iShares Frontier and Select EM ETF (ARCA: FM)

iShares Frontier and Select EM ETF (ARCA:FM), Quote.Headers.trade-ideas

iShares Frontier and Select EM ETF

iShares MSCI Frontier and Select EM ETF

iShares MSCI Frontier 100 Fund

Other

Financial Services

Technology

Energy

Communication Services

Basic Materials

Real Estate

Industrials

Utilities

Healthcare

Consumer Cyclical

Consumer Defensive

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers economically tied to frontier markets and issuers economically tied to emerging markets, or in depositary receipts representing such securities.

Blackrock Cash Funds: Treasury, Sl Agency Shares

Kaspi.kz AO

Southern Copper Corp

Hoa Phat Group Jsc

Nac Kazatomprom Jsc

Banca Transilvania S.a.

Maroc Telecom

Credicorp Ltd

Gold,Nuggets,Isolated,On,Black,Background.

Macro Economic Events

Sector ETFs

Commodities

Econ #s

Economics

ETFs

COPX

Market Vectors ETF Trust Market Vectors Gold Miners

Copper, silver, and gold prices surge on strong Chinese stimulus and Fed rate cut expectations, driving mining stocks to record highs.

Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks&#39; Wild Ride

gold miner shutter

News

Rumors

Markets

GOLD

TSX:FM

Barrick Gold denies reports of meeting with First Quantum for possible takeover in Panama. Barrick focuses on strengthening relations in Tanzania.

Barrick Gold Denies First Quantum Rumors, Focuses On Developing Existing Tanzanian Projects

mining

Events

The Ravensthorpe nickel operation will witness a 30% reduction in its workforce. First Quantum will continue nickel sales from existing stockpiles.

First Quantum Temporarily Halts Ravensthorpe Nickel Mine Operations, Suspends Dividend

Fidelity Magellan ETF

FREEMAN GOLD EQY WARRANT

Freeman Gold Corp

Farmers & Merchants Bancorp, Inc. - Common Stock

Farmers & Merchants Bancorp Inc

FT Vest U.S. Equity Buffer ETF - March

Fidelity MSCI Materials Index ETF

FT Vest U.S. Equity Buffer ETF - May

First Trust Managed Municipal ETF

First Mid Bancshares, Inc. - Common Stock

First Mid Bancshares Inc

FRMRS&MER BK LONG BCH CAL by Farmers & Merchants Bank of Long Beach (CA)

Farmers & Merchants Bank of Long Beach

F & M Bank Corp

FRMRS&MER BNCSHS IOWA by Farmers & Merchants Bancshares, Inc.

Farmers and Merchants Bancshares Inc

FAMOUS BRANDS UNSP/ADR by Famous Brands Ltd

Famous Brands Ltd

FULL MOTION BEVERAGE INC by Full Motion Beverage, Inc.

Full Motion Beverage Inc

FMC Corp

FRMRS&MER BNCORP LODI CA by Farmers & Merchants Bancorp

Farmers & Merchants Bancorp

Federal Home Loan Mortgage Corp

FRESENIUS MED CARE AG ORD by Fresenius Medical Care AG

Fresenius Medical Care AG

FM Focus Equity ETF

FORAN MINING CORP by Foran Mining Corporation

Foran Mining Corp

Fidelity Covington Trust Fidelity Enhanced Mid Cap ETF

Fidelity Disruptive Medicine ETF

Farmers Edge Inc Ordinary Shares

Future Metals NL

FUNDSMITH EMERGING TR by FUNDSMITH EMERGING EQ TRUST

Fidelity Metaverse ETF

First Trust Managed Futures Strategy Fund

FARMERS & MER BANCSHARES by Farmers and Merchants Bancshares, Inc.

Farmers and Merchants Bancshares Inc (MD)

FIRST MONTAUK FINL CP NEW by First Montauk Financial Corp.

FIRST COMMUTY FINCL (PA) by First Community Financial Corp.

First Community Financial Corp

Insurity Capital, Inc.

FAIRMILE GOLDTECH INC by Fairmile GoldTech Inc.

Fairmile Goldtech Inc

FAH MAI HLDGS GROUP INC by FAH MAI HLDGS GROUP INC.

First Trust Municipal High Income ETF

Farmhouse Inc

First Miami Bancorp, Inc. Com

Fuji Corp

Federated Hermes Premier Municipal Income Fund

Farmers National Banc Corp. - Common Stock

Farmers National Banc Corp

FRANKLIN MINING INC by Franklin Mining, Inc.

Franklin Mining Inc

First Trust New York Municipal High Income ETF

FOMENTO CONSTRUCCIONES SA by Fomento de Construcciones y Contratas Sa

Fomento de Construcciones y Contratas SA

FOMENTO C&C UNSP/ADR by Fomento de Construcciones y Contratas Sa

F & M Bancorp Ohio

FAME PRODUCTIONS INC by Fame Productions Inc.

Fame Productions Inc

FMQQ The Next Frontier Internet ETF

FMQQ THE NEXT FRONT INTERN&ECOM ETF

Fresenius Medical Care AG American Depositary Shares (Each representing 1/2 of an Ordinary Share)

Foremost Lithium Resource & Technology Ltd. - Common stock

Foremost Lithium Resource & Technology Ltd

Foremost Lithium Resource & Technology Ltd. - Warrant

Fibra Mty S.A.P.I. DE C.V. IBRAS Certificados Inmobiliarios Series -14-

Fibra Mty S.A.P.I. DE C.V.

FIDELITY UCITS ICAV ETF

Fomento Economico Mexicano S.A.B. de C.V. Common Stock

Fomento Economico Mexicano SAB de CV

FOMENTO ECONOMIC MEX UTS by Fomento Economico Mexicano SAB

AMILOT CAPITAL INC by Amilot Capital Inc.

Amilot Capital Inc

First Trust Motgage Income Fund Common Shares of Beneficial Interest

First Trust Mortgage Income Fund

FAMILY ROOM ENTMT CP by Family Room Entertainment Corp.

Family Room Entertainment Corp

Qoria Ltd

H&amp;R Block (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) has outperformed the market over the past 5 years by 8.51% on an annualized basis producing an average annual return of 22.52%. Currently, H&amp;R Block has a market capitalization of $9.00 billion. 
Buying $100 In HRB: If an investor had bought $100 of HRB stock 5 years ago, it would be worth $272.50 today based on a price of $64.46 for HRB at the time of writing.
<h3>H&amp;R Block's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727119810_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

