Nature's Miracle Holding 株価情報 (NASDAQ: NMHI)

最新ニュース Nature's Miracle Holding (NASDAQ:NMHI) 株価情報

Nature's Miracle Holding

Nature's Miracle Holding Inc is a growing agriculture technology company providing Controlled Environment Agriculture (CEA) hardware products to growers in the CEA industry setting in North America. It provides hardware to design, build, and operate various indoor growing settings, including greenhouse and indoor growing spaces. Its products include Horticultural Lighting, Irrigation System, Power Distribution Systems, Climate Control Systems, Disinfection Systems, and Materials And Equipment.

Nature's Miracle Holding Inc. - Common Stock

Nature's Miracle Holding Inc

The incoming Donald Trump administration is reportedly planning to extend the regulatory power of the Commodity Futures Trading Commission to oversee a major portion of the cryptocurrency market.
What Happened: The&nbsp;CFTC's role could soon expand&nbsp;to include the regulation of&nbsp;spot markets for major assets such as&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), along&nbsp;with the exchanges that facilitate&nbsp;their trading, Fox Business <a href="https://www.foxbusiness.com/markets/trump-admin-eyes-cftc-lead-digital-asset-regulation">reported </a>on Tuesday, citing sources close to Trump&#8217;s team.
The proposed move is&nbsp;part of a broader effort&nbsp;by President-elect Trump and&nbsp;the Republican majorities in Congress&nbsp;to scale back the regulatory power that&nbsp;the SEC has exerted&nbsp;over the digital asset industry&nbsp;under President Joe Biden and his&nbsp;outgoing SEC chairman, Gary Gensler.
Key figures&nbsp;in the incoming Trump administration&nbsp;believe that less stringent regulation&nbsp;is needed to spur innovation&nbsp;in the cryptocurrency business.
If implemented, the move would give the CFTC, the regulator of the U.S. derivatives market, jurisdiction over a nearly $2.24 trillion market for Bitcoin and Ethereum, making up more than 70% of the global cryptocurrency market.
The CFTC didn&#8217;t immediately respond to Benzinga&#8217;s request for confirmation. A mail sent to Trump&#8217;s former campaign spokesman wasn&#8217;t responded to either.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42205579/jim-cramer-says-bitcoin-and-ethereum-deserve-a-spot-in-your-portfolio-as-hedge-against-rising-us-debt-ive-liked-crypto-for-a-very-long-time">Jim Cramer Says Bitcoin And Ethereum &#8216;Deserve A Spot In Your Portfolio&#8217; As Hedge Against Rising US Debt: &#8216;I&#8217;ve Liked Crypto For A Very Long Time&#8217;</a>
Why It Matters: The CFTC has long considered digital assets like Ethereum <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31270768/ethereum-a-commodity-too-cftc-chair-thinks-it-should-be-added-to-gary-genslers-bitcoin-onl">as commodities</a>, as stated by CFTC Chair Rostin Benham in his testimony before the Senate Agriculture Committee, in contrast to the <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37538468/sec-chair-gary-gensler-declines-to-say-whether-ethereum-is-a-commodity-its-about-circumsta">SEC&#8217;s ambiguous position</a> on the asset.
As for Bitcoin, the asset has <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27866983/commodity-or-security-new-bitcoin-insights-from-sec-chairman-gary-gensler">long been recognized as a commodity</a>, even by the SEC, protecting it against regulatory scrutiny.
The Trump transition team has been considering the creation of a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house">White House role dedicated to cryptocurrency policy</a>, indicating a potential shift in the U.S. government's approach to digital assets (<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house">source</a>).
This change in regulatory oversight comes as SEC Chair Gary Gensler, known for his stringent regulatory approach towards cryptocurrencies, <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">announced his resignation </a>effective from Trump&#8217;s inauguration day.
Image via Pixabay
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>
Disclaimer:&nbsp;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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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

Cryptocurrency

Government

News

Regulations

Markets

$BTC

$ETH

Trump Administration To Reportedly Let CFTC Regulate Bitcoin, Ethereum Spot Market, Is The SEC Set To Lose Its Grip Over Crypto?

