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Former President Donald Trump has issued a warning that he might withhold federal aid for <a href="https://www.benzinga.com/markets/equities/24/08/40266751/the-park-fire-rages-on-which-companies-could-be-affected-by-californias-fourth-largest-wildfire-">California&#8217;s wildfires</a> if he is re-elected and the state&#8217;s water policy remains the same.
What Happened: On Friday, Trump made this threat during a press conference at his Los Angeles golf club.
He criticized California Governor&nbsp;Gavin Newsom&nbsp;for a policy that restricts the&nbsp;amount of water that can&nbsp;be pumped from the Sacramento-San&nbsp;Joaquin Delta to protect the endangered smelt fish, <a href="https://thehill.com/homenews/campaign/4879150-trump-threatens-wildfire-aid-newsom-smelt/">reported</a> The Hill. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40811055/polling-veteran-nate-silver-says-kamala-harris-got-the-debate-she-wanted-as-fatigued-trump-couldnt-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Polling Veteran Nate Silver Says Kamala Harris Got The Debate She Wanted As Fatigued Trump Couldn&#8217;t Bring His &#8216;A-Game&#8217; After The Initial Momentum</a>
Trump stated that if reelected, he would provide California with &#8220;more water than almost anybody has,&#8221; enabling farmers to fully use their land.
He referred to the water entering the state as &#8220;dead&#8221; and urged Newsom, whom he derogatorily called &#8220;News&#x2A;&#x2A;&#x2A;,&#8221; to make changes.
&#8220;And Gavin News&#x2A;&#x2A;&#x2A; is gonna sign those papers, and if he doesn't sign those papers, we won't give him money to put all his fires,&#8221; Trump said.
He further warned that without federal aid to combat wildfires, Newsom would face &#8220;problems.&#8221;
Why It Matters: This threat comes amidst a tense political climate.
Governor Newsom has been vocal in his <a href="https://www.benzinga.com/news/24/07/39875041/gavin-newsom-backs-kamala-harris-calls-vp-tough-fearless-and-tenacious-the-ideal-candidate-to-counte">support for Trump&#8217;s opponent</a> and Vice President Kamala Harris, endorsing her as the ideal candidate to counter the former President&#8217;s vision.
Newsom has also previously warned about the potential dangers of <a href="https://www.benzinga.com/news/24/06/39518400/gavin-newsom-warns-trumps-big-economic-plan-could-cost-working-families-up-to-8-300-in-higher-taxes">Trump&#8217;s economic policies</a>. He has accused Trump of driving up costs in America by implementing policies that would add a 10% tariff on everyday goods and raise labor and production expenses for businesses.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40845900/trump-says-he-will-end-taxes-on-overtime-pay-but-economist-peter-schiff-says-there-is-a-fly-in-his-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says He Will End Taxes On Overtime Pay, But Economist Peter Schiff Says There Is A Fly In His Ointment</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: Wikimedia

News

Politics

Media

Trump Threatens To Deny California Wildfire Aid If He Wins, Says Gavin Newsom Is 'Gonna Sign Those Papers, And If He Doesn't…'

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has reportedly secured a $3.5 billion contract to manufacture semiconductors for the U.S. military.
What Happened: Chip maker Intel has been granted up to $3.5 billion in federal funds to produce advanced chips for military and intelligence use, <a href="https://www.bloomberg.com/news/articles/2024-09-13/intel-solidifies-3-5-billion-deal-to-make-chips-for-us-military?srnd=homepage-americas">reported</a> Bloomberg, citing people familiar with the matter.
The deal is part of the Secure Enclave program, including the Arizona manufacturing facility.
Despite opposition from rival chipmakers and concerns from Washington about the prudence of depending on a single company, Intel emerged as the preferred choice for this contract.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40593141/intel-board-member-lip-bu-tan-reportedly-left-after-disputes-with-ceo-and-other-directors-over-c">Intel Board Member Lip-Bu Tan Reportedly Left After Disputes With CEO And Other Directors Over Company&#8217;s Direction</a>
The funding announcement could be announced as early as next week, the report noted, citing the sources.
This contract adds a potential $8.5 billion in grants and $11 billion in loans that Intel received in March under the Chips and Science Act.
Intel is still in talks regarding the terms of this broader incentive package, which is intended to support facilities in Arizona, Ohio, New Mexico, and Oregon.&nbsp;
Why It Matters: Intel&#8217;s reported deal with the Pentagon comes after the tech giant secured over 7.4 billion Polish złoty ($1.91 billion) in state grants to support the construction of a new <a href="https://www.benzinga.com/government/24/09/40859896/intel-secures-about-2b-in-state-aid-for-poland-chip-plant">chip plant in Poland</a>.
According to reports, the European Commission will distribute the grant between 2024 and 2026.
Intel also intends to achieve cumulative software <a href="https://www.benzinga.com/news/24/07/39746962/chip-maker-intel-aims-for-1b-in-software-revenue-by-2027">revenue of $1 billion</a> by the end of 2027, according to the company's CTO Greg Lavender. Last year, the company&#8217;s overall revenue was $54 billion.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40673694/intel-ceo-pat-gelsinger-to-present-board-with-major-asset-sale-and-cost-cutting-plan-including-h">Intel CEO Pat Gelsinger To Present Board With Major Asset Sale And Cost-Cutting Plan, Including Halting $32B German Project: Report</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

INTC

Intel Bags $3.5B Contract To Produce Chips For Pentagon: Report

AI startup OpenAI&#8217;s new funding round could <a href="https://www.benzinga.com/news/24/09/40825072/openais-valuation-could-skyrocket-to-150b-in-new-fundraising-positioning-it-among-the-worlds-most-va">value the AI startup at $150 billion</a>, contingent on significant corporate changes.
What Happened: OpenAI&#8217;s upcoming financing round is expected to involve convertible notes. The valuation of $150 billion will depend on whether OpenAI can alter its corporate structure and eliminate a profit cap for investors, reported Reuters, citing sources familiar with the matter.
The $6.5 billion funding details, not previously disclosed, highlight OpenAI&#8217;s shift from a research-based non-profit to a more investment-attractive entity. This change aims to support its pursuit of artificial general intelligence (AGI), AI surpassing human intelligence.
Investor interest is high, and the funding round could conclude within two weeks, driven by OpenAI&#8217;s rapid revenue growth. Existing investors like Thrive Capital, Khosla Ventures, and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are expected to participate, with new investors including Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) also planning to invest.
If the restructuring fails, OpenAI would need to renegotiate its valuation with investors, likely at a lower figure.
See Also: <a href="https://www.benzinga.com/24/09/40864550/brazils-supreme-court-lifts-freeze-on-starlink-and-xs-finances-after-elon-musks-companies-cough-up-3">Brazil&#8217;s Supreme Court Lifts Freeze On Starlink And X&#8217;s Finances After Elon Musk&#8217;s Companies Cough Up $3.3 Million In Fines</a>
OpenAI stated it remains focused on building AI for everyone&#8217;s benefit while working with its non-profit board. The removal of the profit cap requires approval from the non-profit board, which includes CEO Sam Altman and entrepreneur Bret Taylor.
OpenAI has also discussed with lawyers the possibility of transitioning to a for-profit benefit corporation, similar to rivals like Anthropic and xAI. The removal of the profit cap would significantly benefit early investors but could raise questions about OpenAI&#8217;s governance and mission.
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 potential $150 billion valuation is a significant leap from previous estimates and underscores the growing importance of AI in the tech industry.
However, the transition from a non-profit to a for-profit model has <a href="https://www.benzinga.com/news/24/08/40647123/elon-musk-questions-legality-of-openai-going-from-non-profit-to-for-profit-amid-apple-nvidia-investm">not been without controversy</a>. Elon Musk, who co-founded OpenAI in 2015, has questioned the legality of this shift, especially given the involvement of major tech companies like Apple and Nvidia.
Adding to the complexity, OpenAI is also <a href="https://www.benzinga.com/news/24/09/40764804/whats-the-secret-openai-is-battling-to-keep-co-founders-files-confidential-heres-why">embroiled</a> in a high-profile copyright lawsuit, making efforts to keep the files of its former co-founder, Ilya Sutskever, confidential.
Despite these challenges, OpenAI <a href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws">continues to push forward</a> with its technological advancements. Recently, the company unveiled its new &#8216;o1&#8217; model, a significant step towards achieving human-like AI, although it comes with its own set of flaws.
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/24/09/40826639/mark-zuckerberg-live-event-sold-out-stadium-meta-ceo-attracted-thousands-eager-to-hear-him-speak-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak</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: Shutterstock

