CES Synergies (OTC:CESX) Stock, Quote.Headers.trade-ideas

CES Synergies Inc is a United States of America based company. It is engaged in providing services like asbestos and lead abatement, hazardous materials removal, mold remediation and prevention, indoor air quality and duct cleaning, interior selective demolition, underground storage tank removal, concrete crushing, and demolition and wrecking. The company operates in three business segments that are Remediation, Demolition, and Insulation. The Remediation and Demolition segment generates maximum revenue for the company.

CES Synergies Inc

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Needham raised the price target for SS&amp;C Technologies Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSNC#NASDAQ">SSNC</a>) from $81 to $90. Needham analyst Mayank Tandon maintained a Buy rating. SS&amp;C Technologies shares fell 0.2% to close at $75.36 on Wednesday. <a href="https://www.benzinga.com/quote/ssnc/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley cut the price target for Elanco Animal Health Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELAN#NYSE">ELAN</a>) from $17 to $15. Morgan Stanley analyst Erin Wright downgraded the stock from Overweight to Equal-Weight. Elanco Animal Health shares gained 2.5% to close at $14.65 on Wednesday. <a href="https://www.benzinga.com/quote/elan/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Mizuho slashed Athira Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATHA#NASDAQ">ATHA</a>) price target from $5 to $0.5. Mizuho analyst Graig Suvannavejh downgraded the stock from Outperform to Neutral. Athira Pharma shares fell 4.7% to close at $0.4630 on Wednesday. <a href="https://www.benzinga.com/quote/atha/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Bernstein cut NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) price target from $112 to $109. Bernstein analyst Aneesha Sherman maintained an Outperform rating. NIKE shares gained 0.3% to close at $80.90 on Wednesday. S<a href="https://www.benzinga.com/quote/NKE/analyst-ratings">ee how other analysts view this stock.</a></li>
<li>Loop Capital boosted the price target for Aspen Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZPN#NASDAQ">AZPN</a>) from $204 to $260. Loop Capital analyst Mark Schappel maintained a Buy rating. Aspen Technology rose 1.1% to close at $236.00 on Wednesday. <a href="https://www.benzinga.com/quote/AZPN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho increased Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) price target from $22 to $25. Mizuho analyst Ben Chaiken maintained an Outperform rating. Carnival shares rose 1.8% to close at $18.36 on Wednesday. <a href="https://www.benzinga.com/quote/CCL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Pivotal Research raised Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) price target from $460 to $510. Pivotal Research analyst Jeffrey Wlodarczak maintained a Buy rating. Spotify shares gained 0.5% to close at $343.97 on Wednesday. <a href="https://www.benzinga.com/quote/SPOT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler increased the price target for General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) from $74 to $84. Piper Sandler analyst Michael Lavery maintained an Overweight rating. General Mills shares rose 0.7% to close at $75.01 on Wednesday. <a href="https://www.benzinga.com/quote/GIS/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler raised Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) price target from $23 to $27. Piper Sandler analyst Patrick Moley maintained an Overweight rating. Robinhood shares rose 1.4% to close at $22.95 on Wednesday. <a href="https://www.benzinga.com/quote/HOOD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer raised T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) price target from $200 to $215. Oppenheimer analyst Timothy Horan maintained an Outperform rating. T-Mobile shares fell 3% to close at $196.68 on Wednesday. <a href="https://www.benzinga.com/quote/TMUS/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying Robinhood stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19082758/image-153-1024x512.png" alt="" class="wp-image-556095" style="width:628px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19082758/image-153-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19082758/image-153-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19082758/image-153-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19082758/image-153.png 1335w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40925678/fedex-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-an">FedEx Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
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News

Price Target

Pre-Market Outlook

Markets

Analyst Ratings

Trading Ideas

ATHA

AZPN

ELAN

HOOD

SPOT

SSNC

TMUS

Robinhood To Rally Around 18%? Here Are 10 Top Analyst Forecasts For Thursday

Wedbush analyst Jay McCanless reiterates GEO Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEO#NYSE">GEO</a>) with a Outperform and maintains $17 price target.

