Latest news for Edenred (OTC:EDNMY) Stock

Edenred is a France-listed prepaid corporate services provider operating in more than 40 countries. The company was listed in 2010 following a spinoff from hotel group Accor. Edenred's main business, Ticket Restaurant, offers prepaid meal vouchers that employers provide to their employees as an additional benefit. The company is also involved in other areas such as prepaid fuel cards and payment and expense-management systems.

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Stocks That Hit 52-Week Highs On Thursday

Edenred SE

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) is under mounting political pressure over the high U.S. prices of its blockbuster weight-loss drugs, Ozempic and Wegovy, as the race for the White House heats up. The pricing disparity between the U.S. and other international markets has drawn sharp criticism from lawmakers, putting the company <a href="https://www.benzinga.com/general/biotech/24/09/41010577/novo-nordisk-to-consider-ways-for-patients-to-affordably-access-weight-loss-drugs-ozempic-wegovy-">in the political spotlight.</a>
Ozempic, for example, costs around $969 per month in the U.S., while the same drug is available for as low as $71 in France. Wegovy, another Novo Nordisk drug, is priced at $1,349 in the U.S., versus only $92 in the U.K.
<h3 class="wp-block-heading">CEO Testifies Before Congress: A Focus On PBMs</h3>
On Tuesday, Novo Nordisk&#8217;s CEO, Lars Fruergaard Jorgensen, testified before U.S. lawmakers, addressing the significant price gap between the U.S. and international markets. 
Jorgensen attributed much of the pricing issue to pharmacy benefit managers (PBMs)—the middlemen between pharmaceutical companies and insurers. 
In an exclusive interview with Benzinga on Tuesday, Mauritz Pot, founder and CEO of Tema ETFs, which actively manages the Tema GLP-1, Obesity &amp; Cardiometabolic ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRTS#NYSE">HRTS</a>), offered his perspective on what this political showdown means for Novo Nordisk shareholders and the broader healthcare landscape.
According to Pot, Novo Nordisk's primary defense is that even if they reduce list prices, there's no guarantee that these savings will be passed on to the end consumer.
"The U.S. payment system is structured in such a way that even if manufacturers like Novo Nordisk cut their list prices, it won't necessarily result in lower costs for patients. The real issue is with the middlemen and with how much margin they are extracting," Pot said.
<h3 class="wp-block-heading">PBMs: The Real Bottleneck For Consumers</h3>
PBMs have a significant influence over the U.S. pharmaceutical pricing structure, as Pot explained. 
While lowering list prices could help, PBMs may reduce insurance coverage in response, allowing them to maintain their own profit margins. This means patients could still be left with high out-of-pocket costs, even if manufacturers like Novo Nordisk cut prices.
<h3 class="wp-block-heading">Limited Impact on Novo Nordisk&#8217;s Bottom Line</h3>
From an investor&#8217;s perspective, Pot believes that pricing cuts alone are unlikely to significantly hurt Novo Nordisk's revenue or profitability from the U.S. market.
He highlighted that while list prices are high, the actual price paid by insurers and patients is often much lower, meaning Novo's U.S. revenues may remain relatively stable, even if political pressure to reduce prices continues.
The demand for Novo Nordisk's weight-loss drugs remains incredibly strong. Pot explained that even with potential price cuts, the demand for GLP-1 drugs like Ozempic and Wegovy far outpaces supply. This is unlikely to change in the short term, creating a robust growth opportunity for Novo Nordisk.
"Even if the price halves, there&#8217;s still going to be a massive opportunity here," Pot said.
<h3 class="wp-block-heading">Bipartisan Push for Lower Drug Prices</h3>
With the 2024 U.S. presidential election looming, drug pricing has become a hot-button political issue. Both major parties—Republicans and Democrats—agree on the need to reduce prescription drug prices, although they differ on the best mechanisms to achieve this. Regardless of the approach, the push for more affordable drugs is bipartisan.
"Price is being politicized in an election year very clearly," Pot said.
<h3 class="wp-block-heading">Post-Election M&amp;A Activity on the Horizon</h3>
Looking ahead, Pot anticipates a significant increase in M&amp;A activity in the pharmaceutical sector, particularly among companies in the weight-loss and obesity treatment space. 
Smaller biotech firms developing innovative treatments could become attractive acquisition targets, especially after the election.
&#8220;We're likely to see a ramp-up in M&amp;A activity in the sector post-election, regardless of who wins,&#8221; Pot stated.
Read now: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/09/41008403/consumer-confidence-tumbles-as-concerns-over-labor-market-grow-odds-rise-for-50-b">Consumer Confidence Tumbles As Concerns Over Labor Market Grow, Odds Rise For 50-Basis-Point Interest Rate Cut In November</a></li>
</ul>
Photo: Shutterstock

