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Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) CEO Albert Bourla is set to meet with activist investor Starboard Value amid growing pressure to revitalize the pharmaceutical giant&#8217;s struggling share price and refine its strategic focus. The meeting comes as Starboard builds a $1 billion stake in Pfizer, equivalent to about 0.6% of the <a href="https://www.benzinga.com/markets/equities/24/10/41199793/amid-pfizers-struggles-with-declining-demand-for-covid-19-treatments-activist-investor-starboard">company&#8217;s $165 billion market value</a>.
What Happened: Bourla and at least one other director will hold talks with Starboard next week, following the revelation of the fund&#8217;s significant investment. The activist investor, led by CEO Jeff Smith, is calling for a strategy shift and has prepared an extensive slide deck outlining its turnaround plans, <a href="https://www.ft.com/content/38a73294-f6b0-48c8-a29a-8626c2da30d5">reported</a> the Financial Times citing people familiar with the matter.
The mounting pressure on Pfizer&#8217;s leadership comes as the company&#8217;s stock has <a href="https://www.benzinga.com/news/24/10/41212540/pfizer-stock-is-moving-higher-monday-whats-driving-the-action">fallen more than 30% over the past two years</a>, sinking below pre-pandemic levels. According to the report, critics argue that Pfizer has mismanaged its $92 billion COVID-19 windfall, particularly pointing to a costly $70 billion acquisition spree that has failed to boost the company&#8217;s valuation.
In an unusual twist, two of Pfizer&#8217;s former top executives, ex-CEO Ian Read and former CFO Frank D&#8217;Amelio, are reportedly collaborating with Starboard. The pair has reached out to at least four Pfizer directors, urging them to consider working with the activist investor, <a href="https://www.wsj.com/health/pharma/pfizer-ceos-job-is-at-risk-a-shot-of-discipline-could-help-1b210b18">reported</a> The Wall Street Journal.
Analysts and investors are speculating about potential management changes, with some receptive to the idea. However, others caution that a mere change at the top may not be sufficient to address Pfizer&#8217;s challenges, citing the importance of a promising drug pipeline for long-term success in the pharmaceutical industry.
"We've sensed investor frustration with CEO Albert Bourla since at least the beginning of 2023," BMO Capital Markets analyst&nbsp;Evan Seigerman&nbsp;wrote, according to WSJ.
Pfizer and Starboard Value did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>&#8216;s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/10/41208397/this-alibaba-analyst-turns-bullish-here-are-top-5-upgrades-for-monday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">This Alibaba Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday</a>
Why It Matters: Starboard is expected to push for a more focused development strategy and deeper cost cuts beyond the $5.5 billion reduction already announced by Pfizer through 2027. Critics argue that Pfizer&#8217;s recent acquisitions, spanning neuroscience, blood disorders, and cancer, lack a clear, cohesive focus.
Bourla has acknowledged missing earnings expectations and weak commercial performance but maintains that investors haven&#8217;t fully appreciated the potential value of recent acquisitions, such as the $43 billion Seagen deal.
As pressure mounts, Bourla has shown signs of attentiveness to Wall Street critics. Earlier this year, he hired Andrew Baum, a former Pfizer bear at Citi, as chief strategy and innovation officer, in a move reminiscent of Novartis&#8216; hiring of outspoken analyst Ronny Gal.
In a bid to streamline its operations, Pfizer recently divested a $3.3 billion stake in Haleon, reducing its shareholding from 22.6% to 15%. Despite these efforts, the company remains <a href="https://www.benzinga.com/markets/equities/24/10/41112790/pfizer-divests-3-3b-stake-in-sensodyne-toothpaste-and-panadol-painkiller-maker-haleon">under pressure to deliver better financial returns</a> and strategic clarity.
Price Action: Pfizer&#8217;s stock closed on Tuesday at $29.18, down 0.068% during regular trading hours. However, in after-hours trading, the stock gained 0.31%. Year to date, Pfizer&#8217;s stock has fallen by 1.85%, 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>

Equities

News

Markets

Pfizer CEO Albert Bourla Set To Meet Activist Investor Starboard Value As Pressure Mounts To Revitalize Struggling Stock: Report

In the face of impending Hurricane Milton, Florida Governor Ron DeSantis has refuted claims made by Vice President Kamala Harris accusing him of &#8220;political gamesmanship&#8221;. DeSantis has labeled these accusations as &#8220;delusional&#8221;, following reports that he did not respond to Harris&#8217;s calls during the hurricane preparations.
What Happened: In a Fox News interview, confirmed his use of all available resources, including federal aid, to prepare for the hurricane expected to hit Florida on Wednesday. He also confirmed his ongoing communication with President Joe Biden and officials from the Federal Emergency Management Agency, <a href="https://thehill.com/homenews/state-watch/4921329-desantis-accuses-harris-political-gamesmanship/">reported</a> The Hill.
In response to Harris&#8217;s criticism, DeSantis stated, &#8220;And so for Kamala Harris to try to say that my sole focus on the people of Florida is somehow selfish, is delusional.&#8221; He accused Harris of trying to politicize the storm for her campaign.
See Also: <a href="https://www.benzinga.com/news/24/10/41195370/elon-musk-said-his-blood-was-boiling-after-fema-allegedly-didnt-allow-spacex-engineers-to-deliver-st?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Said His Blood Was &#8216;Boiling&#8217; After FEMA Allegedly Didn&#8217;t Allow SpaceX Engineers To Deliver Star</a>
Previously, Harris had expressed her concerns about DeSantis&#8217;s refusal to take her calls, accusing him of prioritizing political games over the welfare of the people. DeSantis, however, countered these accusations by emphasizing his focus on the people of Florida and his effective management of several storms during his tenure.
Why It Matters: Earlier, DeSantis <a href="https://www.benzinga.com/news/24/10/41219961/ron-desantis-denies-ignoring-kamala-harriss-calls-amid-hurricane-emergency-i-didnt-know-she-called-m">denied knowledge</a> of any calls made by Harris in the aftermath of Hurricane Helene. He claimed ignorance of Harris's calls during a press conference about the upcoming Hurricane Milton and suggested the calls "seemed political."
DeSantis&#8217;s handling of the hurricane situation and his relationship with the federal government could have significant implications for the welfare of Florida&#8217;s residents, especially as Hurricane Milton is expected to make landfall in Tampa, Florida on Wednesday evening.
Hurricane Milton, which reached Category 5 with winds of 180 mph before being downgraded to Category 4. President Biden emphasized evacuation efforts and federal support, while Tampa&#8217;s mayor dispelled rumors of insufficient resources. The storm could <a href="https://www.benzinga.com/markets/equities/24/10/41239644/hurricane-milton-evacuations-a-matter-of-life-and-death-biden-says-feds-bostic-says-storm-could-">significantly impact insurance and other sectors</a>, with damages possibly exceeding $50 billion.
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Ron Desantis Says Kamala Harris Is 'Delusional' For Trying To Say His Sole Focus On People Of Florida Is Selfish Amid Phone Call Row

