 (OTC:LNDMS) Stock, Quote.Headers.trade-ideas

News

Guidance

Albany Updates Full Year Outlook Largely To Reflect Revised Revenue And Profitability Expectations For Aerospace Business Within Its Engineered Composites Segment

SBUX

Starbucks Expands Its Collaborative Coffee Innovation Network; Adds Two New Coffee Innovation Farms Located In Guatemala And Costa Rica With Future Farm Investments In Africa And Asia

Amid China&#8217;s recent economic stimulus efforts, Citi has identified three U.S.-listed Chinese stocks as potential winners. The measures, introduced last month, aim to rejuvenate the economy and enhance market and consumer confidence.
What Happened: Citi has pinpointed three Chinese stocks listed in the U.S. as potential beneficiaries of China&#8217;s recent economic stimulus measures, CNBC <a href="https://www.cnbc.com/2024/10/03/citi-names-3-us-traded-stocks-set-to-benefit-chinas-stimulus-program.html">reported</a> on Thursday. Last month, China rolled out several policies aimed at revitalizing its economy and boosting market and consumer confidence.
These efforts have already led to significant gains in Chinese internet stocks, with the KraneShares China Internet ETF rising by 45%. Despite these gains, Citi analysts, led by Alicia Yap, believe the market has not fully accounted for the potential improvements in macroeconomic conditions and earnings growth.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41134194/odds-of-tim-walz-winning-the-vp-debate-drop-on-polymarket-as-bettors-favor-jd-vance-harris?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Odds Of Tim Walz Winning The VP Debate Drop On Polymarket As Bettors Favor JD Vance — Harris Maintains Lead Over Trump</a>
The Wall Street bank highlighted Tencent (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Trip.com Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) and Meituan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MPNGY#OTC">MPNGY</a>) as top picks to benefit from the stimulus. Tencent, with its diverse business portfolio, stands to gain from increased consumer spending and online activity. Trip.com Group is expected to benefit from a resurgence in China&#8217;s travel industry, while Meituan could see growth in consumer spending on food delivery and local services.
Why It Matters: The recent stimulus measures in China have sparked optimism in the markets. Chinese stocks experienced a rebound following the <a href="https://www.benzinga.com/news/24/09/41097864/china-stocks-jump-as-stimulus-optimism-mounts-whats-going-on">announcement of policies</a> allowing homeowners to refinance mortgages. This move is part of a broader strategy to support the struggling economy.
Despite the positive short-term impact, there are concerns about the long-term effectiveness of these measures. Experts hold skepticism about the ability of these stimulus programs to address <a href="https://www.benzinga.com/opinion/24/10/41148148/why-chasing-the-china-rally-could-cost-you-everything">China&#8217;s structural economic issues</a>, particularly in the real estate sector. Nevertheless, the immediate liquidity injections have provided a boost to the markets, with the CSI 300 index rallying by nearly 16% last week.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40972893/trumps-mars-landing-promise-gets-slammed-by-peter-schiff-even-as-elon-musk-says-spacex-plans-5-launc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Mars Landing Promise Gets Slammed By Peter Schiff Even As Elon Musk Says SpaceX Plans 5 Launches</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Equities

Markets

General

MPNGY

TCEHY

TCOM

These US-Listed Chinese Stocks Set To Surge Amid Beijing's New Stimulus Plan: Citi

HC Wainwright &amp; Co. analyst Heiko Ihle maintains Atlas Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATLX#NASDAQ">ATLX</a>) with a Buy and lowers the price target from $41 to $19.

