FMQQ The Next Frontier Internet & Ecommerce ETF (ARCA: FMQQ)

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FMQQ The Next Frontier Internet & Ecommerce ETF

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Sea Limited reported Q4 revenue of $3.62B (+4.8% YoY), beating consensus of $3.55B. EPS loss of $(0.19) beat consensus of $(0.25). SE expects continued growth.

Sea Limited Beats Q4 Revenue Expectations, Eyes Positive EBITDA for Shopee in Second Half

Michaël van de Poppe, a notable crypto analyst, voiced doubts regarding the prospects of an Exchange-Traded Fund approval for Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Additionally, he emphasized the resilience of the Ethereum ecosystem.
What Happened: Van de Poppe took to social media platform X to share his views on the possibility of an Ethereum ETF approval. He indicated that the chances of approval are low, despite the potential for an upward trend in Ethereum&#8217;s value. He also emphasized the strength of the Ethereum ecosystem.
&#8220;It&#8217;s still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem,&#8221; he wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The chances for an ETF approval for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> are quite low, but that doesn&#39;t mean that we&#39;re going to have an upward run on Ethereum. It&#39;s still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1783073900093390850?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38349928/melania-trump-launches-245-customizable-mothers-day-necklace-buyers-to-also-get-limited-ed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Launches $245 Customizable Mother&#8217;s Day Necklace, Buyers To Also Get Limited-Edition Solana-Based Digital Collectible</a>
Why It Matters: The possibility of an Ethereum ETF has been a hot topic in the crypto world. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38404202/why-sec-delays-put-the-may-ethereum-etf-deadline-in-doubt">SEC&#8217;s continued scrutiny</a> of Ethereum ETF proposals has cast doubt on the May approval deadline. This has led to a decrease in the market&#8217;s expectation of an ETF approval, with a prediction market assigning only a 16% chance of approval by May 31.
Notably, the SEC <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514679/wall-street-enters-the-crypto-age-sec-issues-historic-approval-of-spot-bitcoin-etfs">issued a historic approval</a> for a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETF on January 10, 2024, pushing Wall Street into the cryptocurrency age.
Despite the uncertainty, investment bank Standard Chartered remains optimistic about the future of digital assets. The bank believes that the market <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38400241/spot-ethereum-etf-approval-unlikely-but-bad-news-already-priced-in-standard-chartered">is well-positioned</a> for a rebound, even if the approval is delayed.
Meanwhile, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38299618/hong-kongs-bitcoin-and-ethereum-etfs-poised-to-reach-1b-in-assets-bloomberg-analyst-predic">Bitcoin and Ethereum ETFs in Hong Kong</a> are projected to accumulate $1 billion in assets within the next two years, despite China&#8217;s ban on the underlying assets. This suggests a strong global interest in cryptocurrency ETFs.
However, not everyone is optimistic about Ethereum&#8217;s future. A <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38253553/is-ethereum-dead-this-bitcoin-trader-thinks-so-solana-attacking-from-left-flank">seasoned Bitcoin trader and advocate</a> recently declared a pessimistic outlook for Ethereum, suggesting that the &#8220;ETH story is dying.&#8221;
Price Action: Based on data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>, Bitcoin is presently trading at $64,535, marking a 0.44% increase over the past 24 hours and a 46.10% surge year-to-date. Meanwhile, Ethereum is trading at $3,170, with a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
Image Via Shutterstock 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38376705/doge-shiba-and-other-memecoins-fueling-mass-adoption-of-bases-l2-network-coinbase-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu And Other Memecoins Fueling Mass Adoption Of Base&#8217;s L2 Network, Coinbase Exec Says: &#8216;They Are Going To Be One Of The Biggest Drivers&#8217;</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Unlike Bitcoin's Case, Ethereum ETF Approval Chances Slim, Says Crypto Analyst, But 'People Are Underestimating The Strength' Of ETH Ecosystem

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg has revealed that over 50% of the content on Instagram and 30% of posts on Facebook are now <a href="https://www.benzinga.com/news/23/05/32398247/mark-zuckerberg-reveals-social-media-feeds-are-now-fueled-by-ai-generated-content">recommended by artificial intelligence</a>. 
What Happened: Zuckerberg made this revelation during <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">Meta&#8217;s first-quarter financial results</a> announcement on Wednesday. 
&#8220;Right now, about 30% of the posts on Facebook feed are delivered by our AI recommendation system. That&#8217;s up 2x over the last couple of years,&#8221; he said in his opening statement, adding, &#8220;And for the first time ever, more than 50% of the content people see on Instagram is now AI recommended.&#8221;
The Meta CEO also revealed that AI has also played a pivotal role in enhancing the value for advertisers, with the revenue through Meta&#8217;s AI-powered tools, Advantage+ Shopping, and Advantage+ App Campaigns, more than doubling since last year.
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Meta disclosed first-quarter revenue of $36.45 billion, marking a 27% increase compared to the last year. This revenue exceeded the Street consensus estimate of $36.16 billion, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>. The tech giant&#8217;s earnings per share for the first quarter were $4.71, surpassing the Street estimate of $4.33.
Why It Matters: Last year in June, <a href="https://www.benzinga.com/news/23/06/33058133/meta-wants-to-empower-users-over-ai-influence-on-facebook-and-instagram-recommendations">Meta announced&nbsp;new controls</a> to allow users to manage what they see on Facebook and Instagram. This was part of Meta&#8217;s broader initiative to increase transparency and user empowerment regarding AI recommendations.
At the time, it was reported that Facebook users can customize recommendations by navigating to the &#8216;Feed Preferences&#8217; section while Instagrammers could go to &#8216;Suggested Content Control Center&#8217; within the app&#8217;s settings to <a href="https://www.benzinga.com/news/23/10/35433364/mark-zuckerberg-says-your-feed-will-one-day-have-ai-generated-content-not-friends-and-family">adjust their recommendations</a>.
Moreover, Instagram users have the ability to indicate their interest in specific recommended reels, prompting the service to display more content of similar types. This feature complements the existing &#8220;Not Interested&#8221; option introduced in 2021.
Meanwhile, earlier this month, Meta expanded its policy on AI-generated content, <a href="https://www.benzinga.com/news/24/04/38120400/meta-expands-labels-for-ai-generated-content-to-include-photos-and-audio-across-facebook-instagram-a">introducing labels for AI-generated content</a> across Facebook, Instagram, and Threads. This move aimed to provide users with more context about the content they see. 
Photo courtesy: Anthony Quintano on Flickr
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38370806/elon-musk-calls-social-security-the-biggest-ponzi-scheme-ever-maybe-ai-and-robots-will-save-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"><a href="https://www.benzinga.com/news/24/04/38351566/mark-zuckerberg-didnt-sell-facebook-for-1b-but-would-he-have-sold-for-5t-this-was-meta-ceos-thought?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Didn&#8217;t Sell Facebook For $1B But Would He Have Sold For $5T? This Was Meta CEO&#8217;s Thought Process</a></a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Tech

