最新ニュース TCW Transform Systems ETF (NYSE:NETZ)

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Fund invest in companies that are creating value by transforming themselves and others to meet the growing demands of climate change. Target companies are primarily those that the Adviser believes are transitioning towards more sustainable business practices, products, or services, as well as companies that are providing enabling technologies to help others transition.

Republic Services Inc. Class A

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TCW Transform Systems ETF

Josh Kesselman, founder of RAW and creator of its iconic rolling papers, celebrated an $8.7 million legal victory against counterfeiters in the most fitting way possible: by printing the court verdict on rolling paper and rolling a giant joint. 
"This was the best way to celebrate our $8.7 million victory," Kesselman told Benzinga. "We rolled it up and smoked the lawsuit, literally."
The celebration followed a decisive ruling from the U.S. District Court for the District of Nevada on Dec. 17, 2024. The court awarded BBK Tobacco &amp; Foods, which distributes RAW under its HBI International brand, more than $3 million in disgorged profits from the defendants and an additional $5.6 million in statutory damages for copyright infringements related to RAW's packaging designs.
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RAW has built a global reputation for high-quality rolling papers, cones and smoking accessories, attracting a loyal customer base. This victory reinforces the company's commitment to safeguarding its brand and ensuring authenticity in an industry rife with counterfeits.
<h1 class="wp-block-heading">Battling Counterfeit RAW Products</h1>
The lawsuit focused on counterfeit rolling papers sold under the "Brocone" brand, manufactured by Brocone Organic Private Limited in India. The products closely imitated RAW's packaging, down to the exact wording. While BBK reached a confidential settlement with NEPA Wholesale Inc., the primary U.S. distributor of Brocone products, in September 2023, litigation against Brocone Organic, U.S. importer AIMS Group USA Corporation and Florida One Wholesale, Inc. continued.
Kesselman expressed his determination to protect RAW customers, saying, "We have dedicated our lives to making the best rolling products on the planet. Our customers are our family. We can't let anyone willfully trick our family into buying something that isn't genuine RAW. Whether it's a counterfeit or a look-alike, we must protect our family from that sort of awful deception. We all deserve better, and we all get higher together!"
<h1 class="wp-block-heading">A Statement Beyond The Courtroom</h1>
The legal win sends a strong message to would-be counterfeiters and reinforces BBK's reputation for defending its intellectual property. The $8.7 million judgment is a reminder of the serious consequences of intellectual property theft, particularly in the highly competitive smoking accessories industry.
"This victory is about more than money," Kesselman emphasized. "It's about protecting what RAW stands for: quality, authenticity and respect for our customers."
By turning the verdict into a literal smoking celebration, Kesselman not only highlighted the company's creativity but also reaffirmed RAW's commitment to its loyal customer base and the principles that have made it a global leader in rolling paper innovation.
Photo: Courtesy of Josh Kesselman, edited by Javier Hasse

Cannabis

Legal

Global

RAW Founder Celebrates $8.7M Legal Victory In A Very Peculiar Way: 'We Rolled It Up And Smoked The Lawsuit, Literally'

