Mad Catz Interactive (OTC:MCZAF) Stock, Quote.Headers.trade-ideas

Mad Catz Interactive Inc is a Canadian company which is engaged in designing, manufacturing, marketing and distributing interactive entertainment products marketed under Mad Catz (gaming), Tritton (audio), and Saitek (simulation) brands. The company's products include headsets, mice, keyboards, controllers, specialty controllers, and other accessories. It caters to gamers and simulation enthusiast across multiple platforms including in-home gaming consoles, handheld gaming consoles, PC (Personal Computers) and Mac computers, smartphones, tablets and other smart devices. The company distributes its products through various retailers around the globe. Mad Catz derives the majority of its revenue from Americas.

MAD CATZ INTERACTIVE INC by Mad Catz Interactive, Inc.

Mad Catz Interactive Inc

Ahead of the European Union&#8217;s decision on tariffs for Chinese electric vehicles, China&#8217;s commerce minister has issued a stark warning about the potential negative impacts on trade, especially with Germany.
What Happened: China&#8217;s commerce minister warned that the European Union&#8217;s impending tariffs on electric vehicles would significantly disrupt trade and investment, particularly in Germany, Reuters reported on Wednesday.
During discussions on Tuesday with German Vice Chancellor and Economic Minister Robert Habeck, Wang Wentao emphasized the need to find a solution that aligns with World Trade Organization rules to prevent escalating economic and trade tensions between China and the EU.
The European Commission is set to propose final tariffs of up to 35.3% on Chinese-built EVs, in addition to the EU&#8217;s standard 10% car import duty. Wang is in Europe to discuss the EU&#8217;s anti-subsidy case against Chinese-made EVs before a vote on additional tariffs.
See Also: <a href="https://www.benzinga.com/news/24/09/40875440/elon-musk-says-there-is-a-need-for-a-space-telescope-with-far-larger-aperture-than-hubble?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says There Is A Need For A Space Telescope With &#8216;Far Larger Aperture&#8217; Than Hubble</a>
Wang urged Germany to advocate for a cooperative approach between the European Commission and China. Habeck responded by affirming Germany&#8217;s support for free trade and welcoming Chinese automotive investments in Europe. He committed to urging the European Commission to seek a suitable resolution with China to avoid trade conflicts.
Wang also met with Wolfgang Schmidt of the German Chancellery in Berlin, reiterating China&#8217;s commitment to resolving the anti-subsidy case through dialogue. He expressed disappointment over the EU&#8217;s rejection of China&#8217;s proposed solutions but vowed to continue consultations.
Why It Matters: The ongoing trade tensions between China and the EU have been <a href="https://www.benzinga.com/news/24/08/40484760/china-hits-back-at-eus-unfair-ev-tariffs-that-gave-relief-to-chinese-made-tesla-will-take-all-necess">escalating for months</a>. On Aug. 21, China criticized the EU&#8217;s tariffs on electric vehicle imports, calling them &#8220;unfair&#8221; and pledged to take all necessary measures to protect its EV industry. This came after the EU decided to cut duties on several major electric automakers, including Tesla Inc. An official from China's Ministry of Commerce accused the EU of fostering unfair competition, asserting that the bloc's probe into China's subsidies for its EV industry had reached &#8220;pre-determined conclusions.&#8221;
More recently, on Sep. 11, Spain&#8217;s Prime Minister Pedro Sánchez urged the <a href="https://www.benzinga.com/news/24/09/40810974/us-ally-urges-eu-to-reconsider-tariffs-on-chinese-evs-we-dont-need-another-war">EU to reconsider its stance</a> on the tariffs for Chinese EVs, warning that escalating trade tensions could harm Spain's domestic exporters. Sánchez emphasized the need for a compromise between the EU and China before the anticipated vote in October to ratify the new tariffs. He stated, &#8220;We don&#8217;t need another war, in this case a trade war.&#8221;
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40851361/republican-fcc-commissioner-alleges-double-standards-after-fcc-chair-jessica-rosenworcel-says-spacex?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Republican FCC Commissioner Alleges Double Standards After FCC Chair Jessica Rosenworcel Says SpaceX&#8217;s Starlink Is Dominating Satellite Internet</a></li>
</ul>
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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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China Warns EU Tariffs On EVs Will Harm Trade With Germany

<a href="https://www.ft.com/content/6e126355-eef3-46a8-875c-2480861ba38a" title="https://www.ft.com/content/6e126355-eef3-46a8-875c-2480861ba38a">https://www.ft.com/content/6e126355-eef3-46a8-875c-2480861ba38a</a>

Legal

Financial Times Reported Earlier, Meta Faces Hefty EU Antitrust Fine Over Classified Ads Practices

