Feutune Light Acquisition Corporation - Right Stock (NASDAQ: FLFVR)

Latest News for Feutune Light Acquisition Corporation - Right Stock (NASDAQ:FLFVR)

Feutune Light Acquisition Corporation - Right

New Contract with existing customer expected to be fulfilled over the next 5 months
TEL AVIV, Israel, May 16, 2024 /PRNewswire/ -- <a href="https://www.supercom.com/">SuperCom</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPCB#NASDAQ">SPCB</a>), a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, today announced that it had secured an additional $1.8 million contract with a long-standing customer of its e-Government division, continuing a successful partnership that has been in place for over a decade.
The contract is valued at $1.8 million. It is expected to start by end of May 2024 and to be fulfilled over the next 5 months.

News

Contracts

SPCB

SuperCom Awarded $1.8M Contract With A Trusted Long-Term Government Customer

Earnings

MGIC

Magic Software Enterprises Q1 2024 Adj. EPS $0.23 Down From $0.26 YoY; Revenue $130.7M Down From $142.4M YoY

<a href="https://www.benzinga.com/markets/cannabis/24/05/38793839/heres-where-to-buy-legal-weed-floridas-thriving-cannabis-landscape-and-more-new-marijuana-stores">Florida-based </a>software and <a href="https://www.benzinga.com/topic/cannabis-marketing">cannabis marketing </a>company Springbig Holdings, Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/SBIG#OTCQX">SBIG</a>) released its first quarter 2024 financial figures and announced the appointment to the board of Mark Silver, president of Optus Capital Corporation and a key player in the company&#8217;s January debt refinancing.
Paul Sykes, CFO, remarked on achieving a positive adjusted EBITDA for the first time at $150,000, compared to a loss of $1.3 million in the prior year, and debt financing:
"After completing our $8 million debt financing in January, we have a much stronger and cleaner balance sheet,&#8221; Sykes said. &#8220;We continue to manage the optimization of our operating expenses, which have reduced by 34% year-on-year, and expect a continuing positive trend in our Adjusted EBITDA margins as the year progresses."
<h2 class="wp-block-heading">Key Financial Figures</h2>
<ul>
<li>Revenue: Q1 2024 revenue of $6.5 million decreased from $7.2 million the previous year.</li>
<li>Gross Profits and Margin: Gross profits are $4.7 million, with a gross margin of 72%, down 19% compared to $5.8 million in Q1 2023.</li>
<li>Net income: $417,000 compared to a net loss of $2.3 million in the prior year.</li>
<li>Basic and diluted net income per share was $0.01, versus a loss per share of $0.08 in the same period of 2023.</li>
</ul>
<h2 class="wp-block-heading">Debt Financing And Reduced Operating Expenses</h2>
Informed net income includes a gain of $1.6 million on the repurchase of convertible debt, done in January 2024. 
The improved financial figures related to an operating expenses reduction of 34% year-on-year and debt-restructuring of $6.4 million by 8% convertible notes due 2026 and a $1.6 million 12% in a term loan due 2026.
The company remarked newer initiatives &#8220;subscriptions by Springbig" and "gift cards by Springbig" as sources of diversification &#8220;into regulated markets beyond cannabis&#8221;. 
To learn more about cannabis finance and economic analysis,&nbsp;don&#8217;t miss the opportunity to join us at the&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank" rel="noreferrer noopener">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry&#8217;s future. Secure your tickets now before prices increase by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
<h2 class="wp-block-heading">Financial Outlook</h2>
For the second quarter of 2024, Springbig currently expects revenue in the range of $6.5 &#8211; $7.0 million and Adjusted EBITDA positive in the range of $300.000 to $600.000. For the year ending December 31, 2024, expects revenue in the range of $29 &#8211; $32 million and adjusted EBITDA gain in the range of $3.5 &#8211; $5.0 million.
<h2 class="wp-block-heading">Price Action</h2>
Springbig stock was trading 11.65% down at 15 cents per share during Thursday&#8217;s per-market session.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/03/37638219/software-company-springbig-banks-on-loyalty-programs-reaps-28-1m-revenue-shrinks-net-loss-with-e">Software Company Springbig Banks On Loyalty Programs, Reaps $28.1M Revenue, Shrinks Net Loss With EBITDA Revival</a>
Photo: AI-generated image

