Latest News for Xcelerate Stock (OTC:XCRT)

Xcelerate Inc has assembled an internationally recognized team of translational clinicians, engineers and business leaders to identify, acquire, and develop engineering advancements, intellectual property and operating business in, or with applications in medical technology and clinical care. It intends to acquire innovation at the engineering/patent level, marry it with appropriate early-stage operational med-tech companies and apply it in a controlled clinical care setting which fosters engineering/clinical/business advancements under one umbrella.

Xcelerate Inc

Donald Trump's investment portfolio has <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37854211/donald-trumps-crypto-portfolio-is-up-8-but-which-asset-is-the-top-performer">witnessed a substantial uptick</a>, recording a gain of over $1 million over the past week.
What Happened: As of April 24, Trump&#8217;s total holdings are valued at approximately $6.45 million, reflecting a notable rise from the $5.36 million reported just a week earlier on April 17, according to <a href="https://platform.arkhamintelligence.com/explorer/entity/donald-trump">data</a> from Arkham Intelligence.
The top five cryptocurrencies in Trump's portfolio and their respective values are as follows: 
<ul>
<li>TRUMP: Trump holds 579,290 MAGA Memecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) tokens, valued at $3.42 million, with each token worth around $5.90 at the time of writing. </li>
<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>): Trump's wallet contains 418.655 ether, valued at $1.33 million. </li>
<li>WETH (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WETH</a>): Trump possesses 374.5 WETH tokens, worth $1.19 million. </li>
<li>BABYTRUMP (BABYTRUMP): Trump's holdings include 950,000 tokens, worth $29.84K.</li>
<li>Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>): The portfolio also holds 5.250 MATIC tokens, worth $3.770.</li>
</ul>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38404202/why-sec-delays-put-the-may-ethereum-etf-deadline-in-doubt">Why SEC Delays Put The May Ethereum ETF Deadline In Doubt</a>
Why It Matters: Trump began accumulating cryptocurrency in late 2022 through the sale of Trump-themed <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37227959/if-you-invested-1-000-in-donald-trump-nfts-heres-how-much-youd-have-today">non-fungible tokens</a>, earning him substantial amounts of ETH.
A market downturn caused Trump&#8217;s portfolio to go down over $2.5 million from its peak, prompting speculation about whether he would sell his position. 
However, the former President has notably softened his previously crypto-skeptic stance, saying he is making money from these &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38048368/donald-trump-says-hes-making-money-from-crazy-new-currencies-which-cryptos-does-he-hold">crazy new currencies</a>.&#8221;
What&#8217;s Next: The case of Trump&#8217;s crypto holdings underscores the broader implications of celebrity endorsements in cryptocurrency markets.
This development comes at a time when the digital assets landscape is gaining more institutional acceptance, as evidenced by discussions at upcoming events like Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> on Nov. 19. 
Such forums are critical for understanding the trajectory of cryptocurrencies as they increasingly intersect with mainstream <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37380106/6-26m-and-rising-inside-donald-trumps-surging-crypto-portfolio">financial systems and cultural phenomena.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38401088/bitcoin-spot-etfs-net-31-6m-inflows-as-hong-kong-readies-for-etf-launches">Bitcoin Spot ETFs Net $31.6M Inflows As Hong Kong Readies For ETF Launches</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.

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

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Trump's Crypto Portfolio Rebounds With $1M Weekly Profit: Which 'Crazy New Currencies' Does He Hold?