Electric vehicle (EV) charging equipment manufacturer Blink Charging Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) said on Tuesday that it will lay off about 14% of its global workforce in an attempt to reduce operational costs.
What Happened: The layoff will begin immediately and is expected to result in annualized savings of about $9 million, the company said. The layoffs will be completed in the first quarter of 2025, the company added.
"The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy," said company President &amp; CEO Brendan Jones.
Blink had 706 employees as of the end of last year, implying that the layoff will impact 99 people at the company.
"We believe the current economic and market challenges facing the EV industry are temporary,"&nbsp;added Blink Chief Operating Officer and <a href="https://www.benzinga.com/markets/equities/24/08/40607178/why-is-blink-charging-stock-falling-today">incoming CEO</a> Michael Battaglia.&nbsp;"We are very optimistic about the future. The operational changes we are announcing today will help us reduce costs and improve our financial performance right away.&#8221;
Why It Matters: <a href="https://www.benzinga.com/news/earnings/24/08/40233733/blink-charging-q2-earnings-revenue-miss-eps-miss-lowered-guidance-following-short-term-softening-of">During the second quarter</a>, Blink contracted, deployed, or sold 4,106 charging stations. Jones then said that the company&#8217;s sales performance was impacted by softening EV demand.
Blink Charging reported a total revenue of $33.3 million in the quarter, marking an increase of 1.3% from the corresponding period last year. However, the company&#8217;s gross profit fell to $10.7 million, down from $12.3 million last year.
Last month, Blink <a href="https://www.benzinga.com/markets/equities/24/08/40607178/why-is-blink-charging-stock-falling-today">lowered its full-year 2024 revenue guidance</a> from a range of $165 million to $175 million to a new range of $145 million to $155 million. The company also updated its timeline to achieve positive adjusted EBITDA to 2025 from its previous timeline of December 2024. 
EV giant Tesla Inc., which also manufactures EV charging equipment, <a href="https://www.benzinga.com/news/24/07/39951183/tesla-supercharger-network-growth-slows-down-in-q2-after-exit-of-rebecca-tinucci-and-other-employees">laid off most members of its supercharging team</a> in April.
Price Action: Blink shares closed up 5% at $1.88 on Tuesday. The stock is down nearly 41% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
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>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40913617/embraer-controlled-eve-air-mobility-ropes-in-former-rolls-royce-exec-as-chief-commercial-officer">Embraer-Controlled Eve Air Mobility Ropes In Former Rolls-Royce Exec As Chief Commercial Officer</a></li>
</ul>
Photo courtesy: Blink Charging

Tech

BLNK

Blink Charging To Lay Off About 100 Employees To Cut Costs As EV Demand Softens

Piper Sandler analyst Brent Bracelin maintains Workday (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) with a Overweight and maintains $285 price target.

Price Target

Analyst Ratings

WDAY

Piper Sandler Maintains Overweight on Workday, Maintains $285 Price Target

Macro Economic Events

Econ #s

Economics

Eurozone Consumer Price Index (MoM) For August 0.1% Vs. 0.2% Est.; 0.0% Prior

Eurozone Consumer Price Index (YoY) For August 2.2% Vs. 2.2% Est.; 2.6% Prior

Piper Sandler analyst Clarke Jeffries maintains Aspen Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZPN#NASDAQ">AZPN</a>) with a Neutral and raises the price target from $200 to $217.

AZPN

Piper Sandler Maintains Neutral on Aspen Technology, Raises Price Target to $217

Eurozone Core Consumer Price Index (YoY) For August 2.8% Vs. 2.8% Est.; 2.9% Prior

Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares have barely budged to the<a href="https://in.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri?_gl=1&#x2A;1z0lss1&#x2A;_gcl_au&#x2A;MTUyOTg5MDU4NS4xNzI1ODcyMjEz&#x2A;_ga&#x2A;NzYzMTQ0NDEyLjE2ODY5ODEzNzg.&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyNjY0MTgwNy4yMDY3LjEuMTcyNjY0ODg1Mi4wLjAuMA.."> Glowtime hardware launch event held on Sept. 9,</a> and a portfolio manager on Tuesday offered &#8220;Mea Culpa&#8221; for his short-term stance on the stock.
What Happened: Very early indications point to a nearly 10% year-over-year decline in the sales of the iPhone 16, the newest iteration of Apple&#8217;s flagship product, said portfolio manager and founder of Niles Investment Management Dan Niles. This is in contrast to expectations that the addition of the artificial intelligence features will drive 10% sales growth, he said.
Quoting famous American researcher, scientist and futurist Roy Amara&#8217;s law, Nile said, &#8220;We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.&#8221; 
The portfolio manager noted that Apple&#8217;s price/earnings multiple calculated on calendar year 2024 earnings expanded from 24 times to 31 times, primarily on AI expectations. &#8220;It is hard to argue for valuation support at current levels,&#8221; he said. 
While noting that &#8220;a crucial trait for successful investing is admitting when you are wrong and moving on,&#8221; Nile said. &#8220;I think I am wrong in the short run but have a feeling that I will be back in the long run.&#8221;
Ahead of the Apple event, Niles had said this time around Apple stock could go against the grain on the launch day. He based his expectation on Apple supplier Hon Hai Precision Industry Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) reporting 33% year-over-year revenue growth for August, which was the highest quarterly growth for the company of the year.
&#8220;While historically $AAPL product launches are sell the news events, this AI-focused event on 9/9 has a chance to buck the trend,&#8221; he had said then.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/09/40869770/no-razzle-dazzle-with-latest-iphone-but-apple-wowed-with-these-2-glowtime-announcements-says-gur">No &#8216;Razzle-Dazzle&#8217; With Latest iPhone, But Apple Wowed With These 2 &#8216;Glowtime&#8217; Announcements, Says Gurman</a>
AI Undeniable Prop: Nile said Apple Intelligence will be a pulling point for consumers. &#8220;I believe consumers will want AI functionality available to them 24/7 and the smartphone is the one piece of technology that we have with us all the time.&#8221;
Weighing in on the early softness, the strategist said with the staggered rollout of AI across geographies, AI features will be available to consumers in China, a key market, only in 2025.
He also noted that the promotion of the new phones by the U.S. wireless carriers is not much different than last year.
Niles&#8217; views echo that of tech venture capitalist Gene Munster. In a recent note, he said he expects iPhone revenue to rise 15% in fiscal year 2025, more than double the 7% growth the Street currently models. Munster sees growth accelerating slightly to 17% in the next fiscal compared to the Street forecast of 8% growth.
&#8220;The most significant factor in my estimate is my belief that 8% of the iPhone installed base will upgrade early in FY25, and 14% in FY26,&#8221; he had said. The tech specialist, however, sees a slowdown to 5% each in fiscal years 2027 and 2028. 
In premarket trading on Wednesday, Apple shares fell 0.44% to $215.83, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>The stock has added 13% for the year-to-date period, underperforming the 19% gain for 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 S&amp;P 500 Index.
Read Next:
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<li><a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a></li>
</ul>
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HNHPF