$100 Invested In H&R Block 5 Years Ago Would Be Worth This Much Today

Citigroup Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) plan to expand in China has met a snag with the U.S. regulators after the Federal Reserve imposed a penalty on the bank related to its data management and risk controls, per a Bloomberg report.
The bank is currently awaiting a clearance letter from the U.S. Federal Reserve, which is required by Chinese authorities to verify Citigroup&#39;s regulatory standing. Without this letter, the bank cannot proceed with its plans to set up a standalone securities firm in China.
The difficulties arose when Citigroup was fined $136 million in July 2024 for failing to address its data management issues adequately. The regulators stated that Citigroup made &quot;insufficient progress&quot; in dealing with the issues identified in 2020, which required Citi to fix these issues in its enterprise-wide risk management, compliance risk management, data governance and internal controls.
These fines complicated C&#39;s ability to comply with China&#39;s licensing requirements, making its path to expansion more challenging.
However, according to a Bloomberg report, citing people familiar with the matter, the bank remains actively engaged in discussions with China&#39;s securities regulator regarding its application for the new business and has no intention to withdraw its application.
<h2>Citigroup&#39;s Prior Regulatory Issues</h2>
Apart from the fine levied on the bank in July, Citigroup has been facing some other regulatory scrutiny as well. In August, the bank made the headlines for repeatedly breaching the Federal Reserve&#39;s Regulation W, which limits intercompany transactions. Those breaches led to discrepancies in the company&#39;s internal liquidity reporting. This was reported by Reuters, citing an internal company document.
In May, Citigroup was fined $78.4 million by a pair of British regulators due to the bank&#39;s deficiencies in the systems and controls. These flaws led a trader to make an inputting error that caused a flash crash in May 2022. The penalty amount consisted of &pound;27.8 million from the Financial Conduct Authority and &pound;33.9 million from the Bank of England&#39;s Prudential Regulation Authority.
In June, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) stated that they had observed shortcomings in the &lsquo;living wills&#39; of Citigroup, JPMorgan Chase (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) and Goldman Sachs (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>). Per agencies, the shortcomings raise doubts about their plan&#39;s feasibility. JPM had minor problems that the Fed and the FDIC found, claiming that its systems for unwinding specific derivatives trades had not been thoroughly tested. GS was criticized for not providing &lsquo;trade-level&#39; details on its derivatives transactions.
The FDIC chastised Citigroup, stating that the bank&#39;s resolution plan was either not credible or would not enable a smooth bankruptcy process following U.S. laws. Apart from the problem with its derivatives portfolio, the regulators stated that the company had neglected to address concerns regarding its &quot;resolution data integrity and data management issues.&quot;
These ongoing regulatory litigations and penalties are significant obstacles for the bank, potentially increasing costs and impacting bottom-line growth.
Over the past six months, shares of C have gained 2% compared with the industry&#39;s growth of 8.8%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/9b/78841.jpg?v=763969543" />
Image Source: Zacks Investment Research
Currently, C carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2340076/citigroup-s-china-expansion-plans-stalled-amid-regulatory-probes?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2340076">To read this article on Zacks.com click here.</a>

Asia

Government

Large Cap

Regulations

Management

Federal Reserve

Analyst Ratings

Citigroup's China Expansion Plans Stalled Amid Regulatory Probes

Baidu Inc (NASDAQ BIDU) shares are trading higher by 2.56% to $88.45 going into the close of Monday&#8217;s session as investors reacted positively to the People's Bank of China's (PBoC) <a href="https://www.benzinga.com/markets/asia/24/09/40986319/chinese-stocks-defy-bidens-auto-import-ban-concerns-rally-to-4-month-highs-as-central-bank-unexpecte">surprise interest rate cut</a>.
The central bank's decision to lower the 14-day reverse repurchase rate by 10 basis points, alongside a liquidity injection of over $10 billion, has fueled optimism for economic recovery in China.
What This Matters: The PBoC's move impacts technology companies like Baidu, which play a central role in China's growth strategy. Baidu, often dubbed the &#8220;Google of China,&#8221; has evolved beyond its core search engine business to become a leader in <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence (AI)</a>, autonomous driving and cloud computing.
The rate cut, which reduces business borrowing costs, is expected to encourage increased spending in the technology sector. This could drive greater demand for Baidu's AI and cloud services, as enterprises look to enhance their digital infrastructure amid favorable financial conditions.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40987087/us-stocks-stall-gold-updates-record-highs-tesla-rallies-whats-driving-markets-monday">US Stocks Stall, Gold Updates Record Highs, Tesla Rallies: What&#8217;s Driving Markets Monday?</a>
What Else: Baidu's autonomous driving platform, Apollo, also benefits from increased investment and consumption as liquidity flows through the economy. Baidu pioneered the development of robotaxis and smart city infrastructure in China; these sectors could receive further governmental support as part of Beijing's push to modernize the country's technological backbone.
With lower borrowing costs and potential government-backed stimulus for innovation, Baidu's efforts in autonomous mobility and AI-driven services are well-positioned for growth.
Additionally, as liquidity enters the market, Baidu's core digital advertising business is poised for an uplift. The company generates a significant portion of its revenue from online advertising, which tends to rise in tandem with broader economic activity. 
With businesses likely to increase marketing budgets in response to anticipated consumer spending, Baidu could see a resurgence in advertising revenues.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40989179/meta-connect-2024-preview-cheaper-vr-expected-analysts-see-augmented-reality-and-ai">Meta Connect 2024 Preview: Cheaper VR Expected, Analysts See Augmented Reality And AI As Major Focus</a>
<h2 class="wp-block-heading">How To Buy BIDU Stock</h2>
By now you're likely curious about how to participate in the market for Baidu &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, BIDU has a 52-week high of $136.53 and a 52-week low of $79.68.

BIDU

Why Baidu Stock Is Moving

Less than two months before the Nov. 5 election, when <a href="https://www.benzinga.com/markets/cannabis/24/08/40327596/will-north-dakota-legalize-adult-use-marijuana-voters-to-decide-in-november">cannabis adult-use</a> will be voted in North Dakota, two Catholic bishops from the State are urging voters to reject Measure 5.
Bishops David Kagan of Bismarck and John Folda of Fargo issued a joint statement to parishioners on Sept. 10, warning that cannabis legalization will harm "individuals, families, and communities."
If passed, the measure would legalize recreational cannabis for adults 21 and over. Measure 5 would allow adults to grow, possess, and sell cannabis legally in <a href="https://www.benzinga.com/topic/north-dakota">North Dakota</a>.
This marks the third time voters will decide on the issue, following similar proposals that were rejected in 2018 and 2022.
<h3 class="wp-block-heading">Bishops' Concerns Rooted In Doctrine</h3>
The bishops grounded their opposition in the teachings of the Catholic Church, <a href="https://cruxnow.com/church-in-the-usa/2024/09/north-dakota-bishops-advocate-against-marijuana-legalization">reported</a> Catholic news site Crux.
Citing the Catechism, they reminded the faithful that "the use of drugs inflicts very grave damage on human health and life." 
The bishops argue that regular cannabis use impairs brain function, harms lung health, and believe that cannabis can worsen mental health issues.
"Cannabis is not the harmless drug that some imagine it to be," Kagan and Folda said. They argue that cannabis often acts as a gateway to harder drugs, compounding their concerns. Studies <a href="https://www.benzinga.com/general/biotech/23/01/30631570/recreational-cannabis-legalization-correlated-with-decrease-in-alcohol-use-disorder-new-study-fin">dispute this claim</a>. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40964435/was-cannabis-the-secret-to-jesus-healing-miracles-study-uncovers-ancient-remedies">Was Cannabis The Secret To Jesus&#8217; Healing Miracles? Study Uncovers Ancient Remedies</a>
<h3 class="wp-block-heading">There&#8217;s Also Opposition From Medical Leaders</h3>
Stephanie Dahl, president of the North Dakota Medical Association, echoed the bishops' concerns, emphasizing that "cannabis use is not without risk." 
Tim Blasl, president of the North Dakota Hospital Association, added that the state should focus on substance abuse prevention and education instead of legalization. 
"We continue to experience an epidemic of behavioral health issues in our communities," Blasl said, stressing the need to prioritize public health over recreational drug use.
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 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.
<h3 class="wp-block-heading">Advocates Push For Legalization</h3>
Instead, Measure 5's supporters, led by New Economic Frontier, see cannabis legalization as an <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">economic opportunity </a>for the state. 
They argue that legalization will boost <a href="https://www.benzinga.com/markets/cannabis/23/10/35244369/cannabis-tax-map-see-how-states-are-cashing-in">tax revenue</a>, <a href="https://www.benzinga.com/markets/cannabis/24/07/39892433/dea-rescheduling-of-cannabis-could-create-over-50-000-jobs-industry-group-notes-in-public-commen">create jobs</a>, and reduce strain on law enforcement. Proponents also believe it will bring clarity and safety to workplaces through proper regulation.
Advocates point to the 24 states and Washington, D.C., that have already l<a href="https://www.benzinga.com/topic/legal-cannabis">egalized recreational cannabis</a>. They highlight Colorado as an example of economic success, noting that the cannabis industry has grown into a billion-dollar market since legalization. 
They also argue that in states with legal cannabis, <a href="https://www.benzinga.com/markets/cannabis/23/08/33606242/cannabis-can-help-reduce-unregulated-opioid-use-and-manage-cravings-study-finds">opioid use</a> has decreased, potentially saving lives.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/02/37166627/exclusive-undo-the-harms-of-the-war-on-drugs-says-glass-house-ceo">EXCLUSIVE: &#8216;Undo The Harms Of The War On Drugs,&#8217; Says Glass House CEO</a>
<h3 class="wp-block-heading">The Broader Picture</h3>
The debate around cannabis in North Dakota is not new, but the arguments remain contentious. 
Supporters claim the economic benefits and social justice reforms outweigh potential risks. They argue that cannabis legalization could help with disproportionately impacted marginalized communities. This mirrors the position of cannabis advocates nationwide, who continue to push for policies that bring both economic growth and social equity.
Opponents remain concerned about public health and safety. 
In this particular case, the bishops argue that cannabis use inflicts "grave damage on human health." But recent studies challenge this notion, comparing cannabis to substances like alcohol and opioids. Research suggests that regular cannabis use is less likely to harm others compared to alcohol or opioid use. In fact, secondhand harm from cannabis appears to be far lower than that caused by alcohol abuse. 
These findings call into question the Church&#8217;s broader stance on drug use, especially as legal cannabis gains wider acceptance.
Moreover, cannabis advocates argue that the so called &#8216;War on Drugs&#8217; has caused far more harm than cannabis legalization ever could. Many people, especially from marginalized communities, continue to serve lengthy prison sentences for nonviolent cannabis offenses. At the same time, legal cannabis businesses thrive. 
Advocates like Glass House CEO Steve Kazan, have called this contrast <a href="https://www.benzinga.com/markets/cannabis/24/02/37166627/exclusive-undo-the-harms-of-the-war-on-drugs-says-glass-house-ceo">"insane"</a> and push for legal reforms to rectify these social injustices.
If you are curious about the content of Measure 5, you will find the ballot text in <a href="https://www.sos.nd.gov/elections/voter/ballot-measures/measures-ballot">here</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/02/37166627/exclusive-undo-the-harms-of-the-war-on-drugs-says-glass-house-ceo">EXCLUSIVE: &#8216;Undo The Harms Of The War On Drugs,&#8217; Says Glass House CEO</a></li>
</ul>
Cover: AI generated image