President Donald Trump has called for NATO members to significantly increase their spending on defense, suggesting a target of 5% of gross domestic product to go<a href="https://www.benzinga.com/markets/emerging-markets/25/01/43133508/trump-wants-to-buy-greenland-for-us-security"> toward military spending.&nbsp;</a>
What To Know: Trump reiterated the 5% of GDP spending goal on Monday following his inauguration, according to a Reuters report. The current spending goal is set at 2% and eight NATO member states do not meet the current goal.&nbsp;
Read Next: <a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/43130930/trump-looking-at-10-tariff-on-china-starting-feb-1">Trump &#8216;Looking At&#8217; 10% Tariff On China Starting Feb. 1&nbsp;</a>
Poland currently spends about 4.1% of its GDP on military and defense, the highest of any NATO member. Polish Prime Minister Donald Tusk supported Trump's call for increased defense spending in a speech to the lawmakers of the European Parliament on Wednesday.&nbsp;
&#8220;We shouldn&#8217;t be irritated. We shouldn&#8217;t be appalled,&#8221; Tusk told lawmakers of the European Parliament. &#8220;Some think it&#8217;s extravagant or it is a brutal or malicious warning.&#8221;
Tusk told the Parliament that Russia poses an existential threat to the EU.&nbsp;
&#8220;I would like to tell you that this is a time when Europe cannot afford to save on security,&#8221; Tusk said.&nbsp;
Why It Matters: Many analysts expect increased defense spending under the new Trump administration and increased spending targets for NATO members would add to the likelihood of benefits for military and defense contractors like RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) and General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>). 
Truist Securities analyst Michael Ciarmoli recently<a href="https://www.benzinga.com/analyst-ratings/initiation/25/01/43010706/doge-fears-for-defense-contractors-lockheed-martin-northrop-grumman-overblown-analyst-says"> initiated coverage </a>on Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) and Northrop Grumman Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) with Buy ratings and price targets of $579 and $544, respectively. 
Ciarmoli said U.S. and NATO defense budgets will continue to grow and demand for missiles and munitions will be robust.
Additionally, NATO is increasingly using "bulk buys," an aggregated business model to purchase weapons systems and munitions. For example, the NATO Support and Procurement Agency ordered up to 1,000 Patriot Advanced Capability Missiles from MBDA and Raytheon's joint venture Comlog, on behalf of Romania, Spain, Germany and the Netherlands, as <a href="https://www.defensenews.com/global/europe/2024/07/23/natos-newfound-knack-for-hefty-bulk-buys-has-arms-maker-rtx-perked-up/">reported</a> by DefenseNews.&nbsp;
These bulk buys could result in large orders and purchases from defense contractors if NATO spending does increase.&nbsp;
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/large-cap/25/01/43106379/trump-reverses-bidens-ai-policies-on-day-1-what-it-means-for-tech-giants-nvidia-amd-alphabet">Trump Reverses Biden&#8217;s AI Policies On Day 1: What It Means For Tech Giants Nvidia, AMD, Alphabet&nbsp;</a></li>
</ul>
Photo: Shutterstock

Analyst Color

News

Politics

Trump Calls For Increased NATO Military Spending: Defense Contractors Stand To Benefit

