Latest news for Primaris (OTC:PMREF) Stock

Primaris REIT is an unincorporated, open-ended real estate investment trust. Through its subsidiaries, it owns, develops, and operates a national retail portfolio focused on enclosed shopping centres located primarily in secondary Canadian markets. Its property portfolio includes; Dufferin Mall, Stone Road Mall, Orchard Park, and Devonshire Mall. The company generates a majority of its revenue from the Rent receivables.

Primaris REIT

Fidelity Investments has disclosed a significant data breach that compromised the personal information of over 77,000 customers. The breach, which occurred in August, involved unauthorized access to the company&#8217;s systems.
What Happened: Fidelity Investments reported that a data breach in August exposed the personal data of over 77,099 customers.
The breach took place between Aug. 17 and Aug. 19, when unauthorized individuals accessed Fidelity&#8217;s systems through two newly created customer accounts. The Boston-based firm detected the breach on Aug. 19 and swiftly terminated the unauthorized access.
See Also: <a href="https://www.benzinga.com/news/24/10/41286489/apple-card-slashes-savings-account-interest-for-3rd-time-following-feds-decisions-heres-what-you-nee">Apple Card Slashes Savings Account Interest For 3rd Time Following Fed&#8217;s Decisions</a>
In a <a href="https://www.maine.gov/agviewer/content/ag/985235c7-cb95-4be2-8792-a1252b4f8318/a4103ed8-3176-4ca0-99e6-4a320f1c3b32.html?7194ef805fa2d04b0f7e8c9521f97343">filing</a> with Maine&#8217;s attorney general, Fidelity confirmed that customer accounts and funds remained unaffected. However, personal information such as Social Security numbers and driver's licenses were compromised.
Fidelity also informed New Hampshire&#8217;s attorney general that the unauthorized party accessed documents by submitting fraudulent requests to an internal database containing images of documents related to Fidelity customers.
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.
Despite the breach, Fidelity assured that customer accounts remained secure. The company, which manages assets worth $14.1 trillion as of June, did not provide further details on how the breach occurred.
Fidelity Investments did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> comment request.
Why It Matters: The Fidelity breach is the latest in a series of high-profile data breaches affecting major companies. In July, <a href="https://www.benzinga.com/news/24/07/39792906/disney-suffers-major-data-breach-as-hackers-leak-internal-slack-data-report">Disney</a> experienced a significant data breach when hackers leaked sensitive internal data from its Slack channels. This breach exposed discussions about ad campaigns and studio technology.
Earlier in October, a cyberattack linked to the Chinese government targeted major U.S. broadband providers, including AT&amp;T and Verizon. This breach, known as <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit">Salt Typhoon</a>, posed a significant national security risk by potentially compromising systems used for court-authorized wiretapping requests.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese Hackers Breach AT&amp;T, Verizon Networks In Major Wiretap Data Theft Putting US National Security At Risk</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