Cannabis

Politics

Cassocks Vs. Cannabis: North Dakota Bishops Take Aim At November's Legalization Ballot

<a href="https://wccftech.com/nvidia-h20-ai-accelerators-next-us-ban-rumor-stops-taking-new-orders-china/">https://wccftech.com/nvidia-h20-ai-accelerators-next-us-ban-rumor-stops-taking-new-orders-china/</a>
NVIDIA's "China-compliant" H20 AI accelerators might face the next US ban "hammer" as Team Green stops taking additional orders from Chinese clients.
<h2>The US Is Looking To Expand Its Export Restrictions By Banning NVIDIA's "China-Compliant" H20 AI Accelerator</h2>
It looks like the Biden administration is putting its foot on the brakes when it comes to sanctioning the sale of NVIDIA's high-end AI equipment to hostile nations like China since now, the rumors of a potential H20 AI GPU ban are looming in the markets, due to which, Team Green has reportedly halted the sale of its accelerator to Chinese companies, as reported by <a href="https://money.udn.com/money/story/5603/8242728?from=edn_hottest_index">Taiwan Economic Daily</a>. It is said that NVIDIA has stopped accepting new orders for the H20 accelerator and hasn't specified a reason behind it, but it's highly likely that the firm is prepping for a potential revision in the US trade policy.
The investment bank Jefferies pointed out that the US might implement additional restrictions in its review of semiconductor export policies in October, including the decision to ban the trade of NVIDIA's H20 AI GPU. It is estimated that if an H20 ban is implemented, NVIDIA <a href="https://wccftech.com/nvidia-generate-12-billion-china-despite-restrictions-h20-ai-gpu-massive-demand/">might lose up to $12 billion of revenue</a> from mainland China alone, which would be a huge blow to the firm's sustainability in the domestic markets.
After the ban of the H100, NVIDIA's H20 proved to be a phenomenal replacement, attracting the interest of all regional tech giants, which is why a ban will impact NVIDIA's business in China massively. It's important to note that nothing is official right now, and it is said that Team Green is pressing the US administration not to proceed with the "H20 ban" decision, but given past experiences, it won't be wrong to say that this particular move is imminent.
If we look at a larger scale, the export control policies implemented by the US in the past year or so haven't worked out quite well when it comes to limiting the influence of AI developments in China, given that individuals/organizations have found new "loopholes," which act as compensation. One such example is the <a href="https://wccftech.com/nvidia-ai-chip-renting-services-china-cheaper-than-us/">recent boom in GPU rental servicing</a> and how firms established in countries such as the UAE provide computing renting options to clients in China, which is also based on NVIDIA's cutting-edge AI accelerators.

Legal

Global

NVDA

"NVIDIA's H20 AI Accelerators Might Face The Next 'US Ban', Team Green Stops Taking New Orders In China" - WFFCtech

Allegations of predatory contracts within Missouri's social <a href="https://www.benzinga.com/cannabis">equity cannabis program</a> have surfaced, raising concerns about the integrity of the system.
A recent <a href="https://missouriindependent.com/2024/09/23/alleged-predatory-contracts-continue-to-surface-in-missouri-social-equity-marijuana-program/">investigation</a> by The Missouri Independent revealed a troubling case involving Destiny Brown, a Black woman who believed she was being offered ownership of a cannabis dispensary and significant financial backing to compete for a license in the state's social equity lottery.
However, Brown unknowingly signed a contract that granted control of the business to investor Michael Halow.
Halow, who was unable to qualify for a license himself due to a felony on his record, used Brown's qualifications to secure the license in her name. 
Once Brown realized the <a href="https://www.benzinga.com/markets/cannabis/24/07/40021274/missouri-cannabis-leader-faces-allegations-of-using-predatory-contracts-to-exploit-social-equity">exploitative nature</a> of the agreement, she sought legal assistance and severed ties with Halow. 
Missouri regulators, upon further investigation, revoked six licenses tied to Halow and revealed a pattern of similar contracts used by other applicants. These contracts have been <a href="https://www.benzinga.com/markets/cannabis/23/12/36313173/social-equity-or-greedy-play-missouris-cannabis-license-controversy-heats-up">under investigation</a> at least since last year.
<h3 class="wp-block-heading">Exploitative Practices And Systematic Abuse</h3>
Brown&#8217;s case is not an isolated incident. 
The investigation also uncovered multiple examples of out-of-state companies and cannabis industry insiders exploiting the social equity program by manipulating disadvantaged applicants. 
A common tactic includes flooding the lottery with numerous applications under qualified applicants, only to secure contracts that transfer business control to investors once licenses are granted. In these predatory arrangements, the applicant receives little to no benefit while the investor maintains full control of the business.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
Missouri&#8217;s microbusiness program was designed to help disadvantaged groups, including disabled veterans and those affected by non-violent drug offenses.
The Missouri Division of Cannabis Regulation continues to investigate these cases, and more revocations are expected as the scope of abuse becomes clearer.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40446319/yet-again-massive-cannabis-product-recall-rocks-missouri-weed-industry-135-000-products-quaranti">Yet Again, Massive Cannabis Product Recall Rocks Missouri Weed Industry: 135,000 Products Quarantined</a>
<h3 class="wp-block-heading">Similar Practices Elsewhere</h3>
Missouri is not the only state grappling with the poor performance of its social equity programs.
Similar predatory practices have surfaced in New York and Arizona, where social equity cannabis programs are facing scrutiny for allowing private interests to exploit disadvantaged applicants. 
In New York, a public-private fund intended to help those affected by discriminatory drug laws <a href="https://www.benzinga.com/markets/cannabis/24/06/39336860/unscrupulous-practices-going-on-in-new-york-say-state-senators-about-150m-loan-for-beleaguered-c">has been criticized </a>for favoring private equity firms over qualified applicants. The fund&#8217;s restrictive loan terms and high interest rates have left many licensees struggling to maintain control of their businesses. Also, social equity in the state has faced <a href="https://www.benzinga.com/markets/cannabis/24/07/39694320/licensed-but-closed-new-yorks-cannabis-dream-faces-bureaucratic-nightmare">severe bureaucratic constraints.</a>
In Arizona, some have employed <a href="https://www.benzinga.com/markets/cannabis/24/01/36720312/arizonas-social-equity-ambitions-in-cannabis-licensing-face-corporate-dominance" target="_blank" rel="noopener">tactics similar to</a> those found in <a href="https://www.benzinga.com/topic/missouri-cannabis">Missouri</a>, flooding the state's application process and using complex contracts to exploit social equity applicants.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40945349/cannabis-companies-have-missouris-governor-beat-hemp-thc-products-sales-resume-as-stricter-contr">Cannabis Companies Have Missouri&#8217;s Governor Beat: Hemp-THC Products Sales Resume As Stricter Controls Replace Sweeping Ban</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40805538/missouri-joins-crackdown-on-unregulated-cannabis-announces-new-taskforce-as-national-hemp-debate">Missouri Joins Crackdown On Unregulated Cannabis, Announces New Taskforce As National Hemp Debate Rages</a></li>
</ul>
Cover: AI generated image