AAPL

MSFT

NVDA

OpenAI's $150B Valuation Hinges On Whether Sam Altman-Led AI Startup Can Remove Profit Cap For Investors: Report

Cryptocurrency markets are trading higher on hopes of the Federal Reserve cutting a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857676/what-changed-federal-reserve-may-take-a-bigger-50-basis-points-rate-cut-bite-next-week-mar">higher-than-initially-expected</a> 50 basis points next Wednesday.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$59,922.57</td>
<td>+2.8%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$2,423.40&nbsp;</td>
<td>+2.8%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$138.08&nbsp;</td>
<td>+1.9%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.1067</td>
<td>+4.2%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001394</td>
<td>+4.4%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows a 14.2% decrease in large transaction volume and 16.7% growth in daily active addresses. &nbsp;Exchanges netflows narrowed by 124.5%.</li>
<li>Coinglass data shows 32,341 traders liquidated in the past 24 hours for $113.09 million.</li>
<li>Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1834596646539174324">stated</a> that 112,000 ETH, worth around $257.6 million, were sent to crypto exchanges in the past 24 hours.</li>
<li>MicroStrategy announced it <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40857237/microstrategy-stock-climbs-after-bitcoin-purchase-heres-how-much-btc-michael-saylors-compa">acquired 18,300 Bitcoin</a> between Aug. 6 and Sept. 12 for around $1.11 billion in cash at an average price of $60,408 per Bitcoin.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40859716/tether-hires-paypal-veteran-jesse-spiro-as-regulatory-scrutiny-continues">Tether Hires PayPal Veteran Jesse Spiro As Regulatory Scrutiny Continues</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40847331/gary-gensler-led-sec-directs-crypto-firm-to-halt-trading-for-all-coins-but-bitcoin-ethereu">Gary Gensler-Led SEC Directs Crypto Firm To Halt Trading For All Coins But Bitcoin, Ethereum, And Bitcoin Cash — What Does It Mean?</a></li>
<li><a href="https://www.benzinga.com/24/09/40851527/bitcoin-spot-etfs-see-39m-inflows-bullish-correction-may-be-in-play-expert-tells-benzinga">Bitcoin Spot ETFs See $39M Inflows, &#8216;Bullish Correction&#8217; May Be In Play, Expert Tells Benzinga</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40860002/heres-how-much-donald-trumps-crypto-portfolio-is-down-from-the-top-spoiler-its-millions-an">Here&#8217;s How Much Donald Trump&#8217;s Crypto Portfolio Is Down From The Top (Spoiler: It&#8217;s Millions And Millions Of Dollars)</a></li>
</ul>
Top Gainers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Nervos Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ckb/usd">CKB</a>)</td>
<td>$0.01334</td>
<td>+45.3%</td>
</tr>
<tr>
<td>Popcat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>)</td>
<td>$0.7455</td>
<td>+11.9%</td>
</tr>
<tr>
<td>POL (CRYPTO: POL)</td>
<td>$0.4228</td>
<td>+12.1%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Entrepreneur and Bitcoin Investor Lark Davis noted that in the past three weeks Bitcoin is ranging in the mid-$50,000 range amid ETF outflows. He <a href="https://x.com/TheCryptoLark/status/1834645753383252096">predicts</a> that the next few weeks &#8220;could be the last chance to grab BTC at cheap prices&#8221; against the background of rate cuts, FTXs $16 billion cash repayment, the election and rising global liquidity.
With a 12% rally in the past seven days, CryptoCon stated that Bitcoin recently retested the Golden Curve as support just like in September 2020 before &#8220;exploding to the upside.&#8221;
The trader added that this trend allows for $186,000 for the cycle top in late 2025. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The problem with most <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Rainbow models is they climb too quickly and the targets end up too optimistic. With this new Diminishing Golden Curves Model, it purposely loses a band every cycle, similar to the Golden Ratio Multiplier. It allows for 186k for the cycle top in… <a href="https://t.co/b77UJQ1WQ8">pic.twitter.com/b77UJQ1WQ8</a>
&mdash; CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1834653223875231807?ref_src=twsrc%5Etfw">September 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">More Crypto Online <a href="https://x.com/Morecryptoonl/status/1834655454594515184">predicts</a> that if prices continue to go up and hold above $60,500 it could lead to an ABC rally which will allow for a more direct move up. However, he added that this requires extra caution as,</figcaption></figure>
&#8220;It&#8217;s like a chess game where your opponent makes an unexpected move, forcing you to rethink your strategy, requiring patience and adaptability.&#8221;
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40775357/bitcoin-hasnt-peak-yet-but-theres-a-key-difference-to-the-2023-fall-uptrend-veteran-analys">Bitcoin Hasn&#8217;t Peaked Yet, But There&#8217;s A Key Difference To The 2023 Fall Uptrend, Veteran Analyst Says</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$CKB

$DOGE

$ETH

$POL

$POPCAT

$SHIB

$SOL

Bitcoin Taps $60K, Ethereum, Dogecoin End The Week On A High: 'Next Few Weeks Could Be Last Chance To Grab BTC At Cheap Prices'