Price Target

Analyst Ratings

ATLX

HC Wainwright & Co. Maintains Buy on Atlas Lithium, Lowers Price Target to $19

Donald Trump&#8217;s niece Mary Trump, a psychologist and author, on Wednesday, weighed in on the <a href="https://www.benzinga.com/news/24/10/41136119/vance-vs-walz-flash-poll-picks-this-candidate-as-tuesdays-debate-winner-but-he-falls-short-in-favora">vice presidential debate that was held this week.</a>
Expectations Vs. Performance: Looking from the perspective of how a debate should be in normal times, Tuesday&#8217;s debate was normal, with no fireworks, and no rants and raves, and participants were generally civil, said Mary Trump in a substack post. On the other hand, if someone viewed the debate through the lens of what is at stake in this election, the evening did not pan out as thought, she added.
The psychologist said everything is stacked against the Democrats, including the corporate media. &#8220;It is in large part because of that normalization that Donald Trump is able to run for the presidency again,&#8221; she said. The second reason is the electoral college, she said, adding that Democrats have to run three to five points ahead nationally in order to win. 
According to polling analytics website FiveThirtyEight, which compiles data from several nationwide polls, Vice President Kamala Harris is now ahead of her rival and Republican nominee Donald Trump by merely 2.8 points, with the tally at 48.6%:45.8%.
Merely winning may not be enough, given the Republican-leaning Supreme Court, Mary Trump said. Tim Walz did appeal to swing voters but on balance, &#8220;he won—not on style, perhaps, but on substance,&#8221; she said.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41149545/trump-harris-vance-and-walz-agree-on-this-end-cannabis-criminalization-in-florida">Trump, Harris, Vance And Walz Agree On This: End Cannabis Criminalization In Florida</a>
Ceding Ground? It was only when the moderators finally got around to asking about the Jan. 6 Capitol riots, that Walz showed up, Mary Trump said. &#8220;Not only was his answer pitch perfect, but his exchange with Vance revealed that Donald's running is an anti-American, election-denying traitor,&#8221; she added.
Walz accomplished much of what he set out to accomplish and did something else that will reverberate outside of the confines of the debate and this election, the psychologist said.
Since Walz knew the debate wasn&#8217;t going to be fact-checked and that Sen. J.D. Vance (R-Ohio) is an &#8220;inveterate liar, a despicable racist, and a misogynist,&#8221; the concessions he made to his opponent was shocking, said Mary Trump. The former president&#8217;s niece was referring to<a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration"> Walz saying to Vance &#8216;I agree with you,&#8217; &#8216;I can meet you halfway,&#8217; and &#8216;You have a point.&#8217;</a>
She noted that Vance&#8217;s favorability rating rose from 30% before the debate to 41% following the debate.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image via Flickr

Politics

Media

Trump's Niece Calls Concessions Tim Walz Made to His Opponent During Tuesday's Debate Shocking: 'Won - Not On Style..But On Substance'

JMP Securities analyst David Turkaly initiates coverage on Enovis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENOV#NYSE">ENOV</a>) with a Market Outperform rating and announces Price Target of $62.

Initiation

ENOV

JMP Securities Initiates Coverage On Enovis with Market Outperform Rating, Announces Price Target of $62

Needham analyst Serge Belanger downgrades Verrica Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRCA#NASDAQ">VRCA</a>) from Buy to Hold and maintains $12 price target.

Downgrades

VRCA

Needham Downgrades Verrica Pharmaceuticals to Hold, Maintains $12 Price Target

Biotech

Large Cap

Health Care

The FDA Has Accepted And Granted Priority Review AstraZeneca's Supplemental New Drug Application For Calquence (Acalabrutinib) For Previously Untreated Mantle Cell Lymphoma, The FDA Action Date Is Anticipated During Q1 Of 2025

