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Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) reported quarterly earnings of $0.17 per share which missed the analyst consensus estimate of $0.18 by 5.56 percent. This is a 45.16 percent decrease over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $42.140 million which missed the analyst consensus estimate of $42.284 million by 0.34 percent. This is a 19.00 percent decrease over sales of $52.024 million the same period last year.

Earnings

Earnings Misses

HTBK

Heritage Commerce Q1 2024 GAAP EPS $0.17 Misses $0.18 Estimate, Sales $42.140M Miss $42.284M Estimate

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) to report quarterly earnings at $2.20 per share on revenue of $78.35 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Exxon Mobil shares fell 0.3% to $121.00 in after-hours trading.</li>
<li>Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) posted better-than-expected earnings and sales results for its third quarter on Thursday. The company's revenue increased 17% year-over-year to $61.9 billion, which beat the consensus estimate of $60.804 billion, according to Benzinga Pro. The tech giant reported quarterly earnings of $2.94 per share, which beat analyst estimates of $2.82 per share. Microsoft shares jumped 4.4% to $416.70 in the after-hours trading session.</li>
<li>Analysts are expecting Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) to post quarterly earnings at $2.87 per share on revenue of $50.66 billion. The company will release earnings before the markets open. Chevron shares fell 0.3% to $164.85 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>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>) posted upbeat results for its first quarter. Alphabet&#8217;s board authorized an additional share repurchase program of up to $70 billion and also announced its first-ever quarterly dividend. Alphabet shares jumped 11.5% to $176.08 in the after-hours trading session.</li>
<li>Analysts expect Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) to post quarterly earnings at $2.17 per share on revenue of $33.08 billion before the opening bell. Phillips 66 shares rose 0.3% to $157.77 in after-hours trading.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

Equities

Pre-Market Outlook

GOOG

GOOGL

MSFT

Microsoft, Alphabet And 3 Stocks To Watch Heading Into Friday

The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, while the index remained in the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks settled lower on Thursday, following the release of economic reports.
The U.S. economy grew an annualized 1.6% in the first quarter, marking a notable slowdown from the 3.4% rate in the final quarter of 2023. However, analysts were expecting a 2.5% growth. The core price index for personal consumption expenditures increased by an annualized 3.7% in the first quarter versus a 2% gain in the prior three-month period.
Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) reported better-than-expected first-quarter financial results and raised its 2024 guidance. Shares of Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) fell more than 8% on Thursday after the company swung to a loss in the first quarter. Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares dipped over 10% after reporting first-quarter results.
Most sectors on the S&amp;P 500 closed on a negative note, with communication services, health care and real estate stocks recording the biggest losses on Thursday. However, materials and emergy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 375 points to 38,085.80 on Thursday. The S&amp;P 500 fell 0.46% at 5,048.42, while the Nasdaq Composite dipped 0.64% at 15,611.76 during Wednesday's session.
Investors are awaiting earnings results from Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) today.
At a current reading of 40.2, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 39.1.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Check This Out: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

Investor Sentiment Improves Slightly, But Dow Tumbles Over 350 Points

First Savings Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSFG#NASDAQ">FSFG</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.45 by 15.56 percent. This is a 3.7 percent decrease over earnings of $0.54 per share from the same period last year. The company reported quarterly sales of $14.338 which missed the analyst consensus estimate of $14.684 million by 100.00 percent. This is a 100.00 percent decrease over sales of $22.428 million the same period last year.

Earnings Beats

FSFG

First Savings Financial Q2 2024 Adj EPS $0.52 Beats $0.45 Estimate, Sales $14.338 Miss $14.684M Estimate