Meta CEO Mark Zuckerberg: 'More Than 50% Of The Content People See On Instagram Is Now AI Recommended'

Wednesday saw a varied performance across major U.S. indices. The Dow Jones Industrial Average dipped slightly by 0.1% to reach 38,460.92, while the S&amp;P 500 experienced marginal growth, edging up by 0.02% to settle at 5,071.63. Meanwhile, the Nasdaq saw a modest increase of 0.1% to reach 15,712.75.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Meta Platforms closed the day down 0.52% at $493.50, with an intraday high of $510 and a low of $484.58. The company&#8217;s 52-week high and low are $531.49 and $207.13 respectively. Despite higher costs and guidance, the Mark Zuckerberg-led company reported a 27% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">first-quarter revenue</a> to $36.45 billion, beating the Street consensus estimate. 
Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>)
Snap shares ended the day down 2.72% at $11.08, with an intraday high of $11.48 and a low of $10.96. The company&#8217;s 52-week high and low are $17.9 and $7.86 respectively. Snap shares initially got a boost following the <a href="https://www.benzinga.com/news/24/04/38405744/whats-going-on-with-snap-stock-today">passage of a bill</a> to ban or force a sale of TikTok, but later pulled back. 
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)
See Also: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Amazon shares closed down 1.64% at $176.59, with an intraday high of $180.32 and a low of $176.18. The company&#8217;s 52-week high and low are $189.77 and $101.15 respectively. Amazon launched a new affordable <a href="https://www.benzinga.com/markets/equities/24/04/38398189/enhanced-convenience-amazon-launches-new-affordable-grocery-delivery-subscription">grocery delivery subscription</a> for Prime members and EBT customers. 
International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)
IBM shares ended the day up 1.05% at $184.10, with an intraday high of $184.29 and a low of $181.4. The company&#8217;s 52-week high and low are $199.18 and $120.55 respectively. IBM reported a 1% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/04/38416255/ibm-q1-earnings-revenue-miss-eps-beat-hashicorp-acquisition-ai-strategy-strength-and-more">first-quarter revenue</a> to $14.5 billion, missing the consensus estimate. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares surged 12.06% to close at $162.13, with an intraday high of $167.97 and a low of $157.51. The company&#8217;s 52-week high and low are $299.29 and $138.8 respectively. Despite missing analyst estimates for the first quarter, Tesla shares soared following the company's quarterly report. CNBC TV host Jim Cramer <a href="https://www.benzinga.com/news/earnings/24/04/38412375/jim-cramer-says-tesla-stock-could-climb-to-175-today-on-back-of-elon-musk-comments-everything-that-">expressed his surprise</a> that the stock hasn&#8217;t moved even higher on investor sentiment. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tesla&#8217;s Pricing Debate: &#8216;Only A Fool Thinks ….&#8217;</a>
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Markets

AMZN

SNAP

TSLA

Meta Platforms, Snap, Amazon, IBM, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Meta Platforms&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO&nbsp;Mark Zuckerberg&nbsp;has acknowledged pop star&nbsp;Taylor Swift&#8217;s debut on his social media platform Threads during the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">first-quarter financial results</a> announcement.
What Happened: On Wednesday, in his opening statement, Zuckerberg, mentioned <a href="https://www.benzinga.com/news/23/10/35431135/are-reports-of-metas-threads-death-greatly-exaggerated-mark-zuckerberg-says-the-twitter-killer-has-a">the growth of Threads</a>, with over 150 million monthly active users. 
He then went on to specifically highlight Swift&#8217;s entry on the platform saying, &#8220;And of course my daughters&nbsp;would want me to mention&nbsp;that Taylor Swift is now&nbsp;on Threads — that one&nbsp;was a big deal in&nbsp;my house.&#8221; 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38348747/not-something-steve-jobs-would-probably-do-gurman-says-apple-should-go-against-the-grain-and-low?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Sports A Beard In A New Instagram Video…Is That For Real?</a>
Swift joined Threads on the&nbsp;same day (April 19) her new album,&nbsp;The Tortured Poets Department (TTPD), was released. Zuckerberg welcomed her to the platform with a reference to her song &#8220;Blank Space,&#8221;&nbsp;saying, &#8220;Nice to meet you,&nbsp;where you been?&#8221; At the&nbsp;time of writing, Swift had&nbsp;over 9.3 million followers on&nbsp;Threads.
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Why It Matters: This isn&#8217;t the first time Zuckerberg has shown his admiration for Swift. In 2023, he <a href="https://www.benzinga.com/general/entertainment/23/07/33477808/zuckerberg-has-bad-blood-with-musk-but-love-story-with-taylor-swift-attends-concert-with-be">attended one of her concerts</a> with his family,&nbsp;posting about it on Instagram&nbsp;with the caption &#8220;Life of a girl dad.&#8221; 
At the time, the Meta CEO was not only there to accompany his family but sported a flurry of friendship bracelets on his wrist, which has become trademark accessories&nbsp;of any true &#8220;Swiftie.&#8221; On top of that, his face was adorned with what seemed to be small sequins or rhinestones arranged in a circle.
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Meta reported its first-quarter financial results, which showed a 27% year-over-year increase in revenue, reaching $36.45 billion. In the first quarter, the company announced earnings per share of $4.71, surpassing the Street&#8217;s estimate of $4.33.
Image Credits &#8211; Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/04/38345794/mark-zuckerberg-spills-the-beans-on-his-bromance-with-nvidias-jensen-huang-hell-yeah-lets-m" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Spills The Beans On His Bromance With Nvidia's Jensen Huang: ‘Hell Yeah, Let's Make Cheesesteaks</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