Shares of Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) fell sharply in today's pre-market trading <a href="https://www.benzinga.com/news/earnings/24/10/41151280/levi-strauss-co-stock-falls-after-mixed-q3-results-eps-beat-revenues-miss">following third-quarter results</a>.
Levi Strauss posted better-than-expected earnings for its third quarter, while sales missed estimates. The company said it sees fiscal year 2024 adjusted earnings at a mid-point of between $1.17 and $1.27 per share, versus the $1.25 estimate.
Levi Strauss shares dipped 10.6% to $18.80 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Conduit Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDT#NASDAQ">CDT</a>) shares rose 47.3% to $0.1399 in pre-market trading after dipping around 10% on Wednesday.</li>
<li>MicroAlgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) rose 42% to $0.4399 in pre-market trading after gaining 22% on Wednesday.</li>
<li>Wheeler Real Estate Investment Trust, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WHLR#NASDAQ">WHLR</a>) gained 30.4% to $17.46 in pre-market trading after jumping around 99% on Wednesday.</li>
<li>Mynaric AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYNA#NASDAQ">MYNA</a>) shares rose 11.2% to $1.49 in pre-market trading. Mynaric secured $5.5 million bridge loan and receipt of $5.5 million manufacturing readiness milestone payment to meet immediate working capital needs.</li>
<li>AMTD Digital Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HKD#NYSE">HKD</a>) rose 10% to $4.30 in pre-market trading after surging 22% on Wednesday.</li>
<li>Flux Power Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLUX#NASDAQ">FLUX</a>) gained 8.8% to $3.20 in pre-market trading.</li>
<li>AirNet Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANTX#NASDAQ">ANTX</a>) shares gained 7.9% to $0.4056 in pre-market trading after surging 17% on Wednesday.</li>
<li>Graphex Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRFX#NYSE">GRFX</a>) shares surged 7.8% to $0.2297 in pre-market trading after jumping around 20% on Wednesday.</li>
<li>VCI Global Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCIG#NASDAQ">VCIG</a>) shares jumped 7.7% to $0.1418 in pre-market trading after dipping around 18% on Wednesday. VCI Global recently secured new investment commitment of $30 million from Alumni Capital.</li>
<li>ENDRA Life Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDRA#NASDAQ">NDRA</a>) shares gained 6.2% to $0.2148 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>EON Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EONR#NYSE">EONR</a>) shares dipped 17.7% to $1.35 in pre-market trading after falling 8% on Wednesday.</li>
<li>Soligenix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNGX#NASDAQ">SNGX</a>) fell 17.7% to $4.00 in today's pre-market trading. Soligenix shares jumped around 28% on Wednesday following a report suggesting that police cordoned off two tracks at a Germany train station due to fears that a traveler was infected by the Marburg virus. The company, in April 2024, announced that the FDA granted it an orphan drug designation for the active ingredient in MarVax.</li>
<li>Fangdd Network Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUO#NASDAQ">DUO</a>) fell 17.8% to $3.60 in pre-market trading after jumping 29% on Wednesday.</li>
<li>MicroCloud Hologram Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLO#NASDAQ">HOLO</a>) shares fell 17.7% to $0.2830 in pre-market trading after declining 12% on Wednesday. MicroCloud Hologram announced results of its 2024 annual general meeting of the shareholders.</li>
<li>Kaixin Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KXIN#NASDAQ">KXIN</a>) fell 17.4% to $0.2821 in pre-market trading after jumping 172% on Wednesday.</li>
<li>MMTec, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTC#NASDAQ">MTC</a>) declined 14.6% to $0.6550 in pre-market trading after jumping around 64% on Wednesday.</li>
<li>ZW Data Action Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNET#NASDAQ">CNET</a>) shares declined 14.3% to $2.33 in pre-market trading after dipping around 18% on Wednesday.</li>
<li>Youdao, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAO#NYSE">DAO</a>) shares fell 9.2% to $5.40 in pre-market trading after jumping around 38% on Wednesday.</li>
<li>CNFinance Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNF#NASDAQ">CNF</a>) shares fell 9% to $2.25 in pre-market trading after jumping around 27% on Wednesday.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41156151/wall-streets-most-accurate-analysts-give-their-take-on-3-consumer-stocks-delivering-high-dividend-yi">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Consumer Stocks Delivering High-Dividend Yields</a></li>
</ul>

Pre-Market Outlook

Movers

Trading Ideas

ANTX

CNET

EONR

FLUX

GRFX

MicroCloud Hologram Inc. - Ordinary Shares

HOLO

KXIN

LEVI

MLGO

MYNA

NDRA

SNGX

VCIG

WHLR

Why Levi Strauss Shares Are Trading Lower By Over 10%; Here Are 20 Stocks Moving Premarket