News

Markets

Tech

Fidelity Data Breach Exposes Personal Information Of Over 77K Customers

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">&#8216;We, Robot&#8217; event is now in the rearview mirror</a> and a couple of bullish analysts weighed in with their first take on the event and its implications for the company and the stock.
Impressive Event: The design of the new Cybercab, Tesla's completely autonomous vehicle, is very impressive up close and this lays the foundation for one of the future growth drivers for Tesla, said Wedbush analyst Daniel Ives in a note. The analyst noted that CEO Elon Musk provided some details regarding the production timeline, hinting at a start date of sometime in 2026 or 2027 at the least.
The Cybercab features butterfly doors, no steering wheel or pedals and will be available for sale to customers for under $30,000. It has an operating cost of 20 cents per mile, and including taxes 30-40 cents, Ives said.
It will also feature inductive, or wireless charging, with the vehicle driving over an inductive charger and filling its battery through the floor, he said. 
The vehicle &#8220;lays the foundation for one of the future growth drivers for Tesla as we believe Cybercab could represent a major opportunity to boost Tesla&#8217;s overall profits and margins over the next few years as this ramps,&#8221; the analyst said.
Tesla also provided updates on the unsupervised full self-driving, which is expected to be released in Texas and California in 2025, and expand based on state regulatory parameters, Ives said. The unsupervised FSD will initially be featured in the Model 3/Y to get users acquainted with the technology before the Cybercab rolls out, he said.
The new Robovan, which can seat up to 20 people was released, Ives said, adding that the vehicle could be a mode of transportation over the coming years that Tesla leverages. 
The Optimus Robot also made its appearance, serving drinks to guests, and it is expected to be priced between $20k and $30k, the analyst noted. He expects commercialization after the next two years. 
Price points on Cybercab will create a fleet segment that could be a $10 billion annual business at scale over the coming years for Tesla, Ives said. The launch event gave a glimpse of the future for this disruptive technology stalwart with Optimus potentially much closer to a reality that Wedbush thought heading into the event, he said.
Ives said he walked away from this event very positively about the Cybercab and autonomous path at Tesla. &#8220;Regulatory approval, insurance, and the specifics of this Cybercab launch will remain a debate on the Street and represent some timing challenges that Tesla will need to navigate into this next step of growth/future of transportation,&#8221; he said.
Ives has an Outperform rating and a $300 price target for Tesla shares.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla (TSLA) Stock</a>
Cost Advantage: Deepwater Asset Management&#8217;s Gene Munster highlighted the cost advantage a Cybercab would offer as he posted his comments on X following the event. Musk touted the vehicle as &#8220;individualized mass transit&#8221; and the 20 cents per mile cost of Cybercab compares to around $1 for an average car today, the tech venture capitalist said.
&#8220;My initial take on Cybercabs is I think people are going to like the look,&#8221; he added.
Munster said the timeline of the Cybercab was a disappointment, as Musk&#8217;s comments suggest SOP in 2027. &#8220;This is still too far out for skeptical investors to get on board with investing in $TSLA,&#8221; he said. 
For most, the Robovan was a surprise and since the company did not give any timeline, Munster expects it only by 2028 at best.
Making sense of Musk&#8217;s statement that the Optimus will be priced at $25k-$30k &#8220;long term,&#8221; the tech analyst said, &#8220;That's language I've not heard from Elon as much on timing, so I'll say it's 2030 when it hits that price point.&#8221;
Tesla ended Wednesday&#8217;s session down 0.95% at $238.77, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data. </a>The stock is down about 3.91% for the year-to-date period.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41285255/tesla-pulls-an-apple-drops-the-charging-port-before-cupertino-could-remove-it-from-the-iphone">Tesla Pulls An Apple, Drops The Charging Port Before Cupertino Could Remove It From The iPhone</a></li>
</ul>
Photo courtesy: Tesla

Analyst Color

Equities

TSLA

Tesla Analysts Rave Over Cybercab's Design, Cost Advantage, But Production Timeline Sparks Worry: 'Too Far Out For Skeptical Investors To Get On Board'

Goldman Sachs Research expects global average battery prices to fall to $111 per kilowatt-hour (kWh) by the end of 2024 and further in the years to come, paving the way for a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36550777/ev-stampede-coming-to-america-with-over-70-models-in-next-2-years-says-cox-automoti">consumer-led EV adoption</a> phase. 
What Happened: Global average battery prices declined from $153 per kWh in 2022 to $149 in 2023 and will fall to $111 by 2024-end, Goldman Sachs said in an article earlier this week. 
The fall in prices, it said, will be spurred by technological advances that allow companies to increase energy density combined with a drop in battery metal prices such as lithium and cobalt from the highs it touched in the early 2020s. 
While current leading battery types are lithium-based, in the future there will be solid-state batteries which will allow more energy density, according to the co-head of Goldman Sachs Research's Asia-Pacific Natural Resources and Clean Energy Research Nikhil Bhandari. Lithium-based chemistries will also get stronger in the meantime, he said.
By 2026, the average battery price could fall to $80/kWh, allowing battery electric vehicles to achieve cost of ownership parity with combustion engine-powered cars in the U.S. without subsidies, Goldman Sachs researchers said. Consumer-led EV adoption phase will begin then, according to Bhandari. 
Why It Matters: Currently, customers pay a premium for EVs as compared to combustion engine vehicles. 
According to Cox Automotive, the <a href="https://www.benzinga.com/news/24/09/41060572/ev-sales-expected-to-gain-momentum-in-us-in-q3-even-as-market-leader-tesla-is-projected-to-decline-r">average transaction price of an EV</a> in the U.S. was at $56,574 in August while that of a combustion engine vehicle was below $48,000.
In 2023, the EV share of the total U.S. vehicle market was 7.6%, up from 5.9% in 2022, according to Kelley Blue Book Estimates. While EV adoption is higher in states like California, it is dismal in states like North Dakota. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall">GM Unit Launches Home Battery PowerBank To Rival Tesla&#8217;s Powerwall</a></li>
</ul>
Photo courtesy: Pixabay

