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Shaquille O'Neal is widely recognized as one of the greatest basketball players, but since retiring from the NBA, he&#8217;s gained significant <a href="https://www.benzinga.com/markets/24/07/39915962/shaquille-oneal-began-building-his-estimated-500-million-portfolio-by-investing-in-this-tech-titan-w?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=real_estate">respect for his business expertise</a> and chance encounters.
What Happened: During a 2018 appearance on "The Ellen Show," Shaq shared two pivotal investment stories.
First, he recounted his &#8220;worst investment ever&#8221; — turning down Starbucks.&nbsp;
When Starbucks&#8217; then-CEO Howard Schultz proposed opening locations in African-American communities, Shaq&#8217;s response was skeptical. 
&#8220;Black people don&#8217;t drink coffee,&#8221; he said referring to his earlier thought. This misconception led him to pass on what could have been a lucrative opportunity.
"So now, every time I go to Starbucks, I see black people drinking coffee, I&#8217;m like… [he does a facepalm]."
See Also: <a href="https://www.benzinga.com/general/entertainment/24/09/40824404/shaq-once-said-the-earth-was-flat-and-then-it-cost-him-20m-it-was-like-500k-hate-mail">Shaq Once Said The &#8216;Earth Was Flat&#8217; And Then It Cost Him $20M: &#8216;It Was Like 500K Hate Mail&#8217;</a>
In contrast, Shaq then shared his successful Google investment story.
He recalled a chance encounter at the Four Seasons Hotel in LA around &#8217;93 or &#8217;94, where he was essentially babysitting someone&#8217;s kids during a meeting.
After the meeting, the impressed parent offered him an investment opportunity, saying, &#8220;In the future, you&#8217;re going to be able to type on your phone, search engine, this, do this, boom, boom, boom. You should invest.&#8221;
This turned out to be Google, and Shaq's decision to invest paid off handsomely. Google, now rebranded as Alphabet Inc. has a current market cap of $1.973 trillion, making it the fourth most valuable company in the world.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Shaq&#039;s Babysitting Gig Led to His Google Riches" width="500" height="281" src="https://www.youtube.com/embed/hKNRieaN0ZI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Why It&#8217;s Important: This anecdote highlights how unconventional networking can lead to significant investment opportunities in the tech world.
Shaq's Google investment marked the beginning of his successful post-NBA business career, setting him apart from the <a href="https://www.benzinga.com/general/entertainment/23/02/30945804/google-apple-lyft-and-ring-shaquille-oneals-track-record-of-phenomenal-startup-investments">65% of NBA players</a> who reportedly go broke within five years of leaving the game.
Earlier this month, the website CelebrityNetWorth estimated Shaq&#8217;s net wealth to be around $500 million. His investment portfolio includes stakes in various franchises such as Five Guys, Papa John&#8217;s, Krispy Kreme, and his own fast-food chain, Big Chicken.
Apart from Google, other <a href="https://www.benzinga.com/general/sports/24/04/38090549/7-basketball-legends-turn-investment-titans-shaq-lebron-and-more">notable company investments</a> include Ring video doorbell, which was later acquired by Amazon, and Apple.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings: This Strategy Helped The Amazon Founder Build The E-commerce Giant We Know Today</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Shaquille O'Neal's Estimated $500M Portfolio Includes A Big Bet On Google, But Big Shamrock Made A Critical Error That Makes Him Facepalm Each Time He Steps Into A Starbucks — 'Worst Investment Ever'

