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Elon Musk&#8217;s social media platform, X, formerly Twitter, has dropped Unilever Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UL#NYSE">UL</a>) <a href="https://www.benzinga.com/news/24/08/40210334/elon-musk-led-x-joined-by-rumble-in-advertisement-antitrust-lawsuit-there-may-also-be-criminal-liabi">from a lawsuit that accused the company</a> of conspiring to boycott the platform, leading to a loss in revenue.
What Happened: On Friday, X dropped its claims against Unilever in the antitrust lawsuit filed in a federal court in Wichita Falls, Texas, in August.
X confirmed the agreement with Unilever and expressed satisfaction to &#8220;continue our partnership with them on the platform.&#8221;
However, the social media platform did not disclose&nbsp;the terms of the agreement but said that it is the &#8220;first part of the ecosystem-wide solution and we look forward to more resolution across the industry.&#8221;
See Also: <a href="https://www.benzinga.com/news/earnings/24/10/41298806/wall-street-marks-new-record-highs-on-strong-start-to-earnings-season-investors-downplay-inflation-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street Marks New Record Highs On Strong Start To Earnings Season, Investors Downplay Inflation Surge, Tesla Disappoints</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">X is pleased to have reached an agreement with Unilever and to continue our partnership with them on the platform. Today's news is the first part of the ecosystem-wide solution and we look forward to more resolution across the industry.
&mdash; News (@XNews) <a href="https://twitter.com/XNews/status/1844737849456771425?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Unilever stated that it had &#8220;reached&nbsp;an agreement with X, which&nbsp;has committed to meeting our&nbsp;responsibility standards to ensure the&nbsp;safety and performance of our&nbsp;brands on the platform,&#8221; reported Reuters.
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.
Why It Matters: The lawsuit accused the World&nbsp;Federation of Advertisers and group&nbsp;members, including Unilever, Mars, and CVS Health, of conspiring to withhold &#8220;billions&nbsp;of dollars in advertising revenue&#8221;&nbsp;from X.
Following Musk&#8217;s <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">acquisition of X in October 2022</a>, the platform experienced a slump in ad revenues for several months. Just last month, the platform faced a <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">major advertiser exodus</a> amid concerns over the platform&#8217;s content under Musk&#8217;s management.
Previously, billionaire entrepreneur Mark Cuban voiced concerns over <a href="https://www.benzinga.com/news/24/10/41229905/mark-cuban-says-elon-musk-advertisers-dont-want-to-be-associated-with-explicit-content-on-x-in-the-n">advertisers not wanting to be associated</a> with explicit content on X.
&#8220;When you talk about free speech, free speech applies to advertisers as well. They get to associate with whoever they want to, no matter what. So there are repercussions,&#8221; he stated at the time.
Musk&#8217;s platform&#8217;s value has also significantly dropped since, with <a href="https://www.benzinga.com/markets/mutual-funds/24/09/41103959/elon-musk-bought-x-for-44b-now-fidelity-values-social-media-network-below-10b">Fidelity valuing the social media</a> network below $10 billion now.
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:
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<li><a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ahead Of Trump Vs. Harris Faceoff, ChatGPT Parent OpenAI Uncovers Election Interference Misuse, But Sees No &#8216;Meaningful Breakthrough&#8217;</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

News

Social Media

Legal

Tech

Elon Musk's X Reaches Agreement With Unilever, Drops It From Ad Boycott Lawsuit: 'First Part Of The Ecosystem-Wide Solution'

Elon Musk, CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), defended his time-based predictions, highlighting that his forecasts are often realized, albeit not always on schedule.
What Happened: Musk took to X to explain his approach to time-based predictions. He stated that he typically targets the 50% percentile date, meaning half his predictions will be late, and half will be early.
Musk expressed frustration that the media tends to focus on late predictions, creating a perception that he is consistently behind schedule.
"The press never mentions the predictions that were early, so it seems like I'm always late," he said.
"It is very rare that a prediction I make does not come true over time."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For my time-based predictions, I generally aim for the 50% percentile date, which means that half my predictions will be late and half will be early. The press never mentions the predictions that were early, so it seems like I'm always late. However, it is very rare that a… <a href="https://t.co/B2CXsm3owE">https://t.co/B2CXsm3owE</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844904681585377647?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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Why It Matters: Musk&#8217;s post comes in the wake of several recent delays at Tesla. In August, the company <a href="https://www.benzinga.com/news/24/08/40499576/tesla-delays-elon-musks-timeline-yet-again-for-cybertruck-fsd-rollout-this-time-to-september">announced a delay</a> in the rollout of its full self-driving (FSD) driver assistance technology for its Cybertruck vehicles, originally scheduled by Musk for an earlier date.
In July, Musk <a href="https://www.benzinga.com/news/24/07/39785823/elon-musk-confirms-delay-in-tesla-robotaxi-unveil-due-to-important-design-change-but-stays-mum-on-ne">confirmed a delay</a> in Tesla&#8217;s robotaxi unveiling due to design changes. In June, Musk <a href="https://www.benzinga.com/news/24/06/39243463/musk-puts-brakes-on-anticipated-tesla-model-y-refresh-no-model-y-refresh-is-coming-out-this-year">announced</a> that a refreshed Model Y would not be launched this year, contrary to expectations.
In April, Musk revealed that Tesla was in talks with a major automaker to license its FSD software, but deployment would take time.
However, as Musk points out, his predictions often come true eventually, as seen with the ongoing <a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta">discussions</a> for FSD licensing.
Tesla's highly <a href="https://www.benzinga.com/news/21/09/22773991/tesla-roadster-delayed-to-at-least-2023-due-to-super-crazy-supply-chain-shortages-elon-musk">anticipated new Roadster</a> has also been delayed multiple times, with Musk saying back in 2021 that the car would ship in 2023. However, that is yet to come to pass.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