Goldman Sachs Researchers See Battery Prices Falling By Nearly 50% By 2026 End, Driving Consumer-Led EV Adoption

Stellantis Leverages Its Management Organisation with Changes to Drive Performance Under the Leadership of Carlos Tavares
The Company also confirmed that the formal process to identify a successor to Carlos Tavares, when he retires at the conclusion of his CEO term in early 2026 is already under way. This is being led by a Special Committee of the Board Chaired by John Elkann and will complete its work by the&nbsp;fourth quarter&nbsp;of 2025.

STLA

Reported Earlier, Stellantis CEO Carlos Tavares Prepares For 2026 Retirement, Announces Strategic Leadership Changes

Embraer-Empresa Brasileira De Aeronautica

Reported Earlier, Embraer's E190F E-Freighter Cleared By FAA, Set To Replace Older Models

The units are expected to be listed on the NASDAQ Capital Market (&quot;NASDAQ&quot;) and trade under the ticker symbol &quot;RDACU&quot; beginning October 11, 2024. Each unit consists of one ordinary share and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of one ordinary share upon the consummation of an initial business combination. No fractional rights will be issued upon separation of the units.

IPOs

RDAC

RDACU

Reported Earlier, Rising Dragon Acquisition Corp. Prices $50M Initial Public Offering Of 5M Units At $10/Unit