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Investors now have more ways to invest in or against MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a software company and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holder that has outperformed top stocks, asset types and index funds <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817792/missed-out-on-nvidia-michael-saylor-says-get-on-the-bitcoin-standard-for-even-better-retur">in recent years.</a>
What Happened: REX Shares and Tuttle Capital Management launched two new ETFs Wednesday to give investors more ways to get exposure <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40878741/canaccord-lowers-microstrategy-price-target-to-173-cites-ongoing-bitcoin-accumulation">to MicroStrategy stock </a>with leveraged and inverse ETFs.
The two companies launched the T-REX 2X Long MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>) and the T-REX 2X Inverse MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTZ#BATS">MSTZ</a>).
"These are the first ETFs to provide investors with 200% leveraged exposure and -200% inverse exposure to the daily price movement of MicroStrategy (MSTR), allowing traders to capitalize on MSTR's exposure to the Bitcoin market," the companies said.
The launch comes after <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40399008/mstx-becomes-first-single-stock-leveraged-etf-for-microstrategy-stock-offers-175-exposure">Defiance launched</a> a 1.75X long MicroStrategy ETF and 1.5X Short MicroStrategy ETF in August with the Defiance Daily Target 1.75X Long MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTX#NASDAQ">MSTX</a>) and Defiance Daily Target 1.5X Short MSTR ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMST#NASDAQ">SMST</a>) respectively.
With the new 2X ETFs, REX and Tuttle have pushed the envelope further.
"The 2X Leveraged and 2X Inverse MSTR ETFs offer traders unparalleled access to MicroStrategy's Bitcoin exposure, whether they're looking to amplify potential gains or hedge against market volatility. We're a product of our ability to redefine what's possible in the ETF industry," Tuttle Capital Management CEO Matthew Tuttle said.
REX Shares CEO Greg King said the new ETFs help provide tools to traders "to engage with a company that's pushing the boundaries in digital assets."
"MicroStrategy's forward-thinking approach presents a compelling opportunity for traders seeking additional ways to trade the stock," King added.
The launches follow several other leveraged and inverse ETFs from REX and Tuttle Capital. The two companies launched the T-REX 2X Long Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCL#BATS">BTCL</a>) and T-REX 2X Inverse Bitcoin Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BTCZ#BATS">BTCZ</a>) in July.
Read Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/09/40802938/fund-manager-who-bet-against-jim-cramer-and-cathie-wood-has-new-anti-woke-etf-puts-profits-ah">Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: &#8216;Puts Profits Ahead Of Politics, DEI &amp; ESG&#8217;</a>
Why It's Important: MicroStrategy has been a top-performing stock, gaining 94% year-to-date in 2024 and gaining 790% over the last five years.
The company has also seen shares highly volatile as related to the price of Bitcoin because the company is a large holder of the leading cryptocurrency.
MicroStrategy <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">recently announced it bought</a> $1.1 billion worth of Bitcoin bringing its total up to 244,800 Bitcoin. The company <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40919378/microstrategy-raises-875m-in-convertible-notes-plans-further-bitcoin-purchases">recently raised</a> over $800 million to redeem $500 million in senior secured notes and to buy additional Bitcoin.
MicroStrategy began buying Bitcoin in August 2020 and will continue to add more Bitcoin, as co-founder and Executive Chairman Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27865236/exclusive-michael-saylors-microstrategy-is-married-to-bitcoin-everything-else-in-the-world">previously told Benzinga.</a>
"We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin," Saylor told Benzinga.
Saylor said he believes Bitcoin is the best asset in the world.
"Everything else in the world is inferior to Bitcoin. So, if you gave me $1 million and said what do you want to buy, I don't want to buy a sports team, I don't want to buy a building, I don't want to buy a company … all I want to buy is Bitcoin," Saylor previously told Benzinga.
Saylor also previously said that if people hate Bitcoin, they can short MicroStrategy and if they love Bitcoin they could buy the stock.
While investors have more ways to get Bitcoin exposure thanks to cryptocurrency exchanges and Bitcoin ETFs, MicroStrategy remains a popular option to get exposure.
With the new leveraged and inverse ETFs, investors have more ways to predict what will happen to MicroStrategy in terms of the stock going up or down.
Tuttle <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36500461/exclusive-the-man-who-shorts-cathie-wood-and-jim-cramer-filed-for-new-bitcoin-etfs-why-lev">previously told Benzinga</a> that leveraged and inverse ETFs aren't for all investors, but have an important place in the market.
"They are a tool, just like stocks, bonds, ETFs, mutual funds, options, etc.," Tuttle told Benzinga. "Just like any tool some people will use them correctly and others won't."
Tuttle said that leveraged ETFs can be used by investors as an &#8220;alternative to options.&#8221;
&#8220;Unlike options, they can be traded after hours. They are very conducive to short-term trading strategies.&#8221;
Read Next: 
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<li><a href="https://www.benzinga.com/top-stories/24/09/40855829/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a></li>
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MicroStrategy 2X Leveraged, Inverse ETFs Are Here, Offer 'Unparalleled Access To MicroStrategy's Bitcoin Exposure'