<h3 class="wp-block-heading">New Jersey Activists Defy Law And Plant A Cannabis Garden On The State House Lawn, Cops Show Up</h3>
New Jersey activists staged a protest on the State House lawn by planting a cannabis garden without a permit, later sparking a confrontation with the police, <a href="https://headynj.com/politics/cannabis-home-growing-protest-at-nj-state-house-attracts-police/" target="_blank" rel="noreferrer noopener">according</a> to Heady NJ. Despite the state&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/04/38230512/its-a-green-day-in-new-york-137-cannabis-licenses-granted-new-jersey-still-in-the-lead">legalization of over 100 cannabis </a><a href="https://www.benzinga.com/markets/cannabis/24/04/38230512/its-a-green-day-in-new-york-137-cannabis-licenses-granted-new-jersey-still-in-the-lead" target="_blank" rel="noreferrer noopener">dispensaries</a>, home cultivation remains a felony.
After some 40 cannabis seedlings were planted in a deliberate act of protest, New Jersey State Police demanded their removal, citing state property regulations. Despite efforts to negotiate and even an offer to give the plants to the cops, activists reluctantly dismantled the garden under police supervision.
<h3 class="wp-block-heading">Bipartisan Congressmen Urge Veterans Affairs To Implement Psychedelics Therapy Plan</h3>
US Reps Morgan Luttrell (R-TX) and Morgan McGarvey (D-KY) spearheaded a letter urging the Department of Veterans Affairs (VA) to devise a strategic plan for implementing psychedelic MDMA therapy for veterans, pending FDA approval. The <a href="https://luttrell.house.gov/sites/evo-subsites/luttrell.house.gov/files/evo-media-document/04.23.24%20Letter%20to%20VA%20Psychedelic%20Assisted%20Therapy.pdf" target="_blank" rel="noreferrer noopener"><a href="https://luttrell.house.gov/sites/evo-subsites/luttrell.house.gov/files/evo-media-document/04.23.24%20Letter%20to%20VA%20Psychedelic%20Assisted%20Therapy.pdf" target="_blank" rel="noreferrer noopener">letter</a></a>, signed by seven other Congress members, to VA Under Secretary for Health Shereef Elnahal, emphasizes the potential of <a href="https://www.benzinga.com/markets/cannabis/24/01/36618728/psyched-100m-for-mdma-therapy-va-funds-2024-watchlist-reform-updates-and-more">these therapies </a><a href="https://www.benzinga.com/markets/cannabis/24/01/36618728/psyched-100m-for-mdma-therapy-va-funds-2024-watchlist-reform-updates-and-more" target="_blank" rel="noreferrer noopener">in </a><a href="https://www.benzinga.com/markets/cannabis/24/01/36618728/psyched-100m-for-mdma-therapy-va-funds-2024-watchlist-reform-updates-and-more">veteran healthcare</a>, particularly in addressing combat-related trauma. 
"The effects of emerging therapies for our veterans have been groundbreaking, and I'm proud to be a leader on pushing forward this innovative tool into the proverbial toolbox, especially while moving away from opioids," <a href="https://luttrell.house.gov/media/press-releases/luttrell-leads-letter-regarding-implementation-psychedelic-therapies" target="_blank" rel="noreferrer noopener">said</a> Luttrell in a press release. "As the <a href="https://www.benzinga.com/markets/cannabis/24/02/37070368/groundbreaking-fda-reviews-mdma-therapy-for-ptsd-accepts-new-drug-application" target="_blank" rel="noreferrer noopener">FDA is finally playing ball</a> to move towards approving these therapies, it's critical we ensure the VA has an implementation plan and can effectively and efficiently treat veterans," Luttrell added. McGarvey echoed support, highlighting the VA&#8217;s expertise in treating military-related trauma.
<h3 class="wp-block-heading">Shift In Federal Workforce Drug Testing: MDMA Out, Fentanyl In</h3>
The Substance Abuse and Mental Health Services Administration (SAMHSA) is proposing notable changes to the federal <a href="https://www.benzinga.com/markets/cannabis/23/09/34498182/dea-doubles-down-on-firing-of-special-agent-who-legally-used-hemp-derived-cbd-oil" target="_blank" rel="noreferrer noopener">workplace drug testing guidelines</a>. The key adjustment involves removing MDMA (commonly known as ecstasy) from mandatory testing due to its extremely low positivity rates. Simultaneously, fentanyl, the potent opioid linked to a significant increase in overdose deaths across the U.S., was recommended for inclusion in the mandatory drug testing panel.
According to a Federal Register <a href="https://www.federalregister.gov/documents/2024/02/09/2024-02640/notice-of-meeting" target="_blank" rel="noreferrer noopener">notice</a>, this decision aligns with recent studies showing a surge in fentanyl prevalence, underscoring its public safety threat. These changes were discussed in a recent web conference held by SAMHSA's Drug Testing Advisory Board, reflecting ongoing adjustments to federal health and safety standards in response to evolving drug use patterns.

Cannabis

Government

Psychedelics

Regulations

NJ Activists Plant Cannabis Garden On State House Lawn, Fentanyl Replaces MDMA In Fed Drug Testing, Psychedelics Therapy For Vets

