Fredonia Mining Inc (OTC:FREDF) Stock, Quote.Headers.trade-ideas

Fredonia Mining Inc

WIIM

TransAlta shares are trading higher. The stock may be moving higher amid a report Nvidia-backed Cohere is looking to open a multi-billion AI data center in Canada.

On Friday, TikTok has lost its fight to block a law that could result in its ban in the United States.
The ruling, delivered by a U.S. appeals court on Friday, upheld the legislation requiring the platform to sell to a non-Chinese owner or face being removed from U.S. app stores by January 19, 2025, CNN <a target="_blank" href="https://edition.cnn.com/2024/12/06/tech/tiktok-ban-law-court-decision/index.html" rel="noreferrer noopener">reports</a>.
Failure to comply could lead to significant penalties for companies hosting TikTok on their platforms.
Social media stocks Facebook and Instagram parent Meta Platforms, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Reddit, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) surged on the reports. Meta Platforms stock hit its all-time high of $629.90 on the news, and Reddit hit an all-time high of $159.83 at the time of writing.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/12/42366347/taiwan-semi-set-to-power-taiwan-semiconductor-index-surge-in-2025-fueled-by-ai-demand" rel="noreferrer noopener">Chipmaker Taiwan Semiconductor Should See Business Grow 20% Fueled By AI Demand: Analyst</a>
The court rejected TikTok&#8217;s argument that the law violated constitutional protections, including the First and Fifth Amendments. The judges found no evidence that the law infringes on free speech or equal protection rights.
This ruling brings the platform closer to a potential ban unless TikTok&#8217;s parent company, ByteDance, agrees to sell the app to a new owner. TikTok is expected to appeal the decision.
President Joe Biden signed the law in April 2024 and mandates that TikTok must be divested from Chinese control to address concerns over national security.
U.S. lawmakers have expressed fears that the Chinese government could use the platform for surveillance or to spread propaganda. TikTok sued the government in May, claiming that the law targeted the platform unfairly and violated the rights of its over 170 million American users.
During the appeals process, government attorneys argued that TikTok&#8217;s algorithm, controlled by ByteDance, could influence U.S. users. In their ruling, the judges acknowledged that TikTok fosters free expression among American users but emphasized that the government&#8217;s concerns about national security outweighed these freedoms.
<a target="_blank" href="https://www.benzinga.com/general/social-media/24/11/41911493/snap-stock-stumbles-as-trump-plans-to-push-back-against-tiktok-ban-what-you-need-to-know" rel="noreferrer noopener">Recent reports indicated</a> President-elect&nbsp;Donald Trump&nbsp;could halt a potential U.S. ban on TikTok, as promised during his campaigns.
Meanwhile, Amazon.Com Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) boosting of relations with TikTok sparked <a target="_blank" href="https://www.benzinga.com/news/24/09/40866761/is-amazon-eyeing-tiktok-for-a-possible-acquisition" rel="noreferrer noopener">speculation of a takeover</a>. Earlier in 2024, venture capitalist Kevin O&#8217;Leary <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/05/38948567/kevin-oleary-wants-to-buy-tiktok-talks-potential-for-crypto-payments-on-the-platform" rel="noreferrer noopener">expressed his desire</a> to snap TikTok.
ByteDance&#8217;s valuation has already reached <a target="_blank" href="https://www.benzinga.com/tech/24/11/42069805/bytedance-valuation-soars-to-300b-despite-threat-of-us-tiktok-ban" rel="noreferrer noopener">$300 billion backed</a> by its share buybacks.
Needham analyst Laura Martin <a target="_blank" href="https://www.benzinga.com/top-stories/24/07/39991984/tiktok-vs-reels-vs-shorts-analyst-sizes-up-short-form-video-platforms-on-valuation-and-monetization" rel="noreferrer noopener">had valued TikTok</a> higher than Instagram&nbsp; Reels and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) YouTube Shorts based on revenue, active users, and engagement measures.
Price Action: META stock is trading higher by 2.67% to $625.19 at the last check on Friday.
Also Read:
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<li><a href="https://www.benzinga.com/24/12/42363171/uber-and-weride-come-together-to-launch-robotaxi-service-in-abu-dhabi" target="_blank" rel="noreferrer noopener">Uber And WeRide Partner For Robotaxi Service In Abu Dhabi</a></li>
</ul>
Photo via Shutterstock

Government

News

Regulations

Emerging Markets

Legal

Movers

Tech

Media

AMZN

GOOG

GOOGL

RDDT

SNAP

TikTok Loses Court Appeal Against Ban, Meta, Reddit Stocks Hit All-Time High

COIN

Coinbase shares are trading higher. The stock may be moving after President-elect Trump named crypto advocate Paul Atkins to head the SEC.