Mark Zuckerberg Gives Shoutout To Taylor Swift's Debut On Threads, Says 'That One Was A Big Deal In My House'

Edward Snowden has slammed the U.S. Department of Justice&#8217;s recent actions against app developers, advocating for financial privacy in a recent social media post.
What Happened: On Tuesday, Snowden took to X, formerly Twitter, to express his disapproval of the Department of Justice&#8217;s recent actions. He tweeted, &#8220;The Department of &#8216;Justice&#8217; has once again criminalized the developers of an app that restores financial privacy. The way to fix this it to make money private by default. Privacy must never be &#8216;exceptional,&#8217; or they will make it criminal.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Department of &quot;Justice&quot; has once again criminalized the developers of an app that restores financial privacy. The way to fix this it to make money private by default. Privacy must never be &quot;exceptional,&quot; or they will make it criminal.
&mdash; Edward Snowden (@Snowden) <a href="https://twitter.com/Snowden/status/1783222542464884911?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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This post came in response to the recent arrest and charges against the founders and CEO of a cryptocurrency mixing service. 
The founders and CEO of cryptocurrency mixing service, Samourai Wallet, have been arrested and charged with money laundering and unlicensed money transmitting offenses. The charges stem from the company&#8217;s alleged involvement in over $2 billion in unlawful transactions and more than $100 million in money laundering transactions.
According to the United States Department of Justice, Keonne Rodriguez, CEO and co-founder of Samourai Wallet, and William Lonergan Hill, CTO and co-founder, were arrested on Wednesday. The charges arise from the defendants&#8217; development, marketing, and operation of a cryptocurrency mixer that facilitated illegal transactions from dark web markets, such as Silk Road and Hydra Market.
U.S. Attorney Damian Williams stated that Rodriguez and Hill knowingly facilitated the laundering of over $100 million of criminal proceeds from various illegal activities. The U.S. will seek Hill&#8217;s extradition from Portugal to stand trial in the United States, he was arrested in the European Union country on Wednesday morning.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38349807/bitcoin-signals-potential-67-gain-as-this-key-metric-dips-below-90-day-average-analyst-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Signals Potential 67% Gain As This Key Metric Dips Below 90-Day Average: Analyst Says &#8216;Perfect Ti</a>
Why It Matters: Snowden&#8217;s tweet reflects his ongoing support for financial privacy, particularly in the context of cryptocurrency. He has previously <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36751582/edward-snowden-supports-legal-fund-for-tornado-cash-co-founder-roman-storm-privacy-is-not-">endorsed a legal defense fund</a> for Roman Storm, co-founder of Tornado Cash, a cryptocurrency mixing service embroiled in legal issues. Snowden has been vocal in his belief that &#8220;Privacy is not a crime.&#8221;
This recent post from Snowden also aligns with the views of former U.S. Presidential candidate Vivek Ramaswamy, who has argued that <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36190138/vivek-ramaswamy-thinks-penalizing-tornado-cash-mixer-was-illegal-and-unconstitutional">penalizing an entire protocol</a> or way of doing business is illegal and unconstitutional. Ramaswamy has specifically criticized the Treasury Department&#8217;s decision to sanction Tornado Cash.
These events highlight the ongoing debate around financial privacy, particularly in the realm of cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and the legal challenges faced by companies operating in this space.
Photo Courtesy: Wikimedia Commons
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38395178/dogecoin-could-outperform-bitcoin-thanks-to-consolidation-in-the-golden-pocket-says-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: &#8216;This Is A Very Good Sign&#8217;</a>
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Politics

Edward Snowden Slams Justice Department For Action Against Samourai Wallet Co-Founders: 'The Way To Fix This Is To Make Money Private By Default'