Shares of Teledyne Technologies Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>) fell sharply during Wednesday's session after the company reported worse-than-expected first-quarter financial results and <a href="https://www.benzinga.com/quote/TDY/earnings">cut FY24 adjusted EPS guidance.</a>
Teledyne Technologies posted adjusted earnings of $4.55 per share, missing market estimates of $4.63 per share. The company's quarterly sales came in at $1.35 billion versus expectations of $1.40 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Teledyne Technologies shares dipped 9.3% to $369.16 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Chicken Soup for the Soul Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSSE#NASDAQ">CSSE</a>) gained 136% to $0.3570.</li>
<li>BranchOut Food Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOF#NASDAQ">BOF</a>) shares climbed 73% to $1.98 after the company announced it has expanded its existing relationship with the nation&#8217;s largest retailer, which brings the total annualized value of commitments from the retailer to over $8 million.</li>
<li>Amesite Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMST#NASDAQ">AMST</a>) jumped 55.7% to $3.10 after the company announced the Beta release of its NurseMagic app.</li>
<li>Lichen China Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LICN#NASDAQ">LICN</a>) gained 53.5% to $0.8599.</li>
<li>WiMi Hologram Cloud Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIMI#NASDAQ">WIMI</a>) rose 44.6% to $1.05.</li>
<li>Mullen Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MULN#NASDAQ">MULN</a>) rose 44% to $3.93.</li>
<li>Prenetics Global Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRE#NASDAQ">PRE</a>) gained 36.6% to $6.25.</li>
<li>B. Riley Financial, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RILY#NASDAQ">RILY</a>) shares surged 29.9% to $28.20 after the company announced the results of an independent investigation showed the company and its executives had no involvement with, or knowledge of, any of the alleged misconduct concerning Mr. Kahn or any of his affiliates.</li>
<li>MMTec, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTC#NASDAQ">MTC</a>) shares climbed 29% to $2.8948.</li>
<li>Connexa Sports Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YYAI#NASDAQ">YYAI</a>) gained 28.8% to $0.9427.</li>
<li>Ribbon Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBBN#NASDAQ">RBBN</a>) shares rose 27.2% to $3.2699 after the company reported first-quarter financial results and issued guidance.</li>
<li>TROOPS, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROO#NASDAQ">TROO</a>) gained 26.6% to $1.38.</li>
<li>Babcock &amp; Wilcox Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BW#NYSE">BW</a>) gained 19.9% to $1.10</li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) surged 12.1% to $65.13 following better-than-expected first-quarter financial results.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained 11.9% to $161.93 following first-quarter results.</li>
<li>Vertiv Holdings Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) climbed 11.2% to $88.07 after the company reported better-than-expected first-quarter financial results and raised its 2024 guidance.</li>
<li>Intchains Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICG#NYSE">ICG</a>) gained 10.3% to $10.30.</li>
<li>Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>) surged 9.2% to $4.1402. Navitas Semiconductor is expected to report first-quarter financial results on Thursday, May 9.</li>
<li>Westinghouse Air Brake Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>) surged 9% to $161.84 after the company reported better-than-expected first-quarter financial results and raised its 2024 guidance.</li>
<li>Stride, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRN#NYSE">LRN</a>) surged 8.4% to $63.07 after the company reported better-than-expected third-quarter financial results and issued FY24 revenue guidance above estimates.</li>
<li>Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) gained 6.4% to $176.10 following a first-quarter earnings beat.</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) surged 6.2% to $73.24 after the company reported better than expected first-quarter earnings and issued guidance.</li>
<li>Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) rose gained 4.4% to $205.69 after the company reported better-than-expected first-quarter financial results and raised FY24 adjusted EPS guidance.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Neo-Concept International Group Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCI#NASDAQ">NCI</a>) fell 67.4% to $3.06 after jumping over 137% on Tuesday. The company priced its IPO at $4 per share.</li>
<li>iSun, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISUN#NASDAQ">ISUN</a>) fell 40% to $0.0901 after the company announced a reverse stock split.</li>
<li>GlucoTrack, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GCTK#NASDAQ">GCTK</a>) declined 36.8% to $0.4801.</li>
<li>Evotec SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVO#NASDAQ">EVO</a>) shares dipped 32.4% to $5.27 after reporting fiscal year 2023 results.</li>
<li>Avenue Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATXI#NASDAQ">ATXI</a>) fell 31% to $0.0925 after the company announced a reverse stock split.</li>
<li>Vaxxinity, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VAXX#NASDAQ">VAXX</a>) dipped 26.8% to $0.1464.</li>
<li>Applied DNA Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APDN#NASDAQ">APDN</a>) fell 20% to $0.2320.</li>
<li>Brand Engagement Network, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNAI#NASDAQ">BNAI</a>) shares dipped 19.5% to $3.46.</li>
<li>NewGenIvf Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIVF#NASDAQ">NIVF</a>) shares declined 18.8% to $1.81.</li>
<li>Recon Technology, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCON#NASDAQ">RCON</a>) fell 16.5% to $0.0845.</li>
<li>Finch Therapeutics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FNCH#NASDAQ">FNCH</a>) fell 15.5% to $2.35.</li>
<li>New Oriental Education &amp; Technology Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDU#NYSE">EDU</a>) shares slipped 13.9% to $77.13 following downbeat quarterly earnings.</li>
<li>Mersana Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRSN#NASDAQ">MRSN</a>) fell 11% to $2.8600.</li>
<li>Helen of Troy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HELE#NASDAQ">HELE</a>) dipped 9.8% to $90.45 after the company reported fourth-quarter financial results and issued FY25 guidance below estimates.</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) shares declined 9.7% to $197.95 following a first-quarter revenue miss.</li>
<li>Vicor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) dipped 8.5% to $32.17 after the company reported worse-than-expected first-quarter sales results.</li>
<li>Sleep Number Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNBR#NASDAQ">SNBR</a>) fell 8.4% to $13.38.</li>
<li>Manhattan Associates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) shares declined 8.4% to $211.18 following quarterly results.</li>
<li>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>) fell 8.2% to $5.25. Equinox Gold entered into a binding share purchase agreement with certain funds managed by Orion Mine Finance Management LP to acquire Orion&#8217;s 40% interest in Greenstone Gold Mine GP Inc., giving Equinox Gold 100% ownership of the Greenstone Mine in Ontario, Canada.</li>
<li>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) fell 4.5% to $108.43 after the company reported worse-than-expected first-quarter financial results and issued second-quarter revenue guidance below estimates.</li>
<li>Lithia Motors, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) shares fell 4.3% to $253.02 following downbeat quarterly earnings.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/04/38400974/tesla-to-180-here-are-10-top-analyst-forecasts-for-wednesday">Tesla To $180? Here Are 10 Top Analyst Forecasts For Wednesday</a>

AMST

APDN

ATXI

BNAI

CSSE

New Oriental Education & Technology Group

ENPH

FNCH

GCTK

HELE

ISUN

LICN

MANH

MRSN

MULN

NIVF

NVTS

ODFL

RBBN

RCON

RILY

SNBR

TROO

TSLA

VAXX

VICR

WIMI

Connexa Sports Technologies Inc. - Common Stock

YYAI

Why Teledyne Technologies Shares Are Trading Lower By 9%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

Citigroup analyst Ashwin Shirvaikar maintains Fiserv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) with a Buy and raises the price target from $171 to $180.