Predatory Cannabis Contracts Allegedly Emerge In Missouri's Social Equity Program

<a href="https://www.barrons.com/articles/microsoft-stock-nuclear-power-6c764e54" title="https://www.barrons.com/articles/microsoft-stock-nuclear-power-6c764e54">https://www.barrons.com/articles/microsoft-stock-nuclear-power-6c764e54</a>

MSFT

'Microsoft Nuclear Deal Should Be 'Fast-Tracked': Pennsylvania Gov. Shapiro' - Barron's

Investors with a lot of money to spend have taken a bullish stance on McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MCD, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 18 uncommon options trades for McDonald's.
This isn't normal.
The overall sentiment of these big-money traders is split between 38% bullish and 38%, bearish.
Out of all of the special options we uncovered, 8 are puts, for a total amount of $362,592, and 10 are calls, for a total amount of $564,277.
<h3>Predicted Price Range</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $230.0 to $310.0 for McDonald's during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for McDonald's's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of McDonald's's whale trades within a strike price range from $230.0 to $310.0 in the last 30 days. 
<h3>McDonald's Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727118938_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$35.45</td>
<td>$34.1</td>
<td>$34.1</td>
<td>$280.00</td>
<td>$85.2K</td>
<td>1.3K</td>
<td style="text-align: right;">125</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$34.65</td>
<td>$34.0</td>
<td>$34.0</td>
<td>$280.00</td>
<td>$85.0K</td>
<td>1.3K</td>
<td style="text-align: right;">75</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/20/25</td>
<td>$34.55</td>
<td>$33.25</td>
<td>$34.0</td>
<td>$280.00</td>
<td>$85.0K</td>
<td>1.3K</td>
<td style="text-align: right;">25</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$35.55</td>
<td>$33.75</td>
<td>$34.0</td>
<td>$280.00</td>
<td>$85.0K</td>
<td>1.3K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>MCD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$11.8</td>
<td>$11.7</td>
<td>$11.7</td>
<td>$305.00</td>
<td>$51.4K</td>
<td>233</td>
<td style="text-align: right;">88</td>
</tr>
</tbody>
</table>

<h3>About McDonald's</h3>
McDonald's is the largest restaurant owner-operator in the world, with 2023 system sales of $130 billion across nearly than 42,000 stores and 115 markets. McDonald's pioneered the franchise model, building its footprint through partnerships with independent restaurant franchisees and master franchise partners around the globe. The firm earns roughly 60% of its revenue from franchise royalty fees and lease payments, with most of the remainder coming from company-operated stores across its three core segments: the United States, internationally operated markets, and international developmental/licensed markets.
After a thorough review of the options trading surrounding McDonald's, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of McDonald's</h3>
<ul>
<li>With a volume of 1,354,123, the price of MCD is up 0.32% at $297.79. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 35 days.</li>
</ul>
<h3>Expert Opinions on McDonald's</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $324.6.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Citigroup continues to hold a Neutral rating for McDonald's, targeting a price of $301. 
&#x2A; Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on McDonald's with a target price of $290. 
&#x2A; An analyst from Tigress Financial has decided to maintain their Buy rating on McDonald's, which currently sits at a price target of $360. 
&#x2A; Consistent in their evaluation, an analyst from Loop Capital keeps a Buy rating on McDonald's with a target price of $342. 
&#x2A; Consistent in their evaluation, an analyst from Jefferies keeps a Buy rating on McDonald's with a target price of $330. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest McDonald's options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Check Out What Whales Are Doing With MCD

Investors with a lot of money to spend have taken a bearish stance on Philip Morris Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PM, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 11 options trades for Philip Morris Intl.
This isn't normal.
The overall sentiment of these big-money traders is split between 27% bullish and 45%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $89,100, and 10, calls, for a total amount of $459,325.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $90.0 to $125.0 for Philip Morris Intl over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Philip Morris Intl's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Philip Morris Intl's whale activity within a strike price range from $90.0 to $125.0 in the last 30 days. 
<h3>Philip Morris Intl 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727118933_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$12.5</td>
<td>$12.3</td>
<td>$12.37</td>
<td>$110.00</td>
<td>$92.7K</td>
<td>6.4K</td>
<td style="text-align: right;">81</td>
</tr>
<tr>
<td>PM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$1.8</td>
<td>$1.7</td>
<td>$1.8</td>
<td>$115.00</td>
<td>$89.1K</td>
<td>48</td>
<td style="text-align: right;">508</td>
</tr>
<tr>
<td>PM</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>09/27/24</td>
<td>$11.0</td>
<td>$10.9</td>
<td>$10.95</td>
<td>$110.00</td>
<td>$85.4K</td>
<td>88</td>
<td style="text-align: right;">87</td>
</tr>
<tr>
<td>PM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/11/24</td>
<td>$6.3</td>
<td>$6.1</td>
<td>$6.18</td>
<td>$115.00</td>
<td>$46.3K</td>
<td>75</td>
<td style="text-align: right;">75</td>
</tr>
<tr>
<td>PM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$4.1</td>
<td>$4.0</td>
<td>$4.1</td>
<td>$120.00</td>
<td>$41.0K</td>
<td>152</td>
<td style="text-align: right;">106</td>
</tr>
</tbody>
</table>

<h3>About Philip Morris Intl</h3>
Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heatsticks, vapes, and oral nicotine offerings primarily outside of the US. With the 2022 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI has not only diversified away from smokeable products but also gained a toehold into the US to sell its iQOS heatsticks.
<h3>Present Market Standing of Philip Morris Intl</h3>
<ul>
<li>With a trading volume of 1,936,636, the price of PM is up by 0.16%, reaching $120.98.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 29 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Philip Morris Intl</h3>
In the last month, 4 experts released ratings on this stock with an average target price of $131.75.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Philip Morris Intl, targeting a price of $145. 
&#x2A; An analyst from Stifel persists with their Buy rating on Philip Morris Intl, maintaining a target price of $138. 
&#x2A; An analyst from B of A Securities has decided to maintain their Buy rating on Philip Morris Intl, which currently sits at a price target of $139. 
&#x2A; An analyst from UBS persists with their Sell rating on Philip Morris Intl, maintaining a target price of $105. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Philip Morris Intl options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