SPACE

TSLA

Tesla CEO Elon Musk Defends His Time-Based Predictions Amidst Delays: 'Very Rare That A Prediction I Make Does Not Come True Over Time'

On Friday, billionaire entrepreneur&nbsp;Mark Cuban&nbsp;highlighted the <a href="https://www.axios.com/2024/10/08/harris-biden-view-abc-2024-differences">division in tax policies</a> between Vice President&nbsp;Kamala Harris&nbsp;and President&nbsp;Joe Biden.
What Happened: Cuban took to X, formerly Twitter, and said, &#8220;Fun fact, 98 percent of&nbsp;startups will receive a reduction&nbsp;in their effective tax rate&nbsp;under Kamala Harris&#8217;s tax plan.&#8221;
When a user counter-attacked, saying Harris stated that she would not have handled things any differently than Biden, Cuban said, &#8220;Yet her tax rates and&nbsp;fracking stance are definitely different.&#8221;
He went on to add that perhaps Harris believes it&#8217;s not appropriate to publicly criticize her current boss, the President.
See Also:&nbsp;<a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yet her tax rates and fracking stance are definitely different. Guess maybe she believes you don't publicly dunk on your current boss
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1844905857936654650?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
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Why It Matters: Harris&#8217;s tax policies diverge significantly from Biden&#8217;s. For example, she proposed a <a href="https://www.benzinga.com/news/24/09/40722526/kamala-harris-reveals-28-capital-gains-tax-for-high-earners-toning-down-bidens-proposed-rates-ahead">capital gains tax rate of 28%</a> for individuals earning over $1 million, which is lower than Biden&#8217;s proposed 39.6%.
While both Harris and Biden agree on&nbsp;raising the <a href="https://www.benzinga.com/government/24/08/40451351/kamala-harris-wants-to-raise-corporate-tax-rate-to-28-erasing-part-of-trumps-signature-tax-cuts">corporate tax rate&nbsp;to 28%</a>, Harris&#8217;s approach is more centrist, targeting middle-class voters and businesses.
She also pledged <a href="https://www.benzinga.com/news/24/08/40650939/kamala-harris-wants-to-tax-the-ultra-wealthy-with-unrealized-gains-tax-leaving-silicon-valley-unsett">not to increase taxes</a> on households earning less than $400,000, a promise that covers approximately 98% of the population.
Harris&#8217;s stance on fracking, a&nbsp;<a href="https://www.npr.org/2024/08/30/nx-s1-5096107/what-is-fracking-explained">charged issue</a>&nbsp;in the presidential race, also sets her apart from Biden.
The 2024 Democratic presidential nominee has made it clear that she will not ban fracking, stressing that it&#8217;s possible to back a clean energy economy without outlawing the practice.
She maintains that her stance remains consistent, despite advocating for a ban during her 2019 presidential campaign.
Read Next:
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<li><a href="https://www.benzinga.com/general/politics/24/10/41283673/trump-vs-harris-2024-election-swing-state-poll-too-close-to-call-but-this-candidate-leads?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: 2024 Election Swing State Poll &#8216;Too Close To Call,&#8217; But This Candidate Leads</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

Mark Cuban Says Kamala Harris Likely Doesn't Believe In Publicly Dunking On Her Current Boss Biden, But Her Stance On Tax Rates And Fracking Is 'Definitely Different'

In a bid to aid disaster recovery, Elon Musk's SpaceX will offer <a href="https://www.benzinga.com/topic/starlink">Starlink satellite internet service</a> for free to those affected by Hurricanes Helene and Hurricane Milton until the end of the year.
What Happened: On Thursday, the official Starlink Twitter account posted, &#8220;For those impacted by Hurricanes Helene or Milton, Starlink service is now free through the end of the year to help with response and recovery efforts.&#8221;
This move comes after SpaceX and T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) <a href="https://www.benzinga.com/news/24/10/41243785/spacexs-starlink-and-t-mobile-get-approval-to-roll-out-direct-to-cell-coverage-in-florida-before-hur">received temporary authorization</a> from the Federal Communications Commission (FCC) to provide direct-to-cell service via Starlink satellites in areas impacted by the hurricanes.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For those impacted by Hurricanes Helene or Milton, Starlink service is now free through the end of the year to help with response and recovery efforts → <a href="https://t.co/fUko3xSviJ">https://t.co/fUko3xSviJ</a> <a href="https://t.co/vEaGPavsFz">pic.twitter.com/vEaGPavsFz</a>
&mdash; Starlink (@Starlink) <a href="https://twitter.com/Starlink/status/1844804813592367124?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese Hackers Breach AT&amp;T, Verizon Networks In Major Wiretap Data Theft Putting US National Security At Risk</a>
Earlier in the month, SpaceX CEO Musk had announced a system update to allow all Starlink satellite systems in the affected areas to operate irrespective of payment.
This was in response to a user&#8217;s request to make Starlink services free for 30 days to aid relief activities.
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.
Why It Matters: The free service from Starlink is expected to significantly aid the response and recovery efforts in the regions affected by the hurricanes. The satellites will <a href="https://www.benzinga.com/news/24/10/41138209/elon-musks-spacex-to-give-free-starlink-access-to-hurricane-helene-victims">enable residents in these areas</a> to send text messages, contact 911, or receive emergency alerts.
This move follows the recent activation of Direct-to-Cell coverage by <a href="https://www.benzinga.com/news/24/10/41243785/spacexs-starlink-and-t-mobile-get-approval-to-roll-out-direct-to-cell-coverage-in-florida-before-hur">Starlink and T-Mobile</a> to provide emergency alerts in areas affected by Hurricane Helene and Florida, which was in the path of Hurricane Milton.
Starlink&#8217;s free service is a significant step in leveraging technology to aid disaster management and recovery efforts, demonstrating the potential of satellite systems in providing critical communication services during emergencies.
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>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

