Latest News for South Pacific Metals Stock (OTC:KRLCF)

South Pacific Metals Corp formerly Kainantu Resources Ltd is an Asia-Pacific-focused gold mining company engaged in the acquisition, exploration and development of exploration and evaluation assets in PNG. Its projects are KRL North and South and May River project. It has one operating segment which is the acquisition, exploration and development of exploration and evaluation assets in PNG.

SOUTH PAC METALS CORP by SOUTH PAC METALS CORP.

South Pacific Metals Corp

Earnings

News

BPTH

Bio-Path Holdings Q1 2024 GAAP EPS $(4.88) Misses $(4.54) Estimate

For the full fiscal year ending June 30, 2024, it expects total Gross Profit to be on last year&#39;s level and confirm guidance&nbsp;for the top- and bottom-line at the lower end of the ranges of&nbsp;GMV and Net Sales growth&nbsp;of&nbsp;8%&nbsp;to&nbsp;13%,&nbsp;Adjusted EBITDA margin of&nbsp;3%&nbsp;and&nbsp;5%.
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Guidance

MYTE

Mytheresa Expects FY24 Total Gross Profit To Be On Last Year's Level And Confirm Guidance For Top- And Bottom-line At Lower End Of The Ranges

Katapult Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KPLT#NASDAQ">KPLT</a>) reported quarterly earnings of $0.23 per share which beat the analyst consensus estimate of $(1.32) by 117.42 percent. This is a 113.14 percent increase over losses of $(1.75) per share from the same period last year. The company reported quarterly sales of $65.06 million which beat the analyst consensus estimate of $62.44 million by 4.20 percent. This is a 18.11 percent increase over sales of $55.08 million the same period last year.

KPLT

Katapult Holdings Q1 EPS $0.23 Beats $(1.32) Estimate, Sales $65.06M Beat $62.44M Estimate

Palantir-backed Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) might be seeing some rays of hope as the struggling EV maker registered over 100% jump on Wednesday&#8217;s pre-market. At the time of writing the article, FFIE was trading at $0.6309, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
What Happened: Shares of electric vehicle manufacturer Faraday Future soared by over 300% on Tuesday, despite looming delisting threats from the Nasdaq.
The company was served a delisting notice from Nasdaq on Apr. 24, after its share prices remained below $0.10 for ten consecutive days. 
Previously, Nasdaq had cautioned Faraday Future about bid price <a href="https://www.benzinga.com/markets/equities/23/12/36428476/why-ev-maker-faraday-future-shares-are-taking-a-hit-today">non-compliance in late December</a> and was given until June 25, 2024, to regain compliance with the Minimum Bid Price Requirement. The company was cautioned again earlier this month due to its failure to file its 2023 10-K form.
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/15055751/Screenshot-2024-05-15-at-3.08.39%E2%80%AFPM-1-1024x686.png" alt="" class="wp-image-338927" style="width:700px;height:auto" /></figure>
Why It Matters: The sudden surge in Faraday Future&#8217;s stock price is largely <a href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock">credited to a post by Keith Gill</a>, also known as &#8220;Roaring Kitty,&#8221; a pivotal figure in the 2021 GameStop (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) surge. Roaring Kitty&#8217;s surprise post on Twitter after a three-year hiatus sent GameStop and AMC Entertainment Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) shares soaring by 147% and 121% in Tuesday&#8217;s pre-market, respectively, indicating a revival of the meme stock mania.
Similar price action has been observed in other heavily shorted stocks.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/36913413/why-do-americans-still-buy-non-legal-weed-illicit-cannabis-sales-3-times-higher-than-legal-marij?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Do Americans Still Buy Non-Legal Weed? Illicit Cannabis Sales 3 Times Higher Than Legal Marijuana Sal</a>
As per Fintel data, nearly 95% of Faraday Future&#8217;s stock is currently sold short, leaving few shares available for trading, thus enabling significant short-term price movements.
Despite the recent stock performance, Faraday Future is grappling with financial challenges. The company recently averted eviction from its Los Angeles headquarters and is making efforts to raise funding to stay afloat.
While GameStop might have <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38835469/gamestop-might-have-outperformed-bitcoins-yearly-returns-in-a-single-day-but-heres-why-kin">regained the momentum of meme stocks,</a> it is still less consistent than Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) which has registered almost 91% gains since Jan. 2021, the last time the markets were hit by meme stock mania.
Read Next: <a href="https://www.benzinga.com/government/24/05/38781945/chuck-schumer-says-trump-might-be-hosting-dinners-for-big-oil-execs-but-ftc-should-side-with-consume?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chuck Schumer Says Trump Might Be &#8216;Hosting Dinners For Big Oil Execs&#8217; But FTC Should Side With Consumers</a>
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: Faraday Future

Equities

Pre-Market Outlook

Markets

General

$BTC

FFIE

Faraday Future Basking In The Glory Of GameStops, AMC? Here's What EV Maker's 100% Jump In Pre-Market Indicates

Needham analyst Bernie McTernan reiterates Upwork (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>) with a Buy and maintains $20 price target.

