Affiliated Managers Group, Inc. 4.200% Junior Subordinated Notes due 2061 Stock (NYSE: MGRD)

Latest news for Affiliated Managers Group, Inc. 4.200% Junior Subordinated Notes due 2061 (NYSE:MGRD) Stock

Affiliated Managers Group, Inc. 4.200% Junior Subordinated Notes due 2061

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/10/07/final-trades-diamondback-energy-owens-corning-synovus-and-the-xlf.html">Halftime Report Final Trades</a>,&#8221; Anastasia Amoroso of iCapital named The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), saying the financial sector is set to report earnings at the end of the week. Although this quarter is not going to be great, but she believes it will be <a href="https://www.benzinga.com/quote/XLF">better going forward</a>.
Bill Baruch of Blue Line Capital named Owens Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OC#NYSE">OC</a>) as his final trade.
On Oct. 7, Wells Fargo analyst Sam Reid maintained Owens-Corning with an Equal-Weight and raised the price target from $165 to $175.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Brian Belski of BMO Capital said Synovus Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNV#NYSE">SNV</a>) has a 3.5% dividend yield.
Synovus Financial will announce third quarter earnings results after the closing bell on Wednesday, Oct. 16. Analysts expect the company to report quarterly earnings at $1.08 per share, up from 84 cents per share in the year-ago period. The company projects to report quarterly revenue of $559.44 million.
Joseph&nbsp;M.&nbsp;Terranova of Virtus Investment Partners picked Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), an energy name, amid a surge in oil prices.
On Oct. 4, BMO Capital analyst Phillip Jungwirth upgraded Diamondback Energy from Market Perform to Outperform and raised the price target from $205 to $215.
Price Action:
<ul>
<li>Owens Corning shares gained 5.5% to close at $181.42 during Monday's session.</li>
<li>The Financial Select Sector SPDR Fund fell 1.2% on Monday.</li>
<li>Synovus Financial shares fell 1.1% to close at $43.34 during Monday's session.</li>
<li>Diamondback Energy shares gained 2.5% to settle at $199.50 on Monday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41213879/top-3-financials-stocks-that-may-jump-this-quarter">Top 3 Financials Stocks That May Jump This Quarter</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Long Ideas

News

Markets

Media

Trading Ideas

FANG

Owens Corning, Synovus Financial, Diamondback Energy And More On CNBC's 'Final Trades'

Wells Fargo analyst Roger Read maintains Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) with a Overweight and raises the price target from $84 to $88.

Price Target

Analyst Ratings

SHEL

Wells Fargo Maintains Overweight on Shell, Raises Price Target to $88

Personalized healthcare company Accolade Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACCD#NASDAQ">ACCD</a>) stock is trading slightly higher after the company announced&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41224447/accolade-announces-results-for-fiscal-second-quarter-2025" rel="noreferrer noopener">fiscal second quarter 2025 results</a>.
The company reported a revenue increase of 10% to $106.36 million, beating the consensus of $105.01 million. Loss per share of $0.30 beat the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus loss of $0.44</a>.
Adjusted gross profit rose 17% Y/Y to $50.30 million. Adjusted EBITDA loss narrowed to $2.83 million from $8.76 million a year ago.
As of August 31, ACCD&#8217;s cash and cash equivalents stood at $234.35 million.&nbsp;
&#8220;As we enter the second half of fiscal year 2025, we are well positioned to deliver our first full year of Adjusted EBITDA profitability and positive cash flow,&#8221; said Rajeev Singh, Accolade Chair and CEO.
Outlook: Accolade expects third-quarter revenues of $104 million—$107 million (versus the $110.16 million estimate) and&nbsp;an adjusted EBITDA loss of $3 million—$5 million.
The company <a target="_blank" href="https://www.benzinga.com/news/earnings/24/06/39536835/accolade-stock-tumbles-on-q1-earnings-weak-guidance-what-you-need-to-know" rel="noreferrer noopener">reiterated fiscal 2025</a> revenues of $460 million—$475 million versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $466.97 million</a> and adjusted EBITDA of $15 million—$20 million.
Accolade stock plunged over 67% year-to-date as the analysts cut their price targets on the stock during the <a target="_blank" href="https://www.benzinga.com/quote/ACCD/analyst-ratings" rel="noreferrer noopener">last two quarterly prints</a>.
Price Action: ACCD stock is up 0.25% at $3.98 premarket at the last check Tuesday.