TMUS

Elon Musk's SpaceX To Offer Starlink Service For Free To Hurricane Helene And Hurricane Milton Victims Through Year-End

The Trump campaign reportedly worked with Elon Musk&#8216;s social media platform, X, to halt the dissemination of hacked campaign materials on the former president's <a href="https://www.benzinga.com/topic/jd-vance">running mate</a>, Sen. JD Vance (R-Ohio).
What Happened: These materials, allegedly acquired through an Iranian hack, were shared by independent journalist Ken Klippenstein, leading to the suspension of his account and the blocking of links to his Substack.
According <a href="https://www.nytimes.com/2024/10/11/us/politics/elon-musk-donald-trump-pennsylvania.html">to</a> The New York Times, Klippenstein&#8217;s actions were deemed a violation of X&#8217;s rules, as he posted &#8220;unredacted private personal information,&#8221; including sensitive data about Vance.
This collaboration between X and the Trump campaign has sparked concerns among lawmakers, with Rep. Dan Goldman (D-N.Y.) questioning the potential for hearings on the matter.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
The House Judiciary&#8217;s weaponization subcommittee has previously investigated alleged censorship of conservative speech by the Biden administration.
The FBI confirmed that the hack, targeting the Trump campaign, was orchestrated by Iran.
See Also: <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Unveils 2-Seater Cybercab That Drives Itself, Price Expected To Be Under $30K</a>
Why It Matters: The suspension of Klippenstein&#8217;s account on X has led to <a href="https://www.benzinga.com/news/24/09/41078347/elon-musk-gets-labelled-as-an-outspoken-trump-supporter-after-journalist-gets-banned-on-x-for-publis">accusations</a> against Musk of being an &#8220;outspoken&#8221; Trump supporter.
This incident follows warnings from the FBI and other intelligence agencies about potential Iranian attempts to influence the U.S. election, as reported on <a href="https://www.benzinga.com/news/24/09/41082565/threads-cuts-access-to-controversial-leaked-documents-on-jd-vance">Threads</a>, which also restricted access to the leaked documents.
Earlier, U.S. intelligence agencies revealed that Iran tried to share hacked Trump campaign data with President Biden&#8217;s team, though the FBI found no evidence of a response from Biden&#8217;s campaign, as detailed in a <a href="https://www.benzinga.com/news/24/09/40933501/us-intel-agencies-reveal-iran-tried-to-share-hacked-trump-campaign-data-with-team-biden-fbi-says-no">joint statement</a> by the FBI, ODNI, and CISA.
This situation <a href="https://www.benzinga.com/news/22/11/29850290/elon-musk-says-making-internal-twitter-conversations-on-hunter-biden-laptop-story-public-necessary-t">echoes past controversies</a>, such as Musk&#8217;s decision to make internal Twitter conversations public regarding the censorship of the New York Post&#8217;s story on Hunter Biden&#8217;s laptop, which he deemed &#8220;necessary to restore public trust."
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>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk Collaborated With Trump Campaign To Block Hacked JD Vance Material Off X: Report

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">unveiled the Robovan</a> on Thursday &#8211; a vehicle designed for autonomous driving with no steering wheel or pedals but astoundingly low ground clearance and an angular design.
What Happened: The Robovan, Musk said on Friday, was inspired by Art Deco trains designed during the early 20th century. It can transport up to 20 people or cargo, the company CEO said during its unveiling.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Art Deco trains
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844614396905185646?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Like an art deco train, the vehicle has no side mirrors and immediately looks like it lacks wheels owing to its extremely low ground clearance. The vehicle was meant to feel like a spaceship on the inside, Musk said, while adding that those traveling in the vehicle would have visibility in all directions. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Meant to feel like a spaceship
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844669426169520277?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Musk said that the &#8220;unusually low&#8221; ground clearance was achieved by having an automatic load-leveling suspension that raises ride height and lowers it based on road conditions.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The unusually low ground clearance is achieved by having an automatic load-leveling suspension that raises or lowers, based on smooth or bumpy road conditions
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1844669182354358308?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Why It Matters: Though Musk introduced the vehicle as a Robovan at Tesla&#8217;s event held near Los Angeles on Thursday, he has since then also referred to it as the Robobus. 
The company <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41286875/tesla-analysts-rave-over-cybercabs-design-cost-advantage-but-production-timeline-sp">did not provide a price point</a> for the vehicle or even when it will enter production. However, the unusual design has raised intrigue among Tesla enthusiasts. 
Tesla also unveiled a two-seater vehicle with butterfly wings that open upwards dedicated to autonomous driving on Thursday nicknamed the Cybercab. The Cybercab, Musk said on Thursday, will be priced below $30,000 and enter production in 2026. However, the CEO is known for providing over-ambitious timelines for his company&#8217;s products and achievements. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo courtesy: Tesla

Elon Musk Says Robovan's Angular Design Inspired By Art Deco Trains, 'Unusually Low' Ground Clearance Enabled By Automatic Load-Leveling Suspension