Tesla and SpaceX CEO Elon Musk&#8217;s social media platform, X, formerly Twitter, has been granted permission by Brazil&#8217;s Supreme Court to <a href="https://www.benzinga.com/news/24/09/40748476/fcc-chief-defends-elon-musks-x-and-starlink-amid-brazils-punitive-actions-warns-business-leaders-are">recommence its operations</a> in the country.
What Happened: On Tuesday, Brazil&#8217;s Supreme Court Justice Alexandre de&nbsp;Moraes confirmed that&nbsp;X had met all the&nbsp;necessary prerequisites to restart its operations in Brazil, reported Reuters.
In his ruling, Moraes directed Brazil&#8217;s telecommunications regulator Anatel to facilitate X&#8217;s return to online operations within 24 hours. However,&nbsp;as of 7 p.m. local&nbsp;time, users&nbsp;in Brazil were still unable&nbsp;to access the platform.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41199834/unreleased-m4-macbook-pro-shown-off-by-russian-youtuber-weve-seen-prototypes-leak-early-but-never-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Unreleased M4 MacBook Pro Shown Off By Russian YouTuber: &#8216;We&#8217;ve Seen Prototypes Leak Early But Never A Full Retail Apple Device Weeks In Advance,&#8217; Says Expert</a>
Following the decision, X&#8217;s Global Government Affairs handle on the platform said, &#8220;We will continue to defend freedom of speech, within the boundaries of the law, everywhere we operate.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">X is proud to return to Brazil. Giving tens of millions of Brazilians access to our indispensable platform was paramount throughout this entire process. We will continue to defend freedom of speech, within the boundaries of the law, everywhere we operate. &#8212;&#8212;&#8212;&#8212;&#8212;&#8212;- O…
&mdash; Global Government Affairs (@GlobalAffairs) <a href="https://twitter.com/GlobalAffairs/status/1843773083783471139?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
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This development follows a series of events that led to the suspension of X&#8217;s operations in Brazil. In late August, X was banned in Brazil due to a disagreement with a local judge over what <a href="https://www.benzinga.com/news/24/09/41062162/elon-musks-x-reportedly-aims-for-brazil-reentry-backs-down-from-censorship-dispute">Musk referred to as &#8220;censorship.&#8221;</a>
However, the tech mogul began to shift his stance later. His platform started&nbsp;blocking accounts flagged by the&nbsp;court, appointed a local representative, and <a href="https://www.benzinga.com/news/24/10/41201314/elon-musks-x-paid-5m-to-wrong-bank-in-brazil-delaying-reinstatement-of-its-services-in-the-country">paid outstanding fines</a>.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Previously, Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Instagram and Facebook also faced regulatory challenges in Brazil, after the Latin American country prohibited it from using users&#8217; posts to train its AI models
According to Statista, as of the third quarter of 2023, WhatsApp led Brazil&#8217;s social media usage, with 93.4% of the online population using the platform. Instagram followed at 91.2%, while Facebook was used by 83.3% of internet users.&nbsp;
TikTok and Facebook Messenger had 65.1% and 60.8% usage, respectively, with Pinterest, Telegram, Kuaishou, and Twitter capturing smaller portions of the market.
Meta introduced WhatsApp&#8217;s native payment feature in Brazil in June 2020, but it was <a href="https://www.benzinga.com/government/22/04/26706461/metas-whatsapp-business-fund-transfer-hits-roadblock-in-brazil-ft">blocked by the Central Bank</a> due to authorization issues with Mastercard and Visa.
After nine months, person-to-person debit card transfers were allowed in March 2021, followed by credit card payments for small businesses in April 2023.
By June 2024, large companies could accept credit card payments, and Pix was added, marking a four-year journey to full availability.
Musk&#8217;s X also strives to become an &#8220;everything app,&#8221; which includes <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40229658/elon-musks-vision-for-x-everything-app-advances-could-dogecoin-skyrocket-with-payments-lau">shopping and payment features</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Legal

Tech

Media

Elon Musk Vows To Defend Freedom Of Speech, But 'Within The Boundaries Of The Law' As X Gets Brazil Greenlight To Resume Operations

