 (CHFEUR), Quote.Headers.trade-ideas

Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) stock is up after Piper Sandler analyst Patrick Moley maintained an Overweight rating and raised its <a target="_blank" href="https://www.benzinga.com/quote/HOOD/analyst-ratings" rel="noreferrer noopener">price target from $23 to $27</a>.
The re-rating follows the <a target="_blank" href="https://in.benzinga.com/markets/equities/24/09/40932103/it-stocks-on-the-rise-after-u-s-fed-cuts-interest-rate" rel="noreferrer noopener">50 bps Fed rate cut</a>, with Moley reiterating that the second-order effects of Fed rate cuts on margin balance growth and overall retail trading activity will be enough to offset the negative impact of lower rates.
The price target reflects seven times the analyst&#8217;s 2026 revenue estimate (up from 6 times previously to reflect recent peer group multiple expansion and a more favorable retail trading environment).
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40938590/whats-going-on-with-ai-related-stocks-nvidia-amd-broadcom-and-super-micro-on-thursday" rel="noreferrer noopener">What&#8217;s Going On With AI Related Stocks Nvidia, AMD, Broadcom And Super Micro On Thursday?</a>
Moley said that Crypto accounted for ~16% of Robinhood Markets&#8217; net revenues in the first half of 2024. While the stock has by far the most robust crypto offering of any traditional U.S. retail broker, its offering is pretty conservative compared to crypto-native firms like Coinbase Global, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).
Moley noted that the passage of comprehensive crypto legislation in the U.S. is nearing. CME Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) and Coinbase CEOs believe comprehensive legislation could come before year-end.
The analyst said Robinhood Markets is well positioned to benefit if this occurs, given its relatively conservative crypto offering and a younger customer demographic with an appetite to adopt new crypto products.
Moley projects ~ a 10%-12% EPS upside to Robinhood Markets&#8217; earnings if the company expands its crypto offering to something comparable to crypto-native peers.
<h2 class="wp-block-heading">Robinhood Stock Prediction For 2024</h2>
Robinhood Markets&#8217;s revenue growth in FY23 was 37.33%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company&#8217;s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.2%, growing 1.7% from last year. The unemployment rate was most recently reported as 4.2%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Robinhood Markets stock. For real time economic data and breaking market updates, <a href="https://pro.benzinga.com/">check out Benzinga Pro. Try it for free.</a>
How does this stack up against Robinhood Markets's peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Robinhood Markets operates in the Financials sector. The stock has experienced average annual growth of -17.32% compared to the 10.93% average of its peer companies. This is below the broader sector movement of Robinhood Markets.
Price Action: HOOD stock is up 2.68% at $23.57 at last check Thursday.
Also Read:
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<li><a href="https://www.benzinga.com/news/24/09/40941075/whats-going-on-with-autonomous-driving-stock-mobileye-thursday" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Autonomous Driving Stock Mobileye Thursday?</a></li>
</ul>

Analyst Color

News

Price Target

Reiteration

Analyst Ratings

Tech

Trading Ideas

COIN

HOOD

This Robinhood Analyst Raises Forecast By 17% On Retail Trading and Crypto Expansion - Here's Why

Large tech companies are racing to launch new artificial intelligence<a href="https://www.benzinga.com/topic/artificial-intelligence"> products and services </a>to capture market share. Most recently, Amazon.com Inc (NADSAQ: AMZN) announced its beta software of a new video-generating tool powered by AI in <a href="https://www.aboutamazon.com/news/innovation-at-amazon/amazon-ads-generative-ai-video-generator-advertisers">a blog post on Thursday. </a>The product allows advertisers to create videos for customers through Amazon's AI software. Amazon's new offering could rival Adobe Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) text-to-video service, Firefly, which is set to launch in beta at some point this year, according to <a href="https://www.theverge.com/2024/9/11/24241649/adobe-firefly-text-to-video-generative-ai-features-preview">The Verge. </a>Amazon's new video generator will be available in beta to select advertisers. Companies will be able to use Amazon's AI systems to create videos to advertise their products at no additional cost. 
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">Amazon Ends Remote Work, Former Employee Asks If This Is The Company&#8217;s Version Of &#8216;Silent Sacking&#8217;</a>
"Video generator is another meaningful innovation that leverages generative AI to inspire creativity and deliver more value for both advertisers and shoppers," Amazon Ads vice president of product and technology Jay Richman said. Amazon and Adobe are not alone in the AI-powered video generator space. Other companies, like OpenAI, have also teased technology allowing users to create videos through simple text prompts such as "dog running through a field." What Is Amazon Ads? Amazon Ads is the company's advertising arm, offering various marketing strategies and solutions to companies of all sizes. According to its website, companies can launch an advertising campaign through Amazon Ads in five minutes or less. Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40847157/jim-cramer-rebukes-analysts-for-harsh-stance-on-adobe-despite-strong-q3-earnings-report-asks-for">Jim Cramer Rebukes Analysts For Harsh Stance On Adobe Despite Strong Q3 Earnings Report — Asks For Balanced Perspective Between &#8216;Total Euphoria And Total Skepticism&#8217;</a></li>
</ul>
Image: Shutterstock

General

ADBE

AMZN

As The AI Arms Race Wages On, Amazon Takes Shot At Rival Adobe With New Text-To-Video Product