In a recent development, Senate Minority Leader Mitch McConnell (R-Ky.) has lambasted President Joe Biden for the U.S. withdrawal from Afghanistan, suggesting it served as a &#8220;green light&#8221; for Russian President Vladimir Putin.
What Happened: McConnell expressed his disapproval on Fox News&#8217;s &#8220;America&#8217;s Newsroom&#8221; following the Senate&#8217;s approval of an aid package for Ukraine after a long delay, <a href="https://thehill.com/policy/international/4619508-mcconnell-hits-biden-for-sending-a-green-light-to-putin-with-afghanistan-withdrawal/">reported</a> The Hill.
McConnell asserted that the Afghanistan exit was a major misstep by Biden, indicating weakness globally. McConnell has consistently opposed the withdrawal since 2021, describing it as &#8220;one of the worst foreign policy decisions in American history.&#8221;
&#8220;We kept the lid on terrorism there. We shouldn't have withdrawn the troops,&#8221; said McConnell in the Fox interview. &#8220;When we did, that was like sending a green light to Putin, who was already thinking seriously about moving his troops up against the border."
Post-withdrawal, Russia invaded Ukraine. Ukrainian President Volodymyr Zelensky has frequently requested more aid from a divided Congress. The recently approved package will provide $61 billion to Ukraine for its war.
See Also: <a href="https://www.benzinga.com/news/24/04/38401616/biden-vs-trump-one-candidate-outperforms-his-2020-numbers-as-the-other-loses-support-among-2-key-vot?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: One Candidate Outperforms His 2020 Numbers As The Other Loses Support Among 2 Key Voter Categories</a>
Why It Matters: The U.S. withdrawal from Afghanistan has been a contentious issue. Gen. Frank McKenzie, former commander of the U.S. Central Command, warned of an <a href="https://www.benzinga.com/news/24/04/38016471/former-top-general-sounds-alarm-on-rising-isis-threat-to-us-bemoans-bidens-afghanistan-withdrawal">escalating ISIS threat</a> to the U.S. following the withdrawal.
President Biden, at the time, defended his decision, arguing that remaining in an endless war was <a href="https://www.benzinga.com/government/21/08/22524333/biden-defends-afghanistan-withdrawal-blames-kabuls-fall-on-afghan-military-leaders-and-trump">not in the best interests</a> of the American people.
However, Secretary of State Antony Blinken admitted in 2023 that the U.S. was not <a href="https://www.benzinga.com/news/23/04/31709570/blinken-says-us-wasnt-fully-prepared-for-afghanistan-crisis-as-white-house-puts-blame-on-donald-trum">fully prepared</a> for the fall of Kabul.
Recently, Russia warned of a &#8216;humiliating fiasco&#8217; for the U.S. in its support for Ukraine, <a href="https://www.benzinga.com/24/04/38349780/russia-foresees-humiliating-fiasco-for-us-in-ukraine-support-kremlin-drops-vietnam-and-afghanistan-r">drawing parallels</a> with Vietnam and Afghanistan.
Photo by Consolidated News Photos on Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/04/38356833/liz-cheney-says-trump-doing-everything-possible-to-postpone-jan-6-case-beyond-election-deep-flaws-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Liz Cheney Says Trump &#8216;Doing Everything Possible&#8217; To Postpone Jan. 6 Case Beyond Election: &#8216;Deep Flaws In Character…Make Him Unfit To Serve As President&#8217;</a>
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Biden's Afghanistan Exit Slammed By Mitch McConnell: 'Like Sending A Green Light' To Russian President

The U.S. Supreme Court is preparing to review a case on Thursday that questions if former President Donald Trump can assert immunity from prosecution for actions carried out during his term in office.
What Happened: This case is the first of its kind where the Supreme Court is examining an appeal from one of Trump&#8217;s four criminal indictments. Trump&#8217;s defense, which claims immunity from prosecution even post-presidency, has been rejected by two lower courts previously, <a href="https://thehill.com/regulation/court-battles/4618415-supreme-court-to-consider-whether-president-trump-is-immune-from-prosecution/">reported</a> The Hill.
Three justices on the bench, Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett, were nominated by Trump. However, the court&#8217;s verdict could potentially challenge Trump&#8217;s assertion that he should not be prosecuted.
Critics argue that a ruling favoring Trump could disrupt the balance of power in the U.S., giving undue authority to presidents during and after their term. Conversely, Trump maintains that the presidency cannot operate without immunity, as it would expose officeholders to extortion and unfair retribution.
&#8220;It's so fundamental to the presidency, where a president is truly trying to corrupt the system and perpetuate himself in office,&#8221; said John Dean, former White House counsel to President Richard Nixon, according to the report.
Jack Smith, the special counsel leading the federal prosecutors, argues that presidents, like all citizens, should be accountable for their actions. He dismisses the idea that this would weaken presidential power.
See Also: <a href="https://www.benzinga.com/news/24/04/38368085/what-happens-if-trump-gets-convicted-will-he-go-to-prison-heres-how-it-likely-to-play-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What Happens If Trump Gets Convicted? Will He Go To Prison? — Here&#8217;s How It&#8217;s Likely To Play Out</a>
The Supreme Court&#8217;s decision timing could greatly affect the progress of Trump&#8217;s other criminal cases, particularly if he regains the presidency in the forthcoming election. The case is also being monitored for its potential impact on the scheduling of Trump&#8217;s trials.
Legal experts have observed that the lower courts&#8217; strong disapproval of Trump&#8217;s arguments might suggest a similar reaction from the conservative-majority Supreme Court. The justices&#8217; position will become more apparent when they convene on Thursday.
Why It Matters: Trump&#8217;s Supreme Court case, focusing on presidential immunity amid criminal charges for election interference, had strategic implications. While the Court might not fully support Trump&#8217;s immunity claim, a <a href="https://www.benzinga.com/news/24/04/38348880/donald-trump-could-still-win-even-if-he-loses-in-supreme-court-over-presidential-immunity-claim">redirection to a lower court</a>, potentially delaying proceedings, aligned with his interests. The case, involving false election certificates submitted by Trump, could have seen further delays and nuanced rulings regarding presidential immunity.
Adding to the complexity, Trump&#8217;s <a href="https://www.benzinga.com/news/24/04/38262159/trumps-request-to-attend-supreme-court-hearing-barrons-high-school-graduation-denied-by-hush-money-t">request to attend</a> the Supreme Court arguments was denied amidst his ongoing hush money trial in New York, as reported by <a href="https://www.benzinga.com/news/24/04/38262159/trumps-request-to-attend-supreme-court-hearing-barrons-high-school-graduation-denied-by-hush-money-t">Benzinga</a> earlier this month.
Photo courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/04/38356833/liz-cheney-says-trump-doing-everything-possible-to-postpone-jan-6-case-beyond-election-deep-flaws-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Liz Cheney Says Trump &#8216;Doing Everything Possible&#8217; To Postpone Jan. 6 Case Beyond Election: &#8216;Deep Flaws In Character…Make Him Unfit To Serve As President&#8217;</a>
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Trump's Presidential Immunity Claim Under Supreme Court Review: 'It's So Fundamental To The Presidency'

