Fennec Pharmaceuticals Stock (NASDAQ: FENC)

Fennec Pharmaceuticals Stock (NASDAQ:FENC), Trade Ideas

Fennec Pharmaceuticals

Fennec Pharmaceuticals Inc is a commercial-stage biopharmaceutical company. Its product candidate is PEDMARK which is sodium thiosulfate in a novel formulation for the prevention of cisplatin-induced hearing loss, or ototoxicity in children. The company principally operates in the United States.

Earnings

News

Penny Stocks

Eurozone

Commodities

Small Cap

Global

Intraday Update

Markets

EHTH

EXTR

FENC

FWBI

GROM

LIFW

PGEN

U.S. stocks traded lower this morning, with the Dow Jones dropping around 250 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.74% to 33,484.47 while the NASDAQ fell 1.87% to 11,122.61. The S&amp;P 500 also fell, dropping, 1.26% to 3,966.28.

US Stocks Open Lower; Dow Dips 250 Points

Pre-Market Outlook

Movers

Trading Ideas

ADMP

AIRT

ALLO

AMEH

AMPX

ANPC

ATHX

BBLG

BCAN

CDRO

CELU

CPTN

DSGN

EVAX

FOXO

FREY

FRGE

GROV

HLGN

MicroCloud Hologram Inc. - Ordinary Shares

HOLO

ICPT

IDAI

IDBA

IMTE

IRTC

KXIN

MEDS

MGAM

MOHO

MRVI

MSGM

NRBO

PBTS

PHUN

PIXY

PLRX

PRTC

QTEK

SESN

SHPH

SLNG

SMIT

SMRT

SOBR

STIX

STKH

STRY

SVRE

TCOM

TCRT

TNDM

VEEE

VERU

VTAQ

WBEV

WKEY

XPEV

YGMZ

ZLAB

Why Stabilis Solutions Shares Jumped Over 71%; Here Are 70 Biggest Movers From Yesterday

Biotech

Health Care

General

After Two FDA Rejections, Fennec Pharma Lead Drug Scores US Approval For Chemo-Induced Hearing Loss

Fennec Pharmaceuticals Inc. - Common Stock

Fennec Pharmaceuticals Inc

Raymond James analyst Michael Rose reiterates BOK Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOKF#NASDAQ">BOKF</a>) with a Outperform and raises the price target from $103 to $105.

Price Target

Reiteration

Analyst Ratings

BOKF

Raymond James Reiterates Outperform on BOK Financial, Raises Price Target to $105

Honeywell International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) reported first-quarter <a href="https://www.benzinga.com/pressreleases/24/04/n38424276/honeywell-delivers-strong-first-quarter-results-and-beats-earnings-guidance" target="_blank" rel="noreferrer noopener">fiscal 2024 sales of $9.105 billion</a>.
That&#8217;s up 3% year-over-year on a reported basis and and increase of 3% on an organic basis, beating the consensus of $9.03 billion.
The sales increase was attributed to solid growth in Aerospace Technologies and Energy and Sustainability Solutions.
Adjusted EPS was $2.25 (+9% Y/Y), beating the consensus of $2.17.
Sales by Segments: 
<ul>
<li>Aerospace Technologies$3.67 billion (+18% Y/Y)</li>
<li>Industrial Automation $2.48 billion (-12% Y/Y)</li>
<li>Building Automation $1.43 billion (-4% Y/Y)</li>
<li>And Energy and Sustainability Solutions $1.53 billion (+4% Y/Y).</li>
</ul>
Related: <a href="https://www.benzinga.com/news/earnings/24/04/38423090/honeywell-likely-to-report-higher-q1-earnings-here-are-the-recent-forecast-changes-from-wall-street" target="_blank" rel="noreferrer noopener">Honeywell Likely To Report Higher Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
Operating margin expanded by 130 bps to 20.4%. Segment margin expanded by 20 bps to 22.2%, driven by expansion in Aerospace Technologies.
Net cash provided by operating activities for the quarter was $448 million compared to cash used of $million a year ago. Free cash flow was $215 million versus cash outflow of $977 million YoY. (+22% Y/Y).
As long-cycle customer demand remained strong, Honeywell&#8217;s robust backlog increased 6% year over year. It was up sequentially, ending the quarter at a record level of $32 billion, Honeywell CEO Vimal Kapur said. 
&#8220;We also experienced pockets of recovery in short cycle, and expect broader participation as the year unfolds and channels normalize further,&#8221; Kapur said.
Honeywell held cash and equivalents of about $11.756 billion as of March 31, 2023. The company deployed $1.6 billion of capital to share repurchases, dividends, and capital expenditures.
During the quarter, Honeywell announced <a href="https://www.benzinga.com/markets/equities/24/03/37952822/honeywell-takes-flight-in-autonomous-future-with-civitanavi-acquisition" target="_blank" rel="noreferrer noopener">its intention to acquire Civitanavi Systems</a>, further strengthening its navigation offerings in Aerospace and expanding its footprint in Europe.
Q2 Outlook: Honeywell expects sales of $9.2 billion-$9.5 billion versus the consensus of $9.38 billion, Adjusted EPS of $2.25 &#8211; $2.35 versus the consensus of $2.35, and segment margin of 22% &#8211; 22.4%.
2024 Outlook:&nbsp;Honeywell expects sales of $38.1 billion-$38.9 billion versus the consensus of $38.84 billion, with organic sales growth from 4% to 6%.
Honeywell expects Segment margin in the range of 23% to 23.3%, with segment margin expansion of 30 to 60 basis points.
Honeywell sees an adjusted EPS of $9.80-$10.10 versus a consensus of $9.95; anticipates operating cash flow of $6.7 billion-$7.1 billion and free cash flow of $5.6 billion-$6 billion.
Price Action: Honeywell shares are trading higher by 1.13% at $197 premarket at the last check Thursday.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation &#8211; &#8216;The Worst Possible Outcome For The Fed&#8217;</a>
Image: Shutterstock

