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The Philippines has slammed China&#8217;s coast guard for escalating tensions in the South China Sea after water cannons used by Beijing damaged two Philippine vessels.
What Happened: On Wednesday, Philippine officials reported that a coast guard ship and a fisheries vessel were damaged when Chinese coast guard vessels fired water cannons at them, Reuters reported. The incident occurred on Tuesday while the Philippine vessels were en route to the disputed Scarborough Shoal to assist Filipino fishermen.
Commodore Jay Tarriela, the Philippine Coast Guard spokesperson on South China Sea matters, stated that this was the first time the Chinese Coast Guard had directly used a water cannon against a Philippine vessel.
&#8220;It just goes to show that Goliath is becoming more Goliath. They don&#8217;t hesitate to use brute force to violate international law,&#8221; Tarriela said.
See Also: <a href="https://www.benzinga.com/news/24/04/38479193/donald-trump-goes-off-on-one-candidate-for-stealing-potential-votes-away-from-him-in-tight-race-agai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Goes Off On One Candidate For Stealing Potential Votes Away From Him In Tight Race Against Joe Biden: &#8216;Would Essentially Be A WASTED PROTEST VOTE&#8217;</a>
The Scarborough Shoal, a prime fishing area close to major shipping lanes, is a constant source of tension between the Philippines and China. Despite an international tribunal ruling in 2016 that China&#8217;s expansive claim had no legal basis, Beijing continues to assert sovereignty over much of the South China Sea, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia, and Brunei. 
Why It Matters: This incident follows a series of<a href="https://www.benzinga.com/news/24/03/37929467/china-warns-of-crossroads-in-relations-with-philippines-amid-escalating-tensions-over-maritime-dispu"> confrontations between the nations' coast guards</a>.
The Philippines has a mutual defense treaty with the United States, which has pledged to defend its ally against any armed attack on Filipino military and public vessels, including coast guard ships, in the South China Sea. This commitment was recently reiterated by <a href="https://www.benzinga.com/news/24/03/37847298/us-reaffirms-ironclad-commitment-to-defend-philippines-amid-tensions-with-china-most-important-is-we">U.S. Secretary of State Antony Blinken</a>, amid heightened tensions in the South China Sea.
President Joe Biden<a href="https://www.benzinga.com/news/24/04/38135736/biden-set-to-warn-beijing-as-china-philippines-feud-over-world-war-2-era-ship-in-south-china-sea-und"> has expressed serious concerns</a> over China's escalating activities in the South China Sea in the upcoming summits with Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr.
Read Next: <a href="https://www.benzinga.com/news/24/04/38482489/ukrainian-troops-retreat-as-conflict-with-russia-intensifies-in-eastern-front-zelenskyy-urges-us-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ukrainian Troops Retreat As Conflict With Russia Intensifies In Eastern Front, Zelenskyy Urges US For Swift Arms Deliveries</a>
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Philippines Slams Xi Jinping's Coast Guard Of Escalating South China Sea Tensions: 'They Don't Hesitate To Use Brute Force...'