Former President Donald Trump&#8217;s close allies, including Boris Epshteyn, Mark Meadows, and Rudy Giuliani, have been indicted by an Arizona grand jury. The indictment pertains to their alleged involvement in attempts to overturn the 2020 election results.
What Happened: The Arizona grand jury handed down an indictment against several individuals associated with Trump&#8217;s 2020 campaign. These individuals stand accused of trying to subvert the election results, including the fraudulent electors from Arizona, <a href="https://edition.cnn.com/2024/04/24/politics/arizona-criminal-charges-2020-election-subversion/index.html">reported</a> CNN on Wednesday.
Among the indicted are Epshteyn, a former White House aide and one of Trump&#8217;s closest advisers, former White House chief of staff Meadows, and former New York Mayor Giuliani, as per a source familiar with the investigation, according to CNN .
See Also: <a href="https://www.benzinga.com/general/politics/24/04/38362005/donald-trump-may-soon-receive-36-million-more-djt-shares-key-milestone-ahead?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump May Soon Receive An Additional $1.26B In DJT Shares: Key Milestone Ahead (UPDATED)</a>
Arizona Attorney General Kris Mayes announced the indictment on Wednesday night, focusing on the 11 individuals who acted as pro-Trump electors in the state. The names of several other indicted defendants remain redacted until they have been served, Mayes stated.
While Trump himself has not been charged in Arizona, the indictment details suggest he is referred to as &#8220;Unindicted Coconspirator 1&#8221;.
Why It Matters: The indictment of Trump&#8217;s allies in Arizona marks a significant development in the ongoing legal battles surrounding the 2020 election. 
In an interview with Fox News in August 2023, Rep. Marjorie Taylor Greene (R-Ga), a staunch Trump supporter, suggested that the ex-president could potentially <a href="https://www.benzinga.com/news/23/08/33956035/marjorie-taylor-greene-says-donald-trump-may-face-fifth-indictment-in-arizona?itm_source=parsely-api">face a fifth indictment</a>, this time in Arizona, based on a similar alleged fraudulent elector scheme aimed at undermining President Joe Biden&#8217;s narrow victory in the state. 
Image made using photos on Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/04/38349699/marjorie-taylor-greene-says-mike-johnsons-speakership-is-over-after-house-passes-ukraine-aid-package?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Says Mike Johnson&#8217;s Speakership Is &#8216;Over&#8217; After House Passes Ukraine Aid Package: &#8216;Resign And Allow Us To Move Forward&#8217;</a>
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Trump Allies Giuliani, Meadows Indicted By Arizona Grand Jury For Alleged 2020 Election Subversion — Ex-President Possibly 'Unindicted Co-conspirator 1': Report

APDN

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

WNBA star Brittney Griner is sharing her story for the first time about spending 10 months in a Russian prison in a special edition of 20/20.
In a clip of the emotional interview, Griner shared her experience of having been <a href="https://www.benzinga.com/markets/cannabis/22/03/26007231/breaking-russia-detains-wnba-all-star-brittney-griner-for-alleged-possession-of-hash-oil">arrested and incarcerated</a> after a small amount of cannabis oil was found in her suitcase at a Moscow airport. At the time, Feb. 17, 2022 — just one week before Russia invaded Ukraine — Griner was heading back to Russia where she played for seven years during the off-season from her U.S. team, a center for the Phoenix Mercury.
"I was just so scared for everything because there&#8217;s so much unknown," Griner <a href="https://abcnews.go.com/US/wnba-star-brittney-griner-opens-harrowing-russian-detention/story?id=109495984">told</a> ABC's&nbsp;Robin Roberts,&nbsp;co-anchor of&nbsp;Good Morning America.
Roberts asked Griner what was going on in her mind when she realized that the cannabis cartridges were found in her luggage. Griner, a medical marijuana patient in the U.S., said she realized immediately that her mistake could have devastating consequences.
"My life is over right here," Griner answered. 
Griner admitted that the conditions were so terrible that she had thoughts of ending her life. "The mattress had a huge blood stain on it. I had no soap, no toilet paper. That was the moment where I just felt less than a human," she told Roberts. "I just didn&#8217;t think I could get through what I needed to get through.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="1st look at Brittney Griner&#039;s interview" width="500" height="281" src="https://www.youtube.com/embed/ovmtrgsjwYA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
When Griner <a href="https://www.benzinga.com/markets/cannabis/22/07/27987966/breaking-brittney-griner-pleads-guilty-biden-lashes-out-over-her-detention-russia-calls-it-hype-">pleaded guilty to drug charges</a> in July 2022, she told a judge in Moscow that she accidentally packed the vape cartridges in her luggage and did not intentionally break Russian law. 
Sentenced to <a href="https://www.benzinga.com/markets/cannabis/22/08/28355539/closing-remarks-in-brittney-griner-case-verdict-and-sentencing-expected-soon">nine years in prison</a> in August, Griner was released on Dec. 8 in a prisoner swap for Russian arms dealer&nbsp;Viktor Bout. But not before being moved to a <a href="https://www.benzinga.com/markets/cannabis/22/11/29642858/brittney-griner-being-moved-to-russian-penal-colony-her-lawyers-dont-yet-know-exact-location">notorious penal colony</a>.
In addition to the exclusive interview, Griner&#8217;s <a href="https://www.benzinga.com/markets/cannabis/23/12/36147628/brittney-griner-will-exclusively-share-her-story-across-multiple-platforms-via-espn-disney-partn">story is the subject of an ESPN documentary</a> and a potential scripted series with ABC detailing her experience.
Photo: Courtesy of ESPN press room