Cannabis

Earnings Misses

Markets

SBIG

Cannabis-Focused Software Co. Springbig Sees Slight Q1 Revenue Decline But Improves Net Loss, Keeps Full Year Financial Guidance

La Rosa Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRHC#NASDAQ">LRHC</a>) reported quarterly losses of $(0.35) per share. This is a 118.75 percent decrease over losses of $(0.16) per share from the same period last year. The company reported $13.09 million in sales this quarter. This is a 116.65 percent increase over sales of $6.04 million the same period last year.

LRHC

La Rosa Holdings Q1 EPS $(0.35) Down From $(0.16) YoY, Sales $13.09M Up From $6.04M YoY

WIIM

GAME

GameSquare shares are trading higher after the company announced the formation of FaZe Media.

Allstate Announceds Estimated Catastrophe Losses For The Month Of April Of $494M Or $390M, After-Tax; Catastrophe Losses Included 11 Events Estimated At $491M, With ~80% Of The Losses Related To Four Wind, Hail Or Tornadic Events

Baidu, Inc&nbsp;(NASDAQ:&nbsp;BIDU) reported a fiscal first-quarter 2024 revenue growth of 1% year-on-year to $4.37 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38866198/baidu-announces-first-quarter-2024-results" rel="noreferrer noopener">analyst&nbsp;consensus estimate of $4.32 billion</a>.&nbsp;
Baidu's adjusted earnings per ADS&nbsp;of $2.76 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $2.30</a>.
Segments:&nbsp;Baidu's Core revenue increased 4% year over year to $3.30 billion; Online marketing revenue improved 3% year over year to $2.36 billion. Non-online marketing revenue&nbsp;grew 6% year over year to&nbsp;$935 million, driven by the AI Cloud business.&nbsp;
Revenue from&nbsp;IQIYI, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IQ#NASDAQ">IQ</a>)&nbsp;decreased 5% year over year to $1.10 billion, beating the analyst consensus estimate of $1.08 billion.&nbsp;
Baidu's SG&amp;A expenses were $745 million. R&amp;D expenses declined 1% Y/Y to $742 million.&nbsp;&nbsp;
Baidu's adjusted EBITDA margin remained firm at 26%, and its Core adjusted EBITDA margin&nbsp;remained steady at 30%.
As of March 31, 2024, Baidu had $26.56 billion in cash and equivalents and generated $579 million in free cash flow.&nbsp;
Robin Li, Co-founder and CEO of Baidu. "As a new era of Gen-AI unfolds in&nbsp;China, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people's lives. We are making our ERNIE family of models increasingly affordable and efficient."
Baidu&nbsp;stock lost 17% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;Global X&nbsp;Social Media ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOCL#NASDAQ">SOCL</a>).
Price Action: BIDU shares traded higher by 2.03% at $113.00 in the premarket session at the last check Thursday.
Photo via Shutterstock

Topics

BIDU

PowerShares Golden Dragon Halter USX China Portfolio

SOCL

Baidu's Q1 Earnings: Revenue and EPS Beat, CEO Highlights Gen-AI's Role in Transforming Everyday Life

General

BLDE

Blade Air Mobility Partners Ocean Casino Resort To Fly Its Guests From Manhattan To Atlantic City