Price Target

Analyst Ratings

Citigroup Maintains Buy on Fiserv, Raises Price Target to $180

President Joe Biden pardoned 11 people convicted of non-violent drug charges and commuted the sentences of five others. He said the move was part of his commitment to addressing racial disparities as many of them received disproportionately longer sentences than they would <a href="https://www.benzinga.com/markets/cannabis/24/04/38240431/biden-champions-cannabis-reform-and-pardon-as-election-pressure-mounts-marijuana-takes-center-st">have under current law</a>. 
"America is a nation founded on the promise of second chances," Biden said Wednesday in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/24/statement-from-president-joe-biden-on-clemency-actions-2/">statement</a> announcing the decision. "We also recommit to building a criminal justice system that lives up to those ideals and ensures that everyone receives equal justice under law."
<h2 class="wp-block-heading">Cannabis Prisoners Need Not Apply</h2>
Among the 16 recipients of Biden's clemency actions, none were non-violent cannabis prisoners. Despite the president's promise, repeated on countless occasions including in his April <a href="https://www.benzinga.com/markets/cannabis/24/03/37552483/biden-calls-for-cannabis-reform-in-state-of-the-union-a-historic-first-no-one-should-be-jailed-f" target="_blank" rel="noreferrer noopener">SOTU speech</a> that no one should be in prison for possessing marijuana, thousands of those very people remain behind bars.
Biden's initial&nbsp;<a href="https://www.benzinga.com/markets/cannabis/22/10/29175510/breaking-biden-announces-pardons-for-all-federal-marijuana-possession-convictions" target="_blank" rel="noreferrer noopener">October 2022 pardon</a>&nbsp;of some&nbsp;6,500 federal cannabis prisoners made waves but little came of it afterwards.
Based on Bureau of Justice statistics the <a href="https://www.benzinga.com/markets/cannabis/24/04/38030369/the-power-of-paper-a-leading-cannabis-rolling-paper-companys-approach-to-social-justice" target="_blank" rel="noreferrer noopener">Last Prisoner Project</a> (LPP) — a nonprofit dedicated to the release of individuals incarcerated for cannabis offenses — <a href="https://www.lastprisonerproject.org/cannabis-prisoner-scale#:~:text=And%20if%20you%20apply%20the,and%20~10K%20federal%20facilities)." target="_blank" rel="noreferrer noopener">estimates</a> that there are approximately 22,000 pot prisoners serving time in state correctional facilities and around 10,000 in federal prisons. Biden, who can only pardon those in federal prisons, has <a href="https://www.benzinga.com/markets/cannabis/23/12/36361671/biden-pardons-thousands-convicted-of-cannabis-possession-calls-on-governors-to-do-the-same">called on call to state governors</a> to do the honors.
In Wednesday&#8217;s pardon, Biden reiterated noted that April was "Second Chance Month," which he and VP Kamala Harris <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2024/03/29/a-proclamation-on-second-chance-month-2024/" target="_blank" rel="noreferrer noopener">kicked off</a>&nbsp;recently by calling attention to the administration's cannabis pardons, signaling that marijuana&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38029552/bidens-second-chance-month-highlights-white-houses-marijuana-reform-as-presidential-election-cha" target="_blank" rel="noreferrer noopener">is becoming an important issue</a>&nbsp;as a tight presidential election race looms.
<h2 class="wp-block-heading">Too Little, Too Late?</h2>
The Last Prisoner Project seems to think that. In a recent <a href="https://www.lastprisonerproject.org/last-prisoner-project-sends-letter-to-president-biden-urging-the-release-of-all-federal-cannabis-prisoners">letter to Biden</a>, the organization called for the release of people incarcerated for non-violent cannabis offenses, saying the president could free them "with a simple stroke of a pen."
The letter underscores what the LPP calls the hypocrisy and injustice of the country&#8217;s failed approach to cannabis law enforcement and reform. 
&#8220;While some (disproportionately Black, brown, and/or low-income) citizens are being criminalized, others (disproportionately white, wealthy, and well-connected) citizens are earning millions of dollars running&nbsp;state-regulated cannabis companies," wrote the LPP.
Photo: Shutterstock

Politics

Legal

President Biden Pardons, Commutes 16 Non-Violent Drug Offenders: Cannabis Prisoners Excluded

Citigroup analyst James Hardiman maintains Polaris (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PII#NYSE">PII</a>) with a Neutral and lowers the price target from $100 to $96.

Citigroup Maintains Neutral on Polaris, Lowers Price Target to $96

HSBC analyst Morten Herholdt upgrades Gilead Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) from Reduce to Hold and announces $69 price target.

Upgrades

GILD

HSBC Upgrades Gilead Sciences to Hold, Announces $69 Price Target

Citigroup analyst Itay Michaeli maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Neutral and raises the price target from $180 to $182.

