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Vice President Kamala Harris has unveiled a plan to support a cryptocurrency regulatory framework as part of her &#8220;Opportunity Agenda for Black Men,&#8221; signaling a potential shift in the <a href="https://www.benzinga.com/markets/cannabis/24/10/41314909/kamala-harris-unveils-policy-plan-for-black-men-focusing-on-economic-opportunity-health-cannabis">Democratic approach to digital assets</a>.
What Happened: The proposal, released less than a month before the presidential election, acknowledges the growing importance of cryptocurrencies among Black Americans. According to Harris&#8217; team, over 20% of Black Americans currently own or have previously owned crypto assets.
&#8220;Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services,&#8221; the campaign <a href="https://kamalaharris.com/agenda/">stated</a> in the plan.
Harris&#8217; proposal aims to ensure that &#8220;owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected.&#8221;
This move aligns with Harris&#8217; broader economic vision, which she outlined in an 80-page plan last month. In that document, she expressed <a href="https://www.benzinga.com/markets/24/10/41304996/kamala-harris-plans-to-boost-ai-and-crypto-sectors-if-she-wins-these-specific-stocks-could-benefit">support for innovative technologies</a> like AI and digital assets while emphasizing consumer and investor protection. 
It comes as <a href="https://www.benzinga.com/news/24/10/41306411/kamala-harris-leads-trump-but-most-americans-are-pessimistic-about-the-nations-direction-poll-shows">polls</a> between Harris and GOP candidate Donald Trump tighten and 66% of respondents in a CBS survey voice a pessimistic outlook for the country&#8217;s direction.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41307276/mark-cuban-questions-trumps-motive-behind-wlfi-token-sale-former-prez-failed-in-the-bitcoi" target="_blank" rel="noreferrer noopener">Mark Cuban Questions Trump&#8217;s Motive Behind WLFI Token Sale—Former Prez Failed In The ‘Bitcoin IQ Test,&#8217; Says Max Keiser</a>
Why It Matters: The proposal has faced criticism from some industry leaders. Cleve Mesidor, founder of the National Policy Network of Women of Color in Blockchain, expressed concern about the narrow focus on Black men and the framing of their role in the crypto space.
&#8220;It is perplexing that the Harris-Walz policy team opted not to meet with diverse leaders in crypto, but instead is rolling out a policy that narrowly frames crypto around Black men only and proposes a regulatory framework limiting Black men to consumers instead of producers,&#8221; Mesidor <a href="https://www.theblock.co/post/320930/vice-president-kamala-harris-vows-to-support-a-crypto-regulatory-framework-in-plan-to-support-black-men?utm_source=twitter&amp;utm_medium=social">told</a> The Block.
As the election approaches, Harris&#8217; stance on crypto regulation could become a key differentiator in the race, especially given Trump&#8217;s pledge to end what he calls an &#8220;unlawful and un-American crackdown&#8221; on the U.S. crypto industry.
Harris&#8217; initiative comes at a crucial time as the 2024 presidential election looms. Her campaign has received significant support from the crypto community, including a $1 million donation in XRP from <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297899/kamala-harris-receives-1-million-in-xrp-from-ripple-co-founder-chris-larsen">Ripple co-founder Chris Larsen</a>. 
The election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market. As Bitcoin remains stable despite the election&#8217;s proximity, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41313912/harris-or-trump-bitcoin-to-be-in-win-win-position-irrespective-of-who-wins-the-white-house">several analysts</a> are predicting an imminent uptrend regardless of the outcome.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be">Mark Cuban To Replace Gary Gensler Under Harris Administration? &#8216;If Asked, I Would Want to Be Interviewed,&#8217; Former Mavs Owner Says</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

News

Kamala Harris Unveils Crypto Regulatory Framework As Part Of Outreach Toward Black Male Voters, But Not Everyone's Convinced

Streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) has gotten price target increases from analysts thanks to ad-supported strength and pending pricing increases, with the upcoming catalyst of third-quarter <a href="https://www.benzinga.com/earnings">financial results coming Thursday</a>
 The Netflix Analysts: Goldman Sachs analyst Eric Sheridan reiterated a Neutral rating and raised the price target from $659 to $709.
Macquarie analyst Tim Nollen reiterated an Outperform rating and raised the price target from $695 to $795.
Read Also: <a href="https://www.benzinga.com/general/entertainment/24/10/41292381/netflix-launches-live-weekly-talk-show-with-john-mulaney-streamer-continues-push-for-live-c">Netflix Launches Live Weekly Talk Show With John Mulaney: Streamer Continues Push For Live Content</a>
Goldman Sachs on NFLX: Ad-supporting initiatives and a new pricing strategy will impact average revenue per member for Netflix moving forward, Sheridan said in a new investor note.
"On the back of their last earnings report, the shares had an initial negative reaction but have since produced such outperformance on the back of a few key themes," Sheridan said.
The analyst said Netflix&#8217;s market leadership in streaming, increasing progress on the ad-supported tier, and focus on profits over growth are key factors that have helped its stock climb since its second-quarter financial results.
Sheridan added that price increases over the next year and subscriber growth remain two key debates among investors regarding Netflix stock.
"We increase our net add assumptions in all markets to reflect solid third-party data trends."
The Neutral rating comes with Netflix shares up over 45% year-to-date, outperforming the 20% gain of the S&amp;P 500. The analyst said Netflix stock trades with "a host of positive operating cadence in 2025 and 2026 at current levels."
Macquarie on NFLX: Nollen is bearish on traditional media stocks and has Outperform ratings on several streaming pure plays, including Netflix.
"Netflix has continued to power ahead, in anticipation of a possible price increase in the U.S.," Nollen said.
The analyst said positive updates on the company's ad-supported tier and enthusiasm for live sports are also helping the company for the near-term outlook.
"Ad tech integrations and the construction of an in-house data stack and audience graph should produce good advertising growth over the next two years, if not immediately."
Advertising monetization could take time, the analyst cautions.
Nollen said a pricing increase could be one of the company's biggest catalysts. The last price increase on the standard plan came in January 2022, and Hulu and Max are now more expensive than Netflix's standard plan.
"We think Netflix boasts strong pricing power."
NFLX Price Action: Netflix stock is down 1.5% to $711.86 on Monday, versus a 52-week trading range of $344.73 to $736.00. Netflix stock is up 52.7% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235640/netflix-to-become-default-choice-for-tv-movies-analyst-predicts-more-live-sports-pr">Netflix To Become &#8216;Default Choice&#8217; For TV, Movies? Analyst Predicts More Live Sports, Price Increases</a></li>
</ul>
Image via Pixabay

Analyst Color

Entertainment

Price Target

Previews

Analyst Ratings

NFLX

Netflix Set To Capitalize On Ad-Supported Tier, Price Increase: Analyst Says Streamer 'Boasts Pricing Power' Ahead Of Q3 Earnings

WIIM

AFRM

Affirm Holdings shares are trading higher after Wedbush upgraded the stock from Underperform to Neutral and raised the price target from $25 to $45.

In the current session, the stock is trading at $73.12, after a 0.38% spike. Over the past month, Mueller Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLI#NYSE">MLI</a>) stock increased by 3.33%, and in the past year, by 96.92%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1728930621_0.png" alt="Past Year Chart" />

<h3>Evaluating Mueller Industries P/E in Comparison to Its Peers</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Mueller Industries has a lower P/E than the aggregate P/E of 30.25 of the Machinery industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1728930621_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

