Latest news for Gudang Garam (OTC:GDNGY) Stock

PT Gudang Garam Tbk manufactures kretek cigarettes, which are clove cigarettes common in Indonesia. The firm's operations are almost entirely domestic, with its tobacco and clove farmers, two production facilities, and dozens of offices all located in Indonesia. Nearly all of the company's sales are generated in Indonesia. The company's brand families include Gudang Garam, Surya, GG, and Merah. Other brands include Sriwedari, which is a hand-rolled brand, and Klobot. The company's segment includes Cigarettes, Paperboard, Infrastructure, and Others. The company generates the majority of its revenue from sale of Cigarettes.

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GUDANG GARAM PT UNSP/ADR by Gudang Garam Pt

PT Gudang Garam Tbk

Marygold Companies (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MGLD#AMEX">MGLD</a>) reported quarterly losses of $(0.05) per share. This is a 266.67 percent decrease over earnings of $0.03 per share from the same period last year. The company reported $8.30 million in sales this quarter. This is a 6.74 percent decrease over sales of $8.90 million the same period last year.

Earnings

The Marygold Companies, Inc. Common Stock

MGLD

Marygold Companies Q4 EPS $(0.05) Down From $0.03 YoY, Sales $8.30M Down From $8.90M YoY

AXNX

Reported Earlier, Axonics Prevails In Patent Dispute With Medtronic, Jury Confirms No Infringement On Three Patent

Ahead of the official release of Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">iPhone 16</a>, T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) CEO Mike Sievert has shared promising sales figures for the new model, indicating a strong start despite earlier concerns about demand.
What Happened: In an interview <a href="https://www.cnbc.com/2024/09/18/t-mobile-ceo-says-iphone-16-is-selling-more-than-last-years-model.html">with</a> CNBC's Jim Cramer on Wednesday, Sievert revealed that the iPhone 16 is outperforming last year&#8217;s model in sales.
&#8220;The first week was better than last year,&#8221; Sievert noted. He emphasized that customers are purchasing higher-end models, contributing more to Apple's top and bottom lines.
"People are buying Pros, they're buying Maxs, so they're buying up the food chain, and they're buying at a greater rate than last year," Sievert said, according to the report.
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Although the iPhone 16 will hit stores on Friday, its much-anticipated AI features will not be available until next month. Some analysts had predicted lower demand due to this delay, increasing pressure on the Apple stock.
However, Sievert stated that demand remains strong and the delay might extend the buying cycle. He believes it will take longer for customers to share their experiences due to the postponed features.
See Also: <a href="https://www.benzinga.com/news/24/09/40892284/oracles-larry-ellison-predicts-police-officers-will-be-supervised-at-all-times-and-citizens-will-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Oracle&#8217;s Larry Ellison Predicts Police Officers Will Be Supervised &#8216;At All Times&#8217; And Citizens Will Be On Their Best Behavior Thanks To Constant AI-Powered Surveillance</a>
Why It Matters: The positive sales report from T-Mobile comes amid concerns about the iPhone 16&#8217;s market performance.
Top analyst Ming-Chi Kuo reported that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40872864/apple-staring-at-lower-than-expected-demand-for-iphone-16-pro-and-pro-max-in-the-fi">pre-orders for the iPhone 16 Pro and Pro Max</a> were lower than expected during the first weekend, with around 37 million units sold. Kuo&#8217;s analysis, based on supply chain surveys and pre-order data, suggested weaker demand for the Pro models, contrary to Sievert's comments.
Further, early pre-order data indicated that <a href="https://www.benzinga.com/tech/24/09/40930388/apple-iphone-16-pre-orders-show-possible-low-demand-one-sign-could-point-to-company-breaking-this-em">demand for the iPhone 16</a> might be lower than anticipated due to insufficient reasons for existing iPhone owners to upgrade.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40876783/steve-jobs-came-back-to-apple-27-years-ago-today-after-12-years-in-exile-if-you-invested-1-000-w">Steve Jobs Came Back To Apple 27 Years Ago Today After 12 Years In Exile. If You Invested $1,000 When Jobs Became Apple CEO In 1997, Here&#8217;s How Much You&#8217;d Have</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Apple