The hotly-awaited HBO documentary purportedly revealing the real identity of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) creator Satoshi Nakamoto just aired, but does it truly unveil one of the most enduring mysteries of our time?
What happened:  The documentary titled &#8220;Money Electric: The Bitcoin Mystery,&#8221; directed by investigative filmmaker Cullen Hoback, has sparked interest ever since its cinematic trailer was dropped last week.
The documentary covers Bitcoin's roots and introduces various figures from the early days of its development, including Blockstream CEO Adam Back. 
Toward the end of the documentary, however, Hoback locks in on Bitcoin Core engineer Peter Todd, providing a series of hints that he may be the leading cryptocurrency&#8217;s secret inventor, <a href="https://decrypt.co/285252/im-not-satoshi-hbo-documentary-misfires-bitcoin">according</a> to Decrypt. 
Todd quickly took to X to deny the claim. &#8220;I&#8217;ve done a lot of things in life that have put me in the spotlight. Not my first rodeo. But this might be crazier than before,&#8221; he said in another post.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;m not Satoshi.
&mdash; Peter Todd (@peterktodd) <a href="https://twitter.com/peterktodd/status/1843789750983110697?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41234336/crypto-com-takes-on-sec-in-legal-battle-after-receiving-wells-notice">Crypto.Com Takes On SEC In Legal Battle After Receiving Wells Notice</a>
Why It Matters: Satoshi Nakamoto is the alias for whoever wrote the Bitcoin <a href="https://bitcoin.org/bitcoin.pdf">whitepaper </a>and is credited with developing Bitcoin. Several persons have claimed or were believed to be Satoshi, but their genuine identity has never been confirmed or revealed.
Speculation over Nakamoto&#8217;s identity has long been a subject of intense speculation, with names of several technologists and computer scientists over the years, including Australian computer scientist Craig Wright, late American software developer Hal Finney, and Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) creator Charlie Lee, and Adam Back..
Preceding the reveal, betting odds saw wild fluctuation on who HBO would identify as Nakamoto. While late cypherpunk and privacy advocate Len Sassaman was <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41200679/len-sassaman-is-bitcoin-creator-satoshi-nakamoto-in-hbo-documentary-polymarket-punters-see">punters&#8217; favorite </a>earlier, the odds quickly <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41221351/elon-musks-theory-gains-ground-polymarket-odds-soar-for-nick-szabo-being-named-bitcoin-cre">shifted in favor</a> of Nick Szabo—another noted scientist from Bitcoin&#8217;s early evolution days. 
With Satoshi holding <a href="https://www.arkhamintelligence.com/research/who-owns-the-most-bitcoin-2023-edition">more than a million Bitcoins</a> (out of the 21 million total supply maximum), interested parties find a rational factor in seeking out their identity, as any movement of their holdings could drastically affect the coin&#8217;s price. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $62,269.11, down 2.03% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. &nbsp;
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

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Peter Todd Is Satoshi Nakamoto? Bitcoin Core Developer Denies HBO Documentary Claims: 'I'm Not Satoshi'

An Afghan national, based in Oklahoma City, has been charged with planning a terror attack in the United States on Election Day. The individual was allegedly acting on behalf of the Islamic State of Iraq and al-Sham (ISIS). Donald Trump Jr. reacted to the development.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Donald Trump has been proven right AGAIN! <a href="https://t.co/CZPbv2T4wP">https://t.co/CZPbv2T4wP</a>
&mdash; Donald Trump Jr. (@DonaldJTrumpJr) <a href="https://twitter.com/DonaldJTrumpJr/status/1843806659942257080?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>
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The US Justice Department has brought charges against Nasir Ahmad Tawhedi, 27, for allegedly conspiring and attempting to provide material support to ISIS. Tawhedi is also accused of procuring firearms and ammunition for the intended attack. He reportedly took actions to liquidate his family&#8217;s assets, relocate his family members abroad, and acquire AK-47 assault rifles and ammunition.
The eldest child of former president Donald Trump said on X that his father has &#8220;been proven right&#8221; once again. Trump Jr. shared the news which described the person as having entered the United States on a &#8220;special immigrant visa&#8221; on Sept. 9, 2021.
&#8220;As charged, the Justice Department foiled the defendant's plot to acquire semi-automatic weapons and commit a violent attack in the name of ISIS on U.S. soil on Election Day,&#8221; stated Attorney General Merrick B. Garland.
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According to the criminal complaint, Tawhedi was seen in a video reading to two children text that describes the rewards a martyr receives in the afterlife. He allegedly accessed, viewed, and saved ISIS propaganda on his iCloud and Google account, participated in pro-ISIS Telegram groups, and contributed to a charity which fronts for and funnels money to ISIS.
If convicted, he faces a maximum prison sentence of 20 years for conspiring and attempting to provide material support to ISIS, and a maximum of 15 years for receiving a firearm to be used to commit a felony or a federal crime of terrorism.
Photo Courtesy: Shutterstock.com
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Jr. Says His Dad 'Has Been Proven Right Again' After FBI Foils Afghan National's Election Day Terror Plot

Betsey Stevenson, a former economic adviser to former President Barack Obama, has challenged the notion that <a href="https://www.benzinga.com/news/24/09/40744471/trumps-plan-to-ban-mortgages-for-undocumented-immigrants-sparks-debate-what-do-the-numbers-say">undocumented immigrants are readily obtaining mortgages</a> in the United States.
What Happened: Stevenson, now an economist at the University of Michigan, took to X, formerly Twitter, to address the issue. &#8220;Of all the anti-immigration myths, the idea that undocumented immigrants are applying for and getting mortgages is the craziest,&#8221; she wrote.
To illustrate her point, Stevenson cited the case of Ben Bernanke, former Federal Reserve chairman, who reportedly struggled to secure a mortgage after leaving his position due to difficulties documenting his income.
Responding to a claim about mission-oriented lenders providing mortgages without proof of legal presence, Stevenson acknowledged the existence of such practices for long-standing undocumented residents. However, she emphasized that recent border crossers are not &#8220;heading straight to the bank to buy a house.&#8221;
The debate highlights the complexities surrounding immigration and financial services in the U.S., with Stevenson&#8217;s comments shedding light on common misconceptions about undocumented immigrants&#8217; access to mortgages.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Of all the anti-immigration myths, the idea that &#x2A;&#x2A;undocumented&#x2A;&#x2A; immigrants are applying for and getting mortgages is the craziest. When Ben Bernanke stepped down from the Federal Reserve Board he couldn&#39;t get a mortgage because he couldn&#39;t document his income well enough.
&mdash; Betsey Stevenson (@BetseyStevenson) <a href="https://twitter.com/BetseyStevenson/status/1843703735949897994?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/earnings/24/10/41161081/us-stocks-staring-at-another-weak-open-as-traders-await-key-jobs-report-sentiment-wavers-as-oil-ext?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Nasdaq, S&amp;P 500 Futures Are Trading Lower Thursday</a>
Why It Matters: The debate over undocumented immigrants and their access to mortgages has intensified in recent months. 
In early September, a proposal by former President Donald Trump to <a href="https://www.benzinga.com/news/24/09/40744471/trumps-plan-to-ban-mortgages-for-undocumented-immigrants-sparks-debate-what-do-the-numbers-say">ban mortgages for undocumented immigrants</a> sparked significant debate. The plan raised questions about the economic implications and the accuracy of claims regarding undocumented immigrants&#8217; access to financial services. 
Meanwhile, California is considering offering up to $150,000 in home loan <a href="https://www.benzinga.com/real-estate/24/09/40760293/california-could-soon-offer-undocumented-immigrants-up-to-150-000-in-home-loan-assistance-but-critic">assistance to undocumented immigrants</a>, a move that has drawn both support and criticism. Critics express concern over the potential financial burden on taxpayers. 
Additionally, the broader economic impact of undocumented immigration has been highlighted by figures like Nassim Taleb, who warned that curbing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39023220/undocumented-immigration-good-for-economy-black-swan-author-nassim-taleb-warns-any-">undocumented immigration could lead to inflation</a> due to the U.S.&#8217;s reliance on cheap labor. 
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Image Via Pixabay 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Economics

