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Global X NASDAQ-100 Covered Call ETF

Global X NASDAQ 100 Covered Call ETF

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A few months ago, I analyzed the total performance of the three most popular S&amp;P 500 covered call ETFs in 2023: the JPMorgan Equity Premium Income ETF (ARCA: JEPI), the GlobalX S&amp;P500 Covered Call ETF (ARCA: XYLD), and the NEOS S&amp;P 500 High Income ETF (BATS: SPYI). 

QQQI: The Undiscovered Nasdaq-100 Covered Call ETF You&#39;ve Been Looking For (14.4% Distribution Yield)

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AI-related stocks including industry leaders like Nvidia (NASDAQ: NVDA), cloud computing, and cybersecurity stand out as &#34;naturals that fit together.&#34;

Investment Chief At $48B Global X Forecasts AI Stock Dominance In 2024: Unveils Top Investment Opportunities

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For investors that are unsure of which stocks to buy or are looking to add risk to their portfolio with safety nets attached, electronically-traded funds (ETFs) that offer dividends may be the right choice.

These 3 ETF Stocks Offer Attractive Dividends, Combining Safety And Gains For Investors

Lazard And Elaia Partners Ink Strategic Partnership To Launch Lazard Elaia Capital, Spearheading Tech Investments In Europe

IND to be filed with the FDA in the coming weeks
PARIS, FRANCE and CAMBRIDGE, MA / ACCESSWIRE /&nbsp;April 18, 2024 /&nbsp;Biophytis SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPTS#NASDAQ">BPTS</a>)(PARIS:<a class="ticker" href="https://www.benzinga.com/stock/ALBPS#PARIS">ALBPS</a>), (&quot;Biophytis&quot; or the &quot;Company&quot;), a clinical-stage biotechnology company specialized in the development of therapeutics for age-related diseases, today announces the formation of a new Scientific Advisory Board to support the advancement of its phase 2 OBA clinical study in obesity.
This Scientific Advisory Board will be composed of a few worldwide medical experts in the field of obesity, including Professor Dennis Villareal from the USA and Professor Francisco Guarner from Spain. The OBA SAB will guide the company to develop BIO101 (20-hydroxyecdysone) in obesity, in combination with GLP1-RA, and will actively work towards the finalization of the OBA Phase 2 clinical study design. Biophytis plans to file for an Investigational New Drug (IND) application to start the OBA Phase 2 clinical study in the USA with FDA in the coming weeks.

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PARIS:ALBPS

Biophytis Plans To File IND With FDA For Phase 2 OBA Clinical Study In Obesity, Backed By New Scientific Advisory Board

Offerings

Lithium Americas Prices $275M Underwritten Public Offering Of 55M Common Shares At $5/Share

The CNN Money Fear and Greed index showed further decline in the overall market sentiment, while the index remained in the &quot;Fear&quot; zone on Wednesday.
U.S. stocks closed lower on Wednesday, with the S&amp;P 500 falling for a fourth straight session.
On the economic data front, crude oil inventories in the U.S. climbed by 2.735 million barrels in the week ended April 12, compared to a 5.841 million gain in previous prior week.
U.S. Bancorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usb#NYSE">USB</a>) reported upbeat first-quarter FY24 earnings on Wednesday. United Airlines Holdings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ual#NASDAQ">UAL</a>) shares jumped over 17% on Wednesday after the company reported better-than-expected quarterly results.
Most sectors on the S&amp;P 500 closed on a negative note, with information technology, real estate and consumer discretionary stocks recording the biggest losses on Wednesday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 45 points to 37,753.31 on Wednesday. The S&amp;P 500 fell 0.58% at 5,022.21, while the Nasdaq Composite dipped 1.15% at 15,683.37 during Wednesday&rsquo;s session.
Investors are awaiting earnings results from Marsh &amp; McLennan Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmc#NYSE">MMC</a>), D.R. Horton, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dhi#NYSE">DHI</a>) and Netflix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) today.
At a current reading of 34.4, the index remained in the &quot;Fear&quot; zone on Wednesday, versus a prior reading of 37.6.
What is CNN Business Fear &amp; Greed Index?
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.
&nbsp;
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38285336/how-to-earn-500-a-month-from-intel-stock-ahead-of-q1-earnings"> How To Earn $500 A Month From Intel Stock Ahead Of Q1 Earnings</a>