CareTrust REIT, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRE#NYSE">CTRE</a>) announced today that it has acquired a 4-facility, 396-bed/unit skilled nursing portfolio located in the Mid-Atlantic for a total investment amount of approximately $74.7 million (inclusive of transaction costs). One of the four facilities acquired is a skilled nursing and assisted living campus, which includes 47 assisted living units.
In connection with the acquisition, the company entered into a triple-net master lease with a new operator relationship for the company. The operator is an experienced skilled nursing operator who has operated facilities across multiple states. The new master lease has an initial term of 15 years with two, 5-year extension options and provides for a year 1 contractual lease yield of 9.3% (inclusive of transaction costs) with annual CPI-based escalators. To facilitate certain local constraints, the acquisition of one of the facilities was structured as a mortgage loan extended by CareTrust to the operator, with the mortgage loan having substantially the same economics, maturity, and other terms as the master lease.
James Callister, CareTrust's Chief Investment Officer, said, "Today, we are thrilled to announce the acquisition of additional facilities in the Mid-Atlantic region and to begin a new relationship with an operator we are very excited about." Mr. Callister went on to state that, "Our year-to-date investments now total over $900 million and we continue to actively seek and look to execute upon additional acquisition opportunities."
The investment was funded using cash on hand. In September 2024, the company raised $309.9 million at an average price of $30.38 per share under its new $750 million ATM program bringing its outstanding share count to 171.5 million shares. Also in September 2024, the company paid off its $200 million term loan. The company is currently in the process of amending and extending its existing credit facility. As of today, the company currently has approximately $280 million of cash on hand.
CareTrust also reported that subsequent to the closing of this acquisition, the reloaded investment pipeline sits at $240 million of near-term, actionable opportunities, not including larger portfolios the company is reviewing. Dave Sedgwick, CareTrust's Chief Executive Officer, stated that "Today's announcement not only represents a quadrupling of our average annual rate of investments; but it also represents an acceleration of our mission to facilitate growth for strong skilled nursing and seniors housing operators where they are needed." Mr. Sedgwick continued, "As we head into the final quarter of 2024, given the progress made throughout the organization, the company has never been better positioned to grow than now."

CTRE

CareTrust REIT Expands Mid-Atlantic Portfolio with $74.7M Skilled Nursing Acquisition, Strengthens Operator Ties

Editor&#8217;s Note: This story has been updated with a clarification from Ark Invest&#8217;s Cathie Wood.
Tesla and SpaceX CEO&nbsp;Elon Musk has accused OpenAI of unfair funding practices after a report suggested that the <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">AI startup</a> has been discouraging investors from backing rival startups, including xAI.
What Happened: On Wednesday, OpenAI announced that&nbsp;it had <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">completed its latest&nbsp;fundraising</a> at a staggering $150 billion valuation.
During the negotiations, OpenAI insisted on an exclusive funding arrangement, <a href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a">reported</a> the Financial Times, citing three people with knowledge of the matter.
This indicates that ChatGPT-maker doesn&#8217;t want investors to support rival startups&nbsp;such as Anthropic and Musk&#8217;s xAI. Naturally, this move has intensified&nbsp;existing tensions with Musk, who is currently suing OpenAI.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41084112/mark-zuckerberg-says-orion-is-probably-going-to-be-the-next-major-platform-after-phones-metas-new-ar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Says, Orion &#8216;Is Probably Going To Be The Next Major Platform After Phones&#8217; — Meta&#8217;s New AR Wearables Real-Life Tony Stark Glasses In The Making?</a>
When the news reached Musk on X, formerly Twitter, the Tesla CEO, who co-founded&nbsp;OpenAI in 2015 but stepped&nbsp;down three years later, said, &#8220;OpenAI is evil.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">OpenAI is evil
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1841531329575268457?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Following the publication of the FT report, Cathie Wood, the CEO of ARK Invest, <a href="https://x.com/CathieDWood/status/1841580153496838382">said</a> that this report is &#8220;not true, at least not in @ArkInvest&#8217;s case.&#8221;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: OpenAI&#8217;s demand for exclusivity is unusual, as venture capital firms typically diversify their investments across various companies in a sector.
Thrive, a venture capital firm&nbsp;founded by Joshua Kushner, led the funding round, committing $750 million from its own funds and approximately $550 million from its partners.
Other firms,&nbsp;including early OpenAI backer Khosla&nbsp;Ventures, Tiger Global, Altimeter&nbsp;Capital, and the California Public Employees&#8217; Retirement System, have also <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">invested in the company</a>.
Notably, Wood's Ark Venture Fund and SoftBank Group Corporation have also invested in <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI&#8217;s latest funding</a> round.
Other possible participants speculated to be involved include major tech firms like Microsoft Corporation, which has already poured around $13 billion into the AI company over the past five years, as well as Nvidia Corporation.
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:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41141844/after-googles-2-7b-acquisition-of-founders-and-staff-this-ai-startup-abandons-large-language-model-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Google&#8217;s $2.7B Acquisition Of Founders And Staff, This AI Startup Abandons Large Language Model Plans And Shifts Focus Away From Chatbots</a></li>
</ul>
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.