Earnings

Equities

Guidance

ACCD

Accolade's Q2 Boost: Revenue Rises, Losses Shrink, And Profitability Looms

First purchase order under agreement is for 20 Scorpion units
LAS VEGAS, Oct. 08, 2024 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=Xwsu3KPpo2lGKpFkp8nOLeVluDrP1FqmOLl2KoJvGKXeBl20iEsNrR5Ves86StxgJ1NDxOe4MoiYRO1LZLS6b0J9-JSKLQabc2s9agjQq0o=">Richtech Robotics Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) ("Richtech Robotics"), a Nevada-based provider of AI-driven service robots, today announces it has signed a distribution agreement with Sproutmation, LLC ("Sproutmation"), a commercial robotics and automation solutions delivery provider. Sproutmation's first purchase order is for 20 Scorpion units. Under the arrangement, Sproutmation has agreed to an annual sales target of 100 robot units.
"We are continuously expanding our ecosystem of distribution partners and are pleased to announce our agreement with Sproutmation," said Matt Casella, President of Richtech Robotics. "Our solutions are synergistic with Sproutmation's offerings as the company is focused on robots that provide automation for clients. This collaboration will allow us to reach even more organizations across the country."

Contracts

Richtech Robotics Signs Distribution Agreement With Sproutmation, LLC, Commercial Robotics And Automation Solutions Delivery Provider; First Purchase Order Under Agreement Is For 20 Scorpion Units

GeneDx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>), a leader in delivering improved health outcomes through genomic insights, today announced it has provided genomic newborn screenings (gNBS) for more than 14,000 infants through its participation in groundbreaking research studies which aim to explore the clinical utility and implementation of utilizing genome sequencing to expand standard newborn screening (NBS). Through these studies, GeneDx has conducted more gNBS than any other lab and gained experience understanding diverse multi-site implementation strategies, positioning GeneDx as a laboratory leader set to revolutionize the standard approach to NBS.
Early diagnosis is critical to ensuring patients have the best chance at fighting the progression of disease. The broad availability of gNBS can significantly decrease time-to-diagnosis, which is particularly critical for diagnoses with actionable outcomes, including associated treatments and/or interventions. Through a retrospective analysis of its large database - currently more than 700,000 exomes and genomes - GeneDx looked to identify positive findings that would have been reported at birth had gNBS been available to patients as newborns. This analysis showed that greater than 21% of patients would have received a diagnosis earlier, on average by more than 8 years.
As the lab behind industry moving research studies, including GUARDIAN (Genomic Uniform-screening Against Rare Diseases In All Newborns), which has served more than 10,000 infants, and its early involvement in Early Check, supporting 2,000 infants, GeneDx has a unique understanding of the complexities of offering gNBS at scale. Interpretation of gNBS is heavily dependent on having a robust and diverse database of clinically significant variants to reduce the burden of analysis. Additionally, expertise in technical evaluation and understanding sequencing data outputs are necessary to inform variant interpretation and deliver a more definitive diagnosis.

Biotech

General

GeneDx Data To Be Presented At The International Conference On Newborn Sequencing Highlighting Lessons Learned From The Guardian And Early Check Newborn Sequencing Studies Showcasing GeneDx's Deep Expertise As The Leader For gNBS

Wells Fargo analyst Vik Chopra initiates coverage on Envista Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVST#NYSE">NVST</a>) with a Equal-Weight rating and announces Price Target of $20.

