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Hedge fund billionaire Ray Dalio is one of a growing number of wealthy investors seeking opportunities in the UAE.

Why Dalio, CZ And Other Billionaires Are Flocking To Abu Dhabi

Gaza,Town,Of,Gaza,Strip,,Israel,,October,10,,2023

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iShares MSCI Israel Capped Investable Market Index Fund

INVZ

MNDY

NVMI

Get the latest updates on the Israel-Hamas conflict, including progress towards a ceasefire and hostage release, alongside market reactions, with insights on stock market performance in Israel and the broader regional impact.

Israel-Hamas, Day 46: Temporary Truce, Hostage Release Loom; Israeli Stocks Recoup Losses Post-October 7 Attacks

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Broad U.S. Equity ETFs

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ARGT

BBVA

BZQIY

EFGZF

EGPT

iShares MSCI Ireland Capped Investable Market Index Fund

EIRL

INDA

MELI

PDYPY

RLNIY

iShares MSCI Turkey Investable Market Index Fund

As the first quarter of 2023 is coming to an end, now is an opportune time to assess the stock market performance of different countries.

The U.S. stock market, as represented by the SPDR S&amp;P 500 ETF Trust (ARCA: SPY), ranks only 22nd in the top performing country ETFs list, posting a quarterly total return of about 6%.

5 Best And Worst Performing Country ETFs For Q1 2023: A Defaulting Country&#39;s Stock Market Beats S&amp;P 500

iShares MSCI UAE ETF

Adient PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADNT#NYSE">ADNT</a>) has put forward restructuring plans in&nbsp;<a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1670541/000167054124000065/adnt-20240331.htm" rel="noreferrer noopener">Europe&nbsp;</a>to reduce operating, administrative&nbsp;and&nbsp;engineering costs.&nbsp;
The plan primarily consists of workforce reductions and the transfer of work to countries with lower labor costs.
This move is in response to the changes in the European automotive market and to ensure the company's competitive cost structure by slashing labor costs and increasing efficiencies.
Adient expects a restructuring charge of approximately $125 million in the second quarter of fiscal year 2024, entirely related to termination benefits in Europe.
The restructuring actions mentioned will occur in fiscal 2025 and 2026 and&nbsp;are expected&nbsp;to be completed by fiscal 2027.
The restructuring activity&nbsp;is expected&nbsp;to result in&nbsp;the annual&nbsp;operating cost reduction of $60 million.
As of September 2023, Adient had 70,000 employees worldwide, with about 42%&nbsp;of them&nbsp;working in the Europe, Middle East and Africa (EMEA) region, reported Reuters.
Strikes by the United Automotive Workers (UAW) affected production volumes,&nbsp;affecting&nbsp;sales in the December quarter.
Adient supplies seats to automotive majors, including&nbsp;Ford Motor Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>),&nbsp;General Motors Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>),&nbsp;Stellantis N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>),&nbsp;Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) and&nbsp;Renault SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>).
Price Action: ADNT shares closed higher by 0.55% at $28.99 on Monday.
Photo by Shuttershock

Media

ADNT

RNSDF

STLA

VWAGY

Automotive Seating Maker Adient To Slash Jobs In Europe

WIIM

Nucor shares are trading lower after the company reported worse-than-expected Q1 financial results.

Halliburton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) reported quarterly earnings of $0.76 per share which beat the analyst consensus estimate of $0.74 by 2.7 percent. This is a 5.56 percent increase over earnings of $0.72 per share from the same period last year. The company reported quarterly sales of $5.804 billion which beat the analyst consensus estimate of $5.668 billion by 2.39 percent. This is a 2.24 percent increase over sales of $5.677 billion the same period last year.

Earnings

Earnings Beats

Halliburton Q1 2024 Adj EPS $0.76 Beats $0.74 Estimate, Sales $5.804B Beat $5.668B Estimate

Quest Diagnostics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>) reported quarterly earnings of $2.04 per share which beat the analyst consensus estimate of $1.86 by 9.68 percent. This is unchanged from the same period last year. The company reported quarterly sales of $2.366 billion which beat the analyst consensus estimate of $2.287 billion by 3.46 percent. This is a 1.50 percent increase over sales of $2.331 billion the same period last year.

Quest Diagnostics Q1 2024 Adj EPS $2.04 Beats $1.86 Estimate, Sales $2.366B Beat $2.287B Estimate

MSCI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>) reported quarterly earnings of $3.52 per share which beat the analyst consensus estimate of $3.45 by 2.03 percent. This is a 12.1 percent increase over earnings of $3.14 per share from the same period last year. The company reported quarterly sales of $679.965 million which missed the analyst consensus estimate of $684.135 million by 0.61 percent. This is a 14.82 percent increase over sales of $592.218 million the same period last year.

Earnings Misses

MSCI

MSCI Q1 2024 Adj EPS $3.52 Beats $3.45 Estimate, Sales $679.965M Miss $684.135M Estimate

PENN

PENN Entertainment shares are trading higher after Truist Securities upgraded the stock from Hold to Buy.