Reiteration

Wedbush Reiterates Outperform on GEO Group, Maintains $17 Price Target

Signing Day Sports, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGN#NYSE">SGN</a>) shares are trading higher after the company inked a binding term sheet to acquire 95-99% of Dear Cashmere Group Holding Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DRCR#OTC">DRCR</a>), also known as <a href="https://www.benzinga.com/pressreleases/24/09/g40934752/signing-day-sports-signs-binding-term-sheet-to-acquire-majority-equity-interest-in-high-growth-spo" target="_blank" rel="noreferrer noopener">Swifty Global</a><a href="https://www.benzinga.com/pressreleases/24/09/g40934752/signing-day-sports-signs-binding-term-sheet-to-acquire-majority-equity-interest-in-high-growth-spo" target="_blank" rel="noreferrer noopener">, in an all-equity deal</a>.
As per the deal, Signing Day Sports will issue its securities to Swifty&#8217;s controlling stockholders. Signing Day Sports will not make any cash payment in connection with the acquisition. The transaction values Signing Day Sports at $14 million and Swifty at $156 million.
Both companies plan to raise at least $2 million in financing, split equally, to support the deal and cover Signing Day Sports&#8217; liabilities.
Upon closing, Signing Day Sports will acquire at least 95% of Swifty&#8217;s voting power and economic value from James Gibbons and Nicolas Link. The sellers will receive shares equal to 19.99% of Signing Day Sports&#8217; common stock.
The remainder will be in convertible preferred stock, which will convert to common stock after shareholder approval and NYSE American listing clearance.
Post-transaction, Signing Day Sports&#8217; legacy shareholders will hold 8.24% of the company, with the remaining 91.76% going to the sellers and other Swifty stockholders.
Upon closing, James Gibbons will assume the role of Chief Executive Officer of Signing Day Sports while continuing as CEO of Swifty. Both Signing Day Sports and Swifty will complete due diligence before the transaction, which is expected to close by October 31, 2024.
Swifty CEO James Gibbons commented,&nbsp;&#8220;After three years of software development and millions of dollars of investment, the company is now perfectly positioned for rapid growth and our acquisition by Signing Day Sports provides Swifty the platform to execute its growth plans.&#8221;
The acquisition of Swifty by Signing Day Sports is intended to result in the combined company being traded on NYSE American.&nbsp;Swifty will continue to operate under the Swifty management team led by James Gibbons, while&nbsp;Signing Day Sports will become a subsidiary of the publicly listed company.
Signing Day Sports, a software company that went public on the NYSE American less than a year ago, plans to utilize Swifty&#8217;s in-house development team to cut costs and speed up product development and rollout initiatives.
Signing Day Sports CEO, Daniel Nelson, commented,&nbsp;&#8220;It is with great excitement that we can announce the signing of a binding term sheet with Swifty Global to be the start of our new growth strategy of buying and building sports technology and casino gaming companies and other companies that are synergistic with our business.&#8221;
Price Action: SGN shares are up 241.9% at $0.444 premarket at the last check Thursday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/01/36823854/exclusive-signing-day-sports-apps-subscriber-count-soars-thanks-to-big-partnerships-and-attractive-f" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Signing Day Sports App&#8217;s Subscriber Count Soars, Thanks to Big Partnerships and Attractive Free Trials</a></li>
</ul>
Don&#8217;t miss the opportunity to dominate in a volatile market at the&nbsp;<a target="_blank" href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" rel="noreferrer noopener">Benzinga SmallCAP Conference</a>&nbsp;on Oct. 9-10 at the Chicago Marriott Downtown Magnificent Mile. Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!

Equities

Guidance

Movers

DRCR

Signing Day Sports And Swifty Global Join Forces In All-Equity Deal - What's On The Cards?

Wedbush analyst Seth Basham reiterates AutoZone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) with a Outperform and maintains $3200 price target.

