Interpace Biosciences Stock (OTC:IDXG), Trade Ideas

Interpace Diagnostics Gr

Interpace Biosciences Inc is a fully integrated commercial company. It provides molecular diagnostics, bioinformatics and pathology services for evaluation of risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. The company develops and commercializes genomic tests and related first line assays principally focused on early detection of patients with indeterminate biopsies and at high risk of cancer using the latest technology.

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INTERPACE BIOSCIENCES INC by Interpace Biosciences, Inc.

Interpace Biosciences Inc

Elon Musk, CEO of Tesla Inc., commented on singer Katy Perry&#8216;s post after she took delivery of her Cybertruck.
What Happened: Perry, a well-known singer, songwriter, and TV personality, shared a photo of her new Cybertruck on social media platform X, expressing her gratitude for the delivery. Musk responded with a simple &#8220;Looks good&#8221; comment on her post.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Looks good
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1782625473656148076?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Perry, who has a massive social media following of over 400 million, is the sixth most-followed X account globally.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38346490/teslas-horror-week-ends-with-another-price-cut-rivians-second-round-of-layoffs-lucid-touts-longe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Horror Week Ends With Another Price Cut, Rivian&#8217;s Second Round Of Layoffs, Lucid Touts Longest-Range Domestic EV And More: Biggest EV Stories Of The Week</a>
Why It Matters: Perry is the latest in a string of high-profile individuals to purchase a Tesla Cybertruck. Earlier this year, Kim Kardashian also <a href="https://www.benzinga.com/general/entertainment/24/02/37228943/kim-kardashian-flaunts-new-tesla-cybertruck-on-instagram-adding-to-her-fleet-of-luxury-vehi">showcased her Cybertruck</a> on Instagram, adding to her collection of luxury vehicles. This trend of celebrities purchasing Cybertrucks without any discounts or paid promotions from Tesla has been <a href="https://www.benzinga.com/general/entertainment/24/02/37412516/they-clearly-have-great-taste-tesla-ceo-elon-musk-thrilled-by-growing-list-of-celebs-buying">praised by Musk</a> himself.
Despite the growing popularity of the Cybertruck, Tesla has faced some competition in the electric pickup truck market. Chinese EV giant BYD Co. recently announced its upcoming electric pickup truck, the <a href="https://www.benzinga.com/news/24/04/38352429/warren-buffett-backed-byd-names-cybertruck-challenger-shark-with-plug-in-hybrid-system-for-extra-bit">BYD Shark</a>, which will feature a plug-in hybrid system. This marks BYD&#8217;s first foray into electric pickup trucks and comes just months after Tesla began delivering its own electric pickup, the Cybertruck.
Despite some initial hiccups, Tesla <a href="https://www.benzinga.com/news/24/04/38308138/just-being-very-cautious-says-elon-musk-as-tesla-reportedly-resumes-cybertruck-deliveries-after-brie">resumed Cybertruck deliveries</a> after a brief pause, with Musk assuring that the company was &#8220;just being very cautious.&#8221;
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Nvidia Stock Plunges 10% And Erases $212B Market Cap: &#8216;Rookie Numbers&#8217;</a>
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Elon Musk Reacts To Katy Perry's Picture With Tesla Cybertruck: 'Looks Good'