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has reportedly been secretly aiding law enforcement agencies in leveraging its products for surveillance purposes.
What Happened: In the last five years, Apple has conducted two &#8220;Global Police Summit&#8221; events gathering police agencies worldwide to discuss the best use of the tech giant&#8217;s products, <a href="https://www.forbes.com/sites/thomasbrewster/2024/10/09/apple-sells-privacy-to-consumers-but-its-quietly-helping-police-use-iphones-for-surveillance/">reported</a> Forbes on Thursday.
This revelation challenges the popular notion that Apple maintains a strained relationship with law enforcement, a belief rooted in its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/16/02/6390642/mark-cuban-on-apples-fbi-denial-amen-a-standing-ovation">refusal to aid the FBI</a> in hacking an iPhone associated with&nbsp;the 2015 San Bernardino terrorist&nbsp;attacks.
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Robotaxi Ambitions Come As Most Americans Grow Wary Of Autonomous Tech</a>
The tech behemoth has been hosting meetings at its Cupertino and Elk Grove campuses and launched undisclosed projects to assist law enforcement in using&nbsp;iPhones, Macs, Vision Pro, and CarPlay.
These summits, attended by delegates from nearly 50 global police departments, provided law enforcement with an opportunity to discuss their technology use in their operations, the report noted.
Apple has also been cultivating relationships with California law enforcement to encourage the use of its products in police and sheriff&#8217;s departments.
The report emerged a&nbsp;year after the last Global&nbsp;Police Summit and coincides with the exit of Gary Oldham,&nbsp;the Apple employee who led&nbsp;these initiatives.
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
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: In 2016, the <a href="https://www.benzinga.com/news/16/02/6342721/tim-cook-fbi-is-asking-apple-for-something-too-dangerous-to-create">FBI allegedly asked Apple to develop</a> a new version of iOS that would disable security features to access data on an iPhone involved in the San Bernardino attack.
Tim Cook strongly opposed the request, citing concerns that creating such software would be too dangerous. He argued that creating a backdoor sets a precedent for undermining encryption, threatening the privacy of millions of users.
Today, several of Apple&#8217;s features play a significant role in assisting law enforcement, though some have also raised concerns as well.
In 2022, the &#8216;Find My&#8217; feature <a href="https://www.benzinga.com/news/22/12/30157396/apples-find-my-feature-helps-police-track-airpods-allegedly-stolen-from-canadian-hotel">helped police recover stolen</a> AirPods, while in 2023, the NameDrop feature was <a href="https://www.benzinga.com/news/23/11/35975957/apples-namedrop-feature-is-the-latest-victim-of-misinformation-this-time-police-departments-are-the">misinterpreted by some departments</a>.
Apple&#8217;s Crash Detection feature also <a href="https://www.benzinga.com/news/23/02/30827866/iphone-owners-sober-up-apple-crash-detection-feature-rats-on-drunk-driver-to-cops">contributed to the arrest of a drunk</a> driver. However, other products have prompted concern—Apple&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/22/04/26508133/apples-airtag-facilitates-stalking-police-report-analysis-shows">AirTag has been misused for stalking</a>, and the Vision Pro headset <a href="https://www.benzinga.com/general/entertainment/24/02/37229209/apple-vision-pro-users-lets-cross-the-streets-the-old-fashioned-way-san-diego-police">faced criticism from San Diego police</a> for safety risks.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41285255/tesla-pulls-an-apple-drops-the-charging-port-before-cupertino-could-remove-it-from-the-iphone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Pulls An Apple, Drops The Charging Port Before Cupertino Could Remove It From The iPhone</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Media

AAPL

Apple Goes From Waging Encryption War With FBI To Holding Hush-Hush Global Police Summits — An Evolving Relationship With Law Enforcement?

Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) will release earnings results for its third quarter before the <a href="https://www.benzinga.com/quote/WFC/earnings">opening bell on Friday, Oct. 11.</a>
Analysts expect the San Francisco-based bank to report quarterly earnings at $1.28 per share, down from $1.48 per share in the year-ago period. Wells Fargo projects to report revenue of $20.41 billion for the recent quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 12, Wells Fargo said it reached a formal agreement with the OCC to enhance its anti-money laundering and sanctions risk management practices, following an enforcement action by the regulator.
Wells Fargo shares gained 0.4% to close at $57.75 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Wolfe Research analyst Steven Chubak upgraded the stock from Peer Perform to Outperform with a price target of $65 on Oct. 8. This analyst has an accuracy rate of 65%.</li>
<li>Evercore ISI Group analyst John Pancari maintained an Outperform rating and raised the price target from $65 to $68 on Oct. 2. This analyst has an accuracy rate of 62%.</li>
<li>Goldman Sachs analyst Richard Ramsden maintained a Buy rating and cut the price target from $68 to $65 on Sept. 11. This analyst has an accuracy rate of 68%.</li>
<li>Deutsche Bank analyst Matt O' Connor upgraded the stock from Hold to Buy with a price target of $65 on Sept. 3. This analyst has an accuracy rate of 64%.</li>
<li>BMO Capital analyst James Fotheringham maintained a Market Perform rating and raised the price target from $57 to $59 on July 15. This analyst has an accuracy rate of 75%.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11033842/image-80-1024x510.png" alt="" class="wp-image-590775" style="width:641px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11033842/image-80-1024x510.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11033842/image-80-300x149.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11033842/image-80-768x382.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11033842/image-80.png 1342w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41272079/top-2-health-care-stocks-that-are-ticking-portfolio-bombs">Top 2 Health Care Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>

