Truist Finl Stock (NYSE:TFC), Trade Ideas

Truist Finl

Based in Charlotte, North Carolina, Truist is the combination of BB&T and SunTrust. Truist is a regional bank with a presence primarily in the Southeastern United States. In addition to commercial banking, retail banking, and investment banking operations, the company operates several nonbank segments, the primary one being its insurance brokerage business.

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Earnings

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General

Truist Financial reports Q1 earnings, beating EPS estimates at $0.90 but misses revenue projections at $4.87 billion. Net interest income declines. Loan and deposit averages drop.

Truist Financial Reports Mixed Q1 Earnings, Expects Further Decline In Annual Revenues

Analyst Color

Earnings Beats

Sector ETFs

Analyst Ratings

ETFs

FITB

Banks are coming out of a challenging quarter. Analysts project a further decline in net interest income by approximately 3.6%.

Market Reaction To Bank Earnings Is Mixed, JPMorgan Analysts Project Further Decline In Net Interest Income

Bank,Of,America,In,Beverly,Hills

Long Ideas

Of the big banks, Bank of America emerges as a standout performer, according to at least one analyst. Citi is likely to &#34;lag peers.&#34;

Big Banks To Report Q1 Earnings: Analyst Prefers Bank Of America, &#39;Citi Likely To Lag&#39;

Truist Financial Corporation Common Stock

Truist Financial Corp

Terra Firma Capital Corp

Truist Financial Corporation Depositary Shares

Truist Financial Corporation Depositary Shares, Each Representing a 1/1,000th Interest in a Share of Series O Non-Cumulative Perpetual Preferred Stock

Truist Financial Corporation Depositary Shares, each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock

Taiwan's&nbsp;Hon Hai Precision (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) operating as&nbsp;Foxconn Technology Group has reported a significant increase in its first-quarter net profit, despite a decline in revenue attributed to weakened consumer electronics demand.
What Happened: The Taiwan-based contract manufacturer, known for assembling Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s iPhones, announced on Tuesday that its net profit for the first quarter rose by 72% from the previous year, reaching NT$22.01 billion (US$679 million), <a href="https://www.wsj.com/business/earnings/foxconn-profit-surges-on-low-base-but-revenue-falls-91b74d36?mod=latest_headlines">reported</a> The Wall Street Journal.
This increase, however, fell short of the NT$28.76 billion estimated by analysts in a FactSet poll. The surge in profit was attributed to a low base last year when Foxconn faced a NT$17.3 billion write-down linked to its 34% stake in Japanese electronics maker Sharp.
Despite the profit surge, first-quarter revenue dropped by 9% to NT$1.324 trillion due to reduced consumer electronics demand.
The pandemic had caused a delay in production and shipment at Foxconn&#8217;s Zhengzhou, China factory, leading to a high base of comparison for the first quarter of last year. Nevertheless, its cloud and networking segment experienced strong revenue growth, driven by robust artificial intelligence server demand.
See Also: <a href="https://www.benzinga.com/insights/options/24/05/38791263/check-out-what-whales-are-doing-with-pltr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Check Out What Whales Are Doing With PLTR</a>
Foxconn has been diversifying its business lines in recent years, including ventures into electric vehicles and AI. The company is also expanding its production in countries such as India to reduce its reliance on China.
Why It Matters: Foxconn&#8217;s performance comes on the heels of a 9% decline in its <a href="https://www.benzinga.com/markets/equities/24/04/38108303/apples-key-supplier-foxconn-reports-9-decline-in-first-quarter-revenue-anticipates-growth-in-fut">first-quarter revenue for 2024</a>. Despite this, the company anticipated a revenue increase for the second quarter of 2024, traditionally considered an &#8220;off-peak season.&#8221;
Earlier in May, Foxconn reported its <a href="https://www.benzinga.com/markets/equities/24/05/38641338/apples-largest-iphone-manufacturer-reports-its-best-ever-april-revenue-amid-stronger-iphone-dema">best-ever April revenue</a>, marking a 19% surge in monthly revenue. This achievement led to a record high for April and a subsequent rise in the company&#8217;s shares to an all-time high in Taiwan.
In March, it was reported that Foxconn was <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37689044/apples-tech-ally-foxconn-is-making-a-play-for-the-ai-server-market-with-nvidia-ming">making a play for the AI server market</a> through a strategic partnership with NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). This move was expected to position Foxconn to benefit from a closer partnership with Nvidia in the long run.
Despite its financial performance, Foxconn has been facing political challenges in its home country. In November, Foxconn&#8217;s founder, Terry Gou, <a href="https://www.benzinga.com/news/23/11/35954719/taiwans-political-future-hangs-in-balance-as-these-three-factions-battle-to-replace-tsai-ing-wen">withdrew his bid for the Taiwanese presidency</a>, leading to a political shakeup as opposition parties vied for power.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38753994/cardano-founder-charles-hoskinson-says-voting-for-biden-is-a-vote-against-american-crypto-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cardano Founder Charles Hoskinson Says Voting For Biden Is A &#8216;Vote Against American Crypto Industry&#8217;</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Equities