Initiation

NVST

Wells Fargo Initiates Coverage On Envista Holdings with Equal-Weight Rating, Announces Price Target of $20

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59e506f2efacff00010f9abb/saul-martinez">HSBC analyst Saul Martinez</a> downgraded the rating for American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) from Buy to Hold. American Express shares fell 0.8% to close at $273.79 on Monday. <a href="https://www.benzinga.com/quote/AXP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc analyst John Vinh downgraded the rating for QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) from Overweight to Sector Weight. Qualcomm shares fell 1.2% to close at $166.94 on Monday. <a href="https://www.benzinga.com/quote/QCOM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/580f253b846faa000139ba71/robert-moskow">TD Cowen analyst Robert Moskow </a>downgraded Constellation Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) from Buy to Hold and slashed the price target from $300 to $270. Constellation shares fell 1.5% to close at $243.07 on Monday. <a href="https://www.benzinga.com/quote/STZ/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Nigel Coe downgraded Otis Worldwide Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OTIS#NYSE">OTIS</a>) from Outperform to Peer Perform. Otis Worldwide shares fell 0.5% to close at $104.02 on Monday. <a href="https://www.benzinga.com/quote/OTIS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc analyst John Vinh downgraded the rating for Synaptics Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYNA#NASDAQ">SYNA</a>) from Overweight to Sector Weight. Synaptics shares fell 0.4% to close at $76.06 on Monday. <a href="https://www.benzinga.com/quote/SYNA/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying QCOM stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="507" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08084317/image-50-1024x507.png" alt="" class="wp-image-585499" style="width:646px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08084317/image-50-1024x507.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08084317/image-50-300x149.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08084317/image-50-768x381.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08084317/image-50.png 1352w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41221716/dow-dips-around-400-points-as-treasury-yields-top-4-investor-optimism-declines-but-fear-index-remai">Dow Dips Around 400 Points As Treasury Yields Top 4%: Investor Optimism Declines, But Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</ul>

Downgrades

Pre-Market Outlook

OTIS

QCOM

SYNA

This Qualcomm Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday

Results published in peer-reviewed journal, Clinical Cancer Research &nbsp;
Study validates DetermaIO's utility in identifying breast cancer patients most likely to benefit from atezolizumab
DetermaIO targets a multi-billion-dollar addressable market in oncology diagnostics
IRVINE, Calif., Oct. 08, 2024 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=aGJ62UfDSJ75iUpNl5vZdp9espyLG_BC7pB-aolZV5mxBfMlEVcildSddRWJysFeR3xcgrNjUKCOhKbzLzjUYQ==">Oncocyte Corp</a>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCX#NASDAQ">OCX</a>), a diagnostics technology company, announced the peer-reviewed <a href="https://www.globenewswire.com/Tracker?data=WT0U7e5D42D79qkn09hAqoh5upGVtGnWLjCeIrXBnt-F7ppdWynTGqu5qPTvS8UEGWC7imojIfi8rDIDV1PiP5ahNCi0BWaXevib8eGGycPFNhIgSnZkqBALs5mlYxb6EJEvmssFWJJZ-tVtsHgztrQiwegx66D3OghgCvSg40e_XadiOM6WpfEgmBEX4wt5cn_5llM0tpGHGg0PNOKxszEsLDO5f4JwacS2OYD7oWI=">publication</a> of positive data related to its proprietary gene expression test, DetermaIO&#x2122;.
The NeoTRIP Phase 2 clinical trial (NCT002620280) randomized patients with triple-negative breast cancer (TNBC) to receive neoadjuvant carboplatin and nab-paclitaxel (chemotherapies to shrink tumors), with or without the immunotherapy, atezolizumab. As a secondary point of interest in the study, Oncocyte's DetermaIO test was among several established biomarkers and gene signatures assessed for its ability to predict which patients with early stage TNBC are most likely to benefit from the immunotherapy. The study was performed in collaboration with the Michelangelo Foundation for Cancer Research, a well-regarded independent scientific organization based in Milan.
There is an unmet need in TNBC for biomarkers that are predictive of the selective benefit of immune checkpoint inhibitors, which DetermaIO aims to address. Only DetermaIO was both statistically significant and predictive of a pathologic complete response (pCR) among the various biomarkers assessed. In the NeoTRIP clinical trial, patients who tested positive by the DetermaIO assay (IO+) had a significantly higher pathologic complete response (pCR) rate when treated with atezolizumab plus chemotherapy (69.8%) compared to chemotherapy alone (46.9%). In contrast, patients who tested negative by the DetermaIO assay (IO-) did not show a significant improvement in pCR rates with atezolizumab plus chemotherapy (44.6%) compared with chemotherapy alone (49.2%), highlighting DetermaIO's predictive power for the selective benefit of immune checkpoint inhibitors, or ICIs.

