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Kaival Brands Innovations Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KAVL#NASDAQ">KAVL</a>) stock is moving higher on Monday after the company and Delta Corp Holdings Limited, a logistics and asset management company, entered a merger and share exchange agreement.
What Happened: Under the agreement, Kaival Brands and Delta will become subsidiaries of a holding company incorporated in the Cayman Islands named Pubco. 
Delta shareholders will become the majority shareholders of Pubco. The new company will trade on the Nasdaq and it will be led by the Delta management team.
Mark Thoenes, Interim CEO of Kaival Brands, stated, &#8220;This transaction marks an exciting new chapter for Kaival Brands. Delta&#8217;s flexible, asset-light business model positions the combined Company to capitalize on high growth areas within the energy and raw materials markets and offers our shareholders a unique opportunity.&#8221;
The companies anticipate that the transaction will close during the 2024 fourth quarter. The deal is still pending shareholder approval.
Related Link: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40968987/benzinga-bulls-and-bears-apple-palantir-walmart-home-depot-and-an-analyst-predicts-dogecoi">Benzinga Bulls And Bears: Apple, Palantir, Walmart, Home Depot — And An Analyst Predicts Dogecoin Will Outperform Bitcoin In 2025</a>
KAVL Price Action: At the time of writing, Kaival Brands stock is moving 138.3% higher at $1.38, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: 8701393 from Pixabay.

News

Movers

KAVL

What's Going On With Kaival Brands Stock Monday?

Lead times for the Apple iPhone 16 are shorter than the iPhone 15. An analyst says there may be more to the picture as investors and analysts question <a href="https://www.benzinga.com/tech/24/09/40930388/apple-iphone-16-pre-orders-show-possible-low-demand-one-sign-could-point-to-company-breaking-this-em">weaker demand concerns</a>.
The Apple Analyst: Goldman Sachs analyst Michael Ng reiterated a Buy rating on Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a $276 price target.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/09/40932937/apple-iphone-16-selling-at-a-greater-rate-than-last-year-says-t-mobile-ceo-amid-reports-of-lower">Apple iPhone 16 Selling At A &#8216;Greater Rate Than Last Year,&#8217; Says T-Mobile CEO Amid Reports Of Lower Demand: &#8216;People Are Buying Pros, They&#8217;re Buying Maxs…They&#8217;re Buying Up The Food Chain&#8217;</a>
The Analyst Takeaways: Delivery lead times for<a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri"> the iPhone 16</a> are shorter than the iPhone 15 based on channel inventory, the analyst said in a recent note.
"Although shorter lead times could imply weaker demand trends, lead times provide an incomplete picture of demand when viewed without an accurate view of channel inventory," Ng said.
The analyst said inventory ahead of Friday's iPhone 16 launch was "particularly lean," which could be one of the biggest factors in the shorter lead times.
Positive commentary on iPhone 16 demand from T-Mobile should also be a factor for investors to consider, the analyst added.
"We continue to believe AAPL should benefit from a step-up in earnings power, catalyzed by a multi-year iPhone upgrade cycle.
Lead times for the iPhone 16 were tracked by the analyst from Sept. 13 to Sept. 19 across regions like the U.S., China, Japan, UK, India and Hong Kong.
While lead times for the iPhone 16 are lower for all models and tracked regions compared to the iPhone 15, the more expensive Pro and Pro Max models have extended lead times compared to the base and Plus models. The larger lead times could suggest customers are focusing on "premiumization" with an iPhone upgrade.
The iPhone 16 Pro and Pro Max have a more powerful chip and larger display screen size, Ng said.
The bad news could be that while the lead time for the more expensive models is longer, the lead time is shorter compared to the iPhone 15 Pro and Pro Max by 11 days and 19 days respectively.
"Lower lead times across models and regions for the 16 series versus the 15 series during pre-order periods could suggest lower unit purchases, though we recognize lead times could also be a reflection of company supply."
AAPL Price Action: Apple stock trades at $228.82 on Monday, versus a 52-week trading range of $164.08 to $237.23. Apple stock is up 23% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40974511/iphone-15-pro-models-and-iphone-13-discontinued-by-apple-heres-why">iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here&#8217;s Why</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Price Target