Evercore ISI Group analyst Michael Montani maintains Dollar Gen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) with a In-Line and raises the price target from $95 to $96.

Price Target

Analyst Ratings

Evercore ISI Group Maintains In-Line on Dollar Gen, Raises Price Target to $96

In the current session, the stock is trading at $209.72, after a 0.48% increase. Over the past month, Dick's Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) stock increased by 6.92%, and in the past year, by 56.20%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1733506265_0.png" alt="Past Year Chart" />

<h3>A Look at Dick's Sporting Goods P/E Relative to Its Competitors</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Dick's Sporting Goods has a lower P/E than the aggregate P/E of 19.08 of the Specialty Retail industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1733506265_1.png" alt="Guage" />

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

Intraday Update

Markets

Price Over Earnings Overview: Dick's Sporting Goods

Small Cap Consumer Research analyst Eric Beder maintains Build-A-Bear Workshop (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBW#NYSE">BBW</a>) with a Buy and raises the price target from $41 to $58.

Small Cap Consumer Research Maintains Buy on Build-A-Bear Workshop, Raises Price Target to $58

Craig-Hallum analyst Jason Kreyer maintains Porch Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRCH#NASDAQ">PRCH</a>) with a Buy and raises the price target from $4 to $8.

PRCH

Craig-Hallum Maintains Buy on Porch Group, Raises Price Target to $8

Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares are little changed Friday. This comes a day after a federal judge in Texas <a href="Federal%20Judge%20Rejects%20Boeing's%20Plea%20Deal%20In%20737%20Max%20Fraud%20Case,%20Cites%20Concerns%20Over%20Diversity%20Policies%20And%20Monitor%20Selection">rejected the company's plea deal in a case related to two deadly 737 MAX crashes.</a>
Our team of expert technical analysts has made it our Stock of the Day. 
There is a good chance the recent uptrend may end soon and the stock heads lower. As you can see on the chart, the $163.50 level has been important for Boeing since the end of April. It was support then.
In September and October, it was a resistance level. Both times it reached this resistance, the stock rolled over and headed lower. There is a good chance it will happen again.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="570" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/06122843/Boeing.1-1024x570.png" alt="" class="wp-image-681025" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/06122843/Boeing.1-1024x570.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/06122843/Boeing.1-300x167.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/06122843/Boeing.1-768x428.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/06122843/Boeing.1.png 1462w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Also: &#8216;<a href="https://www.benzinga.com/news/legal/24/12/42358375/problem-is-much-larger-after-boeings-plea-deal-is-rejected-by-federal-court-over-monitor-provision-experts-blame-fundamentally-broken-system-in-dire-need-of-reform">Problem Is Much Larger:&#8217; After Boeing&#8217;s Plea Deal Is Rejected By Federal Court Over Monitor Provision, Experts Blame &#8216;Fundamentally Broken&#8217; System &#8216;In Dire Need Of Reform&#8217;</a>
Resistance is a large concentration of investors and traders who are looking to sell at, or close to, the same price.
Stocks tend to sell off of resistance when some of these sellers become nervous and impatient. They are concerned other sellers will undercut them. They know buyers will go to whoever is willing to sell at the lowest price and they don't want to miss out.
As a result, they lower the prices they are willing to sell. Other nervous sellers see this and do the same thing. It could result in a snowball effect that pushes the price lower.
The reason why there has been resistance around $163.50 is because of buyer's remorse.
Some who purchased shares around this level when it was support came to think they made a mistake when the price went lower. Many decide to get out at breakeven if possible.
So, when the shares rallied back up to their buy price, they placed sell orders. And there are so many of these sell orders that it caused resistance to form at the same price that had previously been support.
In the long run, it isn't clear how the court's rejection of the plea deal will affect Boeing. But in the short run, there is a good chance the stock soon reverses and trends lower.
Read Next: • <a href="https://www.benzinga.com/news/econ-s/24/12/42366245/consumer-sentiment-hits-7-month-high-but-inflation-fears-divide-democrats-republicans">Consumer Sentiment Hits 7-Month High, But Inflation Fears Divide Democrats, Republicans</a>

Technicals

Travel

Trading Ideas

Stock Of The Day: Turbulence Ahead For Boeing?

