplace.com/stock-quotes/mitk-stock-quote/">MITK</a>) has continued to increase and progress its <a href="https://investors.miteksystems.com/news-releases/news-release-details/mitek-reports-fiscal-2024-first-quarter-financial-results-and">products</a>. Recent offerings include ID R&amp;D biometrics software solutions, Check Fraud Defender (CFD), MiVIP and MiPass. Mitek Systems&rsquo; focus on advancements and flexibility in responding to market demands is seen in the launch of these new products.&nbsp;



The company&rsquo;s Check Fraud Defender product reflects its expansion into related areas like AI-driven fraud and identity management, emphasizing its capacity to leverage new market trends and broaden its top-line. The early momentum with CFD and channel partners shows effective acceptance and cooperation within the banking industry. By the end of the 2024 fiscal year, the firm hopes to have over&nbsp;<a href="https://investors.miteksystems.com/news-releases/news-release-details/mitek-reports-fiscal-2024-first-quarter-financial-results-and" target="_blank">50 CFD clients.</a>



Due to increased fraud and cybercrime worldwide, there is a growing need for identity verification and fraud protection solutions. The rise in fraud associated with deepfakes highlights the massive demand for reliable detection systems and biometric authentication tools. Addressing new risks like deepfakes enhances Mitek Systems&rsquo; market relevance and growth potential, and solutions like&nbsp;<a href="https://investors.miteksystems.com/static-files/cd0972c2-1f04-4de4-b986-12b4c3b4efaa" target="_blank">IDLive Face Plus</a>&nbsp;put Mitek Systems at the forefront of battling developing fraud concerns.



<h2>Canadian Solar (CSIQ)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/shoals_shls_solar_1600-300x169.png" alt="solar and wind power in coastal saline and alkaline land, develop shoals background representing solar stocks."><div>Source: chuyuss / Shutterstock.com</div></div>BlackRock (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) has invested&nbsp;<a href="https://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-reports-fourth-quarter-and-full-year-2023-results" target="_blank">$500 million</a>&nbsp;in Recurrent Energy with Canadian Solar (NASDAQ:<a href="https://investorplace.com/stock-quotes/csiq-stock-quote/">CSIQ</a>). When BlackRock invests in something, that&rsquo;s a sure sign it&rsquo;s probably one of the silent millionaire maker stocks. The investment will strengthen the company&rsquo;s shift to long-term ownership and management of renewable energy projects. Collaborations are being made with organizations such as Sol Systems and Copenhagen Infrastructure Partners. These expand the company&rsquo;s operations efficiently and establish a stronger market position.



Canadian Solar&rsquo;s rapid switch to&nbsp;<a href="https://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-reports-fourth-quarter-and-full-year-2023-results" target="_blank">N-type TOPCon</a>&nbsp;solar technology reflects the company&rsquo;s edge over industry competitors. The company has a strategic emphasis on major markets and localization initiatives. This can be observed in the opening of a module plant in Texas and the robust demand for U.S.-made products. The company has a pipeline of 63 GWh and a committed&nbsp;<a href="https://investors.canadiansolar.com/static-files/9d391145-cd5f-42c9-a6ab-67cd02c2f065" target="_blank">backlog of $2.6 billion</a>. Canadian Solar&rsquo;s battery energy storage business, under the e-STORAGE name, provides a lead in the energy storage industry.



Canadian Solar&rsquo;s robust geographical reach encompasses North America, Latin America, Europe and Asia Pacific. As a result, it reduces the potential risks arising from market variations. The promising project advancements and collaborations in nations such as Mexico, U.S., Brazil and the United Kingdom showcase the company&rsquo;s aptitude for seizing expansion prospects.



As of this writing, Yiannis Zourmpanos held a long position in ACMR. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Yiannis Zourmpanos is the founder of Yiazou Capital Research, a stock-market research platform designed to elevate the due diligence process through in-depth business analysis.</div><h3>More From InvestorPlace</h3>
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Well-established companies with a long history of operations are your best road to riches. In today&rsquo;s market, several <a href="https://investorplace.com/stock-types/blue-chip-stocks/">blue-chip stocks</a> to buy now are still trading at reasonable multiples.