A Closer Look at Philip Morris Intl's Options Market Dynamics

Deep-pocketed investors have adopted a bearish approach towards Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MRK usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Merck &amp; Co. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 45% leaning bullish and 54% bearish. Among these notable options, 2 are puts, totaling $84,071, and 9 are calls, amounting to $500,344.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $110.0 and $125.0 for Merck &amp; Co, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Merck &amp; Co stands at 3469.29, with a total volume reaching 7,958.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Merck &amp; Co, situated within the strike price corridor from $110.0 to $125.0, throughout the last 30 days.
<h3>Merck &amp; Co 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727118928_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$1.74</td>
<td>$1.65</td>
<td>$1.68</td>
<td>$117.00</td>
<td>$120.4K</td>
<td>0</td>
<td>1.0K</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$2.77</td>
<td>$2.72</td>
<td>$2.72</td>
<td>$120.00</td>
<td>$98.3K</td>
<td>4.8K</td>
<td>64</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$0.76</td>
<td>$0.72</td>
<td>$0.75</td>
<td>$120.00</td>
<td>$67.2K</td>
<td>9.8K</td>
<td>998</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$9.95</td>
<td>$9.85</td>
<td>$9.89</td>
<td>$115.00</td>
<td>$49.4K</td>
<td>298</td>
<td>4</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$3.0</td>
<td>$2.98</td>
<td>$2.98</td>
<td>$115.00</td>
<td>$45.2K</td>
<td>4.5K</td>
<td>468</td>
</tr>
</tbody>
</table>

<h3>About Merck &amp; Co</h3>
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.
<h3>Current Position of Merck &amp; Co</h3>
<ul>
<li>With a trading volume of 3,262,924, the price of MRK is down by -1.08%, reaching $115.9.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 38 days from now.</li>
</ul>
<h3>Expert Opinions on Merck &amp; Co</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $155.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $155. 
&#x2A; An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $155. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Merck &amp; Co with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Merck & Co Unusual Options Activity For September 23

Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) shares are surging following the announcement of a strategic partnership with Credilab on 20 September 2024. The collaboration aims to leverage both companies&#8217; expertise and market resources to drive mutual growth and success. 
Additionally, on the same day, Mr. Anand Ramakrishnan, an independent director on Treasure Global&#8217;s Board, resigned immediately. His departure was not due to any dispute or disagreement with the company&#8217;s operations, policies or practices.
<h2 class="wp-block-heading">How To Buy Treasure Global Stock?</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Treasure Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>)'s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
TGL Price Action: Treasure Global shares were up by 64.3% at $1.11 according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="557" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23144355/TGL-1024x557.png" alt="" class="wp-image-561776" style="width:518px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23144355/TGL-1024x557.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23144355/TGL-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23144355/TGL-768x418.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23144355/TGL.png 1077w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40989426/conservative-politics-threaten-germanys-cannabis-legalization-plan-whats-going-on">Conservative Politics Threaten Germany&#8217;s Cannabis Legalization Plan: What&#8217;s Going On?</a></li>
</ul>
Photo by solarseven on Shutterstock.

Movers

Why Treasure Global Shares Are Trading Higher Today

CMCSA

Comcast Launches "Janus" Initiative To Enhance Internet Connectivity Using Cloud And AI Technology, Virtualizing Its Core Network For Faster, More Reliable Service

- SEC Filing
<a href="https://www.sec.gov/Archives/edgar/data/1808377/000137647424000516/vg_sc13d.htm" title="https://www.sec.gov/Archives/edgar/data/1808377/000137647424000516/vg_sc13d.htm">https://www.sec.gov/Archives/edgar/data/1808377/000137647424000516/vg_sc13d.htm</a>

LUCY

Vladimir Galkin Reports 21.1% Stake In Innovative Eyewear As Of September 16

Nabis is reshaping cannabis logistics with an approach that rivals Amazon's operational scale, serving over 400 brands and ensuring thousands of daily deliveries <a href="https://www.benzinga.com/cannabis">across California and Nevada. </a>
The company's five large warehouses and a fleet of over 100 trucks enable seamless pick-and-pack operations, allowing cannabis brands to focus on growth rather than the complexities of distribution.&nbsp;
"We are designed to remove the red tape and simplify the entire process for our clients," Sean Arroyo, President of Nabis told Benzinga Cannabis in an exclusive interview. By streamlining logistics, Nabis offers its partners the ability to reduce overhead, speed up delivery times, and navigate the regulatory maze, making it a vital player in the fragmented cannabis industry.
"Cannabis logistics is the backbone of the industry, and Nabis' focus is on making it simple for brands," Arroyo mentioned.&nbsp;
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Like Amazon, But For Cannabis Brands&nbsp;&nbsp;</h3>
<a href="https://www.nabis.com/">Nabis</a> is often compared to Amazon for its logistics-first approach, seamlessly handling everything from pick-and-pack to same-day shipping through its expansive network.
Operating out of five massive warehouses—each designed to function like Amazon's fulfillment centers—Nabis coordinates the movement of cannabis products with precision.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118-1024x683.jpg" alt="" class="wp-image-559786" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172306/NABIS-warehouse-118.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Courtesy of Nabis </figcaption></figure>
"We're like an Amazon <a href="https://www.benzinga.com/markets/cannabis/24/06/39442869/2-9b-european-cannabis-market-a-strategic-blueprint-for-cross-border-transportation-logistics">shipping center</a>. You'll see rows of products being picked, packed, and shipped out daily," Arroyo explains. The scale is impressive, with over 100 trucks on the road, ensuring that cannabis products reach dispensaries in the shortest time possible.
Cannabis brands using the Nabis platform can track sales, manage inventory, and adjust shipments on the fly—giving them unparalleled control over their operations. "Technology is key to scaling in this industry. Without it, you're left behind," Arroyo added.
Cannabis brands can drop off their shipments at Nabi&#8217;s warehouses, where they are broken down into individual orders, re-boxed, and shipped to retailers with Amazon-like efficiency.&nbsp;
"We handle the complexities so brands can focus on growing their business, not worrying about logistics," Arroyo says. By providing these seamless, tech-driven solutions, Nabis helps <a href="https://www.benzinga.com/general/biotech/24/09/40743118/no-brand-no-problem-california-company-powers-top-weed-brands-behind-the-scenes-via-white-labelin">cannabis brands</a> reduce costs and focus on their core operations.
Read Also: <a href="https://www.benzinga.com/news/24/09/40941818/how-this-cheese-aging-tech-is-boosting-profits-for-cannabis-growers-stop-throwing-cheddar-out-the-do">How This Cheese-Aging Tech Is Boosting Profits For Cannabis Growers: Stop Throwing Cheddar Out The Door</a>
<h3 class="wp-block-heading">Thin Margins</h3>
While logistics is the most visible part of the operation, managing costs is equally critical. "Logistics, warehousing, gas, and personnel are major cost centers, but we aim to offer competitive pricing without compromising service quality," Arroyo noted.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President-1024x1024.jpg" alt="" class="wp-image-559788" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President-1024x1024.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President-300x300.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President-150x150.jpg 150w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President-768x768.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172401/Sean-Arroyo-President.jpg 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Sean Arroyo &#8211; Nabis </figcaption></figure>
Nabis' technology investments are substantial, but Arroyo sees this as necessary for long-term growth. He highlighted the company's focus on thin margins: "Like Amazon, we operate with tight margins to ensure our partners get the best value. Our goal is not to charge excessive margins, but to enable brands to thrive."
<h3 class="wp-block-heading">Cold Storage And Compliance Complexity</h3>
In addition to mastering logistics, Nabis faces <a href="https://www.benzinga.com/general/biotech/24/09/40820581/want-organic-cannabis-operators-are-turning-to-this-tech-to-save-millions-and-get-certified">unique challenges</a> specific to cannabis products. Many require temperature-controlled environments, particularly sensitive items like edibles and<a href="https://www.benzinga.com/general/biotech/24/09/40754415/transforming-a-5-000-year-old-craft-how-weed-companies-use-data-to-make-hash-without-losing-its-a"> extracts</a>. "A lot of this has to be temperature controlled," says Arroyo, pointing to the specialized infrastructure within Nabis&#8217; warehouses designed to keep products fresh and safe during transit.
Another critical aspect of their operations is navigating the complex web of regulations that vary from state to state. 
&#8220;Cannabis logistics are highly fragmented due to differing state laws,&#8221; Arroyo noted. Nabis ensures full compliance with local laws, managing everything from security protocols to background checks, and licensing requirements.
Read Also: <a href="https://www.benzinga.com/general/biotech/23/08/33579692/cannabis-robots-meet-the-company-boosting-efficiency-and-margins-through-packaging-automation">Cannabis Robots: Meet The Company Boosting Efficiency And Margins Through Packaging Automation</a>
<h3 class="wp-block-heading">Data And AI: The Future Of Cannabis Distribution</h3>
Nabis is sitting on a wealth of data that has the potential to transform the industry. "Data is a huge part of everything we do. We're currently investing in AI to provide real-time analytics to our brands and retailers," Arroyo said.&nbsp;
Nabis' long-term goal is to make data accessible for brands to track their sales and plan for future demand. "We believe in democratizing our data. The more our partners grow, the more we grow. It's a win-win."
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1-1024x683.jpg" alt="" class="wp-image-559789" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21172454/NABIS-warehouse-42-1.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Courtesy of Nabis </figcaption></figure>
<h3 class="wp-block-heading">Market Growth</h3>
California remains the most competitive market, with Nabis holding over 20% of the market share. "<a href="https://www.benzinga.com/topic/california-cannabis">California is tough</a>, but we've managed to thrive by offering best-in-class services," Arroyo said. 
Looking ahead, Nabis is focused on East Coast markets like New York <a href="https://www.benzinga.com/topic/florida-cannabis">and possibly Florida</a>, pending regulatory outcomes. 
Nabis also strategically chooses markets based on various factors. "We look at 50 different components when evaluating a new market, including regulations, purchasing power, and supplier ecosystem health. We are excited about New York's potential, but our expansion plans always depend on how the regulatory landscape evolves," he noted.&nbsp;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/08/40298228/think-you-can-do-it-all-20-000-reasons-why-automation-outperforms-a-broad-approach-in-cannabis">Think You Can Do It All? 20,000 Reasons Why Automation Outperforms A Broad Approach In Cannabis</a></li>
</ul>
Photo Courtesy of Nabis

