First Trust Short Duration Managed Municipal ETF (ARCA: FSMB)

Latest news for First Trust Short Duration Managed Municipal ETF (ARCA:FSMB)

First Trust Short Duration Managed Municipal ETF

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80 percent of its net assets (including investment borrowings) in municipal debt securities that pay interest that is exempt from regular federal income taxes (collectively, Municipal Securities). Municipal Securities are generally issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies, authorities and other instrumentalities. The Funds investment advisor seeks to construct a portfolio that has a weighted average duration of 1–3 years. Duration is a mathematical calculation of the average life of a debt security (or portfolio of debt securities) that serves as a measure of its price risk.

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News

Bonds

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Trading Ideas

ETFs

FSMB

FUMB

A Pair Of Short-Duration ETFs Launch

Ukrainian President Volodymyr Zelenskyy has called on Western leaders to take decisive action to compel Russia into ending the war, which he says cannot be resolved through dialogue alone. This plea comes amid accusations from the Kremlin that the United Nations is ignoring Ukraine&#8217;s alleged incursion into Russia&#8217;s Kursk region.
What Happened: Speaking at the United Nations Security Council, Zelenskyy emphasized the need for &#8220;forcing Russia into peace,&#8221; reported Reuters on Wednesday.
&#8220;This war can&#8217;t be calmed by talks. Action is needed,&#8221; Zelenskyy urged.
Zelenskyy&#8217;s <a href="https://www.benzinga.com/news/24/09/40975071/ukraines-zelenskyy-heads-to-us-to-present-victory-plan-against-russia-to-biden-as-war-drags-for-over">&#8220;victory plan&#8221; to end the war</a>, which he has been advocating to Western leaders, does not involve ceding any territory to Russia. He also accused North Korea and Iran of being &#8220;de facto accomplices&#8221; of Moscow by providing arms for the war.
Meanwhile, Russian Foreign Minister Sergei Lavrov slammed the U.N. of ignoring alleged atrocities committed by Ukrainian forces during an incursion into Russia&#8217;s Kursk region last month. 
&#8220;I have not heard any voices from U.N. representatives responsible for human rights, including, of course, the secretary general,&#8221; he said, referring to U.N. Secretary Antonio Guterres.
See Also: <a href="https://www.benzinga.com/government/24/09/40971374/elon-musk-responds-to-venture-capitalists-claim-on-government-subsidies-for-spacex-tesla-do-some-res?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Responds to Venture Capitalist&#8217;s Claim On Government Subsidies For SpaceX, Tesla: &#8216;Do Some Research Before You Display Your Utter Ignorance&#8217;</a>
Why It Matters: Zelenskyy&#8217;s call for Western support to force Russia into peace comes after a series of escalating tensions. Earlier this month, Russian President Vladimir Putin warned that Ukraine&#8217;s use of Western-made <a href="https://www.benzinga.com/news/24/09/40851131/russian-president-says-ukraines-use-of-long-range-missiles-would-signal-that-us-and-nato-are-at-war">long-range missiles</a> against Russia could lead to a direct military confrontation between Russia and the West. Zelenskyy had been lobbying for Western allies to permit Ukraine to deploy these missiles as a means to limit Moscow&#8217;s attack capabilities, a move that Putin argued would implicate the countries providing the missiles in the conflict.
Additionally, former U.S. President Donald Trump recently claimed that <a href="https://www.benzinga.com/news/24/09/40998738/trump-says-ukrainian-president-backs-kamala-harris-for-white-house-zelenskyy-is-the-greatest-salesma">Zelenskyy favors a Democratic win </a>in the upcoming 2024 U.S. election. This assertion contrasts with some of Trump&#8217;s allies who believe Ukraine would welcome his return, claiming he has the skills to negotiate peace with Putin.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by evan_huang on Shutterstock

Politics

Global

General

Ukraine's Zelenskyy Urges West For Forcing Russia To Peace While Kremlin Slams UN For Turning A Blind Eye To Kyiv's Incursion Into Kursk