If you are looking for safe investments, blue-chip stocks to buy now provide stable returns at lower relative risk. Since these are dominant stocks in their industry, they generate steady growth throughout the economic cycle. They also exhibit healthy profitability and have high returns on equity.



Another distinguishing characteristic is dividend payments. Due to their higher profit margins, these companies generate a lot of free cash flow. As a result, they pay out a portion of these profits to shareholders.



The following blue-chip stocks to buy are bargains today. They have dividend yields above 1%, operating margins over 10% and returns over equity above 20%. These high-quality companies have withstood the test of time and will thrive going forward.



<h2>BlackRock (BLK)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/04/blk1600-300x169.png" alt="Closeup of the BlackRock (BLK) sign seen at the entrance to the American global investment management corporation BlackRock, Inc.'s office in San Francisco, California."><div>Source: Tada Images / Shutterstock.com</div></div>BlackRock (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) is the largest asset manager in the world, with $10.5 trillion in assets under management. It offers various index, active and cash management services to clients in over 100 countries. Furthermore, the company provides multiple investment and risk management services through its Aladdin platform.



As <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2024/Q1/BLK-1Q24-Earnings-Release.pdf">Q1 fiscal year 2024 results</a> revealed, the company is going from strength to strength. In the quarter, the company recorded $76 billion of quarterly long-term net inflows, bringing the total over the last 12 months to $236 billion. AUM was $1.4 trillion higher compared to the prior-year quarter.



Due to the growth in AUM and demand for technology services, revenue increased 11% year-over-year to $4.7 billion. Like other top blue-chip stocks to buy now, Blackrock continued its impressive track record of shareholder returns. It repurchased $375 million of shares and increased the quarterly dividend by 2% to $5.10 per share.



Looking ahead, the firm sees opportunities in retirement and whole portfolio solutions, technology and infrastructure. Particularly, it aims to capitalize on the demand for infrastructure investments. Over the past 12 months, BlackRock&rsquo;s infrastructure platform delivered 19% organic asset growth. Management expects the <a href="https://www.reuters.com/business/finance/blackrock-quarterly-profit-rises-strong-assets-under-management-2024-01-12/">acquisition of Global Infrastructure Partners</a> to position this business for further success.



As capital markets develop and clients look for passive and active investing solutions, BlackRock will continue to grow. At 19x forward EPS, it&rsquo;s a long-term compounder you will not regret buying.



<h2>Nike (NKE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/NKE1600-300x169.jpg" alt=""><div>Source: pixfly / Shutterstock.com</div></div>Nike (NYSE:<a href="https://investorplace.com/stock-quotes/nke-stock-quote/">NKE</a>) is one of the most storied and iconic brands. However, over the last two years, it has failed in its innovation efforts, allowing competitors like On Holdings (NYSE:<a href="https://investorplace.com/stock-quotes/onon-stock-quote/">ONON</a>) and Deckers Outdoor (NYSE:<a href="https://investorplace.com/stock-quotes/deck-stock-quote/">DECK</a>) to grab market share. As a result, shares are languishing near 52-week lows.



It may seem counterintuitive, but NKE stock is one of the blue-chip stocks to buy now. First, it is still a favorite brand among consumers. Indeed, the recent <a href="https://www.pipersandler.com/teens">Piper Sandler Taking Stock With Teens survey</a> revealed that it is the No. 1 favorite footwear brand among teens.



Secondly, management is engineering a turnaround focused on dialing up innovation. On April 11, the company launched its new footwear collection ahead of the Paris 2024 Olympic Games. The latest designs are optimized for performance using AI technology. Management hopes upcoming consumer releases will reinvigorate the brand.



Lastly, NKE stock is trading at very low multiples relative to history. This high-quality company is offering an opportunity to purchase shares at a <a href="https://seekingalpha.com/symbol/NKE/valuation/metrics">material discount to its historical multiple</a>. As of this writing, the stock trades at 25x forward non-GAAP EPS compared to the five-year average of 36x. Buy this stock before the turnaround gains steam; otherwise, it will be too late.



