Latest News for Verde Clean Fuels Stock (NASDAQ:VGASW)

Verde Clean Fuels Inc is a renewable energy company specializing in the conversion of synthesis gas, or syngas, derived from diverse feedstocks, such as biomass, MSW and mixed plastics, as well as natural gas (including synthetic natural gas) and other feedstocks, into liquid hydrocarbons that can be used as gasoline through a proprietary liquid fuels technology, the STG process.

Verde Clean Fuels Inc

With U.S. stock futures trading mixed this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) to report quarterly earnings at $2.93 per share on revenue of $21.10 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Lowe&#8217;s shares fell 0.2% to $228.70 in after-hours trading.</li>
<li>Palo Alto Networks, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) posted better-than-expected earnings for its third quarter. The company said it sees fourth-quarter adjusted earnings of $1.40 to $1.42 per share on total revenue of $2.15 billion to $2.17 billion. Palo Alto shares dipped 8.6% to $295.89 in the after-hours trading session.</li>
<li>Analysts are expecting Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) to post quarterly earnings at 14 cents per share on revenue of $4.85 billion. The company will release earnings before the markets open. Macy&#8217;s shares rose 0.1% to $19.12 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Zoom Video Communications Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) reported stronger-than-expected earnings for its first quarter on Monday. The company said it sees fiscal second-quarter revenue in the range of $1.145 billion to $1.15 billion versus estimates of $1.15 billion. Zoom said it expects second-quarter adjusted earnings to be between $1.20 and $1.21 per share versus estimates of $1.23 per share. Zoom Video shares slipped 1.2% to $63.35 in the after-hours trading session.</li>
<li>Analysts expect Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) to post quarterly earnings at $4.14 per share on revenue of $2.53 billion after the closing bell. Toll Brothers shares rose 0.01% to $131.07 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/05/38920102/jim-cramer-says-this-materials-stock-is-a-great-spec-plus-he-recommends-buying-abercrombie-fitch">Jim Cramer Says This Materials Stock Is A &#8216;Great Spec,&#8217; Plus He Recommends Buying Abercrombie &amp; Fitch</a>

Earnings

News

Pre-Market Outlook

Markets

Trading Ideas

PANW

Lowe's, Palo Alto Networks And 3 Stocks To Watch Heading Into Tuesday

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, but the index remained in the &#8220;Greed&#8221; zone on Monday.
U.S. stocks settled mixed on Monday, with the Nasdaq index settling at a record high level during the session.
U.S. stocks notched gains last week, with the Dow gaining 1.2% to record its fifth consecutive weekly gain, while the S&amp;P 500 added 1.5% last week.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares fell 4.5% on Monday after CEO Jamie Dimon suggested the company would not buy back a lot of stock at current prices. NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares gained 2.5% after multiple analysts raised their price targets on the stock ahead of Wednesday's earnings report.
Most sectors on the S&amp;P 500 closed on a negative note, with consumer staples, consumer discretionary and financial stocks recording the biggest losses on Monday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 197 points to 39,806.77 on Monday. The S&amp;P 500 rose 0.09% at 5,308.13, while the Nasdaq Composite gained 0.65% at 16,794.88 during Monday's session.
Investors are awaiting earnings results from Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>), Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>), and Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) today.
At a current reading of 64.2, the index remained in the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 64.5.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: <a href="https://www.benzinga.com/news/24/05/38920102/jim-cramer-says-this-materials-stock-is-a-great-spec-plus-he-recommends-buying-abercrombie-fitch">Jim Cramer Says This Materials Stock Is A &#8216;Great Spec,&#8217; Plus He Recommends Buying Abercrombie &amp; Fitch</a>