GE Aerospace  shares are trading higher following Q1 financial results.

Shares of automakers are trading higher after General Motors raised its 2024 financial outlook.

JBLU

JetBlue Airways shares are trading lower after the company reported Q1 financial results and issued worse-than-expected Q2 and FY24 Revenue outlook.

Truist Securities analyst Nicole Germino initiates coverage on Insmed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INSM#NASDAQ">INSM</a>) with a Buy rating and announces Price Target of $48.

Price Target

Initiation

Analyst Ratings

INSM

Truist Securities Initiates Coverage On Insmed with Buy Rating, Announces Price Target of $48

Xerox Holdings Corp shares are trading lower after the company reported worse-than-expected Q1 results and reiterated FY24 guidance.

Ermenegildo Zegna Posts 8% Y/Y Increase In Q1 Revenue To €463.2M

Truist Securities analyst Barry Jonas upgrades PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) from Hold to Buy and maintains the price target from $23 to $23.

Upgrades

Truist Securities Upgrades PENN Entertainment to Buy, Maintains Price Target to $23

IBRX

ImmunityBio shares are trading higher after the company announced FDA approval of ANKTIVA.

<table cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
Second Quarter and Full Year 2024 Outlook
</td>
<td colspan="1" rowspan="1">
Estimated 2Q 2024
</td>
<td colspan="1" rowspan="1">
Estimated FY 2024
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Available Seat Miles (&quot;ASMs&quot;) Year-Over-Year
</td>
<td colspan="1" rowspan="1">
(5.0%) - (2.0%)
</td>
<td colspan="1" rowspan="1">
Down low single digits
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Revenue Year-Over-Year
</td>
<td colspan="1" rowspan="1">
(10.5%) - (6.5%)
</td>
<td colspan="1" rowspan="1">
Down low single digits
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
CASM Ex-Fuel (1) Year-Over-Year (2)
</td>
<td colspan="1" rowspan="1">
5.5% - 7.5%
</td>
<td colspan="1" rowspan="1">
Up mid-to-high single digits
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Fuel Price per Gallon (3), (4)
</td>
<td colspan="1" rowspan="1">
$2.98 - $3.13
</td>
<td colspan="1" rowspan="1">
-
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Capital Expenditures
</td>
<td colspan="1" rowspan="1">
~$550 million
</td>
<td colspan="1" rowspan="1">
~$1.6 billion
</td>
</tr>
</tbody>
</table>

Guidance

JetBlue Airways Capex Outlook: Q2 ~$550M, FY24 ~$1.6B

Elon Musk, CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has given a nod of approval to ARK Invest&#8217;s analysis of the company&#8217;s Q1 expectations.
What Happened: Musk acknowledged ARK Invest&#8217;s analysis of Tesla&#8217;s Q1 expectations by commenting &#8220;Accurate&#8221; on Tasha Keeney&#8216;s interview with CNBC&#8217;s Last Call, posted on social media platform X on Tuesday.
ARK Invest&#8217;s Director of Investment Analysis &amp; Institutional Strategies, Tasha Keeney, expressed her views, stating, &#8220;I wouldn&#8217;t be surprised about some short-term upsets, but I think the long-term story is EVs are here to stay. Tesla&#8217;s prices are so competitive. It&#8217;s going to be very hard for any other company to catch up to them at this point.&#8221; 
<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">Accurate
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1782634001271816516?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
ARK Invest has set a price target for Tesla at $2000 by 2027.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38348301/bitcoin-halving-elon-musks-dogecoin-tweet-solanas-rise-and-more-this-week-in-cryptocurrenc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Halving, Elon Musk&#8217;s Dogecoin Tweet, Solana&#8217;s Rise And More: This Week In Cryptocurrency</a>
Why It Matters: This comes ahead of Tesla&#8217;s Q1 earnings, which are due to be released on Tuesday. The company&#8217;s stock has been the subject of much speculation and activity recently. 
ARK Invest, led by Cathie Wood, made significant trades involving Tesla on Monday, acquiring <a href="https://www.benzinga.com/markets/equities/24/04/38368840/cathie-woods-ark-invest-seizes-tesla-dip-acquires-over-17m-in-shares-ahead-of-q1-results-zoom-st">over $17 million in shares</a>. 
Earlier, this month the company reported that it delivered 386,810 vehicles in <a href="https://www.benzinga.com/markets/equities/24/04/38047077/tesla-stock-dives-as-q1-deliveries-disappoint-but-ev-giant-reclaims-top-spot-from-chinese-rival">the first quarter</a>, down from 422,875 a year earlier. Production figures were also lower, at 433,371 compared to 440,808 units in the year-ago period. This marks Tesla's first year-over-year decline in deliveries since pandemic-hit 2020.
Analysts are also cautious about Tesla&#8217;s Q1 earnings, with some questioning whether the company is still a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38367087/tesla-q1-earnings-preview-is-ev-giant-no-longer-a-growth-stock-analysts-cautious-wa">growth stock</a>. The company has also faced internal challenges, including recent <a href="https://www.benzinga.com/news/24/04/38361822/tesla-layoffs-hit-marketing-team-retracts-advertising-push">layoffs in its marketing</a> team.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38346682/shiba-inu-army-cheers-as-burn-rate-soars-172-price-rebounds?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds</a>
Image Via Shutterstock 
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 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 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/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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TSLA

