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Progress Software shares are trading higher after Oppenheimer raised its price target on the stock form $66 to $70. The stock is also moving on continued strength following strong Q3 earnings and guidance yesterday.

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DigiAsia Shares Resumed Trade

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NSC Spokesperson Says U.S. Prepared To Take Immediate Action Against China Companies Named In Report; Will Examine Which Banks Facilitated Transactions With Sanctioned Russian Entity

Morgan Stanley analyst Adam Jonas upgrades Group 1 Automotive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) from Equal-Weight to Overweight and raises the price target from $285 to $430.

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Morgan Stanley Upgrades Group 1 Automotive to Overweight, Raises Price Target to $430

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Verint Expands Contact Center Business Analytics Suite With AI-Powered Verint Genie Bot, Providing Enhanced Insights For Business Leaders, Analysts, And IT Developers

<a href="https://vimeo.com/1012627224">https://vimeo.com/1012627224</a>
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Short Sellers

Watching Sun Communities; Reported September 24, 2024, Soren Aandahl Of Blue Orca Capital joined Zer0es TV And Presented Its Short Thesis On The Co, Saying "The Company Is An Egregious Mess Of Conflicts Of Interest And Dubious Executive Behavior Which Blue Orca Believe Manipulates Critical Financial Disclosures To Inflate Adjusted Funds From Operation And Organic Growth"

Investors with a lot of money to spend have taken a bullish stance on Vertiv Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with VRT, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Vertiv Hldgs.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 25%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $32,170, and 7, calls, for a total amount of $334,791.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $82.5 to $130.0 for Vertiv Hldgs over the last 3 months. 
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Vertiv Hldgs's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Vertiv Hldgs's whale trades within a strike price range from $82.5 to $130.0 in the last 30 days. 
<h3>Vertiv Hldgs Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727272019_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$15.5</td>
<td>$15.2</td>
<td>$15.36</td>
<td>$92.50</td>
<td>$76.8K</td>
<td>223</td>
<td style="text-align: right;">50</td>
</tr>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$13.0</td>
<td>$12.9</td>
<td>$13.0</td>
<td>$120.00</td>
<td>$72.8K</td>
<td>8.6K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$6.6</td>
<td>$6.0</td>
<td>$6.2</td>
<td>$120.00</td>
<td>$62.0K</td>
<td>1.5K</td>
<td style="text-align: right;">105</td>
</tr>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$5.0</td>
<td>$4.8</td>
<td>$4.91</td>
<td>$100.00</td>
<td>$39.3K</td>
<td>6.0K</td>
<td style="text-align: right;">283</td>
</tr>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$3.1</td>
<td>$2.85</td>
<td>$2.95</td>
<td>$105.00</td>
<td>$32.6K</td>
<td>2.4K</td>
<td style="text-align: right;">201</td>
</tr>
</tbody>
</table>

<h3>About Vertiv Hldgs</h3>
Vertiv Holdings Co brings together hardware, software, analytics and ongoing services to ensure its customers vital applications run continuously, perform optimally and grow with their business needs. The company solves the important challenges faced by data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Its services include critical power, thermal management, racks and enclosures, monitoring and management, and other services. Its three business segments include the Americas, Asia Pacific; and Europe, Middle East &amp; Africa.
Having examined the options trading patterns of Vertiv Hldgs, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Vertiv Hldgs</h3>
<ul>
<li>Currently trading with a volume of 340,160, the VRT's price is up by 2.25%, now at $99.58. </li>
<li>RSI readings suggest the stock is currently may be overbought.</li>
<li>Anticipated earnings release is in 28 days.</li>
</ul>
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Vertiv Hldgs with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Markets