Equities

Tech

TMUS

Apple iPhone 16 Selling At A 'Greater Rate Than Last Year,' Says T-Mobile CEO Amid Reports Of Lower Demand: 'People Are Buying Pros, They're Buying Maxs…They're Buying Up The Food Chain'

- New digital health solution for heart failure management puts patients at the center of their care by providing ability for at-home disease monitoring -

ALPMY

Astellas Announces FDA Listing Of DIGITIVA, A Non-Invasive Digital Health Solution For Heart Failure Management

Jim Kavanaugh, CEO of World Wide Technology, stated that leaders should not deceive employees about AI&#8217;s impact on jobs. 
What Happened: In an interview last week, Kavanaugh emphasized that employees are &#8220;too smart&#8221; to believe that AI won&#8217;t change job dynamics. He stressed the importance of transparency from CEOs regarding AI&#8217;s effects, CNBC <a href="https://www.cnbc.com/2024/09/19/billionaire-tech-ceo-bosses-shouldnt-bs-employees-about-ai-impact.html">reported</a> on Thursday. 
"If you think you're going to try to game this, and that you're going to tell employees nothing's going to change, and everything's going to be fine, that's just BS," Kavanaugh said&nbsp;
Kavanaugh advised that leaders should embrace AI and educate themselves about it. He acknowledged that while AI will disrupt some jobs, it will also enhance productivity and create new opportunities.
He also mentioned that no one can predict the exact impact of AI on jobs, and any claim to do so is misleading. Kavanaugh remains optimistic about AI&#8217;s potential benefits.
In related news, Clara Shih of Salesforce echoed similar sentiments, noting that AI will lead to new job descriptions rather than eliminating most jobs. Salesforce recently introduced an AI platform, AgentForce, to assist companies in various tasks.
Additionally, Klarna has utilized AI to significantly reduce its workforce, highlighting the technology&#8217;s role in reshaping business operations.
See Also: <a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Mee</a>
Why It Matters: The conversation around AI&#8217;s impact on the workforce has been gaining momentum. In May, Bill Gates <a href="https://www.benzinga.com/personal-finance/24/05/39084794/will-ai-take-over-our-jobs-bill-gates-asks-if-ai-can-support-blue-collar-jobs-as-it-is-already-d">discussed AI&#8217;s role in supporting</a> both blue-collar and white-collar jobs. Gates noted that while AI assists employees and streamlines tasks, its impact on white-collar jobs is already evident. Recent studies show that 37% of companies have replaced staff with AI, and 44% predict AI will lead to layoffs in 2024.
Further adding to the debate, an OpenAI engineer admitted that AI companies are<a href="https://www.benzinga.com/general/24/05/39028738/openai-engineer-admits-ai-companies-taking-away-peoples-jobs-theres-nothing-you-could-do-to-stop-the"> taking away jobs</a>, and there&#8217;s little that can be done to stop them. This statement highlights the growing concern about AI&#8217;s role in the job market and the need for proactive measures to address these changes.
Moreover, LinkedIn co-founder Reid Hoffman predicted the end of the <a href="https://www.benzinga.com/startups/24/08/40473377/linkedin-co-founder-predicts-the-death-of-9-to-5-jobs-by-2034-how-ai-the-gig-economy-will-reshape-th">traditional 9-to-5 job</a> by 2034, attributing this shift to AI and the gig economy. Hoffman argues that the workforce is undergoing a profound transformation, with increased productivity and flexibility but also uncertainty around stable employment.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40898388/qualcomm-analyst-sees-opportunity-in-regaining-share-with-samsung-after-apple-reven?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Qualcomm Analyst: Samsung Can Fill Apple Revenue Void</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

General

Billionaire Tech CEO Says Not To 'BS' Employees, They Are 'Too Smart' To Believe AI Will Not Impact Their Jobs: 'If You Think You're Going To Try To Game This...'