Guidance

Honeywell Aerospace Advances Drive Solid Q1 Results, Exceed Expectations

Plug Power, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Thursday</a>.
In a press release, the company said it has inked two additional contracts to deliver Basic Engineering and Design Packages (BEDP)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38426123/plug-signs-additional-bedp-contracts-for-a-total-of-4-5gw-of-electrolyzers-across-europe-and-the-u" rel="noreferrer noopener">&nbsp;for projects in Europe and the U.S.</a>
The orders have a combined capacity of up to 350 megawatts of electrolyzers. To date, Plug Power has already delivered 25 electrolyzer systems to third-party customers.&nbsp;
&#8220;Electrolyzer sales present a substantial business opportunity for us,&#8221; said Plug Power&#8217;s General Manager of Energy Solutions and Chief Strategy Officer Sanjay Shrestha.
Throughout&nbsp;2024, the company plans to deliver 40 electrolyzer&nbsp;systems for a cumulated total of 189 megawatts.
Plug Power is delivering and installing electrolyzers in Europe, the&nbsp;Middle East, the U.S., India, New Zealand, Korea, Japan, Australia, and Africa.&nbsp;&nbsp;
The latest deals boost Plug Power&#8217;s overall BEDP portfolio, bringing&nbsp;the total amount of&nbsp;global BEDP contracts to 4.5 gigawatts.
Earlier this year, Plug finalized a 500 megawatts&nbsp;contract in Europe. With the addition of this 350 megawatts&nbsp;contract, the company has&nbsp;now&nbsp;closed 850 megawatts&nbsp;of BEDP contracts in just four months.
Price Action: PLUG shares are trading lower by 3.9% to $2.3150 at the last check Thursday.
Photo via Shutterstock

Equities

PLUG

Plug Power Down 4% Thursday - What's Going On?

ASE Technology Holding Co, Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASX#NYSE">ASX</a>) reported a fiscal first-quarter 2024 net revenue growth of 1.5% year-on-year to NT$132.80 billion ($4.24 billion), missing the <a href="https://www.benzinga.com/pressreleases/24/04/n38422762/ase-technology-holding-co-ltd-reports-its-unaudited-consolidated-financial-results-for-the-first-q" target="_blank" rel="noreferrer noopener">consensus of $4.41 billion</a>. The revenue declined by 17.3% quarter-on-quarter.
Net revenues for ATM (assembly, testing, and material) business was NT$73.91 billion, up by 0.8% Y/Y and down by 9.9% Q/Q.&nbsp;
EMS (electronic manufacturing services) net revenues were NT$59.37 billion, up by 2.8% Y/Y and down by 25.0% Q/Q.
Gross margin increased by 94 bps Y/Y to 15.7%. The operating margin declined by 21 bps Y/Y to 5.7%.
Diluted EPS was NT$1.28 (or $0.084 per ADS) vs.&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus $0.100</a>.
Capital expenditures totaled $228 million.
ASE Technology Holding stock gained over 44% in the last 12 months. Investors can gain exposure to the stock via&nbsp;IShares Semiconductor ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) and&nbsp;First Trust NASDAQ Technology Dividend Index Fund&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDIV#NASDAQ">TDIV</a>).
Price Action: ASX shares are down 2.2% at $10.13 at the time of publication Thursday.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation: &#8216;The Worst Possible Outcome For The Fed&#8217;</a>
Image generated using artificial intelligence via Midjourney.

