Direxion Daily Junior Gold Miners Index Bull 2X Shares (ARCA: JNUG)

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The fund invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, such as swap agreements, and securities of the index, ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or ETFs that track the index. The index includes companies from markets that are freely investable to foreign investors, including emerging markets, as that term is defined by the index provider. It is non-diversified.

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Direxion Daily Junior Gold Miners Index Bull 2X Shares

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Leveraging Gold Prices Through Direxion&#39;s Daily Junior Gold Miners Index Bull And Bear 2X Shares: The Current Environment For Jr. Gold Miners

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Leveraging the World&#39;s Most Precious Metal and its Miners

Providing a diverse range of perspectives from bullish to bearish, 10 analysts have published ratings on Arcadium Lithium (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTM#NYSE">ALTM</a>) in the last three months.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Arcadium Lithium, presenting an average target of $4.6, a high estimate of $9.00, and a low estimate of $3.00. A negative shift in sentiment is evident as analysts have decreased the average price target by 21.37%. 
<img src="https://www.benzinga.com/files/images/story/2024/1726840833_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
A comprehensive examination of how financial experts perceive Arcadium Lithium is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Kaan Peker</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$3.10</td>
<td>$3.10</td>
</tr>
<tr>
<td>Kaan Peker</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$3.60</td>
<td>$3.60</td>
</tr>
<tr>
<td>Joshua Spector</td>
<td>UBS</td>
<td>Announces</td>
<td>Neutral</td>
<td>$3.00</td>
<td>-</td>
</tr>
<tr>
<td>Charles Neivert</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$3.25</td>
<td>$3.75</td>
</tr>
<tr>
<td>Aleksey Yefremov</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$8.00</td>
<td>$9.00</td>
</tr>
<tr>
<td>Ben Isaacson</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$4.00</td>
<td>$5.50</td>
</tr>
<tr>
<td>Aleksey Yefremov</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$9.00</td>
<td>$11.00</td>
</tr>
<tr>
<td>Hugo Nicolaci</td>
<td>Goldman Sachs</td>
<td>Announces</td>
<td>Neutral</td>
<td>$4.30</td>
<td>-</td>
</tr>
<tr>
<td>Kaan Peker</td>
<td>RBC Capital</td>
<td>Announces</td>
<td>Outperform</td>
<td>$4.00</td>
<td>-</td>
</tr>
<tr>
<td>Charles Neivert</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$3.75</td>
<td>$5.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Arcadium Lithium. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Arcadium Lithium compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Arcadium Lithium's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Arcadium Lithium's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/ALTM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Arcadium Lithium analyst ratings.</a>
<h2>Delving into Arcadium Lithium's Background</h2>
Arcadium Lithium is a pure-play lithium producer that was formed in the Allkem-Livent merger in January 2024. Arcadium should benefit from increased lithium demand via higher electric vehicle adoption, as lithium is a key component of EV batteries. The company's low-cost lithium carbonate production comes from two brine resources in Argentina. Arcadium also produces spodumene, a hard rock lithium upstream concentrate, from a mine in Australia and operates downstream lithium hydroxide conversion plants in the United States and China.
<h3>Arcadium Lithium's Financial Performance</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Growth: Arcadium Lithium displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 7.93%. This indicates a notable increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Materials sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 33.67%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 1.38%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Arcadium Lithium's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.87%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Arcadium Lithium's debt-to-equity ratio is below the industry average. With a ratio of 0.11, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: What Are They?</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

ALTM

The Latest Analyst Ratings For Arcadium Lithium

Vistra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) has outperformed the market over the past 5 years by 16.09% on an annualized basis producing an average annual return of 30.01%. Currently, Vistra has a market capitalization of $34.44 billion. 
Buying $100 In VST: If an investor had bought $100 of VST stock 5 years ago, it would be worth $371.70 today based on a price of $100.25 for VST at the time of writing.
<h3>Vistra's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726840826_0.png" alt="comp_fig" />
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.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

News

$100 Invested In This Stock 5 Years Ago Would Be Worth $400 Today

MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has outperformed the market over the past 15 years by 10.3% on an annualized basis producing an average annual return of 22.12%. Currently, MicroStrategy has a market capitalization of $29.12 billion. 
Buying $1000 In MSTR: If an investor had bought $1000 of MSTR stock 15 years ago, it would be worth $20,116.49 today based on a price of $143.71 for MSTR at the time of writing.
<h3>MicroStrategy's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726840821_0.png" alt="comp_fig" />
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.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

MSTR

Here's How Much $1000 Invested In MicroStrategy 15 Years Ago Would Be Worth Today

Piper Sandler analyst Ryan Todd maintains HF Sinclair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DINO#NYSE">DINO</a>) with a Overweight and lowers the price target from $58 to $49.