The Company expects to use the net proceeds from the offering to exercise its option to purchase its joint venture partner&#39;s&nbsp;24%&nbsp;minority membership interest in Trilogy Holdings, LLC and to repay certain amounts of debt outstanding under its lines of credit. All of the shares are being offered by the Company, and the offering is expected to close on&nbsp;September 20, 2024, subject to customary closing conditions.

Reported Earlier, American Healthcare REIT Prices Upsized Public Offering Of 17.4M Common Shares At $23.55/Share

Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) ("Faraday Future", "FF" or "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced the planned delivery of an FF 91 2.0 Futurist Alliance to Born Leaders Entertainment, a company deeply immersed in the entertainment business that helps support some of the biggest artists in the entertainment industry and provides recording management and support services for music tours and other events. Born Leaders Entertainment will also become a user and Developer Co-Creation Officer for FF. The vehicle is scheduled to be delivered on September 20.
Born Leaders Entertainment is a full-service entertainment company and may work together with FF on promotional opportunities, red carpet events and other high-profile engagements with celebrities and entertainers that may open further future opportunities or endorsements. Other possible engagements may include VIP chauffeur services with the FF 91 that will create marketing opportunities. This marks another forward step in FF's B2B business.

FFIE

Faraday Future to Deliver FF 91 Futurist to Born Leaders Entertainment, Tapping into Music and Celebrity Marketing

Sportradar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRAD#NASDAQ">SRAD</a>) is set to further transform the betting landscape with the launch of micro markets, the next generation of in-play betting products, across leading sports, opening fresh revenue streams for operators. In a strategic move, Sportradar, in collaboration with Tennis Data Innovations (TDI), is introducing micro markets for ATP tennis matches this October. This exclusive partnership marks yet another step in offering bettors more granular and engaging wagering options in tennis.&#x2A; Sportradar currently offers micro markets across other popular sports including soccer and table tennis. &nbsp;
By leveraging advanced artificial intelligence (AI) and deep tennis data from TDI, Sportradar will offer operators a cutting-edge solution that processes hundreds of thousands of data points per match. The result is eight distinct micro markets expected to generate approximately 1,500 new betting opportunities per match.
Unique to Sportradar, the ATP tennis micro markets include:
<ul>
<li>The next breakpoint</li>
<li>Will the next serve be an ace, rally, or double fault&nbsp;</li>
<li>Who will serve the next ace</li>
<li>All point outcomes (player 1 winner; Player 1 Error, Player 2 Winner; Player 2 Error)&nbsp;</li>
<li>Total shots in a point&nbsp;</li>
<li>Last stroke type (e.g. serve, return, forehand, backhand, or volley)&nbsp;</li>
</ul>

SRAD

Sportradar Launches AI-Powered Micro Markets for ATP Tennis, Creating 1,500 New Betting Opportunities

Nasdaq (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) and BYMA, Argentina's leading stock exchange group, today announced a significant expansion of their technology partnership that will see BYMA base its entire post-trade ecosystem on Nasdaq technology.
Under the terms of the agreement BYMA will adopt Nasdaq's real-time clearing platform at its central counterparty clearinghouse (CCP), complementing Nasdaq's existing technology partnership with Caja de Valores, Argentina's central securities depository, which is also owned by BYMA.
Together, the platform allows BYMA to improve the speed, capacity, and connectivity of its post-trade network, whilst optimizing risk management across the system through more real time access to data, advanced risk analytics, and greater operational resiliency. In addition, it aims to enhance reconciliation and the digital experience for clearing members, drawing on industry standard APIs.
The clearing system will be able to add capacity rapidly through periods of heightened volume, while its modular architecture offers BYMA the flexibility to launch new products and services with a much shorter time-to-market.
The move will support BYMA's shift to a model where cash and security settlement takes place at the central securities depository after netting has taken place at the clearing house, in line with international best practice. This will allow liquidity to be centralized and optimize collateral management for members, whilst ensuring a clear distinction of functional capabilities between the two entities. It also simplifies the company's existing structure whereby settlement, clearing, and risk are processed independently across three different systems.