Earnings

Pre-Market Outlook

NFLX

Investor Sentiment Decreases Further, S&P 500 Falls For Fourth Straight Session

With U.S. stock futures trading higher this morning on Thursday, some of the stocks that may grab investor focus today are as follows:
Wall Street expects D.R. Horton, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dhi#NYSE">DHI</a>) to report quarterly earnings at $3.06 per share on revenue of $8.27 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. D.R. Horton shares fell 0.5% to $145.00 in after-hours trading.
Synovus Financial Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snv#NYSE">SNV</a>) posted weaker-than-expected results for its first quarter on Wednesday. Synovus Financial shares fell 2.5% to $35.70 in the after-hours trading session.
Analysts are expecting Netflix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) to post quarterly earnings at $4.52 per share on revenue of $9.28 billion. The company will release earnings after the markets close. Netflix shares gained 0.2% to $614.99 in after-hours trading.
Check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
Alcoa Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>) reported better-than-expected sales for its first quarter. The company reported quarterly losses of 81 cents per share. Alcoa still sees full-year alumina production of between 9.8 million and 10 million metric tons and full-year alumina shipments between 12.7 million and 12.9 million metric tons. Alcoa shares rose 3% to $36.63 in the after-hours trading session.
Analysts expect Marsh &amp; McLennan Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmc#NYSE">MMC</a>) to post quarterly earnings at $2.80 per share on revenue of $6.39 billion before the opening bell. Marsh &amp; McLennan shares gained 0.2% to $198.00 in after-hours trading.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38285336/how-to-earn-500-a-month-from-intel-stock-ahead-of-q1-earnings"> How To Earn $500 A Month From Intel Stock Ahead Of Q1 Earnings </a>

D.R. Horton, Netflix And 3 Stocks To Watch Heading Into Thursday

Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38262675/not-good-for-tesla-if-its-true-says-fund-manager-as-new-report-says-ev-maker-has-pu">fundamentals have been on the wane for an extended period,</a> with the financial results testifying to the fact. A fund manager on Wednesday noted that the stock has been down in earnings reaction in each of the past four quarters.
What Happened: Tesla&#8217;s shares have reacted negatively to earnings of each of the four past quarters, beginning in the first quarter of 2023.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Quarter</td>
<td>Earnings Date</td>
<td>Revenue Performance</td>
<td>EPS Performance</td>
<td>Stock Reaction (session following the report)</td>
<td>What weighed down</td>
</tr>
<tr>
<td>Q1&#8217;23</td>
<td>April 19, 2023</td>
<td>Beat</td>
<td>In-line</td>
<td>-9.75%</td>
<td>y-o-y revenue &amp; EPS declines, price cuts</td>
</tr>
<tr>
<td>Q2&#8217;23</td>
<td>July 19, 2023</td>
<td>Beat</td>
<td>Beat</td>
<td>-9.74%</td>
<td>falling margins, Cybertruck launch uncertainty</td>
</tr>
<tr>
<td>Q3&#8217;23</td>
<td>Oct. 18, 2023</td>
<td>Miss</td>
<td>Miss</td>
<td>-9.30%</td>
<td>double miss, margin erosion</td>
</tr>
<tr>
<td>Q4&#8217;23</td>
<td>Jan. 24, 2024</td>
<td>Miss</td>
<td>Miss</td>
<td>-12.12%</td>
<td>double miss, margin erosion</td>
</tr>
</tbody>
</table>
</figure>
Fund manager Gary Black, who runs Future Fund observed the post-earnings plunge in a post on X.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock">Everything You Need To Know About Tesla Stock</a>
Turnaround In Offing? Given the company&#8217;s fundamentals have not improved since then and have only deteriorated, the stock could likely swoon yet again post earnings. The only consolation is that much of the negativity is already priced into the stock. Following Tesla&#8217;s first quarter d delivery decline, the first since the COVID-19-hit 2020-second quarter, analysts have scaled back their expectations
Most have also taken down their price targets. On Wednesday, Barclays analyst Dan Levy reduced the price target for Tesla stock from $225 to $180, while maintaining an Equal Weight rating. The analyst said he expected a first-quarter miss due to soft margins. He calls for gross margins of 14.6% for the first quarter, citing weaker volume. 
The second quarter could also have a downside if the company has to cut prices further amid the inventory buildup, the analyst said. He sees the first-quarter call to be a negative catalyst for the stock. Model 2 plans will likely get the most attention but the management will unlikely give a satisfactory response, he added.
Black has opted to remain cautious with his prediction. He called upon the Tesla management to focus on explaining why fundaments will improve and stay away from &#8220;grandiose promises&#8221; about robotaxi.
Investors may want to hear that the 2024 volume growth won&#8217;t be negative as many analysts have been predicting and that the auto gross margin likely bottomed in the first quarter, he said. The fund manager also said the company should delve into the timing of the $25K compact car, as he sees it as one that would bridge the gap between the &#8220;two growth waves&#8221; to justify Tesla&#8217;s P/E multiple of 60.
Tesla is scheduled to report its first-quarter results on Tuesday. Analysts, on average, expect the company to report earnings per share of 52 cents on revenue of $22.49 billion, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>&nbsp;This compares to the year-ago earnings of 85 cents per share and revenue of $23.33 billion.
Price Action: Tesla ended Wednesday down for a fourth straight session, losing 1.06% to $155.45, according to Benzinga Pro data.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by <a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38294335/tesla-analyst-says-expect-fireworks-into-shareholder-meeting-after-ev-giants-proxy-">Tesla Analyst Says Expect &#8216;Fireworks&#8217; Into Shareholder Meeting After EV Giant&#8217;s Proxy Filing: &#8216;Clock Has Struck Midnight For Musk&#8217;</a>
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Equities