Democratic presidential nominee Kamala Harris has pledged to remove college degree prerequisites for certain federal jobs if she emerges victorious in the forthcoming <a href="https://www.benzinga.com/topic/2024-presidential-election">presidential election</a>.
What Happened: On Friday, Harris made this commitment during a speech in Wilkes-Barre, Pennsylvania, reported Reuters.
The proposal is part of her economic strategy to win over voters in the closely contested race against former President Donald Trump.
&#8220;As president, I will get rid of the unnecessary degree requirements for federal jobs to increase jobs for folks without a four-year degree,&#8221; said Vice President Harris.
This statement comes in response to U.S. Census Bureau data showing that over 62% of Americans aged 25 or older do not possess a bachelor&#8217;s degree.
See Also: <a href="https://www.benzinga.com/news/24/09/40815343/not-a-slam-dunk-for-harris-but-the-chances-of-a-trump-victory-have-slipped-investors-markets-adjust?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Not A Slam Dunk For Harris, But The Chances Of A Trump Victory Have Slipped:&#8217; Investors, Markets Adjust Positions After Presidential Debate</a>
Harris also underscored the need to acknowledge alternative routes to success, such as apprenticeships and technical programs. She urged the private sector to follow suit, and said a degree &#8220;does not necessarily indicate a person&#8217;s skills.&#8221;
Despite being briefly interrupted by&nbsp;protesters opposing U.S. <a href="https://www.benzinga.com/government/24/09/40862471/turkeys-spy-chief-meets-with-hamas-to-discuss-cease-fire-in-gaza-reports">support for&nbsp;Israel&#8217;s war</a> in Gaza,&nbsp;Harris reiterated her support for&nbsp;a ceasefire and a hostage rescue deal.
Why It Matters: Harris&#8217; pledge comes in the wake of former President Trump&#8217;s&nbsp;promise&nbsp;to overhaul the federal workforce, which could impact 150,000 jobs.
"I will immediately reissue my 2020 Executive Order restoring the president&#8217;s authority to remove rogue bureaucrats," Trump said in the video posted on his campaign&#8217;s website. "And I will wield that power very aggressively."
Previously, Tesla CEO Elon Musk, who has publicly supported Trump,&nbsp;answered a question regarding&nbsp;the feasibility of <a href="https://www.benzinga.com/government/24/09/40793264/elon-musk-on-questions-about-his-and-trumps-plan-on-department-of-government-efficiency-are-you-tryi">reducing the size</a> of the government.
He voiced his belief that removing &#8220;nonsense regulations&#8221; and shifting workers from the public to the private sector could lead the country to tremendous prosperity, possibly ushering in a &#8220;golden age.&#8221;
Government jobs have been on the rise, with&nbsp;<a href="https://www.benzinga.com/government/24/07/39650109/government-jobs-rose-by-70-000-in-june-but-are-still-near-60-year-lows">70,000 added in June</a>, despite being near 60-year lows. Meanwhile, NASA has been&nbsp;named&nbsp;the <a href="https://www.benzinga.com/news/24/05/38957563/nasa-crowned-best-place-to-work-in-federal-government-for-12th-straight-year-what-makes-it-so-appeal">Best Place to Work</a> in the Federal Government for the 12th consecutive year, highlighting the appeal of federal jobs.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40807096/melania-trump-says-the-attempt-to-end-her-husbands-life-was-a-horrible-distressing-experience-we-nee?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Says The Attempt To End Her Husband&#8217;s Life Was A &#8216;Horrible, Distressing Experience&#8217;: We Need To Uncover The Truth</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: Wikimedia

Kamala Harris Vows To Scrap 'Unnecessary' Degree Requirements For Some Federal Jobs If She Wins: 'As President, I Will…'

Brazil&#8217;s Supreme Court Justice Alexandre de Moraes has lifted <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">the freezes on</a> Starlink and X bank accounts after ordering the transfer of 18.35 million reais ($3.3 million) to the national treasury.
What Happened: The court stated that the amount transferred equaled what X owed in fines, imposed due to a conflict between billionaire owner Elon Musk and Moraes, reported Reuters.
The judge had previously blocked access to the X platform in Brazil, its sixth-largest market, after the company failed to comply with orders to block accounts accused of spreading &#8220;fake news&#8221; and hate messages.
Musk has contested these orders, labeling them as &#8220;censorship.&#8221; Additionally, X did not appoint a local legal representative as mandated by Brazilian law, leading Moraes to freeze Starlink&#8217;s accounts to cover potential fines owed by X.
See Also: <a href="https://www.benzinga.com/news/24/09/40864530/mark-zuckerberg-says-he-is-done-apologizing-reveals-one-of-the-biggest-mistakes-of-his-career">Mark Zuckerberg Says He Is Done Apologizing, Reveals One Of The Biggest Mistakes Of His Career</a>
Despite lifting the freezes, Moraes has not revoked the decision to block access to X in Brazil, citing unresolved issues around legal representation and content removal.
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 conflict between Musk and Brazil&#8217;s judiciary has been escalating for weeks.
On Aug. 29, the Supreme Court of Brazil <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">imposed a financial freeze</a> on Starlink, a subsidiary of SpaceX, due to X&#8217;s lack of legal representatives in Brazil and unpaid fines related to failing to provide certain documents.
On Sept. 3, Starlink <a href="https://www.benzinga.com/news/24/09/40680467/after-x-ban-elon-musks-starlink-defies-brazilian-court-order-to-block-social-media-platform">initially defied a court order</a> to block access to X in Brazil, citing the freezing of its local accounts as a reason. However, later that day, Starlink <a href="https://www.benzinga.com/news/24/09/40699448/elon-musks-starlink-bows-to-brazils-top-court-blocks-access-to-x-in-the-country-we-continue-to-pursu">complied</a> with the court order, despite calling the asset freeze "illegal."
Adding to the complexity, FCC Commissioner Brendan Carr <a href="https://www.benzinga.com/news/24/09/40748476/fcc-chief-defends-elon-musks-x-and-starlink-amid-brazils-punitive-actions-warns-business-leaders-are">wrote to Brazil&#8217;s telecom regulator</a>, Anatel, criticizing the punitive actions against X and Starlink and warning that such measures could make Brazil an "uninvestable market."
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>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock and Wikimedia

Brazil's Supreme Court Lifts Freeze On Starlink And X's Finances After Elon Musk's Companies Cough Up $3.3 Million In Fines

Meta Platforms Inc. CEO Mark Zuckerberg says he has grown tired of taking on too much ownership of problems beyond his or his company's control. <a href="http://benzinga.com/topic/mark-zuckerberg">The billionaire</a> said his days of apologizing are over.
What Happened: Zuckerberg said this during a conversation at the Chase Center in San Francisco, <a href="https://techcrunch.com/2024/09/11/mark-zuckerberg-says-hes-done-apologizing/">reported</a> TechCrunch.
The event, hosted by the Acquired podcast's David Rosenthal and Ben Gilbert, saw Zuckerberg joking about scheduling his next appearance to apologize for his comments. He quickly clarified that his days of apologizing were over.
Reflecting on his career, Zuckerberg mentioned his biggest mistake was a "political miscalculation" spanning 20 years. He admitted to taking too much responsibility for issues beyond Facebook&#8216;s control, particularly those related to the 2016 U.S. election.
"Some of the things they were asserting that we were doing or were responsible for, I don't actually think we were," said Zuckerberg.
"When it's a political problem… there are people operating in good faith who are identifying a problem and want something to be fixed, and there are people who are just looking for someone to blame," he added, without naming anyone specifically.
See Also: <a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration</a>
In August, Zuckerberg sent a letter to House Republicans apologizing for censoring COVID-19 misinformation in 2020 under government pressure. He vowed to resist similar pressures in the future.
Recently, Meta lifted restrictions on former President Donald Trump&#8216;s social media accounts, which were imposed after the Jan. 6 insurrection.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Meta's latest social media platform, Threads, has adopted a different approach than its rival X, formerly Twitter. The platform&#8217;s head, Adam Mosseri, stated that <a href="https://www.benzinga.com/news/23/07/33154364/politics-arent-encouraged-on-threads-instagram-head-says-not-worth-the-scrutiny-negativity">politics are not encouraged</a> on Threads to avoid scrutiny and negativity.
Why It Matters: Zuckerberg&#8217;s declaration comes amid a series of significant events and decisions at Meta.
In August, he revealed that the <a href="https://www.benzinga.com/general/biotech/24/08/40575260/mark-zuckerberg-reveals-biden-administration-pressured-meta-platforms-to-censor-certain-covid-19-">Biden administration pressured Meta</a> to censor certain COVID-19 content during the pandemic.
In a letter to the House Judiciary Committee, Zuckerberg expressed regret for not opposing the pressure sooner and vowed to resist similar pressures in the future.
Zuckerberg has also been in the news for his personal life, such as <a href="https://www.benzinga.com/general/entertainment/24/08/40411578/meta-ceo-mark-zuckerberg-commissions-statue-of-wife-priscilla-chan-sparks-online-buzz-bring">commissioning a seven-foot statue of his wife</a>, Priscilla Chan, which sparked online buzz.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Mark Zuckerberg Says He Is Done Apologizing, Reveals One Of The Biggest Mistakes Of His Career