NKTR

Nektar Therapeutics Announced Several Presentations For Rezpegaldesleukin At The 2024 European Academy Of Dermatology And Venereology Congress

CLVT

Clarivate Announced The Development Of A Comprehensive Framework For Evaluating The Societal Impact Of Research

Broadridge Financial Announced That Skandinaviska Enskilda Banken Ab Is Leveraging Broadridge's International Post-trade Processing Solution To Simplify And Streamline Its Securities Business Across International And Domestic Markets

HII (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>) announced today that its Ingalls Shipbuilding division was awarded a $9.6 billion multi-ship procurement contract for the construction of three San Antonio-class (LPD 17) amphibious ships and a contract modification for the next America-class (LHA 6) large-deck amphibious ship. This combined procurement — the first of its kind for amphibious ships — begins the journey for the construction of LPDs 33, 34, 35 and LHA 10 for the U.S. Navy. &nbsp;
"We greatly appreciate the stability that this award provides to all Ingalls shipbuilders and our surrounding communities," Ingalls President Kari Wilkinson said. "It is an honor to continue our support of the joint Navy and Marine Corps mission to meet the minimum 31-amphibious-ship requirement."
Approximately half of all Ingalls shipbuilders build amphibious ships today, with another 650 supplier partners in 39 states across the country that provide components for the construction of amphibious ships.

Government

Regulations

Reported Earlier, HII Secures $9.6B Contract to Build Amphibious Ships for US Navy

VTNR

Reported Earlier, Vertex Energy Announced It Entered Into A Restructuring Support Agreement With Term Loan Lenders And Commenced Chapter 11 Cases In The United States Bankruptcy Court For The Southern District Of Texas

At&nbsp;a special briefing for policymakers on Capitol Hill today, Centrus said that the $3.4 billion that Congress has made available for domestic nuclear fuel production should be focused on deploying American uranium enrichment technology that is manufactured in the United States, by American workers, as opposed to foreign-origin centrifuge technologies that are manufactured overseas.&nbsp;
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"The need to transition away from Russian nuclear fuel, coupled with a historic investment in U.S. nuclear fuel production approved by Congress, has created a once-in-a-generation opportunity to restore America's domestic supply chain for enriched uranium," said Amir Vexler, President and CEO of Centrus. "We should not be content to trade dependence on Russia for dependence on China, or Europe, or anywhere else. The time has come to invest in American enrichment technology, built by American workers, with an American supply chain."&nbsp;
Vexler was joined at the briefing by leaders of approximately 14 large and small businesses with work locations in 13 states, representing Centrus' nationwide supply chain. These American-owned companies and many others would provide critical components and other support to Centrus if the federal government decides to support deployment of Centrus' American Centrifuge technology, which is manufactured in Oak Ridge, Tennessee and operated in Piketon, Ohio.&nbsp;
Under contract with the U.S. Department of Energy, Centrus has deployed a cascade of sixteen centrifuges at the American Centrifuge Plant in Piketon, Ohio, and is pioneering production of an advanced reactor fuel called High-Assay, Low-Enriched Uranium (HALEU). Centrus' goal is to expand the capacity of the plant with thousands of additional centrifuges to accommodate large-scale production of Low-Enriched Uranium (LEU) for existing reactors and HALEU for next generation reactors. This will require a public private partnership including robust federal investment alongside private capital and purchase agreements from customers.&nbsp;
Centrus is competing for federal funding under a series of Requests for Proposals (RFPs) issued by the U.S. Department of Energy. These RFPs are backed by more than $3.4 billion in Congressional appropriations that were approved as part of the Inflation Reduction Act in 2022 and the bipartisan government funding bill in March 2024.&nbsp;

Centrus Urges Congress to Prioritize US-Made Nuclear Fuel Technology Amid $3.4B Funding to Cut Russian Dependency