Craig-Hallum analyst Steve Dyer downgrades Smith &amp; Wesson Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>) from Buy to Hold and lowers the price target from $18 to $13.

Downgrades

SWBI

Craig-Hallum Downgrades Smith & Wesson Brands to Hold, Lowers Price Target to $13

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 0.2% on Friday.
Following the market opening Friday, the Dow traded down 0.19% to 44,679.63 while the NASDAQ rose 0.64% to 19,827.64. The S&amp;P 500 also rose, gaining, 0.20% to 6,087.52.
Check This Out: <a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42361222/wall-streets-most-accurate-analysts-spotlight-on-3-materials-stocks-delivering-high-dividend-yields-6">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Materials Stocks Delivering High-Dividend Yields</a>
Leading and Lagging Sectors Consumer discretionary shares jumped by 1.4% on Friday.
In trading on Friday, energy shares fell by 1.5%.
Top Headline
The University of Michigan consumer sentiment rose for a fifth straight month to 74 in December, recording the highest level since April, and up from 71.8 in November.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Asana, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) shares shot up 43% to $22.05 after the company reported better-than-expected third-quarter financial results and issued FY25 guidance above estimates. Also, Piper Sandler and Baird raised their respective price targets on the stock.</li>
<li>Shares of Rubrik, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) got a boost, surging 30% to $69.83 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates. Also, Keybanc maintained an Overweight rating on the stock and raised its price target from $57 to $75</li>
<li>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) shares were also up, gaining 27% to $106.08 after the company reported better-than-expected third-quarter financial results and issued FY25 revenue guidance above estimates.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) shares dropped 16% to $174.21 following first-quarter results.</li>
<li>Shares of Mynaric AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYNA#NASDAQ">MYNA</a>) were down 69% to $0.4440. Mynaric entered into negotiation for further funding with existing lender subject to financial reorganization under StaRUG, and postponed upcoming AGM.</li>
<li>Smith &amp; Wesson Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>) was down, falling 20% to $10.91 after reporting second-quarter results.</li>
</ul>
Commodities In commodity news, oil traded down 1.2% to $67.47 while gold traded up 0.4% at $2,658.30.
Silver traded up 0.2% to $31.605 on Friday, while copper rose 0.3% to $4.2050.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.18%, Germany's DAX climbed 0.13% and France's CAC 40 rose 1.31%. Spain's IBEX 35 Index fell 0.39%, while London's FTSE 100 fell 0.49%.
Asia Pacific Markets
Asian markets closed mixed on Friday, with Japan's Nikkei 225 falling 0.77%, Hong Kong's Hang Seng Index gaining 1.56%, China's Shanghai Composite Index gaining 1.05% and India's BSE Sensex falling 0.07%.
Economics
<ul>
<li>Nonfarm payrolls rose by 227,000, sharply accelerating from the previous upwardly revised 36,000 and above the expected 200,000 as per TradingEconomics estimates.</li>
<li>The unemployment rate rose from 4.1% to 4.2%, as expected.</li>
<li>Average hourly earnings advanced at a 0.4% monthly pace, holding steady from October's 0.4% increase and surpassing expectations of 0.3%.</li>
<li>The University of Michigan consumer sentiment rose for a fifth straight month to 74 in December, recording the highest level since April, and up from 71.8 in November.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/24/12/42340230/how-to-earn-500-a-month-from-microsoft-stock">How To Earn $500 A Month From Microsoft Stock</a></li>
</ul>