Earnings

Price Target

Pre-Market Outlook

Analyst Ratings

Trading Ideas

Wells Fargo Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Thursday.
U.S. stocks settled lower on Thursday, with the S&amp;P 500 and Dow Jones index retreating from record high levels during the session.
On the economic data front, U.S. initial jobless claims rose by 33,000 from the prior week to 258,000 in the week ending October 5th, compared to market estimates of 230,000. The annual inflation rate in the U.S. eased for a sixth straight month to 2.4% in September from 2.5% in the previous month but came in above market estimates of 2.3%.
Domino&#8217;s Pizza Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) reported mixed third-quarter results on Thursday. Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) reported downbeat third-quarter earnings on Thursday.
Most sectors on the S&amp;P 500 closed on a negative note, with real estate, communication services, and industrial stocks recording the biggest losses on Thursday. However, energy and materials stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 58 points to 42,454.12 on Thursday. The S&amp;P 500 fell 0.21% to 5,780.05, while the Nasdaq Composite fell 0.05% at 18,282.05 during Thursday's session.
Investors are awaiting earnings results from JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 70.7, the index remained in the &#8220;Greed&#8221; zone on Thursday, versus a prior reading of 71.4.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41272079/top-2-health-care-stocks-that-are-ticking-portfolio-bombs">Top 2 Health Care Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>
Photo courtesy: Shutterstock

FAST

S&P Pulls Back From Record High As Inflation Data Dents Investor Optimism: Fear Index Remains In 'Greed' Zone

This new industrial warehouse will be located on a 25-acre parcel just east of Interstate 5, giving it near immediate access to California&#39;s primary north/south highway and the ability to serve&nbsp;90%&nbsp;of California consumers within a single day truck turn. The partners have designed the new warehouse as a Class-A divisible cross-dock facility with 185&#39; truck courts and 36&#39; clear height.

Reported Earlier, Tejon Ranch Teams With Dedeaux To Build 510,500 Sq. Ft. Warehouse At The Tejon Ranch Commerce Center

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is set to lower the interest rate on its <a href="https://www.benzinga.com/topic/apple-card">Apple Card high-yield savings account</a>, effective Friday, Oct. 11. The new annual percentage yield (APY) will be 4.10%, a decrease from the previous 4.25%.
What Happened: This marks the third reduction in the interest rate for the Apple Card savings account this year, and the second in recent weeks.
In late September, the APY decreased from 4.4% to 4.25%, following an earlier cut from 4.5% to 4.4% in April. The upcoming rate will drop below the initial 4.15% APY introduced in April 2023.
Interest rates for savings accounts often fluctuate in response to Federal Reserve adjustments. Recently, a significant 50 basis point reduction occurred in September, and further cuts are anticipated, as noted by Federal Reserve policymakers.
Other high-yield savings accounts, such as those from Discover, American Express, and Capital One, now also offer a 4.10% APY.
See Also: <a href="https://www.benzinga.com/news/24/10/41242624/elon-musk-vows-to-defend-freedom-of-speech-but-within-the-boundaries-of-the-law-as-x-gets-brazil-gre?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Vows To Defend Freedom Of Speech, But &#8216;Within The Boundaries Of The Law&#8217; As X Gets Brazil Greenlight To Resume Operations</a>
Apple collaborates with Goldman Sachs for its savings account, which is available to Apple card holders and manageable via the iPhone Wallet app. The account allows users to earn interest on their Daily Cash balance and funds transferred from bank accounts or Apple Cash.
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: The Apple Card savings account, launched in April 2023, initially offered a competitive 4.15% APY, significantly higher than the national average of 0.35%, according to the <a href="https://www.benzinga.com/news/23/04/31835722/apple-now-offering-savings-account-with-4-15-interest-allowing-card-users-to-get-paid-on-their-cash">FDIC</a>.
This move was part of Apple&#8217;s strategy to enhance its financial services offerings in collaboration with Goldman Sachs. Despite the recent reductions, the account remains competitive, with rates aligning with other high-yield savings accounts.
Earlier this year, Apple <a href="https://www.benzinga.com/news/24/01/36505931/apple-card-raises-annual-percentage-yield-for-second-time-from-4-25-to-4-35">raised the APY to 4.35%</a> in January, marking the second increase since the account&#8217;s inception, as noted in January. However, the rate still lagged behind some competitors, such as Goldman Sachs&#8217; Marcus brand offering a 4.5% APY.
As interest rates continue to fluctuate, Apple Card savings account holders should stay informed about potential changes and how they might impact their savings strategy.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese Hackers Breach AT&amp;T, Verizon Networks In Major Wiretap Data Theft Putting US National Security At Risk: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Apple