Former Obama Adviser Points Out Chief Ben Bernanke Couldn't Get A Mortgage After He Left The Fed: 'Idea That Undocumented Immigrants Are Applying For And Getting Mortgages Is The Craziest'

In his soon-to-be-released book &#8220;War&#8221;, renowned journalist Bob Woodward uncovers a strained relationship between U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu.
What Happened: The book, scheduled for release on October 15, includes excerpts <a href="https://edition.cnn.com/2024/10/08/politics/bob-woodward-book-war-joe-biden-putin-netanyahu-trump/index.html">published</a> by CNN on Tuesday. These excerpts reveal Biden&#8217;s private objections to Netanyahu&#8217;s military operations in Gaza and Iran.
Woodward&#8217;s book discloses that Biden privately rebuked Netanyahu, branding him a &#8220;bad guy&#8221; and a &#8220;liar&#8221;. The U.S. President also reportedly showed dissatisfaction with Israel&#8217;s assassination of a Hezbollah military commander in Beirut, and questioned Israel&#8217;s global image.
Biden allegedly yelled at Netanyahu and said, &#8220;Bibi, what the f&#x2A;&#x2A;&#x2A;?" after the assassination.
&#8220;You know the perception of Israel around the world increasingly is that you're a rogue state, a rogue actor,&#8221; according to the author.
Netanyahu justified his actions, claiming the commander was a leading terrorist and that a firm stance would assist in negotiations. Woodward also noted that Biden had disparaging remarks about Netanyahu&#8217;s associates, labeling 18 out of 19 of them as &#8220;liars.&#8221;
White House deputy press secretary Emilie Simons said, on the relationship between Biden and Trump, &#8220;They have a long-term relationship. They have a very honest and direct relationship, and I don't have a comment on those specific anecdotes.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/10/41201763/trumps-niece-says-potential-2nd-term-for-ex-president-will-be-focused-on-revenge-if-given-the-power?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Potential 2nd Term For Ex-President Will Be Focused On Revenge: &#8216;If Given The Power, He Will Have His Vengeance&#8217;</a>
Why It Matters: This revelation comes in the wake of several other significant disclosures from Woodward&#8217;s book. Earlier Benzinga reported that the book alleges former President Donald Trump <a href="https://www.benzinga.com/general/politics/24/10/41235596/trump-secretly-stayed-in-contact-with-putin-after-leaving-office-upcoming-bob-woodward-book-alle">maintained secret contact</a> with Russian President Vladimir Putin after leaving office.
Trump previously <a href="https://www.benzinga.com/news/22/10/29317698/trump-showed-love-letters-from-kim-jong-un-to-journalist-knowing-they-were-top-secret-report">showed &#8216;love letters&#8217; </a>from North Korean leader Kim Jong Un to Woodward, despite knowing they were classified.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden Yelled And Swore At Israel PM Netanyahu, Reveals Woodward's New Book: 'You're A Rogue State'

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Vice President Kamala Harris has grown her lead over former President Donald Trump in a weekly head-to-head poll of likely voters with less than one month until the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
What Happened: Harris has shown a lead over Trump in many election polls, while election betting odds <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41205762/donald-trump-takes-2-7-point-election-betting-odds-lead-over-kamala-harris-more-accurate-t">and prediction markets</a> have fluctuated to show a tight race as election day nears.
A new Morning Consult <a href="https://pro.morningconsult.com/trackers/2024-presidential-election-polling">poll </a>of likely voters shows Harris' lead tying a record high six points, a lead she had after the presidential debate between the two candidates in September.
The new poll shows the following results from voters, with the results from the<a href="https://www.benzinga.com/general/politics/24/10/41132643/harris-vs-trump-vice-president-leads-former-president-by-5-points-walz-favorability-rating-tops-"> Oct. 1 poll</a> in parentheses:
<ul>
<li>Kamala Harris: 51% (51%)</li>
<li>Donald Trump: 45% (46%)</li>
<li>Someone Else: 2% (2%)</li>
<li>Don't Know: 2% (2%)</li>
</ul>
The poll also found that 94% of Democrats backed Harris as their top pick, in line with last week's poll. The poll also found 92% of Republicans backed Trump as their top pick, in line with last week's poll.
Independent voters selected the following as their head-to-head preference, with the results from the Oct. 1 poll in parentheses:
<ul>
<li>Kamala Harris: 45% (45%)</li>
<li>Donald Trump: 44% (44%)</li>
<li>Someone Else: 5% (5%)</li>
<li>Don't Know: 5% (5%)</li>
</ul>
The vice president also has the edge in the 18-34 age voters demographic, leading 53% to 43%. The 10-point lead is in line with last week's lead, but down from a lead of 15 points three weeks ago.  
Among Black voters, Harris leads by 77% to 19%, in line with last week's poll.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent100824" 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>
Why It&#8217;s Important: Harris ties her record lead, which comes as good news given the predicted tight race and the timing of election day nearing.
The latest poll comes after the vice-presidential debate between Tim Walz and J.D. Vance, which many media outlets and polls showed Republican Vance <a href="https://www.benzinga.com/general/politics/24/10/41151403/walz-vs-vance-who-won-vp-debate-and-could-the-outcome-shift-2024-election-for-harris-or-trump">as the winner</a>. The latest poll shows that the vice president debate may have had minimal impact on the overall election race.
The bad news for Harris is that Trump continues to show gains or hold his gains from last week among several key demographics, including Independent voters.
Harris had posted a stronger lead among the key Independent voter demographic for several weeks before holding onto a minimal one-point advantage in back-to-back weeks.
The vice president debate shifted favorability rankings with Vance going from 39% to 40% and Walz going from 45% to 48%. Vance saw his best net buzz rating, or the amount of people hearing positive comments about him minus the amount hearing something negative, since joining the Trump ticket.
One likely positive for Harris is the <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41184080/us-economy-adds-254-000-new-jobs-in-september-smashes-expectations-unemployment-f">impressive jobs report </a>last week that saw a higher-than-expected figure. The result was the election poll showing net buzz on jobs (+12) and economy (-6) hitting highs not seen since February and March of 2024, respectively.
Another potential negative for Harris is her net buzz falling below double digits for the first time since she became the Democratic Party nominee. This means that the amount of negative comments about her may be increasing or positive commentary is wearing off.
Harris <a href="https://www.benzinga.com/general/entertainment/24/10/41214476/will-kamala-harriss-media-blitz-including-60-minutes-and-call-her-daddy-improve-her-2024-el">ramped up efforts </a>to be more present with the media this week with appearances on the Call Her Daddy podcast, "60 Minutes," "The Howard Stern Show," "The View" and taking part in a Town Hall.
Next week's poll could show if the media blitz efforts paid off for the vice president.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent100824">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Photo: Shutterstock