In a recent turn of events, shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have taken a nosedive, while six S&amp;P 500 stocks have seen a surge.
What Happened: When Tesla&#8217;s shares dip, six S&amp;P 500 stocks tend to rise, CNBC Pro <a href="https://www.cnbc.com/2024/04/23/when-tesla-shares-fall-these-6-stocks-tend-to-rise-according-to-recent-history.html">reported</a> on Monday. These include Linde (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>), FMC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Church &amp; Dwight (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHD#NYSE">CHD</a>), Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), and Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>). Over the past month, these stocks have shown an inverse correlation to Tesla&#8217;s performance. While Tesla&#8217;s shares have seen a 40% drop this year, these six stocks have generally risen.
Deutsche Bank analyst Emmanuel Rosner predicts that Tesla&#8217;s rough patch may persist as the company might shift its focus from a new low-cost vehicle to self-driving technology. Rosner recently slashed his price target on Tesla&#8217;s stock from $189 to $123, indicating a potential downside of around 15% over the next year.
See Also: <a href="https://www.benzinga.com/news/24/04/38346954/trump-in-hot-seat-in-hush-money-case-prosecutors-seek-deep-dive-into-ex-presidents-alleged-misconduc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Hot Seat In Hush-Money Case, Prosecutors Seek Deep Dive Into Ex-President&#8217;s Alleged Misconduct And Manipulation</a>
However, it is crucial to understand that the inverse movement of these stocks to Tesla&#8217;s does not imply causation or guarantee future returns or price action patterns. Church &amp; Dwight is the only stock that showed an inverse correlation to Tesla both in March and last week.
Why It Matters: This shift in stock performance comes in the wake of Tesla&#8217;s recent decisions. The company recently laid off its U.S. marketing team, with CEO Elon Musk <a href="https://www.benzinga.com/news/24/04/38370123/elon-musk-admits-tesla-ads-were-far-too-generic-after-laying-off-us-marketing-team-couldve-been-any">stating that the team&#8217;s ads </a>were &#8220;far too generic.&#8221; This move was part of a 10% company-wide layoff.
Additionally, Tesla has significantly reduced the price of its full self-driving (FSD) driver assistance software. Less than a year ago, <a href="https://www.benzinga.com/news/24/04/38351810/tesla-fsd-is-now-nearly-50-cheaper-than-when-elon-musk-called-it-very-low-just-under-a-year-ago">Musk considered $15,000 a low price for FSD</a>. However, the price has since been cut by about 50%. This price reduction could be a factor in the company&#8217;s shifting focus towards self-driving technology.
Read Next: <a href="https://www.benzinga.com/news/24/04/38356833/liz-cheney-says-trump-doing-everything-possible-to-postpone-jan-6-case-beyond-election-deep-flaws-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Liz Cheney Says Trump &#8216;Doing Everything Possible&#8217; To Postpone Jan. 6 Case Beyond Election: &#8216;Deep Flaws In Character&#8230;Make Him Unfit To Serve As President&#8217;</a>
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When Tesla Dips, These Six S&P 500 Stocks Including eBay, Walmart And Wells Fargo Often Soar: Analysis

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S&P Global/CIPS U.K. Services Purchasing Managers Index Preliminary 54.9 Vs. 53.0 Est.; 53.1 Prior

S&P Global/CIPS U.K. Manufacturing Purchasing Managers Index Preliminary 48.7 Vs. 50.3 Est.; 50.3 Prior

S&P Global/CIPS U.K. Composite Purchasing Managers' Index Preliminary 54.0 Vs. 52.8 Prior