Wedbush Reiterates Outperform on AutoZone, Maintains $3200 Price Target

Thor Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THO#NYSE">THO</a>) will release earnings results for its fiscal 2024 fourth quarter, before <a href="https://pro.benzinga.com/dashboard">the opening bell on </a><a href="https://www.benzinga.com/quote/THO/analyst-ratings">Tuesday</a><a href="https://pro.benzinga.com/dashboard">, Sept. 24.</a>
Analysts expect the company to report quarterly earnings at $4.83 per share, up from $4.55 per share in the year-ago period. The company projects to report revenue of $21.99 billion for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
On July 18, Benchmark analyst Michael Albanese initiated coverage on Thor Industries with a Hold rating.
With the recent buzz around Thor Industries, some investors may be eyeing potential gains from the company's dividends too. Thor Industries currently offers an annual dividend yield of 1.84%. That&#8217;s a quarterly dividend amount of 48 cents per share ($1.92 a year).
So, how can investors exploit its dividend yield to pocket a regular $500 monthly?
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $326,875 or around 3,125 shares. For a more modest $100 per month or $1,200 per year, you would need $65,375 or around 625 shares.
To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($1.92 in this case). So, $6,000 / $1.92 = 3,125 ($500 per month), and $1,200 / $1.92 = 625 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
How that works: The dividend yield is computed by dividing the annual dividend payment by the stock&#8217;s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
THO Price Action: Shares of Thor Industries fell 0.6% to close at $104.60 on Wednesday.
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Image: Shutterstock