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Health Care

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ETFs

HRTS

EXCLUSIVE: Novo Nordisk Faces Political Heat Over Weight-Loss Drug Prices Ahead Of Elections, Yet 'The Real Issue Is With The Middlemen'

Orange (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORAN#NYSE">ORAN</a>) shares are trading lower on Wednesday.
The company disclosed its plan to voluntarily <a target="_blank" href="https://newsroom.orange.com/orange-intends-to-voluntarily-delist-from-the-nyse-deregister-with-the-sec-and-launch-a-consent-solicitation-in-relation-to-certain-outstanding-notes/?lang=en" rel="noreferrer noopener">delist </a>its American Depositary Shares (ADRs) from the New York Stock Exchange (NYSE) and deregister with the U.S. Securities and Exchange Commission (SEC).
Orange&#8217;s decision to delist from the NYSE and deregister from the SEC was made to reduce financial and administrative burdens, in line with its goal of streamlining operations while maintaining strong governance and transparency.
The move will not impact its U.S. clients, partners, or commercial presence, and Orange remains committed to open communication with U.S. investors.
Orange plans to file a Form 25 with the SEC in the fourth quarter of 2024 to begin the delisting process.
The delisting will take effect ten days after the filing, at which point Orange&#8217;s ADSs will no longer trade on the NYSE.
After the delisting, Orange plans to continue its ADR program, enabling investors to keep their ADRs and trade them on the U.S. Over-The-Counter (OTC) market.
This month, Orange Business, leveraging its local expertise and service center, partnered with <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40808939/grifols-egypt-collaborates-with-orange-business-to-deliver-new-data-center-and-communications-infr" rel="noreferrer noopener">ACUD&#8217;s data center to provide co-location</a>.
The company will announce the successful completion of the first phase of a new data center and communications infrastructure for Grifols Egypt.
Investors can gain exposure to the stock via&nbsp;Defiance Quantum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTUM#NASDAQ">QTUM</a>).
Price Action: ORAN shares are down 0.89% at $11.97 at the last check Wednesday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/41022424" target="_blank" rel="noreferrer noopener">Uber Teams With WeRide For UAE Robotaxi Rollout: Details</a></li>
</ul>

ORAN

QTUM

Orange To Delist From NYSE To Reduce Financial Burdens

Offerings

BXSL

Blackstone Secured Lending Fund: Co May From Time To Time Issue & Sell Common Shares At Offering Price Of Up To $500M

WIIM

ACST

Acasti Pharma shares are trading higher after the company announced the patient enrollment completion for its Phase 3 strive-on safety trial.

Scotiabank analyst Jason Bouvier downgrades Imperial Oil (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/IMO#AMEX">IMO</a>) from Sector Outperform to Sector Perform and maintains the price target from $110 to $110.

Downgrades

Price Target

Analyst Ratings

Scotiabank Downgrades Imperial Oil to Sector Perform, Maintains Price Target to $110