Offerings

OCCI

Reported Earlier, OFS Credit Company Announced The Pricing Of An Underwritten Public Offering Of 1,040,000 Shares Of 7.875% Series F Term Preferred Stock Due 2029 At A Price Of $25.00 Per Share, Raising $26.0M In Gross Proceeds

Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) (the "Company," "we" or "Wayfair") today announced the pricing by its subsidiary, Wayfair LLC (the "Issuer"), of its private offering of $800 million in aggregate principal amount of 7.250% senior secured notes due 2029 (the "Notes"). The&nbsp;offering size was increased to $800 million from the previously announced offering size of $700 million in aggregate principal&nbsp;amount&nbsp;of&nbsp;Notes. The Notes&nbsp;will mature on October 31, 2029, unless earlier repurchased or redeemed in accordance with their terms. The Notes oﬀering is expected to close on October 8, 2024, subject to customary closing conditions.
&nbsp;
We intend to use the net proceeds from the Notes oﬀering, together with cash on hand, for the repayment of certain of Wayfair's existing convertible senior notes and general corporate purposes.

Reported Earlier, Wayfair Raised $800M (Prior $700M) Via Upsized Secondary Senior Secured Notes Offering For Debt Repayment

BNZI

Reported Earlier, Banzai International Announced Agreements To Issue And Sell 1,176,471 Class A Common Shares, Along With Series A And Short-term Series B Warrants To Purchase Up To 1,176,471 Shares Each, At $4.25 Per Share

Nuvve Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>), a leader in vehicle-to-grid (V2G) technology, has issued a letter to shareholders regarding actions taken to regain compliance with Nasdaq's Bid Price Rule.&nbsp;
&nbsp;
Nuvve recently executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding. The Company encourages shareholders to protect their shares against market manipulation through actions such as holding shares in cash accounts and requesting "no loan" status.&nbsp;

Stock Split

NVVE

Reported Earlier, Nuvve Holding Executes Reverse Stock Split to Regain Nasdaq Compliance

Rithm Capital Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RITM#NYSE">RITM</a>, "Rithm" or the "Company")))) announced today that it priced its underwritten public offering of 30,000,000 shares of its common stock for gross proceeds of approximately $342.9 million, before deducting estimated underwriting discounts and commissions and estimated offering expenses. In connection with the offering, the Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 4,500,000 shares of common stock. The underwriters may offer the shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The offering is expected to close on September 26, 2024, subject to customary closing conditions. The Company intends to use the net proceeds from this offering for general corporate purposes.

RITM

Reported Earlier, Rithm Capital Raised $342.9M Via Secondary Stock Offering Of 30M Shares

SMTC

Semtech Announced Its Collaboration With Traxmate To Offer A Seamless Indoor And Outdoor Asset Tracking Solution

Verizon Business and SK Shieldus have agreed to collaborate to deliver cybersecurity solutions to South Korean and Asian enterprises operating on a global scale. This strategic relationship will leverage Verizon Business' extensive global reach and SK Shieldus' deep-rooted expertise to provide comprehensive, world-class protection addressing the unique needs of Asian businesses. &nbsp;
By combining their strengths in real-time threat intelligence, vulnerability assessment, incident response, and managed security services, Verizon Business and SK Shieldus aim to empower enterprises to confidently navigate the complex global threat landscape, safeguarding their operations and assets worldwide.
Verizon Business works with 99% of Fortune 500 companies and governments worldwide and offers a suite of management and data security services. The company operates nine Security Operations Centers, six forensics labs and one of the largest IP networks in the world, monitoring 61 billion security events annually. In addition, Verizon's investigative response team boasts more than 400 security experts and conducted 500+ IT investigations in 2023.