Harris Vs. Trump: Vice President Hits Record Lead In 2024 Election Poll, But Independent Voters Could Be Worrisome

The 2024 Benzinga Cannabis Award winners were announced during a celebratory event Tuesday at the end of the first day of the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a>. The awards recognized leading individuals and companies for their exceptional contributions to the cannabis industry.
<h3 class="wp-block-heading">Michael Berger Capital Markets Award: Todd Harrison, CB1 Capital</h3>
Named in honor of the late Michael Berger, founder of Technical420, this award recognizes leadership and excellence in capital markets. The 2024 recipient is Todd Harrison, founder of CB1 Capital, which specializes in cannabinoid-based wellness solutions and therapies.
With a focus on educating and informing the public, Harrison and CB1 Capital have advanced investment strategies across several verticals, including biopharmaceuticals, extraction, cultivation, and more. Harrison&#8217;s work is driven by a belief in the vast potential of cannabinoid therapies.
<h3 class="wp-block-heading">Friend of the Industry Award: Cory Gardner</h3>
Cory Gardner, former U.S. senator and longtime advocate for bipartisan cannabis reform, received the Friend of the Industry Award. Gardner's legislative career included efforts to advance cannabis policy reform, helping to bring cannabis discussions into mainstream political dialogue.
Gardner, a Colorado native and former member of both the U.S. House of Representatives and Senate, was recognized for his consistent support of cannabis legislation throughout his time in public service. His work has helped pave the way for many of the cannabis reforms seen today.
Also Read: <a href="https://www.benzinga.com/markets/cannabis/24/10/41232375/green-check-surpasses-1b-in-monthly-cannabis-sales-deposits-expands-financial-network-in-q3-2024">Green Check Surpasses $1B In Monthly Cannabis Sales Deposits, Expands Financial Network In Q3 2024</a>
<h3 class="wp-block-heading">Cannabis Journalism Award: Debra Borchardt, Green Market Report</h3>
Debra Borchardt, co-founder of Green Market Report, was honored with the Cannabis Journalism Award. Borchardt, an award-winning journalist with deep expertise in both finance and cannabis, has become a prominent voice in cannabis reporting. With a background on Wall Street and a Master's Degree in Financial Reporting from NYU, Borchardt's work has consistently delivered critical and accurate reporting on the cannabis industry.
Her dedication to clear, fact-driven journalism has earned her respect and recognition within both the financial and cannabis communities.
<h3 class="wp-block-heading">Bob Fireman Award for Entrepreneurship: Loriel Alegrete, 40 Tons</h3>
The Bob Fireman Award for Entrepreneurship went to Loriel Alegrete, CEO and co-founder of 40 Tons, a cannabis company dedicated to social justice and diversity within the industry. Alegrete has led efforts to not only build a successful cannabis brand but also bring attention to the need for greater social equity and support for individuals impacted by past cannabis convictions.
Through her leadership, 40 Tons has become a brand committed to ethical sourcing and community engagement. Alegrete's dedication to creating career opportunities for underserved communities and supporting cannabis education has left a lasting mark on the industry.
<h3 class="wp-block-heading">Want More?</h3>
As day two gets underway Wednesday in Chicago, the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> will continue with more panels, discussions, and opportunities for industry leaders to collaborate. Here&#8217;s where to find out more about the conference and the event&#8217;s impact.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41233018/exclusive-ross-gerber-sees-tsunami-of-money-pouring-into-cannabis-companies-upon-federal-legaliz">EXCLUSIVE: Ross Gerber Sees &#8216;Tsunami Of Money&#8217; Pouring Into Cannabis Companies Upon Federal Legalization, Says Cannabis Is One Of &#8216;Biggest&#8217; Opportunities Beyond AI</a></li>
</ul>
Photo by Wendy Davis.