Vertiv Hldgs Options Trading: A Deep Dive into Market Sentiment

Investors with a lot of money to spend have taken a bearish stance on Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with TSM, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 13 uncommon options trades for Taiwan Semiconductor.
This isn't normal.
The overall sentiment of these big-money traders is split between 38% bullish and 46%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $155,234, and 10 are calls, for a total amount of $583,919.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $160.0 to $190.0 for Taiwan Semiconductor over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Taiwan Semiconductor stands at 4483.82, with a total volume reaching 3,157.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Taiwan Semiconductor, situated within the strike price corridor from $160.0 to $190.0, throughout the last 30 days.
<h3>Taiwan Semiconductor Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727272013_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$12.4</td>
<td>$12.15</td>
<td>$12.25</td>
<td>$175.00</td>
<td>$98.0K</td>
<td>15.7K</td>
<td style="text-align: right;">84</td>
</tr>
<tr>
<td>TSM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$16.05</td>
<td>$16.0</td>
<td>$16.0</td>
<td>$185.00</td>
<td>$96.0K</td>
<td>5.2K</td>
<td style="text-align: right;">87</td>
</tr>
<tr>
<td>TSM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$11.55</td>
<td>$11.35</td>
<td>$11.4</td>
<td>$190.00</td>
<td>$71.0K</td>
<td>3.1K</td>
<td style="text-align: right;">131</td>
</tr>
<tr>
<td>TSM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/27/24</td>
<td>$2.35</td>
<td>$2.17</td>
<td>$2.17</td>
<td>$182.50</td>
<td>$65.1K</td>
<td>1.7K</td>
<td style="text-align: right;">354</td>
</tr>
<tr>
<td>TSM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/27/24</td>
<td>$22.1</td>
<td>$21.4</td>
<td>$22.1</td>
<td>$160.00</td>
<td>$61.8K</td>
<td>498</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>

<h3>About Taiwan Semiconductor</h3>
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with over 60% market share. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public as an ADR in the U.S. in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious customer base, including Apple, AMD, and Nvidia, that looks to apply cutting-edge process technologies to its semiconductor designs. TSMC employs more than 73,000 people.
In light of the recent options history for Taiwan Semiconductor, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Current Position of Taiwan Semiconductor</h3>
<ul>
<li>Currently trading with a volume of 508,009, the TSM's price is up by 0.14%, now at $182.22. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 22 days.</li>
</ul>
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Taiwan Semiconductor with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Behind the Scenes of Taiwan Semiconductor's Latest Options Trends

Financial giants have made a conspicuous bullish move on ServiceNow. Our analysis of options history for ServiceNow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) revealed 31 unusual trades.
Delving into the details, we found 64% of traders were bullish, while 22% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $263,650, and 26 were calls, valued at $4,188,422.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $600.0 and $920.0 for ServiceNow, spanning the last three months.
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for ServiceNow's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ServiceNow's whale activity within a strike price range from $600.0 to $920.0 in the last 30 days. 
<h3>ServiceNow Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727272009_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NOW</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$72.6</td>
<td>$72.5</td>
<td>$72.6</td>
<td>$830.00</td>
<td>$761.3K</td>
<td>1.1K</td>
<td style="text-align: right;">410</td>
</tr>
<tr>
<td>NOW</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$72.5</td>
<td>$70.1</td>
<td>$72.5</td>
<td>$830.00</td>
<td>$551.0K</td>
<td>1.1K</td>
<td style="text-align: right;">124</td>
</tr>
<tr>
<td>NOW</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$71.5</td>
<td>$69.8</td>
<td>$71.5</td>
<td>$830.00</td>
<td>$507.6K</td>
<td>1.1K</td>
<td style="text-align: right;">505</td>
</tr>
<tr>
<td>NOW</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$72.0</td>
<td>$68.9</td>
<td>$72.0</td>
<td>$830.00</td>
<td>$396.0K</td>
<td>1.1K</td>
<td style="text-align: right;">282</td>
</tr>
<tr>
<td>NOW</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$67.0</td>
<td>$65.7</td>
<td>$67.0</td>
<td>$830.00</td>
<td>$301.5K</td>
<td>1.1K</td>
<td style="text-align: right;">205</td>
</tr>
</tbody>
</table>

<h3>About ServiceNow</h3>
ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.
In light of the recent options history for ServiceNow, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>ServiceNow's Current Market Status</h3>
<ul>
<li>With a trading volume of 73,478, the price of NOW is down by -3.35%, reaching $892.67.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 28 days from now.</li>
</ul>
<h3>Expert Opinions on ServiceNow</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $900.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $900.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for ServiceNow, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

What the Options Market Tells Us About ServiceNow

Morgan Stanley analyst Adam Jonas upgrades Asbury Automotive Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABG#NYSE">ABG</a>) from Underweight to Equal-Weight and raises the price target from $190 to $240.