Rogers Communications Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCI#NYSE">RCI</a>) shares are trading higher on Thursday. On Wednesday, the company disclosed an agreement to acquire Bell&#8217;s 37.5% stake in Maple Leaf Sports &amp; <a href="https://www.benzinga.com/pressreleases/24/09/g40917829/rogers-to-become-majority-owner-of-maple-leaf-sports-entertainment" target="_blank" rel="noreferrer noopener">Entertainment</a><a href="https://www.benzinga.com/pressreleases/24/09/g40917829/rogers-to-become-majority-owner-of-maple-leaf-sports-entertainment" target="_blank" rel="noreferrer noopener"> (MLSE) for $3.46 billion (Canadian $4.7 billion</a>).
Upon closure, Rogers will hold a 75% controlling interest in MLSE. Bell will retain long-term broadcast and sponsorship rights, including access to 50% of Toronto Maple Leafs and Raptors games.
This deal expands Rogers&#8217; sports portfolio, which includes ownership of the Toronto Blue Jays, Rogers Centre and Sportsnet, and partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.
With this transaction, Rogers aims to continue investing in efforts to bring championships to Canada. The transaction is pending league and regulatory approvals.
&#8220;As Canada&#8217;s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy,&#8221; said Tony Staffieri, Rogers Communications president and CEO.
In July, the company reported second-quarter revenues of $3.7 billion (C$5.093 billion), <a href="https://www.benzinga.com/news/earnings/24/07/39937266/rogers-communication-navigates-mixed-q2-subscriber-additions-clash-with-revenue-miss" target="_blank" rel="noreferrer noopener">missing the consensus of $3.76 billion</a> (<a href="https://www.benzinga.com/news/earnings/24/07/39937266/rogers-communication-navigates-mixed-q2-subscriber-additions-clash-with-revenue-miss" target="_blank" rel="noreferrer noopener">C$5.105 billion</a>).
As of June&nbsp;30, the firm had $3.17 billion (C$4.3 billion) of available liquidity, consisting of $331,980,750 (C$0.45 billion) in cash and cash equivalents and $2.8 billion (C$3.85 billion) available under bank and other credit facilities.
RCI Price Action: RCI shares are up 0.50% at $39.84 at the last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com//node/40944024" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Fed In &#8216;Pro-Growth Mode&#8217; Will Drive Small Cap Performance, Lazard Expert Says</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Entertainment

Equities

Large Cap

Sports

Global

Rogers Communications Pays $3.46B for Majority Stake In Maple Leaf Sports & Entertainment

Jefferies analyst Glen Santangelo maintains Progyny (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>) with a Buy and lowers the price target from $31 to $24.

PGNY

Jefferies Maintains Buy on Progyny, Lowers Price Target to $24

4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) stock is trading lower on Thursday after the company released interim follow-up data from the Phase 1/2 PRISM clinical trial and 4FRONT <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40927731/4dmt-highlights-robust-and-durable-clinical-activity-for-4d-150-and-design-of-4front-phase-3-progr" rel="noreferrer noopener">Phase 3 study design</a>.
Robust and durable treatment burden reduction was observed in all PRISM populations studied with the planned Phase 3 dose of 3E10 vg/eye of 4D-150.
83% overall reduction in annualized injections, 52% received 0 or 1 injection, and 44% injection-free in Phase 1/2a Severe study compared to Phase 2b Broad study with observations of 89%, 80%, and 70% injection-free, respectively.
In Phase 2b, recently diagnosed patients, a 98% overall reduction in annualized injections, 100% received 0 or 1 injection, and 87% injection-free was observed.
In June, &nbsp;4D Molecular Therapeutics unveiled interim 24-week data from the Population Extension cohort of its PRISM&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/39823256/4d-molecular-therapeutics-goes-neck-to-neck-with-rival-shares-new-phase-2-data-for-its-wet-amd-ca" rel="noreferrer noopener">Phase 2 Clinical Trial</a>.
The trial evaluates intravitreal 4D-150 in a broad wet AMD patient population.
Central Subfield Thickness&nbsp;(CST): sustained anatomic control with fewer fluctuations.
4D-150 continues to be well tolerated with a favorable safety profile
The rate of 4D-150 intraocular inflammation (IOI) is numerically similar to that reported for approved anti-VEGF agents.
<ul>
<li>Wet AMD:2.8% (2 of 71) had 4D-150–related IOI at any time point, and two patients had transient 1+ vitreous cells</li>
<li>99% (70 of 71) completed steroid prophylaxis taper on schedule and 97% (69 of 71) remained off steroids completely.</li>
<li>Diabetic Macular Edema (DME; SPECTRA trial): No patients treated at any dose (n=22) have experienced IOI events at any time.</li>
</ul>
In February this year, 4D Molecular Therapeutics released interim data from the Phase 2 PRISM clinical trial evaluating intravitreal 4D-150 in wet age-related macular degeneration <a href="https://www.benzinga.com/general/biotech/24/02/36935968/why-is-eye-disease-focused-4d-molecular-therapeutics-stock-shooting-higher-today" target="_blank" rel="noreferrer noopener">(wet AMD) patients</a>. 
The company plans for a global 4FRONT Phase 3 development program comparing a single dose of 4D-150 3E10 vg/eye to on-label Regeneron Pharmaceuticals Inc.'s (NASDAQ: REGNP Eylea (aflibercept) 2mg Q8 weeks. The trial is expected to start in the first quarter of 2025, with around 500 participants.
Price Action: FDMT stock is down 18.80% at $13.66 at the last check on Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40944130/hims-hers-to-offer-access-to-compounded-diabetes-and-weight-loss-drugs-for-just-99month-to-certain-p" target="_blank" rel="noreferrer noopener">Hims &amp; Hers To Offer Access To Compounded Diabetes And Weight Loss Drugs For Just $99/Month To Certain Professional Personnel</a>.</li>
</ul>

