Amplify ETF Trust Amplify Global Cloud Technology ETF (ARCA: IVES)

Latest News for Amplify ETF Trust Amplify Global Cloud Technology ETF (ARCA:IVES)

Amplify ETF Trust Amplify Global Cloud Technology ETF

<p>Marsh &amp; McLennan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) has outperformed the market over the past 15 years by 4.1% on an annualized basis producing an average annual return of 16.27%. Currently, Marsh &amp; McLennan has a market capitalization of $97.63 billion. </p>
<p><strong>Buying $1000 In MMC:</strong> If an investor had bought $1000 of MMC stock 15 years ago, it would be worth <strong>$9,877.87</strong> today based on a price of $198.15 for MMC at the time of writing.</p>
<h3>Marsh &amp; McLennan's Performance Over Last 15 Years</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1714149030_0.png" alt="comp_fig" /></p>
<p>Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.</p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>


News

Trading Ideas

Here's How Much You Would Have Made Owning Marsh & McLennan Stock In The Last 15 Years

<p>Honeywell Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) has outperformed the market over the past 15 years by 1.04% on an annualized basis producing an average annual return of 13.2%. Currently, Honeywell Intl has a market capitalization of $125.54 billion. </p>
<p><strong>Buying $1000 In HON:</strong> If an investor had bought $1000 of HON stock 15 years ago, it would be worth <strong>$6,403.13</strong> today based on a price of $192.79 for HON at the time of writing.</p>
<h3>Honeywell Intl's Performance Over Last 15 Years</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1714149024_0.png" alt="comp_fig" /></p>
<p>Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.</p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>


If You Invested $1000 In This Stock 15 Years Ago, You Would Have $6,400 Today

<p><strong>International Business Machines Corporation</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">shares are trading lower on Friday.</a></p>
<p>The software giant announced agreements with the Government of&nbsp;Canada and the Government of&nbsp;Quebec to develop further the assembly, testing, and packaging (ATP)&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38461358/ibm-government-of-canada-government-of-quebec-sign-agreements-to-strengthen-canadas-semiconductor-" rel="noreferrer noopener">capabilities for semiconductor modules.&nbsp;</a></p>
<p>&#8220;Today&#8217;s announcement is a massive win for&nbsp;Canada&nbsp;and our dynamic tech sector,&#8221; said&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/justin-trudeau" rel="noreferrer noopener">Justin Trudeau</a>, Prime Minister of&nbsp;Canada.</p>
<p>The modules will&nbsp;be used&nbsp;across various applications, including telecommunications, high-performance computing, automotive, aerospace &amp; defense, computer networks, and generative AI, at IBM Canada&#8217;s plant in&nbsp;Bromont, Quebec.</p>
<p>The agreements reflect a combined investment valued at approximately&nbsp;C$187 million.</p>
<p>&#8220;It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we&#8217;re putting&nbsp;Canada&nbsp;at the forefront of that opportunity,&#8221; Trudeau added.&nbsp;</p>
<p>IBM&nbsp;is set&nbsp;to conduct research and development aimed at enhancing packaging capabilities&nbsp;and devising&nbsp;scalable manufacturing methods,&nbsp;as well as&nbsp;other advanced assembly processes.&nbsp;</p>
<p>These efforts will bolster Canada&#8217;s position in the North American semiconductor supply chain&nbsp;and&nbsp;foster the expansion and solidification of the country&#8217;s expertise in advanced packaging.</p>
<p>&#8220;Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada&#8217;s&nbsp;Bromont&nbsp;plant has led the world in this process for decades,&#8221; said&nbsp;Deb Pimentel, president of IBM Canada.&nbsp;</p>
<p>IBM recently reported first-quarter financial results where revenue increased 1% year-over-year to $14.46 billion, which missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $14.55 billion, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/gxjhpowx7zks" rel="noreferrer noopener">Benzinga Pro</a>.</p>
<p><strong>Price Action: </strong>IBM shares are trading lower by 1.44% to $166.51 at last check Friday.</p>
<p><em>Photo via Shutterstock</em></p>


Equities

Markets

Movers

Tech

General

What's Going On With IBM Stock Amid Expansion In Canada?