Morgan Stanley Upgrades Asbury Automotive Gr to Equal-Weight, Raises Price Target to $240

Billionaire hedge fund manager <a href="https://www.benzinga.com/markets/cryptocurrency/21/08/22721714/crypto-is-a-worthless-bubble-billionaire-subprime-shorter-john-paulson-thinks">John Paulson</a> has shaken the financial world with a bold declaration. During an appearance on Fox Business' "The Claman Countdown," the founder of Paulson &amp; Co. hinted at an exit strategy from U.S. markets if Vice President Kamala Harris wins the 2024 presidential election.
"If Harris is elected, I'd pull my money from the market," Paulson stated. He explained his rationale: uncertainty. "I'd go into cash and I'd go into gold because I think the uncertainty regarding the plans they outlined would create a lot of turbulence in the markets and likely lower them."&nbsp;
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It's a bold statement from a man known for turning heads – and making billions by correctly predicting the 2007 housing crash.
Paulson, a key Trump donor, isn't making idle threats. His concerns stem from Harris's proposed policies, which include more government spending and what some critics call &#8220;centralized price controls.&#8221;&nbsp;
Economists have crunched the numbers and estimate that Harris&#8217;s plans could cost $1.7 trillion. Paulson worries that such policies could disrupt the economic machinery.
Trending: A billion-dollar investment strategy with minimums as low as $10 —<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> you can become part of the next big real estate boom today.</a>
"It depends very much on who is in the White House and who controls Congress," Paulson warned. "If they go through with a 25% tax on unrealized gains, it would lead to massive selling across the board – stocks, bonds, real estate, art. It would trigger a market crash, and we'd look at a recession almost overnight."
Known for his ability to spot trouble ahead, Paulson's words will surely make investors uneasy. He has built a reputation for seeing through the smoke before others smell the fire. So when he says he&#8217;s ready to pull out of the U.S. market, people listen.
Trending: Groundbreaking trading app with a ‘Buy-Now-Pay-Later' feature for stocks tackles the $644 billion margin lending market –<a href="https://www.benzinga.com/money/wolfpack"> here&#8217;s how to get equity in it with just $500</a>
At the heart of Paulson's concern is the middle class. During the conversation, he pointed out how much hinges on the upcoming election. "The middle class is key for this election. And it's all about who will do better for them," he said, adding that the average real wage increased by about 6.5% under Trump&#8217;s policies. In contrast, under <a href="https://www.benzinga.com/personal-finance/24/09/40895895/goya-foods-ceo-claims-biden-harris-policies-are-deepening-poverty-crisis-weve-just-gone-from-bad">Biden's</a> administration, real wages have declined due to inflation.
In contrast to Paulson's fears, Harris has outlined a detailed plan aimed at boosting the middle class. One of her key initiatives includes expanding middle-class tax cuts to provide relief to millions of families.&nbsp;
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Harris&#8217;s proposal aims to double the standard deduction and increase child tax credits, which she argues will ease financial pressure and promote spending. Additionally, she plans to reduce health care costs and make housing more affordable, policies that are central to her broader economic vision.
But Paulson isn't alone in his critique. House Speaker Mike Johnson echoed his sentiments, warning that Harris&#8217;s economic agenda feels like a reality show giveaway.&nbsp;
&#8220;Candidate ‘Comrade Kamala,' as President Donald Trump calls her, wants to take things to a whole new level," Johnson quipped, adding that her plans for first-time homebuyers and grocery price controls would only deepen the country's fiscal problems.
Johnson also laid out a stark contrast between the Republican vision and Harris&#8217;s. If the GOP regains control, Johnson promised to stick with the existing tax cuts and prioritize job creation. &#8220;We'll ensure that our tax policy respects the dignity of work," he added.
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Startups

Hedge Funder John Paulson Says He'll Exit the Market if Kamala Harris Becomes President – Should Investors Be Worried?

