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E-Direct Inc

B. Riley Securities analyst David Kang downgrades Applied Optoelectronics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAOI#NASDAQ">AAOI</a>) from Neutral to Sell and maintains the price target from $14 to $14.

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AAOI

B. Riley Securities Downgrades Applied Optoelectronics to Sell, Maintains Price Target to $14

HC Wainwright &amp; Co. analyst Edward White reiterates Syndax Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) with a Buy and maintains $51 price target.

Reiteration

SNDX

HC Wainwright & Co. Reiterates Buy on Syndax Pharmaceuticals, Maintains $51 Price Target

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) faces mounting pressure to hold above the critical $100,000 mark, with market participants divided over whether the cryptocurrency will sustain its momentum or retreat <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024">further before year-end</a>.
Following a sharp liquidation cascade, where over $1.58 billion was wiped out, Bitcoin is currently trading at $97,620, down 1% in the past 24 hours, according to <a href="https://www.coingecko.com/en/coins/bitcoin">data</a> from CoinGecko.
The pullback saw Bitcoin dip as low as $94,725 during late European trading hours.
<h3 class="wp-block-heading">Market Analysts Weigh In On BTC's Path Forward</h3>
Alex Kuptsikevich, chief market analyst at FxPro, pointed to another failed attempt by Bitcoin to consolidate above $100,000 as a pivotal moment. 
&#8220;The bulls once again failed to consolidate above $100,000, triggering an impressive sell-off that bottomed at $94,000,&#8221; he noted.
Despite the setback, Kuptsikevich remains optimistic about Bitcoin's trajectory, stating, &#8220;We still see potential for Bitcoin to rise into the $120,000 area once resistance at $100,000 is decisively overcome.&#8221;
Meanwhile, analysts from 10x Research emphasized the critical role of Bitcoin's $95,000 support level.
&#8220;Failure to hold this level could signal that the 2024 highs are already in,&#8221; they told Benzinga. 
They also noted that the 30-day moving average at $94,336 is acting as a risk benchmark. &#8220;A close below $95,000 might suggest an extended consolidation phase, and traders should proceed cautiously.&#8221;
Jordi Visser, lead contributor to the In Search of Green Marbles podcast, <a href="https://x.com/jvisserlabs/status/1865121807931727879">highlighted</a> Bitcoin's impressive run over the past two years, noting, &#8220;Bitcoin is up over 100% for the second year in a row. While debates about a breakout or bubble top dominate, I believe this is still the early phase of Bitcoin's story amidst U.S. stock debasement.&#8221;
Visser's analysis included historical signals suggesting further growth potential but warned of short-term volatility.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42398134/coinbase-seeing-landmark-month-in-december-notes-optimistic-analyst-report">Coinbase Seeing &#8216;Landmark Month&#8217; In December, Notes Optimistic Analyst Report</a>
<h3 class="wp-block-heading">Technical And Sentiment Analysis</h3>
In a note sent to Benzinga, Fairlead Strategies maintained a neutral short-term outlook for Bitcoin while reaffirming its bullish intermediate- and long-term projections. 
Analysts Katie Stockton and Will Tamplin pointed out, &#8220;Bitcoin briefly cleared $100,000 last week but failed to hold gains, leaving a flag breakout unconfirmed. Support sits at the 50-day moving average near $84,700, with resistance still around $100,000.&#8221;
The firm also noted that Bitcoin's trading pattern resembles a &#8220;bullish long-term cup-and-handle,&#8221; suggesting that its uptrend remains intact for 2025.
<h3 class="wp-block-heading">Liquidation Cascade Highlights Market Volatility</h3>
Over $1.39 billion in long positions were liquidated, contributing to the price decline, according to <a href="https://www.coinglass.com/LiquidationData">data</a> from CoinGlass.
Centralized exchanges accounted for $1.69 billion of the liquidations, while decentralized exchanges on blockchains like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) saw $307 million in liquidations, data shows.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42397425/microsoft-shareholders-to-vote-on-bitcoin-investment-proposal">Microsoft Shareholders To Vote On Bitcoin Investment Proposal</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

$BTC

$SOL

EXCLUSIVE: Bitcoin To End The Year Above $100,000? 'Bulls Failed Again' At This Key Level, Experts Say

Jefferies analyst David Windley downgrades Centene (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) from Hold to Underperform and lowers the price target from $68 to $52.

Jefferies Downgrades Centene to Underperform, Lowers Price Target to $52

Morgan Stanley analyst Adam Jonas maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Overweight and raises the price target from $310 to $400.

TSLA

Morgan Stanley Maintains Overweight on Tesla, Raises Price Target to $400

Jefferies analyst David Windley initiates coverage on Oscar Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSCR#NYSE">OSCR</a>) with a Underperform rating and announces Price Target of $12.