NVDA

Investor Sentiment Decreases Slightly, But Nasdaq Settles At Record High

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38923873/stocks-gold-reach-new-record-highs-cruise-stocks-rally-gamestop-sinks-whats-driving-markets-mond" rel="noreferrer noopener">diverged from broader market gains</a>&nbsp;on Monday, ending lower for the session. Fund manager and Tesla investor&nbsp;Gary Black&nbsp;tried to ease concerns about shareholders potentially rejecting the proposal to ratify CEO&nbsp;Elon Musk&#8216;s compensation plan.
What Happened:&nbsp;Addressing Tesla bulls worried about a possible shareholder rebuff and Musk leaving the company, Black said, &#8220;This is insane fear-mongering at its worst.&#8221; He expects shareholders to overwhelmingly&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38889994/why-cant-tesla-just-grant-elon-musk-a-new-pay-package-critic-and-legal-expert-says-ceo-cant-repl" rel="noreferrer noopener">approve the pay plan</a>&nbsp;in 2024, as 73% did in 2018.
In 2018, shareholders vetted the proposal before Tesla created eight times more value for its shareholders between 2018 and 2024, compared to the mere 1.6 times increase in the value of the Nasdaq 100 Index, he noted. &#8220;Just pay the man what is due him,&#8221; Black urged.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">All these nervous <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> bulls running around warning that shareholders may not approve Elon's 2028 comp plan, which could cause Elon to leave the company. This is insane fear-mongering at its worst. IMHO TSLA SHs will overwhelmingly approve Elon's comp plan in 2024, just as 73%… <a href="https://t.co/7cRcxti5gl">pic.twitter.com/7cRcxti5gl</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1792617814974443906?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
Why It&#8217;s Important:&nbsp;Black&#8217;s&nbsp;Future Fund Active ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFND#NYSE">FFND</a>) holds about 1,842 Tesla shares, giving the stock a portfolio weighting of 2.77%.&nbsp;This&nbsp;is significantly lower than the 5%+ weighting Tesla had before March.
Black has voiced&nbsp;his&nbsp;dissent whenever he disagrees with management&#8217;s strategic direction and actions. He believes a sub-$30,000 electric vehicle is the solution to the company&#8217;s current demand problem, although management emphasizes full self-driving technology and robotaxis.&nbsp;He has also advocated&nbsp;for advertising the benefits of EV adoption&nbsp;to boost demand.
Tesla&#8217;s plan to seek approval for Musk&#8217;s 2018 compensation&nbsp;plan,&nbsp;after it was annulled by a Delaware Chancery&nbsp;Court,&nbsp;has met with mixed reactions.&nbsp;While legal experts warn that reapproval would mean payment for past work, Tesla fans have backed it, fearing Musk might follow through on his threats to leave.
In January,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38910415/make-tesla-great-again-elon-musk-concurs-with-steps-to-transform-ev-maker-into-top-global-compan" rel="noreferrer noopener">Musk warned that</a>&nbsp;if he&nbsp;wasn&#8217;t&nbsp;vested with 25% voting rights in Tesla, he would prefer building elsewhere.
Price Action: Tesla ended Monday&#8217;s session down 1.41% at $174.95, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">Benzinga Pro data.</a>&nbsp;The stock has lost about 30% year-to-date.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38907041/tesla-bull-gary-black-expects-ceo-elon-musks-56b-pay-package-to-be-reinstated-should-eliminate-any-p">Tesla Bull Gary Black Says &#8216;Likely&#8217; Approval Of Elon Musk&#8217;s $56B Pay Package Is &#8216;Next Major Catalyst&#8217; For The Company</a>
Photo via Shutterstock<a href="https://x.com/garyblack00/status/1792617814974443906/photo/1"></a>

Analyst Color

Equities

Management

Tech

FFND

TSLA

Tesla Bull Gary Black Dismisses 'Insane Fear-Mongering' Over CEO Elon Musk's Pay Plan: 'Just Pay The Man What Is Due To Him'

The contracts will be performed over a period of two years.

Contracts

ESLT

Elbit Systems Secures A Group Of Contracts Of ~$760M For The Supply Of Ammunitions To The Israeli Ministry Of Defense

Advanced Energy Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEIS#NASDAQ">AEIS</a>), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced a possible offer of&nbsp;&pound;19.50 per share in cash&nbsp;to acquire the entire issued and to be issued shares of XP Power Limited (LSE: XPP,&quot;XP Power&quot;), after submitting three, all-cash, proposals to the Board of XP Power as set out below:
<ul>
<li>On October 24, 2023, at &pound;17.00 per share in cash, valuing XP Power&#39;s equity at &pound;339m;</li>
</ul>
<ul>
<li>On November 5, 2023, at &pound;18.50 per share in cash, valuing XP Power&#39;s equity at &pound;369m; and</li>
</ul>
<ul>
<li>On May 7, 2024, at &pound;19.50 per share in cash, valuing XP Power&#39;s equity at &pound;468m (the &quot;Latest Proposal&quot;) and reflecting the increased number of shares following XP Power&#39;s November 6, 2023 equity raise executed at &pound;11.50 per share (the &quot;Fundraising&quot;).</li>
</ul>
Each of these proposals has been at a significant premium to the share price at the time of each respective proposal, but the Board of XP Power unanimously rejected each of these proposals.