Price Target

Reiteration

Tesla Stock Fell Over 9% After Past 4 Earnings Reports: Fund Manager Offers Advice On How Elon Musk Can Break Woeful Streak

Marsh &amp; McLennan Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmc#NYSE">MMC</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/MMC/earnings">opening bell on April 18, 2024.</a>
Analysts expect the New York-based company to report quarterly earnings at $2.80 per share, up from $2.53 per share in the year-ago period. Marsh &amp; McLennan is projected to report quarterly revenue of $6.39 billion, compared to $5.92 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On March 13, Marsh McLennan declared a quarterly dividend of 71 cents per share on outstanding common stock, payable on May 15, 2024 to stockholders of record on April 4, 2024.
Marsh &amp; McLennan shares rose 0.7% to close at $197.62 on Wednesday.
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&rsquo;s have a look at how Benzinga&rsquo;s most-accurate <a href="https://www.benzinga.com/quote/MMC/analyst-ratings"> analysts have rated the company </a> in the recent period.
<ul>
<li>Piper Sandler analyst Paul Newsome downgraded the stock from Overweight to Neutral with a price target of $211 on April 17, 2024. This analyst has an accuracy rate of 76%.</li>
<li>Wells Fargo analyst Elyse Greenspan downgraded the stock from Overweight to Equal-Weight with a price target of $212 on April 11, 2024. This analyst has an accuracy rate of 75%.</li>
<li>Evercore ISI Group analyst David Motemaden maintained an Outperform rating and raised the price target from $212 to $218 on April 11, 2024. This analyst has an accuracy rate of 67%.</li>
<li>Keefe, Bruyette &amp; Woods analyst Meyer Shields maintained an Underperform rating and boosted the price target from $185 to $188 on April 10, 2024. This analyst has an accuracy rate of 71%.</li>
<li>JP Morgan analyst Jimmy Bhullar maintained a Neutral rating and increased the price target from $190 to $198 on April 8, 2024. This analyst has an accuracy rate of 61%.</li>
</ul>
&nbsp;
Read This Next: <a href="https://www.benzinga.com/news/24/04/38267894/alphabet-toll-brothers-and-2-other-stocks-insiders-are-selling"> Alphabet, Toll Brothers And 2 Other Stocks Insiders Are Selling </a>