In a recent interview, NBA team owner Mark Cuban highlighted the differences between X and Bluesky with a preference for Bluesky due to no algorithm and the ability to truly hide <a href="https://www.benzinga.com/general/social-media/24/12/42566461/mark-cuban-says-this-is-the-holy-grail-that-makes-bluesky-better-than-musks-x-platform">and block people.</a>
While Cuban is a fan of Bluesky, the National Football League isn't quite convinced and has told teams to pause their usage of the X rival.
What Happened: Bluesky has attracted strong user growth since<a href="https://www.benzinga.com/25/01/42867967/elon-musks-x-rival-bluesky-is-being-valued-at-700-million-after-explosive-growth-post-trumps-victory-report"> the 2024 presidential election</a> as social media users look for alternatives to the Elon Musk-owned X.
A recent podcast appearance by Kraft Sports + Entertainment Vice President of Content Fred Kirsch revealed that the NFL isn't ready to take advantage of the Bluesky growth yet, as <a href="https://www.sportico.com/business/tech/2025/nfl-bluesky-patriots-platforms-x-reddit-ban-alternatives-1234825016/">reported </a>by Sportico.
"Right now we're not allowed to," Kirsch said of having an active team using Bluesky. "Whenever the league gives us the green light, we'll get back on Bluesky."
Kraft Sports + Entertainment is the owner of the NFL's New England Patriots.
An NFL league source told Sportico that the NFL and its teams only have official presences on platforms where the league has partnership agreements. The NFL does not currently have a deal with Bluesky.
Deals for the NFL include TikTok, X and YouTube. These deals can include license fees, the split of advertisement revenue and be used for marketing purposes.
An NBC Sports <a href="https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/patriots-say-nfl-wont-allow-teams-to-be-on-bluesky-yet">report </a>said the NFL's policy not allowing NFL teams to post on Bluesky could raise antitrust concerns due to the league's partnership with platforms like X. NFL teams operate as independent businesses and should be able to make their own decisions over which platforms to be on, the report said.
X <a href="https://deadline.com/2024/04/nfl-x-twitter-renew-content-partnership-ceo-linda-yaccarino-1235899239/">announced </a>a renewed content partnership in April 2024 and saw the <a href="https://x.com/XBusiness/status/1858556135713681804">launch </a>of a new NFL-specific portal in October 2024.
You may not be a billionaire like Mark Cuban, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/25/01/42927075/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: Bluesky continues to grow and has over 29 million users according to the report. This is significantly less than the number of users that are on X and platforms like Instagram, Facebook, TikTok and YouTube. The NFL may be hesitant to sign a partnership with a newer platform.
Cuban is one of the most followed people on Bluesky with one million followers. Cuban is a part owner in the NBA's Dallas Mavericks. A quick search for the Mavericks on Bluesky brought up what looks like the team's official <a href="https://bsky.app/profile/dallasmavs.bsky.social">account</a>, which had one post back in May 2023 and has not posted since.
Several sports media personalities, including some from ESPN, can be found on Bluesky as the platform grows.
For Bluesky to continue its growth, the platform likely needs more well-known names, celebrities and sports teams to join. The NFL's decision will be closely monitored going forward.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42608667/bluesky-plans-to-build-its-own-payment-platform-and-it-could-take-12-months-says-coo-rose-wang-subscriptions-to-launch-early-next-year">Bluesky Planning Payment Platform That Could Arrive In 12 Months, Says COO Rose Wang, Aims To Align Financial Incentives With Users</a></li>
</ul>
Photo: Mojahid Mottakin via Shutterstock

Social Media

Sports

Mark Cuban Wants More Users On X Rival Bluesky, NFL Says No To Teams Using Platform

Ciena (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) has outperformed the market over the past 15 years by 2.3% on an annualized basis producing an average annual return of 14.58%. Currently, Ciena has a market capitalization of $13.95 billion. 
Buying $100 In CIEN: If an investor had bought $100 of CIEN stock 15 years ago, it would be worth $747.18 today based on a price of $98.18 for CIEN at the time of writing.
<h3>Ciena's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737675929_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