Tim Cook-led Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is facing accusations from the U.S. National Labor Relations Board, or NLRB, for allegedly restricting its employees&#8217; use of social media and Slack for advocating improved working conditions.
What Happened: The NLRB lodged a complaint against Apple on Thursday, alleging that the tech behemoth has imposed unlawful work rules related to the use of Slack.
The complaint also said that Apple terminated an employee for advocating workplace changes on the platform and created an impression of surveillance over employees&#8217; social media activities, reported Reuters.
In its defense, Apple denied any wrongdoing and reaffirmed its commitment to fostering a positive and inclusive workplace. The company stated, &#8220;We&nbsp;strongly disagree with these claims&nbsp;and will continue to share&nbsp;the facts at the hearing.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41285255/tesla-pulls-an-apple-drops-the-charging-port-before-cupertino-could-remove-it-from-the-iphone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Pulls An Apple, Drops The Charging Port Before Cupertino Could Remove It From The iPhone</a>
The complaint stemmed from a claim filed&nbsp;nearly three years ago by&nbsp;Janneke Parrish, who alleges Apple terminated her in 2021 for her&nbsp;role in employee activism.
Parrish&nbsp;used Slack and social media&nbsp;to advocate for permanent remote&nbsp;work, distribute a pay equity&nbsp;survey, and criticize the company.
If Apple does not reach a settlement&nbsp;with the NLRB, an administrative&nbsp;judge will conduct&nbsp;an initial hearing in the&nbsp;case in February.
The judge&#8217;s&nbsp;decision can be reviewed by&nbsp;the five-member labor board, and their&nbsp;rulings can be appealed in federal court.
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.
Why It Matters: This marks the second complaint the NLRB has filed against Apple this month.
The earlier one accused the company of mandating <a href="https://www.benzinga.com/markets/equities/24/10/41136199/apple-accused-of-violating-federal-law-over-alleged-illegal-employee-agreements-nlrb-hearing-set">employees&nbsp;to sign illegal confidentiality</a>, nondisclosure,&nbsp;and noncompete agreements, and of enforcing&nbsp;overly broad misconduct and social&nbsp;media policies.
This is not the first time Apple has faced scrutiny from the NLRB. Last November, the federal labor board accused <a href="https://www.benzinga.com/markets/equities/23/11/35911746/labor-board-accuses-apple-of-anti-union-practices-report" target="_blank" rel="noopener">Apple of not extending a benefits</a> increase to unionized retail employees.
Cupertino has also faced <a href="https://www.benzinga.com/news/24/04/38193281/apple-faces-increased-union-efforts-from-new-jersey-store-will-previous-attempts-in-maryland-oklahom">increased unionization efforts</a> at its retail stores, which could potentially impact the company&#8217;s stock and shareholder sentiment.
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>.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Media

AAPL

Tim Cook-Led Apple Accused By NLRB Of Restricting Employee Advocacy On Social Media: 2nd Complaint Against iPhone-maker This Month

Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has revealed plans to cut its workforce by about 10%, reportedly equating to approximately 17,000 jobs.
What Happened: The layoffs will unfold over the next few months, affecting executives, managers, and other employees. Kelly Ortberg, Boeing&#8217;s president and CEO, communicated <a href="https://boeing.mediaroom.com/2024-10-11-Boeing-CEO-Message-to-Employees-on-Positioning-for-the-Future">this</a> decision to staff via email. According to a Reuters report, these layoffs will impact nearly 17,000 jobs.
The company has been grappling with significant challenges this year, including the grounding of Boeing 737 Max planes in January following a mid-flight incident.
In July, <a href="https://www.benzinga.com/news/24/07/39658887/boeing-strikes-plea-deal-with-doj-for-defrauding-us-regulator-over-737-max-safety-victims-lawyer-cal">Boeing accepted a guilty plea</a> over crashes involving the 737 Max in 2018 and 2019, which resulted in over 300 fatalities.
Additionally, Boeing&#8217;s Starliner spacecraft, which transported NASA astronauts to the International Space Station in June, <a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte">returned without astronauts</a> in September due to technical issues.
See Also: <a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: New Poll Shows Pennsylvania May Flip As Vice President&#8217;s Support Among This Key Group Deteriorates</a>
Nearly 33,000 Boeing factory workers <a href="https://www.benzinga.com/news/24/09/40853982/boeings-stock-falls-as-33-000-aircraft-assembly-workers-strike">have been on strike</a> since mid-September, further complicating the company&#8217;s situation. Ortberg emphasized the necessity of these layoffs to align with Boeing&#8217;s financial reality and future recovery plans.
The delivery of the first 777X airplane is now postponed to 2026, as stated in Ortberg&#8217;s memo.
Why It Matters: The layoffs come amid a tumultuous period for Boeing, marked by ongoing labor strikes and safety concerns.
The strike, which began on Sept. 13, has significantly disrupted production, leading to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257193/boeings-october-deliveries-expected-to-plummet-amid-strike-challenges-analyst">projected drop in October deliveries</a>. Despite attempts to negotiate with the union, no agreement has been reached, and Boeing&#8217;s credit rating has been placed under negative watch by S&amp;P Global Ratings.
Adding to the challenges, the <a href="https://www.benzinga.com/markets/equities/24/10/41236652/boeing-hit-with-737-safety-alert-issues-deliveries-warning-as-strike-continues">Federal Aviation Administration</a> (FAA) recently issued a safety alert regarding the Boeing 737&#8217;s rudder system, further complicating the company&#8217;s situation.
The decision to cut health care benefits for 33,000 striking workers has also sparked criticism from the <a href="https://www.benzinga.com/news/24/10/41170226/boeing-workers-union-says-decision-to-cut-health-care-for-33-000-is-unnecessary-and-cruel">International Association of Machinists and Aerospace Workers</a>, adding to the tension.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Equities

Markets

Boeing Announces 10% Workforce Reduction Amidst Ongoing Struggles, Impacting Nearly 17K Employees