Tesla and SpaceX CEO Elon Musk, the world&#8217;s wealthiest individual with a net worth of $251 billion has been assigned the codename &#8220;Voyager&#8221; by his security team.
What Happened: Musk&#8217;s security detail functions similarly to a small-scale Secret Service. The tech billionaire is protected more like a state leader than a corporate executive, with up to 20 security professionals accompanying him at times, <a href="https://www.nytimes.com/2024/09/13/technology/elon-musk-security.html">reported</a> the New York Times on Friday.
They frequently carry firearms and have a medical professional on hand for the tech mogul&#8217;s assistance.
As Musk&#8217;s wealth and popularity have increased, so have the <a href="https://www.benzinga.com/general/entertainment/24/02/36974802/taylor-swift-right-to-be-concerned-elon-musk-calls-celebrity-jet-tracker-awful-human-being">threats against him</a>. His security team has had to evolve to handle stalkers and death threats, a significant departure from the harmless fan messages he used to receive.
The report indicates that Musk&#8217;s security expenses amount to millions of dollars each year, paid to various security firms including Gavin de Becker &amp; Associates and his own private security company, Foundation Security.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40826639/mark-zuckerberg-live-event-sold-out-stadium-meta-ceo-attracted-thousands-eager-to-hear-him-speak-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak On &#8216;The Next Decade Of Social, Technology, And AI</a>
The report also detailed an incident where a man was apprehended near Tesla&#8217;s Austin factory, accused of planning a &#8220;mass casualty event.&#8221; Musk&#8217;s security was fully mobilized for the event, with over&nbsp;three dozen Tesla security officials stationed throughout the room.
The report suggests that the&nbsp;threats to his safety have&nbsp;led&nbsp;Musk to become more fearful&nbsp;and his lifestyle more isolated.&nbsp;He is rarely without bodyguards, even when he is at his social media company, X, formerly Twitter.
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: Musk&#8217;s security concerns have been escalating over time. In December 2022, he expressed agreement with a post on Twitter that he had become "<a href="https://www.benzinga.com/news/22/12/30104225/elon-musk-worried-about-security-as-fan-says-he-just-became-public-enemy-number-one-to-some-very-ver">public enemy number one</a> to some very very bad people."
Previously, Musk has also revealed that his son X&#8217;s vehicle was followed <a href="https://www.benzinga.com/news/22/12/30085590/elon-musk-says-taking-legal-action-against-jet-tracker-after-son-xs-car-intercepted-by-crazy-stalker">by a "crazy stalker" who</a> jumped on the car's hood, thinking Musk was inside.
In January 2023, Musk posted a seemingly sarcastic tweet about his <a href="https://www.benzinga.com/news/22/05/27066954/heres-why-elon-musk-is-joking-about-why-he-may-die-under-mysterious-circumstances-after-sharing-rosc-2">possible death under mysterious</a> circumstances after sharing an alleged note by Russian space agency chief Dmitry Rogozin that mentioned him and the Pentagon.
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>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk Has Secret Service-Like Security Team That Calls Him 'Voyager:' Growing Threats After Tesla Austin Factory Scare Have Led To The Richest Man In The World Leading An Increasingly Isolated Lifestyle

President&nbsp;Joe Biden&nbsp;has publicly denounced former President&nbsp;Donald Trump&nbsp;for his <a href="https://www.benzinga.com/news/24/09/40807202/trump-says-immigrants-are-eating-the-dogs-in-ohio-during-debate-with-kamala-harris-gets-called-out">derogatory comments about Haitian</a> immigrants, labeling the Republican nominee&#8217;s remarks as &#8220;simply wrong.&#8221;
What Happened: During a Black Excellence brunch&nbsp;hosted at the White House&nbsp;Friday, Biden refuted Trump&#8217;s baseless assertion, made during <a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day">the presidential debate</a>, that Haitian immigrants are stealing and consuming pets.
This falsehood has also been <a href="https://www.benzinga.com/news/24/09/40784671/jd-vance-reportedly-falsely-accused-haitians-of-abducting-and-eating-pets-elon-musk-says-vote-for-ka">propagated by other</a> top-tier&nbsp;Republicans, including vice presidential candidate&nbsp;Sen. JD Vance (R-Ohio), <a href="https://edition.cnn.com/politics/live-news/trump-harris-election-09-13-24#h_e5c323722f005706f05f507df43fbec0">reported</a> CNN.
&#8220;I want to take a moment to say something. Like so many Americans — like [press secretary] Karine [Jean-Pierre], as you point out, a proud Haitian American, a community that's under attack in our country right now,&#8221; he said.
Adding, &#8220;This has to stop — what he's doing — has to stop.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40811055/polling-veteran-nate-silver-says-kamala-harris-got-the-debate-she-wanted-as-fatigued-trump-couldnt-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Polling Veteran Nate Silver Says Kamala Harris Got The Debate She Wanted As Fatigued Trump Couldn&#8217;t Bring His &#8216;A-Game&#8217; After The Initial Momentum</a>
At&nbsp;the conclusion of Congressional Black&nbsp;Caucus Week, Biden expressed appreciation for the support he has received from the Black community throughout his political career.
He also recognized the significant role Black Americans have played in the nation&#8217;s history and development.
Vice President Kamala Harris was unable to attend the brunch due to scheduling conflicts, as per her office. Biden mentioned that she had intended to be present, the report noted.
Why It Matters: This incident follows a series of controversial statements made by Trump during a televised debate with Vice President Harris.
Trump alleged that immigrants in Springfield, Ohio, were <a href="https://www.benzinga.com/news/24/09/40807202/trump-says-immigrants-are-eating-the-dogs-in-ohio-during-debate-with-kamala-harris-gets-called-out">abducting and consuming pets</a>. Harris responded by labeling Trump &#8220;extreme&#8221; and laughed at his comments.
The debate, held at the National Constitution Center in Philadelphia, was the first and potentially only face-off between Trump and Harris.
During the debate, Trump focused on immigration issues, <a href="https://www.benzinga.com/markets/cannabis/24/09/40820699/trump-stuck-in-southern-border-and-immigration-loop-during-harris-debate-theyre-destroying-our-c">blaming the Biden administration</a> for a perceived increase in crime and drug problems due to their immigration policies.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