Tesla Inc.&#8217;s stock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38485399/tesla-skyrockets-about-10-in-premarket-whats-fueling-the-dramatic-rally" rel="noreferrer noopener">saw a boost this week</a>&nbsp;on news of a potential full self-driving software rollout in China.&nbsp;Future Fund&#8216;s&nbsp;Gary Black&nbsp;weighed in Tuesday, highlighting the potential benefits for Tesla if the technology reaches this key market.
China FSD: A Big Boost, But Questions Remain
While Black acknowledges the difficulty of quantifying FSD&#8217;s value for Tesla, he emphasizes two key factors:
<ul>
<li>Sales Model:&nbsp;Will Tesla sell FSD only on its&nbsp;own&nbsp;vehicles, or will it secure licensing deals with Chinese startups?</li>
<li>Adoption Rate:&nbsp;How many Tesla owners in China will opt for FSD?</li>
</ul>
&#8220;It's difficult to quantify what FSD approval in China is worth to $TSLA valuation. Much depends on whether TSLA sells FSD on just its own vehicles or secures licensing deals with other China EV makers. Much also depends on China's FSD take rate,&#8221; he posted on X.
Black highlighted the significant electric vehicle (BEV) market in China, which sells 22 million vehicles annually, with 24% (roughly 5.2 million) being BEVs. He points out Tesla&#8217;s strong presence in China, with 610,000 BEVs sold in 2023 and 1.7 million units cumulatively since 2019.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's difficult to quantify what FSD approval in China is worth to <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> valuation. Much depends on whether TSLA sells FSD on just its own vehicles or secures licensing deals with other China EV makers. Much also depends on China's FSD take rate. China sells 22M autos per year…
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1785224907560743390?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
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Potential EPS Boost &amp; Valuation Impact
Black estimates that if just 10% of Tesla owners in China pay $1,000 annually for FSD, it could add 4 cents per share (EPS) to Tesla&#8217;s earnings. This EPS accretion could be significantly higher (16 cents per share) if Tesla licenses FSD to other BEV manufacturers in China.
&#8220;At a TSLA 2025 P/E of 50x that equates to $8/share in incremental valuation,&#8221; Black said.&nbsp;
If the China FSD take rate is 30%, incremental earnings per share could be as high as 48 cents per share, and incremental valuation could be $24 per share, he said.&nbsp;
Competition &amp; Regulatory Hurdles
However, Black acknowledges the presence of competitors like Baidu, whose&nbsp;Apollo Go&nbsp;robotaxis are already approved for operation in six major Chinese cities, with plans for expansion to 65 by the end of 2025. He questions whether&nbsp;Baidu&nbsp;would switch to Tesla FSD given their existing solution.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
Analyst Opinions Diverge
Analyst opinions on the FSD rollout in China vary. BofA Securities&#8217;&nbsp;John Murphy&nbsp;estimates incremental annual revenue&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38531925/tesla-set-to-boost-revenue-and-margins-with-china-breakthrough-analyst-predicts" rel="noreferrer noopener">of half a billion dollars</a>&nbsp;and earnings of $350 million for Tesla if 25% of Tesla owners adopt FSD. Murphy projects even higher earnings ($2.3 billion) by 2030 based on the same adoption rate and projected auto sales growth in China.
However, bearish analyst&nbsp;Gordon Johnson&nbsp;downplays the news, suggesting the announcement only allows Tesla vehicles into government compounds. He doubts China would approve FSD trained on U.S. data.
Price Action:&nbsp;Tesla ended Tuesday&#8217;s session down 5.55% at $183.28, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/lxquj26b2sag" rel="noreferrer noopener">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38514792/is-elon-musk-working-so-hard-to-ensure-his-pay-package-is-approved-by-shareholders-">Is Elon Musk Working So Hard To Ensure His Pay Package Is Approved By Shareholders In June? Here&#8217;s What A Fund Manager Says</a>
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TSLA

Tesla's Stock Could Rise By Up To $24 If EV Giant's China FSD Rollout Succeeds, Says Fund Manager: 'Much Depends On Whether...'

AIXI

Xiao-I Announced The Forthcoming Launch Of Its Innovative Product, Dif (daily Invest Focus), In May 2024

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has acknowledged a recurring issue with&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511556/what-is-going-on-with-apple-iphone-sales-drop-by-staggering-9-3m-units-globally-in-" rel="noreferrer noopener">iPhone</a>&nbsp;alarms failing to sound, following&nbsp;complaints from users&nbsp;on social media platforms like Twitter and TikTok.
A History of Alarm Annoyances:&nbsp;Over the past few days,&nbsp;iPhone users have reported their alarms malfunctioning.&nbsp;
This&nbsp;isn&#8217;t&nbsp;the first time this problem has surfaced. In 2017, a bug in iOS 11 caused alarms to switch to silent mode, and similar complaints arose with iOS 17 updates last year.
Apple Aware, But No Fix Yet:&nbsp;When contacted about the latest issue, Apple confirmed they were aware and working on a solution. However,&nbsp;no timeframe for a patch release was provided.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38480124/spac-king-chamath-palihapitiya-reveals-he-was-interviewed-by-steve-jobs-and-almost-became-head-of-ip" rel="noreferrer noopener">&#8216;SPAC&nbsp;King&#8217;&nbsp;Chamath Palihapitiya Reveals He Was Interviewed By Steve Jobs And Almost Became Head Of iPhone:&nbsp;&#8216;I Was Like A Believer Meeting&nbsp;Jesus&#8217;</a>
&#8220;For example, when&nbsp;you&#8217;re&nbsp;looking at your device, your display&nbsp;won&#8217;t&nbsp;dim until you stop looking at it. If&nbsp;you&#8217;re&nbsp;looking at your device, it will lower the volume sound of your alert,&#8221;&nbsp;according to Apple Support.&nbsp;
The tech giant has not confirmed the reasoning behind the latest issue. Apple did not immediately respond to&nbsp;<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Benzinga's</a>&nbsp;request for comments.&nbsp;&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If your alarm hasn&#39;t gone off recently, you're not alone &#x23f0; Apple says it is aware of an issue causing some iPhone alarms to not play the expected sound and says it is working on a fix. <a href="https://twitter.com/EmilieIkedaNBC?ref_src=twsrc%5Etfw">@emilieikedanbc</a> reports on the details. <a href="https://t.co/poCvYwLvgg">pic.twitter.com/poCvYwLvgg</a>
&mdash; TODAY (@TODAYshow) <a href="https://twitter.com/TODAYshow/status/1785272580351422755?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
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Why&nbsp;It's&nbsp;Important:&nbsp;This&nbsp;isn't&nbsp;the first&nbsp;time&nbsp;iPhone users have complained about their alarms not ringing properly. In 2017, a bug in&nbsp;iOS 11&nbsp;reportedly caused alarms to switch to silent mode.&nbsp;
At the time,&nbsp;it was reported&nbsp;that despite the alarm UI&nbsp;being triggered&nbsp;at the set time, the ringer never went off, leaving the iPhone screen&nbsp;to go&nbsp;on mute mode.&nbsp;The issue was also acknowledged by Apple, and&nbsp;a fix was subsequently rolled out.&nbsp;
Last year also, some users faced problems with iOS 17 alarms not working as expected. People complained that they found themselves oversleeping because the alarm&nbsp;wouldn&#8217;t&nbsp;go off. At the time, some users said that the&nbsp;issue was resolved&nbsp;after subsequent software updates.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01034950/Screenshot-2024-05-01-at-1.19.44%E2%80%AFPM-1024x804.png" alt="" class="wp-image-316840" /></figure>
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/consumer-tech" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38348747/not-something-steve-jobs-would-probably-do-gurman-says-apple-should-go-against-the-grain-and-low" target="_blank" rel="noreferrer noopener">&#8216;Not Something Steve Jobs Would Probably Do&#8217;:&nbsp;Gurman Says Apple Should Go Against The Grain And Lower&nbsp;iPhone&#8217;s&nbsp;Price&nbsp;Point</a>
Photo via Shutterstock