On Friday, at a rally in Aurora, Colorado, former President&nbsp;Donald Trump&nbsp;escalated his <a href="https://www.benzinga.com/markets/cannabis/24/09/41080016/trump-bashes-harris-border-visit-immigration-policy-worst-crisis-in-history-of-world-its-an-inva">anti-immigration rhetoric</a>, suggesting the&nbsp;&#8220;death penalty&#8221; for migrants who&nbsp;murder U.S. citizens.
What Happened: The Republican presidential candidate&nbsp;depicted migrants as dangerous criminals and proposed a nationwide &#8220;Operation Aurora&#8221; to target Venezuelan gang members if he wins the upcoming election, reported Reuters.
This proposal is part of his intensified anti-immigration stance in the final weeks leading up to the Nov. 5 election.
Trump said, &#8220;I&#8217;m hereby&nbsp;calling for the death penalty&nbsp;for any migrant that kills&nbsp;an American citizen or a&nbsp;law enforcement officer,&#8221; to&nbsp;a large crowd of supporters.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: New Poll Shows Pennsylvania May Flip As Vice President&#8217;s Support Among This Key Group Deteriorates</a>
This proposal expands on his previous suggestions to broaden&nbsp;the death penalty for other&nbsp;offenders, including those convicted of sex trafficking.
However, nearly&nbsp;half of U.S. states ban&nbsp;the death penalty, and its federal use is rare. Any&nbsp;expansion of eligible crimes would&nbsp;necessitate&nbsp;an act of the U.S.&nbsp;Congress, the report noted.
He also pledged&nbsp;to focus enforcement on Aurora&nbsp;if reelected, despite Aurora Mayor Mike Coffman stating that concerns&nbsp;about Venezuelan gang activity have&nbsp;been &#8220;grossly exaggerated.&#8221;
Why It Matters: Trump has previously made <a href="https://www.benzinga.com/markets/equities/24/10/41196721/trumps-dark-rhetoric-migrants-portrayed-as-criminals-amid-election-heat">unfounded claims that migrants</a> crossing the U.S. border were responsible for widespread violence.
His focus on &#8220;migrant crime&#8221; is a key feature of his third presidential run, despite studies showing&nbsp;immigrants do not commit crimes&nbsp;at a higher rate than&nbsp;native-born Americans.
Trump&#8217;s focus on immigration was also <a href="https://www.benzinga.com/markets/cannabis/24/09/40820699/trump-stuck-in-southern-border-and-immigration-loop-during-harris-debate-theyre-destroying-our-c">evident during a presidential debate</a> with Democratic nominee Kamala Harris, where he blamed illegal immigrants for drugs and murders.
The former president and his running mate Sen.&nbsp;JD Vance&nbsp;(R-Ohio.) have used the immigration issue as a <a href="https://www.benzinga.com/markets/cannabis/24/10/41299527/kamala-harris-defends-immigration-policy-at-latino-town-hall-criticizes-trumps-border-stance">cornerstone of their campaign speeches</a>, blaming undocumented immigrants for a rise in drug trafficking.
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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

Trump Steps Up Anti-Immigrant Rhetoric, Proposes Nationwide Plan To Target Venezuelan Gang Members

A federal judge has struck down parts of New Jersey&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/09/40845389/nj-governor-signs-bill-tightening-rules-on-hemp-industry-stakeholders-protest-big-alcohol-celebr">recently enacted hemp law</a>, ruling that certain provisions unlawfully restrict interstate commerce and conflict with federal regulations. The decision delivers a partial victory to <a href="https://www.benzinga.com/markets/cannabis/24/10/41217878/new-jersey-hemp-companies-file-lawsuit-over-strict-regulations-arguing-farm-bill-protects-them">hemp businesses that challenged the law</a>, though key restrictions remain in place.
<h3 class="wp-block-heading">NJ Hemp Law Violates Commerce Clause</h3>
U.S. District Court Judge Zahid N. Quraishi ruled on Wednesday that specific sections of the New Jersey Hemp Act Amendments (NJHAA) violate the dormant Commerce Clause and are preempted by the 2018 Farm Bill, which federally legalized hemp. <a href="https://newjerseymonitor.com/2024/10/10/judge-gives-partial-win-to-businesses-that-challenged-new-hemp-law/">According</a> to the New Jersey Monitor, the judge agreed with plaintiffs that the law&#8217;s definition of THC and its application discriminated against out-of-state hemp producers.
&#8220;The New Jersey Legislature cannot blatantly discriminate against out-of-state economic interests,&#8221; Judge Quraishi wrote in his <a href="https://newjerseymonitor.com/wp-content/uploads/2024/10/10-10-24-Loki-v.-Platkin-opinion.pdf">decision</a>.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter<a href="https://newsletteremail.benzinga.com/subscribe"> here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
The NJHAA, signed by Governor Phil Murphy (D) <a href="https://www.benzinga.com/markets/cannabis/24/09/40845389/nj-governor-signs-bill-tightening-rules-on-hemp-industry-stakeholders-protest-big-alcohol-celebr">last month</a>, aimed to regulate intoxicating hemp products amid concerns that minors were accessing them easily. The law banned sales of such products to individuals under 21 and required sellers to obtain licenses through the state&#8217;s Cannabis Regulatory Commission (CRC), <a href="https://www.nj.com/politics/2024/10/judge-tosses-parts-of-nj-law-that-limits-sale-of-intoxicating-hemp.html">noted</a> NJ.com.
<h3 class="wp-block-heading">Hemp Industry Celebrates Partial Legal Victory</h3>
While the judge upheld provisions banning sales to minors and the licensing requirement, he struck down parts that criminalized the sale or transport of federally compliant <a href="http://benzinga.com/topic/hemp">hemp products</a> from other states. The decision prevents enforcement of the law&#8217;s restrictions on out-of-state hemp, ensuring that products adhering to federal standards can be sold in New Jersey.
Adam Terry, CEO of Cantrip and one of the plaintiffs, expressed satisfaction with the ruling. &#8220;We are vindicated in the belief that an outright ban on hemp is not the path forward,&#8221; he said, <a href="https://www.forbes.com/sites/dariosabaghi/2024/10/11/businesses-partially-win-lawsuit-against-new-jerseys-hemp-ban-law/">according</a> to Forbes. &#8220;We must work together with lawmakers to develop sensible regulations.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41299388/us-army-tightens-substance-abuse-regulations-banning-delta-8-thc-warns-against-poppy-seeds">US Army Tightens Substance Abuse Regulations, Banning Delta-8 THC, Warns Against Poppy Seeds</a>
Critics, including a coalition of hemp businesses, argued that these restrictions not only stifled competition but also infringed upon federal guidelines that allow for the free movement of hemp products across state lines. <a href="https://www.benzinga.com/markets/cannabis/24/10/41217878/new-jersey-hemp-companies-file-lawsuit-over-strict-regulations-arguing-farm-bill-protects-them">They warned the law would harm local businesses and consumers</a>, potentially forcing closures and job losses in the industry.&nbsp;
Moreover, concerns were also raised about the CRC&#8217;s ability to manage additional responsibilities without sufficient resources, as highlighted by NJ.com.
<h3 class="wp-block-heading">Bill Sponsor Calls For Hemp Law Adjustments</h3>
Senate Majority Leader M. Teresa Ruiz (D), a sponsor of the bill, acknowledged the need for legislative adjustments. &#8220;While I am pleased that the court order upheld the ban on selling intoxicating hemp products to minors, we must recognize that, without comprehensive regulation, these substances will continue to present a significant threat to the health and well-being of our communities,&#8221; <a href="https://www.nj.com/politics/2024/10/judge-tosses-parts-of-nj-law-that-limits-sale-of-intoxicating-hemp.html">said</a> Ruiz.
The judge&#8217;s ruling comes as the deadline for businesses to remove intoxicating hemp products from shelves approaches on October 12. Until the CRC establishes new regulations, these products cannot be sold in the state.
This decision adds to the ongoing national debate over the regulation of <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">psychoactive hemp products like delta-8 THC</a>, which remain in a legal gray area due to a lack of federal oversight.
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</ul>