<p>Technology giant <strong>Microsoft Corporation</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reported third-quarter financial results that saw revenue and earnings per share <a href="https://www.benzinga.com/news/earnings/24/04/38444199/microsoft-q3-earnings-revenue-beat-eps-beat-new-era-of-ai-transformation-and-more">beat estimates from analysts.</a></p>
<p>Analysts are praising the company's growth of artificial intelligence platforms.</p>
<p><strong>The MSFT Analysts:</strong> </p>
<ul>
<li>Oppenheimer analyst Timothy Horan has an Outperform rating and price target of $450.</li>
<li>Raymond James analyst Andrew Marok has an Outperform rating and raises the price target from $450 to $480.</li>
<li>Goldman Sachs analyst Kash Rangan has a Buy rating and raises the price target from $450 to $515.</li>
<li>Morgan Stanley analyst Keith Weiss has an Overweight rating and price target of $520.</li>
<li>Wedbush analyst Daniel Ives has an Outperform rating and price target of $500.</li>
<li>Bank of America analyst Brad Sills has a Buy rating and price target of $480.</li>
<li>JPMorgan analyst Mark Murphy has an Overweight rating and raises the price target from $440 to $470.</li>
<li>BMO Capital analyst Keith Bachman has an Outperform rating and price target of $465.</li>
<li>KeyBanc analyst Jackson Ader has an Overweight rating and price target of $490.</li>
<li>Stifel analyst Brad Reback has a Buy rating and raises the price target from $455 to $475.</li>
<li>Truist analyst Joel Fishbein has a Buy rating and price target of $600.</li>
</ul>
<p><em>Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38453639/another-picasso-like-performance-top-tech-analyst-praises-satya-nadella-says-micros">&#8216;Another Picasso-Like Performance:&#8217; Top Tech Analyst Praises Satya Nadella, Says Microsoft Is Top &#8216;AI Draft Pick&#8217; With 20% Rally In Store</a></em></p>
<p><strong>Oppenheimer on MSFT</strong>: Near-term demand for AI at Microsoft is ahead of capacity, Horan said.</p>
<p>The analyst said advantages for Microsoft are Azure, OpenAI and its strong network of users for Windows, Office, LinkedIn and Teams.</p>
<p>"The cloud industry is only 30% penetrated, growing 20% per year, and becoming increasingly concentrated, a critical productivity enhancer thanks to AI," Horan said. "Microsoft is especially well positioned for enterprise AI adoption to its large entrenched customer base and infrastructure."</p>
<p><strong>Raymond James on MSFT:</strong> Momentum of Microsoft's Azure intensified in the third quarter, which was a key highlight for Marok.</p>
<p>"Azure continued to benefit from AI demand, which contributed to 7% of growth in the quarter and strength in Azure core, partially driven by acceleration in cloud migration and share gains," Marok said.</p>
<p>The analyst said guidance and gaming segment growth were stronger than expected.</p>
<p>"We continue to envision Microsoft as a leading beneficiary of GenAI, and expect its investment strategy to continue to pave the way for further share expansion across multiple business."</p>
<p><strong>Goldman Sachs on MSFT</strong>: Durable top-line growth and margin stability were key highlights from the third-quarter results for Rangan.</p>
<p>"We see Microsoft offering a unique growth profile at their scale, with the ability to grow both top-line and EPS by double-digits in FY25," Rangan said.</p>
<p>The analyst said Microsoft is well-positioned to capture market share of Gen-AI revenue with its AI services and the build out of Azure.</p>
<p>Rangan said Azure could sustain 25% growth in fiscal year 2025 and sees the segment hitting $200 billion in revenue in fiscal year 2029.</p>
<p><strong>Morgan Stanley on MSFT</strong>: Microsoft has an attractive risk/reward as a leading secular growth franchise, Weiss said in a new investor note.</p>
<p>"Commercial bookings and Azure both accelerating to 31% growth (constant currency) in Q3 provide the clearest evidence yet of Microsoft's leading position for AI driven direct revenues and increasing share of the broader IT budget," Weiss said.</p>
<p>Weiss said Microsoft is positioned to be the "clearest beneficiary of GenAI spend."</p>
<p>"With the AI innovation cycle just starting, we see plenty of runway for growth," the analyst said, adding that Microsoft could have Generative AI revenue of $67 billion to $117 billion by fiscal year 2029.</p>
<p><br /><strong>Wedbush on MSFT</strong>: The third-quarter earnings report from Microsoft was "another drop the mic moment" for the company, Ives said.</p>
<p>In a play on the 2024 NFL Draft, which also happened Thursday, Ives said it was a "great night for #1 AI draft pick."</p>
<p>"With MSFT's results acting as a barometer for cloud/AI spending, the company delivered another hall of fame performance quarter of robust results with beats on the top and bottom line," Ives said.</p>
<p>The analyst said Microsoft is positioned to capitalize on the AI Revolution into fiscal year 2025 with more use cases for its artificial intelligence technologies. &nbsp;</p>
<p><strong>Bank of America on MSFT</strong>: Cloud and AI were the key items that led to Azure upside for Microsoft in the third quarter, Sills said.</p>
<p>"We continue to view Microsoft as a key beneficiary of AI, consolidation, and cloud," Sills said.</p>
<p>The analyst said organic Azure AI offerings are gaining momentum including Azure AI and OpenAI services.</p>
<p>Sills said the strength of Azure is enough to drive total growth higher for Microsoft.</p>
<p><strong>JPMorgan on MSFT</strong>: The inflection point of Azure has arrived, Murphy said after third-quarter results from Microsoft.</p>
<p>The analyst said commercial bookings growth for Microsoft were the strongest in six quarters.</p>
<p>"The strong upside surprise for Azure could suggest a resilient/better, though not perfect, infrasoftware spending environment," Murphy said.</p>
<p>The analyst said the results from Microsoft will be taken positively and could chip away at any key concerns investors have about the company.</p>
<p>"Overall, we think Microsoft continues to exhibit outstanding execution while simultaneously cementing its pole position as the AI leader and balancing profitability/growth trade-offs."</p>
<p><strong>BMO on MSFT</strong>: The acceleration of Azure was the key highlight in the quarter for Bachman.</p>
<p>"MSFT's quarter was highlighted by Azure growth of 31% y/y, including 7 points from AI workloads, and a guide of 30% to 31% y/y growth, which we believe was a positive surprise vs. expectations," Bachman said.</p>
<p>Bachman called the revenue growth for Azure in the quarter "robust."</p>
<p>"MSFT has delivered upside to Azure growth in the past three quarters."</p>
<p><strong>KeyBanc on MSFT</strong>: The Azure revenue beat was good in the third quarter and could have been even better, Ader said.</p>
<p>"Azure now joins the Oracle OCI camp with AI cloud demand outstripping what it can supply – holding in-period revenue growth back," Ader said.</p>
<p>The analyst said Office 365, which is another AI business, also showed signs of strength in the third quarter.</p>
<p>Highlights for Azure in the quarter included 65% of Fortune 500 companies using Azure AI and $100 million or more Azure contracts being up 80%, Ader said.</p>
<p><strong>Stifel on MSFT</strong>: The third-quarter results were strong with revenue and earnings per share beats, Reback said.</p>
<p>"Results demonstrated Microsoft remains at the head of the AI-pack given its unique set of infrastructure/application assets that we expect to be a cashflow machine for years to come," Reback said.</p>
<p>Growth of Azure AI was a highlight for the analyst and non-AI Azure business also saw "greater-than-expected demand" in the quarter.</p>
<p>"Microsoft has refocused the company around Azure and Office 365, which we view as several large, multi-year secular growth engines that should help drive mid- to high-single digit Productivity and Business Process growth and low-double-digit Intelligent Cloud growth in coming years.</p>
<p><strong>Truist on MSFT</strong>: Artificial intelligence powered the continued momentum for Microsoft in the third quarter, Fishbein said.</p>
<p>"We expect this durable growth in the segment cloud continue to drive upside to current expectations," Fishbein said.</p>
<p>The analyst said guidance from Microsoft could be conservative with multiple tailwinds and the ability to beat and raise with AI projects expanding. </p>
<p><strong>MSFT Price Action</strong>: Microsoft shares are up 2.4% to $408.87 at the time of publication Friday, versus a 52-week trading range of $292.73 to $430.82.</p>
<p><em>Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38456702/microsofts-azure-strength-could-rub-off-on-this-warren-buffett-backed-stock-and-ano">Microsoft&#8217;s Azure Strength Could Rub Off On This Warren Buffett-Backed Stock And Another Big Cloud Player, Says Analyst</a></em></p>
<p><em>Photo: Shutterstock</em></p>


Analyst Color

Price Target

Reiteration

Analyst Ratings

MSFT

Microsoft Q3 Shines Light On 'AI Innovation Cycle': Analysts See 'Plenty Of Runway For Growth'

<p>Roth MKM  analyst Suji Desilva   maintains Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) with a Neutral and lowers the price target from $45 to $35.</p>


INTC

Roth MKM Maintains Neutral on Intel, Lowers Price Target to $35

<p>Benchmark  analyst Christopher Kuhn   reiterates Landstar System (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSTR#NASDAQ">LSTR</a>) with a Hold.</p>


LSTR

Benchmark Reiterates Hold on Landstar System

WIIM

ATOM

Atomera shares are trading lower after the company reported worse-than-expected Q1.