Verizon and SK Shieldus Team Up to Strengthen Cybersecurity for Asian Enterprises

SNOW

Snowflake Announced The Pricing Of $1.0 Billion Aggregate Principal Amount Of Its 0% Convertible Senior Notes Due 2027 And $1.0 Billion Aggregate Principal Amount Of Its 0% Convertible Senior Notes Due 2029

<a href="https://www.globenewswire.com/Tracker?data=DAo_2_u9_oQEIldgL6aKaJ5v7MvqaO48kWVdUQQPXNb1GYG1p-QfkU9Lg-F2xWAYXFnDoFntLXxCpA_cu4IO3uZxxBBb4khM6taIcweI0Ng=">Arcutis Biotherapeutics, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARQT#NASDAQ">ARQT</a>), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology and immunology, today announced new pooled subgroup analysis results from the Phase 3 INTEGUMENT-1 and -2 trials showing that ZORYVE cream 0.15% provided consistent and meaningful improvements in signs and symptoms of AD in individuals regardless of race, ethnicity, and Fitzpatrick skin types. The results will be presented in a poster at the European Academy of Dermatology &amp; Venereology Congress held September 25-28, 2024, in Amsterdam.
At Week 4, higher percentages of Validated Investigator Global Assessment for AD (vIGA-AD) Success for ZORYVE- vs. vehicle-treated patients were observed regardless of race (White: 32.3% vs. 13.3%; Black or African American: 25.8% vs 11.5%; Asian: 33.7% vs. 21.8%; Others: 33.2% vs. 13.7%), ethnicity (Hispanic or Latino: 32.9% vs. 16.5%; Not Hispanic or Latino: 31.1% vs 13.8%), or Fitzpatrick score (I–III: 33.0% vs. 13.4%; IV–VI: 29.2% vs. 14.8%). The Fitzpatrick skin type is a scale of I to VI that classifies the skin by its reaction to exposure to sunlight, with skin type I being pale white skin that always burns, does not tan, to VI being dark brown or black skin that never burns, always tans darkly. vIGA-AD Success was defined as vIGA-AD value of 0 or 1 plus a 2-grade improvement from baseline.
"Given that the clinical presentation of AD may differ among patients by race, ethnicity, and Fitzpatrick skin type, it is reassuring to see the consistency of efficacy, safety, and tolerability of a treatment across these various subgroups," said Vimal H. Prajapati MD, FRCPC, DABD, clinical associate professor at the University of Calgary and co-founder/co-director of the Skin Health &amp; Wellness Centre, Dermphi Centre, Dermphi Shop, and Dermatology Research Institute. "ZORYVE cream 0.15% consistently achieved meaningful and significant improvements in disease clearance and itch reduction, in all subgroups. This analysis can give confidence to clinicians that ZORYVE provides effective and well-tolerated relief of atopic dermatitis signs and symptoms across individuals with diverse skin types."
ZORYVE-treated patients also achieved a greater improvement in itch as measured by reductions in Worst Itch-Numeric Rating Scale (WI-NRS) Success, defined as ≥4-point improvement in patients 12 years of age and older with baseline WI-NRS score ≥4, at Week 4 with consistent results regardless of subgroup (White: 33.5% vs. 16.5%; Black or African American: 30.6% vs. 21.0%; Asian: 25.4% vs. 7.9%; Others: 34.3% vs. 22.7%), ethnicity (Hispanic or Latino: 37.4% vs. 30.5%; Not Hispanic or Latino: 30.9% vs. 13.8%), or Fitzpatrick score (I–III: 35.5% vs. 15.0%; IV–VI: 27.3% vs. 18.2%). Similar findings were observed for additional endpoints including achievement of vIGA-AD score of ‘Clear (0)' or ‘Almost Clear (1)' and 75% improvement in the Eczema Area and Severity Index (EASI-75).
"We formulated ZORYVE cream with all AD patients in mind, and we are pleased to present these data from our Phase 3 INTEGUMENT studies, which demonstrated ZORYVE's ability to significantly, consistently, and safely improve AD symptoms regardless of race, ethnicity, or skin type," said Patrick Burnett, MD, PhD, FAAD, chief medical officer of Arcutis. "It is critical that our clinical data represent the diversity in the world around us, and these results further reinforce our commitment to providing meaningful innovation for immune-mediated skin diseases."
The Incidence of Treatment Emergent Adverse Events (TEAEs) was low in both ZORYVE- and vehicle-treated patients. The incidence of TEAEs in ZORYVE-treated patients was generally similar across subgroups. Local tolerability was also favorable. The most common adverse reactions were headache, nausea, application site pain, diarrhea, and vomiting.
INTEGUMENT-1 and INTEGUMENT-2 (The INterventional Trial EvaluatinG roflUMilast cream for the treatmENt of aTopic dermatitis) were two identical Phase 3, parallel group, double blind, vehicle-controlled trials evaluating the safety and efficacy of ZORYVE cream 0.15% in AD.