Cannabis

Government

Regulations

New Jersey Hemp Law Faces Setback As Federal Judge Blocks Out-of-State Product Ban

In a move that could mark the end of an era for legacy technology, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has reportedly ceased production of its 16-year-old SuperDrive.
What Happened: The SuperDrive, an external CD/DVD drive,&nbsp;is now listed as sold&nbsp;out or unavailable in all&nbsp;countries on Apple&#8217;s online store, <a href="https://www.macrumors.com/2024/10/11/apple-quietly-discontinues-16-year-old-accessory/">reported</a> MacRumors.
The accessory, which was launched in 2008&nbsp;alongside the original MacBook Air,&nbsp;has not been restocked, suggesting its discontinuation.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber &#8216;Well Positioned&#8217; Despite Tesla Robotaxi Threat, Analyst Says</a>
The SuperDrive, despite its outdated USB-A cable, was one of Apple&#8217;s longest-sold products. However, with the CD/DVD drive market becoming increasingly niche, Apple&#8217;s decision to stop selling the SuperDrive is not unexpected.
Customers requiring CD/DVD drives have other alternatives that do not necessitate&nbsp;a USB-C adapter for use&nbsp;with modern Macs.
The term SuperDrive was first&nbsp;coined&nbsp;by Apple in 1988 with&nbsp;the launch&nbsp;of its 1.44 MB 3.5-inch&nbsp;floppy drive.
The concept underwent significant evolution with the introduction of optical media in 2001, and by&nbsp;the mid-2000s, the SuperDrive was available as an option in almost all Mac models.
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
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.
Why It Matters: Over the years, Apple has phased out several key products and features, marking a shift in its product strategy.
The iPhone 13 mini, known for its compact 5.4-inch display, was discontinued in September 2024 due to low sales.
The 13-inch MacBook Pro with the Touch Bar, a once-innovative feature, was discontinued in late 2023 as Apple returned to traditional function keys.
The MagSafe Battery Pack and MagSafe Duo Charger, launched in 2021 and 2020 respectively, were also phased out following the transition to USB-C ports.
Apple has also replaced its leather accessories with eco-friendly FineWoven fabric but had to <a href="https://www.benzinga.com/news/24/09/40809459/apple-quietly-phases-out-categorically-terrible-finewoven-iphone-cases-report">phase them out too</a> due to some controversies. Other <a href="https://www.benzinga.com/news/23/11/35556821/apple-silent-bids-farewell-to-its-5month-siri-only-apple-music-voice-plan">notable discontinuations include</a> the iTunes Movie Trailers app and the Apple Music Voice Plan.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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

