CareNet Stock (OTC:CENEF), Trade Ideas

CareNet Inc is a marketing company providing various solutions to pharma companies through the management of media specialized in medical/pharmaceutical education for HCPs.

CareNet Inc

Exane BNP Paribas analyst Max Gumport downgrades WK Kellogg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) from Neutral to Underperform and announces $20 price target.

News

Downgrades

Price Target

Analyst Ratings

Exane BNP Paribas Downgrades WK Kellogg to Underperform, Announces $20 Price Target

Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) said its subsidiary, Shell Singapore Pte Ltd, has&nbsp;reached an agreement&nbsp;to&nbsp;<a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-sell-interest-in-singapore-energy-and-chemical-park.html" rel="noreferrer noopener">sell&nbsp;</a>its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd.
CAPGC is a joint venture&nbsp;company&nbsp;between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.&nbsp;
Chandra Asri is an Indonesian chemical and infrastructure solutions company&nbsp;and&nbsp;Glencore&nbsp;Plc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) is one of the world&#8217;s largest global diversified natural resource companies and a producer and marketer of more than 60 commodities that advance everyday life.
The transition&nbsp;is expected&nbsp;to transfer&nbsp;all of&nbsp;Shell&#8217;s interest in Shell Energy and Chemicals Park Singapore, including the physical assets and commercial contracts, to CAPGC.
The decision comes after Shell initiated a strategic review of its Energy and Chemicals Park assets&nbsp;on&nbsp;Bukom and Jurong Island&nbsp;in June 2023.
The Pulau Bukom assets include a 237,000 barrels-per-day refinery and a 1.1 million tonnes-a-year ethylene cracker.&nbsp;Shell Jurong Island occupies more than 60 hectares&nbsp;on Jurong Island&nbsp;and manufactures petrochemicals, including ethylene oxide, ethoxylates, styrene monomer, and propylene oxide.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38650512/shell-shifts-gears-in-south-africa-reportedly-exits-downstream-unit" rel="noreferrer noopener">Shell Shifts Gears in South Africa, Reportedly Exits Downstream Unit</a>
Shell and CAPGC have also signed crude supply and products offtake agreements that will come into effect following completion.
After the completion, all employees providing dedicated support to&nbsp;the Shell&nbsp;Energy and Chemicals Park Singapore will retain their employment with CAPGC.
The transaction&nbsp;is expected&nbsp;to&nbsp;be completed&nbsp;by the end of 2024.
&#8220;This agreement marks a significant step in Shell&#8217;s ongoing efforts to high-grade our Chemicals and Products&nbsp;business,&nbsp;and is a testament to our commitment to deliver more value with&nbsp;less&nbsp;emissions, as outlined at our Capital Markets Day last year,&#8221; said Shell&#8217;s Downstream, Renewable and Energy Solutions Director, Huibert&nbsp;Vigeveno.
At the end of the first quarter, Shell had a net debt of&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38584564/shell-q1-earnings-power-shines-despite-revenue-headwinds" rel="noreferrer noopener">$40.5 billion, with a gearing ratio of 17.7%</a>.&nbsp;
Shell stock has gained more than 19% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are trading lower by 0.47% at $72.63 in premarket at the last check Wednesday.
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Equities

Asset Sales

General

GLNCY

Market Vectors RVE Hard Assets Producers ETF

HJEN

SHEL

Energy Shift: Shell Offloads Singapore Energy And Chemicals Park To Glencore-Chandra Asri Capital Joint Venture

Autohome (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATHM#NYSE">ATHM</a>) reported quarterly earnings of $0.14 per share which missed the analyst consensus estimate of $0.49 by 71.43 percent. This is a 75.44 percent decrease over earnings of $0.57 per share from the same period last year. The company reported quarterly sales of $222.85 million which beat the analyst consensus estimate of $220.60 million by 1.02 percent. This is a 0.21 percent decrease over sales of $223.31 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

ATHM

Autohome Q1 Adj $0.14 Misses $0.49 Estimate, Sales $222.85M Beat $220.60M Estimate

Needham analyst Serge Belanger reiterates Heron Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRTX#NASDAQ">HRTX</a>) with a Buy and maintains $5 price target.