Neonode Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEON#NASDAQ">NEON</a>) (&quot;Neonode&quot;) is pleased to announce a new license agreement for an evolution of its licensable Touch Sensor Module (&quot;TSM&quot;) technology. NEXTY Electronics Corporation (&quot;NEXTY Electronics&quot;), an electronics trading company of the Toyota Tsusho Group, has selected Neonode&#39;s TSM technology for sensor development and manufacturing of the next-generation amusement machines for a leading manufacturer in Japan&#39;s amusement market. The agreement includes an upfront technology access fee and future royalties and is estimated to have a value of US$2&ndash;3 million over the next four to five years.
NEXTY Electronics chose to license Neonode&#39;s latest TSM offering, primarily based on surface-mount technology (&quot;SMT&quot;), which enables touch interactivity on larger displays, surfaces and projected planes at a lower cost than alternative solutions. Easily integrated using a single-sided TSM sensor, Neonode&#39;s touch interaction technology delivers exceptional performance and value to any touch-operated application. NEXTY Electronics will manufacture the TSMs in Japan for delivery to companies in the Japanese amusement market as well as in other markets that desire high quality, cost-effective touch functionality on large displays and surfaces.

Contracts

Global

NEON

Neonode Announces A New License Agreement For An Evolution Of Its Licensable Touch Sensor Module Technology; NEXTY Electronics Corp Has Selected Neonode's TSM Technology For Sensor Development And Manufacturing Of Amusement Machines For A Leading Manufacturer In Japan's Amusement Market; Estimated To Have A Value Of $2M–$3M Over The Next 4 To 5 Years

NNDM

Trading Halt: Halted at 9:40:28 a.m. ET - Trading Halt: Halt News Pending

MKFG

Markforged Shares Halted Pending News

Guidance

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FLUT

Flutter CEO Says Modeled 2027 U.S. Profit Growth Based On Current Regulatory Environment, Believe We Have Levers To Pull To Help Offset Any Tax Changes; If There Are Opportunities To Acquire Capabilities In The U.S., We Will Do That; M&A Not Just Limited To Mopping Up Some Of The Fragmented Opportunities We See Globally

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CERo Therapeutics shares are trading higher after the company announced it secured $1.25 million in financing and requested an FDA type A meeting to address the clinical hold on CER-1236.

Scotiabank analyst Francisco Suarez downgrades Grupo Aeroportuario del (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAC#NYSE">PAC</a>) from Sector Outperform to Sector Perform.

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Scotiabank Downgrades Grupo Aeroportuario del to Sector Perform

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) is under mounting political pressure over the high U.S. prices of its blockbuster weight-loss drugs, Ozempic and Wegovy, as the race for the White House heats up. The pricing disparity between the U.S. and other international markets has drawn sharp criticism from lawmakers, putting the company <a href="https://www.benzinga.com/general/biotech/24/09/41010577/novo-nordisk-to-consider-ways-for-patients-to-affordably-access-weight-loss-drugs-ozempic-wegovy-">in the political spotlight.</a>
Ozempic, for example, costs around $969 per month in the U.S., while the same drug is available for as low as $71 in France. Wegovy, another Novo Nordisk drug, is priced at $1,349 in the U.S., versus only $92 in the U.K.
<h3 class="wp-block-heading">CEO Testifies Before Congress: A Focus On PBMs</h3>
On Tuesday, Novo Nordisk&#8217;s CEO, Lars Fruergaard Jorgensen, testified before U.S. lawmakers, addressing the significant price gap between the U.S. and international markets. 
Jorgensen attributed much of the pricing issue to pharmacy benefit managers (PBMs)—the middlemen between pharmaceutical companies and insurers. 
In an exclusive interview with Benzinga on Tuesday, Mauritz Pot, founder and CEO of Tema ETFs, which actively manages the Tema GLP-1, Obesity &amp; Cardiometabolic ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTS#NYSE">HRTS</a>), offered his perspective on what this political showdown means for Novo Nordisk shareholders and the broader healthcare landscape.
According to Pot, Novo Nordisk's primary defense is that even if they reduce list prices, there's no guarantee that these savings will be passed on to the end consumer.
"The U.S. payment system is structured in such a way that even if manufacturers like Novo Nordisk cut their list prices, it won't necessarily result in lower costs for patients. The real issue is with the middlemen and with how much margin they are extracting," Pot said.
<h3 class="wp-block-heading">PBMs: The Real Bottleneck For Consumers</h3>
PBMs have a significant influence over the U.S. pharmaceutical pricing structure, as Pot explained. 
While lowering list prices could help, PBMs may reduce insurance coverage in response, allowing them to maintain their own profit margins. This means patients could still be left with high out-of-pocket costs, even if manufacturers like Novo Nordisk cut prices.
<h3 class="wp-block-heading">Limited Impact on Novo Nordisk&#8217;s Bottom Line</h3>
From an investor&#8217;s perspective, Pot believes that pricing cuts alone are unlikely to significantly hurt Novo Nordisk's revenue or profitability from the U.S. market.
He highlighted that while list prices are high, the actual price paid by insurers and patients is often much lower, meaning Novo's U.S. revenues may remain relatively stable, even if political pressure to reduce prices continues.
The demand for Novo Nordisk's weight-loss drugs remains incredibly strong. Pot explained that even with potential price cuts, the demand for GLP-1 drugs like Ozempic and Wegovy far outpaces supply. This is unlikely to change in the short term, creating a robust growth opportunity for Novo Nordisk.
"Even if the price halves, there&#8217;s still going to be a massive opportunity here," Pot said.
<h3 class="wp-block-heading">Bipartisan Push for Lower Drug Prices</h3>
With the 2024 U.S. presidential election looming, drug pricing has become a hot-button political issue. Both major parties—Republicans and Democrats—agree on the need to reduce prescription drug prices, although they differ on the best mechanisms to achieve this. Regardless of the approach, the push for more affordable drugs is bipartisan.
"Price is being politicized in an election year very clearly," Pot said.
<h3 class="wp-block-heading">Post-Election M&amp;A Activity on the Horizon</h3>
Looking ahead, Pot anticipates a significant increase in M&amp;A activity in the pharmaceutical sector, particularly among companies in the weight-loss and obesity treatment space. 
Smaller biotech firms developing innovative treatments could become attractive acquisition targets, especially after the election.
&#8220;We're likely to see a ramp-up in M&amp;A activity in the sector post-election, regardless of who wins,&#8221; Pot stated.
Read now: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/41008403/consumer-confidence-tumbles-as-concerns-over-labor-market-grow-odds-rise-for-50-b">Consumer Confidence Tumbles As Concerns Over Labor Market Grow, Odds Rise For 50-Basis-Point Interest Rate Cut In November</a></li>
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Photo: Shutterstock