Markets

Tech

AAPL

HNHPF

NVDA

Apple's Biggest iPhone Assembler Posts 72% Profit Surge Even As Revenue Takes Hit From Weaker Consumer Electronics Demand

Learn CW Investment Corporation (the &quot;Company,&quot; &quot;we&quot; or &quot;our&quot;), a special purpose acquisition company, announced today that it has further extended the period of time the Company will have to consummate its initial business combination by an additional one month from May 13, 2024 to June 13, 2024 (the &quot;Extension&quot;) through the timely deposit of an aggregate of&nbsp;$150,000&nbsp;into the Company&#39;s trust account. This Extension is the eighth of up to twelve one-month extensions permitted under the Company&#39;s governing documents, as amended pursuant to the Extraordinary General Meeting of the Company shareholders that took place on October 11, 2023

Reported Earlier, Learn CW Investment Extends The Period To Consummate Its Initial Business Combination To June 13, 2024

OpenAI has skipped its biggest investor, Microsoft Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Windows 11, instead launching the ChatGPT app for Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) macOS operating system while <a href="https://www.benzinga.com/news/24/05/38806086/openai-tries-to-steal-googles-thunder-a-day-before-search-giants-event-unveils-gpt-4o-a-chatgpt-vers">unveiling the new GPT-4o model</a>.
What Happened: OpenAI&#8217;s CTO Mira Murati announced the launch of the ChatGPT desktop app during an event on Monday.
Microsoft is OpenAI's <a href="https://www.benzinga.com/news/24/05/38582364/microsofts-fear-of-googles-ai-dominance-led-to-openai-investment-internal-email-reveals-were-multipl">single biggest stakeholder</a>, having invested over $13 billion so far. Despite this, OpenAI's new ChatGPT app for computers has landed on Apple's Macs first. The Windows version is expected to be launched later this year, but OpenAI has not given an exact timeline just yet.
The app features a refreshed user interface and allows users to ask ChatGPT questions about their screen content, either by typing or speaking. The AI then provides responses based on the visual input.
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.
Users can access the ChatGPT app using the Option + Space keyboard shortcut and can also take and discuss screenshots within the app.
The app will initially be available only to ChatGPT Plus users, with a broader rollout planned in the coming weeks.
See Also: <a href="https://www.benzinga.com/news/24/05/38789502/sam-altman-received-openai-dismissal-news-while-he-was-in-vegas-hotel-room-during-f1-grand-prix-i-wa">Sam Altman Received OpenAI Dismissal News While He Was In Vegas Hotel Room During F1 Grand Prix</a>
OpenAI has also introduced a new UI for ChatGPT, which includes minor changes to the home screen and message layout. The company aims to enhance the user experience, making interactions with ChatGPT more natural and intuitive.