Reiteration

HRTX

Needham Reiterates Buy on Heron Therapeutics, Maintains $5 Price Target

Deutsche Bank analyst Steve Powers upgrades Boston Beer Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAM#NYSE">SAM</a>) from Sell to Hold and announces $273 price target.

Upgrades

Deutsche Bank Upgrades Boston Beer Co to Hold, Announces $273 Price Target

Needham analyst Matt McGinley maintains BellRing Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRBR#NYSE">BRBR</a>) with a Buy and raises the price target from $62 to $66.

BRBR

Needham Maintains Buy on BellRing Brands, Raises Price Target to $66

Baird analyst William Power upgrades Datadog (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) from Neutral to Outperform and raises the price target from $130 to $140.

DDOG

Baird Upgrades Datadog to Outperform, Raises Price Target to $140

Needham analyst Laura Martin maintains Innovid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTV#NYSE">CTV</a>) with a Buy and raises the price target from $2.25 to $3.

Needham Maintains Buy on Innovid, Raises Price Target to $3

Baird analyst Garrett Holland upgrades Old Dominion Freight Line (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) from Neutral to Outperform and maintains $205 price target.

ODFL

Baird Upgrades Old Dominion Freight Line to Outperform, Maintains $205 Price Target

China is witnessing a rapid advancement in the field of artificial intelligence, which is significantly accelerating the development of humanoid robots.
What Happened: The emergence of AI models like OpenAI&#8216;s ChatGPT is revolutionizing the way AI understands and generates human-like content. This technological leap is expediting the development of humanoid robots in China, a country that hosts a significant number of global factories, <a href="https://www.cnbc.com/2024/05/08/how-generative-chatgpt-like-ai-is-accelerating-humanoid-robots.html">reported</a> CNBC.
Local companies in China, such as Baidu (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), have introduced similar chatbots and AI models, further propelling the progress in this field.
Generative AI is proving to be a game-changer in the robotics industry, enhancing machines&#8217; ability to understand and perceive their surroundings. This has led to a significant reduction in the projected timeline for the development of humanoid robots.
See Also: <a href="https://www.benzinga.com/news/24/05/38542692/tesla-ceo-elon-musk-is-impressed-by-the-fact-that-jeff-bezos-aws-12-month-revenue-is-higher-than-466?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Is Impressed By The Fact That Jeff Bezos&#8217; AWS 12-Month Revenue Is Higher Than 466 S&amp;P 500 Companies: &#8216;Wow&#8217;</a>
Li Zhang, the Chief Operating Officer of LimX Dynamics, a Shenzhen-based startup, initially estimated an 8-10 year timeline for the production of humanoid robots. However, with the integration of generative AI, Li now anticipates that certain use cases will be ready in 5-7 years."It has accelerated our entire research and development cycle," he said.
In November, Chinese state media released an image showing Chinese President Xi Jinping observing a humanoid robot at an exhibition center during his inaugural <a href="https://english.news.cn/20231129/ef5d4730f9e74b2d87a4186f022ef7d4/c.html">visit to Shanghai</a> since the pandemic. The robot in question was created by Fourier Intelligence.
Steve Hoffman, the chairman of the startup accelerator Founders Space, revealed his collaboration with Fastra, a Chinese startup poised to commence large-scale robot production within a year. He mentioned dedicating time in China this year to instructing local enterprises on incorporating generative AI into their operations.
Why It Matters: The advancements in AI and robotics are reshaping the future of automation and labor. This is evident in the significant investments and developments in the field of humanoid robots in China.
Earlier in March, Jensen Huang, the CEO of NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), explained that the company&#8217;s decision to venture into <a href="https://www.benzinga.com/news/24/03/37862375/jensen-huang-reveals-why-nvidia-is-betting-big-on-humanoid-robot-and-embodied-ai">humanoid robots</a> was driven by the fact that most of the data used to train them is derived from human movements.
Meanwhile, Elon Musk, the CEO of Tesla Inc, has been making significant strides in the development of humanoid robots. Musk recently hinted at the possibility of Tesla&#8217;s humanoid robot, Optimus, being <a href="https://www.benzinga.com/news/24/04/38395385/elon-musk-says-tesla-optimus-humanoid-robot-might-be-available-externally-by-the-end-of-next-year-he">available for external sale</a> by the end of 2025.
Read Next: <a href="https://www.benzinga.com/news/24/05/38634153/jack-dorsey-steps-down-from-bluesky-board-amidst-controversy-at-block-refers-to-elon-musks-x-as-free?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jack Dorsey Steps Down From Bluesky Board Amidst Controversy At Block, Refers To Elon Musk&#8217;s X As &#8216;Freedom Technology&#8217;</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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BIDU