ARQT

Arcutis Reports ZORYVE Cream Shows AD Relief Across Racial and Skin Type Groups: Study Findings

Elon Musk&#8216;s SpaceX on Tuesday slammed the Federal Aviation Administration (FAA) administrator Mike Whitaker for his <a href="https://www.benzinga.com/news/24/09/41016988/spacex-in-violation-of-texas-federal-law-on-some-matters-says-faa-agency-hits-back-at-elon-musks-roc">comments defending delays</a> in greenlighting the next launch of its Starship launch vehicle. 
What Happened: &#8220;&#8230;every statement he made was incorrect,&#8221; SpaceX wrote in a letter addressed to U.S. House of Representatives member Kevin Kiley  (R-Calif.). &#8220;It is deeply concerning that the Administrator does not appear to have accurate information immediately available to him with respect to SpaceX licensing matters.&#8221;
Whitaker told lawmakers on the House Transportation Committee on Tuesday that the decision to delay Starship launches is grounded in safety and also backed the $633,000 fine proposed on SpaceX earlier this month. He said that the fines were proposed against SpaceX for using plans not approved by the agency last year during certain Falcon launch missions.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">FAA Administrator Whitaker made several incorrect statements today regarding SpaceX. In fact, every statement he made was incorrect. It is deeply concerning that the Administrator does not appear to have accurate information immediately available to him with respect to SpaceX… <a href="https://t.co/OrtMUvnCNI">pic.twitter.com/OrtMUvnCNI</a>
&mdash; SpaceX (@SpaceX) <a href="https://twitter.com/SpaceX/status/1838694004277547121?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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SpaceX Disputes Claims: SpaceX shot back at Whitaker, disputing the claims made by the agency in proposing fines against the company.
&#8220;SpaceX was fully licensed to conduct these Falcon launches and FAA has not alleged otherwise. With respect to Starship, neither of the two items he referenced, including the sonic boom, are related to public safety, but to environmental considerations that had been previously evaluated as posing no risk to the environment,&#8221; the letter signed by Matt Dunn, Director of Government Affairs at SpaceX, read. &#8220;Additionally, his assertion that SpaceX violated state law is simply wrong,&#8221;
Why It Matters: &#8220;Flight 5 (of Starship) is built and ready to fly. Flight 6 will be ready to fly before Flight 5 even gets approved by FAA!&#8221; Musk said on Thursday, referring to the delay in receiving approvals for Starship flights. Starship last flew in June, and the next test flight is now expected in November. 
The CEO also accused the agency of favoritism towards Boeing after it&nbsp;<a href="https://www.benzinga.com/markets/equities/24/09/40912464/elon-musk-accuses-faa-of-fining-spacex-over-nonsense-that-doesnt-affect-safety-amazingly-no-star" target="_blank" rel="noreferrer noopener">proposed a fine of $633,009</a>&nbsp;on SpaceX for regulatory violations this month. 
"The FAA leadership spends their resources attacking SpaceX for petty matters that have nothing to do with safety, while neglecting real safety issues at Boeing. This is deeply wrong and puts human lives at risk," Musk wrote on Thursday.
SpaceX also<a href="https://www.benzinga.com/markets/equities/24/09/40951122/elon-musk-blasts-faa-for-targeting-spacex-over-petty-matters-while-ignoring-boeings-safety-issue" target="_blank" rel="noreferrer noopener">&nbsp;sent a letter addressed to key members&nbsp;</a>of the U.S. Congress, including Rep.&nbsp;Frank Lucas&nbsp;(R-Okla.) and Rep.&nbsp;Zoe Lofgren&nbsp;(D-Calif.), Sen.&nbsp;Ted Cruz&nbsp;(R-Texas) and Senate Commerce Committee Chair&nbsp;Maria Cantwell&nbsp;(D-Wash.) denying the FAA's allegations of regulatory violations while also countering that the federal agency lacks the resources to review licensing commercial spaceflight operations.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40999063/elon-musks-grok-ai-chatbot-has-no-clue-what-teslas-cybertruck-looks-like-senior-exec-calls-it-extra" target="_blank" rel="noreferrer noopener">Elon Musk's Grok AI Chatbot Has ‘No Clue' What Tesla's Cybertruck Looks Like: Senior Exec Calls It ‘Extra Disappointing'</a></li>
</ul>
Photo courtesy: Shutterstock