Earnings

Long Ideas

How To Earn $500 A Month From Thor Industries Stock Ahead Of Q4 Earnings Results

The Federal Reserve's decision to reduce interest rates by 50 basis points on Wednesday has set the stage for a notable shift, particularly in the banking sector among <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis">mid- and small-cap banks</a>.
With rates expected to drop further over the next two years, JPMorgan analyst Steven Alexopoulos believes this marks a crucial inflection point. This and further cuts should help boost banks' net interest margins (NIMs) while reigniting commercial loan demand. The steepening yield curve and easing credit concerns will help banks recalibrate deposit costs, improving performance across various segments.
Let's break down the investment opportunities among large-cap, mid-cap, and small-cap banks, as outlined by Alexopoulos.
<h2 class="wp-block-heading">Large-Cap Banks: Poised For Growth</h2>
<h4 class="wp-block-heading">First Citizens BancShares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NASDAQ">FCNCA</a>)</h4>
First Citizens stands out with its SVB segment likely to benefit from the Fed's cuts. With lower rates, the company expects a resurgence in venture capital (VC) investment and IPO activity. This should bolster its sizable SVB loans and deposits. Trading at a discount to peers, this stock offers a compelling value. Alexopoulos also sees potential for significant multiple expansion as the market re-rates it.
<h4 class="wp-block-heading">Huntington Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>)</h4>
Huntington positions itself to take advantage of improving commercial and industrial (C&amp;I) loan demand by aggressively hiring bankers in growth markets like the Carolinas and Texas. As the Fed eases, the bank anticipates accelerated earnings, strong loan growth, and a solidified position in the sector.
<h4 class="wp-block-heading">M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</h4>
As the Fed eases, M&amp;T's criticized loans should see an improvement in credit quality, particularly in the commercial real estate (CRE) sector. This will likely reduce the bank's need for high reserve levels and allow for increased buybacks. The analyst says that trading below its historical valuation, M&amp;T offers an opportunity for re-rating as the economic outlook brightens.
Don't miss out on this unparalleled opportunity:
<ul>
<li><a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Register now to secure your spot at Benzinga's Largest SmallCap Conference ever in Chicago!</a></li>
</ul>
<h2 class="wp-block-heading">Mid-Cap Banks: Reaping The Benefits Of Lower Rates</h2>
<h4 class="wp-block-heading">Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</h4>
Western Alliance will benefit from the lower rate environment, seizing opportunities to reduce deposit costs and ease credit concerns. According to Alexopoulos, its exposure to the startup economy and capital call lending positions it well to take advantage of a potential resurgence in venture capital and IPO markets, making it a standout mid-cap pick.
<h4 class="wp-block-heading">Pinnacle Financial Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</h4>
Pinnacle plans to lower its high deposit rates, boosting net interest income (NII). The analyst says Pinnacle operates in high-growth markets in the Southeast and sports above-peer loan growth. This, combined with easing concerns around credit quality, makes it an attractive investment as the Fed continues its rate cuts.
<h4 class="wp-block-heading">Cullen/Frost Bankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFR#NYSE">CFR</a>)</h4>
Despite its asset-sensitive balance sheet, Cullen/Frost will benefit from the Fed's cuts by focusing on organic expansion in Texas's fastest-growing cities. The potential for improved loan demand, especially in commercial real estate, should drive outsized growth. Alexopoulos sees this as presenting a revaluation opportunity for the stock.
<h2 class="wp-block-heading">Small-Cap Banks: Ready For Resurgence</h2>
<h4 class="wp-block-heading">Live Oak Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOB#NASDAQ">LOB</a>)</h4>
Live Oak, with most of its deposits in market-rate accounts, expects a significant reset in funding costs as rates decline. This niche growth bank plans to lead loan growth by capitalizing on improved borrower demand as borrowing cost uncertainty diminishes.
<h4 class="wp-block-heading">Metropolitan Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCB#NYSE">MCB</a>)</h4>
Metropolitan stands to benefit from easing concerns around its CRE loans, with the Fed's cuts reducing fears about credit quality. The bank's unique focus on niche sectors and proactive credit management positions it well for an economic rebound.
<h4 class="wp-block-heading">Amalgamated Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAL#NASDAQ">AMAL</a>)</h4>
Amalgamated, a smaller player exposed to high credit risk profiles, will improve as rates decline. The bank's focus on social impact banking combined with a favorable rate environment should alleviate concerns around credit stress. Alexopoulos sees this as providing room for upside in its share price.
As the Fed signals further easing, banks across segments will capitalize on improving economic conditions, rising loan demand, and a recalibration of deposit costs. With the runway for a soft landing widened, now is a compelling time to consider these names for your portfolio.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40919822/small-cap-sectors-brace-for-fed-rate-cut-financials-real-estate-etfs-offer-compelling-plays-for-inve">Small-Cap Sectors Brace For Fed Rate Cut: Financials, Real Estate ETFs Offer Compelling Plays For Investors</a></li>
</ul>
Don't miss the opportunity to dominate in a volatile market at the&nbsp;<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference on Oct. 9-10, 2024</a>,&nbsp;at the Chicago Marriott Downtown Magnificent Mile.
Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you're a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders.
<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Secure your spot and get your tickets today!</a>
Image created using artificial intelligence via Midjourney.

Analyst Color

Federal Reserve

AMAL

FCNCA

HBAN

PNFP

Bank Stocks Hit Inflection Point After Fed's 50 Basis Point Cut, Analyst Reveal Top Picks