Marsh & McLennan Likely To Report Higher Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Amid the ever-evolving landscape of the semiconductor industry, key Apple and Nvidia supplier, Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), has released its first-quarter financial results for 2024, showcasing substantial growth compared to the previous year.
What Happened: On Thursday, TSMC unveiled its financial achievements for the first quarter, highlighting a notable increase in year-over-year figures. The company&#8217;s consolidated revenue reached NT$592.64 billion ($18.87 billion) with net income hitting NT$225.49 billion ($6.97 billion).
The leading semiconductor manufacturer saw a 16.5% surge in revenue over the same period last year. Net income and diluted earnings per share (EPS) both experienced an 8.9% rise. Despite these gains, TSMC experienced a slight decline from the fourth quarter of 2023, with revenue and net income decreasing by 5.3% and 5.5%, respectively.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38238919/crypto-markets-tumble-following-irans-drone-attack-against-israel-investor-warns-of-contin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Markets Tumble Following Iran&#8217;s Drone Attack Against Israel, Investor Warns Of Continued Selloff</a>
The company reported a gross margin of 53.1%, an operating margin of 42.0%, and a net profit margin of 38.0%.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/18022928/Screenshot-2024-04-18-at-11.33.00%E2%80%AFAM-1024x496.png" alt="" class="wp-image-297224" /><figcaption class="wp-element-caption">TSM earnings report (SOURCE: TSM)</figcaption></figure>
Advanced technologies, including 7-nanometer processes and more sophisticated ones, accounted for 65% of TSMC&#8217;s total wafer revenue. In detail, 3-nanometer technology comprised 9%, 5-nanometer contributed 37%, and 7-nanometer made up 19% of the wafer revenue.
Apple had secured most of TSMC's initial 2-nanometer production capacity, continuing Apple's earlier approach of utilizing TSMC's 3-nanometer technology predominantly for its A17 Pro and <a href="https://www.benzinga.com/news/24/01/36771728/apple-reportedly-books-majority-of-tsmcs-initial-2nm-chips-touted-to-be-the-most-advanced-semiconduc" target="_blank" rel="noreferrer noopener">M3 chip families</a>. In February, Apple <a href="https://www.benzinga.com/news/24/02/37370629/apple-and-tsmc-collaborate-on-next-gen-2nm-chips-eyeing-2025-production-start-report">was reportedly developing processors</a> that would utilize TSMC&#8217;s 2-nanometer fabrication process.
Analysts believe that <a href="https://www.benzinga.com/markets/equities/24/03/37567132/tsmc-to-win-5b-grant-for-us-plant-to-service-apple-nvidia-chip-demand-report">TSMC's biggest buyer is Apple,</a> known as &#8220;Customer A&#8221; in its official documents. Apple made up 25% of TSMC&#8217;s yearly income in 2023, totaling $17.5 billion. Another significant customer, referred to as &#8220;Customer B,&#8221; is likely Nvidia which contributed 11% of TSMC's revenue, amounting to around $7.73 billion. 
While TSMC doesn't reveal all its clients, it is assumed that companies like AMD, Broadcom, and Qualcomm are among them. 
Why It Matters: TSMC&#8217;s robust financial performance is a bellwether for the semiconductor sector, reflecting broader industry dynamics. The company&#8217;s pivotal role as a supplier to major tech corporations worldwide makes its growth in advanced technologies revenue particularly noteworthy. This trend highlights the escalating demand for high-performance chips, which are crucial in various sectors, including consumer electronics, automotive, and industrial applications. TSMC&#8217;s results are a key metric for investors and analysts to assess the industry&#8217;s future direction and any impending changes in the supply chain.
<a href="https://www.benzinga.com/news/24/04/38299207/whats-going-on-with-taiwan-semiconductor-stock">Speculation about TSMC&#8217;s performance was rife</a>, following a disappointing earnings report from rival ASML Holding N.V., which led to a dip in TSMC&#8217;s shares. Moreover, <a href="https://www.benzinga.com/insights/options/24/04/38276660/this-is-what-whales-are-betting-on-taiwan-semiconductor">options trading activity</a> indicated a bullish sentiment among financial giants towards TSMC, with a significant number of unusual trades being placed just before the earnings release.
According to <a href="https://pro.benzinga.com">Benzinga Pro</a>, TSM closed at $139.03 on Wednesday, a decline of 0.55% since its previous close.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/04/38281470/the-court-case-that-could-change-the-cannabis-industry-forever-and-how-it-affects-rescheduling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Court Case That Could Change The Cannabis Industry Forever And How It Affects Rescheduling</a>
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Earnings Beats

General

Strong AI Chip Demand Propels Key Apple, Nvidia Supplier Past Q1 Expectations

Nokia&#39;s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion to 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%. &nbsp;

Guidance

Nokia Reaffirms 2024 Outlook: Comparable Operating Profit Of €2.3B-€2.9B And Free Cash Flow Conversion From Comparable Operating Profit Of 30%-60%