CIEN

$100 Invested In Ciena 15 Years Ago Would Be Worth This Much Today

Are you working tirelessly to keep a business running, managing operations, building client relationships and essentially <a href="https://www.benzinga.com/startups/24/11/41776393/49-of-ceos-say-their-role-should-be-automated-but-nvidia-ceo-jensen-huang-responds-absolutely-not-fo">doing the job of a CEO – </a>only to find out that you're earning just a fraction of what the company makes?&nbsp;
That's exactly the situation one Reddit user shared recently, sparking a heated debate about ethics, business loyalty and the pursuit of personal success.
The poster <a href="https://www.reddit.com/r/Entrepreneur/comments/1hmvs5f/should_i_undermine_my_boss_and_start_my_own/">explained</a> that their boss bought the business after her husband passed away. She hired them to help run it, but now they do 95% of the work. Meanwhile, the boss and her sons, who don't help much, keep most of the profits.&nbsp;
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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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They were only paid a base wage and a 5% commission on sales, even though the company was becoming increasingly successful. As they put it, "If I help this woman build her company for the next few years, who knows what I'll be left with at the end of it? She says if I do well, she will give me 30% equity, but that's not in writing.&#8221;
The question to the Reddit community was straightforward but complex: should they stay loyal and continue building someone else's legacy or leave to start a competing business and finally reap the full benefits of their efforts?
&#8220;She's a nice lady but just loves her sons a lot, so she wants her son to take over the company, even though they have no interest or know-how.&#8221;
See Also: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
<h2 class="wp-block-heading">The Case for Leaving</h2>
Many commenters supported the idea of starting their own business, arguing that loyalty in business often goes unrewarded. "You will not make this person suddenly care enough about you to reward you proportionally," one user wrote. Others pointed out that their contributions outweighed their compensation, making it reasonable to seek greener pastures.
Starting a new business would allow them to take control of their future and fully benefit from their hard work. Some even suggested that they could outcompete their boss's business, leveraging the relationships and knowledge they've built. However, they also admitted feeling guilty: "Part of me feels very bad for doing this to her after she introduced me to this industry (albeit it was by my own capacity it has gotten this far)."
However, there's a big caveat – ethical and legal boundaries. Using client lists, trade secrets or other proprietary information could result in lawsuits, especially if the employee signed a noncompete agreement. Many commenters urged consulting an attorney before making any moves, moving geographies or working with different clients.
Trending: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
<h2 class="wp-block-heading">The Case for Staying</h2>
While leaving may seem like the obvious choice, others argued that they owe something to the boss who gave them a chance after their first two businesses failed. &#8220;What about the part where op says he failed two businesses and she took a shot on him and gave him a place to work?&#8221; one commenter noted. "Why not just tell her what you told us? Give her a fair chance to bring you in on the 30% equity or whatever your terms are."
This approach would allow them to achieve their goals while maintaining integrity and preserving relationships.
Additionally, commenters warned about underestimating the <a href="https://www.benzinga.com/content/42677675/financial-planning-for-startups-tips-and-tools-to-track-every-dollar">challenges of running their own business</a>. Entrepreneurship comes with significant risks and responsibilities, from managing overhead costs to dealing with legal compliance and employee issues.
<h2 class="wp-block-heading">Balancing Ethics and Ambition</h2>
The heart of the dilemma is balancing ambition with ethical considerations. Starting a competing business isn't inherently unethical, but the way it's done matters. Poaching clients or using inside information could damage their reputation and lead to legal trouble. Conversely, staying in a role where they feel undervalued could leave them resentful and stuck.
Read Next:
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

'My Boss Keeps 95% Of The Profit While I Do All The Work,' An Employee Says, Asking, 'Should I Undermine Them And Start My Own Company?'

Aon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) has outperformed the market over the past 15 years by 3.82% on an annualized basis producing an average annual return of 16.09%. Currently, Aon has a market capitalization of $78.87 billion. 
Buying $1000 In AON: If an investor had bought $1000 of AON stock 15 years ago, it would be worth $9,345.72 today based on a price of $364.67 for AON at the time of writing.
<h3>Aon's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737675009_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 15 Years Ago Would Be Worth This Much Today