SPACE

Tech

SpaceX Hits Back At FAA Chief For Pinning Starship Delays On Safety Concerns: 'Every Statement He Made Was Incorrect'

Coca-Cola Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) is pulling its Spiced flavor from shelves <a href="https://www.benzinga.com/news/24/02/37205779/coca-cola-spiced-now-available-in-stores-targets-younger-drinkers-with-raspberry-flavor">just six months after its launch</a>. 
What Happened: The company announced that it is &#8220;always looking at what our customers like and adjusting&#8221; its flavors. A spokesperson mentioned that Coca-Cola plans to phase out Spiced to introduce a new flavor in 2025, <a href="https://edition.cnn.com/2024/09/24/food/coca-cola-spiced-discontinued/index.html">reported</a> CNN on Tuesday.
Despite being marketed as a permanent addition, Spiced struggled with sales. The flavor, which combined traditional Coke with raspberry notes, was launched in February with a significant advertising campaign.
Spiced was aimed at <a href="https://www.benzinga.com/news/24/02/37205779/coca-cola-spiced-now-available-in-stores-targets-younger-drinkers-with-raspberry-flavor">attracting Gen-Z consumers</a> who prefer bolder flavors. 
The discontinuation of Spiced follows Coca-Cola&#8217;s broader strategy of updating its lineup. The company has also confirmed the end of Cherry Vanilla and Diet Coke with Splenda.
As consumer preferences shift towards sparkling waters and hydration beverages, Coca-Cola is expanding its Topo Chico water line and BodyArmor brand, according to the report.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971260/trumps-historic-bitcoin-transaction-ethereum-co-founder-backs-trump-over-harris-for-crypto?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Historic Bitcoin Transaction, Ethereum Co-Founder Backs Trump Over Harris For Crypto, Gamestop Customer&#8217;s Bitcoin Windfall, And More: This Week In Cryptocurrency</a>
Why It Matters: The discontinuation of Coca-Cola&#8217;s Spiced flavor is part of a broader strategy to keep up with evolving consumer tastes. 
This move comes as Coca-Cola continues to demonstrate resilient growth despite economic challenges. In July, Goldman Sachs highlighted Coca-Cola&#8217;s impressive <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39914783/coca-colas-revenue-and-profit-shows-resilient-growth-amid-inflation-goldman-sachs">revenue and profit growth amid inflation</a>, with a second-quarter top line beat and strong gross margin expansion.
Furthermore, Coca-Cola&#8217;s second-quarter earnings report revealed a 3% year-on-year sales growth to $12.4 billion, <a href="https://www.benzinga.com/news/earnings/24/07/39904801/coca-colas-sweet-surge-q2-earnings-soar-raises-2024-forecasts">surpassing analyst expectations</a>. 
The company also raised its 2024 forecasts, reflecting its strong market position and ability to adapt to changing consumer preferences. Coca-Cola&#8217;s Sweet Surge in second-quarter earnings underscores its strategic adjustments.
Additionally, prominent investor Warren Buffett has significantly benefited from his stake in Coca-Cola. In a recent interview, Grant Cardone pointed out that Buffett <a href="https://www.benzinga.com/personal-finance/24/07/40046044/grant-cardone-says-buffett-made-508-million-as-an-investor-in-coca-cola-last-year-the-ceo-made-5">earned $508 million</a> as an investor in Coca-Cola last year.
Price Action: Coca-Cola Co. closed at $71.33 on Tuesday down 0.56% for the day. In after-hours trading, the stock ticked up 0.014%. Year to date, Coca-Cola shares have risen by 19.24%, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40969515/amazon-going-nuclear-hiring-plans-indicate-company-may-be-eyeing-nuclear-to-meet-energy-needs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Going Nuclear? Hiring Plans Indicate Company May Be Eyeing Nuclear To Meet Energy Needs</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Markets