Price Target

DINO

Piper Sandler Maintains Overweight on HF Sinclair, Lowers Price Target to $49

RBC Capital analyst Scott Hanold reiterates Matador Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTDR#NYSE">MTDR</a>) with a Outperform and maintains $75 price target.

Reiteration

MTDR

RBC Capital Reiterates Outperform on Matador Resources, Maintains $75 Price Target

Mark Cuban shared his thoughts on Elon Musk and his relationship with Donald Trump during an interview with Brian Tyler Cohen.
What Happened: Cuban discussed how the Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO has thrown his support behind Trump despite his customer base and the former president having differing stances on climate change.
Cuban said, &#8220;Elon&#8217;s one smart guy right and I know he believes he&#8217;s much smarter than Donald Trump. You can tell there were times particularly as they talked about the environment and nuclear, and DEI&#8230; I could just see Elon rolling his eyes at that time.&#8221;
Cuban explained that Musk finds the power to influence the president more valuable than sales. 
&#8220;If you&#8217;re the wealthiest person in the world and&#8230;you&#8217;re the Puppet Master of the president, the most powerful person in the world, oh my God, that&#8217;s about as intoxicating. That is the definition of power corrupts, but absolute power corrupts absolutely.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Mark Cuban deals NIGHTMARE blow to Trump" width="500" height="281" src="https://www.youtube.com/embed/QqDPrv8oFyY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/09/40899012/elon-musk-reacts-after-trump-campaign-releases-over-50-examples-of-democrats-rhetoric-that-inspired?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Trump Campaign Releases Over 50 Examples of Democrats&#8217; Rhetoric That &#8216;Inspired Assassination Attempt&#8217;</a>
Why It Matters: Cuban and Musk have been taking jabs at each other on various topics ranging from diversity, equity and inclusion to supporting different candidates. Recently, Musk <a href="https://www.benzinga.com/news/24/09/40849505/mark-cuban-says-he-truly-does-not-hate-trump-but-calls-him-a-lousy-president-if-he-wasnt-running">responded to a post </a>on X that appeared to mock Cuban, calling him an &#8220;idiot who thinks he&#8217;s a genius.&#8221; 
Cuban has also invited <a href="https://www.benzinga.com/24/09/40670029/elon-musk-marvels-at-the-tenacity-of-his-stupidity-after-mark-cubans-poll-debacle-it-is-a-marvel-to">Musk to discuss Kamala Harris&#8216;</a> economic policies directly. Being a vocal supporter of Harris, e asked Musk to share his views on Trump in return. 
Additionally, Cuban has also been outspoken <a href="https://www.benzinga.com/news/24/09/40872989/mark-cuban-asks-elon-musk-he-can-directly-question-him-about-kamala-harris-economic-policies-but-wan">about his views on Trump</a>. A few days ago, he stated that while he does not hate Trump, he believes the former president was and would be a &#8220;lousy president.&#8221; 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40911991/hillary-clinton-compares-melania-trump-to-the-little-kid-at-a-birthday-party-who-doesnt-know-anyone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton Compares Melania Trump To &#8216;The Little Kid At A Birthday Party Who Doesn&#8217;t Know Anyone&#8217; In Her Latest Book</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors
Photo courtesy: Shutterstock

Politics

General

TSLA

Mark Cuban Says Elon Musk 'Believes He's Much Smarter Than Trump,' Reveals The 'Intoxicating' Reason Why Tesla CEO Supports Ex-President

Piper Sandler analyst Ryan Todd maintains Delek US Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DK#NYSE">DK</a>) with a Neutral and lowers the price target from $25 to $19.

Piper Sandler Maintains Neutral on Delek US Hldgs, Lowers Price Target to $19

RBC Capital analyst Conor McNamara reiterates Thermo Fisher Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>) with a Outperform and maintains $767 price target.

RBC Capital Reiterates Outperform on Thermo Fisher Scientific, Maintains $767 Price Target

Piper Sandler analyst Ryan Todd downgrades Par Pacific Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARR#NYSE">PARR</a>) from Overweight to Neutral and lowers the price target from $37 to $23.