Alongside the new app and UI, OpenAI has also unveiled its new GTP-4o model, which is available to all users for free.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app-1024x576.jpg" alt="ChatGPT app" class="wp-image-336463" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/14033945/ChatGPT-app.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">ChatGPT app &#x7C; Photo courtesy: OpenAI</figcaption></figure>
Why It Matters: The launch of the ChatGPT desktop app comes on the heels of OpenAI&#8217;s introduction of a more efficient and cost-effective version of its AI model, GPT-4, called GPT-4o.
This new model is trained on extensive internet data and is designed to handle text, audio, and images in real time more effectively.
GPT-4o also offers features that were <a href="https://www.benzinga.com/news/24/05/38806863/openais-free-model-may-pose-a-challenge-to-its-growth-says-analyst-pierre-ferragu-where-is-the-s-cur">previously limited to paid subscribers</a>, including web searches, multilingual responses, and data storage.
OpenAI&#8217;s recent developments have <a href="https://www.benzinga.com/news/24/05/38806462/googles-search-business-could-be-challenged-by-openai-says-gene-munster-its-a-function-of-time">sparked discussions</a> about the company&#8217;s potential to challenge Alphabet Inc.&#8217;s crown jewel, Google Search, as noted by tech analyst Gene Munster.
However, not everyone is convinced of OpenAI&#8217;s capabilities. Tesla Inc. CEO and xAI founder Elon Musk expressed skepticism about OpenAI&#8217;s latest AI model development.
Following the unveiling of GPT-4o, Musk <a href="https://www.benzinga.com/news/24/05/38806678/elon-musk-shrugs-off-openais-latest-announcement-after-x-user-says-that-99-of-the-economy-will-be-ai">shrugged off the announcement</a>, suggesting that the AI&#8217;s capabilities were not as significant as claimed.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38695318/from-beginner-to-enthusiast-top-5-free-harvard-courses-to-spark-your-ai-journey-with-machine-learnin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">From Beginner To Enthusiast: Top 5 Free Harvard Courses To Spark Your AI Journey With Machine Learning</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock

MSFT

Despite Microsoft's $13B Funding, OpenAI Snubs Top Investor: Launches ChatGPT App For Apple Macs Ahead Of Windows

Kodiak Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOD#NASDAQ">KOD</a>), a biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat a broad spectrum of retinal diseases, announced today that the first patients with diabetic retinopathy (DR) have been treated in the randomized double masked Phase 3 GLOW2 study of tarcocimab tedromer.
GLOW2 is the second Phase 3 study of tarcocimab in diabetic retinopathy in which all patients on investigational therapy will receive tarcocimab on extended dosing intervals, including 6-month dosing for all patients. The GLOW2 study design mirrors the successful GLOW1 study in which tarcocimab-treated patients, over the 48-week study duration, saw 29-fold increased response rate in &ge; 2-step improvement in DRSS (treatment) and&nbsp;89%&nbsp;decreased risk of developing sight-threatening complications (prevention).

Reported Earlier, Kodiak Sciences Announced Treatment Of First Patients In Phase 3 GLOW2 Study Of Tarcocimab Tedromer In Diabetic Retinopathy