Personal Finance

Apple Card Slashes Savings Account Interest For 3rd Time Following Fed's Decisions: Here's What You Need To Know

BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) will release earnings results for its third quarter, before the opening bell on Friday, Oct. 11.
Analysts expect the San Francisco, California-based company to report quarterly earnings at $10.38 per share, down from $10.91 per share in the year-ago period. BlackRock projects to report revenue of $5.01 billion for the quarter, according to data from Benzinga Pro.
On Oct. 1, BlackRock said it completed the acquisition of Global Infrastructure Partners.
BlackRock shares fell 0.1% to close at $955.59 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>TD Cowen analyst Bill Katz maintained a Buy rating and boosted the price target from $960 to $1,077 on Oct. 10. This analyst has an accuracy rate of 68%.</li>
<li>Wells Fargo analyst Michael Brown maintained an Overweight rating and raised the price target from $1,000 to $1,070 on Oct. 9. This analyst has an accuracy rate of 66%.</li>
<li>Barclays analyst Banjamin Budish maintained an Overweight rating and boosted the price target from $990 to $1,010 on Oct. 7. This analyst has an accuracy rate of 83%.</li>
<li>Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating and raised the price target from $945 to $995 on Oct. 4. This analyst has an accuracy rate of 72%.</li>
<li>Goldman Sachs analyst Alexander Blostein maintained a Buy rating and boosted the price target from $960 to $1,040 on Oct. 3. This analyst has an accuracy rate of 73%.</li>
</ul>
Considering buying BLK stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="497" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11032023/image-79-1024x497.png" alt="" class="wp-image-590751" style="width:575px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11032023/image-79-1024x497.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11032023/image-79-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11032023/image-79-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11032023/image-79.png 1355w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41272079/top-2-health-care-stocks-that-are-ticking-portfolio-bombs">Top 2 Health Care Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>

BlackRock Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Upstream&#39;s shares are expected to begin trading on the Nasdaq Global Market on October 11, 2024 under the ticker symbol &quot;UPB.&quot; The offering is expected to close on October 15, 2024, subject to the satisfaction of customary closing conditions.

Reported Earlier, Upstream Bio Prices $255M Upsized Initial Public Offering Of 15M Common Shares At $17/Share

IVCA believes that the transactions contemplated by the IVCA Proposal and subsequent negotiations between IVCA and BTH (together, the &quot;Transaction&quot;) offers the best value to BTH shareholders, customers, employees and partners and presents an opportunity to allow BTH to capitalize on its innovative work in sales enablement and AI technologies to build a global leader in one of the most exciting sectors within enterprise software.

IVAC

Investcorp India Acquisition Corp. Advances $275M Business Combination with Bigtincan, Delisting BTH from ASX

The Transaction has been entered in to at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of US Steel. The Transaction is subject to NSC completing its pending acquisition of US Steel, which is subject to various other regulatory requirements.
Under the terms of the agreement, ArcelorMittal will pay&nbsp;$1&nbsp;consideration for the Transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately&nbsp;$0.9 billion.

NPSCY

Nippon Steel Exits Calvert Joint Venture, Selling Stake To ArcelorMittal In Strategic Move Tied To U.S. Steel Deal

Headquartered in France, Opella employs over 11,000 people, operates in 100 countries, and manages 13 best-in-class manufacturing sites and four research and innovation centers. With a portfolio of 100 leading brands, including Allegra, Doliprane, Novanight, Icy Hot, and Dulcolax, Opella is the world&#39;s third-largest company in the over the counter and vitamins, minerals, and supplements market, serving more than half a billion consumers worldwide.