<h2>Lamb Weston (LW)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/04/lwstock-300x169.jpg" alt="LW stock: a bag of potatoes open with potatoes spilling out"><div>Source: Shutterstock</div></div>Sometimes, the best time to buy is when there is blood on the streets. That&rsquo;s what happened to Lamb Weston (NYSE:<a href="https://investorplace.com/stock-quotes/lw-stock-quote/">LW</a>) on April 4 after it <a href="https://investors.lambweston.com/~/media/Files/L/Lamb-Weston-IR/press-release/fy24-q3-earnings-press-release.pdf">announced results</a> that were negatively impacted by the migration to a new enterprise resource planning system. The stock reacted negatively, falling by over 20%.



This selloff presents an opportunity in Lamb Weston since management disclosed that the main reason for the earnings miss was the ERP transition. &ldquo;The ERP transition temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders,&rdquo; said Tom Werner, CEO.



Fundamentally, nothing has changed in the business to affect the long-term outlook. It is one of the largest suppliers of frozen potatoes, a staple-like business. It sells frozen potatoes, sweet potatoes, appetizers and vegetable products to retailers and restaurants.



Indeed, according to management&rsquo;s fiscal year 2024 guidance, LW stock is one of the best blue-chip stocks to buy. They estimate net sales of $6.54 billion to $6.60 billion and GAAP diluted EPS of $5.30 to $5.45. Based on this guidance, the stock trades at only 15x forward earnings.



<a href="https://www.investing.com/news/company-news/lamb-weston-stock-target-cut-on-softer-traffic-erp-issues-93CH-3367127">Bank of America analysts</a> believe the earnings selloff was overdone and remain optimistic. Although they cut their price target to $113, they reiterated their &ldquo;buy&rdquo; rating. If the sequential sales rebound they expect occurs, LW stock will quickly return to over $100.



On the date of publication, Charles Munyi did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.




<div>Charles Munyi has extensive writing experience in various industries, including personal finance, insurance, technology, wealth management and stock investing. He has written for a wide variety of financial websites including Benzinga, The Balance and Investopedia.</div><h3>More From InvestorPlace</h3>
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Spotify (NYSE:<a href="https://investorplace.com/stock-quotes/spot-stock-quote/">SPOT</a>) is popping dramatically higher today, mitigating concerns about discretionary consumer sentiment. The company reported its fiscal first-quarter earnings on Tuesday and exceeded both top- and bottom-line forecasts. Notably, Spotify posted <a href="https://www.cnbc.com/2024/04/23/spotify-spot-earnings-q1-2024.html">record profits in Q1</a>, delighting investors and top-level buyers of SPOT stock.



Breaking down the details, Spotify reported operating income of <a href="https://s29.q4cdn.com/175625835/files/doc_financials/2024/q1/Q1-2024-Shareholder-Deck-FINAL.pdf">168 million euros</a> ($179.8 million), up from a loss of 156 million euros in Q1 2023. Still, it&rsquo;s worth pointing out that this result missed company guidance of 180 million euros, as &ldquo;social charges&rdquo; increased more than management had anticipated.



On the top line, the streaming giant posted 3.64 billion euros ($3.89 billion) in sales. This figure ran 20% higher than the figure reported in Q1 2023. It also exceeded Wall Street&rsquo;s expectations of 3.61 billion euros.



Looking ahead to the second quarter, management guided for operating income to hit 250 million euros ($267 million). Meanwhile, for revenue, Spotify expects 3.8 billion euros ($4.06 billion) next quarter.



Another factor bolstering SPOT stock today is that Spotify continues to implement its &ldquo;efficiency&rdquo; strategy. Over the past one year, the company has committed to <a href="https://investorplace.com/2023/12/spotify-layoffs-2023-what-to-know-about-the-latest-spot-job-cuts-dec-4th/">multiple rounds of layoffs</a>.



<h2>Big Investors Back the Rally for SPOT Stock</h2>



As of this writing, SPOT stock is up by around 14%. Since the beginning of 2024, shares have also gained roughly 64%. Driving sentiment for the popular streaming service is the support of Spotify&rsquo;s <a href="https://finance.yahoo.com/quote/SPOT/holders">biggest institutional investors</a>.