<p>Benchmark  analyst Kurt Hallead   reiterates TechnipFMC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTI#NYSE">FTI</a>) with a Buy and maintains $30 price target.</p>


Benchmark Reiterates Buy on TechnipFMC, Maintains $30 Price Target

<div>The U.S. Department of Labor announced a final rule on Tuesday that will revise regulations issued under the Fair Labor Standards Act to ensure overtime pay for some salaried and highly compensated employees. Critics say the rule could prove a significant burden for brokers operating small businesses.</div>

<p>Starting July 1, 2024, salaried employees making less than $844 per week – equivalent to $43,888 per year – will become eligible for overtime. On Jan. 1, 2025, the threshold to receive overtime pay will be raised for workers making less than $1,128 per week – equivalent to $58,656 per year.</p>

<p>Additionally, highly compensated employees (HCEs) will have their minimum salary threshold raised from $107,432 per year to $132,964 per year starting July 1, 2024. On Jan.1, 2025, this threshold for HCEs will increase again to $151,164 per year. The rule will continue to automatically update both salaried employee and HCE thresholds on July 1, 2027, and every three years thereafter.</p>

<p>The full unpublished rule, which is set to be published on Friday, states that employers can satisfy up to 10% of the new salary level through the payment of nondiscretionary bonuses and incentive payments (including commissions) paid annually or more frequently. The other 90% of overtime accumulated would have to be paid in regular fashion.<br /><script type="text/javascript">
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<p>Alexandria, Virginia-based Transportation Intermediaries Association, an organization representing transportation intermediaries of all disciplines, released a statement on Tuesday arguing against the new rule as bad for small businesses.</p>

<p>"TIA's membership is composed of 70% small businesses throughout the United States" said Anne Reinke, president and CEO of TIA, in a press release. "Small businesses are the backbone of the American economy and the logistics industry. Under President Biden's Department of Labor, we have seen several rules that will have major impacts on businesses, whether it be employee classification, overtime rules, or the attacks on the independent contractor status, small businesses are under attack. This will not just increase costs for small businesses but ultimately the consumers as well. The TIA will continue to advocate for our members and allowing our members to thrive without burdensome regulations."</p>

<p>Reinke told FreightWaves that TIA will advise its members to be ready for the incoming changes and review their employee classification for every employee – adding that the TIA Labor Law Compliance Framework can help with that.</p>

<p>"Our members want to ensure that their employees are rightfully compensated for their time" Reinke said in an emailed statement to FreightWaves. "But there are initial concerns with the drastic increases to the minimum limits so quickly – over 60% increase from the previous amount – and the inability of logistics companies to have the flexibility to structure compensation packages that are generous and enticing, with the amount of bonus and incentive amounts capped at 10% towards base salary. The industry is already feeling strapped financially as the freight market has been in a slump [for the] past two years. These increased costs will endanger many of these small businesses."<br /><script type="text/javascript">
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<p>The post <a href="https://www.freightwaves.com/news/new-department-of-labor-rule-adds-overtime-pay-for-some-salary-workers">New Department of Labor rule adds overtime pay for some salary workers</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.</p>

Government

Regulations

New Department of Labor Rule Adds Overtime Pay for Some Salary Workers

<p>Despite underwhelming guidance sending <strong>Meta Platforms&#39;</strong>&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>)&nbsp;stock lower following its Q1 earnings beat on Wednesday evening, several tech companies have seen their stocks pop after exceeding quarterly expectations yesterday as well.</p>
<p>Better still, these top-rated tech stocks look poised to outperform the broader market given slower GDP data and higher consumer prices led to a selloff in Thursday&#39;s trading session with the S&amp;P 500, Nasdaq, and Dow Jones all down roughly -1% at the moment.</p>
<p><strong>CACI International </strong>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/caci#NYSE">CACI</a>)</p>
<p>Popping +5% today, CACI International&#39;s stock largely resisted Thursday&#39;s market downturn as its IT applications and infrastructure services to improve information systems appear to be in high demand.</p>
<p>Reporting its fiscal fourth quarter results on Wednesday, CACI&#39;s Q4 earnings of $5.74 per share climbed 16% year over year and beat expectations of $5.52 a share by 4%. CACI also beat top line estimates of $1.86 billion by 4% with Q4 sales at $1.93 billion compared to $1.74 billion in the comparative quarter. Most appealing about CACI&#39;s stock is that the company is expected to post steady growth on its top and bottom lines in Fiscal 2024 and FY25 while trading at a reasonable 18.7X forward earnings multiple and 1.1X sales.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/6a/65700.jpg?v=1851222185" /><br />
Image Source: Zacks Investment Research</p>
<p><strong>Lam Research </strong>(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lrcx#NASDAQ">LRCX</a>)</p>
<p>Lam Research&#39;s stock spiked over +2% this morning as the semiconductor equipment company&#39;s robust bottom line continues to stand out. Supplying water fabrication equipment and services to chipmakers, Lam Research reported earnings of $7.79 a share for its fiscal third quarter which exceeded expectations by 7% and rose 11% from EPS of $6.99 a year ago.</p>
<p>Comparable sales for Q3 dipped -2% to $3.79 billion but came in 2% above estimates of $3.7 billion. Notably, Lam Research&#39;s annual earnings are currently forecasted to dip -15% this year but rebound and jump 20% in FY25 to a whopping $34.72 per share.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/39/65701.jpg?v=2123686118" /><br />
Image Source: Zacks Investment Research</p>
<p><strong>Teradyne </strong>(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ter#NASDAQ">TER</a>)</p>
<p>Lastly, Teradyne&#39;s consistency&nbsp;may peak investors&#39; interest with its&nbsp;stock jumping +7% today as a developer of automated test systems used to enhance semiconductors, wireless products, data storage, and complex consumer electronics. Teradyne&#39;s reach also extends to the automotive, industrial, aerospace, and defense industries among others with Q1 earnings of $0.51 per share comfortably surpassing the Zacks Consensus of $0.33 a share by 54%.</p>
<p>Expectations of a much wider earnings drop came as Teradyne posted EPS of $0.55 in Q1 2023. Still, quarterly sales of $599.82 million beat estimates by 5% although this was down from $617.53 million in the comparative quarter. Plus, Teradyne has exceeded the Zacks EPS Consensus for an astonishing 47 consecutive quarters dating back to October of 2012.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/2b/65702.jpg?v=1743105405" /><br />
Image Source: Zacks Investment Research</p>
<p><strong>Takeaway</strong></p>
<p>CACI International, Lam Research, and Teradyne all sport a Zacks Rank #2 (Buy). After exceeding their quarterly expectations, earnings estimate revisions are likely to go up along with analyst price targets making now an ideal time to invest.</p>
<p><a href="https://www.zacks.com/commentary/2262686/top-tech-stocks-moving-higher-after-earnings?cid=CS-BENZ-FT-investment_ideas-2262686">To read this article on Zacks.com click here.</a></p>