<table cellspacing="0">
<tbody>
<tr>
<td colspan="7" rowspan="1">
FINANCIAL RESULTS
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" rowspan="1">
4Q23 CONSOLIDATED RESULTS
</td>
</tr>
<tr>
<td colspan="7" rowspan="1">
(In Ps. Millions, except percentages)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
&nbsp;
</td>
<td colspan="1" rowspan="1">
4Q23
</td>
<td colspan="1" rowspan="1">
As % of Revenue
</td>
<td colspan="1" rowspan="1">
4Q22
</td>
<td colspan="1" rowspan="1">
As % of Revenue
</td>
<td colspan="1" rowspan="1">
Growth (%)
</td>
<td colspan="1" rowspan="1">
Variation (Bps)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Total Revenue
</td>
<td colspan="1" rowspan="1">
Ps. 12,316
</td>
<td colspan="1" rowspan="1">
100.0%
</td>
<td colspan="1" rowspan="1">
Ps. 9,416
</td>
<td colspan="1" rowspan="1">
100.0%
</td>
<td colspan="1" rowspan="1">
30.8%
</td>
<td colspan="1" rowspan="1">
N/A
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Gross Profit
</td>
<td colspan="1" rowspan="1">
Ps. 2,011
</td>
<td colspan="1" rowspan="1">
16.3%
</td>
<td colspan="1" rowspan="1">
Ps. 1,430
</td>
<td colspan="1" rowspan="1">
15.2%
</td>
<td colspan="1" rowspan="1">
40.6%
</td>
<td colspan="1" rowspan="1">
114 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Sales Expenses
</td>
<td colspan="1" rowspan="1">
Ps. (1,392)
</td>
<td colspan="1" rowspan="1">
11.3%
</td>
<td colspan="1" rowspan="1">
Ps. (991)
</td>
<td colspan="1" rowspan="1">
10.5%
</td>
<td colspan="1" rowspan="1">
40.5%
</td>
<td colspan="1" rowspan="1">
78 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Administrative Expenses
</td>
<td colspan="1" rowspan="1">
Ps. (354)
</td>
<td colspan="1" rowspan="1">
2.9%
</td>
<td colspan="1" rowspan="1">
Ps. (232)
</td>
<td colspan="1" rowspan="1">
2.5%
</td>
<td colspan="1" rowspan="1">
52.6%
</td>
<td colspan="1" rowspan="1">
41 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Other (Expense) Income &ndash; Net
</td>
<td colspan="1" rowspan="1">
Ps. (37)
</td>
<td colspan="1" rowspan="1">
(0.3)%
</td>
<td colspan="1" rowspan="1">
Ps. 7
</td>
<td colspan="1" rowspan="1">
0.1%
</td>
<td colspan="1" rowspan="1">
n.m.
</td>
<td colspan="1" rowspan="1">
(38) bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
EBITDA
</td>
<td colspan="1" rowspan="1">
Ps. 559
</td>
<td colspan="1" rowspan="1">
4.5%
</td>
<td colspan="1" rowspan="1">
Ps. 421
</td>
<td colspan="1" rowspan="1">
4.5%
</td>
<td colspan="1" rowspan="1">
32.9%
</td>
<td colspan="1" rowspan="1">
7 bps
</td>
</tr>
</tbody>
</table>

TBBB

Tiendas 3B Q4 Revenue Ps. 12,316M Up From Ps. 9,416M YoY, EBITDA Ps. 559M Up From Ps. 421M YoY

Tesla Inc CEO Elon Musk on Thursday denied allegations that the use of cobalt in EVs is leading to <a href="https://www.benzinga.com/general/education/24/02/37288311/elon-musk-engages-with-racial-iq-content-on-x-while-facing-drug-allegations-tesla-stock-turmoil">human rights violations </a>including child labor. 
What Happened: Unlike cellphone and laptop batteries that use cobalt, most electric cars use none, Musk said. 
&#8220;Those that do use cobalt, use very little, as the cathode is primarily nickel, which performs better and costs less than cobalt,&#8221; Musk wrote.
He was responding to claims made by climate activist Clover Hogan that the demand for cobalt grows with the rise in demand for EVs. A majority of this cobalt is mined in Congo and leads to human rights abuses including child labor, she alleged. 
Hogan thinks that climate change cannot be resolved by tech solutions such as EVs. She instead recommends that cities be made less car-friendly. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cell phone and laptop batteries use cobalt, but most electric cars use none. Those that do use cobalt, use very little, as the cathode is primarily nickel, which performs better and costs less than cobalt.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783592081812009076?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk has denied the heavy use of cobalt at Tesla going as far back as 2021. &#8220;On a weighted-average basis we might use 2% cobalt compared to say, Apple&#8217;s 100% cobalt,&#8221; <a href="https://www.benzinga.com/news/21/07/22256322/why-elon-musk-thinks-epic-is-right-in-its-fight-against-apple">Musk then said. </a>
In a shareholder meeting last May, Musk said that he would <a href="https://www.benzinga.com/news/23/05/32480648/elon-musk-says-he-will-personally-review-teslas-cobalt-supply-chain-audit-to-extend-consumer-trust">personally review the third-party audit</a> of its&nbsp;cobalt supply chain despite shareholders rejecting the proposal for a third-party audit. 
"We will do a third-party audit. In fact, we'll put a webcam on the mine and if anybody sees any children please let us know," Musk said.
"I recommend complaining to the phone manufacturers," the CEO added. "But even for the small amount of cobalt that we do use, we will make sure that no child labor is being exploited.&#8221;
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38426856/gm-unveils-plans-for-autonomous-driving-unit-cruise-relaunch-after-hiatus-expects-1-7b-in-expenses">GM Unveils Plans For Autonomous Driving Unit Cruise Relaunch After Hiatus, Expects $1.7B In Expenses</a>