Coca Cola's Efforts To Entice Gen Z Fall Flat: Spiced Discontinued After Just 6 Months

Rapper Sean Combs, popularly known as &#8220;Diddy,&#8221; and disgraced cryptocurrency tycoon, Sam Bankman-Fried are now roommates in a Brooklyn jail, a recent report revealed.
What Happened: Combs and Bankman-Fried were housed in the same dormitory at the Metropolitan Detention Center in Brooklyn, known for housing high-profile prisoners, The Wall Street Journal <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-09-25-2024/card/sean-diddy-combs-is-now-jailed-with-sam-bankman-fried-wGvZB0Yv4Mbacqh0e53p">reported</a>, citing its sources. 
Combs, who was denied bail, <a href="https://www.dailymotion.com/video/x95tcfe">has been in custody for nearly a week on federal sex trafficking and racketeering charges</a>. He was shifted to Bankman-Fried&#8217;s unit on Monday. 
MDC Brooklyn didn&#8217;t immediately respond to Benzinga&#8217;s request for comment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41009150/gary-gensler-led-sec-moved-forward-with-enforcing-crypto-regulation-despite-legal-problems">Gary Gensler-Led SEC Moved Forward With Enforcing Crypto Regulation &#8216;Despite Legal Problems,&#8217; Commissioner Admits In Hearing</a>
Why It Matters: Combs has faced multiple lawsuits alleging sexual misconduct, abuse, and sex trafficking, including from former girlfriend Casandra Ventura. The music mogul has denied the allegations.
Investigations into his behavior resulted in the raid of his properties by federal authorities, including his Beverly Hills mansion, which the <a href="https://www.benzinga.com/real-estate/24/09/40852038/diddy-lists-61-5m-beverly-hills-mansion-the-one-raided-by-homeland-security">celebrity rapper has decided to sell</a>.
Bankman-Fried, incarcerated in the same jail since last year, is <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37988324/sam-bankman-fried-sentenced-to-25-years-judge-points-to-ambition-political-manipulation">serving a 25-year sentence for fraud</a>. He was convicted of misappropriating funds from his FTX cryptocurrency exchange customers, using the money for personal expenses, political contributions, and venture capital investments.
The exchange&#8217;s collapse precipitated the cryptocurrency winter, causing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and the broader market to hit new depths.
In a fresh development, his accomplice and rumored love interest Caroline Ellison <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41014040/from-ceo-to-inmate-caroline-ellison-sentenced-to-24-months-in-ftx-case-what-the-industry-m">was handed a 2-year jail sentence</a> by a Manhattan federal court. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41002453/if-you-invested-1-000-in-bitcoin-when-jamie-dimon-said-he-would-fire-employees-in-a-second?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Bitcoin When Jamie Dimon Said He Would Fire Employees &#8216;In A Second&#8217; For Holding BTC, Here&#8217;s How Much You&#8217;d Have Today</a></li>
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Disclaimer:&nbsp;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.