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has been moving sideways ever since the<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38345043/bitcoin-shrugs-off-fourth-halving-miner-rewards-halved-price-holds-strong"> halving event that took place late Friday,</a> and Cathie Wood&#8217;s Ark Invest on Monday weighed in on the potential impact of the event.
What Happened: The growth in Bitcoin supply fell from 1.8% to 0.9% at an annual rate, said Yassine Elmandjra, Director of Digital Assets, at Ark. The crypto&#8217;s supply growth, therefore fell below the supply of gold, which is estimated to be 1.7% in 2023, he said.
Explaining the process of halving, the analyst noted that due to Bitcoin&#8217;s &#8220;mathematically metered supply growth,&#8221; the reward for mining a block halves every 210,000 blocks, and this takes place roughly every four years. The first halving that occurred in November 2012, reduced the reward from 50 to 25 bitcoins per block and Friday's halving reduced the block reward from 6.25 to 3.125 bitcoins per block, he added.
&#8220;The halving is critical to Bitcoin's design, highlighting its predictable monetary policy and Bitcoin's role as a scarce asset,&#8221; the analyst said.
&#8220;By reducing miner rewards by 50% every four years, Bitcoin lowers the supply growth &#8230; on a predetermined schedule, guaranteeing that the total number of bitcoins outstanding will never exceed 21 million, its predetermined cap.&#8221;
See Also: <a href="https://www.benzinga.com/money/top-10-cryptocurrencies">10 Best Cryptocurrencies</a>
On the contrary, sovereign or government-backed currencies&#8217; supply growth can be adjusted at will by central bank policymakers, Elmandjra said.
Bitcoin&#8217;s circulation currently stood at about 19.7 million, which is only 6.5% below the 21 million at which it is capped, he said.
The analyst also flagged the possibility of an imminent rally. &#8220;Since its inception 15 years ago, Bitcoin's halving has taken place in the context of extended bull market runs,&#8221; he said. In the 12 months following the three previous halvings, Bitcoin&#8217;s price appreciation has ranged from about 285% to about 8,478.2%, with an average gain of around 3,108%, he said.
Why It&#8217;s Important: Bitcoin rallied hard in the run-up to the halving event but has seen lackluster sentiment since then. The crypto peaked at $73,750.07 on March 14, with the optimism that lingered after the launch of the spot Bitcoin ETFs contributing to the strength.
After coming off the level and breaking below the $70,000 barrier, the crypto resumed its uptrend ahead of the halving. Come April along with the risky bets, Bitcoin came under pressure due to fears that the Federal Reserve may not cut rates this year amid stubbornly high inflation.
The Fed may have to reverse its rate hikes some time down the line, which could reignite a rally in all risky bets. 
While Ark&#8217;s comparison with gold supply suggests Bitcoin is becoming less inflationary than the yellow metal, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38015516/is-bitcoin-digital-gold-peter-schiff-says-perhaps-it-never-will-make-a-new-high-pri">Peter Schiff has always shunned branding it as</a> a form of digital gold. 
At last check, Bitcoin was little changed at $66,145.63, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38369340/bitcoin-to-more-than-double-in-value-to-150k-by-year-end-says-standard-chartered-analyst-w">Bitcoin To More Than Double In Value To $150K By Year-End, Says Standard Chartered Analyst: &#8216;We Can Push Higher Again&#8217;</a>

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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Cathie Wood's Ark Invest Says Bitcoin Could Be Priming For Over 3,000% Rally Over Next 12 Months As King Crypto Becomes Less Inflationary Than Gold After Halving