NVDA

China's AI Advancements Accelerate Humanoid Robot Development: What You Need To Know

A Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) executive has publicly acknowledged an employee who raised concerns about the 787 Dreamliner&#8217;s quality checks.
What Happened: Scott Stocker, the head of Boeing&#8217;s 787 manufacturing program, praised the employee for his actions in an internal memo on Apr. 29, <a href="https://www.businessinsider.com/boeing-celebrating-latest-employee-come-forward-with-dirt-about-it-2024-5?IR=T">reported</a> Business Insider on Monday. The employee had brought up issues with the 787 Dreamliner&#8217;s quality checks to his superiors.
&#8220;I wanted to personally thank and commend that teammate for doing the right thing &#8230; It&#8217;s critical that every one of us speak up when we see something that may not look right, or that needs attention,&#8221; Stocker wrote in the memo, according to the report.
The Federal Aviation Administration announced on Monday that it was investigating whether Boeing employees had falsified safety records for the 787. Boeing had voluntarily reported the lapse to the regulators.
Stocker&#8217;s commendation comes at a time of intense scrutiny for Boeing. The company has faced repeated quality assurance issues in recent years, including a door plug from a Boeing 737 Max 9 blowing out mid-flight in January, leading to the grounding of over 170 such planes by the FAA.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38635317/its-an-obvious-move-elon-musk-nudges-warren-buffett-again-to-take-position-in-tesla-heres-why-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;It&#8217;s An Obvious Move:&#8217; Elon Musk Nudges Warren Buffett Again To Take Position In Tesla — Here&#8217;s Why That</a>
Boeing CEO Dave Calhoun acknowledged the challenging period in a letter to employees last month, emphasizing that &#8220;safety and quality must and will come above all else.&#8221;
Boeing did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: This is the latest in a series of controversies surrounding Boeing. The company has been hit with <a href="https://www.benzinga.com/markets/equities/24/04/38330613/boeing-grapples-with-32-whistleblower-complaints-in-3-years-amid-mounting-safety-concerns-report">32 whistleblower complaints</a> over the past three years, with the U.S. workplace safety regulator investigating allegations of employer retaliation. 
The sudden <a href="https://www.benzinga.com/government/24/05/38596243/another-boeing-whistleblower-dies-this-time-due-to-sudden-infection">deaths of two whistleblowers</a>, including a former Boeing manager and a quality auditor for Boeing&#8217;s supplier, Spirit AeroSystems, have further intensified the spotlight on Boeing&#8217;s safety and quality control issues.
In April, a Boeing 737 Max 9 flown by Alaska Air Group, Inc lost an emergency door in the middle of a flight, adding to the company&#8217;s safety concerns.
Despite the ongoing challenges, Calhoun is expected to retire at the end of this year with a <a href="https://www.benzinga.com/24/03/37951542/boeing-ceo-dave-calhoun-retires-amid-safety-crisis-departs-with-multi-million-dollar-exit-package">substantial financial package</a>. His tenure has been marked by persistent safety and quality control issues, which have significantly impacted Boeing&#8217;s reputation and performance.
Meanwhile, a Boeing engineer has called for the <a href="https://www.benzinga.com/news/24/04/38284171/boeing-whistleblower-urges-grounding-of-all-787-dreamliners-worldwide-citing-premature-failure-conce">grounding of the entire 787 fleet</a> due to safety concerns. The engineer, Sam Salehpour, is set to testify before Congress on the safety issues at Boeing, which he had previously reported to the Federal Aviation Administration (FAA) in a complaint earlier this year.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/05/38683524/rivian-q1-earnings-highlights-revenue-beat-eps-miss-vehicle-guidance-reaffirmed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Rivian Q1 Earnings Highlights: Revenue Beat, EPS Miss, Vehicle Guidance Reaffirmed</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Global