President Donald Trump confronted Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) CEO Brian Moynihan and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon on Thursday at the <a href="https://www.benzinga.com/topic/world-economic-forum" target="_blank" rel="noopener">World Economic Forum</a>, alleging discrimination against conservative clients.
Trump, addressing the audience via video conference, accused the financial giants of excluding conservative businesses, an allegation that the banks have denied, Fox Business <a href="https://www.foxbusiness.com/politics/trump-confronts-bank-america-ceo-not-taking-conservative-business">reports</a>.
What Happened: Trump directly confronted Moynihan, claiming that conservatives face banking discrimination. &#8220;I hope you start opening your bank to conservatives,&#8221; Trump said, alleging that certain financial institutions, including Bank of America, have refused to provide services to right-leaning clients. 
Trump suggested regulatory pressure from the Biden administration could influence such decisions and urged financial leaders to reconsider their policies. 
Moynihan did not respond to Trump&#8217;s remarks on the matter but instead shifted the discussion toward Bank of America&#8217;s sponsorship of the upcoming World Cup in the U.S. A spokesperson for the bank later refuted claims of political bias, saying, &#8220;We serve more than 70 million clients and we welcome conservatives.&#8221; 
The bank insisted account closures are based solely on regulatory compliance, not political affiliations.
Also Read: <a href="https://www.benzinga.com/25/01/43169109/blackrocks-larry-fink-warns-that-new-inflationary-pressures-could-shock-the-stock-market-it-could-be-pretty-bad">BlackRock&#8217;s Larry Fink Warns That New Inflationary Pressures Could &#8216;Shock&#8217; The Stock Market: &#8216;It Could Be Pretty Bad&#8217;</a>
The president also called out Dimon, urging him to ensure fair access to banking services for conservative clients. A JPMorgan Chase spokesperson emphasized their stance, saying, &#8220;We never close accounts for political reasons, full stop.&#8221;
Why It Matters: Trump&#8217;s comments add to ongoing scrutiny over financial institutions allegedly engaging in &#8220;de-banking&#8221; practices. The issue has drawn attention from policymakers, with attorneys general from 15 states previously condemning what they describe as discriminatory banking policies, Fox Business reports.
In a broader context, <a href="https://www.benzinga.com/news/global/25/01/43170854/trump-outlines-economic-reset-at-davos-5-things-you-need-to-know">Trump&#8217;s remarks at Davos</a> underscored his focus on overhauling economic policies, with an emphasis on deregulation, tax cuts for businesses, and expanding domestic energy production. He positioned these measures as key drivers to encourage investment and strengthen U.S. manufacturing.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">Trump Signs Executive Order On Crypto, Bitcoin Reserve To Be &#8216;Evaluated&#8217;</a></li>
</ul>
Photo: Shutterstock

Trump Confronts Bank Of America, JPMorgan CEOs Over Alleged Conservative Bias

Union Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) has outperformed the market over the past 15 years by 2.79% on an annualized basis producing an average annual return of 15.06%. Currently, Union Pacific has a market capitalization of $150.41 billion. 
Buying $100 In UNP: If an investor had bought $100 of UNP stock 15 years ago, it would be worth $806.14 today based on a price of $248.10 for UNP at the time of writing.
<h3>Union Pacific's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737674111_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 15 Years Ago, You Would Have This Much Today

Guidance

Gran Tierra Energy Forecasts 2025 Production Of 47,000-53,000 BOEPD, Representing At The Midpoint, An Increase Of 44% YoY

Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) reported quarterly earnings of $0.17 per share which met the analyst consensus estimate. This is a 22.73 percent decrease over earnings of $0.22 per share from the same period last year. The company reported quarterly sales of $46.37 million which beat the analyst consensus estimate of $41.51 million by 11.71 percent. This is a 4.81 percent increase over sales of $44.24 million the same period last year.

Earnings

Earnings Beats

HTBK

Heritage Commerce Q4 2024 GAAP EPS $0.17, Inline, Sales $46.37M Beat $41.51M Estimate

Glaukos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GKOS#NYSE">GKOS</a>) has outperformed the market over the past 5 years by 9.42% on an annualized basis producing an average annual return of 22.7%. Currently, Glaukos has a market capitalization of $8.89 billion. 
Buying $1000 In GKOS: If an investor had bought $1000 of GKOS stock 5 years ago, it would be worth $2,851.94 today based on a price of $161.22 for GKOS at the time of writing.
<h3>Glaukos's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737672311_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

GKOS

$1000 Invested In Glaukos 5 Years Ago Would Be Worth This Much Today

Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has outperformed the market over the past 10 years by 3.31% on an annualized basis producing an average annual return of 15.1%. Currently, Morgan Stanley has a market capitalization of $221.44 billion. 
Buying $100 In MS: If an investor had bought $100 of MS stock 10 years ago, it would be worth $397.58 today based on a price of $137.80 for MS at the time of writing.
<h3>Morgan Stanley's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737671417_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $100 Invested In Morgan Stanley 10 Years Ago Would Be Worth Today

Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares are losing altitude in Thursday&#8217;s after-hours session after the company reported <a href="https://www.benzinga.com/pressreleases/25/01/n43177820/boeing-reports-preliminary-fourth-quarter-results">preliminary fourth-quarter financial results</a>.
What Happened: After the market close on Thursday, Boeing announced that it will recognize impacts to its quarterly results related to the IAM work stoppage and agreement, charges for certain Defense, Space &amp; Security programs and costs associated with workforce reductions from last year.
As a result, the airplane manufacturer now expects to report fourth-quarter revenue of $15.2 billion versus estimates of $16.27 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. Boeing also anticipates a fourth-quarter loss of $5.46 per share.
Operating cash flow is expected to be negative $3.5 billion in the fourth quarter. Boeing said it had $26.3 billion in cash and investments in marketable securities at the quarter&#8217;s end.
&#8220;Although we face near-term challenges, we took important steps to stabilize our business during the quarter including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to improve our balance sheet,&#8221; said&nbsp;Kelly Ortberg, president and CEO of Boeing.
&#8220;We also restarted 737, 767 and 777/777X production and our team remains focused on the hard work ahead to build a new future for Boeing.&#8221;
BA Price Action: Boeing shares were down 1.43% in after-hours, trading at $175.95 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next:
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</ul>
Photo: Courtesy of Boeing.

Movers

Boeing Stock Falls On Preliminary Q4 Results: The Details

RFAC

RF Acquisition Says Shareholders Approved Business Combination With GCL Global Holdings At Its Special Meeting

Cryptocurrency markets are trading sideways after a volatile Thursday that saw President Trump sign a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">crypto-related executive order.</a>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td> $103,650</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td> $3,268</td>
<td>+0.3%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td> $248.26</td>
<td>-5.6%</td>
</tr>
<tr>
<td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td> $3.10</td>
<td>-2.1%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td> $0.3484</td>
<td>-3.1%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td> $0.00001978</td>
<td>-2.6%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows large transaction volume decreasing by 8.2% and daily active addresses falling by 6.1%. Transactions greater than $100,000 are down from 13,808 to  12,074 in a single day. Exchanges netflows are down by 4.4%.</li>
<li>Coinglass data reports 130,379 traders were liquidated in the past 24 hours for $335.74 million.</li>
<li>Crypto chart analyst Ali Martinez noted that capital inflows into the cryptocurrency market have declined by 63.3% to $43.37 billion since Dec. 10. He <a href="https://x.com/ali_charts/status/1882316333616169360">believes</a> that this suggests a slowdown in market participation and liquidity.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43161311/donald-trump-has-more-than-50-of-net-worth-in-crypto-will-establish-strategic-bitcoin-reserve-anthony-pompliano-predicts">Donald Trump Has &#8216;More Than 50%&#8217; Of Net Worth In Crypto, Will Establish Strategic Bitcoin Reserve, Anthony Pompliano Predicts</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43170775/crypto-senator-lummis-to-chair-senate-banking-digital-assets-subcommittee-is-the-bitcoin-reserve-on-its-way">&#8216;Crypto Senator Lummis&#8217; To Chair Senate Banking Digital Assets Subcommittee: Is The Bitcoin Reserve On Its Way?</a></li>
<li><a href="https://www.benzinga.com/25/01/43151055/sam-altman-founded-world-network-rallies-on-openais-role-in-ai-project-stargate">Sam Altman-Founded Worldcoin Network Rallies, Defying Bitcoin and Ethereum Decline, Amid OpenAI&#8217;s Role in Project Stargate</a></li>
<li><a href="https://www.benzinga.com/25/01/43146179/cryptocurrency-etfs-attract-record-inflows-amid-market-volatility-and-policy-uncertainty">Bitcoin, Ethereum ETFs Attract Record Inflows Despite Market Volatility, Policy Uncertainty</a></li>
</ul>
Top Losers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Fartcoin (CRYPTO: FARTCOIN)</td>
<td>&nbsp;$1.47</td>
<td>-26%</td>
</tr>
<tr>
<td>ai16z (CRYPTO: AI16Z)</td>
<td>&nbsp;$0.8975</td>
<td>-19.5%</td>
</tr>
<tr>
<td>SPX6900 (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SPX</a>)</td>
<td>&nbsp;$1.26&nbsp;</td>
<td>-13.9%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: With Bitcoin prices relatively flat, crypto trader Seth <a href="https://x.com/seth_fin/status/1882487524393885939">highlighted</a> that Bitcoin is currently at a key resistance level. 
He believes breaking this level could trigger a major pump, remarking that "BTC will salute its new President."
More Crypto Online noted Bitcoin remains in a sideways range despite today's slight upward move. 
Patience is critical until the breakout direction becomes clear.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: While there was a nice move to the upside today, the price is still caught in a sideways range. A break below the yellow D-wave now would shift probabilities towards the yellow scenario. A break above $107,250 would confirm the blue scenario further. The manner in which the… <a href="https://t.co/24C4WkuR4J">pic.twitter.com/24C4WkuR4J</a>
&mdash; More Crypto Online (@Morecryptoonl) <a href="https://twitter.com/Morecryptoonl/status/1882494512192253970?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Crypto trader BitQuant <a href="https://x.com/BitQua/status/1882399598427492668">dismissed</a> claims that Bitcoin has already topped or will peak below $166,000, arguing that such predictions underestimate BTC's potential.
He warned that skeptics risk missing out on substantial gains, even if corrections occur along the way.
Another trader remains bullish, anticipating new all-time highs soon. 
While consolidation above $98,000 may continue, Scient emphasized that holding $99,000 on the 1D chart signals no bearish trends. 
He <a href="https://x.com/Crypto_Scient/status/1882492557231603793">wonders</a> why the crypto timeline is calling for a top in this environment.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43159152/bitcoin-at-102000-but-why-does-the-market-feel-so-bearish">Bitcoin At $102,000 But Why Does The Market Feel So Bearish?</a></li>
</ul>
Image: Shutterstock