President Joe Biden held a meeting with U.S. Rep. Alexandria Ocasio-Cortez (D &#8211; N.Y.) and other liberal lawmakers on Monday, as internal disagreements within the Democratic party over his support for Israel&#8217;s response to the Hamas attack continue to escalate.
What Happened: On Tuesday, President Biden had a meeting with Ocasio-Cortez, Sens. Bernie Sanders (I-V.T.) and Ed Markey (D &#8211; Mass.) all of whom have openly criticized Israeli Prime Minister Benjamin Netanyahu&#8217;s Gaza bombing campaign, Reuters reported. The meeting took place after Biden&#8217;s return from an Earth Day event in Virginia.
These lawmakers have previously voiced their opposition to Israel&#8217;s policies, with Ocasio-Cortez likening the humanitarian situation in Gaza to &#8220;an unfolding genocide.&#8221; Despite these disagreements, Ocasio-Cortez has supported Biden&#8217;s reelection, emphasizing the need to safeguard democracy both at home and abroad.
See Also: <a href="https://www.benzinga.com/news/24/04/38348258/marjorie-taylor-greene-takes-step-back-in-effort-to-remove-speaker-mike-johnson-but-blasts-him-as-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Takes Step Back In Effort To Remove Speaker Mike Johnson But Blasts Him As &#8216;A Lame Duck&#8217;</a>
Why It Matters: This meeting occurs as Biden&#8217;s endorsement of <a href="https://www.benzinga.com/news/24/04/38350131/biden-reaffirms-ironclad-support-for-israel-amid-passover-hamas-conflict">Israel&#8217;s response to the Oct. 7 Hamas attack</a> has created divisions within the Democratic party, potentially influencing Biden&#8217;s voter base ahead of the November presidential election. The White House and the lawmakers have not disclosed the topics discussed during the meeting.
Biden&#8217;s administration has maintained its backing for Israel, while increasingly highlighting the Palestinian humanitarian crisis. This follows Israel&#8217;s military offensive in response to the Hamas attack, which, as reported by Gaza&#8217;s health ministry, has led to the death of 34,000 Palestinians.
The meeting also comes in the wake of the <a href="https://www.benzinga.com/news/24/04/38353867/israeli-military-intel-chief-resigns-over-hamas-attack-failures-i-have-carried-that-black-day-with-m">resignation of Major General Aharon Haliva</a>, the head of Israeli military intelligence, who took responsibility for the intelligence failures that led to a devastating Hamas-led attack on Israel in 2023.
Earlier in April, an <a href="https://www.benzinga.com/news/24/04/38196069/israeli-strike-in-gaza-strip-kills-three-sons-four-grandchildren-of-hamas-leader-report">Israeli airstrike in Gaza</a> reportedly claimed the lives of three sons of Hamas leader Ismail Haniyeh, further escalating the conflict.
Read Next: <a href="https://www.benzinga.com/news/24/04/38348277/trump-vs-biden-nationwide-poll-shows-key-issue-decidedly-tilts-equation-in-favor-of-one-candidate" target="_blank" rel="noreferrer noopener">Trump vs. Biden: Nationwide Poll Shows Key Issue Decidedly Tilts Equation In Favor Of One Candidate</a>
Image via Shutterstock
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Politics

Biden Holds Meeting With AOC, Bernie Sanders And Other Lawmakers Amid Israel Policy Disputes

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Large Cap

Health Care

The European Commission Has Approved AstraZeneca's Voydeya (Danicopan) As An Add-on To Ravulizumab Or Eculizumab For Paroxysmal Nocturnal Hemoglobinuria Patients Who Have Residual Hemolytic Anemia

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has opened up the Quest operating system that powers its <a href="https://www.benzinga.com/topic/meta-quest">mixed reality devices</a> to third-party hardware manufacturers, taking a leaf out of Alphabet Inc.'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>) Google playbook.
What Happened: Meta will collaborate with other hardware manufacturers to help them power their mixed reality headsets with its Quest operating system. This move is the result of Meta's investments in mixed reality, starting with Oculus in 2014 for $2 billion.
The company is collaborating with leading global technology firms to create a new ecosystem of mixed-reality devices. This will provide developers with a broader range of hardware to run their apps, similar to the PC and smartphone markets.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
The new hardware ecosystem will be powered by Meta Horizon OS, the mixed-reality operating system that drives the Meta Quest headsets. This OS combines core technologies that power today&#8217;s mixed reality experiences with features that prioritize social presence.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38330972/metas-ai-assistant-now-integrates-real-time-google-search-bing-results-expert-calls-it-the-smart">Meta&#8217;s AI Assistant Now Integrates Real-Time Google Search, Bing Results: Expert Calls It &#8216;The Smart Route'</a>
Meta will also leverage its partnership with Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), to help manufacturers hop onto the Quest platform.
Meta is also making it easier for developers to reach their audiences by removing barriers between the Meta Horizon Store and App Lab, a platform that allows any developer who meets basic technical and content requirements to release software.
Why It Matters: Meta's decision to open up the Quest operating system adopts the strategy that Google used with Android. Smartphone makers like Samsung Electronics Co Ltd., Xiaomi, OnePlus, and others use Android, while Google does most of its core development.
Earlier, Meta also <a href="https://www.benzinga.com/news/24/04/38358203/mark-zuckerberg-wont-just-open-source-instagrams-code-but-would-he-do-it-for-a-10b-ai-model-he-says">open-sourced</a> its latest AI model, Llama 3, while CEO Mark Zuckerberg underscored the company's philosophy on open-sourcing technology.
Broadly, it follows the same path as Google took with Android – it standardizes the ecosystem, and several players, including Google itself, benefit from the economies of scale it results in.
Meta also recently <a href="https://www.benzinga.com/general/gaming/24/04/38364762/microsoft-meta-reveal-limited-edition-meta-quest-vr-headset-with-game-pass-bundle">collaborated with Microsoft</a> to produce a limited edition Meta Quest VR headset inspired by Xbox. It also <a href="https://www.benzinga.com/general/gaming/24/04/38342816/meta-quest-2-price-permanently-cut-in-half-concerns-linger-about-long-term-support">permanently slashed the price</a> of its Meta Quest 2 virtual reality headset to $199.
Price Action: Meta's stock closed 0.14% up at $481.73 on Monday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
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: <a href="https://www.benzinga.com/news/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us</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.
Photo courtesy: Meta Platforms