Tech

Tesla CEO Elon Musk Denies Human Rights Abuses In Most EV Battery Production: 'Those That Do...Use Very Little'

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) is expected to release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/PSX/earnings">opening bell on April 26, 2024.</a>
Analysts expect the Houston, Texas-based company to report quarterly earnings at $2.17 per share, down from $4.21 per share in the year-ago quarter. Phillips 66 is projected to report quarterly revenue of $33.08 billion, compared to $35.09 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On April 3, Phillips 66 announced an increase in quarterly dividend from $1.05 to $1.15 per share.
Phillips 66 shares fell 0.4% to close at $157.24 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/PSX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Theresa Chen maintained an Equal-Weight rating and increased the price target from $139 to $155 on April 18. This analyst has an accuracy rate of 82%.</li>
<li>Wells Fargo analyst Roger Read maintained an Overweight rating and raised the price target from $179 to $191 on April 8. This analyst has an accuracy rate of 74%.</li>
<li>Piper Sandler analyst Ryan Todd maintained an Overweight rating and increased the price target from $169 to $187 on April 5. This analyst has an accuracy rate of 78%.</li>
<li>JP Morgan analyst John Royall maintained an Overweight rating and boosted the price target from $149 to $167 on April 1. This analyst has an accuracy rate of 73%.</li>
<li>Goldman Sachs analyst Neil Mehta maintained a Buy rating and increased the price target from $152 to $174 on March 22. This analyst has an accuracy rate of 72%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

Price Target

Phillips 66 Gears Up For Q1 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Affirming 2024 Earnings&nbsp;Guidance, Capital Plan and Long-Term EPS Growth
We are affirming 2024 diluted earnings&nbsp;guidance&nbsp;of&nbsp;$3.42&nbsp;-&nbsp;$3.62&nbsp;per diluted share and our&nbsp;$500 million&nbsp;capital plan. This&nbsp;guidance&nbsp;is based upon, but not limited to, the following major assumptions:
<ul>
<li>Normal weather in our service territories;</li>
<li>An effective income tax rate of approximately&nbsp;12%-14%; and</li>
<li>Diluted average shares outstanding of approximately 61.3 million.</li>
</ul>
We are also affirming our long-term (5 year) diluted earnings per share growth&nbsp;guidance&nbsp;of&nbsp;4%&nbsp;to&nbsp;6%&nbsp;from a 2022 base year of&nbsp;$3.18&nbsp;diluted earnings per share on a non-GAAP basis. We expect rate base growth of&nbsp;4%&nbsp;to&nbsp;6%. Our current capital investment program is sized to provide for no equity issuances. Future generation capacity additions or other strategic opportunities may require equity financing.