Cannabis

Events

Exclusives

2024 Benzinga Cannabis Awards Winners Celebrated For Industry Leadership, Innovation

Alexa Alianiello, who serves as the head of cannabis at X, welcomes the idea her company is a pioneer in the space and it offers branding opportunities for companies that can't advertise <a href="https://www.benzinga.com/markets/cannabis/24/04/38114685/exclusive-x-fmr-twitter-exec-explains-why-storytelling-authenticity-are-the-future-of-cannabis-m">their products elsewhere.</a>
The X Vision: Alianiello said X's vision is to "help bring civilization forward through information sharing and dialogue," during a fireside chat at the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference on Oct. 8.</a>
X tries to be a trusted source of information, Alianiello told the crowd after being asked about the upcoming 2024 presidential election.
Alianiello said X preserves the integrity of information that's flowing while also making sure there is a free expression of information.
It's that free expression that makes X the only major social media platform to allow cannabis advertising and for users to regularly discuss the sector.
"We are a safe space for conversation around cannabis," Alianiello said.
Alianiello said users can talk about the legal landscape of the sector, social justice issues and brands and products.
"It really is the only social platform where you can talk about cannabis openly."
Alianiello, who has been featured at several Benzinga cannabis events, told the crowd the Benzinga Cannabis Capital Conference is "just the best event for having an ear to the ground."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41233018/exclusive-ross-gerber-sees-tsunami-of-money-pouring-into-cannabis-companies-upon-federal-legaliz">EXCLUSIVE: Ross Gerber Sees &#8216;Tsunami Of Money&#8217; Pouring Into Cannabis Companies Upon Federal Legalization, Says Cannabis Is One Of &#8216;Biggest&#8217; Opportunities Beyond AI</a>
The X Opportunity: Alianiello said X is where people are coming for information and that they "can say weed" on the platform.
The social media company, which was acquired by Elon Musk for $44 billion in 2022, is welcoming cannabis companies to advertise and target users for their products.
"We're helping normalize these products," Alianiello said.
Alianiello said she has been told by brands that X is driving results for them, something she is incredibly proud of.
"The platform welcomes everyone."
Alianiello said there are 40 million posts on X annually about cannabis.
"There is a real opportunity to reach people."
While X is welcome to cannabis advertising, other social media platforms haven't dove fully in and might not be soon. Alianiello said she has talked to other platforms and they are getting more interested.
"We know that it works. We're excited to kind of be pioneers in the space."
X is the place to get information in front of a large public audience and a place where cannabis conversation is welcome, Alianiello added.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41237545/exclusive-weed-companies-will-be-treated-like-normal-businesses-once-this-tax-provision-goes-awa">EXCLUSIVE: Weed Companies Will Be Treated Like Normal Businesses Once This Tax Provision Goes Away, Experts Say</a></li>
</ul>
Photo: Alexa Alianiello, Brett Puffenbarger, Benzinga Cannabis Capital Conference, Oct. 8. Photo by Wendy Davis.

EXCLUSIVE: Elon Musk's X Is 'Safe Space' To Say Weed: 'The Only Social Platform Where You Can Talk About Cannabis Openly'

Rescheduling is "not a Panacea to all the problems of the industry" and would not make the issue of oversaturation and lack of investor capital go away, Frank Segall, co-chair of cannabis practice at Blank Rome, told the crowd gathered at the <a href="https://www.google.com/url?q=https://www.benzinga.com/events/cannabis-conference/&amp;sa=D&amp;source=docs&amp;ust=1728424361840576&amp;usg=AOvVaw1ND2uKc7pNLpMdV9WsPfvC">Benzinga Cannabis Capital Conference</a> in Chicago on Tuesday. He was part of the panel, &#8220;Consolidation Trends in the Wake of Cannabis Rescheduling: Identifying Winners and Losers.&#8221;
While it would impact positively the balance sheets of many operators by eradicating restrictions of Section 280E of the Internal Revenue Code and attracting some capital, the shift of cannabis to Schedule III would not result in big players like Wells Fargo crossing over to the marijuana industry, Segall said.
"Legalization is what they&#8217;re mandating for them to cross over," he added.
Segall, alongside three other experts, joined the panel moderated by Scott Greiper, founder and president at Viridian Capital Advisors, to discuss broader market consolidation trends following cannabis&#8217;s shift to Schedule III.
Alongside Segall, Pablo Zuanic, managing partner at Zuanic &amp; Associates LLC; Barbara Webb, tax partner at MGO and Laura Bianchi, co-founder of Bianchi &amp; Brandt discussed which types of companies are positioned to thrive and which are not, as well as how investors can identify solid bets in the new regulatory landscape while avoiding pitfalls in a competitive market.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08170959/ccc-oct-24-banner__1_-18.gif" alt="" class="wp-image-586477" /></a></figure>
Zuanic &amp; Associates&#8217; Zuanic said that even though two presidential candidates favor <a href="https://www.benzinga.com/markets/cannabis/24/09/40938172/no-turning-back-now-cannabis-rescheduling-gains-momentum-expert-offers-timeline">rescheduling</a> and a <a href="https://www.benzinga.com/markets/cannabis/24/08/40653233/national-cannabis-roundtable-applauds-deas-move-december-hearing-on-rescheduling-set">DEA hearing</a> on the horizon — with signals the policy shift could happen next year — there's a drop in investor interest in the space. That's compared to the past four years.
"I think that we are getting all a bit ahead of ourselves in terms of optimism here," he said.
Zuanic added the reason why consolidation is not taking place is that valuations are depressed in addition to uncertainty around what rescheduling would really bring. He said the main benefit of rescheduling is making 280E go away.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41237545/exclusive-weed-companies-will-be-treated-like-normal-businesses-once-this-tax-provision-goes-awa">EXCLUSIVE: Weed Companies Will Be Treated Like Normal Businesses Once This Tax Provision Goes Away, Experts Say</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h1 class="wp-block-heading">Not Paying Taxes Is Not A Good Idea: Here's Why</h1>
That said, MGO&#8217;s Webb highlighted many cannabis companies are not paying their taxes, which could be counterproductive for operators if cannabis rescheduling takes place. "It&#8217;s a temporary survival tactic, but you can&#8217;t do that forever," she said, adding "the IRS eventually catches up."
Consequences could seriously affect business growth in the long run.
"You might be able to get an installment plan once they do catch up with you," Webb explained. "However, once on an installment plan, a cannabis business not only have to regularly, never miss a payment pay, but also stay current on your current year&#8217;s estimated taxes, which is a huge cash commitment."
Webb added companies that are going to be "superstars" post-rescheduling are cash flow positive with 280E.
The tactic of not paying taxes will have serious consequences when it comes to M&amp;A activity in the space, Bianchi &amp; Brandt&#8217;s Bianchi said. "That&#8217;s going to have a drastic effect on M&amp;A in the future because it&#8217;s already been an issue," she said.
<h1 class="wp-block-heading">Which Acquisitions Are and Will Be Hot</h1>
Speaking of acquisition targets, Bianchi said some buyers are looking at distressed assets, mainly businesses that have difficulties operationally and are not avoiding paying taxes.
She also said the trend of huge deals is over. "We&#8217;re dealing with more creative companies coming together and maybe joint ventures," Bianchi added.
Zuanic &amp; Associates&#8217; Zuanic said that &#8220;there's too much overlap" in deals where one multi-state operator is buying another one. Instead, he proposes brands as acquisition targets.
Brands are and will be a key point of M&amp;A activity, especially in the scenario where interstate commerce is legal, he continued.
Read Next:
<ul>
<li>EXCLUSIVE: <a href="https://www.benzinga.com/markets/cannabis/24/10/41239355/exclusive-former-congressman-ed-perlmutter-predicts-2024-election-results-and-their-impact-on-ca">Former Congressman Ed Perlmutter Predicts 2024 Election Results And Their Impact On Cannabis Reform</a></li>
</ul>
Photo: Benzinga Cannabis Conference &#8220;Consolidation Trends in the Wake of Cannabis Rescheduling: Identifying Winners and Losers,&#8221; Photo by Wendy Davis.