In a provocative discourse on modern military technology, leading tech innovators are challenging traditional warfare strategies, arguing that autonomous drones and artificial intelligence will <a href="https://www.benzinga.com/news/24/11/42157649/trumps-doge-co-lead-elon-musk-slams-lockheed-martins-f-35-fighter-jets-advocates-drone-warfare-as-pentagon-defends-1-8-trillion-program">fundamentally transform military combat</a>.
What Happened: Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk sparked widespread discussion by asserting that &#8220;future wars are all about drones &amp; hypersonic missiles&#8221; and that human-piloted fighter jets will be quickly decimated in modern conflict.
Pierre Ferragu, an analyst at New Street Research, further proposed redirecting Defense Department budgets toward innovative startups, drawing parallels to NASA&#8217;s approach two decades ago.
Musk&#8217;s perspective was amplified during a podcast with Joe Rogan and Marc Andreessen, where they detailed the potential of AI-controlled aircraft. The experts highlighted critical advantages of drone warfare, including:
<ul>
<li>Unprecedented processing speeds</li>
<li>Ability to withstand extreme G-forces</li>
<li>Elimination of human physical limitations</li>
<li>Potential for larger, more numerous deployment</li>
</ul>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Time to shift the Defense Department's budget toward start-ups, just as NASA began doing 20 years ago. Will fuel innovation, spur economic growth, create wealth, and deliver the defense capabilities we deserve. <a href="https://t.co/U5HoxVEGlf">https://t.co/U5HoxVEGlf</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1861530036513423452?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/11/42205410/elizabeth-warren-slams-trump-transition-funding-strategy-involving-private-donors-calls-it-ploy-for-insiders-to-line-their-pockets">Elizabeth Warren Slams Trump Transition Funding Strategy Involving Private Donors, Calls It Ploy For &#8216;Insiders To Line Their Pockets&#8217;</a>
What Happened: The Pentagon&#8217;s F-35 program, manufactured by Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), remains a focal point of debate. Despite a staggering $1.8 trillion estimated total cost, the program continues to face scrutiny from technology leaders <a href="https://www.benzinga.com/news/24/11/42157649/trumps-doge-co-lead-elon-musk-slams-lockheed-martins-f-35-fighter-jets-advocates-drone-warfare-as-pentagon-defends-1-8-trillion-program">questioning its long-term relevance</a>.
Musk, recently appointed to co-lead the Department of Government Efficiency (DOGE), has been vocal about reducing government expenditures. His critique extends beyond military technology, previously warning about potential economic risks from <a href="https://www.benzinga.com/general/social-media/24/11/42155884/economist-slams-doges-simplistic-approach-to-government-spending-questions-super-bowl-ad-criticism">excessive government spending</a>.
Analysts like Mario Georgiou from InCred Global Wealth U.K. suggest potential annual savings between $50-100 billion, though this represents a modest fraction of the projected $6.7 trillion <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">federal budget for 2024</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/11/42206182/cathie-wood-sees-400b-opportunity-in-biologics-how-have-her-bets-fared">Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Startups

Tech

TSLA

Amid Elon Musk's Push For Drones And AI For Combat Transformation, Analyst Pierre Ferragu Says Shift The Defense Budget In Favor Of Startups