U.S. stock futures were higher this morning, with the Dow futures gaining over 1% on Thursday.
Shares of Steelcase Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected <a href="https://www.benzinga.com/news/earnings/24/09/40929014/steelcase-stock-falls-after-q2-revenue-miss-details">second-quarter revenue results</a>.
Steelcase reported quarterly earnings of 39 cents per share, which beat the analyst consensus estimate of 37 cents. Quarterly revenue of $855.8 million missed the analyst consensus estimate of $864.1 million by 0.96%.
Steelcase shares dipped 8.9% to $12.85 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Progyny, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>) fell 23.2% to $18.78 in pre-market trading.</li>
<li>Veea Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VEEA#NASDAQ">VEEA</a>) shares fell 15.8% to $10.31 in pre-market trading. Veea shares jumped 131% on Wednesday after the company announced a strategic partnership with Crowdkeep to integrate their respective technologies into a singular, tailored solution to track assets, people, and conditions across a variety of use cases.</li>
<li>Eldorado Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGO#NYSE">EGO</a>) shares declined 4.9% to $16.23 in pre-market trading.</li>
<li>Instil Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIL#NASDAQ">TIL</a>) shares fell 3.2% to $64.02 in pre-market trading. The company recently announced the global registrational strategy for the PD-L1xVEGF bispecific antibody SYN-2510/IMM2510 in combination with chemotherapy in front-line non-small cell lung cancer and in front-line triple-negative breast cancer.</li>
<li>American Healthcare REIT, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AHR#NYSE">AHR</a>) shares declined 3% to $23.79 in pre-market trading. American Healthcare REIT priced its upsized public offering of 17.4 million common shares at $23.55 per share.</li>
<li>Applied Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLT#NASDAQ">APLT</a>) shares fell 2.6% to $7.65 in pre-market trading. Applied Therapeutics shares jumped around 69% on Wednesday after the FDA communicated that an advisory committee meeting would no longer be required.</li>
<li>Hertz Global Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NYSE">HTZ</a>) shares fell 1.6% to $3.64 in pre-market trading.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40925678/fedex-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-an">FedEx Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a></li>
</ul>

APLT

PGNY

VEEA

Steelcase Reports Weak Sales, Joins American Healthcare REIT And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Wedbush analyst Michael Pachter reiterates Playtika Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTK#NASDAQ">PLTK</a>) with a Outperform and maintains $11.5 price target.

PLTK

Wedbush Reiterates Outperform on Playtika Holding, Maintains $11.5 Price Target

WIIM

CRMT

America's Car-Mart shares are trading lower after the company announced its proposed $65 million public offering.

Bitcoin and Ethereum ETFs recorded significant net outflows, despite the <a href="https://www.benzinga.com/markets/equities/24/09/40926298/dow-jumps-over-100-points-fed-cuts-interest-rates-by-0-5#google_vignette">U.S. Federal Reserve's announcement</a> of a 50 basis point rate cut.
What Happened: Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) spot ETFs had a net outflow of $52.827 million, the first outflow after four days of inflows. Grayscale's Bitcoin ETF (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) saw an additional $8.1347 million outflow.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETFs followed suit with a total net outflow of $9.738 million, while Grayscale's Ethereum ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#NYSE">ETHE</a>) lost $14.6629 million. However, BlackRock's Ethereum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETHA#NASDAQ">ETHA</a>) saw a net inflow of $4.9249 million, standing out from the overall trend.
QCP Capital explained that the Fed's decision to cut rates, while expected by many, caused a shift towards riskier assets like cryptocurrencies. 
Despite Federal Reserve Chair Jerome Powell leaving uncertainty about future rate cuts, the move has led to increased optimism in the markets, reflected in the U.S. treasury market.
<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/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40934959/anthony-scaramucci-says-donald-trump-is-a-polarizing-person-but-pulling-democrats-along-on">Anthony Scaramucci Says Donald Trump Is A &#8216;Polarizing Person&#8217; But &#8216;Pulling Democrats Along&#8217; On Crypto, Working On Distancing Kamala Harris &#8216;Away From Gary Gensler&#8217;</a>
QCP also noted that Bitcoin's price rose from $59,000 to $62,000, while Ethereum is trading near $2,400 following the Fed's announcement.
Greekslive also <a href="https://x.com/GreeksLive/status/1836590118968475721?s=19">highlighted</a> that the Fed's rate cut exceeded some expectations, pushing cryptocurrency prices higher while U.S. stocks lagged.
They pointed out that investors' expectations for market volatility have dropped significantly, with short-term selling pressure easing. 
However, they also cautioned that with upcoming interest rate decisions in November and December, and the U.S. election on the horizon, market volatility could increase again later this year.
What&#8217;s Next: The influence of <a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a> is expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40927528/microstrategy-raises-875m-in-convertible-notes-plans-further-bitcoin-purchases">MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases</a></li>
</ul>
Image: Shutterstock

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GBTC

Bitcoin, Ethereum ETFs See Over $50M Net Outflows Despite Fed's 50 Bps Rate Cut

Small Cap Consumer Research analyst Eric Beder reiterates Vince Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNCE#NYSE">VNCE</a>) with a Buy and maintains $3 price target.