GOOG

GOOGL

QCOM

Meta Takes A Leaf Out Of Google's Playbook, Aims To Make Quest OS The Android Of Mixed Reality

Earnings

NJDCY

Nidec Q4 EPS ¥(35.66) Up From ¥(102.89) YoY, Sales ¥593.51B Up From ¥543.08B YoY

Policy analyst Ed Mills from Raymond James anticipates that the popular social media platform TikTok may cease operations in the U.S. next year.
What Happened: On Monday, Mills expressed his views on the future of TikTok in the U.S. during CNBC&#8217;s &#8220;Last Call.&#8221;
He stated, "Once this was added on to the bills last week, this [became] inevitable," ahead of the Senate vote on the TikTok crackdown bill. 
Mills explained that the bill aims to prevent TikTok from seeking a favorable judge, instead placing the case in the DC Circuit Court of Appeal, a court likely to side with Congress and the President. This would allow the forced divestiture to proceed.
"In my opinion, come next year TikTok as we know it will not operate here in the U.S,&#8221; Mills added.
His comments come in the wake of the U.S. House of Representatives passing a bill that could significantly impact TikTok&#8217;s future in the U.S. The legislation proposes that TikTok must be sold within a year or face a ban from U.S. app stores.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Once this was added on to the bills last week, this [became] inevitable," says <a href="https://twitter.com/RaymondJames?ref_src=twsrc%5Etfw">@RaymondJames</a> policy analyst Ed Mills ahead of the Senate vote on the TikTok crackdown bill. "In my opinion, come next year TikTok as we know it will not operate here in the U.S.&quot; <a href="https://t.co/OyHmGjPgMK">pic.twitter.com/OyHmGjPgMK</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1782558046289268920?ref_src=twsrc%5Etfw">April 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/04/38346954/trump-in-hot-seat-in-hush-money-case-prosecutors-seek-deep-dive-into-ex-presidents-alleged-misconduc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Hot Seat In Hush-Money Case, Prosecutors Seek Deep Dive Into Ex-President&#8217;s Alleged Misconduct And Manipulation</a>
Why It Matters: The bill<a href="https://www.benzinga.com/news/24/04/38348328/tiktok-sale-or-ban-social-media-giants-future-hangs-in-balance-as-house-passes-controversial-bill">, part of a larger package </a>aimed at providing aid and bolstering national security measures in support of Ukraine, Israel, and Taiwan, has sparked controversy. <a href="https://www.benzinga.com/news/24/04/38353060/us-tiktok-ban-bill-would-trample-on-free-speech-rights-of-170m-americans-says-social-media-giant">TikTok has voiced concerns</a> about the potential infringement on the free speech rights of American users. The social media giant, owned by Chinese company ByteDance, has been given a year to sell its stake or face the ban.
Notable figures such as <a href="https://www.benzinga.com/news/24/04/38368326/edward-snowden-joins-elon-musk-in-opposing-tiktok-ban-censors-speech-police-book-burners">Edward Snowden and Elon Musk</a> have also expressed their opposition to the proposed TikTok ban. Snowden, a former computer security consultant for the National Security Agency, supported Musk&#8217;s stance, stating that censors, speech police, and book burners were symbols of an un-free society.
Read Next: <a href="https://www.benzinga.com/news/24/04/38348277/trump-vs-biden-nationwide-poll-shows-key-issue-decidedly-tilts-equation-in-favor-of-one-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump vs. Biden: Nationwide Poll Shows Key Issue Decidedly Tilts Equation In Favor Of One Candidate</a>
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Analyst Predicts TikTok Shutdown In US By Next Year Ahead Of Senate Vote: 'Will Not Operate Here...'