Topics

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

TDIV

ASE Technology Falls Short Of Revenue Goals, Delivers Mixed Q1 Results

Scotiabank analyst Konark Gupta maintains Canadian Pacific Kansas (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CP#TSX">CP</a>) with a Sector Perform and lowers the price target from C$126 to C$124.

TSX:CP

Scotiabank Maintains Sector Perform on Canadian Pacific Kansas, Lowers Price Target to C$124

Stephens &amp; Co. analyst Justin Long maintains Westinghouse Air Brake (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>) with a Overweight and raises the price target from $165 to $180.

Stephens & Co. Maintains Overweight on Westinghouse Air Brake, Raises Price Target to $180

Raymond James analyst Matt Roberts reiterates Avery Dennison (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVY#NYSE">AVY</a>) with a Outperform and raises the price target from $225 to $240.

Raymond James Reiterates Outperform on Avery Dennison, Raises Price Target to $240

Chinese electric vehicle (EV) manufacturer&nbsp;XPeng&nbsp;Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) is reportedly considering overseas production amid an ongoing European investigation into&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38288608/why-xpeng-shares-are-rising-today" rel="noreferrer noopener">Chinese-made EVs and regulatory adjustments.</a>
The European Commission initiated an investigation&nbsp;in October,&nbsp;questioning whether Chinese-made EVs, bolstered by state subsidies, gain an unfair advantage.
China has criticized the probe as protectionist. Brian Gu, co-president of&nbsp;Volkswagen&nbsp;AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>)-backed XPeng, mentioned during the Beijing auto show that the company currently exports limited&nbsp;quantities of&nbsp;EVs, reported Reuters.
However, evolving regulatory landscapes in the European Union might necessitate a strategic review.
While XPeng&nbsp;eyes&nbsp;a significant uptick in international sales, currently comprising 1%-2% of total sales, this figure could soar to approximately 10% this year, as per the report.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38424183/tesla-is-betting-big-on-robotaxi-but-this-rival-thinks-elon-musks-vision-could-be-more-than-5-years" rel="noreferrer noopener">Tesla Is Betting Big On Robotaxi, But This Rival Thinks Elon Musk&#8217;s Vision Could Be &#8216;More Than 5 Years Away&#8217;</a>
Notably,&nbsp;the company aims to penetrate the U.S. market, albeit challenges hinder definitive entry plans.
Amid scrutiny of Chinese EV exports by Europe and the U.S., XPeng emphasized the importance of supporting the global transition to green technology.
Despite hurdles, the company eyes expansion into European markets such as France, Italy, and the U.K., bolstering its existing presence in the Netherlands, Norway, and Germany.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38386240/automotive-industry-shifts-gears-electric-cars-to-dominate-roads-by-2030" rel="noreferrer noopener">Automotive Industry Shifts Gears: Electric Cars To Dominate Roads By 2030</a>
Price Action: XPEV shares are trading lower by 0.85% at $7.02 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image by Robert Way via Shutterstock

Media

VWAGY

XPeng Fears Tariff Hike In Europe, Reportedly Considers Investing Abroad

WIIM

AMSF

AMERISAFE shares are trading lower after the company reported Q1 financial results.

Scotiabank analyst George Farmer maintains Biomarin Pharmaceutical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRN#NASDAQ">BMRN</a>) with a Sector Perform and raises the price target from $83 to $85.

BMRN

Scotiabank Maintains Sector Perform on Biomarin Pharmaceutical, Raises Price Target to $85

WNS shares are trading lower after the company issued FY25 guidance with a midpoint below estimates.