Biden Slams Trump's Offensive Remarks About Haitian Immigrants: 'This Has To Stop — What He's Doing — Has To Stop'

&nbsp;Pope Francis&nbsp;has expressed his concerns over the stances of <a href="https://www.benzinga.com/general/entertainment/24/09/40840076/trump-vs-harris-presidential-debate-viewership-tops-trump-biden-total-but-falls-short-of-re">U.S. presidential candidates</a> on abortion and migration. He urged American Catholics to vote for the &#8220;lesser evil&#8221; in the upcoming elections.
What Happened: During an airborne news conference on Friday, the Pope did not directly name either Republican candidate Donald Trump or Democratic candidate Kamala Harris. However, his comments were aimed at their positions on two key issues in the US election — abortion and migration, <a href="https://apnews.com/article/vatican-pope-trump-harris-election-0e0faef49ff587098f75b265e386bf22">reported</a> the Associated Press.
Migration, a priority issue for Francis, was described as a right outlined in Scripture. He stated that anyone not adhering to&nbsp;the Biblical call to welcome&nbsp;the stranger is committing a&nbsp;&#8220;grave sin.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40807096/melania-trump-says-the-attempt-to-end-her-husbands-life-was-a-horrible-distressing-experience-we-nee?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Says The Attempt To End Her Husband&#8217;s Life Was A &#8216;Horrible, Distressing Experience&#8217;: We Need To Uncover The Truth</a>
On the topic of abortion, the Pope was equally forthright. &#8220;To&nbsp;have an abortion is to&nbsp;kill a human being. You&nbsp;may like the word or&nbsp;not, but it's killing,&#8221; he said. He urged voters to fulfill their civic duty to vote and choose the &#8220;lesser evil.&#8221;
President Joe Biden, a practicing Catholic, shares <a href="https://www.benzinga.com/news/24/09/40807480/trump-says-biden-has-a-secret-animosity-toward-kamala-harris-because-he-was-forced-to-drop-out-he-ha">Harris&#8217; strong support</a> for abortion rights. This stance has led some Catholic bishops and&nbsp;conservatives to call for him&nbsp;to be denied access to&nbsp;Communion.
However, Pope Francis has previously stated that&nbsp;bishops should be pastors, not&nbsp;politicians.
Francis has previously also commented on U.S. elections. In the lead-up to the 2016 election, he criticized Trump&#8217;s&nbsp;plan to build a wall&nbsp;at the U.S.-Mexico border, stating&nbsp;that anyone who builds a&nbsp;wall to keep out migrants&nbsp;&#8220;is not Christian.&#8221;
Why It Matters: The Pope&#8217;s comments come at a crucial time in the U.S. election cycle.
The initial survey results that came in following the presidential debate between Harris and Trump have shown a&nbsp;<a href="https://www.benzinga.com/news/24/09/40852078/trump-vs-harris-latest-poll-hands-vice-president-5-point-lead-but-heres-why-vetran-pollster-nate-sil">five-point lead</a>&nbsp;for the Vice President. 
The debate between the two candidates, which marked the end of an&nbsp;<a href="https://www.benzinga.com/news/24/09/40807308/trump-and-kamala-harris-break-8-year-no-handshake-era-ex-president-offers-vp-a-maga-hat-5-noteworthy">eight-year no-handshake era</a>, has stirred up the investment landscape, leading to a shift in betting markets towards Harris.
This shift has triggered a downturn in&nbsp;Trump Media &amp; Technology Group&nbsp;shares and a <a href="https://www.benzinga.com/news/24/09/40815343/not-a-slam-dunk-for-harris-but-the-chances-of-a-trump-victory-have-slipped-investors-markets-adjust">surge in solar stocks</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Flickr

Pope Francis Criticizes Both Trump And Kamala Harris For Supporting Abortion, Urges Catholics To Vote For 'Lesser Evil'

ISPC

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

KSCP

Thursday,&nbsp;Moderna&nbsp;Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)&nbsp;unveiled key updates at its annual R&amp;D Day by reducing annual R&amp;D spending by $1.1 billion by 2027, enabling a focus on <a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40834547/moderna-outlines-post-covid-roadmap-cuts-research-budget-forecasts-2025-sales-below-expectations" rel="noreferrer noopener">ten prioritized products</a>.
The company expects R&amp;D expenses to fall from $4.8 billion in 2024E to $3.6 billion—$3.8 billion in 2027.
The strategy, expanding its portfolio into oncology and rare diseases, positions Moderna to deliver ten product approvals within the next three years.
Oppenheimer downgraded Moderna stock from Outperform to Perform and <a target="_blank" href="https://www.benzinga.com/quote/MRNA/analyst-ratings" rel="noreferrer noopener">removed the price target</a>.
Oppenheimer analyst writes that with a restructured R&amp;D budget, Moderna&#8217;s non-respiratory assets will play a larger role in shaping the pipeline and face increased pressure to reach commercialization.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40754517/modernas-investigational-mpox-vaccine-more-effective-than-current-approved-shot-animal-study-show" rel="noreferrer noopener">Moderna&#8217;s Investigational Mpox Vaccine More Effective Than Current Approved Shot, Animal Study Shows</a>.
RBC Capital Market decreased the price target from $90 to $75 while maintaining the Sector rating.
The analyst notes the COVID-19 vaccine maker pushed its breaking-even event by two years to 2028.
The analyst remains confident in Moderna&#8217;s cancer vaccine and the potential of its broader platform over the long term. However, near-term challenges continue to be seen, such as declining COVID-19 vaccination rates and the gradual uptake of the respiratory syncytial virus (RSV) vaccine.
Needham&#8217;s analyst highlights substantial commercial and competitive challenges in the respiratory vaccine market across all indications. Investors appear to view cytomegalovirus (CMV) as a less significant commercial opportunity, while the rare disease programs, including MMA and PA, are expected to have only modest peak sales potential, estimated at around $500 million.
The analyst says the INT Oncology program, developed in partnership with Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), offers the <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39138772/moderna-merck-reveal-three-year-data-for-individualized-cancer-therapy-in-high-risk-melanoma-pati" rel="noreferrer noopener">most upside potential</a>. However, progress has been slow, and revenue from this program is unlikely to materialize before 2027 or later. Needham maintains the Hold rating.
William Blair notes that Moderna&#8217;s pattern of issuing high financial expectations, followed by lowered guidance, has negatively impacted the company&#8217;s stock.
Since cutting its 2024 revenue forecast during its second-quarter earnings 2024 call, the stock has <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40139012/moderna-stock-trading-lower-on-dismal-guidance-analysts-cuts-price-targets-noting-c" rel="noreferrer noopener">dropped approximately 40%</a>.
The analyst highlights that although Moderna has now pushed back its goal of breaking even to 2028, it will still need to double its revenue from the projected $3.0 billion-$3.5 billion in 2024 to $6.0 billion by 2028 to achieve breakeven along with reduced operating costs and streamlined COGS.
Piper Sandler reiterates the Overweight rating on Moderna but lowers the price target to $115 from $157.
Price Action: MRNA stock closed lower by 2.01% to $68.28 on Friday.
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Photo via <a href="https://commons.wikimedia.org/wiki/File:Moderna_COVID-19_vaccine_%282021%29_F.jpg">Wikimedia Commons</a>