Apple Stock Reaction After iPhone Launch Sparks Portfolio Manager's Reflection: 'I May Be Wrong In The Short Term But...Will Be Back In The Long Run'

Billionaire Ray Dalio shared his insights on the primary forces shaping the global economy, during <a href="https://www.benzinga.com/news/24/09/40866458/billionaire-ray-dalio-warns-potential-election-chaos-likely-if-loser-particularly-trump-rejects-outc">Milken Institute&#8217;s Asia Summit in Singapore</a>.
What Happened: Dalio, founder of Bridgewater Associates, pointed to the U.S. Federal Reserve&#8217;s interest rate decisions and the country&#8217;s debt management as significant factors. He questioned the impact of the Fed&#8217;s interest rate changes on national debt, <a href="https://www.cnbc.com/2024/09/18/ray-dalio-names-the-top-five-forces-shaping-the-global-economy.html">reported</a> CNBC.
He also discussed the internal political divide in the U.S., emphasizing the &#8220;irreconcilable differences&#8221; between political factions. This comes as Vice President Kamala Harris is now seen as more likely to win the 2024 election than former President Donald Trump, according to a CNBC Fed Survey.
Dalio cited the geopolitical tensions between the U.S. and China as another major concern. He mentioned ongoing issues like territorial disputes and economic tariffs, warning of the potential for conflict.
Natural disasters and climate change were also on Dalio&#8217;s list. He noted that acts of nature have historically caused more disruption than wars, highlighting the increasing costs of climate change.
Finally, Dalio spoke about the transformative potential of technology. He stressed that those who can effectively adopt and invest in technology will reap significant benefits, potentially even winning military conflicts.
"Whoever wins the technology war is going to win the military war," Dalio said.
See Also: <a href="https://www.benzinga.com/news/24/09/40872989/mark-cuban-asks-elon-musk-he-can-directly-question-him-about-kamala-harris-economic-policies-but-wan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Asks Elon Musk He Can Directly Question Him About Kamala Harris&#8217; Economic Policies, But Wants This In Exchange</a>
Why It Matters: Dalio&#8217;s concerns about U.S. political divisions echo his earlier warnings about <a href="https://www.benzinga.com/news/24/09/40866458/billionaire-ray-dalio-warns-potential-election-chaos-likely-if-loser-particularly-trump-rejects-outc">potential election chaos</a> if the loser, particularly Trump, refuses to concede. In a recent interview, Dalio expressed his fear for democracy, highlighting the potential for a cutthroat, all-or-nothing approach from both sides.
On the economic front, the World Economic Forum President Borge Brende has also raised alarms about global debt levels nearing historic highs, warning of a potential decade of low growth and the risk of &#8220;stagflation&#8221; in advanced economies. Brende emphasized the need for continued global trade and urged governments to address the <a href="https://www.benzinga.com/news/24/04/38482656/wef-president-warns-of-decade-of-low-growth-amid-soaring-global-debt-we-cannot-get-into-a-trade-war">mounting debt situation</a>.
Regarding technology, the intersection of artificial intelligence and cryptocurrency is predicted to inject $20 trillion into the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39293795/analyst-predicts-ai-crypto-could-inject-20-trillion-into-the-global-economy-by-2030">global economy by 2030</a>. This boom has created a shortage of data centers, AI chips, and electricity, with major cloud companies expected to spend nearly $200 billion on data centers by 2025 to meet AI demand.
Dalio&#8217;s emphasis on climate change aligns with ongoing criticisms of the World Economic Forum for its perceived hypocrisy in <a href="https://www.benzinga.com/startups/24/01/36830151/world-economic-forum-again-slammed-for-lecturing-everyday-citizens-about-climate-change-as-attendees">lecturing about climate change</a> while attendees use private jets extensively.
Read Next:
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40908202/10-etfs-investors-secretly-bought-before-the-feds-make-or-break-interest-rate-cal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">10 ETFs Investors Secretly Bought Before The Fed&#8217;s Make-Or-Break Interest Rate Call</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>