AAPL

iPhone Alarms On Mute Again: Apple Acknowledges Issue, But No Fix Timeline Yet

GSK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) reported quarterly adjusted earnings of $1.09 per share which beat the analyst consensus estimate of $0.91 by 20.11 percent. This is a 21.44 percent increase over earnings of $0.90 per share from the same period last year. The company reported quarterly sales of $9.33 billion which beat the analyst consensus estimate of $8.92 billion by 4.64 percent. This is a 10.55 percent increase over sales of $8.44 billion the same period last year.

Earnings

GSK Q1 Adj. EPS $1.09 Beats $0.91 Estimate, Sales $9.33B Beat $8.92B Estimate

Tesla Inc has released a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36039263/did-tesla-overpromise-and-underdeliver-with-the-cybertruck">guide for its Cybertruck</a>, detailing tips and guidelines for going offroading with the stainless steel vehicle touted by the EV maker as built for &#8220;anywhere.&#8221;
What Happened: The 22-page document details the vehicle&#8217;s features, lists best practices for going off-road, details the different modes ideal for different terrains, and even offers tips for when you get stuck. 
&#8220;Roads? Where we&#8217;re going, we don&#8217;t need roads,&#8221; Cybertruck lead engineer Wes Morrill wrote on X while explaining that the guide is meant to detail the different functionalities available on the vehicle while also increasing approachability to off-roading.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Roads? Where we&#39;re going, we don&#39;t need roads We put together this detailed guide for two reasons: 1. Deep dive into all the functionality, how and why to use it 2. Make off-roading approachable for those who had never considered it until getting their truck <a href="https://t.co/7oAirlraQE">https://t.co/7oAirlraQE</a>
&mdash; Wes (@wmorrill3) <a href="https://twitter.com/wmorrill3/status/1785304393858130038?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
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The Cybertruck, Tesla says, is &#8220;tough enough to go anywhere.&#8221; CEO Elon Musk has previously even hinted that the vehicle can thrive <a href="https://www.benzinga.com/news/24/03/37555561/watch-tesla-cybertruck-conquers-hells-revenge-in-utah-lead-engineer-hints-at-off-road-control-upgrad">on the fictional Star Wars ice planet Hoth.</a>&nbsp;
However, there are rules to follow when driving on rock, sand, snow, or water. Driving slow is key and employing the right off-road mode will allow the vehicle to better adapt to the environment around, Tesla says. 
Knowing the depth and bottom condition before entering water bodies and maintaining momentum in snow or sand will help the vehicle not to get stuck. While driving through shallow bodies of water in wade mode, one ought to be sure that the water is only up to 32 inches deep. Further, Wade mode duration is limited to 30 minutes. 
While climbing a large obstacle or an incline, a large steering angle or high acceleration with lockers engaged will cause the vehicle to jerk and may damage the drivetrain, the company warned in the guide. 
Why It Matters: Cybertruck is the latest offering from Tesla. The vehicle starts at $79,990 for its all-wheel drive variant and $99,990 for its higher-end Cyberbeast variant. 
The company is currently looking <a href="https://www.benzinga.com/news/24/04/38396608/tesla-exec-says-1-000-cybertrucks-a-week-prove-4680-cell-production-isnt-a-bottleneck-we-expect-to-s">to ramp up production</a> to meet the high demand for the vehicle. The company aims to deliver 250,000 units of the truck annually starting in 2025. 
Deliveries, however, are currently limited to the United States. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38516918/california-love-fadin-for-tesla-ev-giants-registrations-plummet-as-rivian-mercedes-and-bmw-gain-grou">California Love Fadin&#8217; For Tesla? EV Giant&#8217;s Registrations Plummet As Rivian, Mercedes And BMW Gain Ground</a>
Photo courtesy: Tesla