Nokia Q1 Adj. EPS €0.09 Up From €0.06 YoY, Sales €4.667B Down From €5.859B YoY

Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has identified a resurgence of Russian online influence operations aimed at the upcoming U.S. presidential election. The tech giant noted that these activities have been ongoing for the past 45 days, albeit at a slower pace than in previous elections.
What Happened: Microsoft researchers have observed several Russian online campaigns targeting U.S. audiences, particularly focusing on criticizing American support for Ukraine in its conflict with Russia. The Russian embassy in Washington has yet to respond to these allegations, Reuters reported.
Microsoft&#8217;s researchers also noted a significant increase in hacking activities by a Russian group known as Star Blizzard, particularly targeting western think tanks. The company has expressed concerns about the potential impact of foreign rivals using artificial intelligence maliciously to influence the U.S. election.
&#8220;Ultimately, after the narrative has circulated online for a series of days or weeks, U.S. audiences repeat and repost this disinformation, likely unaware of its original source,&#8221; Microsoft said.
See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38234990/jeff-bezos-fianc-e-lauren-s-nchez-turns-heads-at-white-house-state-dinner-in-2-3k-dress-but?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">White House Protocol Breach? Jeff Bezos&#8217; Fiancée Lauren Sánchez&#8217;s $2,300 Gown At State Dinner Sparks Debate</a>
Why It Matters: The resurgence of Russian influence operations comes amid growing concerns about <a href="https://www.benzinga.com/government/24/02/37386346/amid-russia-risk-us-and-uk-engage-in-high-level-talks-to-address-security-concerns-during-simultaneo">potential security threats</a> during the U.S. presidential election. The U.S. and the U.K. have been engaging in high-level discussions to address these concerns, particularly regarding the possible exploitation of the transition of power by Russia or other adversaries.
Earlier this month, Microsoft warned the U.K. of an impending wave of state-sponsored cyberattacks and AI-generated disinformation targeting the <a href="https://www.benzinga.com/news/24/04/38136927/uk-warned-of-ai-misinformation-targeting-2024-polls-nation-state-hackers-raise-stakes">2024 elections</a>. The company predicted a significant increase in cyber threats, including AI deepfakes, due to advancements in artificial intelligence.
Microsoft&#8217;s recent findings add to the growing concerns about foreign interference in the U.S. election. The U.S. has also been <a href="https://www.benzinga.com/markets/asia/24/01/36849925/us-clamps-down-on-chinese-cyber-espionage-operation-volt-typhoon-report">intensifying its focus on cybersecurity</a>, particularly in response to potential disruptions to the upcoming elections and the chaos unleashed by ransomware attacks on the corporate sector.
Despite these concerns, Microsoft&#8217;s recent findings suggest that simple digital forgeries are more common than deepfakes and have a bigger impact. The company&#8217;s researchers have observed that &#8220;the simplest manipulations, not the most complex employment of AI, will likely be the pieces of content that have the most impact.&#8221;
Read Next: <a href="https://www.benzinga.com/news/24/04/38243808/bidens-job-approval-surge-nears-critical-level-for-sealing-2024-election-victory-but-this-key-concer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden&#8217;s Job Approval Surge Nears Critical Level For Sealing 2024 Election Victory But This Key Concern Threatens To Derail His Bid: New Poll</a>
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Politics

Global

Russian Online Influence Resurgence Poses Threat To US Election — Star Blizzard Hacking Activity Escalates, Warns Microsoft

EV maker&nbsp;Rivian Automotive&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) is reportedly cutting another 1% of its workforce, just days after larger rival&nbsp;Tesla&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees" rel="noreferrer noopener">announced massive layoffs</a>.&nbsp;
What Happened: While Rivian&#8217;s previous cut in February impacted product teams and those working on the company&#8217;s commercial EVs, the latest round of workforce slashing will most likely impact its support and back-office workers, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-17/rivian-cuts-more-jobs-as-woes-mount-for-electric-vehicle-market" rel="noreferrer noopener">reported</a>, citing an emailed company statement.
"We continue to work to right-size the business and ensure alignment to our priorities. This was a difficult decision, but a necessary one to support our goal to be gross margin positive by the end of the year," Rivian said, as per the report.
The EV startup had 16,790 workers as of Dec. 31, as per the report, which implies the latest round of cuts could amount to at least 150 jobs.
Rivian did not immediately respond to Benzinga&#8217;s request for comment.
Tesla CEO Elon Musk responded to the news on X, saying, &#8220;Inevitable.&#8221; It was unclear if Musk was referring to the ongoing EV demand slowdown or his previous <a href="https://www.benzinga.com/news/24/02/37253645/elon-musk-says-saudi-sugar-daddy-is-only-thing-keeping-lucid-alive-warns-of-possible-rivian-bankrupt" target="_blank" rel="noreferrer noopener">predictions of Rivian gearing up to bankruptcy</a> owing to their high costs.
Why It Matters: The February layoffs were part of the company&#8217;s cost-reduction efforts in light of high-interest rates and other economic and geopolitical uncertainties.&nbsp;
For&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38049501/whats-going-on-with-rivian-automotive-stock-today" rel="noreferrer noopener">the first quarter,</a>&nbsp;Rivian delivered 13,588 vehicles compared to the 7,946 cars delivered in the corresponding quarter of 2023 and produced 13,980 vehicles. For 2024, the company intends&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38089876/rivian-ceo-rj-scaringe-cheers-hitting-6-figure-production-mark-even-as-stock-languishes" rel="noreferrer noopener">to make 57,000 vehicles</a>, similar to 2023.
Despite the rise in sales, Rivian is yet to break even. The company continues to incur losses on every vehicle made and expects to reach profitability by the fourth quarter of 2024.
Price Action: Rivian shares closed up 0.34% at $8.74 on Wednesday but were down 0.34% in after-hours trading, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">data from Benzinga Pro</a>.
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 More: <a href="https://www.benzinga.com/news/24/04/38285714/no-more-inventory-discounts-on-tesla-cars-as-ceo-elon-musk-says-sales-system-has-turned-complex-and">No More Inventory Discounts On Tesla Cars As CEO Elon Musk Says Sales System Has Turned &#8216;Complex And Inefficient&#8217;</a>
Photo via Shutterstock