A well-known Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) analyst and iPhone sales forecaster is predicting weak demand of the iPhone 16 with a new hint that expectations <a href="https://www.benzinga.com/news/24/09/40882969/iphone-16-pro-demand-lags-longer-wait-times-globally-china-shows-smaller-gap-analyst">may not be met.</a>
What Happened: Apple <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">unveiled the iPhone 16</a> last week and highlighted several new features including its Apple Intelligence generative AI that will be rolled out to consumers.
Early pre-order data shows demand for the iPhone 16 may be lower than expected due to a lack of reasons for existing iPhone owners to upgrade to the latest model.
Apple analyst Ming-Chi Kuo recently said pre-order sales for the iPhone 16 have reached 37 million units.
On Wednesday, Kuo shared another sign that demand could be low.
"Apple employees can already purchase the iPhone 16 with their employee discount. Typically, employees have had to wait several weeks after the release of new iPhone models before being able to buy. This could be another sign that the early demand for the iPhone 16 is below expectations," Kuo <a href="https://x.com/mingchikuo/status/1836445270902808958">tweeted</a>.
Kuo's recent 37 million estimate comes from pre-order data from Apple and supply chain surveys. Average delivery times and shipment volumes could indicate weaker demand for the more expensive iPhone Pro models, Kuo also said.
Did You Know?
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</ul>
 Why It's Important: Smartphone competition in global markets such as China could be hurting demand for the iPhone 16 along with weak reception to the Glowtime event and the new features.
With many consumers expecting more integrated AI features, the lack of AI features and slow rollout of Apple Intelligence could be a disappointment.
While it remains to be determined what the official sales figures for the iPhone 16 in 2024 and beyond are, initial iPhone 16 leaks aren't suggesting strong results.
Analysts could lower price targets and financial expectations as more data becomes available.
Pre-orders for the iPhone 16 began on Sept. 13 with initial deliveries on Sept. 20.
 AAPL Price Action: Apple stock closed Wednesday up 1.80% at $220.69 versus a 52-week trading range of $164.08 to $237.23. Apple stock is up 18.9% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40799397/apple-analysts-mixed-after-glowtime-event-iphone-16-could-drive-upgrades-but-next-y">Apple Analysts Mixed After Glowtime Event: iPhone 16 Could &#8216;Drive Upgrades,&#8217; But &#8216;Next Year Will Be Better&#8217;</a></li>
</ul>
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Apple iPhone 16 Pre-Orders Show Possible Low Demand, One Sign Could Point To Company Break With This Employee Rule

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is set to end its work-from-home regime and mandate a return to full-time office work starting in January.&nbsp; CEO Andy Jassy shared the news to employees in a Monday memo, also announcing changes to<a href="https://www.benzinga.com/top-stories/24/09/40887347/amazon-to-cut-management-layers-end-work-from-home"> the managerial structure.</a>
The end of a flexible work-from-home mandate has a more meaningful impact for the average employee. This decision has drawn considerable attention, particularly from former employees such as John McBride, a former Amazon Web Services (AWS) software engineer, who shared his opinions in an<a href="https://x.com/johncodezzz/status/1836259845118231000"> X</a> post.
McBride, who worked at AWS for a year before resigning due to Amazon&#8217;s insistence on relocating from Denver to Seattle, believes the move to reinstate full office presence is primarily driven by economic factors — as headcount reduction helps the company boost its margin.
Amazon hired heavily in the COVID-19 aftershock, adding over 400,000 employees through 2020. McBride believes the company has overhired and since then, has gone through several phases, starting with mass layoffs and gradually implementing stricter office requirements to push employees into resigning if they refuse to relocate.
His former colleague, former AWS senior developer Justin Garrison, documented such a practice as "<a href="https://justingarrison.com/blog/2023-12-30-amazons-silent-sacking/">The Silent Sacking</a>."
Garrison explained that instead of openly laying off employees, Amazon quietly encourages them to leave by making their roles undesirable. Employees are excluded from meetings, given unfulfilling work and generally made to feel unwelcome, pushing them to quit voluntarily.
This method helps Amazon cut costs without formally announcing mass layoffs or offering severance packages. His experiences show a company that quietly subverts its employees, avoiding the public scrutiny of large-scale firings.
While the means offer a reasonably clear explanation, the ends are mixed.
McBride's claim about AWS's thin operating margins is unsubstantiated. That segment has been the most profitable, with margins reaching almost 40%.
Still, his remark on tax breaks and the office presents a more reasonable angle. In 2022, Amazon received<a href="https://qz.com/amazon-s-5-billion-discount-see-all-its-tax-cuts-and-1849821611"> at least $5 billion</a> in U.S.-based tax breaks and other subsidies from 38 states, with $824 million coming from Virginia, where the corporation has a second domestic headquarters.
The company specifically located the second headquarters there, Crystal City, which is part of Arlington, Virginia, after asking for subsidy proposals from state and local governments.
Furthermore, office-based work can positively impact local economies by supporting restaurants, transportation and other services around corporate hubs. This creates a ripple effect that benefits not just Amazon, but the broader business ecosystem in cities like Arlington.
Also Read: • <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down">Powell Defends 0.5% Interest Rate Drop As &#8216;Right Thing For The Economy,&#8217; Doubles Down On Fed&#8217;s Cautious, Data-Driven Approach</a>
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Amazon Ends Remote Work, Former Employee Asks If This Is The Company's Version Of 'Silent Sacking'