In a tumultuous day for tech stocks, the collective market value of the Magnificent 7 tech giants plummeted by over $300 billion in the first trading hour on Thursday, primarily fueled by a weaker-than-expected revenue outlook from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and concerning economic indicators arising from the first-quarter<a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38429782/us-economy-grows-1-6-in-q1-slightly-below-expectations-as-price-pressures-weigh-o"> gross domestic product release.</a>
What Happened: Meta Platforms outperformed Wall Street's expectations with first-quarter revenue of $36.45 billion, a 27% increase year-over-year, and earnings per share of $4.71, beating the predicted $4.32. Investors pulled back after the social media giant issued subdued guidance <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">for the upcoming quarter.</a> 
The company&#8217;s forecast for the second quarter anticipates revenue between $36.5 billion and $39 billion, putting the lower end of the range below the consensus estimate of $38.3 billion. 
Additionally, the social media giant anticipates increases in infrastructure and legal costs — pushing full-year expenses to between $96 billion and $99 billion. 
Compounding the tech sector&#8217;s woes were the latest GDP figures released Thursday by the Bureau of Labor Statistics. 
The U.S. economy expanded at a significantly reduced pace of 1.6% on an annualized basis in the first quarter of 2024, a sharp deceleration from the previous quarter&#8217;s 3.4% growth rate and well below the forecasted 2.5%.
Inflation concerns were reignited with the Personal Consumption Expenditure (PCE) price indices for the first quarter showing an increase. 
The headline PCE price index accelerated from 1.8% in the previous quarter to 3.4% , while the core PCE price index, which excludes food and energy prices and is a key inflation measure for the Federal Reserve, climbed from 2% to 3.7%, surpassing expectations of 3.4%.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation: &#8216;The Worst Possible Outcome For The Fed&#8217;</a>
<h3 class="wp-block-heading">Mag7 Stocks, Bond Market React</h3>
The Magnificent Seven had cumulatively wiped out $303 billion of market value by 11 a.m. in New York. 
Meta suffered the heaviest losses, down 13%, shedding $143 billion alone. Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) also sharply contributed to the tech market rout, wiping out $126 billion, down 4.3% ahead of the company&#8217;s earnings report after the market close. 
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) both witnessed similar declines, while Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) managed to avoid losses. 
NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) saw some gains, outperforming the basket.
The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>) fell 3%. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Name</th>
<th>Market Cap</th>
<th>Market Cap Loss/Gain (1-day)</th>
<th>1-Day % Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Microsoft Corporation</td>
<td>$2,905.08B</td>
<td>-$128.47B</td>
<td>-4.37%</td>
</tr>
<tr>
<td>Apple Inc.</td>
<td>$2,602.88B</td>
<td>-$7.08B</td>
<td>-0.27%</td>
</tr>
<tr>
<td>NVIDIA Corporation</td>
<td>$2,018.70B</td>
<td>+$59.39B</td>
<td>+2.94%</td>
</tr>
<tr>
<td>Alphabet Inc.</td>
<td>$1,933.75B</td>
<td>-$54.09B</td>
<td>-2.76%</td>
</tr>
<tr>
<td>Amazon.com, Inc.</td>
<td>$1,783.97B</td>
<td>-$51.15B</td>
<td>-2.81%</td>
</tr>
<tr>
<td>Meta Platforms, Inc.</td>
<td>$1,101.35B</td>
<td>-$132.35B</td>
<td>-13.17%</td>
</tr>
<tr>
<td>Tesla, Inc.</td>
<td>$528.24B</td>
<td>+$11.44B</td>
<td>+1.60%</td>
</tr>
<tr>
<td>Total</td>
<td>$12,873.97B</td>
<td>-$302.91B</td>
<td>N/A</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 11:00 a.m. ET. </figcaption></figure>
Treasury yields, particularly the two-year note, surged past 5%, reflecting heightened investor anxiety over inflation and its potential implications for future Federal Reserve actions. 
This resulted in a broad sell-off in bonds, with significant losses noted in long-term treasury ETFs such as the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), which declined 0.8%.
The broader stock market also felt the pinch, with major indices recording significant losses. 
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and the tech-heavy Nasdaq 100 index, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), fell by 1.4% and 1.7%, respectively. 
Notably, the communication services sector was among the hardest hit, with the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) plunging 4.4%, marking its worst session since October 2022.
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38415577/tesla-posts-strongest-session-since-january-2022-is-a-trend-reversal-underway">Tesla Posts Strongest Session Since January 2022: Is A Trend Reversal Underway?</a>
Photo via Shutterstock.

Large Cap

Macro Economic Events

Macro Notification

Market Summary

Sector ETFs

Bonds

Broad U.S. Equity ETFs

Treasuries

Econ #s

Economics

Federal Reserve

Tech

ETFs

AAPL

AMZN

GOOGL

MAGS

MSFT

NVDA

iShares Trust Barclays 20+ Year Treasury Bond Fund

TSLA

Magnificent 7 Tumble, Wipe Out $300 Billion On Meta's Weak Guidance, Q1 Stagflation Woes

Scotiabank analyst Andres Coello maintains America Movil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMX#NYSE">AMX</a>) with a Sector Perform and raises the price target from $16.6 to $17.2.