Ray Dalio Outlines Key Global Economic Drivers At Milken Asia Summit: Fed Policies, US-China Tensions, And Tech's Impact

Jamie Dimon, CEO of JPMorgan Chase, stated that the bank is &#8220;probably one of the bigger users of blockchain&#8221; during an interview on Tuesday at the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w" target="_blank" rel="noopener">Financial Markets Quality Conference</a>.
What Happened: Dimon, who has been skeptical of cryptocurrencies, emphasized that JPMorgan is an &#8220;actual user&#8221; of blockchain technology. He described blockchain as &#8220;just a database&#8221; and highlighted its utility in sharing data and building trust between banks and customers, <a href="https://www.theblock.co/post/316956/jamie-dimon-says-jpmorgan-chase-is-probably-one-of-the-bigger-users-of-blockchain">reported</a> The Block.
&#8220;We&#8217;re probably one of the bigger users of blockchain, an actual user, like a real user," Dimon said, according to the report.
Despite his skepticism towards cryptocurrencies, Dimon acknowledged the effectiveness of blockchain technology. He reiterated his view by calling cryptocurrency a &#8220;pet rock&#8221; but praised blockchain as a &#8220;great way to share data.&#8221;
JPMorgan&#8217;s blockchain network, Onyx, was launched in 2020 and is based on a forked version of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). It supports wholesale payments, peer-to-peer lending, and cross-border transactions. The network has processed over $700 billion worth of transactions and includes firms like Goldman Sachs, DBS Bank, and BNP Paribas among its users.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905692/bitcoin-ethereum-dogecoin-pump-5-heres-what-wednesdays-fed-rate-cut-decision-could-mean-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Pump 5%: Here&#8217;s What Wednesday&#8217;s Fed Rate Cut Decision Could Mean For Crypto</a>
Dimon has consistently dismissed cryptocurrencies while advocating for blockchain. At Davos in 2021, he labeled Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) a &#8220;hyped-up fraud&#8221; but acknowledged blockchain&#8217;s efficiency in moving money. He reiterated on Tuesday that blockchain has not advanced as much as artificial intelligence over the past 12 years.
Dimon, who once suggested banning crypto, is <a href="https://www.benzinga.com/news/24/07/39807207/trump-eyes-jamie-dimon-for-treasury-secretary-rules-out-ousting-fed-chair-jerome-powell">reportedly a candidate for Treasury Secretary</a> if Donald Trump wins reelection. He mentioned that while Chase might not lend against cryptocurrencies, clients still have access to some crypto services.
Why It Matters: Dimon&#8217;s recent comments come amid a backdrop of significant shifts in the cryptocurrency landscape. 
Dimon reiterated his harsh stance on Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w">recalling his statement from seven years ago</a>, in which he said he would &#8220;fire in a second&#8221; any JPMorgan trader caught trading Bitcoin. Despite this, JPMorgan has investments in exchange-traded funds tied to Bitcoin, such as the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>).
Additionally, Trump and his family have launched a cryptocurrency project called World Liberty Financial, signaling a dramatic shift from the former President&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">previous stance on digital currencies</a>.
The skepticism towards Bitcoin is not isolated to Dimon. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40305550/bitcoin-skeptic-peter-schiff-says-he-is-open-minded-but-hasnt-seen-any-convincing-argument">Renowned economist</a> Peter Schiff and tech billionaire Peter Thiel have also <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39569413/billionaire-peter-thiel-voices-skepticism-on-bitcoins-future-growth-im-not-sure-its-going-">voiced doubts about Bitcoin&#8217;s potential</a>. Schiff stated in August that he hasn&#8217;t seen any convincing argument to embrace Bitcoin, while Thiel expressed skepticism about Bitcoin&#8217;s future growth.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40853339/donald-trumps-son-barron-is-his-chief-defi-visionary-but-the-real-mastermind-behind-world-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Son Barron Is His &#8216;Chief DeFi Visionary,&#8217; But The Real Mastermind Behind World Liberty Liberty Financial Is Someone Else</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.

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GBTC

Jamie Dimon Says JPMorgan Is Likely 'One Of The Bigger Users' Of Blockchain Technology, But Calls Cryptocurrencies A 'Pet Rock'