Initiation

OSCR

Jefferies Initiates Coverage On Oscar Health with Underperform Rating, Announces Price Target of $12

Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) shares are trading higher premarket on Tuesday. The company has partnered with CATL to invest up to €4.1 billion (around $4.3 billion) in a joint venture to build a large-scale lithium iron phosphate (LFP) <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/g42406423/stellantis-and-catl-to-invest-up-to-4-1-billion-in-joint-venture-for-large-scale-lfp-battery-plant" rel="noreferrer noopener">battery plant in Zaragoza, Spain</a>.
The plant, designed to achieve carbon neutrality, will be developed in multiple phases.
The Stellantis-CATL joint venture aims to begin production at Stellantis&#8217; Zaragoza, Spain site by late 2026, with potential capacity reaching up to 50 GWh, depending on Europe&#8217;s evolving electrical market and ongoing support from Spanish and EU authorities.
This 50-50 partnership will strengthen Stellantis&#8217; LFP offerings in Europe, supporting the production of durable, affordable battery-electric vehicles in the B and C segments with intermediate ranges.
In November 2023, Stellantis and CATL penned a non-binding MOU to supply LFP battery cells and modules for EV production in Europe.
The transaction is slated to close in 2025, pending regulatory approvals.
Stellantis Chairman John Elkann said, &#8220;This important joint venture with our partner CATL will bring innovative battery production to a manufacturing site that is already a leader in clean and renewable energy, helping drive a 360-degree sustainable approach.&#8221;
The move is at par with Stellantis&#8217; commitment to deliver more affordable battery electric vehicles as part of its Dare Forward 2030 strategy, utilizing its dual-chemistry approach.
Last week, the company entered into an agreement with U.S.-based Zeta Energy Corp to develop cheaper lithium-sulfur batteries to be <a target="_blank" href="https://www.benzinga.com/tech/24/12/42360337/stellantis-partners-with-zeta-energy-to-develop-lithium-sulfur-batteries-for-future-evs" rel="noreferrer noopener">deployed in&nbsp;electric vehicles by 2030</a>.
Price Action: STLA shares are up 1.31% at $13.91 premarket at the last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42405564/tim-kuniskis-to-return-to-lead-ram-trucks-days-after-stellantis-ceos-departure-report" target="_blank" rel="noreferrer noopener">Tim Kuniskis To Return To Lead Ram Trucks Days After Stellantis CEO&#8217;s Departure: Report</a></li>
</ul>
Photo by Jonathan Weiss on Shutterstock.

Equities

Large Cap

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STLA

Stellantis-CATL Joint Venture Unveils $4.3 Billion Battery Plant Plan In Spain

Morgan Stanley analyst Adam Jonas upgrades General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) from Underweight to Equal-Weight and raises the price target from $46 to $54.

Upgrades

Morgan Stanley Upgrades General Motors to Equal-Weight, Raises Price Target to $54

Needham analyst Laura Martin maintains Nexxen International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEXN#NASDAQ">NEXN</a>) with a Buy and raises the price target from $9.5 to $12.

NEXN

Needham Maintains Buy on Nexxen International, Raises Price Target to $12

Jefferies analyst Brian Tanquilut assumes Labcorp Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LH#NYSE">LH</a>) with a Buy rating and announces Price Target of $275.