NDAQ

BYMA Adopts Nasdaq's Real-Time Clearing Platform to Boost Speed, Capacity, and Operational Resilience

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4257243-1&amp;h=2228484876&amp;u=https%3A%2F%2Fwww.topgolfcallawaybrands.com%2F&amp;a=Topgolf+Callaway+Brands+Corp">Topgolf Callaway Brands Corp</a>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MODG#NYSE">MODG</a>) continues its global expansion by entering into a multiyear agreement with Golf Saudi Entertainment, LLC ("Golf Saudi"), to bring Topgolf Callaway Brands' family of brands, including Topgolf, Callaway, TravisMathew, Odyssey and Ogio, to Saudi Arabia.
As part of the agreement, Golf Saudi plans to build three Topgolf venues by 2028, to be owned and operated by Golf Saudi with the option to open another two venues in the future. In addition, Callaway Golf, Odyssey, TravisMathew and Ogio will become the official equipment and apparel brands for the Saudi Men's, Women's and Junior National golf teams as well as for Saudi Elite golf professionals and golf pros working at Golf Saudi facilities. Finally, Golf Saudi will be the exclusive distributor of Callaway Golf, Odyssey and Ogio products in Saudi Arabia.

Government

Regulations

MODG

Topgolf Callaway Partners with Golf Saudi, Plans Three New Venues and National Team Sponsorship

Editor's Note: This story has been updated with a statement from Telegram.
French prosecutors have placed Pavel Durov, CEO of Telegram, under formal investigation using a stringent new cybercrime law.
What Happened: The LOPMI law, enacted in January 2023, criminalizes tech executives whose platforms facilitate illegal activities. This marks the first significant use of the law, which has yet to secure a conviction. Durov faces charges including &#8220;complicity in the administration of an online platform to allow an illicit transaction, in an organized gang,&#8221; carrying a potential 10-year sentence and a €500,000 fine, Reuters reported on Tuesday.
Being under formal investigation does not imply guilt but indicates sufficient evidence for a probe. Durov, who is out on bail, denies the allegations, asserting that Telegram complies with EU laws. Telegram has called the accusations &#8220;absurd.&#8221;
Paris Prosecutor Laure Beccuau praised the 2023 law in a recent radio interview, highlighting its effectiveness against organized crime operating online. The law is unique, with no known international equivalent, according to experts.
See Also: <a href="https://www.benzinga.com/news/24/09/40870369/trumps-i-hate-taylor-swift-met-with-witty-response-from-harris-campaign-the-american-people-want-to?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s &#8216;I Hate Taylor Swift&#8217; Met With Witty Response From Harris Campaign: &#8216;The American People Want ToBe Out Of The Woods&#8217;</a>
The case against Durov is significant as it tests the boundaries of the new LOPMI law, which aims to hold tech executives accountable for illegal activities conducted on their platforms. The law&#8217;s effectiveness and international implications are being closely watched by legal experts and tech companies worldwide.
Why It Matters: The investigation into Durov follows a series of legal challenges for the Telegram CEO. On Aug. 26, Paris Public Prosecutor Laure Beccuau <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40558693/telegram-ceo-pavel-durov-faces-12-serious-charges-french-prosecutor-reveals">released a detailed statement </a>outlining 12 serious charges against Durov, including complicity in facilitating illegal online transactions, unauthorized provision of cryptology services, and involvement in child pornography distribution, drug-related offenses, organized fraud, and money laundering. 
In response to these mounting legal pressures, Telegram had reportedly<a href="https://www.benzinga.com/news/24/09/40745251/telegram-updates-policy-on-private-chat-moderation-after-ceo-pavel-durovs-arrest-heres-what-you-need"> updated its policy</a> on private chat moderation. In September, the company retracted a statement from its FAQ page that previously assured users of immunity from moderation requests in private chats. This move came after Durov&#8217;s first public statement post-arrest, where he committed to improving content moderation on the platform.
However, a spokesperson from Telegram highlighted that the update to the FAQs was made only to clarify how to report content on Telegram, including under the EU Digital Services Act and the retracted statement was not related to content reporting.
The spokesperson also mentioned that reporting messages from any group to the moderators has always been possible, which functions as a forwarding option. 
&#8220;Private chats remain private, although it has always been possible to report a new incoming chat to the moderators using the Block > Report option,&#8221; the person informed <a href="https://pro.benzinga.com">Benzinga</a>.
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</ul>
Image via Flickr/ Hubert Burda Media
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Social Media