Markets

A Look Into Mueller Industries Inc's Price Over Earnings

The latest figures from Circana reveal a dip in U.S. video game spending for August 2024, with total expenditure dropping 7% year-on-year to <a href="https://www.benzinga.com/general/gaming">$4.1 billion. </a>
Hardware sales fell by 36%, down to $208 million, compared to August 2023. This decline was most pronounced for Nintendo ADR&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) Nintendo Switch, which saw a 41% drop in sales, GamesIndustry.biz <a href="https://www.gamesindustry.biz/august-spending-drops-7-to-41bn-despite-madden-and-mobile-success-us-monthly-charts">reported.</a>
See Also: <a href="https://www.benzinga.com/general/gaming/24/10/41318405/microsoft-to-test-cloud-gaming-for-owned-xbox-games-in-november-report">Microsoft To Test Cloud Gaming For Owned Xbox Games In November: Report</a>
Despite the downturn in hardware spending, Sony Group Corp.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) PlayStation 5 continued to hold its position as the bestselling console for the month.
<h1 class="wp-block-heading">Video Game Content Spending Declines, But Mobile Shows Growth</h1>
Overall video game content spending, which includes physical and digital game sales, microtransactions, DLC and subscriptions, dropped by 5% to $3.7 billion.
While this decline affected multiple platforms, there was a bright spot: mobile content spending grew by 5%, according to data from Sensor Tower. 
<h1 class="wp-block-heading">Madden NFL 25 Tops The Charts, EA Continues Its Dominance</h1>
August saw the release of Electronic Arts Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) Madden NFL 25, which claimed the top spot as the best-selling game for the month. This marks the 25th consecutive year that a Madden title has achieved the highest sales in its debut month.
EA Sports College Football 25, which was last month's No.1, slipped to second place but maintained its position as the top-selling game of the year so far, surpassing Helldivers 2. Interestingly, the EA Sports MVP Bundle, featuring deluxe editions of both College Football and Madden, also made its mark, landing as the fifth biggest seller of the year and the fourth highest in August.
<h1 class="wp-block-heading">New Releases Make Strong Debuts</h1>
Three other new releases made impressive entries into the top 20 for August. Ubisoft Entertainment SA's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) Star Wars: Outlaws debuted at No.3, signaling strong interest in the long-awaited open-world title. 
Square Enix Holdings Co.'s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SQNXF#OTC">SQNXF</a>) Visions of Mana landed at No.10, while Bandai Namco Holdings ADR's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NCBDY#OTC">NCBDY</a>) Gundam Breaker 4 secured the 11th spot.
<h1 class="wp-block-heading">Stable Year-To-Date Spending Despite August Declines</h1>
Despite the August dip, the U.S. games market remains stable for the year overall. Year-to-date spending reached $36.3 billion, a 1% increase compared to the same period in 2023.
While hardware sales continue to struggle, dropping 28% to $2.3 billion, video game content spending has risen by 4% to $32.3 billion, highlighting the continued demand for digital entertainment and services.
<h1 class="wp-block-heading">Top-Selling Games Of August 2024</h1>
Here's the list of the top 20 selling games for August, according to Circana:
<ol>
<li>Madden NFL 25</li>
<li>EA Sports College Football</li>
<li>Star Wars: Outlaws</li>
<li>EA Sports MVP Bundle</li>
<li>Elden Ring</li>
<li>Hogwarts Legacy</li>
<li>Minecraft</li>
<li>Call of Duty: Modern Warfare 3</li>
<li>Marvel's Spider-Man 2</li>
<li>Visions of Mana</li>
<li>Gundam Breaker 4</li>
<li>The Elder Scrolls Online</li>
<li>Helldivers 2</li>
<li>Mario Kart 8</li>
<li>Ghost of Tsushima</li>
<li>Sea of Thieves</li>
<li>MLB The Show 24</li>
<li>Forza Horizon 5</li>
<li>Gran Turismo 7</li>
<li>EA Sports FC 24</li>
</ol>
Read Next: • <a href="https://www.benzinga.com/general/gaming/24/10/41277228/playstation-plus-october-2024-dead-island-2-leads-spooky-lineup-of-14-games">PlayStation Plus October 2024: Dead Island 2 Leads Spooky Lineup Of 14 Games</a>
Photo: Shutterstock.

Gaming

General

NCBDY

NTDOY

Sony Group Corporation American Depositary Shares

SONY

SQNXF

UBSFF

US Gaming Market Sees 7% Spending Decline In August: Madden NFL 25 Debut A Bright Spot

CoStar Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) has outperformed the market over the past 10 years by 6.27% on an annualized basis producing an average annual return of 17.91%. Currently, CoStar Gr has a market capitalization of $31.29 billion. 
Buying $1000 In CSGP: If an investor had bought $1000 of CSGP stock 10 years ago, it would be worth $5,373.61 today based on a price of $76.35 for CSGP at the time of writing.
<h3>CoStar Gr's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728930614_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

CSGP

Here's How Much $1000 Invested In CoStar Gr 10 Years Ago Would Be Worth Today

Nutanix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) has outperformed the market over the past 5 years by 5.62% on an annualized basis producing an average annual return of 20.03%. Currently, Nutanix has a market capitalization of $17.38 billion. 
Buying $100 In NTNX: If an investor had bought $100 of NTNX stock 5 years ago, it would be worth $243.39 today based on a price of $65.55 for NTNX at the time of writing.
<h3>Nutanix's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728930609_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