Earnings

CACI

LRCX

Top Tech Stocks Moving Higher After Earnings

<p class="articleSource"><strong>Source: <a href="https://www.streetwisereports.com/article/2024/04/24/gold-co-set-to-drill-15-000-meters-at-golden-triangle-property.html?utm_medium=feed">Streetwise Reports 04/24/2024</a></strong></p>
<p>Seabridge Gold Inc. announced a 15,000-meter core drilling campaign for this year at its 100%-owned Iskut property in northwest British Columbia&#39;s Golden Triangle. Find out why one newsletter writer says this company should be a core holding in your portfolio.</p>
<p><strong>Seabridge Gold Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sa#NYSE">SA</a>) announced the details of a 15,000-meter core drilling campaign this year at its 100%-owned Iskut property in northwest British Columbia&#39;s Golden Triangle.</p>
<p>The expanding Bronson Slope mineral resource and Seabridge&#39;s discovery in 2023 of similar mineralization at Snip North are interpreted to be &quot;high-level expressions of intrusive-related porphyry mineralization&quot; said the company, which is using three helicopter-portable drill rigs for the new drilling at a budgeted cost of CA$12 million.</p>
<p>&quot;Last year, we discovered extensive gold-dominated epithermal-style mineralization that is consistent with the upper parts of significant porphyry copper-gold mineral systems&quot; Chairman and Chief Executive Officer Rudi Fronk said. &quot;The expansion of the Bronson Slope mineral resource and the new discoveries at Snip North have given us clear direction on where to focus our efforts.&quot;</p>
<p>Fronk said the intrusive targets appear to be embedded in a &quot;district-scale structural trend that is reminiscent of our KSM deposits&quot; referring to the company&#39;s massive KSM project, which is only 30 kilometers by air from Iskut.</p>
<p>KSM is the world&#39;s largest undeveloped gold project by reserves and resources, according to analyst Lucas N. Pipes of B. Riley Securities, who has rated the stock a Buy with a target price of US$60 per share.</p>
<p>&quot;This year&#39;s work is dedicated to realizing the porphyry potential we had in mind when we acquired the Iskut project&quot; Fronk said.</p>
<h2><strong>The Catalyst: &#39;District-Scale&#39; Structural Corridor</strong></h2>
<p>Regional geophysical surveys and surface geology have confirmed the &quot;district-scale structural corridor that connects the Quartz Rise, Bronson Slope, and Snip North targets&quot; Seabridge noted in a release. &quot;Substantial high-level expressions of a Cu-Au porphyry system fall along this regional trend. These multiple targets have only recently seen deep drilling, and 2024 is planned to better evaluate their deeper porphyry potential.&quot;</p>
<p>Results from Bronson Slope drilling last year have expanded, along strike and down plunge, an intermediate sulfidation epithermal system open in multiple directions, the company said. This mineral zone is adjacent to the quartz-magnetite breccia pipe previously discovered, all of which are indications of an intensive and extensive intrusion-related fluid system at Bronson Slope.</p>
<blockquote class="callOut left"><p>Newsletter writer Chris Temple, author and editor of <em>The National Investor</em>, wrote that it&#39;s only a matter of time before KSM attracts the attention it deserves.</p></blockquote>
<p>In 2023, drilling at Snip North encountered wide intersections of gold and copper.</p>
<p>Highlights included 0.80 grams per tonne gold (g/t Au), 0.07% copper (Cu), and 1.19 g/t silver (Ag) over 277 meters (including 1.8 meters of 15.3 g/t Au, 1.5% Cu, and 430 g/t Ag); 0.61 g/t Au, 0.07% Cu, and 1.36 g/t Ag over 252 meters; and 0.30 g/t Au, 0.09% Cu, 0.59, and g/t Ag over 421.5 meters.</p>
<p>&quot;We view these initial results from Snip North positively given the strong indications of a likely deeper, higher-grade porphyry source to the intermediate sulfidation mineralization intersected in this drilling&quot; wrote Red Cloud analysts Taylor Combaluzier and David Talbot at the time. In a later note, the analysts gave the stock a Buy rating with a CA$46.50 per share target price.</p>
<h2><strong>Goals for 2024</strong></h2>
<p>Earlier this month, Seabridge announced its top 15 goals for 2024, including filing &quot;a new technical report for Bronson Slope with 2023 drill results and an updated resource estimate and (completing) a drill program of at least 12,500 meters at Iskut.&quot;</p>
<p>At the top of the list of goals was finding a joint venture partner for KSM. The company has noted that RBC Capital Markets is running a formal search process.</p>
<p>Pipes said Seabridge has &quot;a clear vision for a potential partnership agreement.&quot;</p>
<blockquote class="callOut right"><p>Upcoming catalysts for Seabridge include finding a JV partner, ongoing development updates at KSM, and continued drilling at Iskut and its 3 Aces and Snowstorm projects.</p></blockquote>
<p>Newsletter writer Chris Temple, author and editor of <em>The National Investor</em>, wrote that it&#39;s only a matter of time before KSM attracts the attention it deserves.</p>
<p>&quot;Even some &#39;experts&#39; in the precious metals space are WAY behind in their understanding of just what kind of world-class monster Seabridge&#39;s flagship KSM Project in British Columbia&#39;s Golden Triangle has become&quot; wrote Temple, who said he was &quot;table-pounding bullish&quot; on the stock, and not just because of KSM.</p>
<p>&quot;When you consider the rest of Seabridge&#39;s world-class portfolio, I think you&#39;ll feel &mdash; as I expressed &mdash; that Seabridge deserves to be a core holding in your portfolio&quot; Temple wrote.</p>
<p>Upcoming catalysts for Seabridge include finding a JV partner, ongoing development updates at KSM, and continued drilling at Iskut and its 3 Aces and Snowstorm projects.</p>
<h2><strong>Analyst: Possible Gold Correction an Opportunity</strong></h2>
<p>Gold prices have dropped heavily this week, but Technical Analyst Clive Maund wrote that the possible correction &quot;did not come as any surprise.&quot;</p>
<p>&quot;The core drivers of the gold and silver bull market remain firmly in place&quot; wrote Maund. &quot;This correction in gold and silver should be seen for what it is &mdash; the perfect opportunity to build positions further at better prices ahead of the next major upleg.&quot;</p>
<p>Newsletter writer Captain Ewave recently analyzed the precious metal&#39;s movements and recommended being long on gold.</p>
<p>&quot;Are gold and gold mining stocks on the verge of an explosive move higher?&quot; he wrote. &quot;Based on our analysis, the answer appears to be a resounding yes.&quot;</p>
<h2><strong>Ownership and Share Structure</strong></h2>
<p>Reuters provided a breakdown of the company&#39;s ownership and share structure, where management and insiders own approximately 3% of the company. According to Reuters, CEO and Chairman Rudi P. Fronk owns 1.43% of the company with 1.23 million shares.</p>
<p>Reuters reports that institutions own about 55% of the company. According to Reuters, Friedberg Mercantile Group Ltd. owns 13.56%, National Bank of Canada owns 5.24%, Van Eck Associates Corp. owns 4.06%, Kopernik Global Investors, L.L.C. owns 3.7%, Paulson &amp; Co. Inc. owns 2.4%, and Sprott Asset Management L.P. owns 2.23%.</p>
<p>According to Reuters, there are 86.22 million shares outstanding with 83.74 million free float traded shares, while the company has a market cap of CA$1.81 billion and trades in a 52-week range of CA$12.62 and CA$23.</p>
<p>Important Disclosures:</p>
<ol>
<li>Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>