Citigroup Maintains Neutral on Tesla, Raises Price Target to $182

For many people, having a <a href="https://www.benzinga.com/money/what-is-a-401k">401(k) savings plan</a> means having access to money in the event of emergencies or unplanned big expenses. However, finance guru Dave Ramsey warns people to resist the temptation of cashing out their 401(k)s, and here's why.&nbsp;
Because a 401(k) retirement lets you invest a portion of your paycheck before taxes, by the time most people retire, there will be a decent amount of money for them to retire on if they haven't cashed out that money before then.&nbsp;
Don't Miss:
<ul>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/red-ventures"> The percentage may shock you</a>.</li>
</ul>
Ramsey advises against the temptation of withdrawing funds from your 401(k) retirement plan to fund your kitchen remodel, <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/04/38263889/dave-ramsey-says-student-loans-create-lifetime-of-money-stress-having-a-serio">student loans</a> or your child's dream wedding. He said that dipping into your retirement money can have negative effects like "taxes and withdrawal penalties, but you'll also miss out on the long-term benefit of compound growth."&nbsp;
According to a Bankrate survey, 51% of Americans who have retirement plans have withdrawn money early.&nbsp;&nbsp;&nbsp;
Generally, most 401(k) plans allow account holders to withdraw up to 50% of the account value up to $50,000, making it tempting to pay for big things like weddings or college tuition. The most common reason people withdraw money early from their 401(k)s is to fund life events like college funds, medical expenses, wedding expenses and paying off debt.
Ramsey strongly advises against using a 401(k) plan as a <a href="https://www.benzinga.com/personal-finance/24/04/38273579/dave-ramsey-claims-that-88-of-people-who-take-out-debt-consolidation-loans-have-debt-come-back-i">consolidation loan</a> because 88% of people who take out these loans have their debt return. You'll also miss out on contributing to your 401(k) while you're busy paying back the loan, leaving you back at square one and putting your retirement fund at risk.&nbsp;&nbsp;
Trending: If the United States had access to<a href="https://www.benzinga.com/money/public-hys-avgamerican"> today&#8217;s high-yield savings accounts rates</a> in 2015, it wouldn&#8217;t need to save another penny.
Many people think that it's OK to withdraw a small amount from their 401(k), but Ramsey warns against doing this, saying, "The truth is that even a small cash-out can have a huge impact on your retirement savings."&nbsp;
This is because of taxes and withdrawal penalties. Withdrawing early from your retirement savings before you have reached age 59 ½ can trigger additional penalties and taxes. 
Typically, the IRS will issue a 10% tax on early withdrawals on top of any income tax payable on that amount. So, you could find yourself paying the government 10% of a $10,000 withdrawal.&nbsp;
The IRS will waive the 10% penalty in some situations, including a divorce when the 401(k) must be split, you have rolled the account over to another retirement plan within 60 days or you chose to receive substantially equal periodic payments. Funds can be withdrawn penalty-free through specified annual distributions over five years before age 59 ½ years. This process can be confusing, with lots of rules, so it's best to chat with your financial adviser first. 
Another way the 10% withdrawal penalty can be avoided is through a hardship withdrawal. The amount of money that can be withdrawn is usually limited to meet an immediate and heavy financial need. This includes medical bills, funeral expenses and money used to avoid eviction or foreclosure. While doing this may help you avoid early withdrawal penalties, you'll still be subject to paying income tax on the amount withdrawn, which will cause you to miss out on the long-term benefits of compound growth.&nbsp;
Trending: Americans got swindled out of $24.6 billion in the last 3 years —<a href="https://www.benzinga.com/money/advisor-adv"> Which high profile ponzi scheme was endorsed by millionaires?</a>
Ramsey explained what this looks like in real life. If you had to take out $4,500 from your 401(k) to pay for expenses after leaving your job, realistically, you'd only get $2,925. Why? Because 25% goes toward income taxes, and another 10% is paid as an early withdrawal penalty. Not only that but by not moving your 401(k) into an individual retirement account (IRA) after leaving your job, you could miss out on growing that account to over $200,000 over the next 40 years.&nbsp;
So, how do you avoid dipping into your 401(k)?&nbsp;
Ramsey advises that before you start investing in your 401(k), you should have started an emergency fund with at least three to six months of expenses saved. Having this emergency fund ready for unexpected expenses can remove the temptation of touching the money in your 401(k) until retirement.&nbsp;
But sometimes you have no choice but to cash out your 401(k) early if you need to avoid life-altering situations like bankruptcy, foreclosure and eviction. If you are in a position where you need to make a withdrawal from your 401(k), it is a good idea to consult with a financial adviser so you are aware of the results of withdrawing early from your 401(k) and how it will affect your future wealth.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Read Next:
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<li>82% of Americans aren&#8217;t using<a href="https://www.benzinga.com/money/public-hys"> this government secured 5% passive income stream</a>, are you one of them?</li>
<li><a href="https://www.benzinga.com/money/are-you-rich-advisor">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
</ul>

Personal Finance

Dave Ramsey Against 401K for Education "Your Retirement Savings Come First, Even Before Funding College for Yourself or Your Kids."

Canadian Pacific Kansas City&nbsp;Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>)&nbsp;reported first-quarter 2024 revenue&nbsp;growth of 55.3% year-over-year to CA$3.52 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38403406" rel="noreferrer noopener">missing the consensus of CA$3.54 billion.</a>
CP reported an operating ratio increase of 400 bps to 67.4% from 63.4% a year ago. Adjusted operating ratio increased 50 bps to 64%.
&#8220;One year into our historic combination, I am proud of what our dedicated family of railroaders has accomplished as we deliver on the benefits of our unrivalled network – spurring competition, increasing safety and connecting more markets for our customers. Today&#8217;s results show the success of our efforts to drive growth as the only railway connecting Canada, the United States and Mexico,&#8221; commented Keith Creel, CPKC President and Chief Executive Officer.
Adjusted combined EPS stood at CA$0.93, up from CA$0.90 YoY, missing the consensus of CA$0.94.
Operating income rose 38.6% YoY to CA$1.15 billion, and the margin contracted by 394 bps to 32.6%.
CP&#8217;s net cash provided by operating activities for the quarter reached CA$1.015 billion, up from CA$881 million a year ago.
Total Freight Revenue per RTM increased by 12% Y/Y to 6.61, and Total Freight Revenue per Carload declined 2% Y/Y to CA$3,195.
Adjusted combined free cash was CA$555 million, up from CA$481 million in the same quarter last year.
Volumes, as measured in Revenue Ton-Miles (RTMs), increased by 1% on a combined basis.
Federal Railroad Administration (FRA)-reportable train accident frequency increased to 0.89 from 0.71 YoY, and FRA-reportable personal injury frequency increased to 1.15 from 1.12 YoY on a combined basis.
Price Action: CP shares are trading lower by 5.75% at $82.68 at the last check Wednesday.
Photo via Shutterstock

Earnings

Equities

Movers

Why Is Canadian Pacific Kansas City Stock Falling Today?