Media

RIVN

After Tesla's Cost-Cutting, Rivian Trims Workforce Again This Year Amid Profitability Push

Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reported quarterly earnings of $1.38 per share which beat the analyst consensus estimate of $1.32 by 4.55 percent. The company reported quarterly sales of $18.873 billion which beat the analyst consensus estimate of $18.395 billion by 2.60 percent. This is a 12.88 percent increase over sales of $16.719 billion the same period last year.

Taiwan Semiconductor Q1 2024 GAAP EPS $1.38 Beats $1.32 Estimate, Sales $18.873B Beat $18.395B Estimate

<ul>
<li>Top-line data from ADX71149 Phase 2 epilepsy study expected by mid-May 2024</li>
<li>Launched Neurosterix with Perceptive Advisors, raising USD 63 million in Series A to accelerate development of preclinical portfolio</li>
<li>Received CHF 5 million upfront and 20% equity in Neurosterix, providing cash runway beyond 2026</li>
</ul>

ADXN

Addex Therapeutics FY23 EPS CHF (0.14) Up From CHF (0.46) YoY, Income CHF 1.65M Up From CHF 1.45M YoY

U.S. Senator Ron Johnson (R- Wis.) emphasized the critical need for Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) to succeed, following a whistleblower&#8217;s alarming revelations.
What Happened: During CNBC&#8217;s &#8220;Last Call&#8221; on Wednesday, Johnson expressed solidarity with the aerospace giant, underscoring the importance of safety in aviation.
"Everybody wants Boeing to succeed. We have to have Boeing succeed. We want safety in the skies," Johnson said.
He also stressed the importance of carefully presenting the information the whistleblower shares and not scaring the public. All the information needs to be fully vetted while Boeing needs to improve its &#8220;quality goals.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Everybody wants Boeing to succeed. We have to have <a href="https://twitter.com/hashtag/Boeing?src=hash&amp;ref_src=twsrc%5Etfw">#Boeing</a> succeed. We want safety in the skies," says <a href="https://twitter.com/RonJohnsonWI?ref_src=twsrc%5Etfw">@RonJohnsonWI</a> following bombshell testimony from the Boeing 787 whistleblower. <a href="https://twitter.com/search?q=%24BA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BA</a> <a href="https://t.co/FwM3YRtWQo">pic.twitter.com/FwM3YRtWQo</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1780742391227465989?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/04/38288360/breaking-tesla-shareholders-to-vote-again-on-ceo-elon-musks-voided-47b-pay-package?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Fundamentally Unfair:&#8217; Tesla Board Chair Urges Shareholders To Vote Again On Elon Musk&#8217;s Voided Pay Pack</a>
Why It Matters: The commentary came in response to an interview where a Boeing engineer advocated for the <a href="https://www.benzinga.com/news/24/04/38284171/boeing-whistleblower-urges-grounding-of-all-787-dreamliners-worldwide-citing-premature-failure-con">grounding of all 787 Dreamliners</a>. This engineer, identified as Sam Salehpour, is poised to present his testimony before Congress.
Boeing&#8217;s challenges are not limited to safety concerns. As the company prepares to report its Q1 earnings in eight days, investors are keenly awaiting the appointment of a new CEO, as highlighted by an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38275997/boeing-investors-favor-clear-favorite-candidate-for-ceo-as-market-challenges-persis">analyst note</a> from RBC Capital Market. The aerospace company&#8217;s stock has fallen 32% year-to-date, adding to investor anxiety.
Despite the turbulence in its airplane segment, Boeing may find a silver lining in its space endeavors. A <a href="https://www.benzinga.com/general/space/24/04/38297698/boeing-heads-to-space-could-nasa-deal-starliner-help-fend-off-airplane-segment-weakness">potential Boeing deal with NASA and Starline</a>r project to offset the airplane segment&#8217;s weaknesses.
On Wednesday, Boeing&#8217;s stock closed at $170.21, a slight decrease of 0.21% from the previous close. The stock had a high of $170.85 and a low of $168.1215 during the day&#8217;s trading.
Read Next: <a href="https://www.benzinga.com/news/24/04/38246375/hyundai-blazes-past-tesla-ioniq-5-robotaxi-aces-simulated-driving-test-already?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hyundai Blazes Past Tesla: IONIQ 5 Robotaxi Aces Simulated Driving Test (Already!)</a>
Image via Shutterstock
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'Everybody Wants Boeing To Succeed:' GOP Senator Stresses 'Safety In The Skies' Post Whistleblower Testimony