Elon Musk Reacts As ARK Invest Analyst Says 'It's Going To Be Very Hard' For Tesla Rivals 'To Catch Up To Them' In Pricing: 'Accurate'

2024 Guidance
<ul>
<li>Revenue: decline of 3% to 5% in constant currency</li>
<li>Adjusted Operating Margin: at least 7.5%</li>
<li>Free cash flow: at least $600 million</li>
</ul>

Xerox Holdings Corp Reiterated FY24 Revenue Decline of 3%-5% in Constant Currency Vs $6.59B Est

JetBlue Airways Revenue Growth Outlook: Q2 (10.5%) - (6.5%), FY24 Down Low Single Digits

Baird analyst Timothy Wojs maintains Simpson Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSD#NYSE">SSD</a>) with a Outperform and lowers the price target from $215 to $208.

Baird Maintains Outperform on Simpson Manufacturing Co, Lowers Price Target to $208

iQiyi Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IQ#NASDAQ">IQ</a>), often referred to as China&#8217;s Netflix, is adapting its strategy to cater to the country&#8217;s aging population. The company is also leveraging artificial intelligence (AI) to enhance its content production.
What Happened: iQiyi&#8217;s CEO and founder, Gong Yu, announced at the company&#8217;s annual conference on Tuesday that the platform is reorienting its focus towards older users, <a href="https://www.cnbc.com/2024/04/23/chinas-netflix-iqiyi-pivots-toward-an-aging-population-in-an-ai-era.html">reported</a> CNBC. Gong highlighted the challenges faced by older users, such as eyesight deterioration due to increased screen time.
He also pointed out that by 2033, a quarter of China&#8217;s population will be considered elderly, a figure that is expected to rise to a third by 2053. With the country&#8217;s aging population, iQiyi is looking to improve its content quality for children, as fewer children are being born in China.
See Also: <a href="https://www.benzinga.com/markets/asia/24/04/38369354/nvidias-high-end-chips-ended-up-in-chinese-hands-despite-us-ban-heres-how-beijing-scored-them?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s High-End Chips Ended Up In Chinese Hands Despite US Ban: Here&#8217;s How Beijing Scored Them</a>
Additionally, iQiyi is integrating AI tools into its content production process. The company&#8217;s Chief Technology Officer, Liu Wenfeng, demonstrated the platform&#8217;s AI capabilities, which can quickly replicate multi-camera shots in a virtual environment and analyze novels for production-worthy stories.
This shift in strategy comes at a time when iQiyi is looking to expand its business in overseas markets as growth in China moderates. The company, which went public in the U.S. in 2018, reported a profit for the first time in 2023, after posting annual losses of $1 billion or more for several years.
Why It Matters: The shift in iQiyi&#8217;s strategy reflects the changing demographics in China, with an increasing number of elderly citizens. This move also aligns with the broader trend of AI integration in the entertainment industry.
Earlier in April, Adobe Inc. announced the development of an <a href="https://www.benzinga.com/news/24/04/38275099/adobes-latest-ai-innovation-promises-a-new-era-for-video-content-creation">AI model for generating video content</a>, positioning itself in competition with other major players like OpenAI&#8216;s Sora and Google&#8217;s Imagen 2 in the generative AI video technology field.
However, AI&#8217;s disruptive potential has also <a href="https://www.benzinga.com/general/24/02/37400098/billionaire-tyler-perry-pauses-880-million-studio-expansion-because-of-ai-video-platform-sora-from-o">led to challenges</a>, as seen with filmmaker Tyler Perry putting his studio expansion plans on hold due to the threat from AI-powered tools like Sora.
Companies like Netflix are also adapting their strategies to cater to changing consumer preferences and technological advancements. Netflix recently reported a <a href="https://www.benzinga.com/24/04/38363616/netflix-shatters-earnings-expectations-with-surprising-revenue-reveal-and-soaring-subscriber-surge-b">surge in subscriber numbers</a>, indicating the growing demand for streaming services.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/04/38346345/chinese-hackers-may-control-your-water-and-are-laying-in-wait-fbi-warns-3-startups-to-watch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese Hackers Could Control Your Water — And Are Laying in Wait: FBI</a>
Image via Shutterstock
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<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 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/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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Entertainment

'China's Netflix' Wants To Woo Aging Population With AI Content After Turning Profitable

Dealmaking Outlook: Unsettled, With Bright Spots

Emerging Market Insights: China Policy Recalibration

EM Central Banks: More Easing In The Cards?

Global Economic Outlook: Growth Prospects Brighten, InﬂAtion Outlook More Cloudy