Cybertruck Can Go Anywhere — But Conditions Apply: Tesla Releases Off-Road Guide

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, but the index remained in the &#8220;Fear&#8221; zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index dipping more than 550 points during the session. All three major indices recorded losses in April, ending a streak of five consecutive months of gains. The Dow dipped 5% to record its weakest monthly performance since Sept. 2022, while the S&amp;P 500 tumbled around 4.2% last month.
Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) reported better-than-expected first-quarter results on Tuesday, while McDonald&#8217;s Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) reported mixed first-quarter results. 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) reported better-than-expected first-quarter 2024 results.
On the economic data front, the Labor Department said the employment cost index rose 1.2% in the first quarter, higher than market estimates of 1%. The S&amp;P CoreLogic Case-Shiller 20-city home price index rose by 7.3% year-over-year in February. The US Federal Reserve will announce its latest interest rate decision on Wednesday.
All sectors on the S&amp;P 500 closed on a negative note, with energy, information technology and consumer discretionary stocks recording the biggest losses on Tuesday
The Dow Jones closed lower by around 570 points to 37,815.92 on Tuesday. The S&amp;P 500 fell 1.57% at 5,035.69, while the Nasdaq Composite dipped 2.04% at 15,657.82 during Tuesday's session.
Investors are awaiting earnings results from Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>), Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) today.
At a current reading of 40.5, the index remained in the &#8220;Fear&#8221; zone on Tuesday, versus a prior reading of 43.7.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: <a href="https://www.benzinga.com/news/24/04/38520037/jim-cramer-rejects-illumina-as-its-not-well-run-recommends-buying-this-tech-stock-right-here-right-n">Jim Cramer Rejects Illumina As &#8216;It&#8217;s Not Well-Run,&#8217; Recommends Buying This Tech Stock &#8216;Right Here, Right Now&#8217;</a>

Pre-Market Outlook

QCOM

Investor Sentiment Falls, Dow Snaps Five-Month Win Streak

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) to report quarterly earnings at 54 cents per share on revenue of $14.20 billion before the opening bell, according to data from Benzinga Pro. Pfizer shares rose 0.2% to $25.68 in after-hours trading.</li>
<li>Leggett &amp; Platt, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEG#NYSE">LEG</a>) posted weaker-than-expected results for its first quarter. Leggett &amp; Platt shares fell 13.1% to $15.70 in the after-hours trading session.</li>
<li>Analysts are expecting Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) to post quarterly earnings at $1.20 per share on revenue of $1.71 billion. The company will release earnings before the markets open. Yum! Brands shares fell 0.6% to $140.45 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported upbeat results for its first quarter on Tuesday, but issued weak sales forecast for the second quarter. The company reported first-quarter net sales of $143.3 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $142.5 billion, according to <a href="https://www.benzinga.com/pro/feature/newsfeed?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348">data from Benzinga Pro.</a> Amazon reported earnings per share of 98 cents in the first quarter, beating a Street consensus estimate of 82 cents per share. Amazon shares gained 1.3% to $177.20 in the after-hours trading session.</li>
<li>Analysts expect Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) to post quarterly earnings at $3.24 per share on revenue of $6.34 billion before the opening bell. Mastercard shares rose 0.7% to $454.50 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/04/38520037/jim-cramer-rejects-illumina-as-its-not-well-run-recommends-buying-this-tech-stock-right-here-right-n">Jim Cramer Rejects Illumina As &#8216;It&#8217;s Not Well-Run,&#8217; Recommends Buying This Tech Stock &#8216;Right Here, Right Now&#8217;</a>