The largest cryptocurrency exchange in the U.S., Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) recovered from a three-hour-long system-wide glitch past midnight, causing a brief bout of anxiety for its customers.
What Happened: In an X post past midnight on Tuesday, the exchange informed about the glitch, saying, "We are investigating this issue and working on a solution." 
The trading platform assured its users that their funds were safe.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see <a href="https://t.co/a3pl4WiDhZ">https://t.co/a3pl4WiDhZ</a> for updates. Your funds are safe.
&mdash; Coinbase Support (@CoinbaseSupport) <a href="https://twitter.com/CoinbaseSupport/status/1790239326321733819?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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A few customers shared screenshots from the Coinbase App, displaying a &#8220;Planned maintenance in progress&#8221; message, prompting them to question the platform about the real nature of the outage.&nbsp;
At 3:34 a.m. EDT, the company informed that the incident had been completely resolved. However, it added a caveat that some customers might still face transaction failures while sending funds.
Coinbase's official <a href="https://www.coinbase.com/explore">website</a> was accessible at the time of writing. 
Why It Matters:  Coinbase is the largest crypto trading platform in the U.S., with volumes reaching upwards of $2 billion in the last 24 hours, according to <a href="https://www.coingecko.com/en/exchanges">CoinGecko</a>. The platform allows the trading of popular coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>).
Since the<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38699358/ftx-to-pay-back-customers-in-full-with-interest-as-it-amasses-billions-in-cash-this-is-jus"> implosion of the FTX exchange</a> in the fall of 2022, users accessing centralized exchanges have become circumspect regarding the safety of their funds, and even minor outages have led to FUD.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38807524/the-dencun-dilemma-can-lower-fees-derail-ethereums-deflationary-ambitions-and-dampen-prosp">The Dencun Dilemma: Can Lower Fees Derail Ethereum&#8217;s Deflationary Ambitions And Dampen Prospects Of A Price Surge?</a>
Photo by rafapress on Shutterstock

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

Cryptocurrency

$BTC

$ETH

$SOL

COIN

Crypto Exchange Coinbase Assures 'Funds Are Safe' After 3-Hour Outage Creates Brief Panic

The closing of the private placement offering is expected to occur on or about May 28, 2024, subject to the satisfaction of customary closing conditions.
The Notes will bear interest at a rate of&nbsp;5.800%, payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing on December 15, 2024. The Notes will mature on June 15, 2031.

BERY

Reported Earlier, Berry Global Group Prices Private Placement Of First Priority Senior Secured Notes Valued At $800M

The Company is currently evaluating the letter and determining its response, with more information to follow in the next few days.

HLTH

Reported Earlier, FDA Issues Warning To Cue Health Over Emergency Use Authorized (EUA) COVID-19 Test

PAVmed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAVM#NASDAQ">PAVM</a>) reported quarterly losses of $(0.99) per share which beat the analyst consensus estimate of $(1.67) by 40.72 percent. This is a 42.77 percent increase over losses of $(1.73) per share from the same period last year. The company reported quarterly sales of $1.010 million which missed the analyst consensus estimate of $1.053 million by 4.06 percent. This is a 126.46 percent increase over sales of $446.000 thousand the same period last year.

Earnings Misses

PAVM

Reported Late Monday, PAVmed Q1 2024 Adj EPS $(0.99) Beats $(1.67) Estimate, Sales $1.010M Miss $1.053M Estimate