Biotech

Health Care

Movers

FDMT

4D Molecular Therapeutics Stock Falls After Follow-Up Data From Mid-Stage Study Of Vision Loss Drug Candidate

Former president Donald Trump, once leading in the polls, now finds himself trailing by 4 points after a 9-point swing in the election odds <a href="https://www.benzinga.com/general/politics/24/09/40910999/trump-in-trouble-vice-president-harris-has-record-6-point-lead-in-2024-election-poll-after-debat">over the past 9 days</a>.
What Happened: The reversal comes as the race for the 2024 U.S. presidential election intensifies, with Trump losing ground after earlier momentum in August.
According to Polymarket <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1726751506928">data</a>, Trump's odds of winning the election have slipped significantly since Sep. 10, which was right before <a href="https://www.benzinga.com/news/24/09/40808499/trump-vs-harris-debates-results-are-in-flash-poll-shows-resounding-majority-pick-vice-president-as-w">the first debate</a> with Vice President Kamala Harris.
At that time, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40493514/donald-trump-now-leads-kamala-harris-by-5-points-after-10-point-election-odds-turnaround-i">Trump was positioned favorably</a>, but <a href="https://www.benzinga.com/general/politics/24/09/40824831/harris-vs-trump-swing-state-voters-pick-presidential-debate-winner-share-thoughts-on-immigration">unfavorable polls following the debate</a> have shifted voter sentiment and brought about the notable change in his standing.
The former President continues to slip in the election odds, with Vice President Harris building on her small lead from <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40918151/kamala-harris-edges-into-50-48-election-betting-odds-lead-but-this-billionaire-warns-he-wi">24 hours ago</a>.
Electionbettingodds.com, a <a href="https://electionbettingodds.com/">site</a> aggregating election odds from different sources, even shows an almost 8-point lead for the Vice President, who is ahead by 53.3% to Trump&#8217;s 45.6%.
<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/24/09/40943186/cybercriminals-busted-for-243m-crypto-heist-they-spent-hundreds-of-thousands-in-night-club">Cybercriminals Busted For $243M Crypto Heist: They Spent Hundreds Of Thousands In Night Clubs And On Luxury Gifts</a>
Why It Matters: The shifting dynamics of the presidential race echo concerns raised by Anthony Scaramucci, founder of SkyBridge Capital, who has warned about the potential risks of Trump's divisive presence in the political landscape.
"Trump is a polarizing person. He's for it," <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">Scaramucci said at a panel</a>, highlighting how Trump's influence could further divide opinions on key issues, including cryptocurrencies and broader economic policies.
The former White House Communications Director also commented on the Vice President&#8217;s stance on cryptocurrencies, saying he is working with other bitcoin advocates on &#8220;distancing&#8221; her from SEC Chair Gary Gensler.
These developments will likely be a major topic at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will discuss how the outcome of the election could impact markets, including digital assets and the broader financial landscape.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40942247/microstrategys-bitcoin-playbook-is-becoming-a-hit-among-companies-but-theres-a-catch">MicroStrategy&#8217;s Bitcoin Playbook Is Becoming A Hit Among Companies, But There&#8217;s A Catch</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Donald Trump Now Trails Kamala Harris By 4 Points After 9-Point Election Odds Turnaround In Only 9 Days

Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) is reportedly sweetening its pay-by-bank feature in Walmart Pay, allowing customers to pay directly from their checking accounts rather than debit cards, with transactions instantly <a href="https://www.benzinga.com/insights/news/24/09/40902098/evaluating-walmart-against-peers-in-consumer-staples-distribution-amp-retail-industry" target="_blank" rel="noreferrer noopener">reflected in their bank accounts.</a>
With this update, Walmart will receive the funds instantly, <a href="https://www.bloomberg.com/news/articles/2024-09-19/walmart-plans-instant-bank-payments-cutting-out-card-networks?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg.
Walmart&#8217;s new pay-by-bank offering will be launched in 2025.
The dealings will occur over Fiserv Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>)&#8217;s NOW Network, which incorporates The Clearing House&#8217;s Real Time Payments network and the Federal Reserve&#8217;s FedNow.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, WMT stock has gained over 43.9% in the past year. Investors can gain exposure to the stock via&nbsp;SPDR Select Sector Fund &#8211; Consumer Staples (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) and&nbsp;Fidelity MSCI COnsumer Staples Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSTA#NYSE">FSTA</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40937873/walmart-steps-up-holiday-game-inflation-free-thanksgiving-meal-returns" rel="noreferrer noopener">Walmart Steps Up Holiday Game, Inflation-Free Thanksgiving Meal Returns</a>
The company is gearing up for the holiday season with new initiatives<a href="https://www.benzinga.com/pressreleases/24/09/b40931888/walmart-unveils-its-holiday-plans-with-early-shopping-deals-and-affordable-meals" target="_blank" rel="noreferrer noopener"> aimed at convenient shopping habits</a>.
Leading the charge is the return of its inflation-free Thanksgiving meal, priced lower than last year, set to launch on Oct. 14.
This year, the retailer also introduced a &#8220;buy one, give one&#8221; donation feature, allowing customers to easily contribute meals to those in need.
Walmart said it is also expanding its delivery services, reaching an additional 12 million households, which will provide enhanced speed and convenience for customers looking to shop from the comfort of their homes.
Earlier this week, Sam&#8217;s Club, the $86-billion warehouse club division of Walmart, introduced a fresh workforce compensation plan, which boosted pay for close to 100,000 frontline associates and provided guidance for <a href="https://www.benzinga.com/pressreleases/24/09/b40900897/sams-club-reimagines-workforce-compensation-launches-new-plan-focused-on-providing-more-predictabl" target="_blank" rel="noreferrer noopener">longer-term financial futures</a>.
WMT Price Action: WMT shares are trading lower by 1.35% to $77.96 at last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40906505/walmart-division-sams-club-raises-wages-for-hourly-associates-a-strategic-move-to-stay-ahead-in-" target="_blank" rel="noreferrer noopener">Walmart Division Sam&#8217;s Club Raises Wages For Hourly Associates: A Strategic Move To Stay Ahead In Retail</a></li>
</ul>
Photo via Shutterstock.