Politics

Telegram CEO Pavel Durov Faces 10-Year Sentence And €500K Fine In France's First Cybercrime Case Under New Law (UPDATED)

Transaction highlights:
<ul>
<li>Expands Bel&#39;s exposure to the aerospace and defense end market from&nbsp;17.5%&nbsp;to&nbsp;31%&nbsp;of total revenue, based on LTM&nbsp;Q2&nbsp;2024</li>
<li>Enercon gross margin of&nbsp;46.0%&nbsp;and Adjusted EBITDA margin of&nbsp;32.5%&nbsp;for LTM&nbsp;Q2&nbsp;2024, ahead of Bel&#39;s historical margin profile</li>
<li>Expected to be accretive to Bel&#39;s GAAP EPS within one-year post-close, and to Bel&#39;s non-GAAP EPS on Day 1</li>
<li>Expected net leverage of under 2.0x within one quarter from close, as T-bills mature</li>
</ul>

BELFA

Reported Earlier, Bel Fuse To Acquire 80% Stake In Enercon Technologies For $320M, Expanding Aerospace And Defense Portfolio

A Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) bull on Wednesday weighed in on the relationship between the electric-vehicle company led by Elon Musk and the <a href="https://www.benzinga.com/news/24/09/40767621/elon-musk-refutes-reports-of-xai-negotiating-revenue-share-deal-with-tesla-there-is-no-need-to-licen">billionaire&#8217;s artificial intelligence company xAI. </a>
The Tesla Analyst: Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $310 price target for Tesla shares. 
The Tesla Thesis: Training and simulation are the common denominators between Tesla and xAI, and these two are &#8220;deterministic&#8221; to Tesla&#8217;s future in robotics, autonomy and manufacturing, said Jonas in a note. AI execution is vital to Tesla&#8217;s upside, the analyst said, adding that the Musk-led company&#8217;s future valuation is highly dependent on its ability to develop, manufacture and commercialize autonomous technologies, ranging from transportation to humanoids.
The analyst also noted that training and simulation have been revolutionizing robots as accessing supercomputing resources for training and simulation is critical to optimizing autonomous software/models and hardware.
He said that xAI was established to attract top-tier AI talent who might not otherwise be interested in working for Tesla, the electric vehicle company. The AI company is investing billions of dollars toward assembling advanced computing resources which is beneficial to Tesla, he added.
Jonas noted that xAI&#8217;s massive compute cluster named Colossus has recently been brought online in the Memphis area, and it consists of 100,000 Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H100s. Musk plans to double it to 200,000 H100 equivalent, he said.
Tesla&#8217;s rival in robotaxi operations, Alphabet, Inc.&#8217;s (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>) Waymo, has been aggressively expanding its fleet size, city deployments and technological/ network partnerships of late, Jonas said. &#8220;Waymo's recent resurgence is a reminder to investors that the road to AV supremacy is a race for data, computing, capital and talent,&#8221; he said.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla (TSLA) Stock</a>
Sneak-Peek Into Robotaxi Day: Jonas raised doubts about Tesla living up to investors&#8217; high expectations as he does not see anything beyond a demo of the FSD v12.5 software and a ride in a generation 1 Cybercab. The company could share a detailed analysis of the addressable market, showing &#8220;tens of trillions of passenger vehicle miles and tens of trillions of $ of potential recurrent revenue (by 2050),&#8221; the analyst said.
Looking ahead to the Oct. 10 event, the analyst said he would look out for reinforcement regarding safety, which can be through comparing the safety of Tesla&#8217;s autonomous vehicle technology with human driving. Tesla may also have to show the rate of change of performance across recent full self-driving iterations, he said.
Investors will also look forward to the methodology, i.e. how the critical enabling technologies will likely drive further improvement in FSD/Cybercab autonomy, Jonas said. The Morgan Stanley analyst, however, does not expect Tesla to announce updates regarding its<a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot"> Optimus humanoid robot</a> at the event.
Tesla ended Wednesday&#8217;s session down 0.29% to $227.20, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40750932/tesla-bull-asks-investors-to-temper-expectations-concerning-robotaxi-day-but-reiter">Tesla Bull Asks Investors To Temper Expectations Concerning Robotaxi Day, But Reiterate Stock As Top Auto Pick: &#8216;Continues To Take Steps To Mitigate Downside Risks&#8217;</a></li>
</ul>
Image via Shutterstock