End Of An Era? Apple's 16-year-Old Accessory Is Out Of Stock Worldwide

North Carolina Gov. Roy Cooper (D) has refuted statements by former President&nbsp;Donald Trump&nbsp;regarding the distribution of disaster aid in the <a href="https://www.benzinga.com/markets/equities/24/10/41276280/hurricane-milton-closes-multiple-florida-airports-over-3-000-flights-canceled-and-delayed-10-air">aftermath of Hurricane Milton</a>.
What Happened: On Friday, Cooper took to X, formerly Twitter, and labeled Trump&#8217;s allegations as a &#8220;blatant falsehood.&#8221;
Trump accused Cooper&#8217;s administration of blocking aid and resources from reaching North Carolina to assist in recovery efforts post-Hurricane Milton.
The governor dismissed these accusations, asserting that his administration is working diligently with all stakeholders to provide necessary aid to those affected. &#8220;This is a flat out lie. We're working with all partners around the clock to get help to people.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41242570/trump-jr-says-his-dad-has-been-proven-right-again-after-fbi-foils-afghan-nationals-election-day-terr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Jr. Says His Dad &#8216;Has Been Proven Right Again&#8217; After FBI Foils Afghan National&#8217;s Election Day Terror Plot</a>
He went on to add that the Republican presidential nominee&#8217;s misleading statements have adversely affected&nbsp;the morale of first responders&nbsp;and victims, facilitated scams,&nbsp;and put government and rescue&nbsp;workers at risk.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is a flat out lie. We're working with all partners around the clock to get help to people. Trump's lies and conspiracy theories have hurt the morale of first responders and people who lost everything, helped scam artists and put government and rescue workers in danger. &#8211; RC <a href="https://t.co/QySXueCTOD">pic.twitter.com/QySXueCTOD</a>
&mdash; Governor Roy Cooper (@NC_Governor) <a href="https://twitter.com/NC_Governor/status/1844813387764830351?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Previously, President&nbsp;Joe Biden&nbsp;called Trump&#8217;s allegations about Hurricane Milton &#8220;un-American.&#8221; FEMA has also launched a &#8220;rumor response&#8221; site to counter false claims related to disaster aid.
Trump previously took credit for the deployment of Elon Musk-led Starlink satellites to aid communication restoration in affected areas.
However, FEMA contradicted this statement, stating that the <a href="https://www.benzinga.com/news/24/10/41110218/trump-says-he-spoke-with-elon-musk-for-starlink-deployment-to-aid-hurricane-helene-affected-areas-bu">decision was already in place before Trump's</a> involvement.
Following this, Trump and other Republicans accused the <a href="https://www.benzinga.com/news/24/10/41195085/white-house-counters-gop-accusations-of-fema-funds-misuse-denies-disaster-relief-funding-was-used-fo">White House of misusing FEMA funds</a> for migrant housing, but the White House refuted this saying, &#8220;No disaster relief funding at all was used to support migrants housing and services. None. At. All.&#8221;
Meanwhile, the situation has worsened with Hurricane Milton, which left a trail of destruction in its wake. At least 16 people have lost their lives due to the storm, <a href="https://www.tampabay.com/hurricane/2024/10/10/miltons-wake-tampa-bay-picks-up-pieces-again/">according</a> to the Tampa Bay Times, and with recovery efforts still underway, that number could increase.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Flickr

North Carolina Governor Slams Trump's 'Flat Out Lie' About Disaster Aid: 'Lies And Conspiracy Theories Have Hurt The Morale Of First Responders'

PIXY

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Ameriprise Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>) has outperformed the market over the past 15 years by 7.37% on an annualized basis producing an average annual return of 19.1%. Currently, Ameriprise Finl has a market capitalization of $49.45 billion. 
Buying $1000 In AMP: If an investor had bought $1000 of AMP stock 15 years ago, it would be worth $13,919.67 today based on a price of $502.50 for AMP at the time of writing.
<h3>Ameriprise Finl's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728682223_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.

Trading Ideas

Here's How Much You Would Have Made Owning Ameriprise Finl Stock In The Last 15 Years

Pure Storage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) has outperformed the market over the past 5 years by 10.53% on an annualized basis producing an average annual return of 24.69%. Currently, Pure Storage has a market capitalization of $17.43 billion. 
Buying $100 In PSTG: If an investor had bought $100 of PSTG stock 5 years ago, it would be worth $305.05 today based on a price of $53.20 for PSTG at the time of writing.
<h3>Pure Storage's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728682218_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.

PSTG

$100 Invested In This Stock 5 Years Ago Would Be Worth $300 Today

ZPTAW

Trading Halt: Halt status updated at 5:30:00 PM ET: Quotation Resumption: News and Resumption Times

ZPTA

Trading Halt: Halt status updated at 5:25:00 PM ET: Quotation Resumption: News and Resumption Times

JP Morgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) and Wells Fargo &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) ended the week by reporting their quarterly results, kicking off the third quarter earnings season.&nbsp;Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) is due to report its latest financial results on Tuesday, with The Goldman Sachs Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>), Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) and Morgan Stanley(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>)&nbsp;due to also report next week.
<h3>JP Morgan Reported A&nbsp;Better-Than-Expected Interest Income&nbsp;</h3>
During the quarter ended in September, JP Morgan reported&nbsp;revenues rose 6% YoY to $43.3 billion, surpassing LSEG&rsquo;s consensus estimate of&nbsp;$41.63 billion. Results were fueled by investment banking fees that grew 31% as they brought in $2.27 billion.
On the other hand, JP Morgan reported that&nbsp;net income fell 2%&nbsp;to $12.9 billion, but earnings per share rose to $4.37, up from $4.33 as there were fewer outstanding shares in the latest quarter, surpassing FactSet&rsquo;s consensus estimate of $3.99 a share.
However,&nbsp;net interest income grew 3% to $23.5 billion, surpassing both StreetAccount&rsquo;s estimate of $22.73 billion and&nbsp;FactSet&rsquo;s estimate of $22.9 billion. Consequently, JP Morgan raised its full year guidance for net interest income up from $91 billion to about&nbsp;$92.5 billion.&nbsp;
JP Morgan has et aside more money to cover credit losses, more precisely $3.1 billion, compared ot last year&rsquo;s comparable quarter when it had only set aside $1.4 billion.
During the earnings call, CFO&nbsp;Jeremy Barnum&nbsp;described the consumer is doing fine&nbsp;and is on a solid footing.&nbsp;But CEO Jamie Dimon spoke of continuously monitoring geopolitical tensions that he described as &ldquo;treacherous and getting worse.&rdquo;&nbsp;In a statement where he referred to the unspeakable human suffering, with the outcome of conflicts possibly having far-reaching effects on both short-term economic outcomes and more importantly, the course of history.&nbsp;Dimon is one of the rare CEOs who goes beyond the scope of banking to view the bigger picture of the world, often giving solicited or unsolicited advice to global leaders.
All in all, the biggest American bank continues to thrive&nbsp;in a rising rate environment.
Wells Fargo continues to evolve and generate more income through fees.&nbsp;
Wells Fargo reported third-quarter revenue dropped to $20.37&nbsp;billion, reporting a profit of $1.42 per share as net income fell to&nbsp;$5.11 billion. Net interest income also fell 11% to&nbsp;$11.69 billion, but&nbsp;the decline was offset by higher fee income.
However, the bigger picture here is that the once the country&rsquo;s #1 home mortgage lender has evolved in recent years.
Earlier this year, the Biden administration lifted a consent order that was in place since 2016&nbsp;&nbsp;following a series of scandals that included fake customer accounts.&nbsp;Last month, Wells Fargo even agreed to work with U.S. bank regulators to improve its financial crimes risk management controls that detect suspicious activity and money laundering.&nbsp;The bottom line is that despite the YoY decline of both profit and revenue, they fell less than analysts had expected.&nbsp;
By reporting better than feared results, both Wells Fargo and JP Morgan have shown that the U.S. consumers proved to be more resilient than expected, suggesting that a soft landing is more likely than a recession.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
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.