Commodities

Small Cap

Gold Co. Set To Drill 15,000 Meters at Golden Triangle Property

<div>WASHINGTON — Deaths resulting from large-truck crashes where newly licensed drivers are involved continues to rise, according to recent government data, but a proposed safety requirement that could help reduce those deaths will likely be delayed again.</div>

<p>The percentage of fatal large truck and bus crashes involving new-entrant carriers has climbed from 4.6% to 7.4% from 2017 to 2022, according to a snapshot of Federal Motor Carrier Safety Administration data taken at the end of 2023.</p>

<p>In 2022, those crashes resulted in 494 deaths and over $5.5 billion in costs.</p>

<p>"Unfortunately this trend continues among recent new-entrant program graduates" said Kelly Stowe, an engineer with FMCSA, referring to the agency's New Entrant Safety Assurance Program.</p>

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<p><img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/04/25/FMCSA-day-2-new-entrant-1-1.jpg" /></p>

<p>During FMCSA's safety research forum on Thursday, Stowe presented a new internal agency analysis comparing crash rates for carriers that made it through the agency's 18-month new-entrant program to crash rates of a control group of randomly selected established carriers of similar fleet size.</p>

<p>The data showed that motor carriers operating within 24 months of graduating from the new entrant program had two times more total crashes and nearly two times more fatal crashes per 100 power units than established carriers.</p>

<p>"So even after completing [FMCSA's] new entrant program — which includes having to pass a safety audit — newer carriers are still getting in crashes at a higher frequency than more established carriers" Stowe said. "If we can educate these carriers early on, and make sure they understand the requirements and expectations before they begin operations, we can prevent some of these crashes from occurring."</p>

<p>But Stowe acknowledged that despite the concerning trend, FMCSA has yet to establish a written proficiency exam, mandated by Congress in 2012, that must be passed before a motor carrier can be registered with the U.S. Department of Transportation. "The deadline for meeting this requirement was April 2014 — we're 10 years late" she said.<br /><script type="text/javascript">
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<p>Stowe also noted that the timeline for a proposed rulemaking to establish the proficiency exam, which was scheduled to begin in July with publication in the Federal Register, "will likely slip. It's a high level work plan and it's subject to change."</p>

<p>While based on dated studies, there is evidence that such a requirement could have a significant effect on reducing injuries and fatalities involving new-entrant motor carrier crashes.</p>

<p>Stowe summarized findings from studies completed in 2006 and 2012 comparing companies undergoing training prior to receiving operating authority with control groups that did not.</p>

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<p>Not only did trained-carrier drivers have much lower crash rates, but they also tended to "remain in business substantially longer" Stowe said.</p>

<p>"We have an opportunity with this program to improve new-entrant motor carrier safety, and hopefully carry those safety improvements over to the more established carrier population over time."</p>

<h4 id="h-related-articles">The post <a href="https://www.freightwaves.com/news/crash-data-involving-new-truck-bus-drivers-getting-worse">Crash data involving new truck, bus drivers getting worse</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.</h4>

Crash Data Involving New Truck, Bus Drivers Getting Worse

ORCL

Oracle shares are trading higher in sympathy with Microsoft, which surged after its quarterly earnings report.

<p><strong>McDonald&#39;s</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mcd#NYSE">MCD</a>) closed the most recent trading day at $275.60, moving -0.42% from the previous trading session. This change was narrower than the S&amp;P 500&#39;s 0.46% loss on the day. Elsewhere, the Dow saw a downswing of 0.98%, while the tech-heavy Nasdaq depreciated by 0.64%.</p>
<p>Shares of the world&#39;s biggest hamburger chain have depreciated by 1.87% over the course of the past month, outperforming the Retail-Wholesale sector&#39;s loss of 3.05% and the S&amp;P 500&#39;s loss of 3.04%.</p>
<p>The investment community will be paying close attention to the earnings performance of McDonald&#39;s in its upcoming release. The company is slated to reveal its earnings on April 30, 2024. In that report, analysts expect McDonald&#39;s to post earnings of $2.70 per share. This would mark year-over-year growth of 2.66%. Our most recent consensus estimate is calling for quarterly revenue of $6.17 billion, up 4.68% from the year-ago period.</p>
<p>Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $12.34 per share and revenue of $26.92 billion, indicating changes of +3.35% and +5.59%, respectively, compared to the previous year.</p>
<p>Any recent changes to analyst estimates for McDonald&#39;s should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts&#39; favorable outlook on the company&#39;s business health and profitability.</p>
<p>Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we&#39;ve crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.</p>
<p>The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.29% decrease. As of now, McDonald&#39;s holds a Zacks Rank of #3 (Hold).</p>
<p>With respect to valuation, McDonald&#39;s is currently being traded at a Forward P/E ratio of 22.43. Its industry sports an average Forward P/E of 21.75, so one might conclude that McDonald&#39;s is trading at a premium comparatively.</p>
<p>Meanwhile, MCD&#39;s PEG ratio is currently 3.02. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company&#39;s expected earnings growth rate into account. The Retail - Restaurants industry had an average PEG ratio of 1.95 as trading concluded yesterday.</p>
<p>The Retail - Restaurants industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% of all 250+ industries.</p>
<p>The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.</p>
<p><a href="https://www.zacks.com/stock/news/2262720/mcdonald-s-mcd-stock-moves-0-42-what-you-should-know?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_6-2262720">To read this article on Zacks.com click here.</a></p>