Guidance

NorthWestern Affirms 2024 Guidance: Sees EPS Of $3.42 - $3.62 Vs. $3.49 Consensus

2024&nbsp;Guidance&nbsp;Reaffirmed
The company&#39;s 2024 full-year&nbsp;guidance&nbsp;is reaffirmed and includes:
<ul>
<li>Net income per diluted common share of&nbsp;$2.68&nbsp;to&nbsp;$2.78; and,</li>
<li>Regulated infrastructure investments of approximately&nbsp;$332 million</li>
</ul>
In addition, we reiterate our non-linear long-term diluted EPS growth of&nbsp;5%&nbsp;to&nbsp;7%, anchored off 2022&#39;s diluted EPS of&nbsp;$2.43.
When considering the company&#39;s 2024&nbsp;guidance&nbsp;relative to actual results in 2023 of&nbsp;$2.68&nbsp;diluted EPS, it is important to note that the company&#39;s adjustment to income tax reserves in 2023 resulted in an increase of&nbsp;$0.14&nbsp;per diluted share.
Our&nbsp;guidance&nbsp;is subject to risks and uncertainties, including, without limitation, those factors outlined in the &quot;Forward Looking Statements&quot; of this release and the &quot;Risk Factors&quot; section of the company&#39;s annual and quarterly reports filed with the Securities and Exchange Commission.

SJW Group Reaffirmed 2024 Guidance: Sees EPS Of $2.68 To $2.78 Vs. $3.00 Consensus

ALCC

Reported Earlier, AltC Acquisition Corp. Schedules Special Meeting For Oklo Business Combination Approval

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/XOM/earnings">opening bell on April 26, 2024</a>.
Analysts expect the Spring, Texas-based company to report quarterly earnings at $2.20 per share, down from $2.83 per share in the year-ago period. Exxon Mobil is projected to report quarterly revenue of $78.35 billion, up from $86.56 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 2, Exxon Mobil said fourth-quarter FY23 result adjusted net profit came in at $9.96 billion, or $2.48 per share, down from $14.04 billion, or $3.40 per share, a year earlier, beating the consensus of $2.21 per share.
Exxon Mobil shares rose 0.2% to close at $121.33 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/XOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Piper Sandler analyst Ryan Todd maintained an Overweight rating and raised the price target from $130 to $145 on April 18, 2024. This analyst has an accuracy rate of 78%.</li>
<li>UBS analyst Josh Silverstein maintained a Buy rating and boosted the price target from $133 to $150 on April 11, 2024. This analyst has an accuracy rate of 70%.</li>
<li>Wells Fargo analyst Roger Read maintained an Overweight rating and boosted the price target from $126 to $138 on April 4, 2024. This analyst has an accuracy rate of 74%.</li>
<li>TD Cowen analyst Jason Gabelman maintained a Buy rating and raised the price target from $115 to $120 on April 1, 2024. This analyst has an accuracy rate of 74%.</li>
<li>Redburn Atlantic analyst Peter Low upgraded the stock from Neutral to Buy and increased the price target from $116 to $119 on Jan. 9, 2024. This analyst has an accuracy rate of 75%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38430580/glucotrack-and-2-other-stocks-under-1-insiders-are-buying">GlucoTrack And 2 Other Stocks Under $1 Insiders Are Buying</a>

Exxon Mobil Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Reported Earlier, AZZ Prices Public Offering Of 4M Common Stock At $70/Share For Gross Proceeds Of $280M

NorthWestern (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWE#NASDAQ">NWE</a>) reported quarterly earnings of $1.09 per share which missed the analyst consensus estimate of $1.13 by 3.54 percent. This is a 3.81 percent increase over earnings of $1.05 per share from the same period last year. The company reported quarterly sales of $475.300 million which beat the analyst consensus estimate of $471.601 million by 0.78 percent. This is a 4.58 percent increase over sales of $454.500 million the same period last year.

NorthWestern Q1 2024 Adj EPS $1.09 Misses $1.13 Estimate, Sales $475.300M Beat $471.601M Estimate

Vincerx Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VINC#NASDAQ">VINC</a>) today announced the pricing of an underwritten public offering of (i) 6,000,000 shares of its common stock and accompanying common stock warrants to purchase an aggregate of 6,000,000 shares of common stock, and (ii) to certain investors, pre-funded warrants to purchase up to an aggregate of 16,000,000 shares of common stock and accompanying common stock warrants to purchase up to an aggregate of 16,000,000 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined public offering price of&nbsp;$0.75, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined public offering price of&nbsp;$0.7499.