Retail Sales

Success Stories

Exclusives

Tech

Interview

AMZN

EXCLUSIVE: Inside The Amazon Of Weed, Helping 400 Cannabis Brands Save And Grow In Regulatory Maze

STLA

Stellantis Acknowledges CEO Succession Reports, States It's Normal For Board To Consider Topic With Over A Year Remaining On 5-Year Contract

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reached <a href="https://www.benzinga.com/money/bitcoin-price-prediction">a new local high</a> of $64,200 on Sep. 20, but analysts caution it must surpass the August high of $65,200, a level that has proved challenging since the all-time high of $73,666 in March.
What Happened: Until Bitcoin breaks this crucial resistance, the asset remains in a long-term downtrend, according to Bitfinex analysts.
In a report sent to Benzinga, the analysts highlighted that recent gains have been largely driven by perpetual and futures markets rather than spot market activity, which has notably slowed. 
Spot Cumulative Volume Delta—a key indicator of spot buying—has flattened, particularly once Bitcoin&#8217;s price moved past $63,500. 
This is a potential red flag for those looking for sustained upward momentum.
The Bitfinex team advocates for caution in the near term, stating, &#8220;We advocate taking a cautionary approach after the 22 percent rally we have seen in BTC. It is now entirely possible that the price could form a new range near current prices and consolidate for a period, as we have seen following similar previous price rallies.&#8221;
While the market's near-term movements have been positive, open interest in Bitcoin has outpaced price gains, indicating that the futures and perpetual markets are leading the charge.
<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>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40985461/china-controls-55-of-bitcoin-hashrate-despite-crypto-ban-but-the-us-is-catching-up">China Controls 55% Of Bitcoin Hashrate Despite Crypto Ban, But The US Is Catching Up</a>
This decoupling of open interest and price is a cause for concern, as it suggests that leveraged positions are playing a larger role in recent market movements, making a short-term correction more likely.
In the broader market, some altcoins have surged over 100% from their August lows, but analysts also urge caution here, noting that open interest for altcoins has risen significantly without corresponding price breakouts.
On a positive note, renewed interest in spot Bitcoin ETFs, with $397.2 million in inflows last week, could provide the necessary push to break resistance levels. 
The report suggests that a breach of the August high, coupled with ongoing ETF inflows and a potential rally in traditional markets like the S&amp;P 500, could propel Bitcoin toward new highs.
What&#8217;s Next: These critical insights into Bitcoin's market movements and the ongoing fluctuations in the cryptocurrency landscape will be a key topic at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders and investors will discuss the future of Bitcoin, cryptocurrency regulation, and market dynamics.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40985125/bitcoins-on-chain-metrics-are-turning-bullish-what-is-going-on">Bitcoin&#8217;s On-Chain Metrics Are Turning Bullish: What Is Going On?</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

$BTC

Bitcoin's 22% Rally Isn't Enough, It Must Break August High To Overcome Downtrend, Bitfinex Analysts Say