McDonald's Stock Moves -0.42%: What You Should Know

<p><strong>Coinbase Global, Inc.</strong> (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) ended the recent trading session at $223.61, demonstrating a -0.34% swing from the preceding day&#39;s closing price. This change was narrower than the S&amp;P 500&#39;s daily loss of 0.46%. Elsewhere, the Dow saw a downswing of 0.98%, while the tech-heavy Nasdaq depreciated by 0.64%.</p>
<p>Prior to today&#39;s trading, shares of the company had lost 12.59% over the past month. This has lagged the Finance sector&#39;s loss of 5.08% and the S&amp;P 500&#39;s loss of 3.04% in that time.</p>
<p>The upcoming earnings release of Coinbase Global, Inc. will be of great interest to investors. The company&#39;s earnings report is expected on May 2, 2024. The company&#39;s earnings per share (ETF:EPS) are projected to be $0.89, reflecting a 493.33% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.2 billion, showing a 55.5% escalation compared to the year-ago quarter.</p>
<p>In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.44 per share and a revenue of $4.53 billion, indicating changes of +559.46% and +45.74%, respectively, from the former year.</p>
<p>Investors should also take note of any recent adjustments to analyst estimates for Coinbase Global, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company&#39;s business and profitability.</p>
<p>Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.</p>
<p>The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 45.37% higher. Currently, Coinbase Global, Inc. is carrying a Zacks Rank of #1 (Strong Buy).</p>
<p>With respect to valuation, Coinbase Global, Inc. is currently being traded at a Forward P/E ratio of 92.14. This valuation marks a premium compared to its industry&#39;s average Forward P/E of 22.19.</p>
<p>The Securities and Exchanges industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 74, positioning it in the top 30% of all 250+ industries.</p>
<p>The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.</p>
<p><a href="https://www.zacks.com/stock/news/2262735/coinbase-global-inc-coin-stock-moves-0-34-what-you-should-know?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_6-2262735">To read this article on Zacks.com click here.</a></p>


COIN

Coinbase Global, Inc. Stock Moves -0.34%: What You Should Know

<p><strong>Boyd Gaming</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/byd#NYSE">BYD</a>) came out with quarterly earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.57 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items.</p>
<p>This quarterly report represents an earnings surprise of -3.82%. A quarter ago, it was expected that this casino operator would post earnings of $1.43 per share when it actually produced earnings of $1.66, delivering a surprise of 16.08%.</p>
<p>Over the last four quarters, the company has surpassed consensus EPS estimates two times.</p>
<p>Boyd, which belongs to the Zacks Gaming industry, posted revenues of $960.52 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 1.40%. This compares to year-ago revenues of $963.97 million. The company has topped consensus revenue estimates four times over the last four quarters.</p>
<p>The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.</p>
<p>Boyd shares have added about 1.6% since the beginning of the year versus the S&amp;P 500&#39;s gain of 6.3%.</p>
<p><strong>What&#39;s Next for Boyd?</strong></p>
<p>While Boyd has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?</p>
<p>There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.</p>
<p>Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.</p>
<p>Ahead of this earnings release, the estimate revisions trend for Boyd: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.</p>
<p>It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.54 on $910.07 million in revenues for the coming quarter and $6.19 on $3.71 billion in revenues for the current fiscal year.</p>
<p>Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.</p>
<p><strong>Skillz Inc.</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sklz#NYSE">SKLZ</a>), another stock in the same industry, has yet to report results for the quarter ended March 2024.</p>
<p>This company is expected to post quarterly loss of $1.24 per share in its upcoming report, which represents a year-over-year change of +31.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.</p>
<p>Skillz Inc.&#39;s revenues are expected to be $29.54 million, down 33.5% from the year-ago quarter.</p>
<p><a href="https://www.zacks.com/stock/news/2262744/boyd-gaming-byd-q1-earnings-miss-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2262744">To read this article on Zacks.com click here.</a></p>


Earnings Misses

Gaming

SKLZ

Boyd Gaming Q1 Earnings Miss Estimates

<div>Weak freight market conditions continue placing financial strains on transportation providers, said Phil Yeager, president and CEO of <strong>Hub Group Inc</strong> (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hubg#NASDAQ">HUBG</a>).</div>

<p>"Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry" Yeager said during an earnings call with analysts after the market closed on Thursday.</p>

<p>Hub Group reported first-quarter revenue of $999.5 million, a 13% year-over-year (y/y) decline.</p>

<p>The company reported net income of $27 million, a 56% decline compared to the same period in 2023. Earnings per share came in at 44 cents for the first-quarter.<br /><script type="text/javascript">
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<p>Hub Group's first-quarter revenue fell short of Wall Street forecasts, which expected revenue of $1.07 billion. The earnings per share results exceeded analysts' expectations, which forecast  40 cents per share.</p>

<p>"This trend is counter to many prior cycles and has led to a prolonged trough in the spot market, which has in turn led to a competitive start to bid season as carriers attempt to deploy latent capacity and spot market pricing is pressuring contract rates" Yeager said. "We're seeing some positive sides of the market, with many customers orienting their purchasing decision to valuable service and costs. However, this capacity attrition is not occurring at a pace that is leading to more stability in the broader truckload environment."</p>

<p>Oak Brook, Illinois-based Hub Group is a provider of intermodal transportation and logistics management solutions.</p>

<p>Hub Group expects full-year earnings to be $1.80 to $2.25 per share, with revenue in the range of $4.3 billion to $4.7 billion.<br /><script type="text/javascript">
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<p>"The macro environment remains challenging, and while Hub performed well in the first-quarter, we anticipate a prolonged competitive pricing environment impacting our intermodal and brokerage line of businesses" CFO Kevin Beth said. "We now believe that the market inflection point has shifted further out from our fourth-quarter assumptions."</p>

<p>First-quarter revenue for the company's intermodal and transportation solutions (ITS) segment was $552 million, compared to $709 million in the same year-ago period. </p>

<p>The ITS segment decline in revenue was driven by softer intermodal volume that declined 10% y/y during the first quarter, COO Brian Alexander said during the call.</p>

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<p>Hub Group's transcontinental intermodal volume was down 6% y/y, local East intermodal volume declined 2% y/y and local West intermodal volume fell 16% y/y.</p>

<p>"While our dedicated trucking team finished 2023 strong, they ended the year with some headwinds related to startup costs" Alexander said. "We have already seen yield improvements in the second quarter that we expect to continue throughout the rest of the year."</p>

<p>The company's logistics segment generated first-quarter revenue of $480 million, a 2.4% y/y increase compared to $469 million in the prior year.</p>

<p>During the quarter, Hub Group completed a 2-for-1 stock split, purchased $26 million of HUBG shares and paid the company's first quarterly cash dividend of $0.125 per common share.<br /><script type="text/javascript">
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<table><tbody><tr><td><strong>Hub Group</strong></td>
			<td><strong>Q1/24</strong></td>
			<td><strong>Q1/23</strong></td>
			<td><strong>Y/Y % Change</strong></td>
		</tr><tr><td><strong>Revenue:</strong></td>
			<td>$999M</td>
			<td>$1.07B</td>
			<td>(13%)</td>
		</tr><tr><td><strong>Intermodal and transportation solutions</strong></td>
			<td>$552M</td>
			<td>$709M</td>
			<td>(22%)</td>
		</tr><tr><td><strong>Logistics</strong></td>
			<td>$480M</td>
			<td>$469M</td>
			<td>2.4%</td>
		</tr><tr><td><strong>Earnings per share</strong></td>
			<td>$0.44</td>
			<td>$0.94</td>
			<td>(53%)</td>
		</tr></tbody></table>

<p>Hub Group Q1 earnings. $ in millions, except EPS.<br />
The post <a href="https://www.freightwaves.com/news/hub-group-sees-q1-revenue-fall-13-year-over-year-to-999m">Hub Group sees Q1 revenue fall 13% year over year to $999M</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.</p>