Oncocyte's DetermaIO Immuno-Oncology Assay Predicts Response To Atezolizumab In Phase 2 Clinical Trial; Results Published In Peer-Reviewed Journal, Clinical Cancer Research

Wells Fargo analyst Eva Fortea Verdejo initiates coverage on Arcus Biosciences (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCUS#NYSE">RCUS</a>) with a Overweight rating and announces Price Target of $29.

RCUS

Wells Fargo Initiates Coverage On Arcus Biosciences with Overweight Rating, Announces Price Target of $29

Redburn Atlantic analyst Simon Clinch downgrades CME Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) from Buy to Neutral and announces $244 price target.

Redburn Atlantic Downgrades CME Gr to Neutral, Announces $244 Price Target

Iveda enhances LevelNOW––a customizable IoT sensor solution for remote monitoring and control––with new specialized vent cap
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.iveda.com&amp;esheet=54132401&amp;newsitemid=20241008904879&amp;lan=en-US&amp;anchor=Iveda&amp;index=1&amp;md5=f8b30876468c0cb41bbc95ef248c9008">Iveda</a>&#xAE; (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVDA#NASDAQ">IVDA</a>), the global solution for cloud-based AI, today announced a second patent for its recently launched liquid storage management solution, LevelNOW. This update features a specialized vent cap designed for standard 200-liter steel oil drums, providing a first-of-its-kind solution for industries that manage oil and gas. The vent cap valve uses a conductor sensor with an innovative magnetic end to keep the fluid level sensor taut and perpendicular to ensure accurate fluid measurement and to help prevent spills, leaks and evaporation. Leveraging advanced IoT sensors, LevelNOW offers real-time monitoring and control, signaling to a wireless gateway outside the drum to reduce costly losses and improve operational efficiency.

IVDA

Iveda Files Second Patent For Industry-First Liquid Storage Management Vent Cap

Soleno Therapeutics, Inc. ("Soleno") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNO#NASDAQ">SLNO</a>), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today announced a regulatory update from the U.S. Food and Drug Administration (FDA). &nbsp;
The FDA Review Division has&nbsp;determined that there does not appear to be a need for an advisory committee meeting at this time for the New Drug Application (NDA) for DCCR (diazoxide choline) extended-release tablets for the treatment of Prader-Willi syndrome (PWS). &nbsp;However, the Division's review team will continue to consider the potential need for an advisory committee meeting during their ongoing review.

SLNO

Soleno Therapeutics Announces FDA Review Division Determined That There Does Not Appear To Be A Need For An Advisory Committee Meeting At This Time For The NDA For DCCR Extended-Release Tablets For The Treatment Of Prader-Willi Syndrome

Average Price per Share of $1.9646
SCHAUMBURG, IL, Oct. 08, 2024 (GLOBE NEWSWIRE) -- RDE, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIFT#NASDAQ">GIFT</a>) (the "Company"), the owner and operator of leading digital platforms, CardCash.com and Restaurant.com, with a focus on incentives and rewards in retail, dining &amp; entertainment experiences, today announced that recently hired Chief Financial Officer Steve Handy purchased a total of 25,620 shares for a total of $50,333. The transactions we executed on October 1, 3 and 4, 2024 and resulted in average price per share of $1.9646.
Steve Handy, Chief Financial Officer of RDE, Inc., commented, "I am very excited for what lies ahead for our Company, and given the recent share price decline since we uplisted to Nasdaq in August, I wanted to demonstrate my enthusiasm with these open market purchases."