Billionaire investor, entrepreneur and NBA team owner Mark Cuban announced that the 16th season of "Shark Tank" <a href="https://www.benzinga.com/news/23/11/35971715/billionaire-entrepreneur-mark-cuban-set-to-leave-shark-tank-after-season-16-its-time">will be his last.</a>
With a new shark set to join the cast alongside Cuban in the 16th season, could the show be testing his replacement?
What Happened: Cuban has been a staple on "Shark Tank" since the third season and has <a href="https://www.benzinga.com/news/23/11/35988212/mark-cuban-to-exit-shark-tank-reflects-on-his-worst-deal-and-surprise-success-shared-with-benzinga">invested over $20 million</a> in companies over the numerous seasons of the award-winning investing show.
With Cuban's decision to leave, questions remain on how the show that airs on Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) unit ABC will handle future seasons.
On Wednesday, the company announced that Kind Snacks founder Daniel Lubetzky will be joining the show as the first new regular investor in more than a decade, as reported by <a href="https://variety.com/2024/tv/news/shark-tank-kind-snacks-daniel-lubetzky-1236148219/">Variety</a>.
Lubetzky has previously been a guest shark on the show with appearances in Seasons 11 through 15. The billionaire has <a href="https://www.benzinga.com/startups/24/02/37102187/shark-tank-helped-retired-couple-bring-in-over-100-000-in-less-than-24-hours-after-appearing-on-the">invested in companies </a>such as Yellow Leaf Hammocks, FitFighter, Toast-It and HummViewer while on the show.
With Lubetzky as part of the regular list of panelists, it adds a billionaire who Forbes estimates his wealth at $2.3 billion. Cuban has a net worth of $5.7 billion according to Forbes.
Lubetzky <a href="https://www.benzinga.com/m-a/20/11/18428174/a-look-at-mars-latest-acquisition-kind-bars">sold Kind Snacks </a>to Mars in 2020. He now runs the investment company Camino Partners.
"It's an honor to be part of a production that continues to educate, entertain and unite Americans behind the spirit of building together," Lubetzky said.
Lubetzky said he is looking forward to "partnering with entrepreneurs from all walks of life" who are pursuing the American dream.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091824">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
What's Next: Lubetzky is set to join the Season 16 panel, which will include the regular rotation of sharks Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary. The season will be Cuban's last.
The show, which is produced by Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)-owned MGM Television in association with Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) unit Sony Pictures Television doesn't show plans of slowing down despite Cuban leaving.
According <a href="https://www.nytimes.com/2024/09/18/business/daniel-lubetzky-shark-tank-mark-cuban.html">to </a>the New York Times, Lubetzky signed a multi-season deal, which likely indicates the producers' confidence in the billionaire having a big part in the show in a post-Cuban world.
"Shark Tank" executive director Clay Newbill said Lubetzky is not a direct replacement for Cuban though.
"Personally, I don't think that you can replace Mark Cuban. He's a force on the show," Newbill said.
Four new guest sharks are also being added for Season 16, including venture capitalist Rashaun Williams and Raising Cane's CEO Todd Graves.
Season 16 is set to premiere on ABC on Oct. 18.
Photo: Shutterstock

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Slide Over Mark Cuban, There's A New Shark In The Pool: Could This Billionaire Be His Replacement On 'Shark Tank'?