On Wednesday, Windtree Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WINT#NASDAQ">WINT</a>) released topline results from its Phase 2b SEISMiC Extension Study of istaroxime for patients in early cardiogenic shock <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g41022932/windtree-announces-positive-topline-results-from-its-phase-2b-seismic-extension-study-of-istaroxim" rel="noreferrer noopener">due to heart failure</a>.
The study is focused on the effects of istaroxime on blood pressure, cardiac function, and other parameters over 96 hours of close monitoring, with the <a target="_blank" href="https://www.benzinga.com/news/24/09/40713435/whats-going-on-with-windtree-therapeutics-stock-wednesday" rel="noreferrer noopener">final visit at 30 days</a>.
The study met its primary endpoint by significantly improving systolic blood pressure over six hours, with the combined istaroxime group performing significantly better than the placebo group.
Systolic blood pressure is&nbsp;the pressure in arteries when the heart contracts and pumps blood.
Significant benefits were also seen in many secondary endpoints.
The safety profile was favorable and generally consistent with what has been previously reported in other clinical trials.
Further details of study results, including other measures of efficacy and safety and by individual istaroxime dosing groups, are planned to be presented at the Heart Failure Society of America Meeting on September 30.
Craig Fraser, Chairman and CEO of Windtree, stated, &#8220;Across four Phase 2 studies to date, istaroxime has demonstrated a highly unique and attractive profile as a potential therapy for cardiogenic shock and acute heart failure patients. We are excited to share the details of study results next week and to continuing to progress istaroxime towards Phase 3 readiness for cardiogenic shock.&#8221;
Price Action: WINT stock is down 7.98% at $3 during the premarket session at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/41023892/palantir-and-apa-amp-up-ai-alliance-multi-million-dollar-deal-to-transform-oil-gas-operations" target="_blank" rel="noreferrer noopener">Palantir And APA Amp Up AI Alliance: Multi-Million Dollar Deal To Transform Oil &amp; Gas Operations</a>.</li>
</ul>

General

WINT

Windtree Therapeutics Heart Failure Drug Candidate Improves Systolic Blood Pressure

Guidance

Events

FLUT

Flutter CEO Says Anticipate That Typically There Will Be Around A 2 Percentage Points Increase In Us Sportsbookpopulation Each Year Due To New States Coming On Stream

Oklo Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>) shares are trading higher Wednesday after the company finalized an agreement with the U.S. Department of Energy (DOE) allowing the company to <a href="https://www.benzinga.com/pressreleases/24/09/b41023664/oklo-finalizes-agreement-with-the-department-of-energy-to-advance-to-the-next-phase-of-siting">conduct site investigations</a>.
What Happened: Oklo announced the finalization of a Memorandum of Agreement (MOA)&nbsp;with the DOE&#8217;s Idaho Operations Office. The MOA will give the company access to its preferred site in Idaho for inspection as it works towards site preparation and construction.
Oklo now plans to move forward with geotechnical assessments, environmental surveys and infrastructure planning at its preferred site as it works toward its goal of deploying the first commercial advanced fission power plant in the U.S.&nbsp;
&#8220;Our partnership with the DOE has been instrumental. Beginning with the site use permit and fuel award in 2019,&#8221; said Jacob DeWitte, co-founder and CEO of Oklo. &#8220;Signing this MOA reflects our commitment to timely deployment and operational readiness while also helping to manage costs and maintain our project schedule.&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40987749/constellation-energys-microsoft-deal-sparks-long-term-growth-analysts-raise-price-f">Constellation Energy&#8217;s Microsoft Deal Sparks Long-Term Growth: Analysts Raise Price Forecasts Amid Nuclear Revival</a>
Oklo noted that this MOA builds on its longstanding collaboration with the DOE and reinforces its commitment to moving toward its commercialization plans. Oklo believes its setting itself up for a seamless transition to construction by addressing site preparation needs early. 
Oklo aims to develop fast fission power plants that provide clean, reliable and affordable energy at scale.&nbsp;
OKLO Price Action: <a href="http://benzinga.com/quote/oklo" target="_blank" rel="noreferrer noopener">Oklo shares</a> were up 1.5% at $8.43 at the time of publication, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: courtesy of Oklo.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37906984/sam-altmans-under-the-radar-spac-fuses-ai-expertise-with-nuclear-energy-here-are-the-oth">Sam Altman&#8217;s Under-The-Radar SPAC Fuses AI Expertise With Nuclear Energy: Here Are The Others Involved</a></li>
</ul>

Contracts

OKLO

Why Oklo Stock Is Trading Higher Today

ENTX

Entera Bio shares are trading higher after the company announced results showing significant systemic exposure and a favorable PK profile in its obesity and metabolic disorder studies.