Scotiabank Maintains Sector Perform on America Movil, Raises Price Target to $17.2

With the average one-bedroom, 600-square-foot New York City apartment renting for about $3,760 per month, rent prices have stretched affordability for the city's residents.
It's no wonder politicians have sought to make housing more affordable in the city, but a policy aimed at doing so has been blamed, in part, for the struggles of New York Community Bancorp Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>), which has seen its stock drop over 72% year to date.
NYCB has been hit with a double whammy. In 2019, a change in New York's law limited rent increases, which subsequently lowered profits for building owners. Combined with high interest rates, building debt and maintenance costs have soared without revenue growing at the same rate.
Don't Miss:
<ul>
<li>Investing in real estate just got a whole lot simpler. This <a href="https://www.benzinga.com/go/bezos-landlord">Jeff Bezos-backed startup will allow you to become a landlord</a> in just 10 minutes, and you only need $100.</li>
<li>Want To Grow Your Wealth Passively? Unlock Real Wealth with <a href="https://www.benzinga.com/money/cityfunds-yield">Cityfunds&#8217; Exclusive 8% Yield Fund</a>.</li>
</ul>
"This is going to end poorly for the city because we&#8217;re all on borrowed time and someone has to pay," StoneCastle Partners CEO Joshua Siegel said.
Despite a $1 billion cash infusion in March by a group of investors, including former U.S. Treasury Secretary Steven Mnuchin's firm, NYCB's share price is plummeting.
In an interview with CNBC, Mnuchin shared his belief that "a billion dollars into the balance sheet really strengthens the franchise" and that "whatever issues there are in the loans we'll be able to work through."
However, not everyone believes the billion-dollar capital infusion in the business will be enough.
Whalen Global Advisors Chairman Chris Whalen said $1 billion is far from enough.&nbsp;
Trending
<ul>
<li>Want to Create a Passive Income Stream? <a href="https://www.benzinga.com/go/grow-wealth-passively">These High-Yield Real Estate Notes Might Be Your Holy Grail</a></li>
</ul>
"We need 10," he said, adding that $1 billion is "chump change" in this situation.
Last March, NYCB bought the assets of Signature Bank, which was caught up in the 2023 regional banking crisis that took down Silicon Valley Bank.
Silicon Valley Bank was the second-largest bank collapse in U.S. history behind Washington Mutual's 2008 collapse.
In the span of a few days, its concentrated deposit base of tech startups with limited deposits insured by the Federal Deposit Insurance Corp. led to a fear-driven bank run, ultimately forcing the banks to shut down.
NYCB also has some concentration risk. According to The Real Deal, a real estate news provider, approximately 22% of NYCB's loan book is tied up in rent-controlled New York City buildings.
Yahoo Finance senior reporter David Hollerith writes that the scope of the problem is much worse. He said roughly half of NYCB's portfolio is tied to rent-controlled multifamily complexes in New York City.
Read Next:
<ul>
<li>Elon Musk Is Bullish On Austin. Here&#8217;s <a href="https://www.benzinga.com/go/musk-austin">How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a>.</li>
<li>Whole Foods&#8217; Landlord Has Achieved A 15% Net IRR For Accredited Investors Since 2015 — <a href="https://www.benzinga.com/go/whole-foods-landlord">Discover The Latest Investment Opportunities On Its Platform</a>.</li>
</ul>

Real Estate

NYCB

NYC's Rent-Controlled Apartments Partly Behind NYCB Issues, Analysts Question If $1 Billion Lifeline Enough To Avoid SVB-Like Collapse