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Biotech

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General

MRNA

Moderna Faces Analyst Downgrades Amid Revised R&D Restructured Strategy and Delayed Profitability Target

The road to cannabis legalization has been long, and the journey isn't over yet. Currently, 46 states have legalized or decriminalized marijuana to some degree, but it remains illegal at the federal level.
However, Americans are getting closer to the prize thanks to a proposal to reclassify marijuana from a Schedule I to a Schedule III drug. What does this mean for the pre-roll industry? They've already proven to be a successful addition to the industry, with <a href="https://www.greenmarketreport.com/pre-roll-price-check-how-the-evolving-market-affects-prices-and-sales/">pre-rolls now accounting for 15% of the market</a> as supply increases and prices decline. Here's what you need to know about potential benefits and how to strategize accordingly.
<h2 class="wp-block-heading">What Does Reclassification Mean for Marijuana?</h2>
Since the Controlled Substances Act (CSA) was enacted in 1970, cannabis has been<a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana"> classified as a Schedule I drug</a>. This puts it in the <a href="https://www.dea.gov/drug-information/drug-scheduling">same category as illicit drugs</a> like heroin, LSD and ecstasy and defines it as a drug with high potential for abuse and "no currently accepted medical use."&nbsp;
The Justice Department, recognizing the views of the Department of Health and Human Services (HHS) that marijuana does have <a href="https://www.dea.gov/sites/default/files/2024-05/Scheduling%20NPRM%20508.pdf">accepted medical uses</a>, announced in May that the attorney general submitted a proposal to <a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana">reclassify marijuana</a> as a Schedule III drug.
If approved, this proposal would place marijuana in a category alongside prescription<a href="https://www.dea.gov/drug-information/drug-scheduling"> drugs like Tylenol with codeine</a>, testosterone and anabolic steroids.&nbsp;
Schedule III drugs not only have accepted medical uses but also have a lower potential for abuse than Schedule I and II drugs, along with moderate to low potential for dependence (physical and psychological).
How long will it take for rescheduling to occur? There's no set timeline, but the Justice Department started the process by submitting the proposal and <a href="https://www.justice.gov/opa/pr/justice-department-submits-proposed-regulation-reschedule-marijuana">notifying the public</a>.
From there, the public can submit commentary to the Drug Enforcement Agency (DEA), which the agency will consider before making and publishing a final ruling concerning scheduling. The <a href="https://www.forbes.com/sites/dariosabaghi/2024/05/22/dea-publishes-proposed-rules-to-reschedule-marijuana/">62-day window for public commentary</a> ended July 22, 2024, but there is no timeline for review.
<h2 class="wp-block-heading">New Financial Landscape</h2>
The major benefit of reclassification is that cannabis will no longer be subject to Internal Revenue Service (IRS) Code Section 280E. This <a href="https://www.irs.gov/newsroom/irs-marijuana-remains-a-schedule-i-controlled-substance-internal-revenue-code-section-280e-still-applies">section of the tax code</a> essentially states that businesses selling Schedule I or II substances cannot take deductions or credits for any part of their business, including ordinary and necessary expenses.
<h3 class="wp-block-heading">Financial Benefits Related to Section 280E</h3>
Even if your pre-roll business operates legally within your state, this rule means you pay more taxes than the average business.&nbsp;
In 2022, this increased tax burden equated to over <a href="https://www.prnewswire.com/news-releases/economic-analysis-indicates-cannabis-industry-paid-1-8-billion-in-excess-taxes-in-2022--301817848.html">$1.8 billion in excess taxation</a> across the cannabis industry, with tax rates commonly exceeding 70%. As a result, less than 25% of cannabis companies reported profitability.
If marijuana becomes a Schedule III substance, Section 280E will no longer apply, which will have a major impact on how you file taxes. You can claim deductions and credits that significantly reduce your tax burden, allowing you to retain much more income.
In addition, you could file amended tax returns to reclaim deductions for any returns within the statute of limitations. The scope will depend on the effective date and whether it's retroactive.
<h3 class="wp-block-heading">Is Increased Access to Banking Services Possible?</h3>
Currently, banking organizations deem cannabis businesses as high risk for impacting FDIC insurance status. Will that change under the Schedule III classification, which applies to legal prescription substances?
The answer is maybe. It's important to understand that doctor recommendations for cannabis that are legal at the state level are not the same as federally legal prescriptions, and this presents some barriers.
Research and development could lead to the formulation of prescription cannabis drugs that go through the vetting process to be approved by the FDA. This approval would mean they could be sold in pharmacies instead of dispensaries.&nbsp;
In that case, there is some potential for legal validation that might sway banking institutions. However, that's a lot of ifs, so the value of this possible benefit remains to be seen.
<h3 class="wp-block-heading">Immediate and Long-Term Benefits for Businesses</h3>
With a reduced tax burden, cannabis businesses will immediately retain more income. This extra cash could be funneled into product development, equipment upgrades, higher-quality inventory and expansion.
It may also draw investors and encourage new business launches, increasing competition that drives access, innovation and consumer choice.&nbsp;
Finally, opportunities to develop FDA-approved prescription drugs could help legitimize the industry, potentially attracting new customers, increasing access to banking services and bringing cannabis one step closer to federal legalization.
<h3 class="wp-block-heading">Financial Benefits for Consumers</h3>
Businesses won't be alone in enjoying financial benefits if marijuana is reclassified. When the tax burden on sellers is reduced, savings could be passed along to consumers.
Consider that a typical <a href="https://worldpopulationreview.com/state-rankings/cigarette-prices-by-state">pack of 20 cigarettes</a> costs about $8 in the U.S., or about $0.40 per cigarette. Since a pre-roll joint costs anywhere from $5-$20 or more, a 20-pack could set consumers back $200.
<h2 class="wp-block-heading">A New Market for Products and Consumers</h2>
Cannabis has been widely recognized (including by <a href="https://www.dea.gov/sites/default/files/2024-05/Scheduling%20NPRM%20508.pdf">HHS and the Justice Department</a>) as having greater medical value and less potential for abuse and dependence than suggested by its current CSA classification. Reclassification to Schedule III would open the door to a range of benefits for cannabis businesses and consumers.
<h3 class="wp-block-heading">New Products</h3>
One of the greatest potential detriments of marijuana being classified as a Schedule I substance is that opportunities for research and development have been severely restricted. The <a href="https://pharmanewsintel.com/features/barriers-to-medical-research-constructed-by-federally-controlled-substance-scheduling-and-classification">hurdles required to gain approval</a> for research are cumbersome.
Researchers must register with the DEA and gain approval from an institutional review board. This alone can take years, but the added difficulty of obtaining grant funding is scarce.
Even if researchers overcome these challenges, most lab facilities don't meet DEA standards for security and must undergo significant and expensive modification. Then, there are the difficulties of legally requesting and obtaining Schedule I substances for research purposes.
In other words, researching everything from the makeup of different strains to the effects of different cannabinoids on the human body is exceedingly difficult.&nbsp;
Reclassification would loosen restrictions and open the door to new research and development, potentially resulting in greater understanding, new products and increased quality.
<h3 class="wp-block-heading">New Customers</h3>
Reclassification of marijuana stands to benefit not only businesses but consumers as well. Existing customers could enjoy greater product diversity, efficacy, and cost reduction.
It might also attract new customers who may currently hesitate to try medical or recreational marijuana. This, in turn, could increase demand industrywide, and there's some potential for increased interstate commerce.&nbsp;
Businesses intent on expansion will want to grow their loyal customer base before new competition floods the market.
<h2 class="wp-block-heading">Innovation and Consistency</h2>
Because cannabis legislation varies from state to state, regulations are somewhat spotty. However, with greater research and development potential, likely leading to new product innovation and increased competition, quality, consistency, and compliance will become more important.
How can your pre-roll business remain competitive? You can start by implementing rigorous quality controls, seeking certification, offering transparency and choosing like-minded vendors like HARA Supply.
<h2 class="wp-block-heading">Reclassification Is Good for Businesses and Consumers</h2>
Although it's unclear when the reclassification of marijuana from a Schedule I to a Schedule III drug could be approved, those in the pre-roll industry must prepare for the changes it could bring about.&nbsp;
With opportunities to benefit from a reduced tax burden, increased product development and new customers, you stand to gain a lot, but only if you prepare for the probable increase in competition.
Capitalizing on marijuana reclassification means launching strategic initiatives to position your business for future success. HARA Supply is the reliable, established pre-roll supplier you need. Contact us now to learn more.