Spire Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPIR#NYSE">SPIR</a>) reported mixed first-quarter <a href="https://www.benzinga.com/quote/SPIR/earnings">financial results on Wednesday</a>.
Spire Global posted adjusted loss of 53 cents per share, compared to market expectations for a loss of 68 cents per share. The company's quarterly sales came in at $25.688 million missing estimates of $27.959 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
&#8220;For over a decade, Spire&#8217;s trajectory has been shaped by two enduring global megatrends: global security and the escalating impacts of climate change,&#8221; said Peter Platzer, Spire CEO. &#8220;Since our founding, we&#8217;ve focused on providing insights that can only be gained from the ultimate vantage point of space to help solve these global issues. Now with the sophistication and increased adoption of technologies like artificial intelligence, we&#8217;re seeing an even bigger opportunity to provide more accurate and reliable insights, powered by our proprietary data set.&#8221;
Spire Global lowered its FY24 revenue outlook from $138 million-$148 million to $122 million-$132 million. The company slashed its adjusted EPS forecast from $(0.24) &#8211; $0.11 to $(1.11) &#8211; $(0.70).
Spire Global shares fell 6.8% to close at $11.34 on Wednesday.
These analysts made changes to their price targets on Spire Global after the company reported quarterly results.
<ul>
<li>Baird cut the price target on Spire Global from $20 to $15. Baird analyst Jeffrey Meuler maintained an Outperform rating.</li>
<li>Stifel slashed Spire Global price target from $24 to $20. Stifel analyst Erik Rasmussen maintained a Buy rating.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/05/38869663/wall-streets-most-accurate-analysts-say-hold-these-3-real-estate-stocks-delivering-high-dividend-yie">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Real Estate Stocks Delivering High-Dividend Yields</a>

Price Target

Trading Ideas

SPIR

Spire Global Analysts Cut Their Forecasts Following Q1 Results

LM Funding America (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LMFA#NASDAQ">LMFA</a>) reported quarterly earnings of $0.61 per share which beat the analyst consensus estimate of $(0.57) by 207.02 percent. The company reported quarterly sales of $4.75 million which beat the analyst consensus estimate of $4.70 million by 1.00 percent. This is a 105.14 percent increase over sales of $2.31 million the same period last year.

Earnings Beats

LMFA

LM Funding America Q1 2024 Adj EPS $0.61 Beats $(0.57) Estimate, Sales $4.75M Beat $4.70M Estimate

Warren Buffett&#8216;s investment moves are always closely watched, and his recent reveal of Berkshire Hathaway Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) acquisition of nearly 26 million shares of Chubb Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), has sparked interest and <a href="https://www.benzinga.com/quote/CB/news">speculation in the market</a>.
<h2 class="wp-block-heading">Chubb Stock Soaring On Warren Buffett Investment</h2>
The news sent Chubb stock soaring over 8% during the premarket session on Thursday. The stake, worth $6.7 billion, has made Chubb Berkshire&#8217;s ninth-largest holding as of the end of March.
<figure class="wp-block-embed is-type-rich is-provider-reddit wp-block-embed-reddit"> 
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<blockquote class="reddit-embed-bq" style="height:316px" ><a href="https://www.reddit.com/r/stocks/comments/1csuqzn/buffetts_berkshire_reveals_insurer_chubb_as/">Buffett's Berkshire reveals insurer Chubb as confidential stock it's been buying </a> by<a href="https://www.reddit.com/user/Puginator/">u/Puginator</a> in<a href="https://www.reddit.com/r/stocks/">stocks</a></blockquote>
<script async src="https://embed.reddit.com/widgets.js" charset="UTF-8"></script></div>
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Also Read: <a href="https://www.benzinga.com/news/24/05/38859697/chubb-stock-climbs-after-berkshire-hathaway-purchases-shares">Chubb Stock Climbs After Berkshire Hathaway Purchases Shares</a>
<h2 class="wp-block-heading">Buffett&#8217;s Contrarian Bet Amid Insurance Industry Troubles</h2>
Berkshire&#8217;s interest in Chubb, a major property and casualty insurer, comes at a time when the insurance industry is facing significant challenges. One of the key issues is the increasing impact of climate change on the industry. 
Natural disasters such as wildfires, hurricanes, and floods are becoming more frequent and severe, leading to higher insurance premiums and some regions becoming uninsurable. This was brought to light by a Reddit user, recently:
<figure class="wp-block-embed is-type-rich is-provider-reddit wp-block-embed-reddit"> 
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<blockquote class="reddit-embed-bq" style="height:316px" ><a href="https://www.reddit.com/r/stocks/comments/1csugu0/the_us_home_insurance_market_might_be_in_some/">The US Home Insurance market might be in some serious trouble. </a> by<a href="https://www.reddit.com/user/LeekTerrible/">u/LeekTerrible</a> in<a href="https://www.reddit.com/r/stocks/">stocks</a></blockquote>
<script async src="https://embed.reddit.com/widgets.js" charset="UTF-8"></script></div>
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The podcast &#8220;The Daily&#8221;, as <a href="https://www.nytimes.com/2024/05/15/podcasts/the-daily/climate-insurance.html">reported</a> by The New York Times, discusses how insurance companies are reassessing their risk models and coverage policies due to climate change-induced events. In the past decade, insurance companies have lost money in 18 states, and the situation is only expected to worsen.
Despite these challenges, Buffett&#8217;s move into Chubb indicates confidence in the company&#8217;s long-term prospects. Chubb is known for its focus on high-net-worth individuals, which could be a lucrative market segment despite the industry&#8217;s broader challenges.
It&#8217;s worth noting that Buffett&#8217;s investment style often involves long-term thinking and a focus on companies with strong fundamentals. While the insurance market may be facing difficulties, Buffett&#8217;s track record suggests that he sees value in Chubb that others may be overlooking.
Overall, Buffett&#8217;s investment in Chubb reflects his contrarian approach to investing, and it will be interesting to see how this plays out in the context of the evolving insurance market landscape.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38862886/nvidia-microstrategy-cisco-chubb-tesla-why-these-5-stocks-are-on-investors-radars-today">Nvidia, MicroStrategy, Cisco, Chubb, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
Image generated using artificial intelligence via Midjourney.