Google by Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) has lodged a complaint with the European Commission on Wednesday, alleging Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) of anti-competitive practices in its cloud services.
What Happened: Google claims Microsoft is leveraging its dominant Windows Server operating system to lock customers into its Azure cloud platform, Reuters reported on Wednesday. Amit Zavery, Google Cloud Vice President, stated that Microsoft imposes a 400% markup for customers running Windows Server on competing cloud services, which does not apply to Azure users.
According to Zavery, customers using rival cloud systems receive delayed and limited security updates. Google referenced a 2023 study by CISPE, indicating European businesses and public sector bodies incur up to 1 billion euros annually in Microsoft licensing penalties.
In July, Microsoft settled a 20-million-euro antitrust complaint with CISPE, avoiding an EU investigation. However, the settlement excluded Amazon Web Services and Google Cloud Platform, drawing criticism from both companies.
See Also: <a href="https://www.benzinga.com/news/24/09/40974511/iphone-15-pro-models-and-iphone-13-discontinued-by-apple-heres-why?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here&#8217;s Why</a>
Microsoft responded, stating it had resolved similar concerns with European cloud providers and suggested Google would not succeed in persuading the European Commission. Google argues that regulatory action is necessary to end Microsoft&#8217;s &#8220;vendor lock&#8221; and ensure a competitive cloud market.
Why It Matters: Google&#8217;s complaint is the latest in a <a href="https://www.benzinga.com/news/23/12/36040134/google-reportedly-calls-for-uk-antitrust-measures-against-microsofts-cloud-computing-dominance">series of antitrust challenges</a> against Microsoft's cloud practices. In December 2023, Google urged the U.K.'s Competition and Markets Authority (CMA) to investigate Microsoft for allegedly using licensing practices that discourage consumers from using other services, even as secondary providers to its Azure platform. This followed concerns raised by Ofcom about Microsoft and Amazon Inc. dominating the cloud computing industry.
Earlier in February, <a href="https://www.benzinga.com/government/24/02/36987709/microsoft-negotiates-with-european-cloud-providers-to-avert-eu-antitrust-action">Microsoft was actively negotiating</a> with the Cloud Infrastructure Services Providers in Europe (CISPE) to address a complaint lodged with the European Union. This move aimed to preempt a potential in-depth EU investigation, which could result in fines and a mandate for Microsoft to alter its business operations. CISPE, comprising Amazon and 26 smaller cloud providers across the EU, accused Microsoft of implementing contractual terms that detrimentally impact the European cloud computing environment. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40998105/marques-brownlee-reviews-apples-iphone-16-and-launches-new-app-this-is-the-most-unfinished-ive-ever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marques Brownlee Reviews Apple&#8217;s iPhone 16 And Launches New App: &#8216;This Is The Most Unfinished I&#8217;ve Ever Seen A New iPhone Launch&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

Tech

AMZN

GOOG

GOOGL

MSFT

Google Files EU Complaint Against Microsoft Over Cloud Practices

Seaport Global analyst Jeff Cantwell downgrades Global Payments (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPN#NYSE">GPN</a>) from Buy to Neutral.

Seaport Global Downgrades Global Payments to Neutral

HUIZ

Hiuze Holding shares are trading lower after the company reported a year-over-year decrease in Q2 revenue results.

COSM

Cosmos Health Reports 160% Increase In 2024 YTD Sales Of Proprietary Brands On Amazon UK, Reaching $596K Compared To $230K In 2023