Cannabis

Schedule III Classification Offers New Opportunities For The Pre-Roll Industry

Hartford Finl Servs Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>) has outperformed the market over the past 10 years by 1.02% on an annualized basis producing an average annual return of 11.81%. Currently, Hartford Finl Servs Gr has a market capitalization of $33.80 billion. 
Buying $100 In HIG: If an investor had bought $100 of HIG stock 10 years ago, it would be worth $306.97 today based on a price of $115.36 for HIG at the time of writing.
<h3>Hartford Finl Servs Gr's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726263068_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning Hartford Finl Servs Gr Stock In The Last 10 Years

Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) has outperformed the market over the past 5 years by 13.57% on an annualized basis producing an average annual return of 26.88%. Currently, Riot Platforms has a market capitalization of $2.19 billion. 
Buying $100 In RIOT: If an investor had bought $100 of RIOT stock 5 years ago, it would be worth $339.62 today based on a price of $7.23 for RIOT at the time of writing.
<h3>Riot Platforms's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726263063_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

RIOT

Here's How Much $100 Invested In Riot Platforms 5 Years Ago Would Be Worth Today

Ibrahim Kalin, head of Turkey&#8217;s National Intelligence Agency, met with representatives from the Palestinian militant group Hamas in Ankara, Turkey&#8217;s capital, to discuss the negotiations <a href="https://www.benzinga.com/news/global/24/08/40608668/nine-palestinians-killed-as-israeli-forces-press-into-west-bank">for a cease-fire</a> in Gaza, according to media reports.
 Kalin met with a delegation from the Hamas political bureau leadership, Turkish news channel TRT Haber said, citing Turkish security sources, Reuters reported.
Turkey denounced Israel&#8217;s assault on Gaza. Turkey&#8217;s intelligence agency has been in contact with those involved in the conflict — Hamas, Israel, Qatar and the U.S. — as it carries out intensive diplomacy for a ceasefire in Gaza, TRT Haber said.
The war between Israel and Hamas began Oct. 7, 2023, when Hamas attacked Israel, killing 1,200 people and taking about 250 hostages, according to Israeli tallies.
Read Also: <a href="https://www.benzinga.com/government/24/03/37464565/gaza-cease-fire-by-ramadan-hopes-fade-biden-sends-special-envoy-to-lebanon">Gaza Cease-Fire By Ramadan Hopes Fade: Biden Sends Special Envoy To Lebanon</a>
Israel&#8217;s subsequent assault on Gaza has killed more than 41,000 Palestinians, according to its health ministry.
International mediators last week completed a new proposal aimed at forming a<a href="https://www.benzinga.com/news/24/09/40673642/israel-rocked-by-protesters-call-for-immediate-ceasefire-after-hostage-deaths" target="_blank" rel="noreferrer noopener">&nbsp;cease-fire deal&nbsp;</a>between Israel and Hamas as Israel's Prime Minister&nbsp;Benjamin Netanyahu&nbsp;refuses to cede control of Gaza's border with Egypt.
Israel's military and Hamas temporarily paused fighting <a href="https://www.benzinga.com/government/24/08/40639831/israel-hamas-to-pause-fighting-in-gaza-so-that-640-000-children-can-get-vaccinated-official">in the Gaza Strip</a> for three days a couple of weeks ago to allow about 640,000 children to get vaccinated against polio.
Price Action: Aerospace and defense stocks saw gains and losses on Friday as talks to end the fight take place.
<ul>
<li>Lockheed Martin Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) edged up 0.29% to close at $569.91</li>
<li>Boeing Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) slipped 3.69% to end the trading day at $156.77</li>
<li>Northrup Grumman&nbsp;Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) gained 0.24% to close at $519.78</li>
</ul>
Oil stocks traded up:
<ul>
<li>BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) gained 0.82% to close at $31.84</li>
<li>Equinor ASA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) rose 1.05% to close at $25.09</li>
<li>Suncor Energy Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SU#NYSE">SU</a>) went up 0.41% to finish the trading day at $36.44</li>
</ul>
Read Now: • <a href="https://www.benzinga.com/markets/asia/24/02/37081429/international-criminal-court-raises-alarm-over-israeli-rafah-operations-urges-justice-for-war-crimes">International Criminal Court Raises Alarm Over Israeli Rafah Operations, Urges Justice For War Crimes</a>
Photo: Shutterstock