Antony Blinken, U.S. Secretary of State, arrived in Kyiv on Tuesday, marking the first visit by a senior U.S. official since the approval of a $61 billion military aid package for Ukraine by Congress last month.
What Happened: Blinken&#8217;s unannounced trip is aimed at demonstrating U.S. solidarity with Ukraine, which is currently grappling with heavy Russian attacks on its northeastern border, Reuters reported. The Secretary of State arrived in Kyiv early Tuesday morning by train.
A U.S. official, who chose to remain anonymous, stated that Blinken&#8217;s visit is intended to &#8220;send a strong signal of reassurance to the Ukrainians who are obviously in a very difficult moment.&#8221; 
The official further explained that Blinken&#8217;s mission is to discuss the execution of the supplemental assistance to help bolster Ukraine&#8217;s defenses and enable them to regain the initiative on the battlefield.
See Also: <a href="https://www.benzinga.com/news/24/05/38776647/elon-musk-berates-gavin-newsom-after-california-governor-discloses-plans-to-cut-10-000-vacant-state?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Berates Gavin Newsom After California Governor Discloses Plans To Cut 10,000 Vacant State Jobs</a>
Artillery, long-range missiles known as ATACMS, and air defense interceptors, approved by President Joe Biden on Apr. 24, are already being supplied to the Ukrainian forces, the official confirmed. Blinken is expected to reassure Ukrainian officials, including President Volodymyr Zelenskyy, of the U.S.&#8217;s continued support and deliver a speech focused on Ukraine&#8217;s future.
On Monday, U.S. National Security Advisor Jake Sullivan stated that Washington is working to expedite the delivery of weapons to Ukraine to help counter its current disadvantage. 
&#8220;The delay put Ukraine in a hole and we&#8217;re trying to help them dig out of that hole as rapidly as possible,&#8221; Sullivan said, adding that a new package of weapons will be announced this week.
Why It Matters: Blinken&#8217;s visit to Ukraine comes amid escalating tensions in the region. In a recent meeting in Beijing, Blinken <a href="https://www.benzinga.com/news/24/04/38454152/antony-blinken-raises-alarm-over-xi-jinpings-support-for-russia-during-us-china-talks">voiced concerns over China's support</a> for Russia's military, potentially straining the ongoing efforts to mend relations between the two countries.
Furthermore, Russia has issued a warning to the West, indicating its readiness for a<a href="https://www.benzinga.com/news/24/05/38783286/russia-prepared-for-confrontation-with-west-over-ukraine-says-lavrov-if-they-want-it-to-be-on-the-ba"> potential military confrontation </a>in Ukraine. A senior Ukrainian intelligence official has suggested that Ukraine may have to <a href="https://www.benzinga.com/news/24/05/38628299/ukraine-may-need-to-negotiate-with-russia-to-end-war-says-top-intel-officer-both-sides-are-jockeying">engage in discussions with Russia</a> to bring an end to the ongoing war. 
Read Next: <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party&#8217;s Lead Could Shrink Due To This Factor</a>
Photo by Drop of Light on Shutterstock
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 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
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 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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Politics

Global

Antony Blinken Visits Ukraine To 'Send A Strong Signal Of Reassurance' To US Ally Amid War With Russia

The expected proceeds to the Company, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company, are approximately $98,040,000. In addition, the Company has granted the underwriters a 30-day right to purchase up to an additional 360,000 shares of Company common stock at the public offering price, less underwriting discounts and commissions.

MBIN

Reported Earlier, Merchants Bancorp Prices Common Stock Offering Of 2.4M Shares At $43/Share

MKS estimates that the net proceeds from the offering will be approximately&nbsp;$1,177.7&nbsp;million (or approximately&nbsp;$1,374.2&nbsp;million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers&#39; discounts and estimated offering expenses payable by MKS.

MKSI

Reported Earlier, MKS Instruments Prices Upsized Private Offering Of $1.2B Of 1.25% Convertible Senior Notes Due 2030

HMPL-306 is a novel dual-inhibitor of IDH1 and IDH2 enzymes. Mutations of IDH1 and IDH2 have been implicated as drivers of certain hematological malignancies, gliomas and solid tumors, particularly among AML patients. Although some IDH inhibitors have been approved in certain markets for AML, isoform switching between the cytoplasmic mutant IDH1 and mitochondrial mutant IDH2 often leads to acquired resistance to single inhibitors of IDH1 or IDH2. Targeting both IDH1 and IDH2 mutations may provide therapeutic benefits in cancer patients by overcoming this acquired resistance.

Reported Earlier, HUTCHMED Initiates The RAPHAEL Registrational Phase III Trial Of HMPL-306 For Patients With IDH1- And/Or IDH2-Mutated Relapsed/Refractory Acute Myeloid Leukemia In China

<ul>
<li>Almost half a million people diagnosed each year across the globe&nbsp;&mdash;</li>
<li>Collaboration based on synergistic potential of inhibiting angiogenesis and tumor-associated macrophages with HUTCHMED&#39;s surufatinib and anti-PD-1 activity with Hengrui&#39;s camrelizumab, promoting the immune&nbsp;response against tumor cells&nbsp;&mdash;</li>
</ul>

Reported Earlier, HUTCHMED Initiates Phase II/III Trial Of The Combination Of Surufatinib And Camrelizumab For Treatment-Naïve Pancreatic Ductal Adenocarcinoma In Collaboration With Hengrui

BIO101 (20-hydroxyecdysone) will be evaluated in obese patients treated with GLP-1 RAs, together with hypocaloric dieting. The OBA phase 2 study will test the efficacy and safety of BIO101 (20-hydroxyecdysone) in patients with obesity and overweight with secondary comorbidities, who are starting treatment with GLP-1 RAs for weight loss.