Billionaire entrepreneur Mark Cuban has shared a new patent that allows social media platforms and user profiles to sell advertisements of any media type.
What Happened: On Tuesday, Cuban took to X, formerly Twitter, and shared a screenshot of the patent, held by&nbsp;Zumedia Inc.
It empowers the owner of a social media profile or the platform itself to sell ads.&nbsp;
&#8220;Proud of this baby. It&#8217;s a system to deliver ads,&nbsp;of any media type, from&nbsp;social media or any other&nbsp;software with a user profile,&#8221; he stated, adding, &#8220;The system lets&nbsp;the owner of the profile,&nbsp;or the platform itself, sell&nbsp;the ads.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Proud of this baby. It&#39;s a system to deliver ads, of any media type, from social media or any other software with a user profile. The system let&#39;s the owner of the profile, or the platform itself, sell the ads. If you want to add revenue to your platform , just ask ! <a href="https://t.co/6HDhWNRsUk">pic.twitter.com/6HDhWNRsUk</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1836124719839670535?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
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In a separate post, Zumedia, co-founded by&nbsp;Phyllis Jager and Barry Terach,&nbsp;with Cuban as a significant investor, also revealed more about the patent. 
According to the company, the system, dubbed &#8220;Backskin,&#8221; allows online platforms to monetize the space behind member profile pictures. The primary beneficiary of this system would be the profile holder themselves.
See Also: <a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings</a>
Backskin.com was created to free people from economic inequality, the company said, offering virtually unlimited potential.
It seeks to protect users from being exploited by social platforms that have traditionally capitalized on recruiting members for their financial gain.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">AMERICA THIS IS FOR YOU ! Backskin Advertising and Broadcast is available on <a href="https://t.co/pQLIDUmZZV">https://t.co/pQLIDUmZZV</a> to vetted members&#8230; While we&#39;re still building we opened it to the public so that it can be tested and enjoyed and so that those who wish to can start Backskinning!&#8230; <a href="https://t.co/nf62Z10K7h">pic.twitter.com/nf62Z10K7h</a>
&mdash; zuMedia (@MediaZu) <a href="https://twitter.com/MediaZu/status/1836213541717606864?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
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</figure>
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Why It Matters: This patent is a significant step in Cuban&#8217;s long-standing interest in patent law and intellectual property rights. In a 2015 <a href="https://ipwatchdog.com/2015/11/10/a-patent-conversation-with-mark-cuban/id=63090/">interview</a> with IPWatchdog, Cuban discussed his views on the patent system and its impact on innovation.
He said that many entrepreneurs waste resources on obtaining patents before validating their business models, suggesting that a patent alone does not guarantee success.
Cuban also advocated for significant reforms, including the abolition of software patents or limiting their duration to five years.
When asked what major patent reform would give big tech companies less incentive to engage in bullying tactics, Cuban said, &#8220;The first step is to get rid of software patents or at worst change to 5 years. Let smart people compete rather than litigate.&#8221;
From Cuban&#8217;s perspective, patents are potentially detrimental to the entrepreneurial spirit and innovation, especially in the tech industry.
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 <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

Social Media

Mark Cuban Is No Poster Boy For The Existing Patent System But It's Not Stopping Him From Getting His Name On One: Here's How The Billionaire Plans To Empower Social Media Users

Vice President <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">Kamala Harris, who replaced President Joe Biden on the Democratic ticket,</a> has evinced confidence as the potential 2024 election winner, not only with the voters but also with the elite group which is well-versed with the pulse of the markets and economy.
Likely Winner: Harris edged out Trump by 48% to 41% as the likely winner of the November election, <a href="https://www.cnbc.com/2024/09/17/harris-trump-election-cnbc-fed-survey-economists.html?taid=66ea39d550982d0001f2782d&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter%7Cmain">according</a> to CNBC&#8217;s latest Fed survey, the results of which were published on Tuesday. The survey contacted 27 respondents, including investment strategists, economists and fund managers, between Sept. 12 and 14. The two main party candidates faced off in the first debate televised live on ABC News and most post-debate polls showed that voters picked Harris as the winner.
The findings contrasted with the results of the late-July survey, which found that 50% sided with Trump and far less than 37% backed Harris to be the president. The July survey was done within two weeks of Harris entering the fray after Biden dropped out.
When Biden was still in contention, this group picked Trump as the most likely winner by a 48%-35% margin, with 17% saying they were unsure.
See Also: <a href="https://www.benzinga.com/news/24/09/40893118/trump-vs-harris-vice-president-leads-in-this-must-win-swing-state-and-2-bellwether-counties-but-25-s">Trump Vs. Harris: Vice President Leads In This &#8216;Must-Win&#8217; Swing State And 2 &#8216;Bellwether&#8217; Counties, But 25% Say They Are Still Ignorant Of Her Policies</a>
Who&#8217;s Better For Market, Economy: On the flipside, 56% of the respondents said a Trump presidency would be better for the stock market than a Harris term. The former president also came on top of the economy, with 44% saying he is a better candidate for the overall economy compared to 41% who said the same about Harris.
But 42% of the respondents said Harris would be better for the country versus 37% who said the same about Trump.
Naroff Economics President Joel Naroff said Trump&#8217;s policy proposals of broad-based tariffs and mass deportation, or even modest deportation of immigrants, would fan inflation and slow the economy into a recession, CNBC said.
Harris&#8217; economic proposals are seen by strategists, fund managers and economists as better for budget deficits and trade policy. On the other hand, Trump is preferred for policy proposals that would impact business regulation, inflation, jobs and taxes.
Some hoped for a divided government, given their perception that the policies of both mainstream candidates were bad. A divided government is one in which no single party controls both the executive and legislative branches of the government.
The presidential election is seen as the sixth most concerning risk to the U.S. economy, with the Federal Reserve cutting interest rates too little or too late seen as the top risk.
When asked about the Federal Reserve&#8217;s independence, 100% of the respondents said Harris would respect it but only 42% said the same of Trump.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, ended Tuesday's session up 0.04% at $563.07, according to&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro data.&nbsp;</a>The exchange-traded fund has gained 19.2% so far this year.
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<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>
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Federal Reserve