Analyst Color

Reiteration

Analyst Ratings

GOOG

GOOGL

NVDA

TSLA

Tesla Bull Explains Why Elon Musk's xAI Is Critical To EV Maker's Autonomous Ambitions

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, with the index in the &#8220;Greed&#8221; zone on Wednesday.
U.S. stocks settled lower on Wednesday, following the Federal Reserve&#8217;s interest rate decision. The U.S. central bank slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%. This marks the first rate cut in over four years and breaks a streak of 12 consecutive months with rates held steady.
On the economic data front, housing starts in the U.S. climbed by 9.6% from the prior month to an annualized rate of 1.356 million units for August. U.S. building permits gained by 4.9% to an adjusted annual rate of 1.475 million in August.
General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) reported better-than-expected earnings for its first quarter on Wednesday.
Most sectors on the S&amp;P 500 closed on a negative note, with consumer staples, utilities, and information technology stocks recording the biggest losses on Wednesday. However, energy and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 104 points to 41,503.10 on Wednesday. The S&amp;P 500 fell 0.29% to 5,618.26, while the Nasdaq Composite fell 0.31% at 17,573.30 during Wednesday's session.
Investors are awaiting earnings results from Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>), FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>), and FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 56.2, the index was in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 55.9.
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: 
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Pre-Market Outlook

Dow Tumbles Over 100 Points Following Fed's Rate Decision: Fear & Greed Index In 'Greed' Zone

HESM

Reported Earlier, Hess Midstream Prices Upsized Secondary Public Offering Of 11M Class A Shares

<ul>
<li>Urges Stockholders to Vote FOR the CSG Transaction at September 27th&nbsp;Special Meeting to Maximize the Value of The Kinetic Group</li>
<li>Vista Outdoor Inc. (&quot;Vista Outdoor&quot;, the &quot;Company&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTO#NYSE">VSTO</a>) today issued the following statement from the Company&#39;s Chairman of the Board, Michael Callahan:</li>
<li>We are committed to continuing to explore all opportunities to maximize the value of Revelyst, including a potential sale.&nbsp;</li>
</ul>

VSTO

Reported Earlier, Vista Outdoor Board Committed To Maximizing Revelyst's Value, Including Potential Sale Amid CSG Transaction Vote

Greenfire Resources Appoints Interim Chairman, Adopts Shareholder Rights Plan Following Waterous Energy Fund's Acquisition Agreement

With U.S. stock futures trading higher this morning on Thursday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) to report quarterly earnings at $1.83 per share on revenue of $2.8 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Darden shares fell 0.2% to $158.77 in after-hours trading.</li>
<li>Steelcase Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) reported better-than-expected earnings for its second quarter, while <a href="https://www.benzinga.com/news/earnings/24/09/40929014/steelcase-stock-falls-after-q2-revenue-miss-details">sales missed estimates</a>. The company said it sees third-quarter revenue in a range of $785 million to $810 million and adjusted earnings of between 21 cents and 25 cents per share. Steelcase shares dipped 11.5% to $12.49 in the after-hours trading session.</li>
<li>Analysts are expecting FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) to post quarterly earnings at $3.62 per share on revenue of $546.81 million for the recent quarter. The company will release earnings before the markets open. FactSet Research shares gained 0.4% to $448.44 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Exicure Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) announced that it received an extension from the Nasdaq Hearings Panel. Exicure shares jumped 168.1% to $6.14 in the after-hours trading session.</li>
<li>Analysts expect FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) to post quarterly earnings at $4.80 per share on revenue of $21.96 billion after the closing bell. FedEx shares gained 0.5% to $299.79 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/markets/24/09/40927530/coinbase-global-electronic-arts-and-2-other-stocks-executives-are-selling">Coinbase Global, Electronic Arts And 2 Other Stocks Executives Are Selling</a></li>
</ul>
Photo via Wikimedia Commons