Markets

FSTA

Walmart To Offer Pay-By-Bank Feature For Online Transactions, With Launch In 2025

Rosenblatt analyst Catharine Trebnick maintains CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) with a Buy and maintains $325 price target.

CRWD

Rosenblatt Maintains Buy on CrowdStrike Holdings, Maintains $325 Price Target

Energy Transfer On Pipeline Fire At La Porte, Texas, Says As Of 10:30 am On Thursday, Fire Continues To Safely Burn Itself Out As Flame Diminished Overnight; Installation Of Specialized Pipeline Isolation Equipment On Either Side Of Damaged Area Is In Process

Shares of Chinese tech giant Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) rose 3% to $87.24 Thursday afternoon after the Federal Reserve&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40944143/wall-street-breaks-records-chipmakers-rally-tesla-hits-2-month-high-as-fed-cut-drives-risk">unexpected decision</a> Wednesday to cut interest rates by 50 basis points. Shares of US-listed Chinese stocks are also possibly trading higher ahead of expectations that the People&#8217;s Bank of China will cut rates.
The Fed's move, which lowers the federal funds rate to a range of 4.75% to 5%, sparked renewed optimism for global tech stocks, particularly Baidu, which is heavily reliant on growth and innovation capital.
<h3 class="wp-block-heading">Global Liquidity Boost Favors Baidu's Innovation Initiatives</h3>
The rate cut is expected to increase global liquidity, making borrowing cheaper and more accessible. This benefits Baidu significantly, as the company has been aggressively investing in cutting-edge AI technologies, autonomous driving and cloud computing. 
Lower borrowing costs can ease financing for these capital-intensive projects, enabling Baidu to accelerate its innovation without excessive financial burden.
Analysts have long highlighted that Baidu's expansion into AI-driven businesses, such as its Apollo autonomous driving platform and Ernie AI model, requires substantial upfront investment. With the Fed's new rate trajectory suggesting more cuts ahead, the cost of capital will likely continue to fall, providing a favorable environment for Baidu to execute its strategic growth initiatives.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: &#8216;The Hard-Landing Crowd Should Disperse,&#8217; Economist Says</a>
<h3 class="wp-block-heading">Weaker U.S. Dollar Enhances Foreign Revenue</h3>
The Fed's decision has also led to a weakening U.S. dollar, which works to Baidu&#8217;s advantage. As a company with significant international exposure through its cloud services and AI products, Baidu stands to gain from a more favorable exchange rate. 
A weaker dollar boosts the purchasing power of foreign customers and increases the value of Baidu's overseas revenue when repatriated to China. This exchange-rate benefit could further improve Baidu&#8217;s earnings outlook, a key factor that investors are betting on.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40941053/s-p-500-dow-jones-hit-record-highs-magnificent-7-add-400-billion-after-feds-histori">S&amp;P 500, Dow Jones Hit Record Highs: Magnificent 7 Add $400 Billion After Fed&#8217;s Historic Interest Rate Cut</a>
<h2 class="wp-block-heading">How To Buy BIDU Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Baidu&#8217;s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, BIDU has a 52-week high of $136.53 and a 52-week low of $79.69.

BIDU

Why Baidu (BIDU) Stock Is Trading Higher

<a href="https://www.globenewswire.com/Tracker?data=kXC5zwQobnwJ5tuHPOAJ6PRRMWtoTywyxfs_zeap6YEYFsLA5wSyuoSjT52Uy9zuGU9Ty-L3lVzkhL5ffGzpYbCcDhWpxxnFV7goFgHCYRQ=">Evoke Pharma, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVOK#NASDAQ">EVOK</a>), a specialty pharmaceutical company focused primarily on treatments for gastrointestinal (GI) diseases with an emphasis on Gimoti&#xAE;&nbsp;(metoclopramide) nasal spray, reaffirms its commitment to improving the lives of patients suffering from diabetic gastroparesis in light of the recent decision by the U.S. Food and Drug Administration (FDA) to not approve Vanda Pharmaceuticals new drug application (NDA) for Tradipitant, an oral drug candidate for the treatment of symptoms in gastroparesis. Patients suffering from all forms of gastroparesis need additional agents to help treat this difficult disease, and we believe patients will be disappointed given the FDA's decision. Evoke continues to serve as a trusted partner for healthcare professionals and patients alike with its proven product, Gimoti&#xAE; (metoclopramide), the first and only FDA-approved nasal spray treatment for acute and recurrent diabetic gastroparesis in adults.