With the median single-family home in California selling for nearly $860,000 in 2023 — more than double the national median — prospective first-time homebuyers are having a tough time breaking into the state's expensive real estate market.
Mortgage rates topping 7%, combined with persistent inflation pushing off expected Federal Reserve rate cuts, make affordability even more challenging.&nbsp;
California allocated $250 million to relaunch its Dream for All program, which seeks to make housing more equitable for first-time homebuyers.
Don't Miss:
<ul>
<li>Investing in real estate just got a whole lot simpler. This <a href="https://www.benzinga.com/go/bezos-landlord">Jeff Bezos-backed startup will allow you to become a landlord</a> in just 10 minutes, and you only need $100.</li>
<li>Want To Grow Your Wealth Passively? Unlock Real Wealth with <a href="https://www.benzinga.com/money/cityfunds-yield">Cityfunds&#8217; Exclusive 8% Yield Fund</a>.</li>
</ul>
Dream for All is run by the California Housing Finance Agency, with the agency using a lottery system to give between 1,700 and 2,000 prospective first-time buyers up to $150,000 to purchase homes.
The catch is that the money is a loan that must be paid back along with a share of the home's price appreciation when it's sold if there is any.
"When they repay this, this is going back into the program, and it&#8217;s going to allow someone else to take advantage," California real estate agent Sarah Moore said.
In addition to homebuyers being potential beneficiaries of the program, it could also provide a runway for homebuilders who need to keep adding supply to fill the nation's demand for affordable housing units.
Trending
<ul>
<li>Want to Create a Passive Income Stream? <a href="https://www.benzinga.com/go/grow-wealth-passively">These High-Yield Real Estate Notes Might Be Your Holy Grail</a></li>
</ul>
Homebuilders such as Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) and D.R. Horton Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) have seen their shares soar around 52% and 54%, respectively, over the past year as the nation deals with a housing shortage.
While the Dream for All program provides loans, it comes at a time when California continues to run a massive budget deficit.
The nonpartisan Legislative Analyst's Office in February updated its estimate of California's deficit to as high as $73 billion.
Whether the government's intervention in an unaffordable housing market for most prospective first-time homebuyers in California proves effective in the long term remains to be seen, but for the winners of the lottery, it might end up being their only choice to afford to own property in the high-cost state.
Read Next:
<ul>
<li>Elon Musk Is Bullish On Austin. Here&#8217;s <a href="https://www.benzinga.com/go/musk-austin">How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a>.</li>
<li>Whole Foods&#8217; Landlord Has Achieved A 15% Net IRR For Accredited Investors Since 2015 — <a href="https://www.benzinga.com/go/whole-foods-landlord">Discover The Latest Investment Opportunities On Its Platform</a>.</li>
</ul>

California's $250 Million 'Dream For All' Program Shells Out $150K In First-Time Homebuyer Funds Despite State's $73 Billion Deficit

Computershare Limited (ASX: CPU) has announced that it has agreed to acquire BNY Trust Company of Canada from BNY Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) through its Canadian trust company, Computershare Trust Company of Canada.
BNY Trust Company of Canada was established in 2001 and offers a range of trust and agency services in Canada to clients, including issuers, corporations, banks and government entities.
"We're delighted to be bringing the experienced team at BNY Trust Company of Canada on board," said Frank Madonna, CEO of Computershare Corporate Trust.
"The acquisition is squarely in line with our core strategy of building the scale and capability of our corporate trust operation and demonstrates our commitment to the provision of corporate trust services in North America."
"Computershare is the right choice for BNY Trust Company of Canada, and we are confident in their ability to ensure our clients continue to receive best-in-class service. In turn, we remain fully focused and committed to our global Corporate Trust franchise outside Canada," said Cécile Nagel, Global Head of Corporate Trust, BNY Mellon.
"We've invested heavily in our corporate trust business in recent years, including the acquisition and integration of the business from Wells Fargo, and we're well placed to provide continuity of services through our highly experienced teams and market-leading operations," said Toni De Luca, Head of Corporate Trust – Canada at Computershare.
BNY Trust Company of Canada is based in Toronto and has a portfolio of around 1,800 corporate trust mandates.
Computershare said it expected all relevant staff members to transfer as part of the deal, with new employees being able to operate from its own Toronto office.
The deal is scheduled to complete in the second half of calendar year 2024, subject to regulatory notifications and approvals and other customary closing conditions.
Computershare and BNY Mellon will work collaboratively to ensure the smooth transition of the business and staff.

Asset Sales

Computershare Limited Has Announced That It Has Agreed To Acquire BNY Trust Company Of Canada From BNY Mellon

RPC shares are trading lower after the company missed Q1 earnings and sales estimates.