AMZN

Amazon, Pfizer And 3 Stocks To Watch Heading Into Wednesday

Short-seller Muddy Waters Research founder Carson Block in a bare-it-all interview aired on Monday discussed his foray into the world of investing and how his firm sees through fraudulent corporate practices and actions.
In The Blood: Block was initiated into investing by his equity analyst dad at a very young age and when the youngster realized that he wasn&#8217;t going to be a basketball player, he decided Wall Street would be his ultimate playground, he <a href="https://podcasts.apple.com/us/podcast/the-investopedia-express-with-caleb-silver/id1529322197">said </a>in the &#8220;Investopedia Express with Caleb Silver&#8221; podcast.
After a stint in investment banking, he began working for his father, covering U.S.-centric micro-cap equities from 1999 through 2002. 
Disillusionment And Sabbatical: They were astute enough to avoid stocks that were frothy during the Internet bubble. But one of the companies Block&#8217;s dad followed for over four years, namely Rentaway was adjudicated as fraud.
This fraud, Carson said, happened at larger corporations too, with companies such as Worldcom, Enron, HealthSouth and Adelphia blowing up on accounting scandals.
"And it was a very disillusioning time for me because I realized that as much as I wanted to be an investor, I just hated being dependent on people who have these short-term incentives to investors to pump their stock prices so they can unload stock,&#8221; the investor said.
That was when Block decided to leave the market for a stint at law school to better equip himself. He worked as a lawyer in China and founded the first self-storage business in mainland China.
See Also: <a href="https://www.benzinga.com/best-penny-stocks">Best Penny Stocks</a>
The Return: As destiny would have it, he was forced a return to investing. His dad led him back this time around too, as he wanted Block to evaluate one of the Chinese companies listed in the U.S. via reverse merger. Ornian Paper, the company he was asked to do due diligence, was found to be a total fraud.
He then put together a report and sent it out to people whom he was in touch with about a decade ago. His disclosure took the stock down about 55% and recognition followed. 
Block realized then this rottenness seen in the corporate world &#8211; a function of mediocrity in the industry and laziness and overcompensation, was prevalent across geographies.
Making Money: Muddy Waters, founded in 2010, initially operated with internal capital, taking a short position in stock ahead of the firm&#8217;s publications of short reports. Since 2015, the firm has been managing outside capital. 
On behalf of these funds, the firm takes short positions and publishes reports.
CRE Short Bet: Block noted that his short bets on the commercial real estate sector started with Blackstone Mortgage Trust. He also said Muddy Waters wasn&#8217;t generally thematic and some of the bets become thematic in hindsight.
&#8220;Now, occasionally, we&#8217;ll look in the rearview mirror and say, oh, yeah, it turns out that within this period of time, we did a bunch of shorts in this space. And, hmm, okay, I guess there was a theme there,&#8221; he said. 
Zeroing In On Shorts: Block said his firm does not run screens to look for metrics that seem out of place, as these return a lot of false negatives and false positives. &#8220;There&#8217;s so much context that you really need to understand to figure out whether a metric being out of line is significant,&#8221; he said. 
&#8220;But a lot of what we do is really, what we look for is behavioral. So we&#8217;re really interested when companies are involved in related party transactions. We&#8217;re interested when companies that are seemingly profitable are undertaking financing, especially debt financing.&#8221;
<a href="https://www.google.com/search?q=ai+mania+benzinga&amp;oq=ai+mania+benzinga&amp;gs_lcrp=EgZjaHJvbWUyCwgAEEUYChg5GKAB0gEIMzAxM2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">Being highly promotional or latching on to the latest trend </a>could also be red flags, he said, adding that right now it would be AI. 
&#8220;Several years ago, that was cloud or SaaS. So when you see those catchphrases or words suddenly appear in filings and speech of the CEOs, that&#8217;s something that does get our attention,&#8221; Block said.
The short-seller said his firm would also look for the &#8220;me toos&#8221; in a given space. If there were a bunch of IPOs in a given space just because the space is hot, the first one or two companies were probably okay, he said. &#8220;But number three, four, five companies to go public, that&#8217;s when you start getting the guys who are thinking, &#8216;okay, I see all this money flowing into this area, so let me put some lipstick on some pigs and we&#8217;ll use the buzz phrase and let&#8217;s go public.&#8217; And that&#8217;s also what gets our attention,&#8221; he added.
Block said he would also follow individuals who have been involved in stock blowups. &#8220;Once you&#8217;re in crap stock land, nobody respectable is going to hire you,&#8221; he said. &#8220;If somebody hires a person who&#8217;s been involved in a stock disaster, you&#8217;d really have to question the judgment,&#8221; he added.
 He mentioned &#8220;AI,&#8221; &#8220;level three fair value gains,&#8221; and &#8220;related parties&#8221; as three catchphrases that raise red flags. &#8220;A good way to look for that is to compare the present filings to a year ago and see whether there was just a global find and replace. What did they take out in order to drop that in?&#8221; he said.
&#8220;And if the incidence rate has gone up significantly, it might be on to something.&#8221;
A company that&#8217;s generating a lot of level three fair value gains is often a red flag, Block said. Level 3 fair value, according to SEC, includes unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities.&nbsp;
On related parties, Block said, &#8220;If we see a pattern, a number of these related party transactions disclosed, it&#8217;s always a red flag, even if it seems small dollar because it&#8217;s never a good look.&#8221;
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund tracking the broader S&amp;P 500 Index, ended Monday&#8217;s session 1.58% to $501.98, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>
Read Next: <a href="https://www.benzinga.com/fintech/24/02/37013908/muddy-waters-shorts-fairfax-financial-holdings-not-the-berkshire-hathaway-of-canada">Muddy Waters Shorts Fairfax Financial Holdings: &#8216;Not The Berkshire Hathaway Of Canada&#8217;</a>
Photo by Overearth on Shutterstock.