Government

Regulations

Financing

EXCLUSIVE: Cannabis Rescheduling Is Not Cure-All For Industry Problems: Experts Explain How Tax Tactics Could Hurt Marijuana Businesses In Long Run

Mikolaichik replaces Interim Chief Financial Officer James Forrester, Jr., who will remain with the Company through the end of the year to help ensure a smooth transition.

Management

PRKS

United Parks & Resorts Names James Mikolaichik To Assume The Role Of CFO And Treasurer Effective Nov. 11, 2024

Benzinga&#8217;s paper trading contest powered by TradeZero is nearing the end of the first of three contests as entrants compete to win over $30,000 in cash and prizes <a href="https://www.tradezeroedge.com/world-championship-of-trading?utm_source=website&amp;utm_medium=editorial&amp;utm_id=trading_competition&amp;utm_content=static" target="_blank" rel="noreferrer noopener">during a monthly contest.</a>
While Contest 1 may be nearly complete, contestants still have a shot at over $25,000 in cash and prizes in two additional contests, with Contest 2 set to kick off on Oct. 15.
Here&#8217;s how you can take home your share of cash and prizes and win a tour of the New York Stock Exchange.
The Contests:&nbsp;Powered by&nbsp;TradeZero, the&nbsp;<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=467&amp;aff_id=1" target="_blank" rel="noreferrer noopener">World Championship of Trading</a>&nbsp;is the ultimate trading competition for investors to prove their keen eye during a three-month time period.
The first of three separate contests kicked off on Monday, Sept. 16. Contestants had until Monday to sign up for the first contest, which runs through Oct. 14.
Each investor will have around one month across three separate contests to generate the highest profits from a starting balance of $100,000 in a simulated trading account.
Contestants in the World Championship of Trading will have access to Benzinga's Live Squawk product.
Investors will also gain exposure to TradeZero's newly patented short-selling tools.
Here are the top four traders in the first portion of the contest as of Oct. 7:
<ol>
<li>Andrea S: $1,088,390.70</li>
<li>Sneha O.: $366,650.00</li>
<li>Stephen L.: $330,021.80</li>
<li>Benjamin H.: $325,733.04</li>
</ol>
The tenth-place trader has a balance of $217,997.50, meaning the top 10 traders have all gained at least 100% since the contest began.
First Place Held Down: The leaderboard has featured frequent changes among the top 10, but the leader has been fairly consistent. Andrea S. has been in the top 10 for<a href="https://www.benzinga.com/top-stories/24/10/41126924/benzinga-world-championship-of-trading-powered-by-tradezero-contestants-up-90-in-just-2-weeks-join-n"> three weeks straight</a>, with a first-place position in the last two weekly updates. Andrea S. had a balance of $810,808.75 last week, which means she added nearly $200,000 to her contest trading balance over the last trading week.
In an interview with Benzinga, Andrea revealed she is working on her PhD in mathematics and keeping her eyes on the market during the trading contest.
"It's been wild. I didn't expect to end up in first place," Andrea said.
The contestant said she has learned more about finance and trading in recent years and did some internships in the quant trading sector. Andrea said she has applied the things she learned to trading and sought out to see if they would work in a retail trading contest.
"I think I got lucky."
With a goal of winning the contest now, Andrea is now using strategies that are not like her regular trading.
"I'm going to take on much riskier positions."
The trader said they recently bought some call options in the Chinese stock PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) after seeing the stocks was up thanks to news of a China stimulus.
Andrea has also been looking at semiconductor stocks recently, naming Taiwan Semiconductor Manufacturing, NVIDIA Corporation and Super Micro Computer.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Stormy Markets &#x7C; PreMarket Prep" width="500" height="281" src="https://www.youtube.com/embed/DjRmtokM2YQ?start=3615&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Contest Rules:&nbsp;The contest is open to residents of the United States and Canada who are 21 years of age or older.
Traders will be able to buy simulated equities and options from U.S. markets during the contest periods starting with a balance of $100,000. No fractional shares will be allowed. Traders have to hold a minimum of one stock or option throughout the contest. A minimum of five days of one trade or more must be completed throughout each contest.
Interested investors have been able to&nbsp;<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=467&amp;aff_id=1" target="_blank" rel="noreferrer noopener">sign up to join</a>&nbsp;the contest since Friday, July 26. Signing up for the first contest will automatically register an entry in the second and third contests. Traders can sign up for the contests after the start dates as long as it is before a cutoff deadline.
The dates for the&nbsp;<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=467&amp;aff_id=1" target="_blank" rel="noreferrer noopener">contests</a>&nbsp;are listed below:
<ul>
<li>Contest 1: Sept. 15 through Oct. 14</li>
<li>Contest 2: Oct. 15 through Nov. 14</li>
<li>Contest 3: Nov. 15 through Dec. 14</li>
</ul>
The last days to register for the contests are Oct. 7, Nov. 7 and Dec. 8 at 9 a.m. ET for the three respective contests.
Read Also:&nbsp;<a href="https://www.benzinga.com/fintech/23/11/35687369/tradezero-ceo-daniel-pipitone-giving-the-retail-traders-an-institutional-level-toolbox" target="_blank" rel="noreferrer noopener">TradeZero CEO Daniel Pipitone: Giving Retail Traders An Institutional-Level Toolbox</a>