Downgrades

PARR

Piper Sandler Downgrades Par Pacific Hldgs to Neutral, Lowers Price Target to $23

UBS analyst Daniel Ford maintains Exelon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>) with a Neutral and raises the price target from $40 to $43.

UBS Maintains Neutral on Exelon, Raises Price Target to $43

Piper Sandler analyst Ryan Todd downgrades Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) from Overweight to Neutral and lowers the price target from $169 to $123.

Piper Sandler Downgrades Valero Energy to Neutral, Lowers Price Target to $123

UBS analyst Daniel Ford maintains Entergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>) with a Buy and raises the price target from $143 to $144.

UBS Maintains Buy on Entergy, Raises Price Target to $144

UBS analyst William Appicelli maintains Consolidated Edison (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>) with a Neutral and raises the price target from $105 to $106.

UBS Maintains Neutral on Consolidated Edison, Raises Price Target to $106

Piper Sandler analyst Ryan Todd downgrades PBF Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBF#NYSE">PBF</a>) from Neutral to Underweight and lowers the price target from $47 to $25.

Piper Sandler Downgrades PBF Energy to Underweight, Lowers Price Target to $25

ABAT

American Battery Technology Company Plans To Build Commercial-Scale Lithium-Ion Battery Recycling Facility, Processing 100,000 Tonnes Per Year In Partnership With BASF, Siemens, And Others To Support U.S. Closed-Loop Supply Chain