Short Sellers

Education

Media

How A Famous, Polarizing Wall Street Short-Seller Sniffs Out Corporate Frauds: 'What We Look For Is Behavioral'

The European Unified Patent Court (UPC) today announced a finding that Curio Seeker does not infringe main claim 1 of EP 2697391 asserted by 10x Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>). The UPC has also ordered Curio Bioscience not to offer any product that would violate claim 14 of the &lsquo;391 patent in France, Germany, and Sweden. Accordingly, Curio Bioscience will comply with the order and expects no impact to its commercial business.
The decision arises from 10x&#39;s request for provisional measures and is open to appeal. The main action remains pending.

The European Unified Patent Court Clears Curio Seeker With Respect To Claim 1 Of EP 2697391 Asserted By 10x Genomics

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is set to significantly scale up its advertising business, according to MNTN CEO Mark Douglas.
What Happened: Douglas shared his opinion about Amazon&#8217;s growing focus on performance advertising on its homepage and in Amazon Prime, during <a href="https://www.cnbc.com/video/2024/04/30/amazons-ad-business-is-going-to-grow-significant-scale-and-be-very-profitable-mntn-ceo-mark-douglas.html">CNBC&#8217;</a>s &#8220;Last Call&#8221; on Tuesday. This strategy, Douglas said, was previously employed by Google and Meta.
&#8220;It [Amazon&#8217;s advertising] in itself is creating a huge business that is differentiated from all the other advertisers and it&#8217;s going to grow significant scale and be very, very profitable,&#8221; he said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38519395/goldman-sachs-tempers-investor-excitement-on-tesla-self-driving-not-yet-an-eyes-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: &#8216;Not Yet An Eyes-Off, Unsupervised Product&#8217;</a>
Why It Matters: Amazon&#8217;s <a href="https://www.benzinga.com/news/earnings/24/04/38534302/amazon-q1-earnings-highlights-revenue-beat-eps-beat-aws-hits-100-billion-annual-run-rate-and-more">first-quarter earnings report</a> indicated net sales of $143.3 billion, a 13% increase year-over-year. The net sales total surpassed the Street consensus estimate of $142.5 billion.
Amazon&#8217;s CEO Andy Jassy <a href="https://www.benzinga.com/news/24/04/38539518/amazons-andy-jassy-remains-bullish-on-aws-sees-very-large-opportunity-and-expects-meaningful-capex-i">expressed optimism about the future</a> of Amazon Web Services (AWS) during the earnings call. Jassy highlighted the potential for AWS, stating that despite the segment's $100 billion-plus annualized revenue run rate, over 85% of the global IT spend is still on-premises.
Price Action: Amazon&#8217;s stock closed at $175.0 on Tuesday, down by 3.29% from the previous close, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>. However, the company&#8217;s Q1 GAAP earnings per share (EPS) of $0.98 surpassed the estimated $0.78, indicating a strong financial performance.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38478293/shiba-inus-burn-rate-soars-cathie-wood-believes-ethereum-could-catch-up-to-bitcoin-and-mor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu&#8217;s Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto&nbsp;Updates This Week</a>
Photo via Shutterstock
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Amazon's Advertising Business Is 'Going To Grow Significant Scale,' Says Mark Douglas: '...And Be Very, Very Profitable'