VINC

Vincerx Pharma Sets Pricing For New Public Offering Of Shares And Warrants

SJW Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJW#NYSE">SJW</a>) reported quarterly earnings of $0.36 per share which missed the analyst consensus estimate of $0.39 by 7.69 percent. This is a 2.7 percent decrease over earnings of $0.37 per share from the same period last year. The company reported quarterly sales of $149.382 million which beat the analyst consensus estimate of $140.500 million by 6.32 percent. This is a 8.80 percent increase over sales of $137.296 million the same period last year.

SJW Gr Q1 2024 GAAP EPS $0.36 Misses $0.39 Estimate, Sales $149.382M Beat $140.500M Estimate

Crypto trader Kevin has suggested that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could be on the brink of outperforming the S&amp;P 500.
What Happened: On Thursday, Kevin, a well-known crypto trader, took to social media platform X to share an intriguing insight. He pointed out that the chart for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) versus the S&amp;P 500 is showing signs of consolidation just below all-time highs. This, he suggested, could indicate a potential outperformance of Bitcoin against the stock market.
&#8220;#BTC vs #SPX (S&amp;P500) on the inverted chart looks very interesting here consolidation right below all time highs. We might be on the verge of a #BTC outperformance against the #StockMarket,&#8221; Kevin wrote.<a href="https://twitter.com/Kev_Capital_TA/status/1783543419253543287/photo/1"></a>
Kevin&#8217;s post was accompanied by a chart that illustrated the BTC/SPX relationship, suggesting that a significant shift might be imminent. The crypto trader is formerly known as OG_Yomi on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> vs <a href="https://twitter.com/hashtag/SPX?src=hash&amp;ref_src=twsrc%5Etfw">#SPX</a> (S&amp;P500) on the inverted chart looks very interesting here consolidation right below all time highs. We might be on the verge of a <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> outperformance against the <a href="https://twitter.com/hashtag/StockMarket?src=hash&amp;ref_src=twsrc%5Etfw">#StockMarket</a>. <a href="https://t.co/n6lxfiIFAi">pic.twitter.com/n6lxfiIFAi</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1783543419253543287?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38377888/holding-6-ethereum-eth-could-make-you-a-millionaire-according-to-cathie-wood?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Holding 6 Ethereum (ETH) Could Make You A Millionaire, According to Cathie Wood</a>
Why It Matters: The recent market movements have been a topic of concern for many investors. Just a day before Kevin&#8217;s post, Bitcoin witnessed a significant technical indicator, prompting a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38450026/bitcoin-sell-signal-on-12-hour-chart-sparks-concerns-analyst-warns-exercise-caution-given-">sell-off signal</a> on its 12-hour chart. This development raised concerns among traders and investors.
Despite these challenges, some traders are optimistic about Bitcoin&#8217;s future. Pseudonymous cryptocurrency trader Tim argues that Bitcoin&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38442912/bitcoins-consolidation-phase-best-met-with-zoom-out-perspective-patience-approach-says-tra">current consolidation phase is &#8220;healthy&#8221;</a> and anticipates the next leg up.
Bitcoin has been facing a series of challenges, including falling below the key $64,000 level following <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38431809/bitcoin-falls-below-64-000-following-gdp-jobless-claims-data-nervos-network-becomes-top-lo">GDP and jobless claims data</a>. Despite these challenges, the cryptocurrency has shown resilience and is currently consolidating just below its all-time high.
Renowned economist and cryptocurrency skeptic, Peter Schiff, <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38421343/peter-schiff-warns-bitcoin-hodlers-its-a-long-way-down-if-king-crypto-cant-hold-60k">warned Bitcoin holders</a> of a potential drop if the coin fails to hold the $60,000 support level.
Price Action: Bitcoin is currently trading at $64,251, reflecting a marginal decline of 0.36% over the past 24 hours. However, the cryptocurrency has surged by an impressive 45.46% year-to-date, based on data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
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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Cryptocurrency

Global

$BTC

Bitcoin Could Outperform S&P 500, Says Crypto Analyst: 'The Inverted Chart Looks Very Interesting'