AEIS

Advanced Energy Announces £19.50 Per Share All-Cash Proposal To Acquire XP Power Limited

Scott Bessent, CEO of Key Square Group and a potential nominee for Trump's Treasury Secretary, shared his insights on market preferences ahead of the 2024 election. 
What Happened: On Monday, Bessent stated during CNBC&#8217;s &#8220;Last Call,&#8221; "With Donald Trump ahead in the polls, the market seems to like his policies better.&#8221;
"Right now we are in a nirvana situation where the market anchoring on Trump in the lead but [Janet] Yellen and the Biden apparatus also pushing against that lead"
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38908102/dogecoin-rises-4-45-amidst-anonymous-120-million-doge-transfer-to-robinhood?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Rises 4.45% Amidst Anonymous 120 Million DOGE Transfer To Robinhood</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"With Trump ahead in the polls, it seems that markets like his policies better," says Key Square Group CEO &amp; potential Trump Treasury Sec. nominee Scott Bessent on investing ahead of the 2024 election. "That would be tax cuts, energy independence, and calming down overseas." <a href="https://t.co/IJ1VEeU9JN">pic.twitter.com/IJ1VEeU9JN</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1792705246260506728?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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Why It Matters: The Bloomberg/Morning Consult poll ,conducted recently, <a href="https://www.benzinga.com/news/24/05/38908073/trump-vs-biden-poll-reveals-surprise-preference-for-one-candidate-over-other-when-it-comes-to-econom">revealed that 51% of respondents</a> felt financially better off during Trump's presidency, despite the Biden administration overseeing significant economic growth and the best job market since the 1960s.
Trump's recent remarks at the <a href="https://www.benzinga.com/news/24/05/38909755/donald-trump-for-third-term-ex-president-floats-controversial-idea-at-nra-convention">National Rifle Association's annual meeting</a> also stirred speculation about a potential third-term bid. He drew parallels to Franklin D. Roosevelt's four-term presidency, which received a positive response from the audience.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38906790/bitcoin-price-predicted-to-rise-due-to-demand-and-supply-dynamics-says-analyst-as-k?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Price Predicted To Rise Due To &#8216;Demand And Supply Dynamics,&#8217; Says Analyst As King Crypto Rebounds 10% In Last 7 Days</a>
Photo via Shutterstock
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 Engineered by Benzinga Neuro, Edited by 
 <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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 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="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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Politics

General

Trump's Potential Pick For Treasury Secretary Says 'Markets Like His Policies Better'

The cost of groceries in the U.S. has reached such heights that many Americans are resorting to debt to keep their kitchens stocked. This trend is causing financial instability for many households.
What Happened: A study conducted by the Urban Institute revealed that the rising prices of groceries, a consequence of overall inflation, have pushed many families to use their savings, credit cards, buy now, pay later installment programs, or payday loans to cover their grocery bills in 2023, <a href="https://www.cnbc.com/2024/05/20/americans-are-going-into-debt-to-buy-groceries-research-finds.html">reported</a> CNBC.
While these methods can provide temporary relief, they often lead to long-term financial instability. Kassandra Martinchek, a senior research associate at the Urban Institute, pointed out that despite the slowing rate of price increases, households are still spending more on groceries than they did the previous year. 
This suggests that many are relying on sources other than their income to meet their basic needs. "That might mean that folks are having to rely on liquidity sources other than their income to be able to meet their very basic needs, their food needs," she said.
The issue isn&#8217;t limited to the most financially vulnerable. Consumers across the board have been grappling with higher food prices since 2021, a struggle that has been exacerbated by the expiration of pandemic-era aid. 
The average individual&#8217;s Supplemental Nutrition Assistance Program benefits were reduced by approximately $90 per month after enhanced allotments expired in March 2023.
See Also: <a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China Goes All In As Beijing Vows To Buy Unsold Properties: Chinese Stocks Rally, Copper Hits All-Time Highs</a>
About 70% of all grocery transactions are made using credit or debit cards, the research found. These payment methods carry risks, particularly for consumers who cannot pay off their balances in full. In 2023, the average annual percentage rates for credit cards rose to 22.8%, the highest rate on record.
Why It Matters: The current economic climate in the U.S. has been a topic of concern for some time. Jim Cramer, a prominent financial expert, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38179803/jim-cramer-weighs-in-on-feds-interest-rate-cut-plans-dont-hold-your-breath-this-eco">recently emphasized</a> the strength of the economy and advised investors not to expect swift rate cuts from the Federal Reserve. 
However, other experts, such as economist Mohamed El Erian, have <a href="https://www.benzinga.com/news/24/02/37355330/can-the-us-continue-to-be-a-driver-of-global-economic-growth-mohamed-el-erian-says-automaticity-of-a">expressed concerns</a> about the U.S. economy&#8217;s ability to sustain its growth momentum in the face of domestic political divisions and global uncertainties.
These concerns are reflected in the experiences of everyday Americans, as highlighted by investment strategist Luke Lloyd, who <a href="https://www.benzinga.com/general/24/03/37486449/the-middle-class-is-on-a-sinking-ship-investment-strategist-warns-the-american-dream-of-living-freel">warned about the erosion</a> of the American dream due to current economic policies.
Despite these challenges, there have been some positive signs, such as the recent <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38850154/economists-react-to-inflation-retail-sales-the-soft-landing-narrative-is-still-a-po">slowing of inflation</a> and weaker-than-expected consumer spending, which have bolstered rate-cut convictions among traders.
Read Next: <a href="https://www.benzinga.com/news/24/05/38909395/biden-advisor-defends-china-tariffs-silver-hits-11-year-high-jamie-dimon-warns-of-inflationary-force?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Advisor Defends China Tariffs, Silver Hits 11-Year High, Jamie Dimon Warns Of Inflationary Forces</a>
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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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Global