Reiteration

Analyst Ratings

Tech

Trading Ideas

AAPL

Apple iPhone 16 Lead Time Falls Short Of iPhone 15, But One Analyst Says Investors Shouldn't Panic

On Monday, Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) agreed to make a <a href="https://www.benzinga.com/pressreleases/24/09/g40977996/ventyx-biosciences-announces-27-million-strategic-investment-from-sanofi">$27 million strategic investment</a> in Ventyx Biosciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTYX#NASDAQ">VTYX</a>).
&#8220;We look forward to strengthening our relationship with Sanofi as the VTX3232 clinical programs progress, with data from the Phase 2a trial in patients with early Parkinson&#8217;s disease and data from the Phase 2 trial in subjects with obesity and additional cardiometabolic risk factors, both expected in 2025,&#8221; Ventyx CEO Raju Mohan said.
The company also agreed to grant Sanofi an exclusive right of first negotiation with respect to certain VTX3232 program rights.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/40014856/ventyx-biosciences-inflammatory-bowel-disease-candidate-flunks-in-mid-stage-study-company-looks-f" rel="noreferrer noopener">Ventyx Biosciences&#8217; Inflammatory Bowel Disease Candidate Flunks In Mid-Stage Study, Company Looks For Partner To Pursue It Further</a>.
The proceeds are expected to be sufficient to fund planned operations into at least the second half of 2026.
VTX3232 is geared toward neuroinflammatory and neurodegenerative conditions, including Parkinson&#8217;s disease, cardiometabolic disease, Alzheimer&#8217;s disease, and multiple sclerosis, among others.
In the first quarter of this year, Ventyx announced results from a Phase 1 trial of VTX3232 in adult healthy volunteers where steady-state exposures achieved with once-daily doses of VTX3232 exceeded the interleukin-1β (IL-1β) IC90&nbsp;in both plasma and cerebrospinal fluid over 24 hours.
Current development plans for VTX3232 include a Phase 2a trial in patients with early Parkinson&#8217;s disease and a Phase 2 trial in subjects with obesity and additional cardiometabolic risk factors. Data from both trials are expected in 2025.
Price Action: VTYX stock up 17.9% at $2.71 at last check Monday.
Read Next:
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<li><a href="https://www.benzinga.com/government/24/09/40981096/taiwan-semiconductor-denies-uae-investment-rumors-report" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Denies UAE Investment Rumors: Report</a></li>
</ul>
Image: Shutterstock

Biotech

Health Care

Financing

General

VTYX

Sanofi Injects $27M In Neurology Drug Developer Ventyx Biosciences

Canaccord Genuity analyst Sumant Kulkarni maintains Cybin (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/CYBN#AMEX">CYBN</a>) with a Buy and lowers the price target from $114 to $96.

CYBN

Canaccord Genuity Maintains Buy on Cybin, Lowers Price Target to $96

Cantor Fitzgerald analyst Andres Sheppard reiterates Innoviz Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INVZ#NASDAQ">INVZ</a>) with a Overweight and maintains $2 price target.

INVZ

Cantor Fitzgerald Reiterates Overweight on Innoviz Technologies, Maintains $2 Price Target

Macro Economic Events

Global

Economics

U.S. Commerce Official Says General Motors, Ford Would Need To Stop Importing Vehicles From China For U.S. Market Under New Proposed Connected Car Rule

GPUS

Hyperscale Data CEO Says Received Inquiries From Wide Range Of Companies Interested In Exploring Our Michigan Facility; Engaged In Discussions With Potential IO Companies Interested In Leasing Michigan Data Center; Plan To Distribute Remaining Non-Core Assets To Stockholders Via One Or More Special Distributions

WIIM

RVNC

Revance Therapeutics shares are trading lower after the company announced it extended its merger agreement deadline with Crown Laboratories amid ongoing discussions.