Insider Trades

GIFT

RDE, Inc. CFO Steve Handy Purchased 25,620 Shares In The Open Market For A Total Of $50,333

Partnership will advance the field of ligand-based virtual screening to improve drug design and optimization activities
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.simulations-plus.com%2F%3Fmtm_campaign%3DSPL_and_UC_NIH_Grant_to_develop_AI_Drug_Discovery%26mtm_source%3Dissuerdirect%26mtm_medium%3Dpressrelease&amp;esheet=54132470&amp;newsitemid=20241008571649&amp;lan=en-US&amp;anchor=Simulations+Plus%2C+Inc.&amp;index=1&amp;md5=0a081cc4e4c22d01bff5afaf02e19944">Simulations Plus, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLP#NASDAQ">SLP</a>) ("Simulations Plus"), a leading provider of biosimulation, simulation-enabled performance and intelligence solutions, and medical communications to the biopharma industry, today announced the award of a new research grant from the National Institutes of Health (NIH), secured in partnership with the University of Southern California (USC) Alfred E. Mann School of Pharmacy and Pharmaceutical Sciences. The grant will be used to evaluate novel computational methods that account for water-ligand interactions in drug discovery and that integrate with the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.simulations-plus.com%2Fsoftware%2Fadmetpredictor%2Fai-driven-drug-design-aidd%2F%3Fmtm_campaign%3DSPL_and_UC_NIH_Grant_to_develop_AI_Drug_Discovery%26mtm_source%3Dissuerdirect%26mtm_medium%3Dpressrelease&amp;esheet=54132470&amp;newsitemid=20241008571649&amp;lan=en-US&amp;anchor=Artificial+Intelligence-driven+Drug+Design&amp;index=2&amp;md5=85c5f141d5882c723c264d7f10f3c8ab">Artificial Intelligence-driven Drug Design</a> (AIDD) module in <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.simulations-plus.com%2Fsoftware%2Fadmetpredictor%2F%3Fmtm_campaign%3DSPL_and_UC_NIH_Grant_to_develop_AI_Drug_Discovery%26mtm_source%3Dissuerdirect%26mtm_medium%3Dpressrelease&amp;esheet=54132470&amp;newsitemid=20241008571649&amp;lan=en-US&amp;anchor=ADMET+Predictor%26%23174%3B&amp;index=3&amp;md5=a883274edf2b91a49666979402e4c3ff">ADMET Predictor&#xAE;</a> to offer a first-of-its-kind ligand-based virtual screening (LBVS) solution for pharmaceutical companies.

Simulations Plus And The University Of Southern California Secure NIH Grant To Develop New AI Drug Discovery Offerings

OSI Systems, Inc. (the "Company" or "OSI Systems") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OSIS#NASDAQ">OSIS</a>) today announced that its Security division has successfully commenced operations in Uruguay in collaboration with its Ministry of Economics and Finance to enhance security and efficiency at Uruguay's ports and borders through advanced customs screening applications.
OSI Systems CEO Deepak Chopra commented, "We are excited to begin the operational phase and look forward to supporting Uruguay's customs and border security activity."
The Company is utilizing the EAGLE&#xAE; T60 high-energy, trailer-mounted vehicle inspection systems, performing security screening and remote image analysis utilizing its proprietary CertScan&#xAE; integration platform, and will also provide ongoing management training and maintenance, service and support.
 &nbsp;