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Brittney Griner Talks For The First Time About Her Russian Detention In Exclusive '20/20' Special

For the first time in more than 130 years, voters will likely choose between two candidates with presidential experience for the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
Here's a look at who voters in swing states currently favor in a 2020 election rematch of Donald Trump and Joe Biden.
What Happened: A close race is expected between Biden and Trump in the 2024 election based on election polls <a href="https://www.benzinga.com/general/sports-betting/24/04/38417836/trump-and-biden-get-ready-2024-election-betting-odds-point-to-major-showdown">and betting odds.</a>
Key demographics like young voters and old voters could play an important role in the election, along with <a href="https://www.benzinga.com/topic/swing-states">key swing states.</a>
A new poll of voters in swing states shows Biden gaining ground over Trump, who has led the way in these key states in recent months.
Here are the results of the recent swing state <a href="https://pro.morningconsult.com/analysis/swing-state-polling-april-2024">poll </a>from Morning Consult for the month of April, with the results from March in parentheses.
Arizona: 49% Trump (48%), 42% Biden (43%)
Georgia: 49% Trump (49%), 43% Biden (42%)
Michigan: 47% Biden (45%), 45% Trump (45%)
Nevada: 51% Trump (46%), 43% Biden (44%)
North Carolina: 51% Trump (49%), 41% Biden (43%)
Pennsylvania: 47% Trump (45%), 46% Biden (45%)
Wisconsin: 48% Trump (45%), 44% Biden (46%)
Related Link: <a href="https://www.benzinga.com/general/politics/24/04/38358680/can-biden-or-trump-build-ikea-furniture-2024-election-polls-may-have-gone-too-far">Can Biden Or Trump Build IKEA Furniture? 2024 Election Polls May Have Gone Too Far</a>
Why It's Important: The new poll shows Trump gaining support in Arizona, Nevada, North Carolina, Pennsylvania and Wisconsin. Trump has some of his biggest leads in Arizona, Nevada and North Carolina since polling began in October 2023 for the swing states.
Biden gained support in Georgia, Michigan and Pennsylvania, but lost support in several states. The key win for the current president is taking a lead in Michigan for the first time since polling began in October.
The new poll also showed Biden gaining voter trust on several items including Medicare and Social Security.
The <a href="https://www.benzinga.com/general/politics/24/03/37884006/trump-vs-biden-key-swing-states-arizona-nevada-michigan-wisconsin-show-close-races-heres-the-rol">seven swing states </a>together represent 93 electoral votes in the 2024 election. Six of the seven swing states were won by Biden in the 2020 election, with Trump winning North Carolina. Five of the seven swing states won by Biden in 2020 flipped from Trump to Biden in the election, including Arizona, Michigan and Wisconsin.
Read Next: <a href="https://www.benzinga.com/general/politics/24/04/38366379/trump-committed-conspiracy-to-undermine-the-integrity-of-a-presidential-election-prosecution-all">Trump Committed &#8216;Conspiracy To Undermine The Integrity Of A Presidential Election,&#8217; Prosecution Alleges In Hush Money Trial</a>
Photo: Shutterstock

Trump Vs. Biden: Former President Dominates Swing States, But Loses One For First Time In New 2024 Election Poll