Media

Kamala Harris Moves From 13-Point Deficit To 7-Point Lead Over Trump In Survey Of Fund Managers, Strategists And Economists: Here's Why Most Favor A Divided Government

This story was originally published on the&nbsp;<a href="http://in.benzinga.com/" target="_blank">Benzinga India portal</a>.
Former U.S. President&nbsp;Donald Trump&nbsp;said he is scheduled to meet Indian Prime Minister&nbsp;Narendra Modi&nbsp;in the coming week.
What Happened:&nbsp;During a campaign event on Tuesday ahead of the 2024 Presidential election, Trump said Modi would be traveling to the US to meet the Republican Presidential nominee next week but gave no details regarding the time or place of their meeting.
Speaking at the event Trump criticized India as a &quot;very big abuser&quot; of the U.S.-India trade relationship but also praised the Indian prime minister, calling him &quot;fantastic&quot;. India is &quot;at the top of their game, and they use it against us&quot; he added, calling the country &quot;tough&quot;.
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The Indian government has so far not issued any statement regarding the meeting. Modi is set to visit the US from September 21 to September 23, the Ministry of External Affairs said.&nbsp;
There he will participate in the fourth Quad Leaders&rsquo; Summit in Wilmington, Delaware, hosted by U.S. President&nbsp;Joe Biden. The Indian Prime Minister will also attend and address the United Nations General Assembly in New York. This will be Modi&rsquo;s first visit to the US since he secured a historic third term in office in June.
In February 2020, Trump made his maiden trip to India with his family, when he visited Ahmedabad, Agra and New Delhi. During the trip, the two leaders had vowed to boost trade ties between the countries.
Read Next:&nbsp;<a href="https://in.benzinga.com/news/24/09/40912638/tata-sons-declines-ipo-proposal-despite-sp-groups-urging-report?utm_source=benzinga_india&amp;utm_campaign=partner_feed&amp;utm_medium=partner_feed&amp;utm_content=site" rel="noopener noreferrer" target="_blank">Tata Sons Declines IPO Proposal Despite SP Group&#39;s Urging: Report</a>
Image Via Shutterstock

Government

Global

Donald Trump To Meet PM Modi Next Week, Calls India 'Very Big Abuser' But Lauds Modi As 'Fantastic'

Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) will restart contract negotiations on Wednesday with its largest union.
What Happened: The talks will involve federal mediators after the two sides failed to agree on wages and pensions on Tuesday. The International Association of Machinists and Aerospace Workers (IAM), representing over 30,000 Boeing factory workers, has been on strike since last Friday.
The union is demanding a 40% wage increase over four years, significantly higher than Boeing&#8217;s 25% offer, which was overwhelmingly rejected, Reuters reported.
IAM expressed frustration on X, stating, &#8220;The company was not prepared and was unwilling to address the issues essential for ending this strike: Wages and Pension.&#8221;
The strike has disrupted the production of Boeing&#8217;s popular 737 MAX jets and other widebody aircraft, causing delays in deliveries to airlines. Boeing has announced a hiring freeze and is considering temporary furloughs to manage costs, as the company is already dealing with $60 billion in debt.
See Also: <a href="https://www.benzinga.com/news/24/09/40890618/peter-schiff-says-unlikely-that-fed-rate-cuts-will-lower-borrowing-costs-predicts-rising-mortgage-ra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says Unlikely That Fed Rate Cuts Will Lower Borrowing Costs, Predicts Rising Mortgage Rates And Dollar Collapse — Suggests 100 Basis Points Rate Hike As Cure</a>
Why It Matters: The strike by over 30,000 workers has already had significant repercussions. Boeing&#8217;s stock has been falling <a href="https://www.benzinga.com/news/24/09/40886979/boeing-stock-continues-to-fall-after-announcing-hiring-freeze-other-cost-cuts-amid-workers-strike">since the strike began,</a> exacerbated by the company&#8217;s announcement of a hiring freeze and potential furloughs. The measures were outlined by CFO Brian West, who emphasized the urgent need to preserve cash amid the strike.
The union&#8217;s demands for higher wages and better pensions are a critical sticking point. IAM President Jon Holden has indicated that the <a href="https://www.benzinga.com/news/24/09/40867999/over-30-000-boeing-workers-are-standing-shoulder-to-shoulder-union-leader-says-strike-could-go-on-fo">strike could last a while</a>. The machinists, who produce key aircraft models like the 737 Max and the 777, are standing firm on their demands.
Analysts have also weighed in on the situation. BofA Securities analyst Ronald J. Epstein suggested that Boeing might need to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40860003/boeing-may-need-to-offer-additional-concessions-to-end-strike-despite-multi-billion">offer additional concessions</a> to resolve the strike, despite the company&#8217;s multi-billion dollar debt. Epstein noted that the strike could further delay Boeing&#8217;s plans to ramp up production rates for its 737 jets, initially scheduled for September 2024 but now pushed to March 2025.
Price Action: Boeing closed at $156.39 on Tuesday, according to <a href="https://pro.benzinga.com">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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Boeing And Its Largest Union Return To Table With Federal Mediators After 30K Workers Strike Over Failed Wage And Pension Talks

OneStream Announced A Series Of New Developments, Including AI Anomaly Detection, OneStream Navigation Center, Among Others, That Build On Its Sensible AI Portfolio And Core Finance Innovations.