HUBG

Hub Group Sees Q1 Revenue Fall 13% Year Over Year to $999M

<p><iframe allow="autoplay; encrypted-media" frameborder="0" height="315" src="https://www.youtube.com/embed/qhCRJ3fjP3I?rel=0" width="560"></iframe></p>
<p><strong>Uber Technologies, Inc. </strong>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>)<strong>&nbsp;</strong>posted its first full-year profit as a public company in 2023 by expanding its ride-hailing and delivery businesses while streamlining its operations at every turn.&nbsp;</p>
<p>Wall Street rewarded Uber by sending its stock to new all-time highs in February, soaring 130% over the last 12 months.</p>
<p>Uber shares have cooled off to trade at attractive levels for long-term investors given its impressive outlook in businesses it transformed from niche apps for people in select cities into a $50 billion-a-year behemoth.</p>
<p><strong>A Transformational 2023</strong></p>
<p>Uber posted fourth-quarter profit of $1.43 billion, including a $1 billion benefit from its equity investments. The ride-hailing firm reported $652 million of income from operations vs. a loss of $142 million in the fourth quarter of 2022. Uber&#39;s Q4 operating income also surged by $258 million quarter-over-quarter.</p>
<p>On top of that, Uber&#39;s Q4 free cash flow hit $768 million vs. a negative cash flow of -$303 million in the final quarter of 2022.&nbsp;This came after Uber posted its first-ever quarterly operating profit in the second quarter of last year.</p>
<p>CEO Dara Khosrowshahi called 2023 an &quot;inflection point&quot; proving Uber can &quot;continue to generate strong, profitable growth at scale.&quot;</p>
<p>Uber spent the last several years cutting jobs and streamlining its operations, always pivoting toward profitable expansion amid a wild ride for its business that saw ride-hailing briefly fade during Covid and food delivery soar. The company&#39;s strength in its core mobility and delivery segments are offsetting struggles in its much smaller freight unit.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cb/65699.jpg?v=401577629" /><br />
Image Source: Zacks Investment Research</p>
<p>Uber&#39;s results over the last several years highlight that people are back to living their pre-pandemic lives in full force. Crucially, the resurgence of its ride-hailing segment hasn&#39;t come at the expense of delivery, showcasing the strength of its two core business models that are especially popular with higher-income consumers who are less impacted by lingering inflation and various economic cycles.</p>
<p>Uber grew its monthly active platform consumers by 15% YoY in the fourth quarter to 150 million, fueled by growth across mobility (ride-hailing) and delivery. Total trips soared 24% YoY to 2.6 billion in Q4, while mobility gross bookings jumped 29% YoY to $19.3 billion and delivery surged 19% to $17 billion.</p>
<p>Uber, under Khosrowshahi, has focused heavily on disciplined spending and cost-cutting measures. Uber offers far fewer discounts to consumers and incentives to drivers these days. Uber is reducing delivery errors and becoming more efficient while boosting its market share vs. rival <strong>Lyft</strong> (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) and others.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/cc/65696.jpg?v=577960279" /><br />
Image Source: Zacks Investment Research</p>
<p>On top of that, Uber is rolling out more advertisements across its core Uber app, Uber Eats, and beyond to help monetize its growing customer base for ride-hailing and delivery. Uber also heavily scaled back on its in-house autonomous vehicle dreams in favor of a strategic partnership with Waymo for self-driving ride-hailing.</p>
<p>Uber in December announced a new partnership with autonomous trucking firm and independent subsidiary of Daimler Truck AG, Torc Robotics. Uber is prepared to compete against or possibly with the likes of <strong>Tesla</strong> (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and others in the autonomous ride-hailing, delivery, and freight space down the road.</p>
<p><strong>Growth Ahead </strong></p>
<p>Uber grew its revenue by 17% in 2023, even as it came up against an impossible to compete against stretch of 83% sales growth in 2022 and 56% in 2021. The ride-hailing company is projected to post another 16% growth in 2024 and 2025 to hit $50.49 billion next year&mdash;vs. $13 billion in pre-Covid 2019.</p>
<p>Its total gross bookings are projected to surge 19% in 2024, based on Zacks data. Meanwhile, its monthly active platform consumers are expected to climb 13% to 169 million.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/81/65697.jpg?v=1985378305" /><br />
Image Source: Zacks Investment Research</p>
<p>Uber swung from an adjusted loss of -$4.65 a share in 2022 to +$0.87 per share last year. The company is expected to post 40% adjusted EPS growth in 2024 and another 67% in FY25 to reach $2.04 per share.</p>
<p>Uber crushed our Q4 EPS estimate by 340% ($0.66 vs. $0.15). Its consensus FY24 EPS estimate has climbed by 97% over the last year, with its outlook for FY25 up 20%. The firm&#39;s overall upbeat EPS revisions help it grab a Zacks Rank #1 (Strong Buy) right now.</p>
<p><strong>Other Fundamentals</strong></p>
<p>Uber stock has soared around 130% over the last year to break above its 2021 highs to a record of around $82 a share in mid-February. During the same stretch, its rival Lyft climbed 60%, future possible robot taxi rival Tesla moved 7% higher, and tech popped 40%.</p>
<p>Uber is now up 70% over the last five years vs. Lyft&#39;s 70% downturn. The stock has pulled back from its highs, trading 14% below its records and 23% below its average Zacks price target.</p>
<p>Uber is currently trying to find support at its 21-week moving average, where the S&amp;P 500 and the Nasdaq found support to start the week.&nbsp;Uber fell from its most overbought RSI levels in February to neutral.</p>
<p><img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/0c/65698.jpg?v=1465240917" /><br />
Image Source: Zacks Investment Research</p>
<p>Uber&#39;s valuation is improving. The stock trades at a 50% discount to its highs at 3.2X forward sales and 30% below the Zacks tech sector. Plus, its PEG ratio, which factors in its longer-term earnings growth outlook, sits at 0.9 vs. tech&#39;s 1.8.</p>
<p><strong>Bottom Line</strong></p>
<p>Some investors might want to wait until after Uber reports its first quarter 2024 financial results on May 8 before they consider buying the stock.</p>
<p>Long-term investors are often well served to forget the market timing game. Plus, Wall Street loves the stock, with 34 of the 40 brokerage recommendations Zacks has at &quot;Strong Buys&quot; alongside no &quot;Sells.&quot;&nbsp;&nbsp;</p>
<p><a href="https://www.zacks.com/commentary/2262666/bull-of-the-day-uber-technologies-inc-uber?cid=CS-BENZ-FT-bull_of_the_day-2262666">To read this article on Zacks.com click here.</a></p>


LYFT

TSLA

UBER

Bull of the Day: Uber Technologies, Inc.