NTNX

$100 Invested In Nutanix 5 Years Ago Would Be Worth This Much Today

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) will likely report a third-quarter topline of $23.096 billion (versus $17.280 billion a year ago) and adjusted EPS of $1.80 on Thursday, according to analyst consensus estimates.
The 34% revenue growth comes from the continued artificial intelligence frenzy and as countries remain engaged in consolidating their semiconductor base to reduce dependence on Asian countries like China. TSMC has guided for revenue of <a href="https://www.benzinga.com/markets/equities/24/10/41248508/why-nvidia-apple-chip-supplier-tsmc-is-rallying-in-wednesdays-premarket" target="_blank" rel="noreferrer noopener">$22.4 billion-$23.2 billion</a>. 
Last week, the company reported September topline growth of 39.6% to 251.87 billion Taiwanese dollars ($7.82 billion).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235547/nvidia-amd-lead-the-pack-broadcom-stable-intel-falters-analysts-latest-take" rel="noreferrer noopener">Nvidia, AMD Lead The Pack, Broadcom Stable, Intel Falters: Analyst&#8217;s Latest Take</a>
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6.png" alt="" class="wp-image-593257" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14035831/newplot-6-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Taiwan Semiconductor stock is up over 109% in the last 12 months. Global funds&nbsp;injected $29.5 billion of capital into the Taiwan Stock Exchange between January and September on a net basis despite selling $16.9 billion of shares, implying ample cash for investment in the stocks, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-07/global-investors-are-hoarding-cash-to-bet-on-taiwan-ai-return?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
TSMC is a prime Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) chip supplier, and it remains invested in its geographical diversification, including&nbsp;the U.S., Japan, and Germany, signaling continued demand for its AI chips.
Taiwan Semiconductor has already earmarked over $65 billion for three plants in Arizona, U.S. The contract chipmaker is eying more AI chip plants in Europe, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-13/tsmc-plans-more-chip-plants-in-europe-taiwan-official-says?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">cites</a> from Taiwan&#8217;s National Science and Technology Council Minister&nbsp;Wu Cheng-wen interview.
Wu told Bloomberg that the AI market, including chips for Nvidia and&nbsp;Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), will be the most essential segment. He also hinted at the possible evaluation of expansion strategies in Europe.
Price Action: TSM stock is up 0.87% at $192.47 at the last check on Monday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41236938/apple-iphone-16-pro-boosts-sales-but-base-models-lag-analyst-says" target="_blank" rel="noreferrer noopener">Apple iPhone 16 Pro Boosts Sales, But Base Models Lag, Analyst Says</a></li>
</ul>
Image via Shutterstock

Emerging Markets

Tech

Media

AAPL

NVDA

Taiwan Semiconductor Eyes $23B in Q3 Revenue as AI Demand Soars

BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) reported better-than-expected<a href="https://www.benzinga.com/quote/BLK/earnings"> third-quarter results on Friday</a>.
Revenue growth of 15% Y/Y to $5.197 billion, beating the consensus of $5.007 billion. Adjusted EPS increased 5% Y/Y to $11.46, beating the consensus of $10.38.
Laurence D. Fink, Chairman and CEO, said, "Through coordinated investments and initiatives, we are evolving our private markets capabilities to best serve our clients. We're already seeing the power of BlackRock and GIP together as we drive access to the enormous investment potential of infrastructure, especially to support AI innovation."
BlackRock shares gained 0.3% to trade at $993.33 on Monday.
These analysts made changes to their price targets on BlackRock following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ca96e2b85e930001f446d3/michael-cyprys">Morgan Stanley analyst Mike Cyprys</a> maintained BlackRock with an Overweight and raised the price target from $1,150 to $1,245.</li>
<li>Evercore ISI Group analyst Glenn Schorr maintained BlackRock with an Outperform and raised the price target from $995 to $1,040.</li>
<li>Barclays analyst Benjamin Budish maintained the stock with an Overweight and increased the price target from $1,010 to $1,120..</li>
</ul>
Considering buying BLK stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-1024x512.png" alt="" class="wp-image-594588" style="width:632px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141916/image-104.png 1337w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

Earnings

BlackRock Analysts Boost Their Forecasts Following Strong Q3 Earnings

The Bank Of New York Mellon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) posted better-than-expected <a href="https://www.benzinga.com/quote/BK/earnings">third-quarter results on Friday</a>.
The finance behemoth reported third-quarter adjusted earnings per share of $1.52 (+20% YoY), beating the street view of $1.42. Quarterly revenue of $4.648 billion, an increase of 5% year-over-year, surpassed the analyst consensus of $4.542 billion.
"BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution against our strategic priorities, with assets under custody and/or administration exceeding $50 trillion for the first time," commented Robin Vince, President and Chief Executive Officer.
BNY shares gained 2.2% to trade at $75.78 on Monday.
These analysts made changes to their price targets on Bank Of New York Mellon following earnings announcement.
<ul>
<li>Evercore ISI Group analyst Glenn Schorr maintained Bank of New York Mellon with an In-Line rating and raised the price target from $66 to $77.</li>
<li>Wells Fargo analyst Whit Mayo maintained the stock with an Equal-Weight rating and raised the price target from $69 to $79.</li>
<li>Barclays analyst Jason Goldberg maintained Bank of New York Mellon with an Overweight and boosted the price target from $75 to $86.</li>
</ul>
Considering buying BK stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="502" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-1024x502.png" alt="" class="wp-image-594581" style="width:492px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-1024x502.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14141417/image-103.png 1348w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