<h4>Key Takeaways:</h4>
<ul>
<li>A new rule that will keep Hong Kong&rsquo;s stock market open through bad weather events will take effect on Sept. 23</li>
<li>Analysts believe the measure will have limited impact on trading volumes, and say other measures like lowering trading-related taxes will do more to attract investors</li>
</ul>
By Fai Pui
The evening of Sept. 5 was a momentous one for Hong Kong, as Super Typhoon Yagi made a near direct hit on the city. The storm continued to soak the metropolis the next day before easing after noon, when the city&rsquo;s weather agency finally lifted its severe weather alert. But that was too late for the Hong Kong Stock Exchange, which was forced to remain shut the entire day under&nbsp;<a href="https://www.hkex.com.hk/Services/Trading-hours-and-Severe-Weather-Arrangements/Severe-Weather-Arrangements/Trading?sc_lang=en">rules</a>&nbsp;adopted by its operator,&nbsp;Hong Kong Exchanges and Clearing Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hkxcf#OTC">HKXCF</a>).
As chance would have it, a regular quarterly adjustment to the benchmark Hang Seng Index was set to take place that day but had to be postponed until the next trading day.
The reality is that typhoons are a regular menace to Hong Kong during the summer months, and Yagi is hardly the first super typhoon to hit the city. But its arrival was momentous nonetheless, as it marked the last time the Hong Kong Stock Exchange will close for a typhoon day, a sort of equivalent of a snow day in many Western countries.
Starting Sept. 23, or next Monday, a new rule will take effect that keeps the market open even during severe weather events like typhoons, putting Hong Kong more in-line with international practice.
Hong Kong is currently the world&rsquo;s only major exchange that closes for bad weather. That contrasts with all the world&rsquo;s other major exchanges that stay open during bad weather, natural disasters and other unpredictable events, including Shanghai and Shenzhen in China, the New York Stock Exchange and Nasdaq in the U.S., and exchanges in Tokyo and New Delhi. Hong Kong&rsquo;s quirky rule dates back to a time when most trading was conducted in-person, and often upsets investors who mock their exchange as a place for &ldquo;open-air trading&rdquo;.
The city&rsquo;s Chief Executive John Lee announced the Sept. 23 launch date for the new rule back in June, noting that as an international financial center the city was obliged to take such a step to conform with global standards. The fact that most trades are now done electronically also makes the need to halt trading through bad weather events largely obsolete, he added.
Lee said the new rule would boost the exchange&rsquo;s competitiveness and enhance Hong Kong&rsquo;s role as a bridge between international and Mainland Chinese stock markets.
Bad weather has forced daylong trading suspensions 12 times in Hong Kong since 2018, including four days last year. The exchange&rsquo;s 2023 financial report shows an average of HK$93.2 billion ($12 billion) in equity-type securities traded hands on a typical day that year, implying HK$279.6 billion in lost trading volume for the exchange from three full-day closures.
Major brokerages are ready to welcome the new rule. Edmond Hui, CEO of Bright Smart Securities (1428.HK), said his employees could do their jobs normally throughout storm events, drawing on infrastructure installed during the pandemic enabling people to work from home, as well as the round-the-clock availability of global futures trading services.
<h3>Market Is Ready</h3>
According to a news release last week, the Hong Kong exchange has completed test runs for keeping the market open in bad weather and more than 99.9% of market participants are ready for the change. By Sept. 10, only four small- and medium-sized participants were not fully prepared.
Curtis Yeung, a strategist at UOB Kay Hian (Hong Kong), said maintaining trading through bad weather will help lift annual trading volumes, but only marginally. &ldquo;The past seven years saw a total of only 12 times of market closure, each on average lasting less than two days, and the shutdown only caused trades to be delayed to the first reopening day rather than cancellation of trades,&rdquo; he pointed out.
Yeung suggested the new rule will more importantly improve access to Hong Kong stocks to make them available for regional and global traders. &ldquo;Hong Kong is a world-leading financial center used by many investors from different parts of the world. Under the old system, something like a small-scale market rout in Japan or other Asian Pacific market might lead investors to try to take arbitrage positions in Hong Kong, only to find the market shut if a typhoon was passing through.&rdquo;
Kenny Wen, head of investment strategy at KGI Asia, agreed the new rule would have only limited impact on overall trading volumes. &ldquo;Investors can always wait until the second day to buy. What they care about more is value. Activity is lacking in Hong Kong now mostly because of China&rsquo;s weaker-than-expected post-pandemic recovery. That, compounded by the plunge of tech stocks amid regulatory tightening, has sapped investor confidence.&rdquo;
Wen also pointed out that the Hong Kong stock market failed to benefit from the AI frenzy of the last few years due to a lack of listings for related stocks, noting the city had lost investors interested in that sector to the U.S. and Taiwan.
Last year the Hong Kong government established a task force charged with improving stock market liquidity, and 12 short-term measures have been proposed since then to boost the market&rsquo;s competitiveness. The city&rsquo;s securities regulator and stock exchange are also exploring actions based on the task force&rsquo;s suggestions for medium- to long-term initiatives, including improving the IPO system, optimizing trading mechanisms, improving market information and beefing up market promotion.
One measure drawing special interest from investors is lowering the minimum amount of each trade, which could draw in more mom-and-pop buyers who prefer to spend less. Under the current rules, investors must purchase at least a single lot of any given stock with each trade, which can get costly since such lots often consist of hundreds or even thousands of shares.
KGI&rsquo;s Wen thinks the removal of the &ldquo;single lot&rdquo; minimum requirement would hold great appeal for investors. &ldquo;If you are a retail investor and want to buy BYD, it will cost you more than HK$100,000 for each lot and you would not be able to buy much.&rdquo;
UOB&rsquo;s Yeung believes lowering transaction costs will also help to lift the market out of its current doldrums. &ldquo;Cutting the stamp duty and the Stock Connect dividend tax are good ideas,&rdquo; he said, referring in the latter case to the program allowing Hong Kong traders to purchase Shanghai- and Shenzhen-listed stocks and vice versa.
&ldquo;I talked to many Mainland investors and asked them why they preferred (Shanghai- and Shenzhen-listed) shares even when Hong Kong-listed shares, especially high-dividend stocks, seemed cheaper. They pointed to the dividend tax in the Hong Kong market. Once that is cut, we might see a spike in&rdquo; interest in buying Hong Kong stocks from Mainland China-based investors, he said.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Asia

HKXCF

Hong Kong Typhoon Trading Halts Sail Into The Sunset

UBS analyst Dennis Geiger maintains Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) with a Buy and raises the price target from $188 to $195.

UBS Maintains Buy on Darden Restaurants, Raises Price Target to $195

UBS analyst Thomas Wadewitz maintains FedEx (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) with a Buy and lowers the price target from $333 to $311.

UBS Maintains Buy on FedEx, Lowers Price Target to $311

Leerink Partners analyst Roanna Ruiz maintains ARS Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRY#NASDAQ">SPRY</a>) with a Outperform and raises the price target from $21 to $25.