Royal Caribbean Cruises Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) reported first-quarter 2024 revenue growth of $3.73 billion, a 29.2% year-over-year increase, <a href="https://www.benzinga.com/pressreleases/24/04/n38425099/royal-caribbean-group-reports-first-quarter-results-and-increases-full-year-guidance-on-continued-">beating the analyst consensus estimate of $3.7 billion</a>.
Passenger ticket revenues rose 34% Y/Y to $2.54 billion versus last year.
Total cruise operating expenses were $2.06 billion versus $1.79 billion a year ago.&nbsp;
Gross Cruise Costs per Available Passenger Cruise Days (APCD) increased 5.1%.
Gross margin yields increased 60.3% as-reported, and net yields increased 19.3% in constant currency versus first-quarter 2024.
Operating income for the quarter jumped 175% to $750 million, with an operating margin of 20.1%.
The occupancy rate in first-quarter was 107% versus 102.1% last year.
Royal Caribbean held $437 million in cash and equivalents as of March 31, 2024.
Adjusted EPS of $1.35 <a href="https://www.benzinga.com/calendars/earnings">beat the consensus</a> estimate of $1.33.
As of March 31, the group&#8217;s customer deposit balance was $6 billion.  
Royal Caribbean CEO Jason Liberty called it &#8220;a great start to the year,&#8221; citing growing demand for the company&#8217;s &#8220;outperformance in the first quarter, a further increase of full year earnings guidance, and 60% expected earnings growth year over year.&#8221;
Outlook: Royal Caribbean expects FY24 net yields to increase 9% to 10% in constant currency vs. 2023.
RCL raised its FY24<a href="https://www.benzinga.com/pressreleases/23/02/n30760190/royal-caribbean-group-reports-2022-results-and-provides-forward-guidance"> </a>adjusted EPS guidance <a href="https://www.benzinga.com/news/earnings/24/02/36891243/whats-going-on-with-royal-caribbean-cruises-stock-thursday">from $9.50 &#8211; $9.70 </a>to $10.70 &#8211; $10.90 against the consensus of $10.06.
The company sees second-quarter net yields to increase 10.20% to 10.70% in constant currency. RCL sees adjusted EPS of $2.65 &#8211; $2.75.
Price Action: RCL shares are trading higher by 1.56% at $138.70 at the last check Thursday.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation &#8211; &#8216;The Worst Possible Outcome For The Fed&#8217;</a>

Royal Caribbean Cruises Through Q1 As Demand And Pricing Remains High

$1.4 billion investment in Indiana plant brings production of an all-new&nbsp;BEV
Toyota adds up to 340 new, sustainable&nbsp;U.S. jobs
PRINCETON, Ind., April 25, 2024 /PRNewswire/ --&nbsp;Toyota will prepare for assembly of an all-new, three row battery electric SUV in the U.S. as part of a new $1.4 billion investment in its Princeton facility, affirming Toyota's commitment to reinvesting profits in its U.S. operations and bringing total investment in Toyota Indiana to $8 billion. This also brings the addition of up to 340 new, high-quality jobs with long-term stability.
&nbsp;
Toyota Charges Up Investment and Jobs in U.S. Manufacturing
&nbsp;
This investment will not only provide plant infrastructure to build the all-new BEV, it will add a new battery pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025.
&nbsp;
"Our team members are the heart of Toyota," said Tim Hollander, president of Toyota Indiana. "We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect."
Toyota's Indiana facility is home to more than 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander and the Lexus TX.
"I feel fortunate for the years I've been with Toyota and am proud of the products we assemble," said Michael Baehl, a 26-year Toyota Indiana team member. "The company's commitment to long-term job stability and high-quality work provides me with peace of mind. Additionally, the opportunities to enhance my skills and progress in my career have allowed me to achieve goals I never imagined."
Since 2021, Toyota has announced new investments totaling $18.6 billion into its U.S. manufacturing operations to support electrification efforts. Increasing BEV production in the U.S. advances Toyota's portfolio approach to electrification.
"Indiana and Toyota share a nearly 30-year partnership that has cultivated job stability and economic opportunity in Princeton and the surrounding southwest Indiana region for decades," said Governor Eric J. Holcomb. "Toyota's investment in the state began with an $800 million commitment and has grown to over $8 billion. Today's incredible announcement shows yet again just how important our state's business friendly environment, focus on long-term success and access to a skilled workforce is to companies seeking to expand and be profitable far into the future. Indiana proudly looks forward to continuing to being at the center of the future of mobility."&nbsp;
This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three row battery electric SUV.

Toyota Charges Up Investment And Jobs In U.S. Manufacturing, Investing $1.4B To Make New Electric SUV At Princeton Plant; Also Brings The Addition Of Up To 340 New, High-Quality Jobs With Long-Term Stability

UBS analyst Michael Lasser maintains WW International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WW#NASDAQ">WW</a>) with a Neutral and lowers the price target from $3 to $2.1.

UBS Maintains Neutral on WW International, Lowers Price Target to $2.1

In a report released today, Naureen Quibria from Capital One Financial reiterated a Buy rating on Fennec Pharmaceuticals (FENC – Research Report), ...