The most important <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40897882/retail-sales-rise-0-1-in-august-more-than-expected-boosting-odds-of-larger-fed-ra">Federal Reserve decision day is upon us </a>and market participants wait with bated breath regarding what Chairman Jerome Powell and his rate-setting committee team would deliver. Betting market odds suggest a steeper cut is more likely than a shallow one most economists have been factoring in. 
The Odds: The September Federal Open Market Committee meeting kicked off on Tuesday and the central bank will announce its rate decision via a post-meeting policy statement at 2 p.m. EDT. The apex bank will also release its latest &#8220;Summary of Economic Projections,&#8221; which consists of the dot-plot chart, plotted based on Fed officials&#8217; expectations of near- and medium-term interest rates. 
The chances of a 50 basis-point cut at the September meeting is 55% and that of a more modest 25 bps cut is 45%, according to data available on blockchain-powered prediction market Polymarket. The odds of another pause or a 25 bps hike are 1% and less than 1%, respectively.
Meanwhile, the futures market has priced in a steeper 63% chance of a 50 bps reduction and a 37% probability of a 25 bps cut.
But economists are less sanguine about a steeper cut. Wolters Kluwer, a provider of professional information and software, published its September issue of Blue Chip Economic Indicators in which it said 86% of the economists surveyed foresaw a 25 bps cut and also cuts of similar magnitude at each of the remaining three meetings of the year.
The <a href="https://www.cnbc.com/video/2024/09/17/fed-to-cut-rates-by-a-quarter-point-with-a-soft-landing-expected-according-to-cnbc-fed-survey.html">results </a>of the latest CNBC Fed survey suggested a 96% probability of a Fed rate cut in September, with 84% of the respondents going with a 25 bps cut. The respondents see the Fed funds rate at 3.7% at the end of 2025 while mentioning 3.3% as a neutral rate. The neutral rate is the rate at which the monetary policy is neither expansionary nor contractionary &#8211; one at which the economy operates with full employment and stable inflation.
The 27 respondents to the survey included investment strategists, economists and fund managers, CNBC said.
See Also<a href="https://www.benzinga.com/money/best-value-stocks">: Best Value Stocks</a>
Why It&#8217;s Important: A bigger cut will send the message to the market that the economy is in trouble, according to Nomura Managing Director, Cross-Asset Macro Strategy, Charlie McElligott. Financial Times <a href="https://www.ft.com/content/03eafa4e-7247-4fc5-b9fa-1273402d2b16">reported.</a> &#8220;When I hear people say &#8216;Well, 50 bps is telling the market that the Fed thinks we have a big problem and could lead to a risk-off tantrum,&#8217; my thought is that NOTHING in this steroidal, Frankenstein — cycle has been normal,&#8221; he reportedly said.
Drawing cues from history, Nomura said the S&amp;P 500 has been down 1% on average leading up to the previous 50 bps cuts. The best-performing sectors during this period are consumer staples and the worst performer is the tech sector. Energy, industrials, precious metals and small-cap Russell 2,000 stocks also don&#8217;t do well, Nomura&#8217;s analysis showed.
Three months after the cut, the S&amp;P 500 doesn&#8217;t budge, with 2007, 2001 and 1974 being exceptions when it sold off hard, the firm said, adding that value outperforms growth during the period, the dollar rises, metals surge and the yield curve steepens. The firm recommended<a href="https://www.benzinga.com/money/best-small-cap-stocks"> buying small-caps, which rise an average of 5.6%.</a>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, ended Tuesday&#8217;s session up 0.04% at $563.07, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>The exchange-traded fund has gained 19.2% so far this year.
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Image Via Shutterstock