EVOK

VNDA

Evoke Pharma Reaffirms Its Commitment To Improving The Lives Of Patients Suffering From Diabetic Gastroparesis In Light Of The Recent Decision By The U.S. FDA To Not Approve Vanda Pharmaceuticals NDA For Tradipitant, An Oral Drug Candidate For The Treatment Of Symptoms In Gastroparesis

West Virginia should legalize recreational cannabis and join the growing number of states that already took that step. That's according to Huntington Mayor Steve Williams, who is a Democratic candidate for governor of the Mountain State.
Voters should weigh in on the issue via a statewide constitutional amendment, Williams said this week, <a href="https://wvmetronews.com/2024/09/18/williams-adults-should-have-a-choice-about-recreational-marijuana-morrisey-im-not-for-adding-more-drugs-into-our-state/">reported</a> WV MetroNews. He added cannabis reform would have to get the green light from the state's legislature as well, in order to become law.
"West Virginia has an opportunity to join the growing number of states, including Maryland, Ohio, Virginia and Washington, D.C., that have taken bold steps to legalize cannabis, and I believe it's time we give the people a voice on this issue," Williams said. "One avenue to move forward is to put legalization on the ballot and let voters decide."
In addition to having a positive effect on the state's tax revenues that would then be allocated to education, health care and infrastructure projects, cannabis policy change would also create more jobs while boosting businesses and tourism, Williams continued.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19113810/ccc-oct-24-banner__1_-30.gif" alt="" class="wp-image-556612" /></a></figure>
Williams also praised the benefits of a regulated cannabis industry. "By legalizing and regulating cannabis, we can create a safer, controlled environment for consumers and ensure that products are tested and free from harmful substances," he said.
Williams supports cannabis policy change in a state that's facing a grim reality as tit has the highest rate of fatal fentanyl overdoses in the nation. The trend resulted in 80.9 deaths per 100,000 people in 2022, <a href="https://www.cdc.gov/nchs/pressroom/states/westvirginia/wv.htm">according</a> to the Centers for Disease Control and Prevention (CDC).
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/03/37445551/overdose-crisis-worsens-the-rise-of-fentanyl-smoking-leads-to-even-more-deaths-than-shooting-her">Overdose Crisis Worsens: The Rise Of Fentanyl Smoking Leads To Even More Deaths Than Shooting Heroin</a>
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</ul>
<h1 class="wp-block-heading">Williams' GOP Opponent Is Against Weed Legalization</h1>
That said, West Virginia Attorney General Patrick Morrisey, who secured the Republican nomination in the state governor race in May, doesn't see the legalization of cannabis as the answer to the substance use disorder crisis statewide.
Williams criticized his stance on cannabis, suggesting Morrisey is under the influence of the pharmaceutical industry.
"My opponent opposes legalization because Big Pharma opposes it," Williams said. "Patrick Morrisey wants to protect a lucrative revenue stream that has made billions for Big Pharma while wreaking havoc and bringing misery and death to West Virginia."
Interestingly, Morrisey's partisan colleague, state Senate President&nbsp;Craig Blair (R) is of a different stance, as he previously called <a href="https://www.benzinga.com/markets/cannabis/24/01/36563305/gop-state-senate-pres-pushes-for-legalized-marijuana-to-combat-west-virginias-fentanyl-crisis">for marijuana legalization</a> as a possible means to <a href="https://www.benzinga.com/markets/cannabis/24/01/36694868/another-push-to-legalize-recreational-cannabis-in-west-virginia-amid-fentanyl-crisis">address the state&#8217;s fentanyl crisis.</a>
&#8220;My gut tells me it might not happen this year," Blair&nbsp;<a href="https://wvpublic.org/firefighter-funding-cybersecurity-cannabis-discussed-at-legislative-lookahead/">said</a> at an annual event sponsored by the West Virginia Press Association. "But you're going to see it sooner than later because that is a way to combat the issue."
Either way, previous attempts to legalize recreational cannabis statewide have all failed. Del.&nbsp;Evan Hansen's (D)&nbsp;<a href="https://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=hb4873%20intr.htm&amp;yr=2024&amp;sesstype=RS&amp;i=4873">House Bill 4873</a>, introduced in January, which&nbsp;would have legalized marijuana for adults over 21, allowed cannabis sales by licensed operators and provided labeling regulations, <a href="https://www.benzinga.com/markets/cannabis/24/01/36694868/another-push-to-legalize-recreational-cannabis-in-west-virginia-amid-fentanyl-crisis">died in a committee.</a>
Multistate medical marijuana operators that would benefit from adult-use legalization in West Virginia include Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) and Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), among others.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/04/38416745/three-pathways-to-federal-cannabis-legalization-that-investors-are-watching-closely">Three Pathways To Federal Cannabis Legalization That Investors Are Watching Closely</a></li>
</ul>
Photos: Shutterstock

Cannabis

Government

Regulations

Politics

TCNNF

VRNOF

Candidates For West Virginia Governor Are Split Over Weed Legalization: Here's What Voters Should Know