U.S. Treasury Secretary, Janet Yellen, expressed confidence in the U.S. economy, predicting inflation to return to normal levels by 2024. She also discussed potential strategies to counter threats from China&#8217;s excess industrial capacity.
What Happened: In an interview on Thursday, Yellen stated that the U.S. economic growth might be stronger than the weaker-than-expected data on first-quarter output suggests, Reuters reported. She also mentioned that the Biden administration is keeping all options open to respond to threats from China&#8217;s excess industrial capacity.
Yellen downplayed the recent surge in inflation, stating that it does not indicate a need for unemployment to increase or other areas of the economy to cool down. 
&#8220;The U.S. economy continues to perform very, very well,&#8221; she said.
&#8220;The fundamentals here are in line with inflation continuing back down to normal levels.&#8221;
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38399089/nasdaq-futures-get-a-lift-from-tesla-texas-instruments-earnings-analyst-points-to-key-catalyst-for-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 To Open Higher After Tesla, TI Earnings: What&#8217;s Driving Stock Futures?</a>
On the topic of China&#8217;s overcapacity, Yellen stated that no option was &#8220;off the table&#8221; for dealing with this threat to the U.S. economy. She emphasized that it is crucial for China to recognize the concern and begin to act to address it.
Why It Matters: The U.S. economy&#8217;s performance and inflation rates have significant implications on consumer spending, investment spending, and overall economic health.
The U.S. economy <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38429782/us-economy-grows-1-6-in-q1-slightly-below-expectations-as-price-pressures-weigh-o">grew at a slower pace</a> than expected in the first quarter of the year, with an annualized growth rate of 1.6%. This slowdown was accompanied by <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">an increase in price pressures,</a> indicating a potential stagflation scenario.
Yellen&#8217;s concerns about China&#8217;s industrial overcapacity are not new. She earlier <a href="https://www.benzinga.com/news/24/04/38146989/treasury-secretary-janet-yellen-sees-flood-of-chinese-exports-wiping-out-us-green-energy-industry">expressed worry about Chinese industrial policies </a>leading to a flood of cheap clean-energy product exports, potentially wiping out important US industries.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38381361/us-private-sector-growth-unexpectedly-slows-in-april-marks-lowest-increase-in-4-mon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Private Sector Growth Unexpectedly Slows In April, Marks Lowest Increase In 4 Months: &#8216;Drivers Of Inflation Have Changed&#8217;</a>
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Macro Economic Events

Economics

General

Janet Yellen Sees Inflation Normalizing This Year But Doesn't Take Eye Off China's Industrial 'Overcapacity'

The Federal Trade Commission or FTC has accused top executives at&nbsp;Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) including founder Jeff Bezos and CEO Andy Jassy of deleting text messages that could have been used as evidence in the <a href="https://www.benzinga.com/government/23/07/33430801/ftc-v-amazon-all-you-need-to-know-about-the-upcoming-high-profile-antitrust-lawsuit">ongoing antitrust investigation</a>.
What Happened: In a court filing on Thursday, FTC alleged that Bezos and Jassy used the encrypted messaging platform Signal to communicate between&nbsp;April 2019 and May 2022. The messages were set to disappear, effectively erasing potential evidence for the FTC&#8217;s antitrust case against Amazon, the agency said, <a href="https://www.bloomberg.com/news/articles/2024-04-26/amazon-s-bezos-jassy-deleted-chats-despite-ftc-antitrust-probe?srnd=technology-vp">reported</a>&nbsp;Bloomberg. 
Other executives who communicated via&nbsp;Signal include&nbsp;David Zapolsky, Amazon&#8217;s top lawyer;&nbsp;Jeff Wilke, Amazon&#8217;s&nbsp;retail czar until 2021; and&nbsp;Dave Clark, a&nbsp;logistics executive who left in&nbsp;2022 after Bezos handed the&nbsp;reins to Jassy.
See Also:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/04/38397316/elon-musk-says-morgan-freeman-is-awesome-after-american-actor-says-hes-a-huge-fan-of-tesla-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Morgan Freeman Is &#8216;Awesome&#8217; After American Actor Says He&#8217;s A Huge Fan Of Tesla CEO: &#8216;What He&#8217;s Done, Nobody Else Has Ever Done&#8217;</a>
The FTC&#8217;s court filing builds on allegations&nbsp;made in its antitrust complaint&nbsp;against Amazon last fall. The filing seeks information about Amazon&#8217;s instructions to employees regarding the use of Signal and the retention of messages.
Amazon&#8217;s spokesman&nbsp;Tim Doyle&nbsp;refuted the FTC&#8217;s claims, stating that the company had voluntarily disclosed its limited use of Signal to the FTC years ago and had&nbsp;thoroughly collected Signal conversations from&nbsp;employees&#8217; phones.
&#8220;The FTC's contentions are baseless,&#8221; Doyle said, adding, &#8220;Amazon voluntarily disclosed employees' limited Signal use to the FTC years ago, thoroughly collected Signal conversations from its employees' phones, and allowed agency staff to inspect those conversations even when they had nothing to do with the FTC's investigation.&#8221;
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Why It Matters: Executives turned to the encrypted messaging platform following Bezos&#8217; revelation in 2019 that his phone had been compromised, and he accused the National Enquirer of attempting to expose his private photos and messages. 
The court filing requests details on how Amazon executives instructed staff regarding the use of Signal for communication and guidelines for message retention. The FTC&#8217;s inquiry into Amazon, initiated in 2019, mandated the company to preserve and provide documents. 
However, the agency stated that executives impeded the FTC&#8217;s investigation into Amazon&#8217;s business practices and potential antitrust breaches by using Signal&#8217;s feature for vanishing messages.
Last year, in November last year, the FTC accused Amazon of <a href="https://www.benzinga.com/news/23/11/35606062/amazon-accused-of-raking-in-1-billion-through-deceptive-practices-according-to-ftc-suit">engaging in deceptive practices</a> that increased consumer prices by over a billion dollars. This was followed by the FTC&#8217;s revelation of a <a href="https://www.benzinga.com/news/23/10/35068969/ftc-exposes-amazons-hidden-algorithm-amid-antitrust-concerns">secret algorithm</a> used by Amazon to manipulate prices, which was included in the FTC&#8217;s monopoly lawsuit against the e-commerce giant.
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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/news/24/04/38349837/elon-musk-agrees-every-american-household-will-have-a-1-000-per-month-home-robot-in-7-years-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees Every American Household Will Have A $1,000-Per-Month Home Robot In 7 Years&#8217; Time</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.