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MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has outperformed the market over the past 20 years by 13.3% on an annualized basis producing an average annual return of 21.82%. Currently, MicroStrategy has a market capitalization of $91.46 billion. 
Buying $1000 In MSTR: If an investor had bought $1000 of MSTR stock 20 years ago, it would be worth $51,323.25 today based on a price of $371.07 for MSTR at the time of writing.
<h3>MicroStrategy's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737670511_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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This includes a $0.3 billion loss associated with pension plans in the United States, a $0.9 billion gain associated with pension plans outside the United States, and a $0.1 billion gain associated with OPEB plans globally.
&nbsp;The remeasurement gain was largely driven by higher discount rates compared to year-end 2023, partially offset by asset returns lower than our assumptions.&nbsp;
On an after-tax basis, the remeasurement is expected to increase our net income by about $0.4 billion as we expect to recognize a net tax expense based on the tax rates in the jurisdictions where there are remeasurement gains and losses.&nbsp;
Because the remeasurement is a special item, it will not impact total Company adjusted EBIT or adjusted earnings per share. The remeasurement did not have an impact on cash in 2024 and does not change expectations for pension contributions in 2025. In aggregate, funded plans remain fully funded.
Including the impact of remeasurement gains and losses during 2024, Ford expect the underfunded status for pension and OPEB plans to be about $0.5 billion and $4.4 billion, respectively, at year-end 2024, compared with $2.3&nbsp;billion and $4.7 billion, respectively, at year-end 2023.

Ford Expect To Record Pre-tax Remeasurement Gain In Q4 Results Of Approximately $0.7B Related To Pension And OPEB Plans;  No Impact On Adjusted EBIT Or EPS - Filing