Cantor Fitzgerald analyst Andres Sheppard reiterates EVgo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) with a Overweight and maintains $5 price target.

EVGO

Cantor Fitzgerald Reiterates Overweight on EVgo, Maintains $5 Price Target

Innovative Eyewear Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUCY#NASDAQ">LUCY</a>) shares are trading lower by 19.0% to $8.73 during Monday&#8217;s session after the company announced the exercise of <a href="https://www.benzinga.com/pressreleases/24/09/n40978125/innovative-eyewear-inc-announces-exercise-of-warrants-for-2-6-million-gross-proceeds">$2.6 million worth of warrants</a>.
What Else: Innovative Eyewear has entered agreements for the exercise of outstanding warrants to purchase 263,160 shares of common stock. The warrants, initially priced at $9.50 per share, will now be exercised at $9.875 per share. 
The transaction, expected to close on September 24, should bring in approximately $2.6 million in gross proceeds, which will be used for working capital and corporate purposes.
H.C. Wainwright &amp; Co. is serving as the placement agent for the deal. In return for the immediate cash exercise, the company will issue new unregistered Series E and F warrants for additional shares, with exercise prices of $9.50 per share, and expiration periods of five years (Series E) and eighteen months (Series F).
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40983043/us-services-growth-tops-estimate-contraction-in-manufacturing-worsens-reacceleratio">U.S. Services Growth Tops Estimate, Contraction In Manufacturing Worsens</a>
<h2 class="wp-block-heading">Is LUCY A Good Stock To Buy?</h2>
An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages &#8211; like <a href="https://www.benzinga.com/quote/LUCY">Innovative Eyewear</a>&#8216;s page for example &#8211; there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.
These are known as capital allocation programs. Innovative Eyewear does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's <a href="https://www.benzinga.com/calendars/dividends">dividend calendar</a> for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.
For example, if you're looking to earn an annualized return of 12.78%, you'll need to buy a share of Two Harbors Inv by the Oct. 1, 2024. Once done, you can expect to receive a nominal payout of $0.45 on Oct. 29, 2024.
Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on <a href="https://www.benzinga.com/quote/LUCY">Innovative Eyewear</a> will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, LUCY has a 52-week high of $27.20 and a 52-week low of $3.26.

LUCY

Why Innovative Eyewear (LUCY) Stock Is Down 20% Today

Hyperscale Data Emphasizes the Potential of Its Data Center Business
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fhyperscaledata.com%2F&amp;esheet=54125848&amp;newsitemid=20240923800000&amp;lan=en-US&amp;anchor=Hyperscale+Data%2C+Inc.&amp;index=1&amp;md5=0699b0ad44b99c0eb7e267f5aa503cbe">Hyperscale Data, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPUS#NYSE">GPUS</a>), a diversified holding company ("Hyperscale Data," or the "Company"), today shared a letter from its Chief Executive Officer to its stockholders.
Dear Stockholders,
I hope this message finds you well. I am pleased to share developments that underscore the potential of our Michigan data center amidst the ongoing artificial intelligence ("AI") evolution. We believe that our Michigan data center is an exceptional property, with 14 acres under roof and an additional 20 open acres for potential future development. This facility is powered by both nuclear and natural gas, providing clean power with a reduced environmental impact. With multiple fiber providers servicing the building and an infrastructure poised for expansion, we believe that our Michigan data center is strategically positioned to become our most valuable asset.