Legal

Media

Jeff Bezos And Amazon CEO Andy Jassy Accused Of Deleting Chats Amid Antitrust Probe: 'The FTC's Contentions Are Baseless'

Sawyer Merritt, a prominent Tesla investor, recently emphasized the electric vehicle giant&#8217;s unparalleled data collection prowess, citing the staggering mileage covered by Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) owners.
What Happened: During CNBC&#8217;s &#8220;Last Call&#8221; on Thursday, Merritt highlighted that Tesla owners are now driving approximately 1 billion miles every 68 days using Full-Self Driving (FSD). This, he said, was roughly 250% increase than what the number was three months ago.
He posed a rhetorical question, &#8220;How can any automaker catch up to Tesla in terms of data gathering?&#8221; 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Tesla owners are now driving roughly 1 billion miles every 68 days," says Tesla investor <a href="https://twitter.com/SawyerMerritt?ref_src=twsrc%5Etfw">@SawyerMerritt</a> on whether or not <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> has reached its bottom. "How can any automaker catch up to Tesla in terms of data gathering?" <a href="https://t.co/PtOvSDIHLt">pic.twitter.com/PtOvSDIHLt</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1783648512640471132?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/education/24/04/38388530/heres-how-much-warren-buffett-could-have-made-investing-in-tesla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Much Warren Buffett Could Have Made Investing In Tesla</a>
Why It Matters: Merritt&#8217;s comments come in the wake of <a href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp">Tesla reporting a 9% year-on-year decrease</a> in Q1 revenue, which fell short of Wall Street&#8217;s estimates. Despite this, the company&#8217;s stock experienced a significant <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38415577/tesla-posts-strongest-session-since-january-2022-is-a-trend-reversal-underway">12% increase on Wednesday,</a> marking its strongest session since January 2022. This surge occurred despite the earnings miss, with investors seemingly encouraged by Tesla&#8217;s commitment to launching more affordable models and expanding its market reach.
Adding to the positive sentiment, Tesla received an <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38441703/billionaire-ron-baron-calls-the-bottom-in-tesla-stock-says-shares-will-go-up-huge-from-h">important endorsement from Bank of America</a>, which upgraded its rating on the stock from Neutral to Buy. Analyst John Murphy highlighted Tesla&#8217;s ability to address recent challenges effectively. Furthermore, billionaire investor Ron Baron believes Tesla&#8217;s stock has fallen far enough and is now set to rise significantly from current levels.
Price Action: As of Thursday, Tesla&#8217;s stock closed at $170.18, marking a 4.97% change from the previous close. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38399275/no-choice-elon-musk-reacts-as-x-user-reveals-main-reason-why-the-billionaire-is-re-organizing-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;No Choice:&#8217; Elon Musk Reacts As X User Reveals &#8216;Main Reason&#8217; Why The Billionaire Is &#8216;Re-Organizing&#8217; Tesla</a>
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Analyst Color