Global

OSIS

OSI Systems Commences Operations In Uruguay For Cargo Turnkey Screening Services

After weeks of soaring performance that positioned Chinese stocks among the best global performers year-to-date, a sharp selloff swept across Chinese markets overnight, with the Hang Seng Index in Hong Kong plummeting more <a href="https://www.benzinga.com/markets/asia/24/10/41213691/fast-and-furious-rally-pushes-chinese-stocks-to-double-s-p-500-performance-year-to-date">than 9% on Tuesday. </a>
The massive drop marks the index&#8217;s worst single-day loss since October 2008, during the height of the global financial crisis.
In mainland China, the Shanghai Composite Index also faced intense volatility but managed to close 4.6% higher after fluctuating wildly throughout the day, following a holiday week. 
Investors, previously riding the rally, rushed to lock in profits, dampened by disappointment over the lack of aggressive fiscal stimulus announcements from Chinese officials.
<h3 class="wp-block-heading">Lack of Bold Stimulus Disappoints Investors</h3>
The sharp downturn was driven by growing disillusionment with Beijing&#8217;s latest policy measures, or rather, the absence of any major new stimulus. 
Hopes had been high that the National Development and Reform Commission (NDRC) would unveil bold fiscal support to bolster the economy, but no such plans materialized.
Zheng Shanjie, chairman of the NDRC, addressed the nation in a media briefing, reiterating that China is on track to achieve its 5% GDP growth target for the year.
However, while acknowledging the economy's challenges in the face of a &#8220;more complex and extreme&#8221; global environment, the only concrete measures announced were a front-loaded 100 billion yuan ($14.1 billion) budget from 2025 and another 100 billion yuan for construction projects. Investors had expected far more robust action, including trillions in new bond issuances and initiatives to stimulate consumption.
The muted response from Beijing rattled the markets. 
&#8220;While Chinese officials discussed hitting growth targets, they didn't address further stimulus measures. The markets want their lifeline!&#8221; wrote macroeconomist Ayesha Tariq, summarizing the frustration.
Goldman Sachs analyst Lisheng Wang highlighted that some investors had been expecting concrete stimulus measures ahead of the NDRC press conference, so the lack of any major announcements came as a letdown. 
&#8220;We believe any large stimulus package would require joint efforts from key ministries and significant fiscal resources,&#8221; Wang wrote, adding that major measures—such as a central government special bond issuance—could still be announced later in the year.
Goldman Sachs anticipates that China may approve an additional 1-2 trillion yuan in ultra-long-term government bonds by year-end to support debt swaps and maintain a fiscal easing stance in 2025.
Despite the initial disappointment, Goldman Sachs remains optimistic that further steps to boost domestic demand, stabilize inflation, and rebuild market confidence are still on the horizon.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/10/41222716/as-florida-prepares-for-one-of-deadliest-hurricanes-here-are-some-potential-stock-winners-and-lo">As Florida Prepares For One Of Deadliest Hurricanes, Here Are Some Potential Stock Winners And Losers From Milton Threat</a>
<h2 class="wp-block-heading">Market Reactions: Offshore Chinese Equities Tumble</h2>
Chinese stocks trading in offshore markets, such as those in Hong Kong and New York, were the hardest hit. 
These stocks are heavily owned by foreign investors, making them more sensitive to shifts in risk sentiment. The combination of profit-taking after weeks of gains and the lack of immediate fiscal stimulus sent these shares plummeting.
Shares of Chinese tech giants listed in Hong Kong—such as Tencent Holdings, Xiaomi, and electric vehicle maker BYD—fell more than 8%. Heavily indebted property developer Country Garden Services Holdings plummeted by 15%.
The selloff extended to U.S.-listed Chinese stocks during premarket trading on Tuesday, where major names tumbled sharply:
<ul>
<li>Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) -10.4%</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) -9.7%</li>
<li>XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) -8.6%</li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) -8.4%</li>
<li>NIO Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) -7.6%</li>
<li>JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) -7.6%</li>
<li>Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) -7.4%</li>
<li>NetEase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) -6.3%</li>
<li>Alibaba Group Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) -5.6%</li>
</ul>
Exchange-traded funds tracking Chinese equities also took a major hit:
<ul>
<li>iShares MSCI China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NYSE">MCHI</a>) -10%</li>
<li>KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>) -9.7%</li>
<li>iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) -8.3%</li>
</ul>
<h3 class="wp-block-heading">What Comes Next?</h3>
With investors eagerly awaiting further developments, the next few weeks will be critical for China&#8217;s stock markets. Analysts are watching closely for announcements from ad-hoc government meetings and the upcoming National People&#8217;s Congress standing committee session, where more concrete fiscal actions could be unveiled.
Another major global event impacting China markets will be the U.S. presidential election on Nov. 5.
Looking further ahead, early to mid-December will see another Politburo meeting, specifically on economic policies, followed by the Central Economic Work Conference in mid to late December, where China&#8217;s broader economic strategy for the next year could be laid out.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41218388/november-fed-rate-cut-in-jeopardy-12-reasons-veteran-trader-expects-a-hold-as-stron">November Fed Rate Cut In Jeopardy: 12 Reasons Veteran Trader Expects A Hold As Strong Data, Rising Oil Prices Shuffle The Deck</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Asia