Hyperscale Data CEO Highlights Potential Of Michigan Data Center Amid AI Boom, Plans Expansion To 300 MW And Focus On AI Infrastructure

Elevai Labs Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELAB#NASDAQ">ELAB</a>) shares are trading lower by 60% to 11 cents during Monday&#8217;s session after the company announced the pricing of an <a href="https://www.benzinga.com/pressreleases/24/09/g40980018/elevai-labs-inc-announces-pricing-of-8-0-million-public-offering">$8.0 million public offering</a>.
What Else: The offering consists of 28.57 million shares of common stock or pre-funded warrants, each sold with one Series A Warrant and one Series B Warrant, both exercisable at $0.38 per share. 
The Series A Warrants will expire five years after the Initial Exercise Date, while Series B Warrants will expire in 2.5 years. Proceeds will support corporate purposes like working capital. 
The offering is expected to close around September 24, 2024, pending standard conditions.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/09/40981254/chinese-vehicle-tech-faces-biden-administration-ban-over-national-security-concerns-china-ev-stocks">Chinese Vehicle Tech Faces Biden Administration Ban Over National Security Concerns</a>
<h2 class="wp-block-heading">Should I Sell My ELAB 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.
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>
ELAB has a 52-week high of $4.24 and a 52-week low of $0.11.

ELAB

Why Elevai Labs (ELAB) Stock Is Down 60% Today

Reported Earlier: Revance Therapeutics Denies Alleged Material Breaches Under Distribution Agreement With Teoxane, Extends Merger Agreement Deadline With Crown Laboratories To October 4, 2024 Amid Ongoing Discussions

Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) said it is on track to launch over 165 new centers in 63 markets by the end of 2026,<a href="https://www.benzinga.com/pressreleases/24/09/n40977123/bofa-to-open-more-than-165-financial-centers-by-end-of-2026" target="_blank" rel="noreferrer noopener"> including nearly 40 centers this year</a>.
This expansion follows the opening of more than 100 centers in the last two years.
Bank of America is expanding its retail banking presence in Kentucky with the opening of its first financial center in the Louisville area today, followed by a second center set to open on October 7.
The bank plans to establish a total of five financial centers in the Louisville market by the end of 2025.
This latest expansion will increase Bank of America&#8217;s total number of financial centers in Kentucky to 10 by the end of 2027.
Since 2014, Bank of America has invested over $5 billion in growing its financial center network by opening locations in new and existing markets nationwide.
This month, Bank of America appointed Jim Rourke and Michael Liu to lead a new initiative integrating <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/40902762/bank-of-america-appoints-executives-to-lead-new-venture-report" rel="noreferrer noopener">investment banking and wealth management</a>.
The Private Client Partnership Development aims to boost asset growth and deal opportunities, focusing on sell-side M&amp;A.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>).
Price Action: BAC shares are down 0.53% at $40.06 at the last check Monday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40917216/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pr" target="_blank" rel="noreferrer noopener">Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile As Pro-Trumper John Paulson Warns Of Equity Market Exit</a></li>
</ul>

Equities

Large Cap

FTXO

KBWB

Bank Of America Ramps Up Expansion: Over 165 New Financial Centers Set To Open Across 63 US Markets By 2026

Cantor Fitzgerald analyst Andres Sheppard reiterates Eve Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVEX#NYSE">EVEX</a>) with a Overweight and maintains $5 price target.

EVEX

Cantor Fitzgerald Reiterates Overweight on Eve Holding, Maintains $5 Price Target

Legal

California Attorney General Says California Files Lawsuit Against Exxon Mobil Over Role In Global Plastic Waste Pollution

Macro Notification

iShares MSCI Israel Capped Investable Market Index Fund

Israeli Military Says It Has Struck Approximately 800 Hezbollah Targets In Southern Lebanon And Bekaa Since This Morning

Minnesota Power Announces Plans For Two Large Solar Projects In Northern Minnesota, Aiming For Over 200 MW Capacity As Part Of Its EnergyForward Strategy For Carbon-Free Energy

Management

ADTN

Automotive Seating Company Adient To Close Down Two Czech Production Plants, Cut 1,100 Jobs As Part Of Restructuring

Cantor Fitzgerald analyst Andres Sheppard reiterates Archer Aviation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) with a Overweight and maintains $10 price target.

ACHR

Cantor Fitzgerald Reiterates Overweight on Archer Aviation, Maintains $10 Price Target

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Gib Cap Group (GIBX) Forecast

Gib Cap Group (OTC:GIBX) Stock, Quote.Headers.trade-ideas