Equities

Eurozone

Commodities

ASAN

DOCU

GWRE

MYNA

RBRK

Crude Oil Falls Over 1%; US Consumer Sentiment Surges In December

BTC Digital Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCT#NASDAQ">BTCT</a>) shares are trading lower by 25.4% to $11.69 during Friday&#8217;s session after the company announced a <a href="https://www.benzinga.com/pressreleases/24/12/n42361161/btc-digital-ltd-announces-pricing-of-20-0-million-underwritten-public-offering">$20 million public offering</a>.
What Else: The offering includes 2.5 million ordinary shares and pre-funded warrants, priced at $8.00 per share or $7.999 per Pre-Funded Warrant, which have a nominal exercise price of $0.001 and are immediately exercisable.
Aegis Capital Corp. has a 45-day option to purchase up to 15% additional Ordinary Shares to cover potential over-allotments. 
The offering is expected to close on December 9, pending customary conditions. Proceeds will support general corporate needs and working capital.
Read Also: <a href="https://www.benzinga.com/news/events/24/12/42365053/private-credit-tokenization-hits-650-million-monthly-setting-a-new-benchmark">Private Credit Tokenization Hits $650 Million Monthly, Setting A New Benchmark</a>
<h2 class="wp-block-heading">Should I Sell My BTCT Stock?</h2>
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of BTC Digital have gained 258.84% year to date. This compares to the average annual return of 40.89%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity. 
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. BTC Digital stock currently has an RSI of 46.72, indicating neutral conditions.
For analysis tools, charting data and access to exclusive stock news, check out <a href="https://pro.benzinga.com/">Benzinga PRO. Try it for free.</a>
BTCT has a 52-week high of $25.40 and a 52-week low of $1.32.

BTCT

Why Bitcoin-Related Stock BTC Digital Is Getting Hammered

B of A Securities analyst Brad Sills maintains Veeva Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) with a Neutral and raises the price target from $280 to $290.

VEEV

B of A Securities Maintains Neutral on Veeva Systems, Raises Price Target to $290

HC Wainwright &amp; Co. analyst Robert Burns initiates coverage on Bicara Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCAX#NASDAQ">BCAX</a>) with a Buy rating and announces Price Target of $42.

Initiation

BCAX

HC Wainwright & Co. Initiates Coverage On Bicara Therapeutics with Buy Rating, Announces Price Target of $42

B of A Securities analyst Bryan Spillane maintains Vita Coco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COCO#NASDAQ">COCO</a>) with a Neutral and raises the price target from $30 to $38.

COCO

B of A Securities Maintains Neutral on Vita Coco, Raises Price Target to $38

B of A Securities analyst Lisa Lewandowski upgrades Altria Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>) from Neutral to Buy and raises the price target from $55 to $65.

Upgrades

B of A Securities Upgrades Altria Group to Buy, Raises Price Target to $65

"Regulating intra and interstate commerce was only a means to the end of eradicating it. That is a goal that has been abandoned," <a href="https://www.youtube.com/watch?v=4lssHTsLH8E&amp;t=10435s">said</a> David Boies during oral arguments Tuesday, as he defended the need to revive a landmark case <a href="https://www.benzinga.com/markets/cannabis/24/07/39586847/federal-court-dismisses-marijuana-companies-lawsuit-against-government-prohibition">dismissed</a> this past July.
The case that marked one of the ways for the cannabis industry to partly resolve its lagging prohibition is at a crossroads as Massachusetts-based businesses push back against the dismissal. 
What Happened: In the case, Canna Provisions, Inc., et al. v. Garland, MA-based businesses seek to overturn the <a href="https://www.benzinga.com/topic/controlled-substances-act">Controlled Substances Act</a> (CSA) as it applies to <a href="https://www.benzinga.com/markets/cannabis/24/04/38281470/the-court-case-that-could-change-the-cannabis-industry-forever-and-how-it-affects-rescheduling">intrastate cannabis activities</a>.