XCUR

Darden Restaurants, FedEx And 3 Stocks To Watch Heading Into Thursday

NVIDIA Corp&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) key supplier for high-bandwidth memory chips SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) declined over 6% on the South Korean exchange after Morgan Stanley&nbsp;downgraded the Korean memory chipmaker to underweight from overweight. 
What Happened: Morgan Stanley in a brokerage note slashed SK Hynix&#8217;s target price to 120,000 won from 260,000 won, citing the least preference for the stock among global memory makers, <a href="https://www.bloomberg.com/news/articles/2024-09-19/sk-hynix-shares-tumble-on-double-downgrade-at-morgan-stanley">reported</a> Bloomberg on Thursday.
"We prefer moving up to quality in Samsung and value-oriented end markets," wrote analysts Shawn Kim and Duan Liu. "Memory conditions are beginning to deteriorate. It will get tougher for revenue growth and margins from here as we move past late-cycle conditions."
The stock hit its lowest level since Feb. 19 after falling as much as 10%. Meanwhile, Samsung Electronics Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) saw a 3.1% decline among other semiconductor shares traded in Seoul.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40878978/donald-trump-to-visit-springfield-ohio-soon-not-so-fast-polymarket-traders-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump To Visit Springfield, Ohio ‘Soon'? Not So Fast, Polymarket Traders Say</a>
Why It Matters:&nbsp;In July, Goldman Sachs Group Inc. increased SK Hynix&#8217;s stock-price target to 290,000 won ($210), indicating a potential gain of 25%. Meanwhile, Citigroup Inc. raised its prediction to 350,000 won during the same period. 
SK Hynix's parent company,&nbsp;SK Group, pledged to<a href="https://www.benzinga.com/news/24/07/39575498/nvidia-suppliers-parent-company-pledges-56b-investment-in-ai-chip-tech-by-2026-as-competition-from-s" target="_blank" rel="noreferrer noopener">&nbsp;invest 80 trillion won</a>&nbsp;($56 billion) by 2026 in artificial intelligence and semiconductors, primarily in high-bandwidth memory chips, data centers, and personalized AI assistant services. This move is expected to strengthen its supply chains for emerging technology and bolster its position as a leading supplier to Nvidia.
The ongoing AI boom has put two South Korean chipmakers,&nbsp;Samsung&nbsp;and&nbsp;SK Hynix, in the spotlight. Industry experts are now discussing which company is the better investment in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38634543/ai-boom-puts-nvidia-suppliers-sk-hynix-samsung-in-spotlight-experts-discuss-best-so">this AI-driven market</a>.
Price Action: SK Hynix&nbsp;is currently trading at 151,800 won, with a decline of 6.76% on Thursday. The stock has gained 6.60% year-to-date, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913998/jamie-dimon-says-jpmorgan-is-likely-one-of-the-bigger-users-of-blockchain-technology-but-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jamie Dimon Says JPMorgan Is Likely ‘One Of The Bigger Users' Of Blockchain Technology, But Calls Cryptocurrencies A ‘Pet Rock'</a></li>
</ul>
Image via SK Hynix
<a href="https://www.benzinga.com/quote/ssnlf" target="_blank" rel="noreferrer noopener"></a>

Asia

HXSCF

SSNLF

Nividia Supplier SK Hynix Shares Drop To Lowest Level Since February In Seoul After Morgan Stanley Downgrade: 'Memory Conditions Are Beginning To Deteriorate'

Pioneering seven-figure deal expands BlackSky&#39;s product offering, bringing automation and unprecedented speed to pattern-of-life insights for orbiting spacecraft and other objects of interest

Contracts

BlackSky Technology Inc. Class A Common Stock

BKSY

BlackSky Secures Seven-Figure Space Domain Awareness Contract With HEO

Gudang Garam: Turning Negative On Market Share Loss And Dividend Omission (Rating Downgrade)

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