Boeing 787 Program Chief Lauds Employee For Speaking Up On Quality Checks: 'Doing The Right Thing'

Piper Sandler analyst Clarke Jeffries maintains Aspen Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZPN#NASDAQ">AZPN</a>) with a Neutral and lowers the price target from $196 to $180.

AZPN

Piper Sandler Maintains Neutral on Aspen Technology, Lowers Price Target to $180

Piper Sandler analyst Clarke Jeffries reiterates Bentley Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BSY#NASDAQ">BSY</a>) with a Overweight and raises the price target from $60 to $63.

Piper Sandler Reiterates Overweight on Bentley Systems, Raises Price Target to $63

Texas, prone to&nbsp;<a target="_blank" href="https://www.benzinga.com/news/21/02/19682403/whats-to-blame-for-widespread-texas-power-outages" rel="noreferrer noopener">frequent power outages</a>&nbsp;due to grid strain, is seeing a new player in the home energy storage market:&nbsp;Base Power.&nbsp;
Founded in Austin last year by&nbsp;Zach Dell, son of PC billionaire&nbsp;Michael Dell, and&nbsp;Justin Lopas, the company aims to provide a more reliable and potentially cheaper alternative to the existing system.
The Problem &amp; The Solution:&nbsp;Dell believes the current Texas grid is outdated and unreliable, according to a Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-07/electric-bill-issues-texans-get-a-new-option" rel="noreferrer noopener">report</a>, leading to blackouts and volatile energy prices.&nbsp;
Base Power proposes installing battery storage systems in customers&#8217; homes for $2,000, significantly lower than&nbsp;<a href="https://www.benzinga.com/news/23/09/34942215/tesla-trims-powerwall-price-by-300-but-its-still-a-pricey-investment-for-backup-energy" target="_blank" rel="noreferrer noopener">Tesla</a><a href="https://www.benzinga.com/news/23/09/34942215/tesla-trims-powerwall-price-by-300-but-its-still-a-pricey-investment-for-backup-energy" target="_blank" rel="noreferrer noopener">&#8216;s&nbsp;</a><a href="https://www.benzinga.com/news/23/09/34942215/tesla-trims-powerwall-price-by-300-but-its-still-a-pricey-investment-for-backup-energy" target="_blank" rel="noreferrer noopener">Powerwall</a>&nbsp;($8,400). Their model involves creating a network of these batteries to manage energy use across the system.
See Also: <a href="https://www.benzinga.com/money/best-green-energy-stocks" target="_blank" rel="noreferrer noopener">Best Green Energy Stocks</a>
The Technology &amp; Funding:&nbsp;Base Power plans to use software to monitor energy prices, charging batteries when electricity is cheap and using them during peak hours.&nbsp;
The company has secured $68 million in funding from investors like Thrive Capital (founded by Jared Kushner&#8216;s brother, Josh Kushner) and Valor Equity Partners. Despite a small team of 20, they aim to become a major player in the energy sector.
Challenges &amp; Opportunities:&nbsp;Switching energy providers in Texas is complex due to some regulatory caveats. However, Base Power believes its network can offer stability to grids nationwide. 
The company has recruited talent from Anduril (<a href="https://www.benzinga.com/markets/equities/23/10/35164612/gm-defense-teams-up-with-anduril-to-deliver-battery-electrification-new-propulsion-technologies" target="_blank" rel="noreferrer noopener">a defense startup</a>&nbsp;whose manufacturing unit was formerly headed by Lopas) with expertise in energy management and user interfaces, as well as&nbsp;Elon Musk&#8216;s&nbsp;Tesla&nbsp;and&nbsp;SpaceX. Investors reportedly value the company at $300 million.
Standing Out From Tesla Electric:&nbsp;Tesla also offers solar energy solutions (Tesla Electric) but only to Powerwall owners in Texas. This allows customers to create&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/12/36351333/tesla-electric-customer-makes-1-000-in-2023-gets-free-electricity-heres-how" rel="noreferrer noopener">&#8220;virtual power plants&#8221;</a>&nbsp;generating their&nbsp;own&nbsp;electricity. However, Base Power&#8217;s lower price point could be a game-changer.
Texas&#8217; Unique Energy Landscape:&nbsp;Texas has its&nbsp;own&nbsp;power grid, separate from the Eastern and Western interconnects of the United States. This independence allows the Lone Star state to leverage resources like oil, wind, and solar. However, during extreme weather events, the grid&nbsp;<a href="https://www.benzinga.com/general/23/06/32950886/texas-power-grid-strains-consumers-urged-to-cut-back-energy-use-during-heatwave" target="_blank" rel="noreferrer noopener">struggles to meet demand</a>, resulting in outages.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/05/38692589/ai-boom-to-drive-billions-in-data-center-investments-in-apac-report" target="_blank" rel="noreferrer noopener">AI Boom To Drive Billions In Data Center Investments In APAC: Report</a>
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Startups