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and the wider digital asset market are expected to experience sustained growth following the U.S. Federal Reserve's decision to <a href="https://www.benzinga.com/markets/equities/24/09/40913751/50-or-25-bps-fed-rate-cut-markets-and-economists-at-odds-what-does-steeper-reduction-mean-for-in">cut interest rates by 50 basis points</a>, according to Geoff Kendrick, head of forex and digital assets research at Standard Chartered.
What Happened: Kendrick pointed out that while political factors, including the upcoming U.S. presidential election, still play a role, macroeconomic trends are now the primary drivers of digital asset prices, The Block <a href="https://www.theblock.co/post/317357/bitcoin-set-for-rally-after-federal-reserve-rate-cut-standard-chartered-says?utm_source=rss&amp;utm_medium=rss">reported</a>.
He noted that the recent Federal Open Market Committee (FOMC) meeting, which resulted in a rate cut, has significantly boosted digital assets.
&#8220;Post the FOMC meeting, digital assets are at the top of the pack in terms of performance, for the first time in a while,&#8221; he stated in an email on Thursday. 
He also pointed out that this surge in performance comes even as election predictions show a close contest, with Polymarket indicating a 52/47 lead for Kamala Harris.
However, Kendrick believes that the influence of the U.S. presidential election on Bitcoin's price has diminished compared to previous cycles. 
&#8220;While the U.S. election is important, macro drivers are starting to take over,&#8221; he explained. He specifically highlighted the U.S. Treasury yield curve, saying, &#8220;I watch the U.S. 2s10s curve, and a steeper U.S. yield curve is digital asset positive.&#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/24/09/40943186/cybercriminals-busted-for-243m-crypto-heist-they-spent-hundreds-of-thousands-in-night-club">Cybercriminals Busted For $243M Crypto Heist: They Spent Hundreds Of Thousands In Night Clubs And On Luxury Gifts</a>
The yield curve, which had been inverted since July 2022, has recently returned to a positive slope, indicating a shift in market sentiment that could further support digital asset prices. 
Kendrick also sees the potential for increased investment in spot Bitcoin exchange-traded funds (ETFs) in the coming months, which could provide additional tailwinds for the market. 
&#8220;Watch for renewed spot bitcoin exchange-traded fund inflows in October,&#8221; he added.
While the political landscape remains relevant, Kendrick emphasized that the broader macroeconomic environment, including interest rate changes and market liquidity, will have a more substantial impact on Bitcoin&#8217;s price trajectory. 
He reaffirmed his earlier forecast, predicting Bitcoin could hit new all-time highs by the end of 2024, potentially reaching $125,000 if Donald Trump wins the presidency and $75,000 if <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40878978/donald-trump-to-visit-springfield-ohio-soon-not-so-fast-polymarket-traders-say">Kamala Harris emerges victorious.</a>
This forecast exceeds <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40837412/65-of-u-s-consumers-think-crypto-could-replace-cash-in-the-future-deutsche-bank-report-fin">Deutsche Bank&#8216;s survey</a>, where only 12% of respondents expect Bitcoin to exceed $70,000 by year-end.
What&#8217;s Next: As the digital asset market continues to evolve, these macroeconomic shifts and their influence on cryptocurrency will be key topics of discussion at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will explore how regulatory changes, economic factors, and political developments are shaping the future of digital finance.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40942247/microstrategys-bitcoin-playbook-is-becoming-a-hit-among-companies-but-theres-a-catch">MicroStrategy&#8217;s Bitcoin Playbook Is Becoming A Hit Among Companies, But There&#8217;s A Catch</a></li>
</ul>
Image created using artificial intelligence with Midjourney.

$BTC

Bitcoin Could Surge After Interest Rate Cut As Macro Drivers Take Over: Standard Chartered

Skechers USA, Inc. ("Skechers" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>), The Comfort Technology Company&#x2122; and a global footwear leader, today announced that John Vandemore, Chief Financial Officer, will participate in a fireside chat at the Wells Fargo Consumer Conference in Dana Point, CA on Thursday, September 19, 2024, at 11:00 a.m. PT / 2:00 p.m. ET.
The audio portion of the fireside chat will be available live and on replay for 90 days on the Company's website at <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.skechers.com%2F&amp;esheet=54119526&amp;newsitemid=20240912907774&amp;lan=en-US&amp;anchor=investors.skechers.com&amp;index=1&amp;md5=0ba3902a8610b4632014f0a177b26839">investors.skechers.com</a>.

Events

Watching Skechers U.S.A.; Shares Spike Lower, Co Currently Speaking At The Wells Fargo Consumer Conference Which Began At 2:00 p.m. ET

Stifel analyst Jonathan Block reiterates Elanco Animal Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELAN#NYSE">ELAN</a>) with a Buy and maintains $20 price target.