<a href="https://www.benzinga.com/news/legal/24/11/42143419/challenging-cannabis-prohibition-lawyer-behind-same-sex-marriage-takes-on-federal-policy-citing-justice-thomas-critique">David Boies</a> is renowned for high-profile cases like representing former Vice President Al Gore and challenging California's same-sex marriage ban.
<h3 class="wp-block-heading">Challenging Federal Authority</h3>
The discussion held at the oral arguments hearing was mainly about precedents. The main argument by plaintiffs is that the 2005 Supreme Court decision in Gonzales v. Raich is outdated. Since then, 24 U.S. states have legalized recreational marijuana and 38 allow medical marijuana use. The plaintiffs contend that these changes warrant a re-evaluation of Raich's stance on federal regulation under the Commerce Clause.
Additionally, the&nbsp;Rohrabacher-Farr Amendment&nbsp;plays a crucial role. This amendment restricts the Department of Justice from using funds to interfere with state medical marijuana laws. The plaintiffs assert that federal marijuana policies have evolved, rendering Raich's framework obsolete.
District Court Judge Mark G. Mastroianni previously ruled against the plaintiffs, citing Raich and Congress's broad Commerce Clause powers. 
The 1st Circuit Court of Appeals may consider the significant legal and legislative shifts since Raich. But, DOJ attorney Daniel Aguilar countered Boies&#8217;s arguments by asserting that if intrastate activities impact interstate commerce, federal regulation is <a href="https://www.benzinga.com/markets/cannabis/24/10/41306703/justice-dept-urges-court-to-uphold-federal-cannabis-ban-in-high-profile-case">justified</a>.
Judges probed the plaintiffs&#8217; claims, referencing Raich and the CSA's broader objectives, with a particular discussion over whether cannabis should be contemplated particularly in the prohibitions created by the legal framework the CSA creates.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39586847/federal-court-dismisses-marijuana-companies-lawsuit-against-government-prohibition">Federal Court Dismisses Marijuana Companies&#8217; Lawsuit Against Government Prohibition</a>
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.
<h3 class="wp-block-heading">Impact And Consequences</h3>
A favorable ruling could alleviate financial strains caused by federal regulations.
Jesse H. Alderman, co-chair of Foley Hoag's cannabis practice, <a href="https://masslawyersweekly.com/2024/12/03/cannabis-industry-watching-1st-circuit-case-with-interest/">told</a> Massachusetts Lawyers Daily that lifting CSA restrictions would boost profitability for businesses hindered by <a href="https://www.benzinga.com/topic/280e">Section 280E </a>of the IRS Code. This section disallows tax deductions for businesses trafficking in Schedule I or II substances.
Michael P. Ross&nbsp;of Prince Lobel emphasized the urgent need for relief. 
"It's almost impossible to be profitable in this business right now. There needs to be relief, and I think everything is needed — all hands on deck, including legislation and including this complaint," Ross said.
During oral arguments, Boies questioned whether Congress still has the authority to prohibit intrastate marijuana commerce.
If the 1st Circuit sides with the plaintiffs, it could set a national precedent limiting federal restrictions on state-legal marijuana. 
This might pave the way for broader legalization and interstate commerce. Conversely, upholding Raich would reinforce federal authority, maintaining current federal oversight despite state-level legalization.
The decision will significantly influence the future of cannabis regulation.
Dates for the ruling have not yet been announced.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/10/41306703/justice-dept-urges-court-to-uphold-federal-cannabis-ban-in-high-profile-case">Justice Dept. Urges Court To Uphold Federal Cannabis Ban In High-Profile Case</a></li>
</ul>
Photo of David Boies: Benzinga edit with Wikimedia Commons photo