In a significant move, Binance, the world&#8217;s leading cryptocurrency exchange, has made a strategic shift in the composition of its emergency fund, opting for the stability of a stablecoin amid a dynamic market landscape.
What Happened: Binance has transformed its user emergency fund entirely into USDC, a stablecoin pegged to the U.S. dollar, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-18/binance-converts-billion-dollar-safu-emergency-fund-into-usdc?cmpid=socialflow-twitter-business&amp;utm_medium=social&amp;utm_content=business&amp;utm_campaign=s">reported</a> on Thursday.
The Secure Asset Fund for Users (SAFU), established by Binance in 2018, serves as a financial safety net for users during extreme situations. 
Under the leadership of CEO Richard Teng, who succeeded Changpeng &#8220;CZ&#8221; Zhao following a significant legal settlement with U.S. agencies, Binance has seen a series of strategic changes. These include the spinning off of its venture capital arm and stricter token listing requirements.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38293168/macro-guru-raoul-pal-says-80-of-his-crypto-investment-is-in-this-ethereum-rival-and-i-have?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Macro Guru Raoul Pal Says 80% Of His Crypto Investment Is In This Ethereum Rival: &#8216;And I Have 1% In Stupid S&#x2A;&#x2A;t Like Dogwifhat, Dogecoin And Bonk&#8217;</a>
The SAFU fund, which typically hovers around the $1 billion mark, has seen fluctuations in line with market conditions. Binance&#8217;s shift to USDC is aimed at enhancing the fund&#8217;s stability and reliability, with the value now being trackable in real-time via blockchain.
Chris Holland, a partner at HM, a compliance consultancy based in Singapore, highlighted the importance of the move.
&#8220;100% USDC composition gives certainty to the value of the fund in U.S. dollar terms,&#8221; Holland said.
Why It Matters: The decision to convert the SAFU fund to USDC comes as Binance embarks on a path of regulatory compliance and operational maturity. CEO Teng emphasized Binance&#8217;s evolution <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38165135/binance-has-moved-past-its-old-ways-says-ceo-richard-teng">beyond its early operational style,</a> particularly after a $4.3 billion settlement with the U.S. Department of Justice (DOJ).
This transformation aligns with Binance&#8217;s broader efforts to stabilize its platform amid market volatility. An <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38305808/bitcoin-dropping-to-this-level-could-trigger-over-15b-in-liquidations-on-binance-wa">analyst&#8217;s warning suggested</a> that a drop in Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price to $50,500 could trigger over $15 billion in liquidations on Binance, underscoring the importance of a reliable safety net for users.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38274582/shiba-inu-down-20-on-the-week-but-these-proven-milestones-could-lead-to-massive-bull-marke?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Down 20% On The Week, But: These &#8216;Proven Milestones&#8217; Could Lead To &#8216;Massive Bull Market,&#8217; Touts Trader</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Binance Shifts $1B Emergency Fund To Stablecoin USDC: A New Era Of Stability?

Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, expressed his gratitude for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) as an investment, just as shareholders are set to vote on CEO Elon Musk&#8217;s $56 billion pay package.
What Happened: Gerber, in an interview with CNBC&#8217;s Last Call, stated, &#8220;I&#8217;m super grateful for Tesla as an investment.&#8221; He added, &#8220;For me, it&#8217;s not whether he deserves it or not. It&#8217;s whether this board of directors can have any credibility.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"I'm super grateful for Tesla as an investment," says <a href="https://twitter.com/GerberKawasaki?ref_src=twsrc%5Etfw">@GerberKawasaki</a> as <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> shareholders prepare to vote whether to reinstate <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>'s $56B pay package. "For me, it's not whether he deserves it or not. It's whether this board of directors can have any credibility." <a href="https://t.co/47JxiCBG5u">pic.twitter.com/47JxiCBG5u</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1780737598920487111?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
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The shareholders are set to vote on the reinstatement of Musk&#8217;s $56 billion pay package. This comes after the board invalidated Musk&#8217;s previous $47 billion pay package, <a href="https://www.benzinga.com/news/24/04/38288360/breaking-tesla-shareholders-to-vote-again-on-ceo-elon-musks-voided-47b-pay-package">leading to a re-vote</a>. The new vote is set to take place on May 7.
On Feb. 13, Ross Gerber's investment firm, Gerber Kawasaki Wealth &amp; Investment Management, reported owning 377,918 shares of Tesla, which is a 5.09% decrease from their previous ownership, <a href="https://fintel.io/so/us/tsla/gerber-kawasaki-wealth-investment-management" target="_blank" rel="noreferrer noopener">according</a> to Fintel.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38243353/wow-elon-musk-reacts-to-reminder-of-how-tesla-bulls-optimistic-2021-rivian-predicti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Wow:&#8217; Elon Musk Stunned By Reminder Of How Tesla Bull&#8217;s Optimistic 2021 Rivian Prediction &#8216;Didn&#8217;t Age Well&#8217;</a>
Why It Matters: The shareholders&#8217; vote on Musk&#8217;s pay package is a significant event for Tesla, especially considering the recent <a href="https://www.benzinga.com/markets/equities/24/04/38284411/tesla-investor-ross-gerber-says-hes-skeptic-of-elon-musks-management-style-as-cybertruck-deliver">challenges the company has faced</a>. The outcome of this vote could have a substantial impact on the company&#8217;s future and Musk&#8217;s position within it.
Gerber&#8217;s statement comes in the wake of his recent criticism of Musk&#8217;s management style, particularly in light of the <a href="https://www.benzinga.com/markets/equities/24/04/38284411/tesla-investor-ross-gerber-says-hes-skeptic-of-elon-musks-management-style-as-cybertruck-deliver">Cybertruck delivery delays</a>. He has also been vocal about the impact of Musk&#8217;s behavior on <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo">Tesla&#8217;s Q1 sales</a>. Despite these concerns, Gerber&#8217;s recent statement reflects his appreciation for the returns generated by Tesla as an investment.
Despite the recent criticisms, Gerber&#8217;s gratitude for Tesla&#8217;s returns highlights the company&#8217;s continued financial success, which could influence the shareholders&#8217; decision on Musk&#8217;s pay package.
Read Next: <a href="https://www.benzinga.com/news/24/04/38285714/no-more-inventory-discounts-on-tesla-cars-as-ceo-elon-musk-says-sales-system-has-turned-complex-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No More Inventory Discounts On Tesla Cars As CEO Elon Musk Says Sales System Has Turned &#8216;Complex And Inefficient&#8217;</a>
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Management

Tesla Board's Credibility At Stake With $56B Elon Musk Pay Package Vote, Says Ross Gerber: 'Super Grateful For Tesla As An Investment'

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Unemployment Rate For March 3.8% Vs. 3.9% Est.; 3.7% Prior

Reported Earlier, Australia Full Employment Change For March 27.9K Vs. 78.2K Prior

Reported Earlier, Australia Employment Change For March -6.6K Vs. 7.2K Est.; 117.6K (Revised) Prior

Nasdaq 100 Covered Call ETF declares monthly distribution of $0.1780

STK: Past Performance Is Unlikely To Continue

QYLD: Risks Outweigh Upside Potential

S&P 500 And Bond Market Annual Returns; Style Box Update

Cryptocurrency ETFs: Opportunities And Risks As The Price Of Bitcoin Climbs

QQQY: Still A Mammoth Yield Of 57%, But Risks Remain

QYLD: Opportunity Cost May Not Outweigh The 11.55% Yield For Income Investors

SPHD: High Dividend, But There Are Better Options

Stocks traded mostly sideways today, even as rates and the dollar surged.

From 7 To Less Than 2

Stocks finished the day lower despite an early morning rally attempt. The S&P 500 finished down by almost 60 bps to close at 5,022. The index is nearing that all-important 5,000 big gamma level heading into Friday's OPEX.