<div>Amerijet International plans to furlough a number of pilots in the near future to shore up cash flow after the loss of major contracts with the U.S. Postal Service and other accounts, according to internal company communications.</div>

<p>The number of pilots to be suspended depends on how many pilots accept offers to work less. The Miami-based cargo airline says it needs to reduce the pilot roster in line with lower customer demand.</p>

<p>"If we do not have enough volunteers or an increase in business, we will be announcing furloughs in late May for a June reduction" said Chief Operating Officer Craig Bentley in an April 23 memo addressed to pilots and obtained by FreightWaves. </p>

<p>How many pilots could be affected by the workforce reductions is unclear. Amerijet has about 260 pilots on its rolls. Last year the Air Line Pilots Association's website said there were 272 pilots. Pilots on chat boards and in interviews suggest Amerijet has a surplus of about 50 pilots. The roster has been declining because dozens of pilots have left in the past year to work for other airlines or retire at the same time Amerijet is not hiring.<br /><script type="text/javascript">
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<p>After few, if any, crew members agreed to take vacation or otherwise cut their work hours, Amerijet is asking them to take unpaid leave or agree to a one-month-on/one-month-off schedule, Bentley informed crew members on April 18. Final details had to be worked out with the Air Line Pilots Association before Wednesday's message was issued.</p>

<p>Experts in airline industry labor relations say furlough candidates will come from the bottom of the seniority list. They will retain some benefits and be the first called back when the company starts rehiring. Under a new collective bargaining agreement signed last summer, pilots are guaranteed a minimum of 74 paid hours even if they don't fly that much. </p>

<p>A series of cutbacks since early 2023 has not offset a sharp loss in business for the Miami-based cargo airline caused by the intersection of management missteps with a 16-month market contraction that stung the entire industry. Small and midtier carriers, like Amerijet, have not had as much financial flexibility to ride out the down cycle.</p>

<p>The airline's load factor, a measure of how full planes are, hit a three-year low of 29% in January. Cargo-revenue ton miles, which combines weight and distance pricing elements, fell 23.5% in 2023, according to the U.S. Bureau of Transportation Statistics. Amerijet currently employs about 887 people, down from a high of nearly 1,100 at the end of 2022 and 950 in January.<br /><script type="text/javascript">
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<h2 id="h-downward-spiral"><strong>Downward spiral</strong></h2>

<p>Airfreight volumes are finally on the road to recovery in many global markets, but Amerijet's situation has gotten worse with the recent loss of key customer accounts, forcing the company to downsize further and refocus on its core scheduled service in the Caribbean and Latin America.</p>

<p>Amerijet is taking steps to address the pilot surplus after the U.S. Postal Service canceled contracts for three of four routes, which reduced monthly flight activity by 700 hours and the need for three Boeing 767 aircraft, Bentley said in last week's memo.</p>

<p>"Our company must adapt quickly to the changing market conditions" he wrote. "It is not our intention or strategy to contract. However, we have to align our operations in the interim to the current conditions while we source and onboard new opportunities."</p>

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<p>Two of the discontinued Postal Service routes connected Philadelphia to Sacramento and Ontario, California. The agency has not disclosed if the air cargo contracts have been awarded to another carrier. Since 2001 it has shifted regional air volume to less costly ground transportation as part of a transformation initiative designed to increase efficiency and save billions of dollars. But transcontinental lanes are areas where air cargo is still likely to be utilized because of the distance involved. </p>

<div><img alt="" src="https://www.freightwaves.com/wp-content/uploads/2024/04/25/Amerijet-pilot-furloughs_2-1200x675.jpg" /><p><em>Amerijet delivery trucks move customers' cargo to and from the warehouse at Miami International Airport. (Photo: Eric Kulisch/FreightWaves)</em></p>
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<p>Meanwhile, DHL Express has terminated long-term assignments to operate shuttle flights in its package network and reclaimed Boeing 767 freighters it lent Amerijet to operate on its behalf, FreightWaves previously reported. </p>

<p>Amerijet also eliminated about 10 nonpilot positions in the past week, including in the flight operations department, according to two sources with intimate knowledge about the company who asked not to be identified to protect against potential retaliation.</p>

<p>An Amerijet spokesperson did not respond by publication time to a request for additional details.</p>

<p>The company has been in turmoil for years. The arrival of ex-Air Canada executive Tim Strauss as CEO three and half years ago divided many of the legacy staff who bristled at his management style and outside hires, many with backgrounds at passenger airlines.<br /><script type="text/javascript">
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<p>Motivated by skyrocketing airfreight demand during the pandemic and a desire to move up from a small regional operator to a midsize global carrier, management significantly expanded its fleet and entered new markets. But expansion coincided with a freight recession, meaning costs were rising as the company faced diminishing demand. A lengthy delay getting six Boeing 757 converted freighters certified and added to the fleet, partly due to internal compliance problems, proved costly when the planes were inactive but still required monthly lease payments.</p>

<p>Steps to slow the hemorrhaging, including closing a small freight forwarding unit and offshoring accounting functions, culminated with Strauss' termination in October and a January restructuring that resulted in the return of the six Boeing 757s to lessors and new investors putting up $55 million to support ongoing operations. In March, Chief Commercial Officer Eric Wilson was dismissed.</p>

<p>Amerijet, as previously reported, lost $33 million in the 12 months ending Sept. 30, according to a U.S. Department of Transportation airline database.</p>

<p>Aircraft tracking sites show Amerijet's fleet, once as high as 22 aircraft, is down to 13 Boeing 767s. That's one fewer than measured in early March, possibly related to DHL's reclaiming one of its aircraft. Of the 13 freighters operated by Amerijet, three are owned and provided by customer Maersk Air Cargo.</p>

<p>Shrinking puts more pressure on an airline's unit costs and makes it hard to return to profitability. Costs go up with a smaller fleet as aircraft age and require more maintenance without the benefit of spreading fixed costs across new jets coming online. Also, the workforce gets more senior and more expensive without cheaper new employees lowering average costs.</p>

<p>On the positive side, Amerijet's revenue per block hour for the core business — regional scheduled service — has increased by double digits in the past year, and the company in March  added 20 block hours per week to meet demand, Bentley told the pilots. He also said the airline is capturing significant amounts of flower business from Colombia and recently booked 50 extra trips to move flowers to the U.S. market ahead of Mother's Day.</p>

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<p>One pilot who spoke on condition of anonymity said his trips to Colombia this spring are much higher than usual because the flower business is so brisk.</p>

<p>The post <a href="https://www.freightwaves.com/news/cargo-airline-amerijet-warns-of-pilot-furloughs-amid-downsizing">Cargo airline Amerijet warns of pilot furloughs amid downsizing</a> appeared first on <a href="https://www.freightwaves.com">FreightWaves</a>.</p>

Cargo Airline Amerijet Warns of Pilot Furloughs Amid Downsizing

<p>Benchmark  analyst Mark Zgutowicz   reiterates Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Hold.</p>