ELAN

Stifel Reiterates Buy on Elanco Animal Health, Maintains $20 Price Target

Nintendo ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) and The Pokémon Company have officially filed a lawsuit against Tokyo-based indie game developer Pocketpair, accusing the studio of infringing on multiple patents with its game <a href="https://www.benzinga.com/general/gaming/24/09/40859915/palworld-going-free-to-play-developer-weighs-bold-yet-difficult-move">Palworld. </a>
The lawsuit, filed on Sept. 18, seeks &#8220;an injunction to halt the infringement and compensation for damages,&#8221; Nintendo&#8217;s press release <a href="https://www.nintendo.co.jp/corporate/release/en/2024/240919.html">states.</a>
In response to the suit, Pocketpair <a href="https://www.pocketpair.jp/news/news16">said:</a> &#8220;At this moment, we are unaware of the specific patents we are accused of infringing upon, and we have not been notified of such details.&#8221;
See Also: <a href="https://www.benzinga.com/general/gaming/24/06/39491189/pok-mon-palworld-controversy-teaches-this-developer-a-lesson-i-try-to-avoid-creating-new-things">Pokémon, Palworld Controversy Teaches This Developer A Lesson: &#8216;I Try To Avoid Creating New Things&#8217;</a>
The legal move follows months of fan speculation that Palworld, an early-access title often dubbed &#8220;Pokémon with guns,&#8221; had crossed into territory protected by Nintendo's intellectual property. 
<h3 class="wp-block-heading">Nintendo's Lawsuit</h3>
&#8220;Nintendo will continue to take necessary actions against any infringement of its intellectual property rights, including the Nintendo brand itself, to protect the intellectual properties it has worked hard to establish over the years,&#8221; the company said in its official statement.
Pocketpair's Palworld launched in January 2024 and immediately gained attention, both for its fresh take on the survival crafting genre and for the controversy surrounding its uncanny similarities to Pokémon. 
Fans were quick to point out parallels between Pocketpair's creatures, known as "Pals," and popular Pokémon designs. Pocketpair, however, defended its work, insisting that Palworld is more aligned with games like Ark: Survival Evolved and Valheim.
<h3 class="wp-block-heading">Pocketpair&#8217;s Reacts To Lawsuit</h3>
While pledging to cooperate with legal proceedings, Pocketpair expressed concern over the toll this lawsuit could take on indie developers: &#8220;It is truly unfortunate that we will be forced to allocate significant time to matters unrelated to game development due to this lawsuit.&#8221;
Pocketpair added that despite the lawsuit, it remains committed to improving Palworld and continuing its development. The developer apologized to fans for any concerns the legal dispute may cause and assured players that the game would not be affected in the short term.
<h3 class="wp-block-heading">Palworld's Success</h3>
Palworld was a breakout hit upon its early-access release on Steam and Xbox Game Pass. Priced at $30, the game quickly climbed the charts, breaking records for sales and concurrent players. 
It was lauded for its deep survival mechanics and the unusual combination of creature collection and combat. However, the game's similarities to Pokémon—particularly in the design of its creatures—became a talking point for players and critics alike.
Some of the creature designs in Palworld bear an undeniable resemblance to Pokémon. For example, Palworld&#8217;s electric Pal, Sparkit, draws comparisons to the iconic Pikachu, while others, like Pengullet, remind players of the Pokémon Piplup. 
Pocketpair has acknowledged these similarities but has consistently maintained that the designs are original and part of the game's broader survival gameplay.
Read Next: 
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<li><a href="https://www.benzinga.com/general/gaming/24/07/39624481/nintendo-escalates-anti-piracy-campaign-with-lawsuit-against-modded-hardware">Nintendo Escalates Anti-Piracy Campaign With Lawsuit Against Modded Hardware</a></li>
<li><a href="https://www.benzinga.com/general/gaming/24/03/37468541/nintendo-strikes-down-yuzu-emulator-in-2-4-million-settlement-what-does-this-mean-for-game-preserv">Nintendo Strikes Down Yuzu Emulator In $2.4M Settlement: What Does This Mean For Game Preservation?</a></li>
</ul>
Photo: Shutterstock

Asia

Gaming

Legal

NTDOY

'Pokémon With Guns': Nintendo Files Lawsuit Against Palworld Developer Over Alleged Patent Violations

BWS Financial analyst Hamed Khorsand maintains Garrett Motion (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NASDAQ">GTX</a>) with a Buy and maintains $12 price target.

BWS Financial Maintains Buy on Garrett Motion, Maintains $12 Price Target

Wolfe Research analyst Steve Fleishman initiates coverage on Quanta Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>) with a Outperform rating.