Italian hypercar builder&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/33910832/the-worlds-most-expensive-ev-is-an-open-top-supercar-that-costs-4-8m" rel="noreferrer noopener">Automobili Pininfarina</a>&nbsp;has teamed up with&nbsp;Wayne Enterprises, a fictional luxury brand inspired by the Batman franchise, to unveil four exclusive electric vehicles (EVs) inspired by the Dark Knight.
Electrifying Partnership: The all-electric Italian brand said in a statement that it collaborated with Wayne Enterprises, a creation of Warner Bros., to craft these custom-made EVs. These hypercars target high-end consumers, mirroring the taste of Bruce Wayne, Batman&#8217;s civilian persona.
Billionaire&#8217;s Batmobile:&nbsp;Automobili Pininfarina took two existing models, the&nbsp;Battista hyper GT&nbsp;and the&nbsp;B95 Barchetta, and transformed them into four Batman-themed EVs: &#8220;Gotham&#8221; and &#8220;Dark Knight.&#8221; Both models boast a 120kWh lithium-ion battery and four electric motors, generating a staggering 1,900 horsepower – exceeding the performance of any current Formula 1 car.
These exclusive vehicles feature unique design elements that pay homage to the Batman universe. Wayne Enterprises-inspired HMI display enhancements and performance-boosting specifications set them apart. The interiors boast a completely revamped door and roof design, with a significant portion of the roof made of curved glass.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-1024x576.jpeg" alt="B95 Dark Knight" class="wp-image-316772" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">B95 Dark Knight</figcaption></figure>
See Also: <a href="https://www.benzinga.com/money/best-ev-battery-stock" target="_blank" rel="noreferrer noopener">8 Best EV Battery Stocks</a>
Limited Edition, Luxury Price Tag:&nbsp;Automobili Pininfarina will only manufacture a limited number of these hypercars, with the exact production quantity determined by customer demand. Pricing details for these exclusive vehicles are available on a dedicated website: BruceWayneX.com.
<ul>
<li>Battista Dark Knight: €3,400,000 ($3,631,438)</li>
<li>Battista Gotham: €3,400,000 ($3,631,438)</li>
<li>B95 Dark Knight: €4,900,000 ($5,234,596)</li>
<li>B95 Gotham: €4,900,000 ($5,234,596)</li>
</ul>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-1024x576.jpeg" alt="Battista Dark Knight" class="wp-image-316776" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Battista Dark Knight</figcaption></figure>
Catering to the High-End EV Market: This launch follows Automobili Pininfarina&#8217;s announcement in August 2023 regarding the world&#8217;s first pure-electric, open-top hyper Barchetta, the B95. 
Based on the PURA Vision design concept, the B95 is set for production and delivery in 2025, with only 10 unique units available globally, starting at EUR 4.4 million ($4.8 million).&nbsp;&nbsp;
Both the B95 and the Batman-themed EVs showcase Automobili Pininfarina&#8217;s strategy of catering to the high-end electric vehicle market.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38480932/billionaire-investor-chamath-palihapitiya-ranks-teslas-non-ev-businesses-picks-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Investor Chamath Palihapitiya Ranks Tesla&#8217;s Non-EV Businesses</a>
Photo courtesy: Automobili Pininfarina
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Entertainment

Closest Thing To A Real-Life Batmobile: Italian Hypercar Maker Unveils Million-Dollar EVs Fit For Bruce Wayne's Lifestyle

Reed Hastings, the co-founder of Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), recently revealed that he has been following a business philosophy inspired by Jeff Bezos, the former CEO of Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
What Happened: Hastings, who co-founded Netflix in 1997 and now chairs the $260 billion streaming giant, shared his approach to taking risks in a recent <a href="https://tim.blog/2024/04/03/reed-hastings/">conversation</a> on entrepreneur Tim Ferriss&#8216; podcast.
He emphasized the importance of taking &#8220;recoverable risks&#8221; to boost productivity and creativity. This approach, according to Hastings, is borrowed from Bezos&#8217; leadership style at Amazon, where risks are categorized as &#8220;one-way doors&#8221; or &#8220;two-way doors.&#8221;
&#8220;A two-way door risk is easy to take because it&#8217;s reversible, so you can come back in and pick another door,&#8221; Bezos <a href="https://www.youtube.com/watch?v=DcWqzZ3I2cY">explained</a> in a &#8216;Lex Fridman Podcast&#8216; last year. &#8220;But a one-way door risk probably can&#8217;t be undone. You go in that door, you&#8217;re not coming back.&#8221;
Hastings agreed: "I think that's a great business philosophy. I share it."
At Netflix, greenlighting new shows that aren&#8217;t guaranteed hits is considered a recoverable risk. If a show proves unpopular, the streaming giant can cancel it, using revenue from safer, lower-risk programming to cover the financial losses.
See Also: <a href="https://www.benzinga.com/news/24/04/38479283/ex-trump-aide-says-melania-trump-not-happy-with-latest-revelations-in-hush-money-trial?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ex-Trump Aide Says Melania Trump &#8216;Not Happy&#8217; With Latest Revelations In Hush-Money Trial</a>
In 2017, Hastings <a href="https://www.cnbc.com/2017/05/31/cnbc-transcript-netflix-founder-and-ceo-reed-hastings-speaks-with-cnbcs-julia-boorstin-on-squawk-alley-today-from-the-code-conference.html">told</a> CNBC he was pushing his content team to &#8220;take more risk.&#8221; This strategy can lead to surprise hits or valuable lessons from failures.
Why It Matters: Hastings&#8217; business philosophy is in line with Bezos&#8217; unconventional approach to productivity. Bezos, who stepped down as Amazon&#8217;s CEO, revealed that he believes in allowing his mind to <a href="https://www.benzinga.com/news/24/04/38422720/jeff-bezos-reveals-his-unconventional-approach-to-productivity-i-believe-in-wandering">wander during meetings</a> to foster creativity and problem-solving.
However, Bezos has also been embroiled in controversy, with the Federal Trade Commission or <a href="https://www.benzinga.com/news/24/04/38451439/jeff-bezos-and-amazon-ceo-andy-jassy-accused-of-deleting-chats-amid-antitrust-probe-the-ftcs-content">FTC accusing him</a> and Amazon CEO Andy Jassy of deleting text messages that could have been used as evidence in an ongoing antitrust investigation.
Despite this, Bezos has continued to make headlines, with his fiancée, Lauren Sánchez, recently sparking a debate over a <a href="https://www.benzinga.com/general/entertainment/24/04/38234990/jeff-bezos-fianc-e-lauren-s-nchez-turns-heads-at-white-house-state-dinner-in-2-3k-dress-but">bold fashion statement</a> at a White House state dinner.
Read Next: <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gives One-Word Response To Joe Biden&#8217;s Dig At Donald Trump At White House Correspondents&#8217; Dinner</a>
Image Via Shutterstock 
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NFLX