Price Target

Reiteration

Analyst Ratings

UPWK

Needham Reiterates Buy on Upwork, Maintains $20 Price Target

XXII

22nd Century Group Q1 2024 GAAP EPS $(1.72) May Not Be Comparable To $(5.28) Estimate, Sales $6.469M Miss $7.857M Estimate

Needham analyst Gil Blum reiterates Taysha Gene Therapies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSHA#NASDAQ">TSHA</a>) with a Buy and maintains $7 price target.

TSHA

Needham Reiterates Buy on Taysha Gene Therapies, Maintains $7 Price Target

MYT Netherlands Parent (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MYTE#NYSE">MYTE</a>) reported quarterly sales of €233.900 million which beat the analyst consensus estimate of €230.900 million by 1.30 percent. &nbsp;

Earnings Beats

MYT Netherlands Parent Q3 Sales €233.900M Beat €230.900M Estimate

WBUY

Webuy Global Announced The Launch Of Its Travel Business In Indonesia, As It Expands Its Presence In The Growing Southeast Asian Tourism Market

Contracts

GDRX

GoodRx Announced A New Direct Contracting Agreement With The Kroger Co. To Deliver Improved Prescription Pricing At More Than 2,200 Kroger Family Pharmacy Locations Nationwide

Dole (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOLE#NYSE">DOLE</a>) reported quarterly earnings of $0.43 per share which beat the analyst consensus estimate of $0.31 by 38.71 percent. This is a 26.47 percent increase over earnings of $0.34 per share from the same period last year. The company reported quarterly sales of $2.12 billion which met the analyst consensus estimate. This is a 6.64 percent increase over sales of $1.99 billion the same period last year.

DOLE

Dole Q1 Adj $0.43 Beats $0.31 Estimate, Sales $2.12B Inline

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Verona Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNA#NASDAQ">VRNA</a>) with a Buy and maintains $32 price target.

VRNA

HC Wainwright & Co. Reiterates Buy on Verona Pharma, Maintains $32 Price Target

Needham analyst Alex Henderson reiterates Extreme Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXTR#NASDAQ">EXTR</a>) with a Buy and maintains $16.5 price target.

EXTR

Needham Reiterates Buy on Extreme Networks, Maintains $16.5 Price Target

Needham analyst Ryan MacDonald reiterates Zeta Global Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) with a Buy and maintains $18 price target.

ZETA

Needham Reiterates Buy on Zeta Global Holdings, Maintains $18 Price Target

Needham analyst John Todaro reiterates Bitdeer Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) with a Buy and maintains $14 price target.

BTDR

Needham Reiterates Buy on Bitdeer Technologies, Maintains $14 Price Target

Converse&nbsp;footwear brand is reportedly cutting jobs as parent company&nbsp;Nike Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) continues its cost-saving measures by reducing its workforce.
Nike is implementing a $2 billion plan to reduce expenses, which includes eliminating 2% of its global workforce. The layoffs have affected its Oregon headquarters in two phases and are expected to be completed by the end of its fiscal year, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-14/nike-nke-unit-converse-cuts-jobs-as-part-of-cost-savings-plan?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Converse,&nbsp;based in Boston,&nbsp;handles its own&nbsp;product development, supply chain, and marketing.&nbsp;The brand also incorporates Nike technology into its products.
The report cited a Converse spokesperson, who said Converse&nbsp;&#8220;is realigning some of our teams to better support future growth.&#8221;
"We can confirm that the total changes to&nbsp;Converse's&nbsp;workforce were included in&nbsp;Nike's&nbsp;overall 2% reduction plan, however, we were operating on a discrete timeline.&#8221;
Converse, famous for its Chuck Taylor and One Star sneakers, accounts for about 5% of&nbsp;Nike&#8217;s&nbsp;total sales.
Nike reported third-quarter revenue of $12.429 billion, beating the consensus estimate of $12.281 billion. Adjusted earnings per share of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/03/37889120/these-analysts-cut-their-forecasts-on-nike-following-q3-results" rel="noreferrer noopener">98 cents beat a Street consensus estimate of 74 cents per share</a>.
In December, Nike unveiled a&nbsp;cost savings&nbsp;plan targeting $2 billion over three years. By February, it planned to cut over&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38347241/nike-plans-oregon-headquarters-job-cuts-amid-revenue-decline-predictions-report" rel="noreferrer noopener">1,600 jobs, roughly 2% of its workforce</a>.
Nike stock has lost more than 22% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Consumer Discretionary ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) and&nbsp;Fidelity MSCI Consumer Discretionary Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDIS#NYSE">FDIS</a>).
Price Action: NKE shares closed higher by 0.07% at $92.79 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Media