50 Or 25 Bps Fed Rate Cut? Markets And Economists At Odds — What Does Steeper Reduction Mean For Investors?

Ahead of a looming government shutdown, the House of Representatives is set to vote on Wednesday on a Republican-backed bill aimed at keeping the government funded.
What Happened: The House of Representatives will vote on Wednesday on a proposal by Speaker Mike Johnson (R-La.) to fund the government, as announced on Tuesday. The bill lacks sufficient Republican support to pass, the Washington Post<a href="https://www.washingtonpost.com/business/2024/09/17/gop-government-funding-bill/"> reported</a> on Wednesday.
Johnson&#8217;s plan aims to extend federal funding at current levels for six months and includes a measure requiring proof of citizenship to register to vote in national elections. However, opposition from Republicans across the ideological spectrum threatens to sink the bill if Democrats also oppose it.
The proposal is unlikely to pass in the Democratic-controlled Senate, and President Joe Biden has stated he would veto the legislation if it reached his desk. Current funding expires on Sep. 30, and without an extension, most federal government operations would shut down on Oct. 1.
Efforts by House Republican leadership to change &#8220;no&#8221; votes over the weekend were largely unsuccessful, according to sources familiar with the discussions. Johnson emphasized the need to fund the government responsibly and ensure election security in a statement.
See Also: <a href="https://www.benzinga.com/news/24/09/40890069/donald-trump-jr-doesnt-mince-words-democrat-donor-with-a-kamala-harris-bumper-sticker-on-his-car-tri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Jr. Doesn&#8217;t Mince Words: &#8216;Democrat Donor With A Kamala Harris Bumper Sticker On His Car Tried To Assassinate My Dad&#8217;</a>
Despite broad agreement between Republicans and Democrats that a shutdown would be undesirable, some far-right GOP lawmakers view the funding battle as a chance to secure immigration policy compromises. Others oppose stopgap funding bills and prefer year-long appropriations.
Johnson&#8217;s previous attempt to force a vote on the legislation failed, and Wednesday&#8217;s vote is also expected to falter. Republicans hope this will allow the speaker to advance a three-month funding bill that can pass with Democratic votes.
Why It Matters: The potential government shutdown has been a point of contention for both parties. Senate Majority Leader Chuck Schumer (D-N.Y.) recently warned that<a href="https://www.benzinga.com/news/24/09/40890590/chuck-schumer-says-if-government-shutdown-happens-it-will-because-of-republican-poison-pills-the-ame"> if a shutdown occurs</a>, it will be due to &#8220;Republican poison pills,&#8221; and suggested that the American public would hold the GOP responsible. Schumer emphasized the need to avoid a shutdown, stating, &#8220;We don&#8217;t need to go down this road.&#8221;
Earlier this year, the House successfully passed a major spending bill to <a href="https://www.benzinga.com/government/24/03/37529014/us-house-successfully-passes-major-spending-bill-to-prevent-government-shutdown">prevent a government shutdown</a>. The comprehensive package, which funded various federal departments through fiscal 2024, was passed with a bipartisan majority. The &#8220;minibus&#8221; package allocated over $450 billion to departments such as Veterans Affairs, Agriculture, and Energy, showcasing a rare moment of cooperation between the two parties.
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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>

House Set To Vote On GOP Bill To Prevent Government Shutdown After Chuck Schumer Warns Republicans Not To 'Go Down This Road'

Electric vertical take-off and landing (<a href="https://www.benzinga.com/news/23/06/32868889/fly-above-the-gridlock-san-francisco-to-get-electric-commuter-flights-by-2026">eVTOL</a>) aircraft manufacturer&nbsp;Eve Air Mobility (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVEX#NYSE">EVEX</a>) said on Tuesday that it is appointing former Rolls-Royce executive Megha Bhatia as its new Chief Commercial Officer (CCO).
What Happened: Bhatia will oversee Eve&#8217;s global sales, market intelligence, and government relations divisions in her new role, the company said. 
According to Bhatia&#8217;s LinkedIn profile, she is joining Eve from Jet Support Services where she was Chief Strategy Officer. Before that, she held several positions at Rolls-Royce and worked with the automaker for about 13 years.
&#8220;Megha&#8217;s extensive experience and strategic leadership are going to be instrumental as Eve prepares for LOI conversion into firm orders&#8221;, said Eve CEO Johann Bordais.
&#8220;Her ability to drive growth, manage large P&amp;Ls, and lead high-performing teams, combined with her deep understanding of the aviation industry, make her an invaluable addition to our executive team.&#8221;
Why It Matters: Eve is controlled by Brazilian planemaker Embraer SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERJ#NYSE">ERJ</a>).
It has received potential orders for 2,900 eVTOL aircraft from 30 customers around the globe and expects them to <a href="https://www.benzinga.com/news/23/11/36018355/embraer-controlled-eve-air-mobility-partners-with-flynas-to-explore-evtol-possibilities-in-saudi-ara">enter service in 2026</a>.
The company recently assembled its first full-scale eVTOL prototype at the Embarer test facility in Sao Paulo State. The company is now looking to conduct testing of the aircraft.
Check out more of Benzinga'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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<li><a href="https://www.benzinga.com/news/24/09/40897703/former-tesla-exec-says-elon-musks-endorsement-of-trump-might-not-sway-upcoming-presidential-election" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Elon Musk's Endorsement Of Trump Might Not Sway Upcoming Presidential Elections: ‘Last Time Around He Endorsed Andrew Yang'</a></li>
</ul>
Photo courtesy: Eve Air Mobility

Embraer-Empresa Brasileira De Aeronautica

EVEX

Embraer-Controlled Eve Air Mobility Ropes In Former Rolls-Royce Exec As Chief Commercial Officer

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<li>SBC Medical scheduled to begin trading on Nasdaq on September 18, 2024 under the ticker symbol &quot;SBC&quot;</li>
<li>SBC Medical is a global owner, operator and provider of management services and products to cosmetic treatment centers</li>
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