Economics

Rising Prices Prompt Americans To Resort To Installment Plans, Pay-Day Loans To Keep Kitchens Stocked

Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) is set to release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/M/earnings">opening bell on May 21</a>.
Analysts expect the New York-based company to report quarterly earnings at 14 cents per share, down from 56 cents per share in the year-ago period. Macy&#8217;s is projected to report quarterly revenue of $4.85 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
On April 10, Macy's named Richard Clark and Richard L. Markee to Board of Directors.
Macy&#8217;s shares fell 2% to close at $19.10 on Monday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/M/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>JP Morgan analyst Matthew Boss maintained an Overweight rating and raised the price target from $23 to $25 on March 11. This analyst has an accuracy rate of 67%.</li>
<li>TD Cowen analyst Adam Maeder downgraded the stock from Outperform to Market Perform and slashed the price target from $23 to $20 on Feb. 29. This analyst has an accuracy rate of 68%.</li>
<li>Morgan Stanley analyst Alexandra Walvis maintained an Equal-Weight rating and cut the price target from $21 to $20 on Feb. 28. This analyst has an accuracy rate of 65%.</li>
<li>Goldman Sachs analyst Brooke Roach maintained a Buy rating and boosted the price target from $16 to $22 on Feb. 28. This analyst has an accuracy rate of 60%.</li>
<li>Citigroup analyst Paul Lejuez upgraded the stock from Sell to Neutral and raised the price target from $14 to $18 on Feb. 2. This analyst has an accuracy rate of 66%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38920102/jim-cramer-says-this-materials-stock-is-a-great-spec-plus-he-recommends-buying-abercrombie-fitch">Jim Cramer Says This Materials Stock Is A &#8216;Great Spec,&#8217; Plus He Recommends Buying Abercrombie &amp; Fitch</a>

Price Target

Macy's Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

<ul>
<li>Launch of 20 new medicines expected by 2030</li>
<li>Significant growth from existing oncology, biopharmaceuticals and rare disease portfolios</li>
<li>Investing in disruptive innovation that will shape the future of medicine and drive long-term growth</li>
<li>Decoupling carbon emissions from revenue growth</li>
</ul>

AstraZeneca Aims For $80B Revenue By 2030 With Bold Plans For 20 New Medicines And Sustainable Growth