Bank of New York Mellon Analysts Increase Their Forecasts After Upbeat Earnings

Johnson Controls Intl's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>) short percent of float has risen 6.63% since its last report. The company recently reported that it has 10.51 million shares sold short, which is 1.77% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.23 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Johnson Controls Intl Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929724_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Johnson Controls Intl has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Johnson Controls Intl's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Johnson Controls Intl's peer group average for short interest as a percentage of float is 3.99%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into Johnson Controls Intl's Recent Short Interest

Aon's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) short percent of float has risen 7.07% since its last report. The company recently reported that it has 4.56 million shares sold short, which is 2.12% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.68 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Aon Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929719_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Aon has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Aon's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Aon's peer group average for short interest as a percentage of float is 3.38%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(AON) - Analyzing Aon's Short Interest

West Pharmaceutical Servs's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>) short percent of float has fallen 7.45% since its last report. The company recently reported that it has 1.44 million shares sold short, which is 2.61% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.18 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>West Pharmaceutical Servs Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728929714_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for West Pharmaceutical Servs has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing West Pharmaceutical Servs's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, West Pharmaceutical Servs's peer group average for short interest as a percentage of float is 5.43%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(WST) - Analyzing West Pharmaceutical Servs's Short Interest

The cannabis industry&#8217;s financial health and future were at the forefront of conversations during the <a href="https://www.benzinga.com/events/">Benzinga Cannabis Capital Conference.</a> Beau Whitney, founder and chief economist at Whitney Economics, <a href="https://www.linkedin.com/feed/update/urn:li:activity:7249905219726143488">shared his insights</a> on the growing significance of debt financing in the cannabis space and his analysis of the industry&#8217;s overall financial health.
<h3 class="wp-block-heading">Debt Financing: A Growing Focus</h3>
Whitney highlighted the increasing reliance on debt as the primary means of financing within the cannabis sector. "There's a lot of debt versus equity. A lot of debt right now. It's heavy on the debt side," he noted, indicating that the trend toward debt-based financing has become more prominent.
Whitney presented during the conference, offering data on how much debt is necessary to finance the cannabis industry through 2035. "This puts a number on the amount of investment opportunity that there is," Whitney said, emphasizing the importance of understanding the scale of financial requirements for the industry's future growth. He believes this analysis is of value to the attendees, many of whom are investment and business leaders in the cannabis space.
<h3 class="wp-block-heading">Cannabis Industry Financial Health</h3>
Whitney also shared findings from a recent report published by Whitney Economics, focusing on the cash flow challenges facing many operators. "A lot of the cannabis operators are tight on cash flow and almost negative. Only 27.3% of the survey respondents said they were profitable," he explained. The data paints a stark picture of many businesses&#8217; difficulties, though Whitney pointed out that there are glimmers of hope. "A larger number are breaking even. And so hooray, but still."
This report, which closely examines cash flow, delinquent payments, and regulatory issues, serves as a barometer of the cannabis industry&#8217;s financial health. Whitney's assessment offers a sobering view of the challenges cannabis companies are facing in the current market environment.
<h3 class="wp-block-heading">Expanding Global Insights</h3>
In addition to his U.S.-focused analysis, Whitney is expanding his research to global markets. "I have a presence globally. And so now I'm starting to expand that analysis to the European, South American, and African markets," Whitney said. 
He aims to build upon the foundation he has developed over the past decade in the U.S. and apply the same methodologies to assess the health of cannabis markets internationally.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Don&#8217;t miss your chance to be part of Cannabis Market Spotlight: California in Anaheim on Nov. 12. Whether you&#8217;re looking to connect with industry leaders, explore investment opportunities, or gain the latest insights into California&#8217;s market, this event has it all. <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/" target="_blank" rel="noreferrer noopener">Secure your spot today!</a>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our&nbsp;newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
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ADBE

Adobe shares are trading higher after the company revealed launches at the Adobe MAX 2024 event.

Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported better-than-expected earnings for its<a href="https://www.benzinga.com/quote/WFC/earnings"> third quarter on Friday</a>.
It reported a GAAP EPS of $1.42, beating the consensus of $1.28. Revenue fell 2% to $20.37 billion. Analysts expected $20.41 billion.
CEO Charlie Scharf commented, "Our earnings profile is very different than it was five years ago as we have been making strategic investments in many of our businesses and de-emphasizing or selling others. Our revenue sources are more diverse and fee-based revenue grew 16% during the first nine months of the year, largely offsetting net interest income headwinds. We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control environment appropriate for a bank of our size and complexity."
For fiscal year 2024, Wells Fargo expects net interest income to be down around 9% from the 2023 level of $52.4 billion, compared to prior guidance of roughly 7% to 9% lower.
Wells Fargo shares gained 2.6% to trade at $62.54 on Monday.
These analysts made changes to their price targets on Wells Fargo following earnings announcement.
<ul>
<li>E<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f614b70bd9910001a77ae8/john-pancari">vercore ISI Group analyst John Pancari </a>maintained Wells Fargo with an Outperform and raised the price target from $68 to $71.</li>
<li>Piper Sandler analyst Scott Siefers maintained Wells Fargo with a Neutral and raised the price target from $60 to $62.</li>
<li>RBC Capital analyst Gerard Cassidy reiterated Wells Fargo with a Sector Perform and maintained a $61 price target.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-1024x512.png" alt="" class="wp-image-594568" style="width:538px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140814/image-102.png 1333w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41312982/this-caterpillar-analyst-turns-bearish-here-are-top-5-downgrades-for-monday">This Caterpillar Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday</a></li>
</ul>

These Analysts Increase Their Forecasts On Wells Fargo After Better-Than-Expected Q3 Earnings

Both the S&amp;P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key <a href="https://www.benzinga.com/earnings">corporate earnings reports </a>later this week.
The S&amp;P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41314387/most-widely-hated-bull-market-reaches-2-year-milestone-top-20-s-p-500-stocks-drivin">the bull market&#8217;s start.</a>
However, the Nasdaq 100 is still lagging. It gained 0.7% on the day but remains about 1% below its all-time high set on July 10.
Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.
Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.
Commodities were the weakest asset class, weighed down by uncertainty over China&#8217;s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC&#8217;s weakening demand outlook dampened sentiment.
Chinese equities, tracked by the iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>), declined 1.1%.
In the crypto space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,857.62</td>
<td>0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,409.65</td>
<td>0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,245.80</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,027.29</td>
<td>0.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.7% to $583.72.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $430.59.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 0.8% to $497.15.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.6% to $222.52.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XKE#NYSE">XKE</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.</li>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75. </li>
<li>SoFi Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.</li>
<li>Upstart Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.</li>
<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) and MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) rallied 7.7%, 7.3% and 5.4%, respectively, on the heels of Bitcoin&#8217;s rally. </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41302909/18-stocks-to-buy-7-to-sell-this-earnings-season-goldman-sachs-calls-it-the-year-of-the-stock-picker">18 Stocks To Buy, 7 To Sell This Earnings Season: Goldman Sachs Calls It &#8216;The Year Of The Stock Picker&#8217;</a></li>
</ul>
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Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Economics

ETFs

$BTC

CLSK

COIN

SPDR Dow Jones Industrial Average ETF Trust

MARA

MCHI

SOFI

UPST

Select Sector SPDR-Consumer Discretionary

S&P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin's Rally Lifts Crypto Stocks: What's Driving Markets Monday?