Tech

Media

Michael Dell's Son Plans To Beat Texas Blackouts With A $300M Home Battery Startup That Aims To Slay Tesla's Powerwall Price

Piper Sandler analyst Brent Bracelin downgrades ZoomInfo Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>) from Overweight to Neutral and lowers the price target from $24 to $15.

Piper Sandler Downgrades ZoomInfo Technologies to Neutral, Lowers Price Target to $15

Toyota Motor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) reported quarterly sales of $303.897 billion which beat the analyst consensus estimate of $273.178 billion by 11.24 percent.

Toyota Motor FY Sales $303.897B Beat $273.178B Estimate

Piper Sandler analyst Clarke Jeffries reiterates Squarespace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQSP#NYSE">SQSP</a>) with a Overweight and raises the price target from $40 to $45.

SQSP

Piper Sandler Reiterates Overweight on Squarespace, Raises Price Target to $45

Media magnate Byron Allen has shown unwavering support for Disney (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) CEO Bob Iger despite the company&#8217;s ongoing struggles.
What Happened: Allen expressed his confidence in Iger on Tuesday, during <a href="https://www.cnbc.com/video/2024/05/07/media-mogul-byron-allen-this-is-just-a-speed-bump-for-disney-bob-iger-is-the-best-of-the-best.html">CNBC&#8217;s</a> &#8220;Last Call&#8221; on Tuesday. This comes during a challenging time for the entertainment behemoth.
Allen said, &#8220;Bob Iger is the best of the best. He will do a great job as always. It&#8217;s just a speed bump,&#8221; indicating his belief in Iger&#8217;s ability to steer the company through its current challenges.
See Also: <a href="https://www.benzinga.com/partner/markets/24/05/38581492/how-can-small-investors-access-private-deals-with-big-potential?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How Can Small Investors Access Private Deals With Big Potential?</a>
Why It Matters: Allen&#8217;s endorsement arrives at a crucial time for Disney, which is grappling with several issues. His faith in Iger&#8217;s leadership could potentially sway investor sentiment and market confidence in the company.
Disney&#8217;s recent struggles include a marginal miss on revenue growth and a decline in entertainment revenue by 5% year over year, as reported in their <a href="https://www.benzinga.com/news/earnings/24/05/38669929/walt-disney-q2-earnings-profit-beat-moderating-parks-growth-password-sharing-crackdown-and-more">second-quarter earnings</a>. Additionally, questions about Iger&#8217;s succession plans have surfaced, adding to the company&#8217;s challenges. Iger, however, has <a href="https://www.benzinga.com/general/entertainment/24/05/38690996/disney-ceo-bob-iger-remains-tight-lipped-on-successor-but-assures-smooth-transition">assured a smooth transition</a>.
Despite these challenges, Disney is making significant changes to its streaming services and content strategy, with Iger expressing confidence in securing long-term NBA rights, as per the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/05/38690184/disneys-bob-iger-confident-in-landing-long-term-nba-rights-deal-as-media-giant-enhances-streaming-w">second-quarter 2024 earnings call</a>.
Price Action: Disney stock closed 9.51% at $105.39 on Tuesday, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/partner/biotech/24/05/38581323/ai-in-orthopedic-surgery-how-leveraging-ai-could-improve-surgical-outcomes?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI In Orthopedic Surgery: How Leveraging AI Could Improve Surgical Outcomes</a>
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Markets