Contest Prizes: Participants have the chance to win as much as $30,000 in cash and prizes during the contests. Travel and expenses will not be paid for the NYSE tour prizes.
Here are the contest prizes for the World Championship of Trading.
Contest 1:
<ul>
<li>First Place: $5,000 cash, lifetime of&nbsp;<a href="https://pro.benzinga.com/feature/newsfeed/?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348" target="_blank" rel="noreferrer noopener">Benzinga Pro Essential,</a>&nbsp;tour of the NYSE and lunch for two at the NYSE.</li>
<li>Second Place: $1,000 cash, one year of Benzinga Pro Essential.</li>
<li>Third Place: $500 cash, one year of Benzinga Pro Essential.</li>
</ul>
Contest 2:
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Insurance companies operating in Florida face significant challenges following two intense hurricanes: <a href="https://www.benzinga.com/news/24/10/41231817/hurricane-milton-dire-warning-if-you-choose-to-stay-youre-going-to-die-officials-encourage-writing-n">Helene and Milton</a>. 
What Happened: After Hurricane Helene, losses for private insurers were <a href="https://www.wusf.org/weather/2024-09-25/helene-could-cause-billions-in-private-federal-insurance-losses">estimated</a> at $3 to $6 billion. Hurricane Milton, expected to make landfall Wednesday on Florida's Gulf Coast near Tampa, is adding further strain to Florida&#8217;s insurance market.
High claim volumes, rising premiums and an exodus of insurers already slammed customers. With Hurricane Milton looming, the market could experience further destabilization.
The average annual premium for homeowners' insurance in Florida has surged to $10,996, making it the highest in the nation. 
Insurify <a href="https://insurify.com/homeowners-insurance/report/home-insurance-price-projections/">projects</a> that this number will rise by an additional 7% in 2024, bringing the average to $11,759. This figure is nearly four times the national average, driven by multiple factors including the increased frequency and severity of hurricanes, rising costs of building materials, and issues with reinsurance. 
Florida has also seen a significant number of insurance companies pull out of the state, further exacerbating the situation​.
See Also: <a href="https://www.benzinga.com/news/24/09/41082452/hurricane-helene-exposes-vulnerability-of-floridas-home-insurance-market">Hurricane Helene Exposes Vulnerability Of Florida&#8217;s Home Insurance Market</a>
Stocks To Watch: The <a href="https://www.benzinga.com/markets/equities/24/10/41239644/hurricane-milton-evacuations-a-matter-of-life-and-death-biden-says-feds-bostic-says-storm-could-">ongoing hurricane activity in Florida</a> is expected to impact several major publicly traded insurance companies.
Key insurers facing challenges include: 
<ul>
<li>Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) </li>
<li>Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) </li>
<li>Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) </li>
<li>State Farm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STFGX#NASDAQ">STFGX</a>) </li>
</ul>
Citizens Property Insurance Corp. covers more than 1.4 million policies but with much higher premiums, averaging $21,707 annually​. Dubbed Florida's insurer of last resort, the company is transferring more than 648,000 policies to private insurers, per <a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/">Click Orlando</a>.
These companies are experiencing heavy financial strain due to increased claims, which will likely lead to higher premiums and reduced coverage availability. Smaller, regional insurers operating in Florida may also face insolvency or further pressure to exit the market.
Why It Matters: According <a href="https://www.insurancebusinessmag.com/us/news/property/florida-insurers-deny-nearly-half-of-hurricane-claims-ratings-agency-says-508765.aspx">to</a> Insurance Business Magazine, citing Weiss Ratings data, several large Florida insurers denied nearly half of homeowner claims closed in 2023. 
Among these carriers were:
<ul>
<li>Castle Key Indemnity Co., denied 47.1% of claims</li>
<li>Castle Key Insurance Company, at 46%.</li>
<li>State Farm Florida Insurance Company, denied 46.4% </li>
</ul>
Coverage is often denied to conserve cash and avoid bankruptcy.
How We Got Here: While it&#8217;s difficult to attribute any single hurricane directly to climate change, many scientists say that climate change exacerbates the frequency of extreme weather events.
Warmer ocean temperatures, fueled by global warming, provide more energy for storms, making hurricanes such as Helene and Milton more intense.
Rising sea levels also contribute to more severe storm surges. Additionally, changing weather patterns may cause slower-moving storms, leading to more rainfall and prolonged damage in affected areas. Overall, climate change plays a role in the increasing severity of storms.
Florida Gov. Ron DeSantis <a href="https://www.flgov.com/2024/10/08/governor-ron-desantis-issues-updates-on-state-preparedness-efforts-for-hurricane-milton-3/">declared </a>a state of emergency for 51 Florida counties. So far, he has generally avoided directly linking the increasing intensity of hurricanes in <a href="https://www.benzinga.com/topic/climate-change">Florida to climate change</a>.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41236355/stocks-rally-as-oil-prices-tumble-tech-chipmakers-lead-as-traders-focus-on-ai-winners-before-earnin">Stocks Rally As Oil Prices Tumble; Tech, Chipmakers Lead As Traders Focus On AI Winners Before Earnings Season: What&#8217;s Driving Markets Tuesday?</a></li>
</ul>
Photo: Massive destruction on Fort Myers Beach after Hurricane Ian, 2022, by Felix Mizioznikov via Shutterstock

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