BPTSY

Biophytis Announces The Design Of Its Phase 2 OBA Clinical Study In Obesity With BIO101 (20-hydroxyecdysone)

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) head of Cybertruck manufacturing Renjie Zhu has resigned from the company, joining the long list of senior executives to leave as company CEO&nbsp;Elon Musk&nbsp;seeks to&nbsp;<a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees" target="_blank" rel="noreferrer noopener">downsize the company&#8217;s workforce.</a>
What Happened:&nbsp; Zhu took to LinkedIn to announce his departure from the electric vehicle giant.&nbsp;
&#8220;After triumphing the epic launch of [the] Cybertruck program and ramping the volume production line to the steady 1K/W throughput orbit for the past 16 months in GFTX, also 7 weeks after the 5th Tesla-versary, my adventure with this great company has come to an end,&#8221; Zhu wrote. Zhu joined Tesla in 2019 and launched the Cybertruck program at Giga Texas in January 2023, as per his LinkedIn profile.
Tesla started delivering the Cybertruck in late November. During Tesla&#8217;s first-quarter earnings call in April, a company executive confirmed that it made 1000 vehicle units in a week. The company intends to scale production to 250,000 units annually starting in 2025.
Zhu's departure adds him to a growing list of senior executives who have left Tesla in recent weeks, including Senior Director of Charging Infrastructure&nbsp;Rebecca Tinucci, Director of New Product Introduction&nbsp;Daniel Ho, Senior Vice President of Powertrain and Energy Engineering&nbsp;Drew Baglino, and Vice President of Public Policy and Business Development&nbsp;Rohan Patel.
&#8220;Now it's time to start a new journey, like a Falcon 9 back to the base, to refuel and prepare for next launch,&#8221; Zhu wrote in his post, referring to the reusable Falcon 9 rocket made by Tesla CEO Elon Musk&#8216;s private company SpaceX. It is unclear if Zhu was laid off or resigned out of personal choice.
Why It Matters: Last month, Tesla announced plans to cut costs through a <a href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har" target="_blank" rel="noreferrer noopener">10% workforce reduction</a>, impacting an estimated 14,000 employees. These layoffs reflect broader challenges facing the company, including declining sales and pricing pressures.
For the first quarter, Tesla reported revenue of $21.3 billion, down from the $23.33 billion reported a year earlier. This is the first time the company's quarterly&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube" target="_blank" rel="noreferrer noopener">revenue has fallen</a>&nbsp;since the pandemic in 2020. Tesla's net profit stood at $1.13 billion, falling 55% from $2.51 billion a year earlier.
Price Action:&nbsp;Tesla stock closed 2% higher on Monday at $171.89 and gained 0.5% after hours. The stock is down 30.8% year-to-date, according to data&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">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/24/05/38807360/elon-musks-spacex-reportedly-leaves-trail-of-unpaid-bills-worth-at-least-2-5m-amid-texas-expansion">Elon Musk&#8217;s SpaceX Reportedly Leaves Trail Of Unpaid Bills Worth At Least $2.5M Amid Texas Expansion</a>
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Management

TSLA

Another Tesla Exec Departs As Musk Downsizes: Cybertruck Manufacturing Head Marks End Of 'Adventure With This Great Company'

FLUT

Flutter Entertainment Reports Q1 Revenue Of $3.397B Up From $2.918B YoY, Adjusted EPS $0.10 Down From $0.69 YoY