'Bob Iger Is The Best Of The Best:' Byron Allen Throws Support Behind Disney CEO Amid Company's Hurdles

ANTE

Airnet Announced That It Received A Notification Letter Dated April 29, From The Listing Qualifications Department Of The NASDAQ That It Has Determined To Grant An Extension To Regain Compliance For Continued Listing

Glauber Contessoto, better known as "SlumDOGE Millionaire" on social platforms, drew attention to the price trajectory of Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), the fifth-largest cryptocurrency by market cap, over the past year.
What Happened: The popular crypto trader, who built a fortune investing in Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), casually asked his 328.8k-strong community,&nbsp;
"I put $250K into $ADA at 24 cents. Solid 2X &#8211; now up almost $500K If I put $250K into $SOL same time last year how much would I have today?"
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Don't remind me. I put $250K into <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> at 24 cents Solid 2X &#8211; now up almost $500K If I put $250K into <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> same time last year how much would I have today? &#x1f914;&#x1f447;&#x1f3fc; <a href="https://t.co/sKykTFdyRc">https://t.co/sKykTFdyRc</a>
&mdash; SlumDOGE Millionaire (@ProTheDoge) <a href="https://twitter.com/ProTheDoge/status/1787945002435571789?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
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At the time of writing, Solana was exchanging hands at $146.48, according to data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. Exactly a year ago, Solana was priced at $21.97. This represented a massive 6.6x yearly jump.&nbsp;
So, if SlumDOGE millionaire invested $250,000 a year ago, his Solana portfolio would have swelled to nearly $1.65 million at the time of writing.&nbsp;
Why It Matters: Solana plunged to historical lows in the days following the <a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29681030/ftx-files-for-chapter-11-bankruptcy">implosion </a>of cryptocurrency exchange FTX in the fall of 2022.
The asset tanked below $9 around this time and spent most of the first half of 2023 grappling with bearish sentiment.&nbsp;&nbsp;
The turnaround started in October 2023 and by the time the fourth quarter ended, the digital asset jumped to $101, representing a 339% surge. In the process, it surpassed Ripple Labs' XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) to become the fifth-largest cryptocurrency.&nbsp;
Solana's bullish run has decelerated in 2024, as its 44% year-to-date gains paled in comparison to the bull run seen late last year.&nbsp;
That said, bullish sentiment is here to stay. Widely followed cryptocurrency trader Immortal said on X that the recent dip to $120 was its "last ever", predicting a rally to its all-time high of $320 later this year.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Last dip ever<a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> <a href="https://t.co/SDfxYCT6EC">pic.twitter.com/SDfxYCT6EC</a>
&mdash; Inmortal (@inmortalcrypto) <a href="https://twitter.com/inmortalcrypto/status/1786910862860587438?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
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Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38691697/spot-the-difference-in-ytd-returns-why-ethereum-is-trailing-bitcoin-in-2024">Spot The Difference In YTD Returns? Why Ethereum Is Trailing Bitcoin In 2024</a>
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