Tech

Elon Musk Says 'OpenAI Is Evil' After ChatGPT-Parent Reportedly Asked Investors Not To Invest In Rivals, Including xAI: Ark's Cathie Wood Says It's 'Not True' (Updated)

Global banking network SWIFT is set to trial live transactions involving <a href="https://www.benzinga.com/topic/digital-currencies">digital currencies</a> and tokenized assets next year, marking a significant advancement in integrating these assets into the mainstream financial system.
What Happened: SWIFT&#8217;s initiative aims to streamline trading by using blockchain-based tokens to represent traditional assets like bonds. This move is expected to make trading faster, more cost-effective, and more efficient. Despite ongoing efforts, tokenized assets have not yet achieved widespread market adoption, Reuters reported.
Currently, around 90% of the world&#8217;s central banks are experimenting with central bank digital currencies (CBDCs), which are digital versions of fiat money, to facilitate the trading of tokenized assets. SWIFT has been actively involved in trials of both CBDCs and tokenized assets. 
Monetary authorities are working to keep pace with the technological advancements that have facilitated the rise of cryptocurrencies such as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
In March, SWIFT announced plans to launch a new platform to connect developing CBDCs with the existing financial system. Nick Kerigan, SWIFT&#8217;s head of innovation, emphasized the industry&#8217;s demand to transition from trials to real transactions with digital assets.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41097318/meme-coin-supercycle-means-13-out-of-top-20-outperforming-tokens-are-memes-will-shiba-doge?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Meme Coin Supercycle&#8217; Means 13 Out Of Top 20 Outperforming Tokens Are Memes: Will Shiba, Dogecoin Be First To Reach $100B?</a>
Why It Matters: The move by SWIFT to initiate live digital currency transactions is a pivotal step in the evolution of the global financial system. 
Earlier this year, SWIFT revealed plans to launch a platform that would connect emerging CBDCs with the current financial infrastructure, expected to be a game-changer for the CBDC ecosystem. This development aligns with the broader trend of central banks exploring CBDCs, with <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35804095/central-banks-are-exploring-cbdcs-but-dont-expect-a-digital-dollar-anytime-soon">central banks representing two-thirds of the world&#8217;s nations</a> currently involved in such explorations.
However, the introduction of CBDCs has not been without controversy. Some critics, like Mark Jeffrey, have voiced concerns about CBDCs being a potential &#8220;ultimate totalitarian tool,&#8221; calling for <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37940419/swifts-cbdc-plans-are-the-ultimate-totalitarian-tool-investor-says">resistance against their implementation</a>. 
Despite these concerns, the Russian Central Bank has announced plans for widespread digital ruble use by 2025, further indicating the global <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40837533/put-in-the-cbdc-russian-central-bank-targets-july-2025-for-widespread-digital-ruble-use">shift towards digital currencies</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41107455/walz-vs-vance-vp-debate-betting-odds-what-candidate-is-favored-plus-how-to-watch-likely-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Walz Vs. Vance VP Debate Betting Odds, What Candidate Is Favored? Plus, How To Watch, Likely Topics And More</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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