Here are the top institutions invested in SPOT stock, per Yahoo Finance:



<ul><li>Baillie Gifford owns 23.65 million shares as of the end of Q4.</li>



<li>Morgan Stanley (NYSE:<a href="https://investorplace.com/stock-quotes/ms-stock-quote/">MS</a>) owns 8.47 million shares.</li>



<li>Price (T. Rowe) Associates owns 6.34 million shares.</li>



<li>Blackrock (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) owns 4.98 million shares.</li>



<li>T. Rowe Price Investment Management owns 4.48 million shares.</li>
</ul>In addition to this, the top mutual fund holder of SPOT stock is the Vanguard International Growth Fund (NASDAQ:<a href="https://investorplace.com/stock-quotes/vwilx-stock-quote/">VWILX</a>), which owns 8.50 million shares. Lastly, co-founder and CEO Daniel Ek <a href="https://www.investopedia.com/news/top-3-spotify-shareholders/">owns 30.9 million shares</a> for the period ended Dec. 31, 2023, per the company&rsquo;s annual report.



<h2>Why It Matters</h2>



At the moment, analysts rate SPOT stock as a <a href="https://www.tipranks.com/stocks/spot/forecast">consensus strong buy</a> on TipRanks. This assessment breaks down as 18 buys, six holds and zero sell ratings. The average price target sits at $271.76, implying more than 12% downside risk. However, the most optimistic target of $400 still implies over 28% upside potential.



On the date of publication, Josh Enomoto did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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Hedera (<a href="https://investorplace.com/cryptocurrency/hbar-usd/">HBAR-USD</a>) crypto has been incredibly volatile recently after a misunderstanding resulted in the token <a href="https://www.coindesk.com/markets/2024/04/24/hederas-hbar-doubles-then-falls-25-as-blackrock-links-diminish/">soaring higher yesterday</a>.



The confusion came from a BlackRock (NYSE:<a href="https://investorplace.com/stock-quotes/blk-stock-quote/">BLK</a>) report about the firm handling its tokenizing its first money market fund. HBAR Foundation was involved in this effort, leading some traders to believe that Hedera was used.



However, it turns out that this wasn&rsquo;t the case. When that misunderstanding was corrected, it also resulted in changes for the HBAR crypto. All of this news is behind the wild ride that Hedera has been on these last couple of days.



<h2>HBAR Crypto Movement on Wednesday</h2>



While HBAR isn&rsquo;t running nearly as high as it was during the initial announcement, the shares are still benefiting from increased trading. This has them continuing to remain high even after the confusion has subsided.



All of this news has HBAR up 31.3% over the prior 24-hour trading period as of Wednesday morning. That comes alongside strong trading with volume up more than 2,657% during that same period of time.



While HABR remains at a higher price for now, it&rsquo;s possible it could give up these gains in the coming days. This may happen as more traders sell the tokens in the wake of the BlackRock clarification.



Investors who want more of the most recent crypto stories are going to want to stick around!



We are offering all of the most recent crypto news that traders need to know about on Wednesday! A few examples include what&rsquo;s happening with crypto mining startups, cryptos that could see major rallies in 2024 and more. You can find all of this news at the links below!



<h2>More Crypto News for Wednesday</h2>



<ul><li><a href="https://investorplace.com/2024/04/3-new-crypto-startup-projects-that-are-about-to-mint-millionaires/">3 New Crypto Startup Projects That Are About to Mint Millionaires</a></li>



<li><a href="https://investorplace.com/2024/04/can-you-afford-to-ignore-these-3-cryptos-up-over-200-in-2024/">Can You Afford to Ignore These 3 Cryptos Up Over 200% in 2024?</a></li>



<li><a href="https://investorplace.com/2024/04/7-cryptos-that-will-go-parabolic-within-6-months-of-the-halving/">7 Cryptos That Will Go Parabolic Within 6 Months of the Halving</a></li>
</ul>On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
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AAPL

ABBV

ACMR

AMZN

ANCTF

ASML

ASMLF

AVGO

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BKNG

CDNAF

CDNTF

COST

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LVMUY

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MITK

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NVDA

ONON

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SCHD

SPGI

SPOT

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