Macro Economic Events

Econ #s

Germany Producer Price Index (MoM) For April 0.2% Vs. 0.3% Est.; 0.2% Prior

Prominent crypto market observer and founder of venture fund Cinneamhain Ventures, Adam Cochran, took a dig at SEC Chair Gary Gensler over the latter's stance on Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) being a security.
What Happened: Cochran, one of the fiercest critics of Gensler, took to social platform X mocking the SEC Chief's duplicitous position on categorizing cryptocurrencies as securities.
He wrote, "I'd love to see @iampaulgrewal ask @GaryGensler in court to explain the difference between ETH (a non-security) and the countless assets he claimed are securities in their cases." Cochran went to the extent of saying, "His meltdown would be historic."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I really want to see one of the other SEC cases accelerated now. I'd love to see <a href="https://twitter.com/iampaulgrewal?ref_src=twsrc%5Etfw">@iampaulgrewal</a> ask <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> in court to explain the difference between ETH (a non-security) and the countless assets he claimed are securities in their cases. His meltdown would be historic. &#x1fae1;
&mdash; Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1792712486699016300?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
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Cochran mentioned Paul Grewal, Coinbase&#8217;s Chief Legal Officer — an outspoken critic of Gensler himself who has maintained throughout that Ether is a security. He had previously <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37867268/coinbase-legal-chief-argues-sec-has-no-good-reason-to-deny-spot-ethereum-etfs">remarked that the regulator has &#8220;no good reason&#8221;</a> to deny the ETF applications 
Why It Matters: Cochran's remarks come as the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38929249/crypto-market-rallies-as-sec-reportedly-moves-forward-with-ether-etf-process">SEC reportedly moved forward</a> with the spot Ether ETF applications, asking issuers to revise their 19b-4 filings.
This move, combined with Bloomberg analysts boosting their odds of a spot ETH approval, has prompted experts to assume that the SEC no longer considers ETH security.&nbsp;
Several reports in recent months have <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38520739/consensys-alleges-sec-covertly-targeted-ethereum-sparking-legal-battle">alleged a planned move by the SEC</a> to brand the cryptocurrency as a security. Gary Gensler <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37538468/sec-chair-gary-gensler-declines-to-say-whether-ethereum-is-a-commodity-its-about-circumsta">has tiptoed around the issue</a>, leaving an element of uncertainty regarding the SEC's actual position.
Image from Shutterstock and Third Way Think Tank on Flickr
Price Action: At the time of writing, ETH was exchanging hands at $3,648.03, following a 16% bounce in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;12gfrli&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNjI1MTA3NC4yMC4xLjE3MTYyNTY3NDUuMC4wLjA.">data from Benzinga Pro.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38931468/big-ethereum-whale-adds-on-to-bullish-long-position-as-spot-etf-approval-probability-jumps">Big Ethereum Whale Adds On To Bullish Long Position As Spot ETF Approval Probability Jumps — Swaps Wrapped Bitcoin Worth Over $25M For ETH</a>

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

Cryptocurrency

$ETH

SEC Chair Gary Gensler Mocked By Popular Crypto Analyst After Spot Ethereum ETF Progress: 'His Meltdown Would Be Historic'

Gaotu Techedu (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) reported quarterly earnings of RMB0.42 per share. This is a 940 percent increase over losses of RMB(0.05) per share from the same period last year. The company reported quarterly sales of RMB946.885 million which beat the analyst consensus estimate of RMB943.701 million by 0.34 percent. This is a 33.87 percent increase over sales of RMB707.292 million the same period last year.

Earnings Beats

GSX Techedu Inc. American Depositary Shares

GOTU

Gaotu Techedu Q1 2024 GAAP EPS RMB0.42 Up From RMB(0.05) YoY, Sales RMB946.885M Beat RMB943.701M Estimate

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO&nbsp;Satya Nadella&nbsp;spoke about the company&#8217;s new AI-powered PCs, designed to outperform Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) MacBooks.
What Happened: The <a href="https://www.benzinga.com/news/24/05/38930938/elon-musk-suggests-shifting-consumer-desktops-to-linux-as-satya-nadella-promotes-microsofts-new-wind">new Copilot+ PCs, which are equipped</a>&nbsp;with Qualcomm chips have been completely re-engineered for&nbsp;AI. The AI capabilities of these new devices are made possible by&nbsp;new chips and AI software&nbsp;that can perform tasks without an internet connection. This is a significant shift from traditional cloud-based AI processing, reported The Wall Street Journal. 
These AI PCs are equipped with a neural processing unit or NPU in addition to the CPU and GPU. The NPU is essential for running AI applications and is a new addition to the Copilot+ PCs.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/05/38919616/apples-groundbreaking-iphone-16-could-spark-another-stock-surge-building-on-an-800-growth-over-the-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Groundbreaking iPhone 16 Could Spark Another Stock Surge Building On An 800% Growth Over The Last Decade</a>
Qualcomm&#8217;s new Snapdragon X series chips, based on ARM architecture, are optimized for Windows and offer impressive battery life. Nadella believes that these ARM-based chips make the Copilot+ PCs a strong competitor to Apple&#8217;s MacBooks. 
&#8220;We finally feel we have a very competitive product between Surface Pro and the Surface laptops. We have essentially the best specs when it comes to ARM-based silicon and performance or the NPU performance,&#8221; Nadella stated. Microsoft also says that the new&nbsp;Surfaces are 58% faster than&nbsp;the MacBook Air with M3&nbsp;and have a 20% longer battery life.
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.
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Why It Matters: In 2020, Apple initiated using their <a href="https://www.benzinga.com/news/23/12/36376742/apple-executives-spill-the-beans-heres-why-the-iphone-makers-chips-outshine-rivals">proprietary custom-designed chips</a> in Mac computers, replacing those manufactured by Intel Corporation. Apple&#8217;s custom chips are Arm-based and closely resemble the A-series chips used in iPhones and iPads, distinguishing them significantly from the Intel chips previously used in Macs.
The <a href="https://www.benzinga.com/news/23/11/35587796/tim-cook-doesnt-see-a-path-back-to-chip-vendors-we-like-to-own-the-primary-technologies-in-the-produ">transition was completed in 2023</a> when the technology behemoth unveiled a new Mac Pro with Apple silicon. Currently, none of Apple&#8217;s Macs incorporate Intel chips, signifying the complete elimination of Intel chip technology from their product lineup
Last month, it was reported that Apple is gearing up to <a href="https://www.benzinga.com/news/24/04/38211401/apple-in-ai-arms-race-looks-to-revamp-lagging-mac-sales-report">revamp its entire Mac lineup</a> with a new set of in-house processors specifically crafted to showcase AI capabilities.
Photo Courtesy: Wikimedia Commons
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:&nbsp;<a href="https://www.benzinga.com/news/24/05/38849496/elon-musk-recalls-breaking-friendship-with-googles-larry-page-over-ilya-sutskever-linchpin-for-opena?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Recalls Breaking Friendship With Google&#8217;s Larry Page Over Ilya Sutskever: &#8216;Linchpin For OpenAI Being Successful&#8217;</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.