Capital One Financial Sticks to Their Buy Rating for Fennec Pharmaceuticals (FENC)

Fennec Pharmaceuticals (TSE:FRX) has released an update. Fennec Pharmaceuticals has reported a successful fiscal year with PEDMARK sales reaching $...

Fennec Pharmaceuticals' Soaring Sales and New Deal

Fennec Pharmaceuticals GAAP EPS of -$0.10 misses by $0.08

Fennec Pharmaceuticals Inc. (FENC) Q4 2023 Earnings Call Transcript

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Fennec Pharmaceuticals (NASDAQ:<a href="https://investorplace.com/stock-quotes/fenc-stock-quote/">FENC</a>) just reported results for the fourth quarter of 2023.<ul><li>Fennec Pharmaceuticals reported earnings per share of -10 cents. This was below the analyst estimate for EPS of -2 cents.</li><li>The company reported revenue of $9.74 million.</li><li>This was 12.28% better than the analyst estimate for revenue of $8.67 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
		<ul><li>
						<a href="https://investorplace.com/2023/10/no-1-ai-investment-might-be-this-company-youve-never-heard-of/?cid=MKT764787&amp;eid=MKT771245">The #1 AI Investment Might Be This Company You&rsquo;ve Never Heard Of</a>
					</li>
																<li>
						<a href="https://investorplace.com/2023/07/elon-musks-project-omega-stuns-silicon-valley-insiders/?cid=MKT738510&amp;eid=MKT771236">Musk&rsquo;s &ldquo;Project Omega&rdquo; May Be Set to Mint New Millionaires. Here&rsquo;s How to Get In.</a>
					</li>
																<li>
						<a href="https://investorplace.com/2021/01/one-percenter-issues-urgent-warning/?cid=MKT499868&amp;eid=MKT793997">It doesn&rsquo;t matter if you have $500 or $5 million. Do this now.</a>
					</li>
									</ul><div>
			<div></div>
						<div></div>
					</div>
	The post <a href="https://investorplace.com/earning-results/2024/03/fenc-stock-earnings-fennec-pharmaceuticals-for-q4-of-2023/">FENC Stock Earnings: Fennec Pharmaceuticals Misses EPS, Beats Revenue for Q4 2023</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

FENC Stock Earnings: Fennec Pharmaceuticals Misses EPS, Beats Revenue for Q4 2023

Fennec Pharmaceuticals (TSE:FRX) has released an update. Fennec Pharmaceuticals Inc. has filed a current report with the SEC, as documented in thei...

Fennec Pharmaceuticals Files SEC 8-K Report

In a report released yesterday, Naureen Quibria from Capital One Financial reiterated a Buy rating on Fennec Pharmaceuticals (FENC – Research Repor...

Buy Rating for Fennec Pharmaceuticals Amidst Strong Pedmark Sales and Market Expansion Potential

Maxim Group analyst Jason McCarthy has maintained their bullish stance on FENC stock, giving a Buy rating on March 22. Jason McCarthy has given his...

Fennec Pharmaceuticals: A Strong Buy on PEDMARK's Success and Expansion Potential

Fennec Pharmaceuticals (TSE:FRX) has released an update. Fennec Pharmaceuticals saw strong fiscal performance with $21.3 million in full-year 2023 ...

Fennec Pharmaceuticals Reports Strong 2023 Growth

H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Fennec Pharmaceuticals (FENC – Research Report) today and set a price target of $1...

Buy Rating Reaffirmed for Fennec Pharmaceuticals Following Strategic European Licensing Deal and Strong Financial Outlook

Press Releases

Fennec Pharmaceuticals to Participate in Upcoming Investor Conferences

Fennec Pharmaceuticals to Report Third Quarter 2023 Financial Results on November 6, 2023

Fennec Pharmaceuticals Announces Third Quarter 2023 Financial Results and Provides Business Update

Financing

Fennec Announces Incremental $5 Million Investment from Petrichor

FDA Issues Reminder of Non-Substitution of PEDMARK® (sodium thiosulfate injection) for Pediatric Patients Receiving Cisplatin

Fennec Pharmaceuticals Reports Preliminary Unaudited Net Revenue for Fourth Quarter and Full-Year 2023 Results

Fennec Pharmaceuticals and Norgine Enter into Exclusive Licensing Agreement to Commercialize PEDMARQSI in Europe, Australia, and New Zealand

Fennec Pharmaceuticals to Report Full Year and Fourth Quarter 2023 Financial Results on March 21, 2024

Fennec Pharmaceuticals Reports Full Year and Fourth Quarter 2023 Financial Results and Provides Business Update