Thailand has introduced a new cannabis bill to regulate the country&#8217;s booming marijuana industry, marking the latest step in its ongoing efforts to steer cannabis use toward medical and<a href="https://www.benzinga.com/topic/medical-cannabis"> health-related purposes. </a>
This move comes after a series of policy shifts and follows the 2022 decriminalization of the plant, which made Thailand the first country in Asia to take such action.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40492719/thailands-cannabis-prices-drop-amid-oversupply-and-legal-uncertainties-pakistan-senate-reviews-m">Thailand&#8217;s Cannabis Prices Drop Amid Oversupply And Legal Uncertainties</a>
The new draft bill, published earlier this week by the Ministry of Public Health, is seen as a more measured approach than previous proposals, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-18/thailand-unveils-new-bill-to-regulate-cannabis-while-keeping-it-legal">reported.</a>
It arrives just days after Prime Minister Paetongtarn Shinawatra's administration took office. The legislation allows cannabis and its extracts to be used for medical treatment and research by state agencies, while also approving its use in herbal remedies, food products, and cosmetics.
<h3 class="wp-block-heading">Softer Stance On Recreational Use</h3>
One key aspect of the bill is its omission of a clause that explicitly outlaws recreational cannabis use, which was part of an earlier draft under former Prime Minister Srettha Thavisin. 
The new version also abandons previous efforts to reclassify cannabis as a "narcotic," a significant shift from the original stance taken by the ruling Pheu Thai Party during last year&#8217;s national elections. 
While Pheu Thai initially vowed to restrict cannabis use to medical purposes over addiction concerns, opposition from the Bhumjaithai Party, a key coalition partner, has resulted in the plant remaining legal.
Despite this more lenient approach, penalties for those who use cannabis outside the bill's defined uses remain steep. 
Under the current draft, individuals caught using cannabis for purposes not specified in the legislation will face fines of up to 60,000 baht (approximately $1,803). Sellers of cannabis products not adhering to the law face even harsher penalties, including a possible one-year jail term, fines of up to 100,000 baht, or both.
<h3 class="wp-block-heading">Impacts On Thailand's Cannabis Boom</h3>
Thailand&#8217;s decriminalization of cannabis in 2022 led to the rapid rise of more than 9,400 cannabis dispensaries across the country, especially in popular tourist destinations and business hubs such as Bangkok. 
With this new bill, the government seeks to bring tighter control over this growing industry, requiring all cannabis growers, sellers and related businesses to apply for licenses or permits. Failure to comply could result in hefty fines or jail terms.
The draft legislation also calls for stricter regulations on the planting, sale, export and import of cannabis. Businesses that produce cannabis-infused goods, such as candies and baked goods, will be required to adhere to the current law, which mandates that these products contain no more than 0.2% THC, the psychoactive compound responsible for cannabis' "high" effect.
The public and industry stakeholders have until September 30 to submit their feedback on the draft legislation. The Ministry of Public Health will review the input and may make changes before presenting the bill to the cabinet. From there, it will head to parliament for approval, where it could still face further debate and revisions.
Read Next:
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<li><a href="https://www.benzinga.com/markets/asia/24/09/40832311/inside-the-thai-retreat-with-cannabis-infused-wellness-treatments-that-target-insomnia-and-more">Inside The Thai Retreat With Cannabis-Infused Wellness Treatments That Target Insomnia And More</a></li>
</ul>
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A significant Ukrainian drone assault on Russia caused an <a href="https://www.benzinga.com/government/24/09/40888451/russia-to-expand-army-for-third-time-since-war-with-ukraine-began-defense-stocks-rtx-northrop-grumma">earthquake-sized eruption</a> at a major arsenal in the Tver region on Wednesday, forcing citizens in the city of Toropets to evacuate, according to reports from war bloggers and some media.
Unverified video and images on social media showed a huge ball of flame rising into the night sky and numerous explosion detonations tearing across a lake about 240 miles west of Moscow, Reuters reported.
NASA satellites registered intense heat sources coming from an area of about five square miles at the site in the early hours. Earthquake monitoring stations picked up the attack as a small earthquake&nbsp;in the area.
&#8220;The enemy hit an ammunition depot in the area of Toropets,&#8221; said Yuri Podolyaka, a Ukrainian-born, pro-Russian military blogger. &#8220;Everything that can burn is already burning there (and exploding).&#8221;
Read Also: <a href="http://US And Allies Worried Amid Reports Of Russia Potentially Sharing Nuclear Secrets With Iran">US And Allies Worried Amid Reports Of Russia Potentially Sharing Nuclear Secrets With Iran</a>
Ukrainian President Volodymyr Zelenskyy, speaking in his nightly video address, praised the attack without mentioning the target.
&#8220;A very important result was achieved last night on Russian territory and such actions weaken the enemy,&#8221; Zelenskyy said. &#8220;I thank everyone involved. Such precision is truly inspiring.&#8221;
A source in Ukraine&#8217;s SBU state security service told Reuters earlier that the drone attack had destroyed&nbsp;a warehouse storing missiles, guided bombs and artillery ammunition.
Igor Rudenya, governor of the Tver region, said Ukrainian drones had been shot down, a fire had broken out and some residents were being evacuated. He did not say what was burning, Reuters reported.
The size of the main blast shown in the unverified social media video was consistent with 200 to 240 tons of high explosives detonating, said George William Herbert of the Middlebury Institute of International Studies at Monterey in California.
Some war bloggers asked how drones could trigger such large blasts at what was thought to be a highly fortified facility.
Price Action: Defense contractors saw gains and losses by the end of Wednesday&#8217;s trading day.
<ul>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) slipped 0.44% to $302.52</li>
<li>Northrop Grumman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) rose 0.2% to $521.77</li>
<li>TransDigm Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDG#NYSE">TDG</a>) declined 0.12% to $1,273.80</li>
</ul>
Exchange-traded funds that hold defense stocks trended up and down.
<ul>
<li>IShares U.S. Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) rose 0.06%</li>
<li>Invesco Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>) fell 0.13%</li>
<li>SPDR S&amp;P Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XAR#NYSE">XAR</a>) declined 0.01%</li>
</ul>
Read Now:
<ul>
<li><a href="http://over-30-months-of-war-zelensky">Russia Launches &#8216;One Of The Heaviest Strikes&#8217; On Ukraine In Over 30 Months Of War: Zelensky</a></li>
</ul>
Photo: Shutterstock