I spent the past week at&nbsp;<a href="https://futureproofhq.com/" rel="">Future Proof Festival</a>, the premier conference for the wealth management industry. I participated on&nbsp;<a href="https://x.com/JayWoods3/status/1835729991327437130" rel="">a panel</a>, recorded&nbsp;<a href="https://www.bloomberg.com/news/audio/2024-09-19/lots-more-with-sam-ro-on-the-booming-world-of-rias-podcast" rel="">a podcast</a>, caught up with&nbsp;<a href="https://x.com/TheStalwart/status/1836467775965139391" rel="">some old friends</a>, and made many new ones!
My favorite part was seeing many existing subscribers and getting to know new subscribers who let me know what was and wasn&rsquo;t working for them with TKer and the other newsletters out there. It was extremely helpful, and I expect to incorporate some tweaks in the coming weeks and months.
One thing most subscribers seem to value are the charts and stats I curate from all the research that hits my inbox.
So without further ado, here are some charts and stats!
<h3>When The Fed Cuts Rates While Stocks Are At Record Highs</h3>
People often assume the Federal Reserve will cut interest rates only when the economy is in trouble. That&rsquo;s sort of true, but there&rsquo;s a lot of nuance.
One observation that many folks have been making is that the&nbsp;<a href="https://www.tker.co/p/federal-reserve-rate-cut-september-2024" rel="">Fed&rsquo;s recent rate cut</a>&nbsp;is coinciding with a stock market near record highs. How can that make sense?
It actually happens to be the case that it&rsquo;s not unusual for the Fed to cut rates with stocks near record highs. From&nbsp;<a href="https://x.com/RyanDetrick/status/1836791151073923304/" rel="">Carson Group&rsquo;s Ryan Detrick</a>: &ldquo;Here are the 20 times the Fed cut rates when the S&amp;P 500 was within 2% of an [all-time high] (based on the day before the cut). Higher a yr later all 20 times and up 13.9% on avg. [Wednesday] was the 21st time.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6330151-25f2-4057-a216-13cccac1893e_1037x373.jpeg" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fa6330151-25f2-4057-a216-13cccac1893e_1037x373.jpeg" style="height:373px; width:1037px" /></a>
(Source:&nbsp;<a href="https://x.com/RyanDetrick/status/1836791151073923304/" rel="">@RyanDetrick</a>)
Here&rsquo;s a more detailed look at those historical instances.
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe771367a-c085-4315-8314-fdaa5d9a825f_975x621.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe771367a-c085-4315-8314-fdaa5d9a825f_975x621.png" style="height:621px; width:975px" /></a>
(Source:&nbsp;<a href="https://x.com/RyanDetrick/status/1836791151073923304/" rel="">@RyanDetrick</a>)
There&rsquo;s&nbsp;<a href="https://www.tker.co/p/federal-reserve-rate-cut-september-2024" rel="">a lot to be said</a>&nbsp;about monetary policy. For our purposes, one thing we can say is that a rate cut when stocks are at record highs historically hasn&rsquo;t been a bad sign for long-term investors.
<h3>Tariffs Are Bad For Exposed Industries</h3>
That&nbsp;<a href="https://www.tker.co/p/corporate-tax-reform-vs-earnings-chart" rel="">outlook for policy</a>&nbsp;is a hot topic these days as the presidential nominees make their pitches ahead of the&nbsp;<a href="https://www.tker.co/p/us-presidents-stock-market-performance" rel="">U.S. presidential election</a>.
One controversial proposal involves tariffs on goods imported into the U.S.
Generally speaking, tariffs are considered bad news for the industries exposed. From Morgan Stanley Wealth Management: &ldquo;In January 2018, Trump imposed tariffs on solar panels and washing machines of 30% to 50%. In March 2018, he imposed tariffs of 25% on steel and 10% on aluminum from most countries, which, according to Morgan Stanley &amp; Co. Research, covered an estimated 4.1% percent of US imports. Following these measures, industries impacted by the tariffs underperformed. For example, both the Invesco Solar ETF and the VanEck Steel ETF declined by more than 11% in the first six months following enactment (see Exhibit 8). Tariff related pressures and trade uncertainty at the time caused both solar and steel to underperform the S&amp;P 500 until mid-2019.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7017d94c-f2ca-4065-82a1-3c484187fc0a_900x652.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7017d94c-f2ca-4065-82a1-3c484187fc0a_900x652.png" style="height:652px; width:900px" /></a>
(Source: Morgan Stanley Wealth)
<h3>Reshoring Remains A&nbsp;Hot Topic</h3>
The COVID-19 pandemic exposed a lot of&nbsp;<a href="https://www.tker.co/p/supply-chain-crisis-over" rel="">vulnerabilities in the global supply chain</a>. Many big companies have responded by moving links of their supply chain to the U.S. or closer to the U.S.
And they continue to talk about these plans. BofA&rsquo;s Savita Subramanian addressed it in a note to clients on Thursday: &ldquo;Reshoring and near-shoring commentary is evident across a broad array of corporates. Reshoring mentions on earnings calls continue to climb&hellip;&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e91b2a6-62b6-4614-9861-173443179f6a_1632x814.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5e91b2a6-62b6-4614-9861-173443179f6a_1632x814.png" style="height:311px; width:624px" /></a>
(Source: BofA)
This is could be bullish for&nbsp;<a href="https://www.tker.co/p/economic-data-will-zig-zag" rel="">capex spending</a>, which is bullish for economic activity.
<h3>AI Is A&nbsp;Tailwind For Profit Margins</h3>
<a href="https://www.tker.co/p/profit-margins-rise-q2-2024" rel="">Stubbornly high profit margins</a>&nbsp;continue to surprise many. Are they sustainable?
<a href="https://www.tker.co/p/2025-stock-market-preview-operating-leverage" rel="">In the near-term</a>, the answer seems to be yes. Analysts expect companies to benefit from operating leverage as modest revenue growth leads to strong earnings growth.
Longer term, companies are expected to benefit from improved efficiencies thanks to the deployment of&nbsp;<a href="https://www.tker.co/p/ai-technology-demand-for-authentic-nostalgia" rel="">AI-technologies</a>.
BofA&nbsp;<a href="https://institute.bankofamerica.com/transformation/ai-evolution-to-revolution.html" rel="">recently surveyed</a>&nbsp;its analysts about the impact of AI: &ldquo;BofA Global Research analysts found that enterprise AI implementations are moving from pilots to production, which could boost S&amp;P operating margins by 200 basis points (bps) over the next five years, equivalent to approximately $55 billion in cost savings, annually. Surveyed analysts expect AI to drive margin expansion for 23 of the 25 industry groups globally, with implementations potentially boosting both semis and software margins by around five percent. They also note that companies within semis and software may also see AI-driven revenue increase by 34% and 25%, respectively, over the next five years.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf7756f9-f8c6-4f9a-8b08-654af53225ae_1410x1578.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcf7756f9-f8c6-4f9a-8b08-654af53225ae_1410x1578.png" style="height:450px; width:402px" title="" /></a>
(Source:&nbsp;<a href="https://institute.bankofamerica.com/transformation/ai-evolution-to-revolution.html" rel="">BofA</a>)
<h3>Earnings Growth Is Broadening Out</h3>
For a little while, earnings growth had been largely driven by the big tech and communication services companies, particularly the so-called &ldquo;<a href="https://www.tker.co/p/sp493-magnificent-seven-market-concentration" rel="">Magnificent Seven</a>.&rdquo;
Those concerned about&nbsp;<a href="https://www.tker.co/p/sp493-magnificent-seven-market-concentration" rel="">market concentration</a>&nbsp;can find solace in the fact that more companies across industries are expected to contribute to the stock market&rsquo;s earnings prospects. From BlackRock&rsquo;s&nbsp;<a href="https://x.com/SamRo/status/1833190565820747894" rel="">Sept. 9 note</a>&nbsp;to clients: &ldquo;We see a narrowing gap in earnings growth between U.S. tech companies and the rest of the market &ndash; even if tech still leads the way &ndash; suggesting U.S. equity returns can broaden.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00d36ff0-00d2-47d8-8e24-9f431f623ffd_1594x1068.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F00d36ff0-00d2-47d8-8e24-9f431f623ffd_1594x1068.png" style="height:418px; width:624px" /></a>
(Source: BlackRock)
<h3>More Stocks Are Outperforming In Q3</h3>
As we always say, earnings are the&nbsp;<a href="https://www.tker.co/p/chart-earnings-drive-stock-prices" rel="">most important long-term driver</a>&nbsp;of stock prices (see&nbsp;<a href="https://www.tker.co/p/stock-market-historical-facts" rel="">TKer Stock Market Truth No. 5</a>). And so if earnings growth prospects are broadening out, then it shouldn&rsquo;t be too surprising to learn that stock price growth is broadening out.
BMO&rsquo;s Brian Belski flagged an interesting stat about this topic in his note to clients on Thursday (emphasis added): &ldquo;It is no secret that a handful of mega-cap tech stocks have been the driving force behind market gains for much of the past two years and this has led to concentration worries amongst investors given the bloated valuations of some of these stocks. However, an interesting development has occurred alongside the most recent market rebound during 3Q &ndash; these stocks have underperformed the rest of the index for the first time in nearly two years and is something we find reassuring since the S&amp;P 500 is nearing records again without this segment of the market leading the way. In addition,&nbsp;participation levels have also improved dramatically since 3Q started as 339 S&amp;P 500 stocks have outperformed the broader index &ndash; the highest level in about 22 years.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67c6f238-0ccd-48d3-a684-a1a7c42d37b1_1830x1106.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67c6f238-0ccd-48d3-a684-a1a7c42d37b1_1830x1106.png" style="height:377px; width:624px" /></a>
(Source: BMO)
<h3>Earnings Usually Go&nbsp;Up</h3>
The U.S. stock market has been going up for&nbsp;<a href="https://www.tker.co/p/long-term-chart-us-stock-prices-since-1824" rel="">a very long time</a>. Why?
Because earnings have been going up for&nbsp;<a href="https://www.tker.co/p/earnings-expectations-not-falling-apart" rel="">a very long time</a>. Just take a look at this very long-term chart of S&amp;P 500 earnings per share from Deutsche Bank:
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2eb8e2a2-b8f2-495d-873f-a245813f193d_2128x1422.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2eb8e2a2-b8f2-495d-873f-a245813f193d_2128x1422.png" style="height:417px; width:624px" title="" /></a>
(Source: Deutsche Bank)
<h3>This Bull Market Is Young</h3>
We&rsquo;re almost two years into&nbsp;<a href="https://www.tker.co/p/bull-market-june-2023" rel="">this bull market</a>. Does that mean we&rsquo;re nearing the end of this rally?
On Friday, All Star Charts&rsquo; Grant Hawkridge&nbsp;<a href="https://x.com/granthawkridge/status/1837021675893969096/" rel="">charted</a>&nbsp;the path of history&rsquo;s bull markets. &ldquo;So far, it is below-average,&ldquo; he&nbsp;<a href="https://x.com/granthawkridge/status/1836907262650257910" rel="">said</a>.
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4606b390-6405-4e22-b7a5-5977f9ab7357_1558x1034.jpeg" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4606b390-6405-4e22-b7a5-5977f9ab7357_1558x1034.jpeg" style="height:414px; width:624px" /></a>
(Source:&nbsp;<a href="https://x.com/granthawkridge/status/1837021675893969096/" rel="">@GrantHawkridge</a>)
Grant shared a more detailed look at the historical numbers. The median bull market lasted 978 trading days. The average was 1,131 days.
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f637219-96fc-4823-908f-7c5e641b23bc_2198x1122.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9f637219-96fc-4823-908f-7c5e641b23bc_2198x1122.png" style="height:318px; width:624px" /></a>
(Source:&nbsp;<a href="https://x.com/granthawkridge/status/1836907262650257910/" rel="">@GrantHawkridge</a>)
<h3>When The Yield Curve Disinverts</h3>
As TKer subscribers know, I&rsquo;m not crazy about reading too much into single metric market indicators like the yield curve.&nbsp;More&nbsp;<a href="https://www.tker.co/p/yield-curve-inversion-recession-stocks-signal" rel="">here</a>&nbsp;and&nbsp;<a href="https://www.tker.co/p/dont-forecast-economy-with-single-metric" rel="">here</a>.
That said, the yield curve gets a lot of attention and it&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-09-04/us-yield-curve-disinverts-as-soft-labor-data-fuels-fed-cut-bets" rel="">recently disinverted</a>.
Here&rsquo;s what Goldman Sachs recently observed about yield curve disinversions and the stock market: &ldquo;On average, US equities delivered the strongest forward returns if the US economy was already in a recession at the time of the US 2s10s dis-inversion &ndash; the market usually would have already sold off at the start of the recession and rebounded not long after the yield curve dis-inverted. Unsurprisingly, equity prices tended to consolidate if the yield curve dis-inversion was followed by a recession within the following year. On the other hand, equities typically delivered positive albeit low returns if the US economy avoided a recession.&rdquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F17f81a2b-7e3b-4cfe-bd02-c89e35baa882_1448x1202.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F17f81a2b-7e3b-4cfe-bd02-c89e35baa882_1448x1202.png" style="height:518px; width:624px" /></a>
(Source: Goldman Sachs)
Long story short, the real signal comes from whether or not the economy goes into recession, which the yield curve hasn&rsquo;t been particularly helpful in predicting lately.
<h3>Much Of The Stock Market&rsquo;s Gains Have Come When The Market Is Closed</h3>
Bespoke Investment Group makes some of the most fascinating observations in their killer research.
In their Sept. 13 note to clients, they observed: &ldquo;&hellip;this year, nearly all of the market&rsquo;s gains have come from moves outside of regular trading hours. As shown, had you hypothetically bought SPY at the close every day and sold it as the next open, you&rsquo;d be up 13.8% this year. Had you done the opposite and bought SPY at the open every trading day and sold it at that day&rsquo;s close, you&rsquo;d be up just 3.3%.&ldquo;
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b7ae4d-64f2-405a-855a-681e07fea0d1_1910x1028.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F19b7ae4d-64f2-405a-855a-681e07fea0d1_1910x1028.png" style="height:336px; width:624px" /></a>
(Source: Bespoke)
Who knows what explains this phenomenon? And who knows if it&rsquo;ll continue?
All I know is I&rsquo;m not crazy about trading in and out of the market at such a high frequency.
In fact, one of my favorite quotes about investing&nbsp;<a href="https://www.tker.co/p/best-investment-advice-time" rel="">comes from Bespoke&rsquo;s Paul Hickey</a>: &ldquo;A one-day holding period, it&rsquo;s a coin flip. The longer you&rsquo;re willing to stick to it, the better. &hellip; Markets have never been down over a 16 year stretch or longer. Time heals in the markets.&rdquo;
A version of this post was originally published on <a href="https://www.tker.co/p/stock-market-charts-september-2024?publication_id=26696&amp;post_id=149001094&amp;isFreemail=true&amp;r=2dvdoy&amp;triedRedirect=true">Tker.co</a>.