HSBC analyst Joseph Thomas maintains Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) with a Buy and raises the price target from $310 to $355.

SPOT

HSBC Maintains Buy on Spotify Technology, Raises Price Target to $355

Citigroup analyst Jason Bazinet upgrades Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) from Sell to Neutral and lowers the price target from $4.1 to $3.3.

SIRI

Citigroup Upgrades Sirius XM Holdings to Neutral, Lowers Price Target to $3.3

Trading Ideas

TDOC

Watching Teladoc Health; Shares See Increased Volume Amid Circulation Of UnitedHealth "Optum Is Shutting Down Its Virtual Care Business"

Editor&#8217;s note: This story has been updated to correct a quote from Bitdeer CSO Haris Basit that was mistakenly attributed to another executive. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miners are increasingly turning to artificial intelligence to mitigate the impact of the recent halving event.
What Happened: The event, which occurred late on Friday, automatically halved the new issuance of Bitcoin, a process that happens roughly every four years. Halving, which is designed to counter inflation, has historically preceded a significant surge in Bitcoin&#8217;s price, <a href="https://www.cnbc.com/2024/04/21/bitcoin-miners-get-into-ai-to-survive-halving.html">reported</a> CNBC.
However, the halving also directly impacts miners by reducing their rewards. This has prompted miners, including publicly traded companies, to explore AI as a potential revenue stream.
According to Haris Basit, chief strategy officer of Bitdeer, the company has been investing in new data centers and increasing vertical integration through research and development. This has led to new innovations and revenue pathways, such as the company&#8217;s recently announced 4nm mining rigs and AI Cloud offerings, he told CNBC. 
Analysts at Cantor Fitzgerald have named Bitdeer as having one of the industry&#8217;s lowest &#8220;all-in&#8221; costs per coin. 
Core Scientific CEO Adam Sullivan believes that few operators will be able to make the transition to AI, as Bitcoin mining sites can only be repurposed if they meet the attributes required for high-performance computing (HPC), according to the CNBC report. 
Over the past year, there&#8217;s been a notable increase in the need for AI computing power and infrastructure capable of handling the extensive workloads necessary for innovative machine learning applications.
According to a recent report from digital asset fund manager CoinShares, there&#8217;s anticipation of a trend where more miners will transition towards artificial intelligence in locations with secure energy sources, foreseeing potential for increased profits.
Currently, mining companies such as BitDigital, Hive, Hut 8, Terawulf, and Core Scientific either have existing AI operations or are actively planning for AI expansion.
"This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations," write analysts at CoinShares.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38346576/doge-day-has-an-elon-musk-connection-meme-coin-rebounds-after-the-bitcoin-halving-sell-the?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Doge Day Has An Elon Musk Connection, Meme Coin Rebounds After The Bitcoin Halving &#8216;Sell-The-News&#8217; Drop</a>
Meanwhile, Greg Beard, the CEO and Chairman of Stronghold Digital Mining, said, "Miners who own their low-cost power are better positioned. Operational costs will be lower, allowing them to be more flexible with their capital."
Why It Matters: The recent halving has had a significant impact on the Bitcoin mining industry. Despite a modest impact on miners&#8217; estimated EBITDA margins, the 50% reduction in revenue has prompted miners to seek alternative revenue streams, such as AI.
However, the halving has also had a positive impact on Bitcoin&#8217;s transaction fees, which have <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38348912/bitcoin-transaction-fees-dive-to-5-year-low-following-halving">decreased to a five-year low</a>. This drop comes after increased fees following the halving event and the launch of the Runes token standard, which initially caused a surge in transaction costs.
Despite the drop in fees, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38346617/latest-bitcoin-halving-could-cost-miners-billions-of-dollars-in-revenue-report">latest halving could cost miners billions of dollars</a> in revenue. The reduction from 900 to 450 Bitcoin per day is critical to prevent inflation and maintain Bitcoin&#8217;s cap at 21 million tokens.
However, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38349807/bitcoin-signals-potential-67-gain-as-this-key-metric-dips-below-90-day-average-analyst-say">Bitcoin MVRV ratio has recently fallen</a> below its 90-day average, indicating a potential buying opportunity with a potential 67% gain. This trend has been observed since November 2022, with an average gain of 67% each time.
Despite the potential for increased revenue, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38345128/peter-schiff-mocks-bitcoiners-after-halving-event-asks-if-theyre-throwing-parties-h">renowned crypto skeptic</a> Peter Schiff has mocked &#8220;Bitcoiners&#8221; after the recent halving event, suggesting that the &#8220;hodlers&#8221; will soon experience a halving of their net worth.
Price Action: According to data <a href="https://www.benzinga.com/pro/">from Benzinga Pro</a>, Bitcoin is currently trading at $65,718, marking a 1.18% increase in the last 24 hours and a substantial 48.78% rise year-to-date.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38337646/dogecoin-killer-shiba-inu-whale-transactions-spike-55-100b-by-2025-predicts-crypto-investo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Whale Transactions Spike 55%: &#8216;$100B By 2025,&#8217; Predicts Crypto Investor</a>
Image Via Shutterstock 
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Markets

$BTC

Bitcoin Miners Upgrade Infrastructure, Embrace AI To Prepare For Dip In Revenue After Halving (CORRECTED)

RBC Capital analyst Steven Duong maintains Webster Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBS#NYSE">WBS</a>) with a Outperform and lowers the price target from $57 to $54.