Government

Global

Markets

EQNR

Turkey's Spy Chief Meets With Hamas To Discuss Cease-Fire In Gaza: Reports

Across the recent three months, 15 analysts have shared their insights on Apellis Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLS#NASDAQ">APLS</a>), expressing a variety of opinions spanning from bullish to bearish.
The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $78.47, a high estimate of $100.00, and a low estimate of $41.00. This current average has decreased by 3.52% from the previous average price target of $81.33. 
<img src="https://www.benzinga.com/files/images/story/2024/1726261257_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
A clear picture of Apellis Pharmaceuticals's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Anupam Rama</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$57.00</td>
<td>$64.00</td>
</tr>
<tr>
<td>Anupam Rama</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$64.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Eliana Merle</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$83.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Laura Chico</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$41.00</td>
<td>$38.00</td>
</tr>
<tr>
<td>Salveen Richter</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$74.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Colleen Kusy</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$96.00</td>
<td>$86.00</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$85.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Douglas Tsao</td>
<td>HC Wainwright &amp; Co.</td>
<td>Lowers</td>
<td>Buy</td>
<td>$83.00</td>
<td>$92.00</td>
</tr>
<tr>
<td>Salveen Richter</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Buy</td>
<td>$66.00</td>
<td>$77.00</td>
</tr>
<tr>
<td>Joseph Stringer</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$85.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Akash Tewari</td>
<td>Jefferies</td>
<td>Maintains</td>
<td>Buy</td>
<td>$80.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Colleen Kusy</td>
<td>Baird</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$86.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Colleen Kusy</td>
<td>Baird</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$100.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Salveen Richter</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Buy</td>
<td>$77.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Colleen Kusy</td>
<td>Baird</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$100.00</td>
<td>$100.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Apellis Pharmaceuticals. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Apellis Pharmaceuticals compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
For valuable insights into Apellis Pharmaceuticals's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/APLS/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Apellis Pharmaceuticals analyst ratings.</a>
<h2>Unveiling the Story Behind Apellis Pharmaceuticals</h2>
Apellis Pharmaceuticals Inc is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic compounds to treat diseases with high unmet needs through the inhibition of the complement system, which is an integral component of the immune system, at the level of C3, the central protein in the complement cascade.
<h3>Financial Milestones: Apellis Pharmaceuticals's Journey</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Over the 3 months period, Apellis Pharmaceuticals showcased positive performance, achieving a revenue growth rate of 110.26% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Health Care sector.
Net Margin: Apellis Pharmaceuticals's net margin is impressive, surpassing industry averages. With a net margin of -18.86%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Apellis Pharmaceuticals's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -14.18%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Apellis Pharmaceuticals's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -4.34%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Apellis Pharmaceuticals's debt-to-equity ratio surpasses industry norms, standing at 1.8. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Significance of Analyst Ratings Explained</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

APLS

Analyst Scoreboard: 15 Ratings For Apellis Pharmaceuticals

16 analysts have shared their evaluations of Moderna (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">9</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $111.5, along with a high estimate of $214.00 and a low estimate of $60.00. This current average has decreased by 18.06% from the previous average price target of $136.07. 
<img src="https://www.benzinga.com/files/images/story/2024/1726261232_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
The analysis of recent analyst actions sheds light on the perception of Moderna by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Geoff Meacham</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$110.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Edward Tenthoff</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$115.00</td>
<td>$157.00</td>
</tr>
<tr>
<td>Tyler Van Buren</td>
<td>TD Cowen</td>
<td>Lowers</td>
<td>Hold</td>
<td>$60.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Luca Issi</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$75.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Jessica Fye</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$70.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Michael Yee</td>
<td>Jefferies</td>
<td>Lowers</td>
<td>Hold</td>
<td>$65.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Yifeng Liu</td>
<td>HSBC</td>
<td>Announces</td>
<td>Hold</td>
<td>$82.00</td>
<td>-</td>
</tr>
<tr>
<td>Jessica Fye</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$88.00</td>
<td>$96.00</td>
</tr>
<tr>
<td>Emmanuel Papadakis</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Hold</td>
<td>$80.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Luca Issi</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$90.00</td>
<td>$125.00</td>
</tr>
<tr>
<td>Luca Issi</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$125.00</td>
<td>$160.00</td>
</tr>
<tr>
<td>Salveen Richter</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Buy</td>
<td>$178.00</td>
<td>$204.00</td>
</tr>
<tr>
<td>Gena Wang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$155.00</td>
<td>$168.00</td>
</tr>
<tr>
<td>Edward Tenthoff</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$157.00</td>
<td>$214.00</td>
</tr>
<tr>
<td>Edward Tenthoff</td>
<td>Piper Sandler</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$214.00</td>
<td>$214.00</td>
</tr>
<tr>
<td>Cory Kasimov</td>
<td>Evercore ISI Group</td>
<td>Maintains</td>
<td>In-Line</td>
<td>$120.00</td>
<td>$120.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Moderna. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Moderna compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Moderna's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Moderna's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/MRNA/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Moderna analyst ratings.</a>
<h2>About Moderna</h2>
Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its COVID-19 vaccine, which was authorized in the United States in December 2020. Moderna had 39 mRNA development candidates in clinical trials as of mid-2023. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.
<h3>Moderna: Delving into Financials</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Challenges: Moderna's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately -30.06%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Health Care sector.
Net Margin: Moderna's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of -578.73%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Moderna's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of -10.43%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): Moderna's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of -7.89%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: Moderna's debt-to-equity ratio is below the industry average. With a ratio of 0.11, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>The Basics of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

16 Analysts Have This To Say About Moderna

Providing a diverse range of perspectives from bullish to bearish, 20 analysts have published ratings on Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) in the last three months.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">12</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">10</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $71.85, a high estimate of $81.00, and a low estimate of $64.00. This upward trend is evident, with the current average reflecting a 3.58% increase from the previous average price target of $69.37.
<img src="https://www.benzinga.com/files/images/story/2024/1726261216_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The analysis of recent analyst actions sheds light on the perception of Fortinet by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$76.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Shyam Patil</td>
<td>Susquehanna</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$66.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Patrick Colville</td>
<td>Scotiabank</td>
<td>Raises</td>
<td>Sector Outperform</td>
<td>$75.00</td>
<td>$61.00</td>
</tr>
<tr>
<td>Yi Fu Lee</td>
<td>Cantor Fitzgerald</td>
<td>Raises</td>
<td>Neutral</td>
<td>$65.00</td>
<td>$55.00</td>
</tr>
<tr>
<td>Brad Zelnick</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$75.00</td>
<td>$71.00</td>
</tr>
<tr>
<td>Brian Essex</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$63.00</td>
</tr>
<tr>
<td>Dan Bergstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$72.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shrenik Kothari</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$80.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$78.00</td>
<td>$78.00</td>
</tr>
<tr>
<td>Keith Bachman</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$76.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Roger Boyd</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$70.00</td>
<td>$69.00</td>
</tr>
<tr>
<td>Andrew Nowinski</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$64.00</td>
<td>$62.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Raises</td>
<td>Buy</td>
<td>$72.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Catharine Trebnick</td>
<td>Rosenblatt</td>
<td>Lowers</td>
<td>Buy</td>
<td>$68.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Fatima Boolani</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$65.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Shaul Eyal</td>
<td>TD Cowen</td>
<td>Announces</td>
<td>Buy</td>
<td>$75.00</td>
<td>-</td>
</tr>
<tr>
<td>Hamza Fodderwala</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$69.00</td>
<td>$73.00</td>
</tr>
<tr>
<td>Saket Kalia</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$70.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Raymond McDonough</td>
<td>Guggenheim</td>
<td>Maintains</td>
<td>Buy</td>
<td>$81.00</td>
<td>$81.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Fortinet. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Fortinet compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Fortinet's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Fortinet's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FTNT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fortinet analyst ratings.</a>
<h2>Get to Know Fortinet Better</h2>
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 700,000 customers across the world.
<h3>Understanding the Numbers: Fortinet's Finances</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Fortinet's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 10.95%. This indicates a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Information Technology sector.
Net Margin: Fortinet's net margin excels beyond industry benchmarks, reaching 26.48%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Fortinet's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 504.05% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Fortinet's ROA stands out, surpassing industry averages. With an impressive ROA of 4.83%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 3.45, caution is advised due to increased financial risk.
<h2>The Significance of Analyst Ratings Explained</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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