If you're the parent of a child under 12 and have streaming platform Disney+, there's a good chance you've watched Australian <a href="https://www.benzinga.com/general/entertainment/23/12/36400565/is-disneys-percy-jackson-reboot-a-streaming-sensation-the-impact-of-new-shows-and-blueys-tr">animated hit &#8220;Bluey.</a>&#8220;
The show is turning in big numbers for Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), but the company also hinted at the show ending or having less content going forward.
What Happened: Streaming platform Disney+, part of the Walt Disney Company, has one of the<a href="https://www.benzinga.com/general/entertainment/24/04/38024244/appletv-a-streaming-winner-new-survey-shows-platform-has-smallest-library-highest-rated-con"> largest content libraries</a> of family-based content, which is a draw to getting adults with children to subscribe to the platform.
Among the hit shows on Disney+ is the Australian show "Bluey," with Disney having the rights in the U.S. The show has drawn praise from kids and from parents, thanks to its relatable storylines.
On April 14, Disney+ aired the episode "The Sign" from the third season of the show. At 28 minutes, the episode was around three times longer than most episodes.
The episode had 10.4 million views globally in its first week on Disney+, <a href="https://www.hollywoodreporter.com/tv/tv-news/bluey-the-sign-ratings-disney-plus-1235879242/">according </a>to The Hollywood Reporter. This ranked as the most-watched episode in the show's history and had the biggest viewership for a Disney Junior show on Disney+.
This episode and its predecessor "Ghostbasket" left fans asking questions about the future as the Heeler family featured on "Bluey" dealt with a potential sale of their home and a move to another city.
Fans were treated to a surprise with the season 3 finale episode appropriately titled, "Surprise."
The episode included a flash forward to main character Bluey as an adult and with a child —&nbsp;leaving more questions about if the show is ending, as many voiced on social media that it felt more like a series finale than a season finale.
Related Link:<a href="https://www.benzinga.com/news/earnings/24/02/36993564/disney-invests-1-5b-in-fortnite-owner-epic-games-in-biggest-ever-gaming-entry-posts-q1-earnings-bea"> Disney Invests $1.5B In Fortnite Owner Epic Games In &#8216;Biggest Ever&#8217; Gaming Entry, Posts Q1 Earnings Beat, Revenue Miss</a>
What's Next: Show creator Joe Brumm told The Hollywood Reporter in 2023 that the BBC, which originally commissioned the show alongside Australia's ABC, to not talk about the kids' voices or the future of the show.&nbsp;
Brumm has also said he's taking a break after the third season, which added to the speculation about the show's future.&nbsp;
A producer of "Bluey" recently confirmed to <a href="https://www.bbc.com/news/entertainment-arts-68795941">BBC </a>that the show will return in the future. Another producer also said it would be a "dream" to make a movie based on Bluey and her family in the future.
"Bluey" debuted on the streaming platform in 2020, becoming one of the most-watched shows in the U.S. on streaming platforms. Data from Nielsen showed the series had an average of 1.19 billion minutes viewed per week across a three-season library of 150 episodes.
The children's show is the most streamed show in the U.S. in 2024 based on viewing time tracked by Nielsen. The show ranked second in 2023 and sixth in 2022.
The show has been a huge hit for Disney and a gap between seasons or an end to the show could eliminate one of the key pieces of content.&nbsp;
In a highly competitive streaming market, platforms need shows like "Bluey" that aren't available other places and are must-watch content for at least one age demographic.
With its appeal to kids and parents alike, "Bluey" hits multiple demographics.
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/03/37701205/taylor-swift-concert-film-hits-streaming-heres-how-to-watch-the-eras-tour-taylors-version">Taylor Swift Concert Film Hits Streaming: Here&#8217;s How To Watch &#8216;The Eras Tour (Taylor&#8217;s Version)&#8217;</a>
Photo: Courtesy Disney+ UK

Bluey Dominates Ratings For Disney+: Kids, Parents Hoping Hit Show Not Over

<h1 class="wp-block-heading">Top Stories for April 24, 2024:</h1>
<ol>
<li>American Battery Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABAT#NASDAQ">ABAT</a>) updated <a href="https://www.benzinga.com/news/24/04/38404516/american-battery-technology-company-publishes-updated-initial-assessment-and-economic-analysis-for-t">its initial assessment</a> for the Tonopah Flats Lithium Project (TFLP).</li>
</ol>
It refined the project&#8217;s scope to use only measured and indicated mineral resources, excluding the more speculative inferred resources.&nbsp;
This strategy improves the project's economics by enhancing access to higher-quality resources and optimizing processing at its newly built demonstration facility. 
Key updates include a 7% reduction in total processed claystone, an 8% increase in lithium grade, a 7% decrease in production costs and a 6% rise in the project&#8217;s net present value to $4.67 billion.
<ol start="2">
<li>Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) reported first-quarter results, with net sales of $4.7 billion and net income of $584 million. </li>
</ol>
Highlights include 3.3 million tons of steel shipments, operating income of $751 million and adjusted EBITDA of $879 million.&nbsp;
The company&#8217;s financial health was further supported by liquidity of $3.1 billion and shareholder returns through $298 million in stock repurchases and an 8% dividend increase.&nbsp;
Demand was solid across sectors, particularly automotive and construction, driving sequential improvements in earnings and operational performance.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/24/04/38390383/copper-prices-approach-2-year-highs-whats-behind-analysts-12-000-price-prediction-for-2026">Copper Prices Approach 2-Year Highs: What&#8217;s Behind Analyst&#8217;s $12,000 Price Prediction For 2026?</a>
<ol start="3">
<li>Gold Royalty Corp (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund that allows both parties to co-invest in precious metals royalties and streams. </li>
</ol>
The agreement focuses on assets valued at $30 million or more and provides a framework for identifying and evaluating co-investment opportunities, with the option for each party to invest 25% to 50% in selected transactions.&nbsp;
Additionally, any future sales of interests acquired through this partnership will offer first rights to the other partner.
<ol start="4">
<li>Coeur Mining Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) released its 2023 ESG Report, emphasizing its progress in environmental, social and governance efforts aligned with shareholder value. </li>
</ol>
The report highlights Coeur&#8217;s achievement of the lowest injury rate among peers at 0.46 and its adoption of the Global Industry Standard on Tailings Management (placing it among the top 17% of non-International Council on Mining and Metals companies).
The company also shared its commitment to biodiversity through the Biodiversity Management Standard and advancements in climate resilience, aiming for a 35% reduction in GHG emissions by the end of 2024.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/m-a/24/04/38405991/equinox-gold-snaps-up-greenstone-gold-mines-for-995m-in-incredibly-rare-deal">Equinox Gold Snaps Up Greenstone Gold Mines For $995 Million In &#8216;Incredibly Rare&#8217; Deal</a>
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Photo: Jose Luis Stephens via Shutterstock.

Commodities

ABAT

GROY

STLD

American Battery Optimizes Lithium Project; Steel Dynamics Reports Q1 Results; Gold Royalty Teams Up With Taurus Mining And More: Wednesday's Top Mining Stories

Helix Energy Solns Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLX#NYSE">HLX</a>) reported quarterly losses of $(0.03) per share which missed the analyst consensus estimate of $0.02 by 250 percent. The company reported quarterly sales of $296.211 million which missed the analyst consensus estimate of $296.725 million by 0.17 percent. This is a 18.44 percent increase over sales of $250.084 million the same period last year.