Eurozone Services Purchasing Managers Index Preliminary For April 52.9 Vs. 51.8 Est.; 51.5 Prior

HCOB Eurozone Composite Purchasing Managers Index Preliminary For April 51.4 Vs. 50.8 Est.; 50.3 Prior

Eurozone Manufacturing Purchasing Managers Index Preliminary For April 45.6 Vs. 46.5 Est.; 46.1 Prior

Phoenix Motor Partners With Cennatic For Commercial EV Battery Solutions

Cohen &amp; Steers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNS#NYSE">CNS</a>) has offered and sold 1,007,057 shares of its common stock (the &quot;Shares&quot;) through its &quot;at-the-market&quot; equity offering program (the &quot;ATM Program&quot;). The Shares were offered and sold through BofA Securities, as sales agent, at an average price per share of $69.60. The expected net proceeds to Cohen &amp; Steers, after deducting commissions and estimated offering expenses, are approximately $68.4 million.

Reported Earlier, Cohen & Steers Raises $70M In Gross Proceeds From At-The-Market Equity Offering

A popular asset allocation strategy promoted by hedge funds, including&nbsp;Bridgewater Associates&#8216;&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/ray-dalio" rel="noreferrer noopener">Ray Dalio</a>, is reportedly facing investor redemptions after underperforming promises.
What Happened:&nbsp;Bridgewater and other hedge funds promised superior returns with their &#8220;risk-parity portfolios,&#8221; but after half a decade of subpar performance, investors are pulling their money out, Bloomberg&nbsp;<a target="_blank" href="https://news.bloomberglaw.com/capital-markets/ray-dalios-famous-trade-is-sputtering-and-investors-are-bailing" rel="noreferrer noopener">reported</a>.&nbsp;
Large investors, including public pension funds in New Mexico, Oregon, and Ohio, have withdrawn their investments, leading to a $70 billion decline in these funds from their peak three years ago. This comes despite reassurances from hedge funds that things could improve in the next decade.
Risk parity was successful only during the Great Financial Crisis of 2008-09 and &#8220;that was really its heyday,&#8221; said Eileen Neill, as per the report, whose firm advises New Mexico&#8217;s $17 billion worth of public employee pension.
Since 2019, risk-parity funds have consistently underperformed the standard 60/40 global stock-bond mix, according to a broad industry index, as per the report. This lackluster performance has led to a significant investor exodus, with Verus estimates compiled from eVestment data showing a drop in risk-parity fund assets from a peak of $160 billion in 2021 to roughly $90 billion by the end of 2023.
What Is Risk-Parity?&nbsp;A&nbsp;<a target="_blank" href="https://www.benzinga.com/news/22/09/29068486/2022-made-sure-even-risk-parity-strategies-dont-work-this-etf-lost-over-28-this-year" rel="noreferrer noopener">risk-parity portfolio</a>, according to a University of Massachusetts Amherst paper, &#8220;defines a well-diversified portfolio as one where all asset classes have the same marginal contribution to the total risk of the portfolio.&#8221; This approach prioritizes risk management over chasing high returns and involves portfolio rebalancing and leverage.
Unlike traditional 60/40 stock-to-bond portfolios, risk-parity focuses on risk distribution rather than dollar amounts invested in each asset class.