Global

iShares Dow Jones US Aerospace & Defense Index Fund

Ukrainian Drone Attack Causes Earth-Rattling Blast In Russia's Tver Region

CTSH

mecwacare, Cognizant Embark On Multi-year Relationship To Launch Digital Transformation Program

This will result in Vistra being the sole owner of its Vistra Vision subsidiary, which includes its zero-carbon nuclear, energy storage, and solar generation assets, as well as its retail business.
The net present value of the purchase price as of&nbsp;Dec. 31, 2024, discounted at a&nbsp;6%&nbsp;interest rate, is&nbsp;$3.085 billion.
The agreement does not impact or change Vistra&#39;s capital allocation priorities. Vistra remains committed to its long-term net leverage target of less than 3x2. Vistra also continues to expect to execute at least&nbsp;$2.25 billion&nbsp;of share repurchases in 2024 and 2025 and at least&nbsp;$1 billion&nbsp;in 20263, as well as pay&nbsp;$300 million&nbsp;in aggregate common dividends in each year 2024-20263.
&nbsp;

Vistra Enters Deal With Nuveen Asset Management And Avenue Capital To Acquire Their Combined 15% Equity Interest In Vistra Vision LLC For Undiscounted Purchase Price Of $3.248B Cash, To Be Paid In Five Installments

BLMZ

BloomZ Gets Nasdaq Notification Letter That It Is Not In Compliance With Minimum Market Value Requirement

Core Scientific, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>) shares moved higher Wednesday as markets witnessed the first interest rate cut from the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Federal Reserve in four years. </a>
The Details: Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miner Core Scientific's stock has climbed more than 20% over the past five days, as investors anticipated an interest rate cut. 
The Federal Reserve announced a 50 basis points (bps) cut Wednesday, bringing the federal funds rate down to a range of 4.75%-5% and increasing the appeal of risk assets like stocks and cryptocurrencies. 
Core Scientific shares climbed throughout Wednesday's session and spiked to an intraday high of $12.48  just after the announcement from Fed Chairman Jerome Powell. 
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/09/40910569/nvidia-salesforce-announce-strategic-ai-collaboration-what-to-know">NVIDIA, Salesforce Announce Strategic AI Collaboration: What To Know</a>
Earlier this month, Core Scientific CEO Adam Sullivan shared plans with Bernstein analysts to <a href="https://www.benzinga.com/top-stories/24/09/40800336/core-scientific-aims-for-25-30-billion-valuation-with-ai-data-center-services-bernstein">significantly expand</a> the company's AI data center services, potentially boosting its valuation to a range of $25 billion to $30 billion.&nbsp;
According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Core Scientific shares are trading above the stock&#8217;s 50-day moving average of $10.05 and just under its 52-week high of $12.25.&nbsp;
CORZ Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Core Scientific shares ended Wednesday's session up 4.79% at $12.03.&nbsp;
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40904271/whats-going-on-with-amazon-stock">What&#8217;s Going On With Amazon Stock?</a></li>
</ul>
Photo: Shutterstock