General

JP Morgan And Wells Fargo Report Better Than Expected Q3 Results That Reflect Resilient U.S. Consumers

STOCK CLIMBS 1.5% AT HIGH POINT
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="818" height="795" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/11200904/Screen-Shot-2024-10-11-at-4.12.03-PM.png" alt="" class="wp-image-2234" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/11200904/Screen-Shot-2024-10-11-at-4.12.03-PM.png 818w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/11200904/Screen-Shot-2024-10-11-at-4.12.03-PM-300x292.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/11200904/Screen-Shot-2024-10-11-at-4.12.03-PM-768x746.png 768w" sizes="(max-width: 818px) 100vw, 818px" /></figure>
MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) today experienced a Power Inflow, a significant event for those who follow where smart money goes and value order flow analytics in their trading decisions. 
Today, at 10:37 AM on OCTOBER 11th, a significant trading signal occurred for MercadoLibre, Inc. as it demonstrated a Power Inflow at a price of $2074.55. This indicator is crucial for traders who want to know directionally where institutions and so-called "smart money" moves in the market. They see the value of utilizing order flow analytics to guide their trading decisions. The Power Inflow points to a possible uptrend in MercadoLibre&#8217;s stock, marking a potential entry point for traders looking to capitalize on the expected upward movement. Traders with this signal closely watch for sustained momentum in Mercado Libre&#8217;s stock price, interpreting this event as a bullish sign.
Signal description
Order flow analytics, aka transaction or market flow analysis, separate and study both the retail and institutional volume rate of orders (flow). It involves analyzing the flow of buy and sell orders, along with size, timing, and other associated characteristics and patterns, to gain insights and make more informed trading decisions. This particular indicator is interpreted as a bullish signal by active traders.&nbsp;
The Power Inflow occurs within the first two hours of the market open. Generally, it signals the trend that helps gauge the stock&#8217;s overall direction, powered by institutional activity in the stock, for the remainder of the day.&nbsp;
By incorporating order flow analytics into their trading strategies, market participants can better interpret market conditions, identify trading opportunities, and potentially improve their trading performance. But let's not forget that while watching smart money flow can provide valuable insights, it is crucial to incorporate effective risk management strategies to protect capital and mitigate potential losses. Employing a consistent and effective risk management plan helps traders navigate the uncertainties of the market in a more controlled and calculated manner, increasing the likelihood of long-term success
If you want to stay updated on the latest options trades for MELI, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.&nbsp;
<a href="https://benzinga.com/apis?_gl=1&#x2A;1hlgn5i&#x2A;_ga&#x2A;MTY1NjE2NTYxMi4xNzE0NzQ4MTAy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDc0ODEwMi4xLjEuMTcxNDc0ODQyOC4wLjAuMA..">Market News and Data brought to you by Benzinga APIs</a> and include firms, like <a href="https://finitusa.com/en/">Finit USA</a>, responsible for parts of the data within this article. 
&#xA9; 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After Market Close UPDATE:
The price at the time of the Power Inflow was $2074.55. The returns on the High price ($2105.33) and Close price ($2091.28) after the Power Inflow are respectively 1.5% and 0.8%. The result underlines the importance of a trading plan that includes Profit Targets and Stop Losses that reflect your risk appetite.

Signals

MELI

Tradepulse Power Inflow Alert: Mercadolibre Inc. Rises Over 30 Points After Signal

Edgewell Personal Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPC#NYSE">EPC</a>) underwent analysis by 4 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.
<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;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</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;">0</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>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</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>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</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>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Edgewell Personal Care, presenting an average target of $39.5, a high estimate of $41.00, and a low estimate of $37.00. A decline of 3.07% from the prior average price target is evident in the current average. 
<img src="https://www.benzinga.com/files/images/story/2024/1728680505_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The perception of Edgewell Personal Care by financial experts is analyzed through recent analyst actions. The following summary presents 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>Lauren Lieberman</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$37.00</td>
<td>$40.00</td>
</tr>
<tr>
<td>Lauren Lieberman</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$40.00</td>
<td>$41.00</td>
</tr>
<tr>
<td>Peter Grom</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$40.00</td>
<td>$42.00</td>
</tr>
<tr>
<td>Lauren Lieberman</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$41.00</td>
<td>$40.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Edgewell Personal Care. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Edgewell Personal Care compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Edgewell Personal Care's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Edgewell Personal Care's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/EPC/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Edgewell Personal Care analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>All You Need to Know About Edgewell Personal Care</h2>
Edgewell Personal Care Co is a personal-care company. The operating segments of the company include Wet Shave, Sun and Skin Care and Feminine Care. Some of the brands offered by the company include Edge, Skintimate, Personna, Schick, Carefree, Playtex, Banana Boat and Hawaiian Tropic. It derives a majority of its revenue from the United States.
<h3>Edgewell Personal Care's Economic Impact: An Analysis</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Challenges: Edgewell Personal Care's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately -0.34%. This indicates a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Consumer Staples sector.
Net Margin: Edgewell Personal Care's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 7.56% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Edgewell Personal Care's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 3.13% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Edgewell Personal Care's ROA stands out, surpassing industry averages. With an impressive ROA of 1.31%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.83.
<h2>Analyst Ratings: What Are They?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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