TSLA

Tesla Investor Touts EV Giant's Billions-Mile Leap In Gathering Self-Driving Data: 'How Can Any Automaker Catch Up?'

The recent announcement of a dividend by Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) during its <a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">first-quarter earnings</a> has brought renewed attention to a warning from Peter Thiel, co-founder of PayPal Holdings Inc, about the future of the tech giant.
What Happened: Thiel, a prominent figure in the tech industry, had expressed concerns about the future of Google, now a subsidiary of Alphabet, back in 2012. He suggested that the company&#8217;s lack of technological innovation could lead to significant issues.
Thiel, speaking at an Aspen, Colorado event sponsored by Fortune magazine, said, &#8220;…Google is no longer a technology company, it&#8217;s basically a search engine. The search technology was developed a decade ago. It&#8217;s a bet that there will be no one else who will come up with a better search technology.&#8221;
&#8220;So, you invest in Google, because you&#8217;re betting against technological innovation in search. And it&#8217;s like a bank that generates enormous cash flows every year, but you can&#8217;t issue a dividend, because the day you take that $30 billion and send it back to people you&#8217;re admitting that you&#8217;re no longer a technology company,&#8221; Thiel added.
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Notably, Thiel conveyed to former Google CEO Eric Schmidt that the company lacked direction in its investment decisions.
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Q1 Earnings Highlights: EV Giant Misses Wall Street Estimates, Makes Cost Cuts, Invests In AI, Spee</a>
Why It Matters: Despite Thiel&#8217;s concerns, Alphabet has been showing strong financial performance. During the <a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">first quarter of 2024</a>, the company reported a 15% year-over-year increase in revenue, totaling $80.539 billion, and a quarterly earnings of $1.89 per share, beating analyst estimates. This marked the fifth consecutive quarter in which Alphabet surpassed analyst expectations on both the top and bottom lines.
Alphabet&#8217;s CEO, Sundar Pichai, has projected a combined revenue of $100 billion from the company&#8217;s YouTube and Cloud businesses by 2024, indicating a 25% growth rate for each of the next three quarters. Pichai&#8217;s forecast suggests that Alphabet is entering a new growth phase, <a href="https://www.benzinga.com/news/earnings/24/04/38450406/gene-munster-applauds-sundar-pichais-100b-revenue-projection-for-google-parent-alphabet-a-sign-of-e">as noted by</a> Gene Munster of Deepwater Asset Management.
Furthermore, Pichai has expressed confidence in Alphabet&#8217;s ability to manage the costs associated with the new search experience, including generative answers. 
This confidence is supported by the company&#8217;s strong financial performance and its commitment to AI, as evidenced by <a href="https://www.benzinga.com/news/earnings/24/04/38450926/alphabet-cfo-underscores-googles-12b-capex-surge-reflects-our-confidence-in-the-opportunities-offer">a $12 billion capital expenditure</a> announced during the first-quarter earnings call.
Price Action: Alphabet&#8217;s Class A stock rose 11.56% to $174.04, while Class C stock rose 11.43% in after-hours trading to $176.23, according to data from&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>&nbsp;at the time of writing
Read Next: <a href="https://www.benzinga.com/news/24/04/38424795/amazon-pauses-green-card-sponsorship-for-foreign-workers-in-2024-amid-layoffs-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Pauses Green Card Sponsorship For Foreign Workers In 2024 Amid Layoffs: Report</a>
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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.

Google Parent Alphabet's Debut Dividend Sparks Reflection On PayPal Co-Founder Peter Thiel's 2012 Warning: 'You're Admitting That You're No Longer A Technology Company'

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