Movers

Core Scientific, Inc. - Class A Common Stock

CORZ

What Happened With Bitcoin Miner Core Scientific's Stock Today?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares are moving higher Wednesday. Here&#8217;s <a href="https://www.benzinga.com/news/24/09/40917539/while-apple-abandoned-its-car-project-after-pouring-1b-into-it-its-key-supplier-foxconn-is-now-colla">what you need to know.</a>
What To Know: In significant economic development, the Federal Reserve instituted a<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down"> 50 basis points cut</a>, bringing the federal funds rate to 4.75%–5%. This unexpected move, marking the first rate reduction in more than four years, reflects the Fed&#8217;s greater confidence in managing inflation. 
The Fed also revised its economic growth forecast for 2024 down to 2%. Inflation projections for the same year were also lowered, while unemployment rates were revised upward through 2026.
Future Rate Path: The updated Dot Plot suggests another 50 basis points in cuts in 2024 and an additional 100 basis points by the end of 2025, highlighting a more aggressive easing approach compared to previous projections. This outlook signals a significant shift from the Fed's earlier stance and impacts projections for economic metrics over the next few years.
See Also:<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40927293/powell-defends-0-5-interest-rate-drop-as-right-thing-for-the-economy-doubles-down"> Powell Defends 0.5% Interest Rate Drop As &#8216;Right Thing For The Economy,&#8217; Doubles Down On Fed&#8217;s Cautious, Data-Driven Approach</a>
What Else: The company formerly abandoned its electric vehicle (EV) project after significant investments. In contrast, its key supplier Hon Hai Precision Industry Co Ltd &#8211; ADR, also known as Foxconn, (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) is advancing in the EV market. Foxconn, collaborating with Sharp, recently unveiled the LDK+ electric vehicle prototype. Designed with a room-like interior, the LDK+ aims to serve as a personal space, highlighting the evolving role of vehicles in the autonomous driving era.
Foxconn demonstrated strategic acumen by focusing on modular EV platforms that allow for cost-efficient, unique model creation. The company has also approved a $246 million investment in Northern Vietnam for manufacturing EV parts, with operations expected to start in January 2025. This investment underscores Foxconn's commitment to enhancing its production capabilities and positioning itself as a notable player in the EV industry.
AAPL Price Action: Apple shares closed Wednesday up 1.80% at $220.69, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="548" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-1024x548.png" alt="" class="wp-image-554734" style="width:482px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-1024x548.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1-768x411.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18141238/AAPL-1.png 1078w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40925721/crowdstrike-launches-ai-security-posture-management-to-enhance-cloud-protection">CrowdStrike Launches AI Security Posture Management To Enhance Cloud Protection</a></li>
</ul>
Photo: Courtesy Apple Inc.

After-Hours Center

HNHPF

Apple Shares Are Trading Higher Today: What You Need To Know

INCY

SNDX

Incyte, Syndax Report Publication Of Data From Pivotal AGAVE-201 Trial Of Niktimvo; Trial Met The Primary Endpoint Across All Cohorts

Northrop Grumman Says B-21 Raider Program Is Making Progress As The Team Executes Flight Test Campaign And Scales Into Production