Earnings Misses

Helix Energy Solns Gr Q1 2024 Adj EPS $(0.03) Misses $0.02 Estimate, Sales $296.211M Miss $296.725M Estimate

National Bank Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBHC#NYSE">NBHC</a>) reported quarterly earnings of $0.82 per share which beat the analyst consensus estimate of $0.76 by 7.89 percent. This is a 22.64 percent decrease over earnings of $1.06 per share from the same period last year. The company reported quarterly sales of $101.724 million which missed the analyst consensus estimate of $103.683 million by 1.89 percent. This is a 7.15 percent decrease over sales of $109.554 million the same period last year.

Earnings Beats

NBHC

National Bank Holdings Q1 2024 GAAP EPS $0.82 Beats $0.76 Estimate, Sales $101.724M Miss $103.683M Estimate

In June 2022, New York Gov. Kathy Hochul announced a deal had finally been reached to <a href="https://www.benzinga.com/markets/cannabis/22/01/24932856/new-york-gov-kathy-hochul-pledges-200m-to-boost-social-equity-efforts-as-part-of-cannabis-legali">fund a $200 million public-private effort</a>, which would finance cannabis dispensaries run by the people who have been the most impacted by the war on drugs.
The much-anticipated public-private fund is now coming under scrutiny following an <a href="https://www.thecity.nyc/2024/04/24/cannabis-fund-social-equity-dispensary/">investigation</a> by THE CITY&#8217;s Rosalind Adams, which uncovered a "lopsided deal" favoring the private equity firm Chicago Atlantic Group and raising concerns about the state's social equity goals. 
The agreement heavily favors Chicago Atlantic, leaving the state exposed to significant risks, noted the outlet.
Even the New York Office of Cannabis Management (OCM) cast doubts on the fund&#8217;s viability according to internal OCM documents that questioned whether the deal had overstated the potential revenue and profit potential.
<h1 class="wp-block-heading">What Happened</h1>
New York state, unable to secure a private equity partner, agreed to a $50 million loan from Chicago Atlantic at a 15% interest rate, with all risk borne by the state.
Critics, including Reinvent Albany, an organization that advocates for government transparency and accountability, deemed the deal to have been detrimental to the state and prospective dispensary owners. Legal experts and consultants likened it to distressed debt lending.
Despite the skepticism and advice against the arrangement, negotiations ultimately led to a secret agreement benefiting Chicago Atlantic.
Previously, THE CITY revealed how cannabis licensees who accept loans from the social equity fund are burdened with high construction costs that they don't control and with interest rates that exceed the state's initial estimates.
"Everyone is worried about defaulting because of the rules and regulations of this loan," said Roland Conner, who runs <a href="https://www.benzinga.com/markets/cannabis/23/01/30496199/ny-gov-hochul-announces-opening-of-first-cannabis-shop-owned-by-person-impacted-by-war-on-drugs">Smacked on Bleecker Street</a> in Greenwich Village, the first legal dispensary owned by a person affected by the drug war.
<h1 class="wp-block-heading">Who's Responsible?</h1>
Details of the deal are still secret, with New York state authorities denying Freedom of Information Law requests. The state comptroller&#8217;s office and key lawmakers say they were not informed or involved in the making of the deal, exposing a shocking lack of oversight.
Meanwhile, Chicago Atlantic secured favorable terms, including leasing rights and a $100 million commitment for property development, raising yet more concerns about profiteering at the expense of marginalized communities.
<h1 class="wp-block-heading">Corruption Or Ineptitude?</h1>
The handling of New York&#8217;s cannabis program seems to reflect a corrosive mix of both ineptitude and potential corruption. While officials may have sought to support marginalized groups, their actions suggest a lack of due diligence and transparency.
One element of the story, which you can read in full <a href="https://www.thecity.nyc/2024/04/24/cannabis-fund-social-equity-dispensary/">here</a>, is that social equity applicants are furious.
A Queens shop owner, Dalessio, who was awarded a retail license designated for people impacted by past drug convictions told THE CITY that after a year of back and forth with the fund, he walked away from the deal.
"It just left such a bad taste in my mouth. I warned everyone I could to stay away from this deal," he said.
Photo: Courtesy of Branding Pot via Shutterstock

Government

Legal

Cannabis Saga In The Empire State: Corruption Or Ineptitude? Private Equity Tramples Social Equity, Report Reveals

Alamos Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) reported quarterly Adj earnings of $0.13 per share which met the analyst consensus estimate. The company reported quarterly sales of $277.600 million which beat the analyst consensus estimate of $272.000 million by 2.06 percent. This is a 10.38 percent increase over sales of $251.500 million the same period last year.

Alamos Gold Q1 Adj EPS $0.13, Inline, Sales $277.600M Beat $272.000M Estimate

Piper Sandler analyst Clarke Jeffries maintains Tyler Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>) with a Overweight and maintains $520 price target.

Price Target

Piper Sandler Maintains Overweight on Tyler Technologies, Maintains $520 Price Target

Rogers, who will continue to serve as a director of Mativ and will assume the role of Audit Committee Chair.

Management

MATV

Mativ Holdings Appoints Kimberly Ritrievi As Chair Of Board, Succeeding John Rogers

First Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBMS#NASDAQ">FBMS</a>) reported quarterly earnings of $0.65 per share which beat the analyst consensus estimate of $0.59 by 10.17 percent. This is a 24.42 percent decrease over earnings of $0.86 per share from the same period last year. The company reported quarterly sales of $57.341 million which missed the analyst consensus estimate of $59.927 million by 4.32 percent. This is a 11.68 percent decrease over sales of $64.926 million the same period last year.