General

10 Charts To Consider With Stocks At All-Time Highs

Over the past 24 hours, Immutable's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">IMX</a>) price has risen 7.85% to $1.8. This continues its positive trend over the past week where it has experienced a 46.0% gain, moving from $1.23 to its current price. As it stands right now, the coin's all-time high is $9.52. 
The chart below compares the price movement and volatility for Immutable over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1727118226_0.png" alt="price_chart" />
Immutable's trading volume has climbed 143.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.09%. This brings the circulating supply to 1.61 billion, which makes up an estimated 80.26% of its max supply of 2.00 billion. According to our data, the current market cap ranking for IMX is #37 at $2.89 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1727118226_1.png" alt="supply_and_vol" />
<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$IMX

Cryptocurrency Immutable Rises More Than 7% In 24 hours

Over the past 24 hours, Aave's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>) price has risen 11.57% to $176.96. This continues its positive trend over the past week where it has experienced a 24.0% gain, moving from $141.12 to its current price. As it stands right now, the coin's all-time high is $661.69. 
The chart below compares the price movement and volatility for Aave over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1727118156_0.png" alt="price_chart" />
Aave's trading volume has climbed 47.0% over the past week along with the circulating supply of the coin, which has increased 0.09%. This brings the circulating supply to 14.94 million, which makes up an estimated 93.35% of its max supply of 16.00 million. According to our data, the current market cap ranking for AAVE is #41 at $2.64 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1727118157_1.png" alt="supply_and_vol" />
<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$AAVE

Cryptocurrency Aave Up More Than 11% In 24 hours

Over the past 24 hours, Uniswap's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/uni/usd">UNI</a>) price rose 3.9% to $6.88. This continues its positive trend over the past week where it has experienced a 8.0% gain, moving from $6.37 to its current price. As it stands right now, the coin's all-time high is $44.92. 
The chart below compares the price movement and volatility for Uniswap over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1727118147_0.png" alt="price_chart" />
Uniswap's trading volume has climbed 38.0% over the past week along with the circulating supply of the coin, which has increased 0.27%. This brings the circulating supply to 753.77 million, which makes up an estimated 75.38% of its max supply of 1.00 billion. According to our data, the current market cap ranking for UNI is #23 at $5.19 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1727118147_1.png" alt="supply_and_vol" />
<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Comments

iShares Frontier and Select EM ETF

Overview

iShares Frontier and Select EM ETF (ARCA:FM), Quote.Headers.trade-ideas