Cathie Wood, CEO of ARK Invest, is doubling down on biologics, seeing unprecedented potential at the intersection of artificial intelligence, genetic sequencing, and gene editing technologies.
What Happened: Wood&#8217;s enthusiasm centers on what she describes as a transformative convergence of technologies that could revolutionize medical treatment and drug discovery. 
Speaking candidly about the sector, Wood highlighted the remarkable progress in genetic therapies, particularly in companies like Crispr Therapeutics AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>), Intellia Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>), and Beam Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEAM#NASDAQ">BEAM</a>).
Her most striking example involves Crispr Therapeutics&#8217; recent breakthrough in sickle cell disease treatment. Wood noted, referencing how patients who previously required 12 to 20 annual blood transfusions might now be free from such interventions.
The strategy extends beyond treatment breakthroughs to drug development itself. Wood points to companies like Recursion Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXRX#NASDAQ">RXRX</a>) as leveraging artificial intelligence to dramatically reduce clinical trial failure rates and accelerate drug development timelines.
However, the market performance of these innovative companies tells a more nuanced story. Year-to-date, the stocks have experienced significant volatility: Crispr Therapeutics is down 25.36%, Intellia Therapeutics has dropped 52.21%, Beam Therapeutics declined 3.04%, and Recursion Pharmaceuticals fell 9.80%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Which market sector excites <a href="https://twitter.com/CathieDWood?ref_src=twsrc%5Etfw">@CathieDWood</a> the most and why? In <a href="https://twitter.com/hashtag/askARK?src=hash&amp;ref_src=twsrc%5Etfw">#askARK</a>, she shares her growing enthusiasm for the biologics space. Have more questions for Cathie? Share them in the comments. <a href="https://t.co/WjilZChce6">pic.twitter.com/WjilZChce6</a>
&mdash; ARK Invest (@ARKInvest) <a href="https://twitter.com/ARKInvest/status/1861431767506268404?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/entertainment/24/11/42205763/disney-reaches-43m-settlement-in-gender-pay-discrimination-lawsuit-women-can-expect-equitable-treatment-moving-forward">Disney Reaches $43M Settlement In Gender Pay Discrimination Lawsuit: &#8216;Women Can Expect Equitable Treatment&#8217; Moving Forward</a>
Why It Matters: ARK&#8217;s commitment to this sector is evident through its Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>), which manages net assets of $1.179 billion. The fund&#8217;s performance reflects the sector&#8217;s volatility, with annual returns ranging from a high of 180.50% in 2020 to a low of -53.94% in 2022.
The ETF&#8217;s current top holdings underscore Wood&#8217;s strategic focus on innovative biological technologies. Twist Bioscience Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>) leads the portfolio at 8.90%, followed by Crispr Therapeutics at 7.88% and Recursion Pharmaceuticals at 6.17%. Other significant investments include CareDx Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>), Veracyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCYT#NASDAQ">VCYT</a>), and Adaptive Biotechnologies Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>), representing a diversified approach to genomic and biological innovation.
Wood&#8217;s vision suggests a potential $400 billion market opportunity in biologics over the next five years, driven by the unprecedented convergence of AI, sequencing technologies, and gene editing. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42202496/goldman-sachs-expects-major-selloffs-in-canadian-dollar-mexican-peso-says-trump-tariffs-threaten-usmca-agreement">Goldman Sachs Expects Major Selloffs In Canadian Dollar, Mexican Peso, Says Trump Tariffs Threaten USMCA Agreement</a></li>
</ul>
Image via Ark Invest
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Biotech

Health Care

ADPT

ARKG

BEAM

CDNA

CRSP

NTLA

RXRX

TWST

VCYT

Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?

ChatGPT-maker OpenAI's unreleased Sora text-to-video AI model has reportedly been leaked by a group of beta testers protesting its handling of artists.
What Happened: A group of Sora beta testers claimed responsibility for leaking access to the model on Tuesday, which included a working interface, on Hugging Face, a public repository for AI tools.
According to an open letter, the artists accused OpenAI of exploiting their work for &#8220;unpaid R&amp;D&#8221; and &#8220;art washing.&#8221; They alleged that the company used them to create promotional credibility while denying fair compensation.
&#8220;We are sharing this to the world in the hopes that OpenAI becomes more open, more artist friendly, and supports the arts beyond PR stunts,&#8221; the letter read.
See Also: <a href="https://www.benzinga.com/tech/24/11/42154107/consumer-tech-news-nov-18-nov-22-us-doj-demands-google-to-divest-chrome-browser-gemini-ai-available-on-apple-more?itm_source=parsely-api">Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple &amp; More</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This looks real &#8211; early testers have leaked access to OpenAI Sora using Hugging Face Space <a href="https://t.co/Hx1vflGsx5">https://t.co/Hx1vflGsx5</a> <a href="https://t.co/HFDd3aDT8C">pic.twitter.com/HFDd3aDT8C</a>
&mdash; Tibor Blaho (@btibor91) <a href="https://twitter.com/btibor91/status/1861433835528839632?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8; Another leaked SORA anime video Do you think the next generation of anime will be AI-generated? <a href="https://t.co/vOp8WxVUri">pic.twitter.com/vOp8WxVUri</a>
&mdash; Haider. (@slow_developer) <a href="https://twitter.com/slow_developer/status/1861473746990530673?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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OpenAI did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, OpenAI&#8217;s valuation <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">soared to $157 billion</a> following a successful funding round.
OpenAI&#8217;s potential shift from a nonprofit to a for-profit model has led to a financial and <a href="https://www.benzinga.com/startups/24/10/41556636/microsoft-and-openai-clash-over-14-billion-as-the-ai-leader-converts-to-a-for-profit-business-disrup">governance tug-of-war</a> with Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which has invested nearly $14 billion in the company since 2019.
ChatGPT-maker has also been grappling with a series of <a href="https://www.benzinga.com/news/24/09/41037848/openai-cto-mira-murati-steps-down-i-want-to-create-the-time-and-space-to-do-my-own-exploration-elon">high-profile exits</a>, including its CTO Mira Murati, who in March said that Sora was <a href="https://www.benzinga.com/news/24/03/37688389/openais-mira-murati-lists-out-the-real-issues-delaying-sora-ai-release-this-is-the-reason-why-were-n">expected to launch</a> by the end of 2024.
At the time she also said that the company would not release the model unless they were confident in its ability to avoid negative impacts, such as influencing global elections.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo courtesy: Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42156373/marc-benioff-warns-were-near-the-upper-limits-of-llms-the-future-of-ai-lies-in-autonomous-agents-not-bots-like-chatgpt?itm_source=parsely-api">Marc Benioff Says Future Of AI Not In Bots Like ChatGPT But In Autonomous Agents: We Aren&#8217;t At The Moment Seen In Those &#8216;Crazy&#8217; Movies</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