Guidance

SANG

Sangoma Expects FY25 Revenue Of $250M - $260M; Q1 Revenue Of $61M - $62M

Cryptocurrency markets are trading relatively flat after the <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">Federal Reserve announced a 50-basis-point interest rate cut</a>, making risk assets more attractive.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$60,376.37</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$2,322.72</td>
<td>-1.3%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$130.3</td>
<td>-1.7%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.101</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001334</td>
<td>-0.04%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows an 8% decline in large transaction volume and a 4% increase in daily active addresses. Transactions greater than $100,000 increased from 7,579 to 8,280 in single day. Exchanges netflows narrowed by 238%.</li>
<li>Coinglass data shows 56,823 traders were liquidated in the past 24 hours for $124 million.</li>
<li>HODL15Capital <a href="https://x.com/HODL15Capital/status/1836412436250865968">noted</a> that U.S. Bitcoin ETFs continue to buy more than 100% of newly mined BTC. The ETFs bought 2,921 Bitcoin yesterday vs. 450 mined.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40922909/revolut-plans-to-launch-stablecoin-crypto-is-part-of-our-belief-in-banking-without-borders">Revolut Plans To Launch Stablecoin: &#8216;Crypto Is Part Of Our Belief In Banking Without Borders&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913998/jamie-dimon-says-jpmorgan-is-likely-one-of-the-bigger-users-of-blockchain-technology-but-c">Jamie Dimon Says JPMorgan Is Likely &#8216;One Of The Bigger Users&#8217; Of Blockchain Technology, But Calls Cryptocurrencies A &#8216;Pet Rock&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40919168/ethereum-co-founder-says-donald-trump-is-certainly-the-favorite-over-kamala-harris-for-cry">Ethereum Co-Founder Says Donald Trump Is &#8216;Certainly The Favorite&#8217; Over Kamala Harris For Crypto</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40924865/hamster-kombat-to-launch-game-development-ecosystem-aiming-to-onboard-next-billion-into-we">Hamster Kombat To Launch Game Development Ecosystem, Aiming To Onboard &#8216;Next Billion&#8217; Into Web3</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913080/shiba-inu-team-says-launching-k9-finance-liquid-staking-on-shibarium-tomorrow-are-shib-bur">MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913080/shiba-inu-team-says-launching-k9-finance-liquid-staking-on-shibarium-tomorrow-are-shib-bur">Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?</a></li>
</ul>
Top Gainers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Nervos Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ckb/usd">CKB</a>)</td>
<td>$0.01754&nbsp;&nbsp;</td>
<td>+10%</td>
</tr>
<tr>
<td>Fantom (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ftm/usd">FTM</a>)</td>
<td>$0.6171</td>
<td>+8.2%</td>
</tr>
<tr>
<td>BinaryX (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BNX</a>)</td>
<td>$1.56</td>
<td>+7.8%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Crypto chart analyst Ali Martinez predicts that today's close above $61,500 "could signal the resumption of the bull market! Uptober."
<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"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> attempts to break through an important trend line. Closing today above $61,500 could signal the resumption of the bull market! <a href="https://twitter.com/hashtag/Uptober?src=hash&amp;ref_src=twsrc%5Etfw">#Uptober</a> &#x1f440; <a href="https://t.co/CU2a38Jsdh">pic.twitter.com/CU2a38Jsdh</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1836475047625560515?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Another trader Satoshi Flipper calls this FOMC decision bullish for risk assets like Bitcoin and crypto assets. He added that 50 basis points is more bullish than 25 basis points. He <a href="https://x.com/SatoshiFlipper/status/1836468861174198325">concluded</a>, "cost of borrowing just got even cheaper, hence companies will make more and have more capital available for investing in BTC/risk assets." &nbsp; Another crypto trader, More Crypto Online, predicts that a "break above yesterday&#8217;s high would open the door to $67,000." He <a href="https://x.com/Morecryptoonl/status/1836473875187560632">called</a> the price action a good reaction to the support zone and bulls need to hold above the trend channel for further upside momentum. &nbsp; Crypto Bully provided both long and short trade plans for Bitcoin. Suggesting how to trade, "Look for a retest with good volume to long towards $61,500 for a continuation long."</figcaption></figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Update: Both Long and short trade plans &#8211; Powell says that 50bps rate cuts should not be seen as the norm going forward, also says labor market bears close watching &#8211; BTC just following equities the entire day today. Open Interest up 4% since FOMC number release &#8211; Both… <a href="https://t.co/nchUhNYRWD">pic.twitter.com/nchUhNYRWD</a>
&mdash; Crypto Bully &#x1f525; (@BullyDCrypto) <a href="https://twitter.com/BullyDCrypto/status/1836479545697816826?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40908610/whale-games-bitcoin-trader-takes-11-6m-profit-but-guess-how-much-more-theyre-sitting-on">Whale Games: Bitcoin Trader Takes $11.6M Profit But Guess How Much More They&#8217;re Sitting On</a></li>
</ul>

$BNX

$CKB

$DOGE

$ETH

$FTM

$SHIB

$SOL

Bitcoin, Ethereum, Dogecoin Cheer Fed's Decision, Erase Early Losses: Close Above $61.5K Is 'Resumption Of Bull Market,' Says Trader

Sangoma Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANG#NASDAQ">SANG</a>) reported quarterly losses of $(0.05) per share which missed the analyst consensus estimate of $(0.03) by 66.67 percent. The company reported quarterly sales of $60.93 million which missed the analyst consensus estimate of $61.03 million by 0.16 percent. This is a 4.31 percent decrease over sales of $63.68 million the same period last year.

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