Sanofi Engages In Discussions To Sell 50% Controlling Stake In Opella To CD&R

U.S. automaker General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) <a href="https://www.benzinga.com/news/22/10/29213189/general-motors-to-offer-energy-storage-and-management-services">subsidiary</a> GM Energy on Thursday launched an energy storage product called the PowerBank to rival EV giant Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Powerwall product.
What Happened: The GM Energy PowerBank is a stationary storage product that allows users the ability to store and transfer energy from the grid or solar panel system to provide power when there is an outage. 
It comes in two variants with 10.6 kWh and 17.7 kWh battery capacity. On combining two PowerBanks with 17.7 kWh battery capacity, customers can power an average American home for about 20 hours, the company said.
Why It Matters: The GM Energy Storage Bundle is estimated at about $11,000, not including installation or taxes, according to <a href="https://gmenergy.gm.com/for-home/products/gm-energy-storage-bundle">the</a> company&#8217;s website. It includes the GM Energy PowerBank and GM Energy Home Hub &amp; Inverter.
The PowerBank is a seeming rival to <a href="https://www.benzinga.com/news/24/08/40478134/tesla-breaks-powerwall-production-record-at-giga-nevada-as-it-aims-to-ramp-up-energy-storage-deploym">Tesla&#8217;s Powerwall</a>. Powerwall, like PowerBank, is a compact home battery that stores energy generated by solar or from the grid.
The Powerwall 3, meanwhile, has an energy capacity of 13.5 kWh and is priced at $16,702 in California, including gateway, accessories, installation, and taxes. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil">Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil</a></li>
</ul>
Photo courtesy: General Motors

GM Unit Launches Home Battery PowerBank To Rival Tesla's Powerwall

With U.S. stock futures trading slightly lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) to report quarterly earnings at $4.01 per share on revenue of $41.65 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. JPMorgan shares fell 0.1% to $212.56 in after-hours trading.</li>
<li>SunLink Health Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSY#NYSE">SSY</a>) announced the sale of its Trace regional hospital real estate for $2 million. SunLink Health shares gained 6% to $0.86 in after-hours trading.</li>
<li>Analysts are expecting Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) to post quarterly earnings at $1.28 per share on revenue of $20.41 billion. The company will release earnings before the markets open. Wells Fargo shares gained 0.1% to $57.80 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Before the markets open, Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) is projected to report quarterly earnings at 51 cents per share on revenue of $1.91 billion. Fastenal shares fell 0.6% to $69.60 in after-hours trading.</li>
<li>Analysts expect The Bank of New York Mellon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) to post quarterly earnings at $1.42 per share on revenue of $4.54 billion before the opening bell. Bank of New York Mellon shares gained 0.6% to $74.89 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41272079/top-2-health-care-stocks-that-are-ticking-portfolio-bombs">Top 2 Health Care Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>
Photo courtesy: Shutterstock

Long Ideas

JPMorgan, Wells Fargo And 3 Stocks To Watch Heading Into Friday

The size of the offering reflects an increase of&nbsp;$300 million&nbsp;in aggregate principal amount of the Notes from the previously announced offering size of&nbsp;$500 million. The Notes will be issued in lieu of the same amount of debt previously intended to be provided under the new term loan facility to be entered into by Treasure Holdco, Inc. (&quot;Spinco&quot;) and to be assumed by Magnera in conjunction with and assuming the closing of the Transaction.

BERY

Reported Earlier, Berry Global And Glatfelter Upsize Senior Secured Notes To $800M Ahead Of Strategic Merger Into Magnera

Ecopetrol plans to prepay the 2030 Loan with the funds from the external credit of&nbsp;USD 250 million&nbsp;executed with Sumitomo Mitsui Banking Corporation (announced through relevant information on&nbsp;August 21, 2024) and available cash on hand for&nbsp;USD 250 million.
This prepayment is expected to reduce the Company&#39;s financial expenses and is a result of Ecopetrol&#39;s solid cash position and ability to manage and optimize its financing sources.

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Comments

Primaris

News

Latest news for Primaris (OTC:PMREF) Stock