AAPL

MSFT

Microsoft Touts AI-Capable Surface Notebooks 58% Faster Than M3 MacBook Air: 'We Have Essentially The Best Specs,' Says Satya Nadella

Users in Israel will be able for the first time in the world to perform an at-home Biomarker blood test guided by SHL&#39;s medical team, following ECG tests using The SmartHeart&reg;&nbsp;for Rapid Heart Attack Detection.

SHLT

SHL Telemedicine Expands Offering In Israel With Groundbreaking At-Home Biomarker Blood Test

After a significant pullback late last week, meme stocks,&nbsp;particularly&nbsp;GameStop Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and&nbsp;AMC Entertainment Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>),&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38928371/gamestop-amc-entertainment-shares-spike-monday-afternoon-whats-going-on" rel="noreferrer noopener">resumed their rally</a>&nbsp;on Monday. Amid this development, financier and former White House Communication Director&nbsp;Anthony Scaramucci&nbsp;shared his thoughts about the surge.
What Happened:&nbsp;In a post on X, formerly&nbsp;Twitter, Scaramucci cautioned his followers about the meme stock mania. &#8220;A lot&nbsp;of these stocks are not valued properly in the marketplace,&#8221; he said. &#8220;It&#8217;s sort of the French Revolution of finance, where bee swarms of people are attacking the large asset managers&nbsp;and&nbsp;they are&nbsp;pushing these stocks to stratospheric heights,&#8221; he said.&nbsp;
And this is crushing some of the hedge fund managers, he added.
&#8220;So if you are a proletariat like me, you sort of like the revolutionary spirit of all this,&#8221; Scaramucci said. &#8220;But as an investor, as a sober, rational investor, you&nbsp;got to&nbsp;be super careful.&#8221;
Scaramucci, a crypto bull, mentioned he has been avoiding meme stocks and recommended others do the same. He predicted a &#8220;volatile, rocky ride&nbsp;ahead.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a> &amp; <a href="https://twitter.com/search?q=%24AMC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AMC</a> &#8211; "The French Revolution of Finance" &#x1f4b0;&#x1f3e6;<a href="https://twitter.com/Scaramucci?ref_src=twsrc%5Etfw">@Scaramucci</a> gives his opinion on the return of ‘meme stock mania' last week &#x1f447; <a href="https://t.co/zjBJuLHOGN">pic.twitter.com/zjBJuLHOGN</a>
&mdash; The Rest Is Politics US (@RestPoliticsUS) <a href="https://twitter.com/RestPoliticsUS/status/1792510955391214056?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-meme-stocks" rel="noreferrer noopener">Best Meme Stocks Right Now</a>
Why It&#8217;s Important:&nbsp;Many high-profile investors have warned about the dangers of participating in the meme stock rally, noting that even during the initial run in early 2021, many investors incurred significant losses.
This time, institutional investors and hedge funds&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38869722/is-the-new-meme-stock-rally-led-by-gme-amc-a-repeat-of-2021-vanda-research-says-no-chances-we-re" rel="noreferrer noopener">are better prepared</a>&nbsp;to handle the effects of the meme rally, according to Vanda Research. The data analytics firm also noted that retail participation in this new meme rally is much lower than during the 2021 mania.
GameStop took advantage of last week&#8217;s sharp climb in&nbsp;its&nbsp;stock and filed a&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38893302/why-is-gamestop-stock-crashing-premarket-after-early-gains" rel="noreferrer noopener">statement for multiple offerings</a>, including 45 million shares of common stock.
On Monday, after spending much of the session below the unchanged line, GameStop and AMC surged in the final hour to close notably higher. GameStop gained 4.19% to $23.14, and AMC rose 9.77% to $4.83, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">Benzinga Pro data.</a>&nbsp;Since last Monday, when the meme rally 2.0 began, these stocks are up 32.53% and 66%, respectively.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/05/38869722/is-the-new-meme-stock-rally-led-by-gme-amc-a-repeat-of-2021-vanda-research-says-no-chances-we-re"> Is The New Meme Stock Rally Led By GME, AMC A Repeat Of 2021? Vanda Research Says No: &#8216;Chances We Reach That Stage Are Low&#8217;</a>
Photo via Shutterstock