On Monday, Hologic Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>) agreed to acquire&nbsp;&nbsp;Gynesonics, Inc. for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41310959/hologic-to-acquire-gynesonics-developer-of-minimally-invasive-solutions-for-womens-health" rel="noreferrer noopener">approximately $350 million</a>.
Gynesonics is a privately held medical device company that develops minimally invasive solutions for women&#8217;s health.
California-based Gynesonics develops and sells the Sonata System, a technology intended for diagnostic intrauterine imaging and transcervical treatment of certain symptomatic uterine fibroids, including those associated with heavy menstrual bleeding.
The Sonata System combines real-time intrauterine ultrasound guidance with targeted radiofrequency ablation in an incisionless procedure.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39534064/womens-health-focused-hologic-has-significant-capacity-for-expansion-via-m-a-bullis" rel="noreferrer noopener">Women&#8217;s Health-Focused Hologic Has Significant Capacity For Expansion Via M&amp;A, Bullish Analyst Says</a>.
William Blair writes that Sonata System&#8217;s approach differs from Hologic&#8217;s Acessa device/ procedure, which delivers imaging and radiofrequency heat through two small abdominal incisions.
Hologic&#8217;s MyoSure device/procedure is also a solution for fibroid removal, though this is done through tissue removal rather than tissue ablation. &#8220;We believe that while there could become overlap amongst these products, having different solutions in Hologic&#8217;s product suite should allow for greater adoption,&#8221; the analyst writes.
Given the target&#8217;s profile, William Blair analyst says it is unlikely that the deal will significantly impact Hologic&#8217;s objective of maintaining operating margins in the low-30% range.
Hologic is scheduled to report fiscal fourth-quarter<a target="_blank" href="https://www.benzinga.com//node/41183593" rel="noreferrer noopener"> earnings in early November.</a>
As per data from Benzinga Pro, analysts expect adjusted EPS of $1.01 and <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">revenues of $977.05 million</a>.
The analyst adds that revenue and earnings forecasts and consensus estimates have decreased in the past month as the company signals a more cautious stance on non-core elements like net interest expense.
The company is well-positioned to achieve mid-single-digit organic revenue growth, with earnings growth projected to outpace that in the high-single- to low-double-digit percentage range over time.
Several factors could drive earnings within this expected range, and shares are trading at a fair multiple of just under 19 times 2025 earnings.
The analyst reiterates <a target="_blank" href="https://www.benzinga.com/quote/HOLX/analyst-ratings" rel="noreferrer noopener">the Outperform rating</a>.
Price Action: HOLX stock is up 1.54% at $81.04 at last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317937/qualcomm-set-for-50-surge-in-snapdragon-8-gen-4-shipments-by-late-2024-analyst-pred" target="_blank" rel="noreferrer noopener">Qualcomm Set For 50% Surge In Snapdragon 8 Gen 4 Shipments By Late 2024, Analyst Predicts</a>.</li>
</ul>

Health Care

Reiteration

HOLX

Hologic Adds Gynesonics' Sonata System In $350M Acquisition To Boost Fibroid Treatments

Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) added large-scale layoffs to its list of troubles in 2024 as the company faces an ongoing strike of its unionized factory workers, government investigations, executive churn and <a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees">mounting financial losses.&nbsp;</a>
Boeing To Cut 17,000 Jobs: The aerospace giant announced Friday a 10% workforce reduction of approximately 17,000 jobs in an effort to <a href="https://www.benzinga.com/pressreleases/24/10/n41299056/boeing-ceo-message-to-employees-on-positioning-for-the-future">stem financial losses</a> related to production delays and its ongoing factory workers strike. Boeing CEO Kelly Ortberg said the layoffs would affect executives, managers and employees.&nbsp;
"We know these decisions will cause difficulty for you, your families and our team, and I sincerely wish we could avoid taking them. However, the state of our business and our future recovery require tough actions," Ortberg wrote in a message to employees.&nbsp;
According to a Reuters report, Boeing planned a series of internal meetings this week to flesh out its workforce reduction plan. The reductions may include involuntary cuts in order to better manage costs and impacts, industry sources said.
Read Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41312047/jim-cramer-is-worried-about-this-plane-maker-says-palo-alto-is-a-good-one">Jim Cramer Is Worried About This Plane Maker, Says Palo Alto Is A &#8216;Good&#8217; One</a>
Ongoing Boeing Strike: Approximately 33,000 Boeing factory workers remain on strike after aircraft assembly workers rejected a new contract offer and <a href="https://www.benzinga.com/news/24/09/40853982/boeings-stock-falls-as-33-000-aircraft-assembly-workers-strike">walked off the job </a>on Sept. 13. Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day strike would cost the struggling aerospace giant $1.5 billion, and the strike has <a href="https://www.benzinga.com/startups/24/09/40960505/boeing-in-a-death-spiral-of-their-own-making-according-to-a-consultant-as-employees-already-have-a-d">now passed </a>the 30-day mark.&nbsp;
Last week, S&amp;P Global Ratings placed Boeing&#8217;s "BBB" issuer <a href="https://www.benzinga.com/markets/equities/24/10/41244830/boeings-credit-rating-on-negative-watch-by-s-p-as-machinist-strike-enters-4th-week">credit rating</a> and senior unsecured debt ratings on CreditWatch with negative implications. The rating agency pointed to the ongoing strike which could cost the company about $10 billion in 2024 if it continues through the fourth quarter.
Boeing&#8217;s Safety Concerns: Boeing began 2024 with a critical safety incident when a 737 MAX door plug blew out midair, injuring several passengers and forcing an emergency landing of the aircraft. The incident led to the grounding of Boeing&#8217;s 737 fleet and increased oversight of the company. A National Transportation Safety Board (NTSB) investigation and Federal Aviation Administration (FAA) audit also found multiple instances of non-compliance with Boeing&#8217;s manufacturing process control, parts handling and storage and product control.
In July, the U.S. Department of Justice (DOJ) and Boeing finalized a plea agreement in a case related to two fatal MAX plane crashes in 2018 and 2019. Boeing pleaded guilty to conspiracy to defraud the U.S. and was fined $243.6 million. Boeing is also serving a three-year term of organizational probation and investing $455 million in compliance, quality and safety programs.
Earlier this month, Sens. Elizabeth Warren of Massachusetts and Richard Blumenthal of Connecticut sent a letter to Attorney General Merrick Garland pressing the DOJ to criminally prosecute Boeing executives for not doing enough to ensure passenger safety.
Most recently, the FAA <a href="https://www.benzinga.com/markets/equities/24/10/41236652/boeing-hit-with-737-safety-alert-issues-deliveries-warning-as-strike-continues">issued an alert</a> last Monday for operators of Boeing 737 airplanes that the rudder system could jam due to a faulty part supplied by Rtx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>).
Boeing Q3 Preview: On Friday, Boeing said it will recognize impacts to its <a href="https://www.benzinga.com/pressreleases/24/10/n41299059/boeing-reports-preliminary-third-quarter-results">third-quarter financial results</a> related to charges for programs across its Commercial Airplanes and Defense, Space &amp; Security segments and the ongoing assembly workers strike.&nbsp;
The company anticipates pre-tax earnings charges of $3 billion on the 777X and 767 programs in the Commercial Airplanes segment and expects pre-tax earnings charges of $2 billion on the T-7A, KC-46A, Commercial Crew and MQ-25 programs in the Defense, Space &amp; Security segment.&nbsp;
Boeing expects to report third-quarter revenue of $17.8 billion, GAAP loss per share of $9.97 and negative operating cash flow of $1.3 billion.
Boeing Analysts Weigh In: Goldman Sachs analyst Noah Poponak maintained a Buy rating on Boeing stock and lowered the price target from $202 to $200 following the company&#8217;s preliminary third-quarter results. 
The firm highlighted Boeing's better-than-expected cash flow for the quarter and the company's cost reduction plans. Goldman Sachs estimated Boeing's labor to be 15% of total cost following workforce reductions, which the analyst said could partially offset margin shortfalls elsewhere in its business.&nbsp;
Wall Street analysts and investors will be closely watching when Boeing reports its third-quarter results on Wednesday, Oct. 23 before the market opens. According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, the Street expects Boeing to report quarterly losses of $1.65 per share and revenue of $18.432 billion. 
BA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Boeing shares are down 1.54% at $148.470 at the time of publication Monday.
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Boeing's Q3 Earnings Face Turbulence: Strikes, Layoffs, Safety Woes Ahead

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reported better-than-expected third-quarter FY24 earnings on Friday.
Reported revenue rose 7% year-on-year to $42.654 billion, beating the consensus of $41.649 billion. Net revenue (managed) stood at $43.3 billion (+6% Y/Y) in the quarter. Net income fell 2% Y/Y to $12.90 billion in the quarter. EPS of $4.37, exceeding the consensus of $4.00.
JPMorgan said it now expects FY24 net interest income, excluding Markets, of ~$92.5 billion (up from ~$91 billion earlier). The bank continues to project card services NCO rate of ~3.40%.
Jamie Dimon, Chairman and CEO, said, &#8220;We await our regulators&#8217; new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR…Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion.&#8221;
JPMorgan shares fell 0.6% to trade at $221.00 on Monday.
These analysts made changes to their price targets on JPMorgan following earnings announcement.
<ul>
<li>Evercore ISI Group analyst Glenn Schorr maintained JPMorgan Chase with an Outperform and raised the price target from $217 to $230.</li>
<li>RBC Capital analyst Gerard Cassidy maintained JPMorgan Chase with an Outperform and boosted the price target from $211 to $230..</li>
<li>Barclays analyst Jason Goldberg maintained JPMorgan with an Overweight and raised the price target from $217 to $257.</li>
<li>Oppenheimer analyst Chris Kotowski maintained JPMorgan with an Outperform and lowered the price target from $234 to $232.</li>
</ul>
Considering buying JPM stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="511" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-1024x511.png" alt="" class="wp-image-594554" style="width:629px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-1024x511.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101-768x383.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14140324/image-101.png 1327w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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