DoorDash Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) shares are trading higher Wednesday following an upgrade from KeyBanc. A federal judge also ruled that a law requiring food delivery companies to share customer data with <a href="https://www.benzinga.com/quote/DASH/analyst-ratings">restaurants was unconstitutional.</a>
What To Know: KeyBanc analyst Justin Patterson upgraded DoorDash from <a href="https://www.benzinga.com/analyst-stock-ratings">Sector Weight to Overweight</a> on Wednesday and set a price target of&nbsp;$177. 
KeyBanc joins multiple other firms who have released bullish updates on DoorDash over the past week. Raymond James reinstated DoorDash with an Outperform rating and set a price target of&nbsp;$155 this week, while Cantor Fitzgerald reiterated an Overweight and maintained a price target of&nbsp;$160. Last week, BTIG upgraded DoorDash from Neutral to Buy and announced a price target of $155.
DoorDash shares also appear to be getting a lift Tuesday after U.S. District Judge Analisa Torres ruled in favor of DoorDash&nbsp;and other food delivery companies, saying a New York City law that requires the companies to share customer data with restaurants was unconstitutional, per Reuters. 
New York City reportedly put the law in place in 2021 in an attempt to help restaurants rebound from the COVID-19 pandemic. It required food delivery companies to share customer names, addresses, email and phone numbers with restaurants. 
Delivery companies challenged the law, arguing that it violated the privacy rights of customers and posed a threat to data security. The judge determined that the city didn&#8217;t show it had a substantial interest in helping restaurants collect customer data.
DoorDash reportedly said the decision &#8220;rightly recognized how this law would have violated bedrock First Amendment rights of how we protect New Yorkers&#8217; data.&#8221;
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/41023540/cisco-paypal-citizens-financial-and-more-on-cnbcs-final-trades">Cisco, PayPal, Citizens Financial And More On CNBC&#8217;s &#8216;Final Trades&#8217;</a>
DASH Price Action: <a href="http://benzinga.com/quote/dash">DoorDash shares</a> were up 2.70% at $145.50 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Diego Thomazini from Shutterstock.

DASH

DoorDash Stock Is Moving Higher Wednesday: What's Going On?

Under the terms of the framework agreements, Nayax Capital will enable retailers to pay or lease the Cust2Mate smart carts that are sold as part of a comprehensive solution, which includes Nayax's payment, management and loyalty solution, in monthly installments. The framework agreements cover the A2Z Cust2Mate's smart carts, charging solutions, and IT infrastructure upgrades, as needed, for customers around the world including Europe, North America and Latin America. Any financing extended is subject to individual terms and conditions and approval by Nayax Capital and is non-recourse to A2Z.

NYAX

A2Z And Nayax Capital Sign Framework Agreements To Enable Global Financing For The Sale Or Lease Of Cust2Mate Smart Carts Integrated With Nayax's Solutions

Wells Fargo analyst Roger Read downgrades NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) from Equal-Weight to Underweight and lowers the price target from $20 to $16.

Wells Fargo Downgrades NOV to Underweight, Lowers Price Target to $16

Berenson Acquisition Corp. I, (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BACA#NYSE">BACA</a>) a special purpose acquisition company ("BACA" or the "Company"), announced that it will not complete its initial business combination by September 30, 2024, and therefore, the Company will dissolve and liquidate. The liquidation of the Trust Account is expected to occur on October 16th, 2024. The last day that the Company's securities will trade on the NYSE American will be September 27, 2024.
Dissolution and Liquidation of the Company
The Company's existing certificate of incorporation dated as of September 27, 2021, as amended on March 28, 2023 by that certain First Amendment to the Amended and Restated Certificate of Incorporation, as further amended on September 28, 2023 by that certain Second Amendment to the Amended and Restated Certificate of Incorporation (collectively, the "Charter") requires the Company to complete its initial business combination by September 30, 2024. The Company will not complete the initial business combination by September 30, 2024; therefore, the Charter requires the Company to, and the Company will:
(i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the Offering Shares in consideration of a per-share price, payable in cash, equal to the quotient obtained by dividing (A) the aggregate amount then on deposit in the Trust Account, including interest (net of taxes payable, and less up to $100,000 of such net interest to pay dissolution expenses), by (B) the total number of then outstanding Offering Shares, which redemption will completely extinguish rights of the Public Stockholders (including the right to receive further liquidating distributions, if any), and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Board in accordance with applicable law, dissolve and liquidate, subject in each case to the Corporation's obligations under the DGCL to provide for claims of creditors and other requirements of applicable law.
All terms above not defined herein shall have the meaning under the Charter.
The per-share redemption price for the class A common stock of the Company is expected to be approximately $10.69 (the "Redemption Amount"). In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Company's trust account to pay dissolution expenses. The Company expects that the balance of the Company's trust account, including any interest income to be earned on the trust account and the reduction for the dissolution expenses and tax payment, at liquidation will be approximately $11,389,831. The number of remaining public shares of the Company as of August 31, 2024 was 1,065,468.
The Redemption Amount will be payable to the holders of the Company's public shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company's transfer agent, Continental Stock Transfer &amp; Trust Company. Beneficial owners of the Company's public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount. There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.
After September 30, 2024, the Company shall cease all operations except for those required to wind up its business.