VNCE

Small Cap Consumer Research Reiterates Buy on Vince Holding, Maintains $3 Price Target

EWTX

Edgewise Therapeutics shares are trading higher after the company announced  top-line data of EDG-7500 from the Phase 1 trial in healthy subjects and the single-dose arm of the Phase 2 CIRRUS-HCMtrial in patients with obstructive HCM.

Baird analyst Colin Sebastian maintains Electronic Arts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) with a Outperform and maintains $170 price target.

Baird Maintains Outperform on Electronic Arts, Maintains $170 Price Target

Squirrel Enlivened International Co., Ltd ("Squirrel Cayman"), a brand marketing and strategy consulting company, and Horizon Space Acquisition I Corp. ("HSPO") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSPO#NASDAQ">HSPO</a>), a publicly traded special purpose acquisition company, today announced the confidential submission of a draft Registration Statement on Form F-4, including a preliminary proxy statement (the "Registration Statement") to the U.S. Securities and Exchange Commission (the "SEC") on September 19, 2024 with respect to their previously announced proposed business combination (the "Business Combination") pursuant to the business combination agreement dated September 16, 2024 ("Business Combination Agreement").
The Registration Statement contains a preliminary proxy statement and prospectus in connection with the Business Combination Agreement and proposed Business Combination. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Squirrel Cayman, HSPO, and the Business Combination.
Consummation of the Business Combination is subject to the satisfaction or waiver by the respective parties of a number of conditions, including but not limited to, the approval of the Business Combination Agreement and the Business Combination by HSPO's shareholders.
Upon the completion of the Business Combination, shares of Squirrel Cayman will be listed on The Nasdaq Stock Market LLC ("Nasdaq").

HSPO

Horizon Space Acquisition I Corp. Announces Confidential Submission Of Registration Statement To The SEC For Proposed Business Combination With Squirrel Enlivened International Co., Ltd.

CACI

CACI Secures $273M Five-Year Task Order To Provide Intelligence Expertise To U.S. Central Command, Aiding In Protection Against Foreign Adversarial Threats

United States Steel Says Challenging Pricing Dynamics Are Being Offset In Part By The Benefits Of Balanced And Diverse Order Books In The North American Flat-Rolled Segment In Europe, Co. Says Experiencing A Softening Demand Environment

United States Steel Sees Q3 Adj. EPS $0.44-$0.48, Adj. EBITDA ~$300M

Stock Split

OTRK

Ontrak Announces 1-For-15 Reverse Stock Split Effective September 23, 2024

New locations in Bucharest, Romania, Buffalo, New York, and Leicester, UK, aim to help clients explore opportunities in generative AI, hybrid cloud and other Microsoft technologies to transform their business
ARMONK, N.Y., Sept. 19, 2024 /PRNewswire/ -- Today, IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) and Microsoft announced the official opening of three new IBM-Microsoft Experience Zones within IBM's Client Innovation Centers. These Experience Zones are designed to help global clients across industries, such as financial services, government, healthcare, industrial, manufacturing and consumer packed goods (CPG), find new ways to derive value from <a href="https://www.ibm.com/topics/artificial-intelligence">generative AI</a>, <a href="https://www.ibm.com/topics/hybrid-cloud">hybrid cloud</a> and other Microsoft products and technologies.

MSFT

IBM And Microsoft Open 3 New Experience Zones To Provide Global Clients With More Hands-On Access To Cloud And Generative AI Solutions

Vistra shares are trading higher after the company announced that it has executed definitive agreements with affiliates of Nuveen Asset Management and Avenue Capital Management II to acquire their combined 15% equity interest in Vistra Vision.

CES Synergies

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