The risk-parity portfolio was first launched in 1996 to manage Dalio&#8217;s trust assets, as per Bloomberg, and was lauded as a way to &#8220;use deep economic research to craft the best possible portfolio, instead of trying to call the next big thing.&#8221;
Instead of taking on high risk in a bid to chase superior returns, the approach propounded diversification across an array of assets such as commodities and bonds, with each as an equal driver of the portfolio&#8217;s volatility.
See Also:<a target="_blank" href="https://www.benzinga.com/yield-investments" rel="noreferrer noopener">&nbsp;Best High-Yield Investments To Earn</a>
Defenders Of The Strategy:&nbsp;Proponents of the strategy argue that exiting now, with stocks at record highs, is a &#8220;classic investor error.&#8221; Bridgewater claims its &#8220;All Weather&#8221; fund that targets 10% volatility may be underperforming currently, but believes risk-parity remains superior for long-term investing, especially with potential stagnation in stock gains.
The &#8220;All Weather&#8221; iteration fell 22% in 2022, with&nbsp;Michael Markov&nbsp;of Markov Processes<a target="_blank" href="https://www.benzinga.com/news/22/09/29068486/2022-made-sure-even-risk-parity-strategies-dont-work-this-etf-lost-over-28-this-year" rel="noreferrer noopener">&nbsp;blaming the underperformance</a>&nbsp;on it being less reactive to short-term market swings and correlation changes.
Risk-parity funds also face stiff competition from private credit funds and top hedge funds with consistent returns. 
Michael Shackelford, chief investment officer at the Public Employees Retirement Association of New Mexico, reportedly said, &#8220;If I'm going to have 6% or 8% of my portfolio in something else, I'd rather that something else be a bucket of really good performing hedge funds.&#8221;
Investors should focus on future performance, argued&nbsp;Jordan Brooks&nbsp;of&nbsp;AQR Capital Management, whose firm manages $13.7 billion in risk-parity investments. &#8220;It's investors' job at the end of the day not to look backward but forward to what's the best portfolio to navigate the next decade,&#8221; he said.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that mirrors the S&amp;P 500 Index, ended Monday&#8217;s session up 0.92% at $499.72, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro</a> data. The RPAR Risk Parity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPAR#NYSE">RPAR</a>) closed the previous session 0.16% lower at $18.63 and is down over 5% over the past year.
Read Next: <a href="https://www.benzinga.com/news/24/01/36647975/2024-win-for-president-joe-biden-or-donald-trump-would-be-threatening-for-markets-ray-dalio-says">2024 Win For President Joe Biden Or Donald Trump Would Be &#8216;Threatening&#8217; For Markets, Ray Dalio Says</a>

Hedge Funds

RPAR

Ray Dalio's Way Loses Shine As Investors Yank Out Billions From Risk-Parity Funds After Disappointing Returns: But Is It A 'Classic Investment Error?'

Germany Services Purchasing Managers Index Preliminary For April 53.3 Vs. 50.6 Est.; 50.1 Prior

Germany Manufacturing Purchasing Managers Index Preliminary For April 42.2 Vs. 42.8 Est.; 41.9 Prior

Sasol's Nine Months Ended March 31, 2024 Mining Productivity +4% YoY, Gas Production +8% YoY, SO Production Volumes +3% YoY, And Total Chemicals Sales Volumes + 4% YoY

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Interpace Biosciences Announces Record First Quarter 2023 Financial and Business Results

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