BACA

Berenson Acquisition Corp. I Announces Liquidation; The Per-Share Redemption Price For The Class A Common Stock Of The Company Is Expected To Be ~$10.69

Wells Fargo analyst Roger Read upgrades Baker Hughes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) from Equal-Weight to Overweight and raises the price target from $40 to $42.

Upgrades

Wells Fargo Upgrades Baker Hughes to Overweight, Raises Price Target to $42

Stifel analyst Bradley Canino maintains Summit Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>) with a Buy and raises the price target from $25 to $40.

SMMT

Stifel Maintains Buy on Summit Therapeutics, Raises Price Target to $40

RZLV

Watching Rezolve AI; Shares Spike Higher On Co Response To Bain & Company's Forecast Of AI's Market Explosion, Predicting Annual Growth Between 40-55% And A Market Size Approaching $1T By 2027

Warning: EDNMY is at high risk of cutting its dividend

The financial services sector is poised for strong growth due to global economic trends and the adoption of advanced fintech solutions. However, not all financial stocks are positioned to benefit from these trends due to various challenges across the sector. Investors should be cautious of fundamentally weak stocks like UWM Holdings (UWMC), LendingClub (LC), and Edenred (EDNMY). Read on... The financial services sector benefits from the growing popularity of finance apps for budgeting, increased internet access, advanced fintech solutions, wider financial service availability, and favorable government policies. However, it also grapples with challenges like cybersecurity crises, regulatory shifts, possible mergers, and racial disparities in lending practices.
Therefore, I think fundamentally weak financial stocks UWM Holdings Corporation (<a href="https://stocknews.com/stock/UWMC/">UWMC</a>), LendingClub Corporation (<a href="https://stocknews.com/stock/LC/">LC</a>), and Edenred SE (<a href="https://stocknews.com/stock/EDNMY/">EDNMY</a>) might be best avoided now.
The global consumer finance market is poised to hit $1.96 trillion by 2029, growing at <a href="https://www.blueweaveconsulting.com/report/consumer-finance-market">7.1% CAGR</a>. Companies thrive by focusing on market reach, partnerships, and innovation. Advancements in AI, data analytics, blockchain, and cloud tech enhance services, risk management, and competitiveness, spurred by resilient consumer spending, income growth, and digital finance trends.
Meanwhile, the consumer financial services sector faces challenges like revenue pressure, stricter regulation, and heightened competition from digital newcomers. These difficulties were amplified by the COVID-19 crisis, resulting in substantial credit losses and increased strain on the banking sector, thus impacting the financial services sector as a whole.
Considering these trends, let's analyze the fundamental aspects of the three <a href="https://stocknews.com/category/consumer-finance/">Consumer Financial Services</a> stocks, starting with the third choice.
Stock #3: UWM Holdings Corporation (<a href="https://stocknews.com/stock/UWMC/">UWMC</a>)
UWMC engages in the residential mortgage lending business in the United States. The company offers mortgage loans through a wholesale channel. It primarily originates conforming and government loans.
In terms of the trailing 12-month net income margin, UWMC's 0.33% is 98.6% lower than the industry average of 23%. Likewise, its trailing 12-month <a href="https://www.investopedia.com/terms/r/returnonequity.asp">Return on Common Equity</a> and Return on Total Capital of 6.26% and 3.36% are 41.2% and 51.3% lower than the industry averages of 10.65% and 6.90%, respectively.
During the first quarter ended March 31, 2024, UWMC's total expenses stood at $385.69 million, increased 28.2% year-over-year. As of March 31, 2024, UWMC's total liabilities stood at $10.34 billion, compared to $8.07 billion as of March 31, 2023. Also, its cash and cash equivalents stood at $605.64 million, compared to $740.06 million for the same period.