SPRY

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The U.S. equity market stands at a critical crossroads, <a href="https://spotgamma.com/trace-the-market-benzinga/?aff=Benzinga">SpotGamma</a> founder <a href="https://spotgamma.com/about/">Brent Kochuba</a> says. 
The convergence of the Federal Reserve's <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40928301/interest-rates-in-free-fall-what-it-means-for-mortgages-credit-cards-and-your-wallet-a">interest rate decision</a> and the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40948624/traders-brace-for-friday-volatility-as-over-5-trillion-in-options-expire-could-trip">September expiration of derivatives</a> positions may trigger a scenario similar to last month's turbulence when highly leveraged positions in currencies,<a href="https://www.youtube.com/watch?v=TuIatw8hyjs"> stocks, and options unraveled</a>.
"This setup mirrors what we saw on August 1st," Kochuba told SpotGamma subscribers. "Downside volatility may be in excess of what the market is pricing due to the twin triggers of negative gamma and correlation spasms."
Kochuba, <a href="https://x.com/spotgamma">known for his analyses</a> and forecasting of markets through the lens of options positioning, <a href="https://www.benzinga.com/fintech/21/07/21991020/identifying-the-next-gamma-squeeze-with-spotgamma">shared</a> his journey with Benzinga a few years ago. He returned to discuss how SpotGamma's new tools are helping both retail and institutional traders navigate complex market conditions. 
The former derivatives broker and portfolio manager evaluates metrics like gamma—the sensitivity of option prices to movements in the underlying market. He also provides valuable insight into how market makers manage risk and affect outcomes.
"With the surge in options trading, many banks now acknowledge that options volumes have surpassed stock volumes in significance," Kochuba noted. "For those who don't trade options, it's still critical to watch their flows, as they provide insight into potential market moves."
In late July, Kochuba highlighted the risks posed by declining correlations and the growing concentration of indexes like the S&amp;P 500 among their largest components, such as Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
"The juice was squeezed out of these trades," he told subscribers. "As stocks like Nvidia, Apple, and Microsoft started to stall, they were a drag on the S&amp;P 500. If traders began selling off these large names, it would pressure the index due to their outsized influence."
Following July's rotation out of large-cap tech, AI, and the so-called "Magnificent 7" stocks into riskier sectors, traders shifted strategies, moving from betting on market upside through call options to buying put options to hedge against and bet on potential declines.
"The only way to unwind heavy concentration and correlation was for the S&amp;P 500 to drop, which it did, and the VIX to spike," Kochuba recalled. "On August 2, we told subscribers it was one of the ugliest setups we'd seen, and there was no reason to hold stocks or be short options."
Despite a quick market recovery, Kochuba warns that volatility risks persist. Money allocated to the trades that unraveled in August (i.e., short positions on the S&amp;P 500 and VIX) has grown. This was driven by renewed confidence in the market rebound.
"This feels like the early days of Volmageddon in 2017," Kochuba added, referencing concerns raised by pundits like Marko Kolanovic, who foresee a potential <a href="https://www.bloomberg.com/news/articles/2023-02-15/jpmorgan-strategist-kolanovic-warns-of-volmageddon-2-0-risk-in-options-market?sref=TBDibEcD">repeat</a> of the volatility crisis. "My biggest concern is the illusion of liquidity. Many short-dated flows that dominate the market disappear when real risk emerges, replaced by record demand elsewhere like VIX call options."
Traders are increasingly betting on or hedging against downside risks by buying put options and selling call options. This limits market upside, Kochuba says. Mid-September is potentially pivotal, with catalysts such as the Fed's interest rate decision triggering further declines.
SpotGamma offers tools like TRACE to help traders monitor such risks. It tracks options hedging and impacts on market direction and volatility.
"We believe TRACE is essential for anyone active in the market," Kochuba said. "It's a new system tracking dealer and market maker exposure, clearly showing market positioning. With this information, we can forecast support, resistance, and market movements because we understand how major players will likely hedge in the days and weeks ahead."
SpotGamma and TRACE gained traction with institutions looking to map out positioning during critical periods when market sentiment can shift rapidly, Kochuba adds.
"We're dedicated to delivering essential insights into how traders express their outlook in the markets, with TRACE offering a clear way to visualize how these flows evolve through the day."
For more information on SpotGamma and their newly released tools like TRACE, <a href="https://spotgamma.com/trace-the-market-benzinga/?aff=Benzinga">click here</a>.
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Image: Flickr

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