MSFT

OpenAI's Sora Video Model Leak Exposes Deep Rift With Artists — Unpaid R&D, PR Puppets, And Content Approval Fury: What You Need To Know

Leading cryptocurrencies slid further Tuesday, as long-term investors continued to chase profits.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.18%</td>
<td>$92,538.27</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.32%</td>
<td>$3,335.13</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-4.39%</td>
<td>$0.3886</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 in overnight hours. The corrective action has wiped all of the gains made over the week, halting the leading cryptocurrency&#8217;s rise to $100,000.
Long-term Bitcoin holders have offloaded 728,000 coins in the past 30 days, marking the largest sell-off since April.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Long-term holders have offloaded 728,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in the past 30 days. This marks the highest sell-off since April. <a href="https://t.co/oWqqgIUeSR">pic.twitter.com/oWqqgIUeSR</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1861467958851289158?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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Over $364 million in long positions were liquidated in the past 24 hours, out of a total of $477 million. Bitcoin's Open Interest also declined by over 5% in the last 24 hours.&nbsp;
That said, the number of Binance traders going long on Bitcoin still heavily outpaced those betting against the asset, <a href="https://www.coinglass.com/LongShortRatio">according </a>to the Long/Shorts Ratio indicator.
Additionally, around $695 million in leveraged shorts risked liquidation if the apex cryptocurrency rebounds to $98,000.
Top Gainers (24-Hours)
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Algorand (ALGO)</td>
<td>+13.71%</td>
<td>$0.3031</td>
</tr>
<tr>
<td>Fantom (FTM)</td>
<td>+7.27%</td>
<td>$1.08</td>
</tr>
<tr>
<td>Injective (INJ)</td>
<td>+7.09%</td>
<td>$29.61</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.18 trillion, following a contraction of 2.29% in the last 24 hours.
Stocks climbed to new records Tuesday. The Dow Jones Industrial Average rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&amp;P 500 gained 0.57% to end at 6,021.63. Both the broad-based indexes closed at record highs. Tech-focused Nasdaq Composite added 0.63% higher to close at 19,175.58.
Investors parsed the minutes from the Federal Reserve meeting, which <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42198763/fed-minutes-reveal-confidence-in-inflation-reduction-yet-flag-divergent-views-on-interest-rate-path-ahead">revealed </a>a consensus among policymakers that inflation was gradually reducing.
Market participants raised the odds of a 25 basis-point cut in next month's FOMC meeting to 57.7%, up from 52.3% a day earlier, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.
The personal consumption expenditure (PCE) data, considered the Fed's preferred inflation gauge, is slated to be released Wednesday.
.See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: In a note shared with Benzinga, Haider Rafique, Global Chief Marketing Officer at cryptocurrency exchange OKX, commented on why Bitcoin was fumbling around the $100,000 mark.
&#8220;There&#8217;s definitely profit-taking at these levels. The average holding price is around $30,000, representing a two to three-times upside for investors. So, there&#8217;s significant sell pressure, but we also see equal buyback pressure," Rafique stated.
He added, "Many people have had $100,000 as a price target for liquidation. We&#8217;re seeing institutions like MicroStrategy buying and holding significant supply, which naturally reduces available liquidity on exchanges and creates upward momentum."&nbsp;
Widely-followed cryptocurrency analyst Ali Martinez spotted a ‘buy signal' from the TD Sequential indicator on Bitcoin's hourly chart.
Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was witnessed, potentially helping Bitcoin to rebound to $95,000-$96,000.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hourly chart, while a bullish divergence forms against the RSI, which could help <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> rebound to $95,000 &#8211; $96,000! Join me in this trade by signing up to <a href="https://twitter.com/coinexcom?ref_src=twsrc%5Etfw">@coinexcom</a> using my referral link <a href="https://t.co/73n8mW9Y5p">https://t.co/73n8mW9Y5p</a>. <a href="https://t.co/lKozxI8JVP">pic.twitter.com/lKozxI8JVP</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861400256463737199?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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Photo by CMP_NZ on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>