Discovery Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) comfortably beat market expectations in its fourth quarter earnings report.
What Happened: The digital banking and payment services provider achieved a <a href="https://www.benzinga.com/news/earnings/25/01/43148923/discover-delivers-q4-earnings-beat-revenue-beat-the-details">41% growth in net income </a>year over year.
"Despite a modest slowdown in US card sales, overall network volume increased driven by growth in our Pulse business, demonstrating the strength of our payments network," the interim CEO Michael Shepherd <a href="https://investorrelations.discover.com/newsroom/press-releases/default.aspx">said</a> in the earnings call.
Among the streamlining efforts, Shepherd highlighted:
<ul>
<li>$4.5 billion in income stemmed from loan growth, deposit expansion, and an improved net interest margin. </li>
<li>Total loans increased by 3% despite the sale of the student loan portfolio.</li>
<li>Personal loans grew 5% year over year.</li>
</ul>
The results underscore a strong consumer demand for credit, backed by a stable labor market and wage growth outpacing inflation. However, CFO John Greene noted a 3% contraction in Discover card sales, which he attributes to credit-tightening actions going as far as 2022.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">Trump Signs Executive Order On Crypto, Bitcoin Reserve To Be &#8216;Evaluated&#8217;</a>
Why It Matters: Despite this modest slowdown in card sales, the broader trends suggest stability and potential recovery. Payment rates, though slightly down sequentially, remain about 90 basis points above pre-pandemic levels, showing that consumers are still effectively managing their financial obligations.
In a note, Keefe, Bruyette &amp; Woods analysts pointed to the net-interest-margin-driven pre-provision net revenue and highlighted credit quality. They maintained the $232 price target, deriving it from applying the 16x multiple to the 2026 EPS estimate of $14.5. This price target is approximately 15% above today's closing price of $201.20
Last month, Capital One (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) announced the approval of the Office of the Delaware State Bank Commissioner regarding the DFS acquisition. Pending satisfaction of the remaining closing conditions, the all-stock transaction is expected to close early in 2025.
Although the proposed merger drew criticism, particularly from Sen. Elizabeth Waren (D-MA) and Rep. Alexandria Ocasio-Cortez, Shepherd remains undeterred that creating the largest domestic credit card operator is the best course of action.
"We continue to firmly believe that merger will advance our company&#8217;s shared mission to help our customers meet their financial goals, support the communities in which we operate, and create value for our shareholders," he noted.
Read Next:
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<li><a href="https://www.benzinga.com/news/global/25/01/43172806/tesla-lost-15-billion-in-brand-value-in-2024-report-says-did-elon-musks-political-push-hurt-ev-giant">Tesla Lost $15 Billion In Brand Value In 2024, Report Says: Did Elon Musk&#8217;s Political Push Hurt EV Giant?</a></li>
</ul>
Image: Shutterstock

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Discovery Financial Services Notches Earnings Beat As Healthy Credit Demand Delivers

Twilio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) shares are trading higher in Thursday&#8217;s after-hours session after the company provided preliminary financial results <a href="https://www.benzinga.com/pressreleases/25/01/b43052287/twilio-to-announce-fourth-quarter-and-fiscal-year-2024-results-on-february-13-2025">for the fourth quarter</a>.
What Happened: After the market close on Thursday, Twilio introduced new financial expectations in a regulatory filing. The company said it now expects fourth-quarter revenue growth of approximately 11% year-over-year, up from prior guidance of 7% to 8%. 
Twilio said it now expects adjusted income from operations for the fourth quarter to be above the top end of its prior guidance of $185 million to $195 million. The company also anticipates positive GAAP income from operations in the fourth quarter.
Twilio noted that it expects to report free cash flow for full-year 2024 within the range of $650 million to $675 million, which was the guidance range provided in the company&#8217;s third-quarter report.
Twilio is expected to report fourth-quarter financial results after the market close on Feb. 13. Current estimates call for earnings of $1 per share and revenue of $1.16 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
TWLO Price Action: <a href="http://benzinga.com/quote/twlo">Twilio shares</a> were up 9.79% in after-hours, trading at $124.50 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: • <a href="https://www.benzinga.com/trading-ideas/previews/25/01/43174420/verizon-q4-earnings-preview-company-show-5g-growth-reverse-streak-revenue-misses">Verizon Q4 Earnings Preview: Will Company Show 5G Growth, Reverse Streak Of Revenue Misses?</a>
This illustration was generated using artificial intelligence via Midjourney.

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