Large Cap

Macro Economic Events

Specialty ETFs

Emerging Market ETFs

Econ #s

Economics

Tech

ETFs

BABA

BIDU

KWEB

MCHI

NTES

Citigourp Global Markets 2% Protected Notes Linked To The Djia

XPEV

Chinese Stocks Plunge As Stimulus Hopes Fade: Hong Kong Posts Worst Daily Decline Since October 2008

In January, Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chief Jensen Huang will deliver a keynote at <a target="_blank" href="https://www.prnewswire.com/in/news-releases/nvidia-ceo-jensen-huang-to-deliver-ces-2025-keynote-302268864.html" rel="noreferrer noopener">Consumer Electronics Show 2025</a>. The tech event will occur in&nbsp;Las Vegas&nbsp;from&nbsp;January 7-10, 2025.
The event coincided with rumors of next-gen Nvidia GPUs appearing in 2025, the Verge <a target="_blank" href="https://www.theverge.com/2024/10/7/24264418/nvidia-ces-2025-keynote-rtx-5090-rumors" rel="noreferrer noopener">reports</a>.
Nvidia could divulge an update about its RTX 50 series at CES, including its desktop GPUs based on the Blackwell architecture.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41211823/whats-going-on-with-super-micro-computer-stock-on-monday" rel="noreferrer noopener">What&#8217;s Going On With Super Micro Computer Stock On Monday?</a>
Recently, Huang snubbed Wall Street concerns by&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41183612/nvidias-top-brass-unloaded-significant-stock-in-2024-amid-ai-spending-and-chip-delays" rel="noreferrer noopener">indicating massive demand</a> for Nvidia&#8217;s Blackwell&nbsp;GPU.
JPMorgan analyst Harlan Sur&nbsp;flagged that the Blackwell GPU platform <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana" rel="noreferrer noopener">can support over</a> 100 different system configurations, compared to the 19-20 options available with the prior generation Hopper GPU platform. According to Sur, Nvidia&#8217;s AI and accelerated compute moat will likely help it sustain growth into 2025 and beyond.
Per the rumors, Nvidia may announce the RTX 5090 and RTX 5080 simultaneously.
<a target="_blank" href="https://www.benzinga.com/news/24/01/36596609/nvidia-leads-ai-chip-rivalry-with-new-gpus-while-amd-and-intel-bet-big-on-ai-pcs" rel="noreferrer noopener">At CES 2024</a>, Nvidia showcased three new GPUs—the RTX 4060 Super, RTX 4070 Ti Super, and RTX 4080 Super for AI-ready laptops.
Meanwhile, Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) voiced their conviction on AI personal computers (PCs) at the event, which contrasted with Nvidia&#8217;s focus on server-based AI.
Nvidia stock is up over 182% in the last 12 months. Investors can gain exposure to the stock through Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), and Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>).
Price Action: NVDA stock is trading higher by 1.82% at $130.01 premarket at the last check on Tuesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/government/24/10/41204521/nvidias-gpu-sales-at-risk-as-china-pushes-local-ai-chips-in-retaliation" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s GPU Sales at Risk As China Pushes Local AI Chips in Retaliation</a></li>
</ul>
Photo courtesy of Nvidia