Initiation

Wolfe Research Initiates Coverage On Quanta Services with Outperform Rating

Descartes Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dsgx#NASDAQ">DSGX</a>) recently expanded its portfolio with the acquisition of Assure Assist, Inc., operating as MyCarrierPortal (&quot;MCP&quot;). MCP is renowned for its carrier onboarding and risk monitoring solutions for the trucking industry, enabling freight brokers and shippers to manage their carrier networks efficiently. The initiative is aimed at bolstering DSGX&#39;s capabilities in fraud prevention and compliance within the trucking industry.
Descartes&#39; acquisition of MCP involves an up-front consideration of $24 million in cash, with the potential for an additional $6 million in performance-based consideration. This earn-out depends on the joined forces achieving specific revenue-growth targets over the next two years, with payouts expected in fiscal 2026 and fiscal 2027.
Over the past years, the trucking industry has witnessed a surge in carrier fraud and cargo theft. Due to this, there has been a heightened demand for robust solutions that help brokers and shippers navigate these logistics challenges. MCP&#39;s platform streamlines the complex task of onboarding carriers, gathering and screening their information to ensure compliance with industry regulations. By scrutinizing truck carriers for legitimacy, insurance coverage and safety records, MCP helps freight brokers mitigate risks in transporting goods.
<h2>Merging DSGX MacroPoint FraudGuard Tool With MCP Solution</h2>
The cutting-edge solution, when paired with MCP&#39;s onboarding and risk-monitoring solution, creates a swift process where carriers are examined, monitored and tracked in real-time. In addition, any fraudulent activities observed during the onboarding or monitoring phases are immediately addressed, allowing brokers and shippers to take quick action and minimize potential risks.
Descartes MacroPoint, a solution that provides real-time visibility and tracking of shipments, has been a powerful tool for brokers and shippers. With the addition of the FraudGuard feature in April 2024, it enables customers to detect and prevent fraudulent carrier activities more effectively. Carriers can seamlessly integrate with the solution via GPS-based electronic logging devices, transportation management systems, or mobile app-based tracking methods.
The transportation industry is currently dealing with two of the most pressing issues - carrier fraud and cargo theft. DSGX&#39;s latest deal not only addresses critical challenges in the logistics industry but also improves overall supply chain performance by empowering freight brokers and shippers seeking robust Know-Your-Carrier capabilities. MCP&#39;s platform complements Descartes&#39; existing investments in logistics technology, enabling customers to manage the entire lifecycle of shipments in a secure, efficient manner.
<h2>DSGX&#39;s Strategic Buyouts Buoying Revenues</h2>
Acquisition and innovation remain at the forefront of Descartes to foster top-line growth. In the last reported quarter, DSGX revenues soared 14% year over year to $163.4 million, beating the Zacks Consensus Estimate by 2.8%. Synergies stemming from the acquisition of BoxTop Technologies during the quarter, along with OCR and Thyme ASD buyouts settled in the fiscal first quarter with GroundCloud and Localz acquisition in 2024, drove the top-line performance.
In June 2024, it acquired England-based BoxTop Technologies Limited for $13 million (or &pound;10.25 million) in an all-cash transaction. The acquisition will integrate BoxTop solutions with its Global Logistics Network platform. The initiative is likely to broaden the network&#39;s reach and capabilities, providing customers with even greater efficiency and visibility across their supply chains.
However, uncertainty prevailing over global macroeconomic conditions, geopolitical instability and volatile supply-chain issues remain headwinds.
Based in Canada, Descartes provides software-as-a-service logistics solutions to businesses, including transportation and logistics, manufacturing, retail and healthcare.
<h2>DSGX&#39;S Zacks Rank &amp; Stock Price Performance</h2>
At present, DSGX has a Zacks Rank #4 (Sell). Its shares have gained 36.8% compared with the sub-industry&#39;s growth of 29.4% in the past year.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/3d/78446.jpg?v=2012701630" />
Image Source: Zacks Investment Research
<h2>Stocks to Consider</h2>
Some better-ranked stocks from the broader technology space are Harmonic Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hlit#NASDAQ">HLIT</a>), Arista Networks, Inc. and Ubiquiti Inc.&nbsp;HLIT and UI sport a Zacks Rank #1 (Strong Buy), whereas ANET carries a Zacks Rank #2 (Buy) each at present.
Harmonic enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally. HLIT delivered a trailing four-quarter average earnings surprise of 32.5%.
Ubiquiti company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises. The company&#39;s effective management of its strong global network of more than 100 distributors and master resellers improved its visibility for future demand and inventory management techniques.
Arista Networks supplies products to a prestigious set of customers, including Fortune 500 global companies in markets like cloud titans, enterprises, financials and specialty cloud service providers. It delivered a trailing four-quarter average earnings surprise of 15.02%. In the last reported quarter, ANET delivered an earnings surprise of 8.25%.
<a href="https://www.zacks.com/stock/news/2338545/descartes-expands-product-portfolio-with-24m-mycarrierportal-buyout?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2338545">To read this article on Zacks.com click here.</a>

Earnings

Mid Cap

Small Cap

DSGX

HLIT

Descartes Expands Product Portfolio With $24M MyCarrierPortal Buyout

United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) shares <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40936984/united-states-steel-corporation-provides-third-quarter-2024-guidance" rel="noreferrer noopener">are trading higher on Thursday.</a>
The company&nbsp;provided third-quarter 2024 adjusted net earnings per share guidance of $0.44 to<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> $0.48 versus an estimate of $0.39.</a>
In the third quarter of&nbsp;2024, adjusted EBITDA is expected to be approximately $300 million, compared to the prior outlook range of&nbsp;$275 million&nbsp;to $325 million. In the second quarter, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40114614/united-states-steel-corporation-reports-second-quarter-2024-results" rel="noreferrer noopener">adjusted EBITDA was $443 million.</a>
&#8220;Adjusted EBITDA guidance of $300 million is in-line with our prior third quarter outlook and reflects resilient domestic flat-rolled steel demand amid a bottoming steel pricing environment,&#8221; said President and Chief Executive Officer David B. Burritt.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/09/40944143/wall-street-breaks-records-chipmakers-rally-tesla-hits-2-month-high-as-fed-cut-drives-risk" rel="noreferrer noopener">Wall Street Breaks Records, Chipmakers Rally, Tesla Hits 2-Month High As Fed Cut Drives Risk-On Mode: What&#8217;s Driving Markets Thursday?</a>
The CEO noted that challenging pricing dynamics are being somewhat mitigated by the diverse order books in the North American Flat-Rolled segment.
However, he mentioned that Europe is experiencing softening demand, leading to the temporary idling of Blast Furnace #1 after a planned 30-day outage due to weak customer demand.
Additionally, the CEO highlighted ongoing pressure in the Tubular segment from a weak pricing environment.
The CEO also indicated that pricing headwinds are anticipated to be partially alleviated by lower metallics costs. He also mentioned that about $40 million in expected start-up and one-time construction costs are factored into the segment&#8217;s adjusted results, primarily reflecting the new Big River 2 mini mill, which is expected to begin operations in the fourth quarter of 2024.
Burritt concluded, &#8220;We continue to progress through the U.S. regulatory reviews of the pending transaction with Nippon Steel, and are confident in our ability to achieve these approvals. We continue to work towards closing the transaction by the end of the year.&#8221;
Price Action: X shares are trading higher by 2.47% to $37.69 at last check Thursday.
Photo by Dennis Diatel on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40937291/bank-stocks-hit-inflection-point-after-feds-50-basis-point-cut-analyst-reveal-top-p" target="_blank" rel="noreferrer noopener">Bank Stocks Hit Inflection Point After Fed's 50 Basis Point Cut, Analyst Reveals Top Picks</a></li>
</ul>

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