Cryptocurrency

$BTC

SWIFT Targets 2025 To Test Digital Currency Trades As Central Authorities Look To Keep Pace With Bitcoin's Efficiency

Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) will release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/STZ/earnings">opening bell on Thursday, Oct. 3.</a>
Analysts expect the Victor, New York-based company to report quarterly earnings at $4.08 per share, up from $3.70 per share in the year-ago period. Constellation projects to report revenue of $2.9 billion for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 3, Constellation Brands revised its FY25 comparable EPS forecast to $13.60 – $13.80, compared to the previous forecast of $13.50 – $13.80. This is compared to the $13.70 estimate.
Constellation shares fell 0.8% to close at $255.67 on Wednesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Lauren Lieberman maintained an Overweight rating and raised the price target from $295 to $309 on Sept. 24. This analyst has an accuracy rate of 67%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/589dc34043eaaa000122c5a2/nik-modi">RBC Capital analyst Nik Modi</a> reiterated an Outperform rating with a price target of $308 on Sept. 17. This analyst has an accuracy rate of 62%.</li>
<li>JP Morgan analyst Andrea Teixeira maintained an Overweight rating and cut the price target from $320 to $307 on Sept. 3. This analyst has an accuracy rate of 63%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5804bb14846faa000106aa5f/dara-mohsenian">Morgan Stanley analyst Dara Mohsenian</a> maintained an Overweight rating and cut the price target from $305 to $280 on Aug. 26. This analyst has an accuracy rate of 75%.</li>
<li>BMO Capital analyst Andrew Strelzik maintained an Outperform rating with a price target of $315 on July 5. This analyst has an accuracy rate of 69%.</li>
</ul>
Considering buying STZ stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="502" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/03032109/image-2-4-1024x502.png" alt="" class="wp-image-578007" style="width:655px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/03032109/image-2-4-1024x502.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/03032109/image-2-4-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/03032109/image-2-4-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/03032109/image-2-4.png 1358w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Earnings

Constellation Brands Gears Up For Q2 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Macro Economic Events

Econ #s

Economics

U.K. Services Purchasing Managers Index For September 52.4 Vs. 52.8 Est.; 53.7 Prior

U.K. Composite Purchasing Managers' Index For September 52.6 Vs. 52.9 Est.; 53.8 Prior

Legendary investor Warren Buffett-led Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) has further reduced its stake in Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), <a href="https://www.benzinga.com/markets/equities/24/09/41017420/warren-buffett-moves-berkshire-hathaway-reduces-bank-of-america-holdings-by-863m">selling shares worth $338 million</a>, as per a recent U.S. Securities and Exchange Commission filing.
What Happened: This marks the 13th round of sales since mid-July, with shares sold at an average price of $39.40, one of the lowest prices received since the selling began. 
Despite these sales, Berkshire Hathaway remains the largest shareholder, holding 10.2% of the bank&#8217;s stock, valued at over $31 billion.
The pace of Berkshire&#8217;s sales has slowed, with recent transactions averaging $338 million, compared to previous rounds of about $750 million. The reasons for the sales remain undisclosed.
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Why It Matters: Bank of America CEO Brian Moynihan has praised Buffett as an investor but admitted <a href="https://www.benzinga.com/news/24/09/40805571/bank-of-america-ceo-on-buffetts-share-retreat-i-dont-know-what-exactly-he-is-doing-we-cant-ask">uncertainty about the reasons behind the share reduction</a>, stating, &#8220;I don't know what exactly he is doing because frankly we can't ask.&#8221; 
Buffett&#8217;s recent actions have raised eyebrows, given his reputation for a long-term, <a href="https://www.benzinga.com/startups/24/09/40922382/oracle-of-omaha-sends-a-warning-buffetts-aggressive-bank-of-america-stock-sales-raise-eyebrows">patient investment approach</a>. His decision to sell a significant portion of one of his favorite stocks, Bank of America, has sparked speculation about potential strategic shifts or market concerns.
Price Action: Bank of America Corp&#8217;s stock closed at $39.23 on Wednesday, up 0.025% for the day. Year to date, the stock has surged 15.72%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Warren Buffett-Led Berkshire Hathaway Pares Bank Of America Stake By $338M, Marking 13th Round Of Sales Amid Growing Speculation On Strategic Shifts