Jeff Bezos Has A 'Great Business Philosophy,' According to Netflix CEO Reed Hastings, Gives Amazon Chairman Credit For His Success

ESRT

Reported Earlier, Empire State Building Teams Up With WhatsApp And Mercedes-AMG For Spectacular F1 Show And More

- CN (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CNR#TSX">CNR</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) today announced a public debt offering of C$700 million&nbsp;4.60%&nbsp;Notes due 2029, and C$550 million&nbsp;5.10%&nbsp;Notes Due 2054. CN expects to close the offering on May 2, 2024, subject to customary closing conditions. 
&nbsp;
CN plans to use the net proceeds from the offering for general corporate purposes, which may include the redemption and refinancing of outstanding indebtedness, share repurchases, acquisitions and other business opportunities.
The debt offering is being made in Canada under CN&#39;s base shelf prospectus dated April 2, 20

TSX:CNR

Reported Earlier, CN Launches C$1.25B Debt Offering To Fuel Corporate Initiatives

VSME

VS Media Fiscal 2023 EPS $(0.33) Down From $(0.09) YoY, Revenue $7.99M Down From $9.03M YoY

At the end of the first quarter, Tesla had 57,579 Supercharger connectors and 6,249 stations around the globe.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Tuesday detailed plans for the company&#8217;s charging infrastructure segment after the <a href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har">departure of its head</a>, Rebecca Tinucci. 
What Happened: &#8220;Tesla still plans to grow the Supercharger network,&#8221; Musk said while adding that it would be at a &#8220;slower pace for new locations.&#8221;
The company would instead focus on 100% uptime and expanding existing locations, he said. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tesla still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785406795814510785?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;Sites under construction will be completed and we will add additional Superchargers anywhere where there are gaps,&#8221; Musk wrote. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's definitely going to open. Sites under construction will be completed and we will add additional Superchargers anywhere where there are gaps.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785461086688256361?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
At the end of the first quarter, Tesla had 57,579 Supercharger connectors and 6,249 stations around the globe. The company also started opening its supercharger network in North America to rival EV makers including Ford and Rivian in February.
Why It Matters: Earlier this week, The Information reported that Tesla Senior Director of Charging Infrastructure&nbsp;Rebecca Tinucci&nbsp;will leave the company as of Tuesday morning. 
The report further added, citing a mail to other Tesla executives from Musk, that about 500 people will be laid off from Tinucci&#8217;s supercharger group. Some will also be reassigned, it said. 
The executive&#8217;s departure follows Tesla&#8217;s <a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees">decision to lay off 10% or 14,000</a> of its global workforce in a bid to cut costs and focus all efforts on <a href="https://www.benzinga.com/news/24/04/38286437/tesla-ceo-elon-musk-says-going-balls-to-the-wall-for-autonomous-driving-is-blindingly-obvious-as-eve">developing vehicle autonomy.</a> 
&#8220;About every 5 years, we need to reorganize and streamline the company for the next phase of growth,&#8221; Musk said on X about the sweeping job cuts.&nbsp;
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511618/tesla-researcher-thinks-ev-giants-biggest-challenge-in-q2-comes-from-one-of-its-cas" target="_blank" rel="noreferrer noopener">Tesla Researcher Thinks EV Giant's ‘Biggest Challenge' In Q2 Comes From One Of Its Cash Cows Due To A Tax Credit Twist</a>
Photo via Shutterstock

Tesla CEO Elon Musk Says Supercharger Network Will Still Grow But 'At A Slower Pace For New Locations' After Firing Entire Unit's Team

Li Auto Inc.&nbsp;delivered 25,787 vehicles in April 2024, up&nbsp;0.4%&nbsp;year over year. The cumulative deliveries of Li Auto vehicles reached 739,551 as of the end of April 2024.