INTC

NVDA

Next-Gen Nvidia GPUs Could Be Revealed at CES 2025 - What You Need to Know

Snail, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNAL#NASDAQ">SNAL</a>) ("Snail Games" or the "Company"), a leading global independent developer and publisher of interactive digital entertainment, is excited to announce the acquisition of publishing rights for three new titles: Honeycomb, a sci-fi survival adventure, as well as Castle of Secrets and Stoneguard, through its indie-focused branch, Wandering Wizard. This expansion reflects Snail Games' commitment to delivering diverse, innovative gaming experiences across both mainstream and indie markets.

SNAL

Snail Games Announces The Acquisition Of Publishing Rights For 3 New Titles: Honeycomb, A Sci-Fi Survival Adventure, As Well As Castle Of Secrets And Stoneguard, Through Its Indie-Focused Branch, Wandering Wizard

BlackSky Technology Inc. Class A Common Stock

BKSY

BlackSky Technology Receives Seven-Figure Contract To Deliver Non-Earth Imaging Services

<ul>
<li>Partnership is Backed by Microsoft Go-To-Market Commitments Expected to Amount to a minimum of $130 Million &nbsp;</li>
<li>Rezolve AI's brainpowa LLM Integrated with Microsoft Azure to Power Next-Generation Retail Transformation &nbsp;</li>
</ul>
This press release should be read in conjunction with a video available at: <a href="https://www.globenewswire.com/Tracker?data=BGngetUtEPsixeeL0I8n32tvS2SIeH91Ti2n-qnzWnUcwm45wmTpoHttFxV4-NsWysVf9h4gWpYH4hvUINsVWkHr0UOIO0zrsc26pjP8M55tN6Qxceq7QaEyJoQLmUCFXj0ycvXMKyHwgUHvWQRYrA==">https://vimeo.com/rezolvevideo/rzlvmsft</a>
NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Building on the recent announcement of the strategic partnership between Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Rezolve AI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>), it was confirmed today that their ongoing collaboration will focus on delivering advanced AI solutions to enhance the global retail sector, which presents a $30 trillion market opportunity. This collaboration leverages the integration of Rezolve AI's proprietary Brain suite of commerce solutions with Microsoft's Azure cloud infrastructure, providing retailers with AI tools designed to optimize operations, drive consumer engagement, and enhance omni-channel experiences.
As part of the partnership, Microsoft is committed to supporting Rezolve AI with Go-to-Market (GTM) initiatives which is expected to reach a minimum of $130 million over the next five years. These GTM efforts will fuel global market penetration by connecting Rezolve AI with top retail customers across three major continents each quarter, , and will drive Rezolve Ai's target of over $100 million ARR for 2025 and accelerated growth over the subsequent years thereafter. This financial backing underscores Microsoft's belief in Rezolve AI's potential to transform the retail sector through its powerful suite of solutions.

MSFT

RZLV

Microsoft and Rezolve AI's Ongoing Collaboration Will Focus On Delivering Advanced AI Solutions To Enhance The Global Retail Sector, Which Presents A $30T Market Opportunity

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Comments

Affiliated Managers Group, Inc. 4.200% Junior Subordinated Notes due 2061

News

Latest news for Affiliated Managers Group, Inc. 4.200% Junior Subordinated Notes due 2061 (NYSE:MGRD) Stock