The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41122944/east-coast-dockworkers-strike-how-labor-dispute-impacts-economy-logistics-companies">dockworkers&#8217; strike</a> has entered its third day leaving long lines of container ships queued up outside major U.S. ports, and a speedy resolution looks unlikely, as no negotiations have been scheduled between the Longshoremen&#8217;s Association&nbsp;and employers. 
Against the backdrop, analysts at Morgan Stanley weighed in on how the strike would impact the economy and markets.
Why Short-lived Strike Won&#8217;t Hurt Economy: If the strike continues for a long period, it could hurt economic growth and boost inflation, said economist Diego Anzoategui. Notwithstanding the pause in shipping service and elevated shipping rates, transportation implications will be limited unless there is a prolonged work stoppage, he said. 
The expectations are based on the assumption that some retailers may have already pulled forward ordering ahead of the peak season, and the truck market, along with other ports, should be able to absorb spillover volumes in the short term, he added.
The economist, however, warned that the economic impact could be meaningful if the strike extends over time. The East Coast and Gulf ports handle about 30% of good imports and exports, he said.
How Impact Seeps Down? Anzoategui said that the economic shock could seep sown through two channels, namely local production disruption and a reduction in exports. The strike could cripple local production due to intermediate or capital goods supply disruptions, he said. Base metals, machinery, plastics and rubber are among the top 10 commodities imported by water and the share of the East Coast and Gulf for the import of these commodities is above 60%, he added.
The economist also flagged a hit to exports as the East Coast and Gulf ports channel account for 84% of exports by water. Exports of energy, chemicals, plastics, autos, and machinery producers might be affected by the strike, he said.
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Which Items Get Biggest Hit? Auto, furniture, apparel and electronics are the top final goods imported into the East and Gulf ports, according to Anzoategui. These items account for 13% of the core price consumption expenditure index, he said. Although food is not among the top 10 import items in terms of value for the ports under strike, about 50% of food imports to the U.S. come by ports and therefore food prices could also climb, he added.
Food and beverages have typically lower inventory-to-sales ratios and therefore these could see first price increases, the economist said. Apparels, having the highest inventory levels, and autos, electronics and furniture, typically having above average inventory-to-sales ratio, would be better positioned, he said.
Impact On Jobs: If the strike lasts for a week, the measurement of non-farm payrolls will be impacted, Anzoategui said. That said, the economist expects the Federal Reserve to look through short-run fluctuations caused by strikes. Also, if the strike is short-lived, any drag on October&#8217;s non-farm payrolls print would likely be followed by payback in November, he added.
Anzoategui does not expect the strike to impact weekly initial jobless claims data unless workers are let go due to the strike. Strikers are considered employed in the household survey and are not eligible to receive unemployment benefits if they are not fired, he added.
Optimistic Of Resolution: Similar events in the recent past haven&#8217;t been prolonged as there are economic incentives for the involved parties to seek resolution, said Anzoategui. He noted that the 2022 west coast port strike was resolved via a negotiating deadline extension.
The government also has authorities under the 1947 Taft-Hartley Art to force a resolution, he added.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the S&amp;P 500 Index, ended Wednesday&#8217;s session up 0.04% at $568.86, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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Photo: Wayne Via/Shutterstock.com

Retail Sales

Port Strike Enters Day 3: Economist Warns Of 'Meaningful' Impact If Standoff Prolongs, Food & Beverages Likely First To Feel The Pinch