RBC Capital Maintains Outperform on Webster Finl, Lowers Price Target to $54

Phillips 66's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) short percent of float has fallen 17.75% since its last report. The company recently reported that it has 8.04 million shares sold short, which is 1.9% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.1 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Phillips 66 Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713980722_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Phillips 66 has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Phillips 66's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Phillips 66's peer group average for short interest as a percentage of float is 8.60%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Phillips 66?

RH's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) short percent of float has fallen 6.66% since its last report. The company recently reported that it has 1.71 million shares sold short, which is 11.5% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.25 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>RH Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713980718_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for RH has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing RH's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, RH's peer group average for short interest as a percentage of float is 13.94%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(RH) - Analyzing RH's Short Interest

Bentley Systems's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSY#NYSE">BSY</a>) short percent of float has risen 4.69% since its last report. The company recently reported that it has 8.83 million shares sold short, which is 6.47% of all regular shares that are available for trading. Based on its trading volume, it would take traders 9.95 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Bentley Systems Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713980712_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Bentley Systems has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Bentley Systems's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Bentley Systems's peer group average for short interest as a percentage of float is 4.23%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Bentley Systems?

Guggenheim analyst Sandy Draper maintains Medpace Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>) with a Buy and raises the price target from $453 to $464.

MEDP

Guggenheim Maintains Buy on Medpace Hldgs, Raises Price Target to $464

<h3>The Trader Versus The Intelligent Investor</h3>
One of the more amusing posts on X after shares of Elon Musk&#39;s other business Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) spiked after hours yesterday was this one, picturing someone throwing Benjamin Graham&#39;s classic book, The Intelligent Investor, in the trash.&nbsp;
<blockquote><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> +7% <a href="https://t.co/KyDGq8C4wU">https://t.co/KyDGq8C4wU</a> <a href="https://t.co/m0VVSqKdFU">pic.twitter.com/m0VVSqKdFU</a>
&mdash; Mads Capital (@MadsCapital) <a href="https://twitter.com/MadsCapital/status/1782863260284330485?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
Of course, Warren Buffett&#39;s mentor Graham wouldn&#39;t have been surprised by Tesla&#39;s spike after missing its earnings estimates. As he famously wrote, &quot;In the short term, the market is a voting machine; in the long term, it&#39;s a weighing machine&quot;. In the long term, the market will weigh Tesla&#39;s earnings and various valuation metrics, but in the short term, the market is voting on the stock&#39;s prospects. So when you trade, you&#39;ve got to think about how the market will vote.&nbsp;
<h3>Thinking About How The Market Will Vote</h3>
I did that yesterday, though, to be fair, there was a bit of luck involved. As I watched Arsenal blow out Chelsea in yesterday&#39;s Premier League match, I remembered Tesla was reporting earnings after the close. I also remembered these two Zero Hedge posts about the stock.&nbsp;
<blockquote>Last two times TSLA dropped seven straight days, it ripped back (Sep 2018, +50% in next two months; Dec 2022, +100% in next two months) <a href="https://t.co/BtyFZLXdwo">https://t.co/BtyFZLXdwo</a> <a href="https://t.co/vGTzi6V79z">pic.twitter.com/vGTzi6V79z</a>
&mdash; zerohedge (@zerohedge) <a href="https://twitter.com/zerohedge/status/1782503240833089893?ref_src=twsrc%5Etfw">April 22, 2024</a></blockquote>
With that in mind, I placed a bullish options trade on TSLA just before the market closed.&nbsp;
<h3>Structuring The Trade</h3>
Here&#39;s the part where luck wasn&#39;t involved. I knew that options were pricing in a move of about 9% in either direction for TSLA. I also knew that the odds of my trade working were probably close to 50% (ideally slightly higher). With both of those facts in mind, I decided to go a bit out-of-the-money to give myself a shot at a &gt;100% gain if the trade worked. That way, even if this sort of trade only works about half the time, you&#39;re setting yourself up to profit over time.&nbsp;