Cannabis

Politics

Attorney Behind Same-Sex Marriage Revives Landmark Marijuana Case: 'Congress Has Abandoned The Goal Of Eradicating Cannabis'

B of A Securities analyst Koji Ikeda upgrades Dollar Gen (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) from Underperform to Buy and maintains the price target from $95 to $95.

B of A Securities Upgrades Dollar Gen to Buy, Maintains Price Target to $95

Needham analyst Scott Berg reiterates Smartsheet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>) from Hold to Hold.

Reiteration

SMAR

Needham Reiterates Hold on Smartsheetto Hold

B of A Securities analyst Bryan Spillane upgrades Molson Coors Beverage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) from Neutral to Buy and raises the price target from $57 to $70.

B of A Securities Upgrades Molson Coors Beverage to Buy, Raises Price Target to $70

<a href="https://wwd.com/business-news/financial/nordstroms-chances-going-private-buyout-family-1236746986/#utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=social_bar&amp;utm_term=&amp;utm_content=bottom&amp;utm_id=1236746986">https://wwd.com/business-news/financial/nordstroms-chances-going-private-buyout-family-1236746986/#utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=social_bar&amp;utm_term=&amp;utm_content=bottom&amp;utm_id=1236746986</a>
Prospects for the Nordstrom family <a href="https://wwd.com/business-news/retail/nordstrom-family-store-going-private-case-1236403173/">taking their business private</a> next year look good.
<a href="https://wwd.com/business-news/retail/nordstrom-q3-results-beat-expectations-2024-sales-guidance-lifted-1236738210/">Nordstrom</a> Inc.'s financial results are improving. Executives have done a good job managing expectations. The Fed has cut rates twice this year, and the regulatory environment has loosened up.
Brothers Erik and Pete&nbsp;<a href="https://wwd.com/tag/nordstrom/">Nordstrom</a>, along with other members of the&nbsp;<a href="https://wwd.com/fashion-news/fashion-scoops/nordstrom-nyc-courreges-pop-up-exclusive-capsule-collection-1236702579/">Nordstrom</a>&nbsp;family and Mexican retailer Liverpool, have offered to acquire all of the outstanding shares of the company the group does not already own for $23 a share in cash, a total of $3.8 billion. The company is currently trading at around $23.19 a share. The Nordstrom family owns about one third of the stock. The family and any partners would have to own more than 50 percent of the voting shares to go private.
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The Nordstroms first tried to take their company private in 2017, offering <a href="https://wwd.com/feature/nordstrom-talks-break-down-next-move-unclear-1202634052/">$50 a share</a>, or $8.4 billion, with the backing of Leonard Green &amp; Partners.&nbsp;That offer was considered too low and rejected by a special committee of the board.
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Yet with the current lower offer, "I think the odds are decent and clearly better than last time," said Steve Dennis, author and president of SageBerry Consulting. "The business performance is more stable, interest rates are lowering, and there is lots of dry powder in the capital markets."
"We're expecting to see M&amp;A activity pick up next year," added Stephen Sadove, senior adviser for Mastercard and former chairman and chief executive officer of Saks Inc., commenting on the general deal-making environment. "There's money out there that should be put to use."
As Nordstrom executives work to take the company private — a process seen taking many months — they've been successful executing on strategic priorities, including an aggressive expansion of the Rack off-price chain, digital growth and comp gains at the Nordstrom business. But as one retail source said, "Nordstrom needs to do more work outside of the public markets to address the underlying performance of their core business."
While the Nordstroms underscored the strength of the business with third-quarter results and raised the sales guidance for 2024 overall, CEO Erik&nbsp;<a href="https://wwd.com/business-news/human-resources/nordstrom-head-dei-colleen-mitchell-1236683999/">Nordstrom</a>&nbsp;cited a slowdown in the first couple of weeks of the fourth quarter, while Cathy Smith, chief financial officer, said the external environment is "uncertain" and that the company is "prudently cautious" on its outlook for the current quarter. Others, including executives at Gap Inc. and Lululemon Athletica Inc., sounded more bullish notes on the holiday season.
Nordstrom did report a third-quarter drop in net earnings, but there were increases in operating profits and sales revenues that surpassed Wall Street expectations. But investors remain concerned about expenses and by the commentary on sluggish early fourth-quarter selling.
Wall Street takes a dim view of&nbsp;<a href="https://wwd.com/business-news/retail/nordstrom-brothers-proposal-to-take-nordstrom-private-under-review-1236321193/">Nordstrom</a>&nbsp;and most department stores. Through a go-private transaction,&nbsp;<a href="https://wwd.com/fashion-news/fashion-scoops/nordstrom-nyc-courreges-pop-up-exclusive-capsule-collection-1236702579/">Nordstrom</a>&nbsp;could reach a higher valuation, and preempt an unwanted bid for the company. Given its low stock price and the recent string of investor interest in department stores, including Kohl's and Macy's,&nbsp;<a href="https://wwd.com/business-news/financial/nordstrom-jwn-q1-2024-earnings-sales-increase-1236408611/">Nordstrom</a>&nbsp;could be vulnerable to takeover offers.
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On Thursday, Nordstrom declined to comment on the plan to take the company private, and referred WWD to its September disclosure by a special committee of the board, which indicated: "There can be no assurance that the company will pursue this transaction or other strategic outcome, or that a proposed transaction will be approved or consummated. The company does not intend to disclose further developments regarding this matter unless and until further disclosure is determined to be appropriate or necessary."
Two big questions surround the plan to go private: Is there a deadline for putting together a deal, and how would Nordstrom's strategies change once turning private?
"To accelerate growth and improve differentiation in a challenging market, Nordstrom needs to take bolder action to future proof it's business model much of which will take a lot of capital and not show payback for multiple years," Dennis said. "So getting out of the public eye could give them air cover, and allow them to not worry so much about quarterly earnings focus."
Going private takes the Nordstroms out from under the constant glare of Wall Street, and enables them to eliminate the time and costs of producing quarterly reports, staging conference calls and meetings with investors. Management would also deal with less public scrutiny, far fewer stakeholders and regulatory requirements, and can be more decisive with a smaller constituency to report to. They'll have more time to focus on long-term strategy and spend time with their families. Private companies can be less transparent so competitors know less about what they're up against.
But if Nordstrom had to borrow money and leverage up to do the deal, "it could put them in long-term financial jeopardy," Dennis said.
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"Weighing Nordstrom's Chances Of Going Private; Since Disclosing Its Intentions On Taking Nordstrom Inc. Private, The Nordstrom Family Has Been Tight-lipped On What Progress Has Been Made" - WWD

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