Media

Scaramucci Labels Meme Stock Mania Led By GME, AMC As 'French Revolution Of Finance' But Warns 'Sober, Rational' Investors To Be 'Super Careful'

Donald Trump&#8216;s campaign has declared its intention to take legal action against the controversial film &#8220;The Apprentice,&#8221; which portrays the former president&#8217;s early years as a real estate developer.
What Happened: The Trump campaign, led by spokesperson Steven Cheung, has announced its plans to file a lawsuit against the creators of &#8220;The Apprentice&#8221; for what it alleges are false claims. Cheung, in a <a href="https://variety.com/2024/film/news/the-apprentice-trump-sue-sebastian-stan-1236011168/">statement</a> to Variety, described the film as &#8220;pure fiction&#8221; that sensationalizes debunked lies. 
He also accused the Hollywood elites of election interference, suggesting that they are aware that Trump will return to the White House.
Cheung&#8217;s statement further reads, &#8220;This &#8216;film&#8217; is pure malicious defamation, should not see the light of day, and doesn't even deserve a place in the straight-to-DVD section of a bargain bin at a soon-to-be-closed discount movie store, it belongs in a dumpster fire.&#8221;
Sebastian Stan, known for his role in &#8220;The Falcon and the Winter Soldier,&#8221; takes on the role of Trump, with Jeremy Strong from &#8220;Succession&#8221; playing lawyer and fixer Roy Cohn, and Maria Bakalova from &#8220;Borat 2&#8221; portraying Trump&#8217;s first wife, Ivana Trump.
The movie premiered at the Cannes Film Festival on Monday, receiving an eight-minute standing ovation. It includes several scenes depicting Trump in an unflattering light, such as him taking amphetamine pills, undergoing liposuction, having surgery for his bald spot, and a controversial scene where he violently throws his then-wife Ivana to the ground and engages in nonconsensual sex with her.
See Also: <a href="https://www.benzinga.com/news/24/05/38910720/sickening-trumps-nra-endorsement-slammed-by-birmingham-mayor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Sickening&#8217; — Trump&#8217;s NRA Endorsement Slammed By Birmingham Mayor</a>
Why It Matters: The film&#8217;s portrayal of Trump&#8217;s early years has sparked controversy, with the Trump campaign now threatening legal action. This comes amid a series of legal battles involving Trump, including the ongoing <a href="https://www.benzinga.com/news/24/05/38930542/trumps-hush-money-trial-takes-a-dramatic-turn-as-judge-threatens-to-eject-defense-witness-if-you-try">hush money trial</a> where a defense witness faced the threat of removal due to his contemptuous behavior. Trump&#8217;s former lawyer, Michael Cohen, has also been testifying, <a href="https://www.benzinga.com/general/politics/24/05/38925544/michael-cohen-testifies-trumps-former-lawyer-says-not-guilty-verdict-in-stormy-daniels-case-may-">accusing the former president</a> of falsifying business records.
Earlier, a biopic of Trump&#8217;s life was premiered at the Cannes Film Festival, with the film&#8217;s director and writer receiving praise for their work. The film&#8217;s unflattering portrayal of Trump has led to objections from individuals close to the former president, including Dan Snyder, a friend of Trump who invested in the film, according to the report.
Read Next: <a href="https://www.benzinga.com/news/24/05/38909985/this-important-evidence-could-determine-donald-trumps-fate-in-his-hush-money-trial?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">This Important Evidence Could Determine Donald Trump&#8217;s Fate In His Hush-Money Trial</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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Entertainment

Trump Campaign Threatens Legal Action Over Controversial New Biopic About Ex-President That Received 8-Minute Ovation At Cannes: 'Pure Malicious Defamation'

Through this investment, KKR will leverage its extensive experience in the global healthcare and technology sectors to accelerate Infinx&#39;s growth, expand the Company&#39;s network, and support bolt-on acquisitions. Norwest Venture Partners, an existing shareholder, also participated in the transaction

KKR Acquires Minority Stake In AI-Driven Healthcare Revenue Solutions Provider Infinx

Sanofi will leverage this partnership to provide access to proprietary data to develop AI models as it continues on its path to becoming the first biopharma company powered by AI at scale.