FDIS

Nike's Converse Brand Slashes Jobs As Part Of Cost-Cutting Move: Report

Wedbush analyst Nick Setyan maintains Jack In The Box (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>) with a Outperform and lowers the price target from $78 to $68.

JACK

Wedbush Maintains Outperform on Jack In The Box, Lowers Price Target to $68

Magnachip Semiconductor Disclosed The Opening Of Magnachip Technology Company, Ltd. At Its Headquarters Located In Hefei, China

Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Sundar Pichai thinks that key AI rival, Sam Altman-led OpenAI, should be the one to answer if it violated YouTube's terms of service after it allegedly scraped over a million hours of videos to <a href="https://www.benzinga.com/news/24/02/37177366/openais-sam-altman-extremely-focused-on-making-agi-after-sora-ai-models-impressive-debut">train its AI model, Sora</a>.
What Happened: In an interview with <a href="https://www.cnbc.com/video/2024/05/14/alphabet-ceo-sundar-pichai-we-can-do-google-search-a-lot-better-with-generative-ai.html">CNBC</a>, Pichai was asked whether Google would consider taking legal action against Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI for allegedly violating its terms of service by using a large amount of YouTube data to train its AI model.
Pichai responded, &#8220;I think it&#8217;s a question for them to answer. I don&#8217;t have anything to add. We do have clear terms of service."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
"We engage with companies and make sure they understand our terms of service. And we will sort it out," he added.
When asked if Google was taking any steps to investigate whether OpenAI had breached its terms of service, Pichai said, &#8220;We have processes to do that. I&#8217;m not exactly familiar.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38826439/at-google-io-2024-sundar-pichai-and-team-announces-new-gemini-models-project-astra-ai-fraud-protecti">At Google I/O 2024, Sundar Pichai And Team Announce New Gemini Models, Project Astra, AI Fraud Protection And More</a>
Why It Matters: The allegations against OpenAI stem from the use of over a million hours of YouTube videos to train its new video generation model, Sora.
In a previous interview, OpenAI&#8217;s CTO <a href="https://www.benzinga.com/news/24/03/37704187/is-openais-viral-ai-video-generator-sora-trained-on-youtube-and-instagram-cto-mira-murati-is-not-sur">Mira Murati refused to confirm</a> whether the lab used public videos from platforms of rival companies like Google and Meta Platforms Inc. to train Sora, leading to accusations of violating data protection laws.
<a href="https://www.benzinga.com/news/24/04/38104283/youtube-ceo-unsure-but-warns-clear-violation-if-openai-used-creators-hard-work-to-train-sora">The allegations</a> were further fueled by YouTube CEO Neal Mohan, who suggested that if OpenAI used YouTube videos to train Sora, it would be a &#8220;clear violation&#8221; of the platform&#8217;s policies.
OpenAI&#8217;s Sora has been under scrutiny since its debut, with <a href="https://www.benzinga.com/news/24/02/37209690/openai-soras-weaknesses-exposed-shortly-after-high-profile-debut-cat-sprouts-extra-leg-humans-arm-go">critics pointing out</a> several weaknesses in the AI model. If Google decides to pursue legal action against OpenAI, it could have implications for the future of AI development and data usage.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38836944/meet-jakub-pachocki-openais-new-chief-scientist-following-ilya-sutskevers-exit-sam-altman-calls-him">Meet Jakub Pachocki, OpenAI&#8217;s New Chief Scientist After Ilya Sutskever&#8217;s Exit: Sam Altman Hails Him As &#8216;One Of The Greatest Minds Of Our Generation&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.
Photo courtesy: World Economic Forum on Flickr

Tech

GOOG

GOOGL

MSFT

Will Google Sue OpenAI For Violating YouTube's Terms Of Service? Sundar Pichai Says 'It's A Question' For Sam Altman To Answer

Roth MKM analyst John White initiates coverage on Granite Ridge Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRNT#NYSE">GRNT</a>) with a Buy rating and announces Price Target of $8.8.