Positive Financial Outlook &amp; Fiscal 2024 Guidance:
The Company continues to anticipate revenue of approximately $65-75 million for the fiscal year ending September 30, 2024 (&quot;FY 2024&quot;). Approximately $20 million of this anticipated revenue is dependent on customers&#39; new distribution center sites. Any delays in the startup of these sites may lead to a proportion of revenue moving into the subsequent fiscal year. The Company expects to have further clarity on firm delivery dates for these sites over the next several months.
The annual revenue forecast takes into consideration revenue from already delivered orders, the Company&#39;s current purchase order backlog, which as of May 13, 2024 is over $43 million, in addition to anticipated new orders based on historical patterns and additional demand communicated to the Company, but not yet provided as a purchase order. This guidance is subject to change and is made barring any unforeseen circumstances. See &quot;Forward-Looking Statements&quot;.

ELVA

Electrovaya Continues To Anticipate 2024 Revenue Of $65M-75M Vs. $72.7M Consensus

Electrovaya (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELVA#NASDAQ">ELVA</a>) reported quarterly sales of $10.70 million which missed the analyst consensus estimate of $17.05 million by 37.27 percent. This is a 26.27 percent increase over sales of $8.47 million the same period last year.

Electrovaya Q2 Sales $10.70M Miss $17.05M Estimate

PACS Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PACS#NYSE">PACS</a>) reported quarterly earnings of $0.38 per share which beat the analyst consensus estimate of $0.30 by 26.67 percent. This is a 31.03 percent increase over earnings of $0.29 per share from the same period last year. The company reported quarterly sales of $934.72 million which beat the analyst consensus estimate of $892.97 million by 4.68 percent. This is a 31.94 percent increase over sales of $708.44 million the same period last year.

PACS

PACS Group Q1 EPS $0.38 Beats $0.30 Estimate, Sales $934.72M Beat $892.97M Estimate

Gold Royalty (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) reported quarterly losses of $(0.01) per share which met the analyst consensus estimate. This is unchanged from the same period last year. The company reported $2.89 million in sales this quarter. This is a 277.31 percent increase over sales of $767.00 thousand the same period last year.

GROY

Gold Royalty Q1 EPS $(0.01), Inline, Sales $2.89M Up From $767.00K YoY

An announcement from Truist Financial (TFC) is now available. Truist Financial Corporation has successfully completed the sale of its insurance bro...

Truist Financial Divests Insurance Unit, Restructures Investments

Truist repositions balance sheet after insurance sale, adjusts revenue guidance

In a report released yesterday, Mike Mayo from Wells Fargo maintained a Buy rating on Truist Financial (TFC – Research Report), with a price target...

Wells Fargo Sticks to Its Buy Rating for Truist Financial (TFC)

Analysts have been eager to weigh in on the Financial sector with new ratings on Ocwen Financial (OCN – Research Report), Truist Financial (TFC – R...

Analysts Conflicted on These Financial Names: Ocwen Financial (OCN), Truist Financial (TFC) and Marketaxess Holdings (MKTX)

RBC Capital analyst Gerard Cassidy maintained a Buy rating on Truist Financial (TFC – Research Report) yesterday and set a price target of $42.00. ...

RBC Capital Sticks to Their Buy Rating for Truist Financial (TFC)

Truist Financial long-term credit ratings cut to Baa1 at Moody's after TIH sale

There's a lot to be optimistic about in the Financial sector as 2 analysts just weighed in on Truist Financial (TFC – Research Report) and Fidelis ...

Analysts Are Bullish on These Financial Stocks: Truist Financial (TFC), Fidelis Insurance Holdings Ltd. (FIHL)

Bank of America Securities analyst Ebrahim Poonawala reiterated a Buy rating on Truist Financial (TFC – Research Report) today and set a price targ...

Buy Rating Affirmed for Truist Financial Following Strategic Insurance Business Sale and Positive Outlook

Delinquency rates for CRE loans, some consumer loans climbed in 2023: Fed report

Truist Financial (TFC) has issued an update. Truist Financial Corporation has finalized a major transaction, selling its remaining equity interests...