For the quarter ending June 30, 2024, UWMC's EPS is expected to decrease 10.5% year-over-year to $0.07. Its revenue for the same quarter is expected to decrease 8.1% year-over-year to $539.74 million. UWMC's stock has declined 2.8% year-to-date to close the last trading session at $6.95.
UWMC's weak fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of F, equating to a Strong Sell in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has a D grade for Value, Stability, Sentiment, and Quality. It is ranked last out of 44 stocks in the <a href="https://stocknews.com/category/consumer-finance/">Consumer Financial Services</a> industry. To see UWMC's Growth, and Momentum ratings, <a href="https://stocknews.com/stock/UWMC/">click here</a>.
Stock #2: LendingClub Corporation (<a href="https://stocknews.com/stock/LC/">LC</a>)
LC operates as a bank holding company that provides a range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit.
In terms of the trailing 12-month EBIT margin, LC's 5.14% is 77.82% lower than the industry average of 23.15%. Its 0.12x trailing-12-month asset turnover ratio is 43.6% lower than the industry average of 0.22x. Also, the stock's 23.99% trailing-12-month gross profit margin is 59.7% lower than the industry average of 59.44%.
LC's total revenues for the fiscal first quarter ended March 31, 2024, amounted to $180.69 million, down 26.5% year-over-year. Likewise, its net income and EPS decreased 10.4% and 15.4% over the prior-year quarter to $12.25 million and $0.11, respectively. Moreover, as of March 31, 2024, LC's total liabilities stood at $7.98 billion, compared to $7.58 billion as of December 31, 2023.
Analysts expect LC's EPS and revenue for the quarter ending June 30, 2024, to decrease 58.3% and 23.7% year-over-year, reaching $0.04 and $177.49 million, respectively. Shares of LC has declined 3.3% intraday to close the last trading session at $8.98.
LC's grim outlook justifies its overall rating of D, which translates to a Sell in our proprietary POWR Ratings system.
It has a D grade for Growth, and Quality. Within the same industry, it is ranked #42. Beyond what we have stated above, we also have given LC grades for Value, Momentum, Stability, and Sentiment. Get all the LC ratings <a href="https://stocknews.com/stock/LC/">here</a>.
Stock #1: Edenred SE (<a href="https://stocknews.com/stock/EDNMY/">EDNMY</a>)
Headquartered in Issy-les-Moulineaux, France, Edenred SE provides a digital platform for services and payments for companies, employees, and merchants worldwide.
In terms of the trailing 12-month gross profit margin, EDNMY's 41.19% is 30.7% lower than the industry average of 59.44%. Similarly, EDNMY's 0.19x trailing-12-month asset turnover ratio is 12.8% lower than the industry average of 0.22x. Also, its 11.55% trailing-12-month net income margin is 498% lower than the industry average of 23%.
For the fiscal ended December 31, 2023, EDNMY's total revenue amounted to €2.51 billion ($2.72 billion). The company's net profit and EPS amounted to €308 million ($333.47 million) and €1.01, respectively, representing a decrease of 26.1% and 30.8% from the previous year's period.
Furthermore, as of December 31, 2023, EDNMY's total current liabilities came in at €9.72 billion ($10.53 billion), compared to €8.50 billion ($9.20 billion) as of December 31, 2022.
Over the past year, the stock has declined 25.6% to close the last trading session at $24.55.
EDNMY's bleak prospects are reflected in its POWR Ratings. It has an overall rating of D, equating to a Sell in our proprietary rating system.
It is ranked #41 in the Consumer Financial Services industry. It has a D grade for Growth, and Value. To access EDNMY's grades for Momentum, Stability, Sentiment, and Quality, <a href="https://stocknews.com/stock/EDNMY/">click here</a>.
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EDNMY shares were trading at $24.42 per share on Friday morning, down $0.13 (-0.53%). Year-to-date, EDNMY has declined -17.78%, versus a 11.70% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/ednmy-uwmc-lc-investors-beware-3-financial-stocks/>Investors Beware: 3 Financial Stocks</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

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