Customers of Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) faced a significant disruption on Wednesday as they struggled to access their accounts, with many seeing zero balances. The bank has since addressed the issue, stating it has been largely resolved.
What Happened: The outage began around 12:45 p.m. ET, as reported by Downdetector, a service that monitors online disruptions. Numerous customers expressed their frustration over being unable to view their account balances, with some accounts appearing to have no funds, CNN<a href="https://edition.cnn.com/2024/10/02/business/bank-of-america-outage/index.html"> reported</a> on Wednesday.
Bank of America acknowledged the issue, stating, "some clients are experiencing an issue accessing their accounts and balance information today." The bank assured that efforts are underway to resolve the problems and apologized for any inconvenience caused.
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Despite these assurances, the cause of the outage remains unknown, and it is unclear when all systems will be fully operational. Several CNN employees with accounts at the bank confirmed their inability to access online services during the afternoon.
One customer on Downdetector reported, "Five accounts show zero balance, over 20K." Another mentioned being unable to log in while their spouse could, though her accounts displayed no balance.
Why It Matters: The outage comes at a time when Bank of America is aggressively expanding its <a href="https://www.benzinga.com/markets/equities/24/09/40983831/bank-of-america-ramps-up-expansion-over-165-new-financial-centers-set-to-open-across-63-us-marke">retail banking presence.</a> The bank recently announced plans to open over 165 new financial centers across 63 U.S. markets by 2026, including nearly 40 centers this year. This expansion follows the opening of more than 100 centers in the last two years. 
Such outages are not uncommon in the banking sector. Earlier this year, thousands of HSBC Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) <a href="https://www.benzinga.com/markets/equities/24/06/39546960/thousands-of-hsbc-britain-customers-left-stranded-by-online-banking-outage-report">customers in Britain</a> faced similar issues. Additionally, a widespread <a href="https://in.benzinga.com/content/39857887/microsoft-service-outage-brings-airlines-banks-to-standstill-in-india">Microsoft service outage</a> in July affected several sectors globally, including banks.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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Bank Of America Glitch Leaves Customers Seeing $0 In Accounts — What Happened?

In a significant move for the semiconductor industry, President Joe Biden has enacted legislation that exempts certain U.S. chip manufacturing facilities from federal environmental reviews. 
What Happened: This new law, affects projects benefiting from government subsidies under the $52.7 billion CHIPS Act of 2022. The legislation aims to prevent potential delays that could arise from additional federal environmental reviews mandated by the National Environmental Policy Act of 1969, Reuters reported. 
Proponents argue that these projects have already complied with existing federal, state, and local environmental regulations.
The U.S. Commerce Department has allocated over $35 billion for 26 projects, including substantial grants to companies like Samsung Electronics Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), and Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), to boost domestic chip production.
While the White House maintains its commitment to environmental standards, groups such as the Sierra Club emphasize the importance of reviews for community and worker safety. 
The bipartisan legislation, co-authored by Senators Sen. Mark Kelly (D-Ariz.) and Sen.&nbsp;Ted Cruz&nbsp;(R-Texas), seeks to enhance U.S. semiconductor manufacturing by avoiding unnecessary delays.
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Why It Matters: The semiconductor industry is at the forefront of technological advancements, and the demand for chips has surged due to the rise of artificial intelligence and other tech innovations. 
Recent <a href="https://www.benzinga.com/government/24/10/41127863/despite-nvidia-selloff-bidens-law-and-taiwan-semis-advantage-offer-growth-potential">market trends show that semiconductor stocks</a>, including those of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Micron Technology, have experienced fluctuations amid broader economic factors.
Moreover, the tech industry&#8217;s push towards AI has raised <a href="https://www.benzinga.com/news/24/05/38979360/microsofts-ai-push-puts-its-carbon-neutral-goal-at-risk-says-president-brad-smith">concerns about environmental sustainability</a>. Companies like Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have faced challenges in balancing AI advancements with carbon-neutral goals.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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