Laboratory Corporation Of America Holdings

Jefferies Assumes Labcorp Holdings at Buy, Announces Price Target of $275

Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) has announced a significant $15 billion share repurchase program. This decision follows the completion of a previous $5 billion buyback initiative in the fourth quarter of 2024. 
What Happened: The company&#8217;s board has also approved a 15% increase in its quarterly dividend for the seventh consecutive year, setting the dividend at $1.50 per share for the first quarter of 2025. This dividend will be payable on Mar. 10, 2025, to shareholders recorded by Feb. 14, 2025.
According to the announcement, the share repurchase program allows for flexibility in purchasing methods, including open market and privately negotiated transactions. There is no set expiration for this program, and it may be paused or stopped at any time. This strategic move comes as Eli Lilly shares have surged over 35% year-to-date, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378618/musk-fuels-speculation-on-us-bitcoin-reserve-as-crypto-surges?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Fuels Speculation On US Bitcoin Reserve As Crypto Surges</a>
Moreover, analysts have set a consensus price target of $941.38 for Eli Lilly, with Citigroup&#8216;s high target of $1250 and Credit Suisse&#8216;s low of $580. Recent ratings from Wolfe Research, Deutsche Bank, and Barclays suggest an average price target of $996.67, indicating a potential 23.13% upside.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/LLY/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/10061101/Screenshot-2024-12-10-at-4.40.33%E2%80%AFPM-1024x387.png" alt="" class="wp-image-684953" /></a></figure>
Why It Matters: The announcement of the $15 billion share buyback and dividend increase comes on the heels of Eli Lilly&#8217;s <a href="https://www.benzinga.com/24/12/42370795/investments-in-eli-lillys-production-capabilities-reaches-23-billion-with-additional-3-billion-expansion-at-us-facility">recent $3 billion expansion</a> of its Kenosha County, Wisconsin, manufacturing facility. This expansion is part of a broader $23 billion investment in production capabilities, aimed at meeting the growing demand for diabetes, obesity, and pipeline medications. The investment is expected to create 750 advanced manufacturing jobs, further strengthening Wisconsin&#8217;s pharmaceutical industry.
Additionally, the surge in Eli Lilly shares can be attributed to the increasing demand for its weight loss drugs, such as Mounjaro and Zepbound. According to GoodRx&#8217;s Weight Loss Medications Tracker, there has been a <a href="https://www.benzinga.com/general/biotech/24/12/42349122/how-much-did-americans-overspend-on-weight-loss-medications-in-2024-goodrx-reveals">significant rise in the use of these medications</a>, despite limited insurance coverage and high out-of-pocket costs. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42370333/happy-birthday-dogecoin-if-you-invested-100-in-meme-crypto-when-elon-musk-first-tweeted-about-it-heres-how-much-youd-have-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Happy Birthday Dogecoin! If You Invested $100 In Meme Crypto When Elon Musk First Tweeted About It, Here&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image via Shutterstock

Buybacks

Markets

General

As Eli Lilly Shares Gain Over 35% YTD, Drugmaker Announces $15B Share Buyback Program And Boosts Dividend By 15%

ARMR is a specialty wholesale environmental insurance brokerage platform serving production partners nationwide. The ARMR team combines a deep knowledge of environmental risks and insurance with customized environmental insurance placement designs.&nbsp;

Bridge Specialty Group, LLC Buys Assets Of American Risk Management Resources Network; No Terms Disclosed

Transaction Highlights:
<ul>
<li>Approximately 60,000 gross operated acres dedicated by Permian Resources under long-term, fixed-fee agreements for natural gas gathering, compression and processing and crude oil gathering services</li>
<li>More than 250 Mmcf/d of primarily owned electric compression with corresponding ownership of a private electric distribution system</li>
<li>More than 150 Mmcf/d of gas gathered volumes and 25 Mb/d of crude gathered volumes in 2025</li>
<li>The Transaction is highly competitive with Kinetik's high-quality, organic backlog and meets our strict investment criteria</li>
<li>Additional upside with control of residue gas and natural gas liquids from the dedicated rich gas via system optimization and integration with existing assets</li>
</ul>

KNTK

Kinetik Acquires Permian Resources' Gas And Crude Gathering Systems In $180M Delaware Basin Deal

Goldman Sachs analyst Lizzie Dove maintains Travel+Leisure (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNL#NYSE">TNL</a>) with a Neutral and raises the price target from $49 to $59.

Goldman Sachs Maintains Neutral on Travel+Leisure, Raises Price Target to $59

Babcock &amp; Wilcox Enterprises, Inc. (B&amp;W) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BW#NYSE">BW</a>) announced today that one of its subsidiaries has signed an agreement for funding of up to $10 million from the West Virginia Department of Economic Development for the development of a BrightLoop&#x2122; hydrogen production and carbon capture facility in Mason County, W. Va.
The memorandum of agreement between B&amp;W's wholly-owned Mountaineer C2H, LLC subsidiary and the state provides performance-based financial and economic development assistance for the development of a low-carbon-emissions hydrogen production facility that uses B&amp;W's BrightLoop <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.babcock.com%2Fhome%2Fenvironmental%2Fdecarbonization%2Flow-carbon-hydrogen%2F&amp;esheet=54164341&amp;newsitemid=20241210221555&amp;lan=en-US&amp;anchor=chemical+looping+technology&amp;index=1&amp;md5=92f5871c3b0df011d882259465773ad3">chemical looping technology</a> and is powered by coal and biomass. The $10 million in funding will be phased in upon achievement of project milestones.

Babcock & Wilcox Secures $10M Funding for Hydrogen and Carbon Capture Facility in West Virginia

This mission-critical $8 billion ceiling value single-award indefinite-delivery, indefinite-quantity contract will enable world-class scientific research support services for the United States Antarctic Program (USAP) over the next two decades.