Sanofi, Formation Bio, And OpenAI Collaborate To Develop AI-Powered Software, Accelerating Drug Development And Enhancing Patient Access To New Medicines

SpaceX CEO Elon Musk said on Monday that the company would launch <a href="https://www.benzinga.com/news/24/03/37737774/starships-hour-long-third-flight-leaves-spacex-ceo-elon-musk-nasa-hopeful-despite-breakdown-over-ind">its Starship rocket </a>again in about two weeks, earlier than a previously stated timeline.
What Happened: &#8220;Starship Flight 4 in about 2 weeks,&#8221; Musk wrote on X, formerly Twitter. For the next flight, Starship&#8217;s goal is to <a href="https://www.benzinga.com/news/24/03/37976277/elon-musks-spacex-gears-up-for-starships-fourth-flight-with-yet-another-engine-test-goal-of-this-mis" target="_blank" rel="noreferrer noopener">re-enter Earth&#8217;s atmosphere</a> with all systems functioning despite the extreme heat, he added.
&#8220;Worth noting that no one has ever succeeded in creating a fully reusable heat shield. Shuttle required >6 months of rework,&#8221; he said.
SpaceX on Monday said it has already completed the launch rehearsal for the upcoming flight.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Starship Flight 4 in about 2 weeks. Primary goal is getting through max reentry heating. Worth noting that no one has ever succeeded in creating a fully reusable heat shield. Shuttle required &gt;6 months of rework. <a href="https://t.co/4ffEHSLRbu">https://t.co/4ffEHSLRbu</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1792629142141177890?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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Last week, Musk had pegged Starship&#8217;s fourth flight to happen in three to five weeks, pegging the next launch for sometime in June.
Why It Matters: Starship is touted as the world's most powerful launch vehicle with its 121-meter tall frame weighing approximately 5,000 tonnes.
During Starship&#8217;s&nbsp;previous flight test&nbsp;on March 14, the spacecraft lost contact and broke down while re-entering the planet's atmosphere instead of splashing down as planned in the Indian Ocean. The entirety of the last flight lasted about an hour. SpaceX launched the Starship twice last year — the first time in April and then in November.
NASA is currently relying on the success of Starship to <a href="https://www.benzinga.com/news/23/12/36296253/51-years-since-apollo-17-elon-musk-urges-humanity-to-surpass-moon-visit-as-civilizational-high-water" target="_blank" rel="noreferrer noopener">land humans back on the moon</a>. The agency expects to land <a href="https://www.benzinga.com/news/24/01/36692749/just-a-worse-version-of-apollo-elon-musk-baffled-by-nasa-veterans-push-to-ditch-spacex-blue-origin-a" target="_blank" rel="noreferrer noopener">two astronauts on the Moon</a> by September 2026 as part of the Artemis III mission, with a lunar lander variant of the Starship.
The last crewed lunar mission occurred in 1972 with Apollo 17. Since then, no crew has traveled beyond low-Earth orbit.
Check out more of Benzinga'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/24/05/38916065/topgear-says-nearly-bankrupt-fiskers-ocean-arguably-better-built-than-teslas-blockbuster-model-y-but">TopGear Says Nearly Bankrupt Fisker&#8217;s Ocean &#8216;Arguably Better Built&#8217; Than Tesla&#8217;s Blockbuster Model Y — But Needs To Come With This Label</a>
Image: Created with artificial intelligence on MidJourney and Official SpaceX Photos on Flickr

SPACE

Countdown For Starship's 4th Flight Begins As Elon Musk Stresses Effort In Reworking Shuttle: 'Worth Noting No One Has Ever Succeeded In...'

Presto Automation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRST#NASDAQ">PRST</a>) reported quarterly losses of $(0.32) per share which missed the analyst consensus estimate of $(0.15) by 113.33 percent. This is a 6.67 percent decrease over losses of $(0.30) per share from the same period last year. The company reported quarterly sales of $4.452 million which beat the analyst consensus estimate of $4.072 million by 9.33 percent. This is a 32.62 percent decrease over sales of $6.607 million the same period last year.

Earnings Misses

PRST

Presto Automation Q3 2024 GAAP EPS $(0.32) Misses $(0.15) Estimate, Sales $4.452M Beat $4.072M Estimate

Adams Resources & Energy, Inc. Common Stock

Adams Resources & Energy

Aemetis

Calumet Specialty Products Partners, L.P. - Common units representing limited partner interests

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