Long Ideas

Social Media

Financing

Insurance

Warren Buffett's Berkshire Buys Up Chubb As Insurance Market Faces 'Trouble': A Bold Contrarian Bet?

Infrared Cameras Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSAI#NASDAQ">MSAI</a>) reported quarterly losses of $(0.33) per share which missed the analyst consensus estimate of $(0.05) by 560 percent. The company reported quarterly sales of $2.275 million which missed the analyst consensus estimate of $2.300 million by 1.09 percent. This is a 132.14 percent increase over sales of $980.000 thousand the same period last year.

Infrared Cameras Holdings, Inc. - Common Stock

MSAI

Infrared Cameras Holdings Q1 2024 GAAP EPS $(0.33) Misses $(0.05) Estimate, Sales $2.275M Miss $2.300M Estimate

JP Morgan analyst Jeremy Tonet maintains Enterprise Prods Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>) with a Overweight and lowers the price target from $33 to $32.

Analyst Ratings

JP Morgan Maintains Overweight on Enterprise Prods Partners, Lowers Price Target to $32

Stifel analyst Vincent Anderson maintains Dragonfly Energy Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DFLI#NASDAQ">DFLI</a>) with a Buy and raises the price target from $1 to $1.2.

DFLI

Stifel Maintains Buy on Dragonfly Energy Hldgs, Raises Price Target to $1.2

Guardant Health, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GH#NASDAQ">GH</a>), a leading precision oncology company, today announced it will present data from two real-world studies at the 2024 Digestive Disease Week (DDW) meeting in Washington, DC, highlighting the value of the company's Shield&#x2122; test in colorectal cancer (CRC) screening.

Biotech

Guardant Health's Real-World Data Supporting Performance Of Shield Blood Test For CRC Presented At 2024 Digestive Disease Week

Health Care

GCTK

Glucotrack Announces Its Implantable Glucose Monitor Has Completed 30 Days Of A 60-Day Preclinical Study

ATXI

Avenue Therapeutics Completes Last Patient Last Visit In Phase 1b/2a Clinical Trial Of AJ201 For Spinal And Bulbar Muscular Atrophy

Needham analyst Matt McGinley reiterates Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) with a Hold.

Reiteration

CRLBF

Needham Reiterates Hold on Cresco Labs

JP Morgan analyst Reginald Smith maintains Riskified (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSKD#NYSE">RSKD</a>) with a Neutral and raises the price target from $6 to $7.