Parsons Forms JV With V2X Named Polar Science Alliance To Pursue The National Science Foundation's Antarctic Science And Engineering Support Contract

On Monday, December 9th, U.S. markets closed lower, driven by a decline in tech stocks. Nvidia faced pressure from a <a target="_blank" href="https://www.benzinga.com/news/legal/24/12/42404352/nvidia-china-antitrust-probe-may-remain-unsolved-in-near-term-says-top-analyst-investors-should-be-prepared-for-increased-scrutiny" rel="noreferrer noopener">Chinese antitrust investigation</a>, and AMD fell after a downgrade. Investors are closely watching upcoming inflation data, including the consumer price index and producer price index, which are expected to influence the Federal Reserve&#8217;s December meeting amid ongoing caution about policy adjustments.
According to economic data, U.S. wholesale inventories rose 0.2% in October to $905 billion, matching preliminary estimates and reversing the previous month&#8217;s decline.
S&amp;P 500 sectors fell, led by declines in financials, utilities, and communication services, while healthcare and real estate stocks closed higher.
The Dow Jones Industrial Average was down 0.54% and closed at 44,401.93, the S&amp;P 500 declined 0.61% to 6,052.85, while the Nasdaq Composite fell 0.62% to finish at 19,736.69.
Asia Markets Today
<ul>
<li>On Tuesday, Japan&#8217;s Nikkei 225 gained 0.55% and ended the session at 39,368.50, led by gains in the Marine Transport, Steel, and Communication sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 slid 0.36% and ended the day at 8,393.00, led by losses in the IT, Financials, and A-REITs sectors.</li>
<li>The Reserve Bank of Australia held rates at 4.35%, citing progress toward its inflation target as growth cools. Inflation is expected to reach the target range by 2026, delaying potential policy easing.</li>
<li>India&#8217;s Nifty 50 rose 0.01% to 24,620.50, and Nifty 500 rose 0.13%, closing at 23,322.10.</li>
<li>China&#8217;s Shanghai Composite gained 0.59% to close at 3,422.66, and the Shenzhen CSI 300 rose 0.73%, finishing the day at 3,995.64.</li>
<li>Hong Kong&#8217;s Hang Seng was down 0.50% and closed the session at 20,311.28</li>
</ul>
Eurozone at 05:30 AM ET
<ul>
<li>The European STOXX 50 index was down 0.45%.</li>
<li>Germany&#8217;s DAX declined 0.09%.</li>
<li>France&#8217;s CAC slipped 0.69%.</li>
<li>U.K.&#8217;s FTSE 100 index traded lower by 0.65%.</li>
<li>European shares ended an eight-day winning streak as miner losses followed weak China trade data. Focus now shifts to U.S. inflation data ahead of potential Fed rate cuts.</li>
</ul>
Commodities at 05:30 AM ET
<ul>
<li>Crude Oil WTI was trading lower by 0.57% at $67.98/bbl, and Brent was down 0.54% at $71.77/bbl.</li>
<li>Oil prices dipped as Middle East tensions eased following Syria&#8217;s power shift, despite potential demand support from China&#8217;s stimulus plans.</li>
<li>Natural Gas declined 1.13% to $3.136.</li>
<li>Gold was trading higher by 0.40% at $2,696.61, Silver was down 0.36% to $32.490, and Copper fell 0.54% to $4.2525.</li>
</ul>
U.S. Futures at 05:30 AM ET
Dow futures were down 0.02%, S&amp;P 500 futures slid 0.01%, and Nasdaq 100 futures rose 0.05%.
Forex at 05:30 AM ET
The U.S. dollar index gained 0.16% to 106.31, the USD/JPY rose 0.25% to 151.56, and the USD/AUD rose 0.68% to 1.5632.
Photo by Pavel Bobrovskiy via Shutterstock

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ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

PowerShares DBmmodity Index Optimum Yield Diversified Fund

EEMA

FLAX

CurrencyShares British Pound Sterling Trust

IEMG

IEUR

KraneShares Trust KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KDIV

SPEM

USDU

PowerShares DB US Dollar Index Bullish Fund

Europe Markets End Gain Streak, Crude Oil Falls, Gold Gains - Global Markets Today While US Slept

Goldman Sachs analyst Lizzie Dove maintains Royal Caribbean Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) with a Buy and raises the price target from $245 to $275.

Goldman Sachs Maintains Buy on Royal Caribbean Gr, Raises Price Target to $275

Goldman Sachs analyst Lizzie Dove maintains Marriott Vacations (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VAC#NYSE">VAC</a>) with a Sell and raises the price target from $70 to $85.

Goldman Sachs Maintains Sell on Marriott Vacations, Raises Price Target to $85

Goldman Sachs analyst Lizzie Dove maintains Marriott Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) with a Buy and raises the price target from $280 to $314.

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