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HRTS

EXCLUSIVE: Novo Nordisk Faces Political Heat Over Weight-Loss Drug Prices Ahead Of Elections, Yet 'The Real Issue Is With The Middlemen'

Orange (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORAN#NYSE">ORAN</a>) shares are trading lower on Wednesday.
The company disclosed its plan to voluntarily <a target="_blank" href="https://newsroom.orange.com/orange-intends-to-voluntarily-delist-from-the-nyse-deregister-with-the-sec-and-launch-a-consent-solicitation-in-relation-to-certain-outstanding-notes/?lang=en" rel="noreferrer noopener">delist </a>its American Depositary Shares (ADRs) from the New York Stock Exchange (NYSE) and deregister with the U.S. Securities and Exchange Commission (SEC).
Orange&#8217;s decision to delist from the NYSE and deregister from the SEC was made to reduce financial and administrative burdens, in line with its goal of streamlining operations while maintaining strong governance and transparency.
The move will not impact its U.S. clients, partners, or commercial presence, and Orange remains committed to open communication with U.S. investors.
Orange plans to file a Form 25 with the SEC in the fourth quarter of 2024 to begin the delisting process.
The delisting will take effect ten days after the filing, at which point Orange&#8217;s ADSs will no longer trade on the NYSE.
After the delisting, Orange plans to continue its ADR program, enabling investors to keep their ADRs and trade them on the U.S. Over-The-Counter (OTC) market.
This month, Orange Business, leveraging its local expertise and service center, partnered with <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40808939/grifols-egypt-collaborates-with-orange-business-to-deliver-new-data-center-and-communications-infr" rel="noreferrer noopener">ACUD&#8217;s data center to provide co-location</a>.
The company will announce the successful completion of the first phase of a new data center and communications infrastructure for Grifols Egypt.
Investors can gain exposure to the stock via&nbsp;Defiance Quantum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTUM#NASDAQ">QTUM</a>).
Price Action: ORAN shares are down 0.89% at $11.97 at the last check Wednesday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com//node/41022424" target="_blank" rel="noreferrer noopener">Uber Teams With WeRide For UAE Robotaxi Rollout: Details</a></li>
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ORAN

QTUM

Orange To Delist From NYSE To Reduce Financial Burdens

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