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Bad Boy For Life Meets Bad Crypto: Diddy And Sam Bankman-Fried Are Reportedly Prison Bunkmates

It&#8217;s a week since the Intelligent Livermore ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIVR#NASDAQ">LIVR</a>), an <a href="https://www.benzinga.com/money/best-etfs">exchange-traded fund </a>that aims to mimic the investment philosophies of prominent investors, debuted, and here&#8217;s a look at how the financial asset has fared and the opportunity it presents for investors.
LIVR&#8217;s Origin? For the unversed, LIVR is the first instrument launched by investment firm Intelligent Alpha floated by Doug Clinton, co-founder and Managing Partner at Deepwater Asset Management. Intelligent Alpha aims to use artificial intelligence technology to zero in on portfolio assets, tapping specifically into three of the most popular large-language models such as OpenAI&#8217;s ChatGPT, Anthropic&#8217;s Claude and Alphabet, Inc.&#8217;s (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>) Gemini. 
LIVR has been named after <a href="https://www.benzinga.com/general/11/07/1808727/celebrating-the-life-of-jesse-livermore">famed 20th-century investor Jesse Livermore </a>who is considered the pioneer of day trading. To start with, the LIVR portfolio will focus on opportunities in AI, Latin American equities, Asian equities, renewables and energy, and defensive stocks as selected by the AI investment committee, the firm said.
&#8220;My experience investing in emerging technologies over the last decade makes me believe that large-language AI models will drive a trillion-dollar shift in the asset management industry from traditional passive and active portfolios to AI-powered portfolios," said Clinton in a statement.
The ETF created a unique investment strategy by drawing upon inputs from financial information, public letters, interviews and statements from finance legends such as Warren Buffett and hedge fund managers such as Stanley Druckenmiller and David Tepper, Clinton reportedly <a href="https://fortune.com/2024/09/19/etf-warren-buffett-druckenmiller-tepper-finance-investors/">told</a> Fortune. 
&#8220;They can sort of replicate or pretend to be any investor. That's one of the superpowers of AI,&#8221; he reportedly said. &#8220;You could have it be a super aggressive growth investor, or you could have it be a super value conscious Buffett acolyte.&#8221;
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best AI Stocks</a>
LIVR has an expense ratio of 0.69% and it has $13.8 million in assets under management. The top five holdings of the ETF and each of their portfolio weightings are:
<ul>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>): 4.60%</li>
<li>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>): 4.55%</li>
<li>Nvidia Corp. (NASDAQ: NVDA): 4.51%</li>
<li>Taiwan Semiconductor Management Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>): 4.41%</li>
<li>Procter &amp; Gamble Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>): 2.96%</li>
</ul>
Performance: LIVR began trading on the Nasdaq on Wednesday, Sept. 18, starting the session at a net asset value of $25.21 before ending down about 0.6% at $25.05. The ETF largely remained rang-bound around the $25 level and ended Tuesday&#8217;s session up 2.07% at $26.08. Over the past week, the ETF has gained 4.1%, outperforming the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and the SPDR S&amp;P 500 ETF Trust (NYSE SPY), which are up a little over 3% and 2%, respectively.
During the same time, the Global X Artificial Intelligence &amp; Technology ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NASDAQ">AIQ</a>) has added a comparable 4.6%.
It&#8217;s still in the early days to assess the success of the ETF. That said, the heavy weighting of AI-levered stocks could keep it on track to perform in line with these stocks. Since the AI bubble is seen to last for three to five years, LIVR could make hay while the sun shines. That said, the Federal Reserve&#8217;s interest rate cut is widely expected to apply brakes on the tech rally.
On Tuesday, LIVR added 2.07% before ending at $26.08, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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