With TSLA trading at about $144, I opened a vertical spread expiring on Friday, buying the $152.50 strike calls and selling the $155 strike calls for a net debit of $0.75. The max gain on that spread would have been $2.50 if TSLA was trading for more than $155 at Friday&#39;s close, but I decided to lock in a smaller profit instead today. I just exited that spread this morning at $2.05, for a profit of 173% overnight.&nbsp;
<h3>Looking For The Next Winner?&nbsp;</h3>
These sorts of earnings trades can be hit-or-miss, but our core strategy in the Portfolio Armor Substack--buying equal dollar amounts of our top ten names, putting 15%-20% trailing stops on them, and then replacing them as we get stopped out with new top names--has been pretty consistent so far.&nbsp;As you can see below, since I started the Portfolio Armor Substack, our top ten names have outperformed the market&nbsp;by 21.82% over the next six months, versus 11.8% for the SPDR S&amp;P 500 Trust ETF (ARCA:SPY).&nbsp;
<h3>Top Names Performance Data Since 12/29/2022</h3>
This was when we first started sharing our weekly top names cohorts in the&nbsp;<a href="https://portfolioarmor.substack.com/" target="blank">Portfolio Armor Substack</a>.by 21.82% over the next six months, versus 11.8% for SPY.&nbsp;
Starting Date Portfolio Armor 6-Month Performance SPY 6-Month Performance <a href="https://portfolioarmor.com/top_names_dates/9652">December 29, 2022</a> 30.94% 15.57% <a href="https://portfolioarmor.com/top_names_dates/9668">January 5, 2023</a> 39.55% 18.14% <a href="https://portfolioarmor.com/top_names_dates/9688">January 12, 2023</a> 30.05% 13.65% <a href="https://portfolioarmor.com/top_names_dates/9704">January 19, 2023</a> 47.63% 18.47% <a href="https://portfolioarmor.com/top_names_dates/9724">January 26, 2023</a> 34.96% 13.83% <a href="https://portfolioarmor.com/top_names_dates/9744">February 2, 2023</a> 2.54% 9.24% <a href="https://portfolioarmor.com/top_names_dates/9764">February 9, 2023</a> 4.70% 10.75% <a href="https://portfolioarmor.com/top_names_dates/9784">February 16, 2023</a> 14.18% 8.92% <a href="https://portfolioarmor.com/top_names_dates/9800">February 23, 2023</a> 30.43% 11.84% <a href="https://portfolioarmor.com/top_names_dates/9820">March 2, 2023</a> 17.95% 14.72% <a href="https://portfolioarmor.com/top_names_dates/9840">March 9, 2023</a> 23.87% 15.09% <a href="https://portfolioarmor.com/top_names_dates/9860">March 16, 2023</a> 5.30% 13.62% <a href="https://portfolioarmor.com/top_names_dates/9880">March 23, 2023</a> 10.69% 10.27% <a href="https://portfolioarmor.com/top_names_dates/9900">March 30, 2023</a> 9.00% 6.66% <a href="https://portfolioarmor.com/top_names_dates/9920">April 6, 2023</a> 16.57% 5.74% <a href="https://portfolioarmor.com/top_names_dates/9936">April 13, 2023</a> -1.79% 5.12% <a href="https://portfolioarmor.com/top_names_dates/9956">April 20, 2023</a> 6.88% 3.01% <a href="https://portfolioarmor.com/top_names_dates/9976">April 27, 2023</a> 9.45% 0.31% <a href="https://portfolioarmor.com/top_names_dates/9996">May 4, 2023</a> 13.28% 8.08% <a href="https://portfolioarmor.com/top_names_dates/10016">May 11, 2023</a> 8.52% 7.69% <a href="https://portfolioarmor.com/top_names_dates/10036">May 18, 2023</a> 9.91% 8.31% <a href="https://portfolioarmor.com/top_names_dates/10056">May 25, 2023</a> -2.77% 10.61% <a href="https://portfolioarmor.com/top_names_dates/10072">June 1, 2023</a> -6.11% 9.63% <a href="https://portfolioarmor.com/top_names_dates/10092">June 8, 2023</a> 12.72% 8.02% <a href="https://portfolioarmor.com/top_names_dates/10112">June 15, 2023</a> 19.14% 7.25% <a href="https://portfolioarmor.com/top_names_dates/10128">June 22, 2023</a> 9.37% 9.34% <a href="https://portfolioarmor.com/top_names_dates/10148">June 29, 2023</a> 11.32% 9.32% <a href="https://portfolioarmor.com/top_names_dates/10164">July 6, 2023</a> -0.97% 7.24% <a href="https://portfolioarmor.com/top_names_dates/10184">July 13, 2023</a> -0.61% 6.84% <a href="https://portfolioarmor.com/top_names_dates/10200">July 20, 2023</a> -4.82% 7.51% <a href="https://portfolioarmor.com/top_names_dates/10220">July 27, 2023</a> 4.78% 8.54% <a href="https://portfolioarmor.com/top_names_dates/10240">August 3, 2023</a> 20.98% 10.98% <a href="https://portfolioarmor.com/top_names_dates/10260">August 10, 2023</a> 35.94% 13.26% <a href="https://portfolioarmor.com/top_names_dates/10280">August 17, 2023</a> 89.37% 15.37% <a href="https://portfolioarmor.com/top_names_dates/10300">August 24, 2023</a> 62.22% 17.13% <a href="https://portfolioarmor.com/top_names_dates/10320">August 31, 2023</a> 30.72% 13.68% <a href="https://portfolioarmor.com/top_names_dates/10336">September 7, 2023</a> 44.34% 16.61% <a href="https://portfolioarmor.com/top_names_dates/10356">September 14, 2023</a> 33.97% 15.22% <a href="https://portfolioarmor.com/top_names_dates/10376">September 21, 2023</a> 51.45% 21.54% <a href="https://portfolioarmor.com/top_names_dates/10396">September 28, 2023</a> 38.51% 22.56% <a href="https://portfolioarmor.com/top_names_dates/10416">October 5, 2023</a> 61.35% 22.62% <a href="https://portfolioarmor.com/top_names_dates/10436">October 12, 2023</a> 29.96% 18.28% <a href="https://portfolioarmor.com/top_names_dates/10456">October 19, 2023</a> 32.93% 16.59% Average 21.82% 11.80%
So Portfolio Armor&#39;s top ten names averaged 21.82% over these 43 6-month periods, versus SPY&#39;s average of 11.80%.
&nbsp;
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