Movers

Trading Ideas

$DOGE

Bitcoin, Ethereum, Dogecoin Tumble As 'Diamond Hands' Lock In Gains: Top Analyst Anticipates BTC Rebound

On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The trades included the sale of Tesla shares across multiple ETFs, reflecting strategic adjustments in Ark&#8217;s portfolio.
The Tesla Trade
Ark Invest&#8217;s decision to sell Tesla shares on Tuesday was a continuation of its recent trading strategy. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) offloaded 33,837 shares, while the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) sold 19,474 shares. With Tesla&#8217;s closing price at $338.23, these sales amounted to approximately $18.03 million. 
This move follows a series of trades where Ark has been recalibrating its holdings, including significant transactions involving Tesla earlier in the week. <a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Recent adjustments</a> came amid potential impacts from California&#8217;s consumer rebates proposal affecting Tesla&#8217;s eligibility.
Despite the sale, Cathie Wood has previously expressed a bullish outlook on Tesla&#8217;s future, particularly in the autonomous vehicle sector. She <a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner">envisions</a> a &#8220;trillion-dollar-plus revenue opportunity&#8221; for Tesla, driven by advancements in autonomous driving technology. Wood&#8217;s confidence in Tesla&#8217;s long-term prospects remains strong, even as Ark Invest strategically reallocates its portfolio. Wood&#8217;s predictions highlight the potential for Tesla to dominate the market with its innovative technologies.
Other Key Trades:
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42159139/microstrategy-shares-rise-in-monday-pre-market-as-michael-saylor-reveals-mstr-generating-500m-daily-amid-bitcoins-surge?itm_source=parsely-api" target="_blank" rel="noopener">MicroStrategy Shares Rise In Monday Pre-Market As Michael Saylor Reveals MSTR Generating $500M Daily Amid</a>
<ul>
<li>Advanced Micro Devices Inc. : Ark Invest purchased 17,521 shares through the ARK Autonomous Technology &amp; Robotics ETF. The transaction was valued at $2.4 million based on AMD stock closing 2.4% lower at $137.22 on Tuesday.</li>
<li>Illumina Inc. : 50,424 shares were acquired by the ARK Innovation ETF .</li>
<li>Pacific Biosciences of California Inc. : Ark Invest bought 48,276 shares via the ARK Innovation ETF and 28,368 shares through ARK Genomic Revolution ETF. </li>
<li>Twist Bioscience Corp : The ARK Innovation ETF added 18,146 shares to its holdings. 3,275 shares were added through ARK Genomic Revolution ETF.</li>
</ul>
Image via Shutterstock
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now?itm_source=parsely-api" target="_blank" rel="noopener">Michael Saylor Reveals MicroStrategy Is &#8216;Making $500M A Day&#8217; With Bitcoin: &#8216;May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now&#8217;</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARKK

ARKQ

Cathie Wood's Latest Tesla Dump: Ark Sells $18M Worth Of Stock

The Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has agreed to pay $43.25 million to settle a gender pay discrimination lawsuit, ending years of legal proceedings.
What Happened: The lawsuit, filed in 2019 by Disney employee LaRonda Rasmussen, alleged that she was paid less than male colleagues in similar roles.
The case expanded as more female employees joined, leading to a California judge granting class certification in December 2023.
Plaintiffs argued that Disney had a company-wide policy before 2018 that resulted in women receiving lower starting salaries than men.
This was partly due to basing pay on prior salaries, which often reflected gender disparities.
A labor economist&#8217;s analysis, cited by the plaintiffs, indicated that from 2015 to 2022, women at Disney earned less than their male counterparts, with a 2.01% female pay penalty.
See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42201885/dell-technologies-shares-drop-after-q3-revenue-misses-estimates-details?itm_source=parsely-api">Dell Technologies Shares Drop After Q3 Revenue Misses Estimates: Details</a>
Disney contested these findings, maintaining their commitment to fair pay. A Disney spokesperson stated, &#8220;We have always been committed to paying our employees fairly and have demonstrated that commitment throughout this case.&#8221;
Christine Webber, representing the plaintiffs, praised the women involved, stating, &#8220;This settlement would not be possible without these courageous women. Because of them, women can expect equitable treatment at Disney in the future.&#8221;
Why It Matters: The settlement comes amid a broader trend of gender pay discrimination lawsuits in major corporations.
Earlier this year in June, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) faced <a href="https://www.benzinga.com/24/06/39322674/apple-hit-with-class-action-lawsuit-over-alleged-unequal-pay-for-women">a class-action lawsuit</a> alleging unequal pay for women, highlighting ongoing issues in Silicon Valley.
Similarly, Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) settled a <a href="https://www.benzinga.com/markets/equities/23/05/32280690/goldman-sachs-woes-doesnt-end-women-employees-discrimination-lawsuit-costs-215m">gender discrimination lawsuit</a> for $215 million in May 2023, and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) agreed to a <a href="https://www.benzinga.com/news/22/06/27660579/google-agrees-to-pay-118m-to-settle-gender-discrimination-lawsuit">$118 million settlement</a> in June 2022.
Earlier this month, Disney reported strong financial performance, with a 6% revenue growth in <a href="https://www.benzinga.com/24/11/41971559/disneys-q4-boosted-by-streaming-gains-strong-box-office-and-solid-parks-performance">the fourth quarter of 2024</a>.
Price Action: Disney&#8217;s stock declined 0.47% on Tuesday, closing at $115.45, followed by a 0.11% drop in after-hours trading. Year-to-date, Disney shares have risen 27.27%, slightly outperforming the Nasdaq 100 index, which is up 26.47%, <a href="https://pro.benzinga.com/dashboard">according to Benzinga Pro data</a>.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/24/11/42154107/consumer-tech-news-nov-18-nov-22-us-doj-demands-google-to-divest-chrome-browser-gemini-ai-available-on-apple-more?itm_source=parsely-api">Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple &amp; More</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.

Entertainment

Legal

AAPL

GOOG

GOOGL

Disney Reaches $43M Settlement In Gender Pay Discrimination Lawsuit: 'Women Can Expect Equitable Treatment' Moving Forward

The stock market saw a positive trend on Tuesday, with the S&amp;P 500 and the Nasdaq Composite both closing higher. The Dow Jones also reached new heights, gaining around 123 points. The Dow finished the day up 0.3%, closing at $44,860.31, while the S&amp;P 500 added nearly 0.6% to end at 6,021.63. The Nasdaq posted a comparable gain, reaching 19,175.58.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Amazon.com Inc.
Amazon&#8217;s stock rose by 3.18%, closing at $207.86. The stock hit an intraday high of $208 and a low of $201.79, with a 52-week range of $142.81 to $215.90. Amazon solidified its position as a <a href="https://www.benzinga.com/general/psychology/24/11/42196027/amazon-dominates-holiday-shopping-as-black-friday-spending-soars-goldman-sachs">leading choice</a> for holiday shoppers, as indicated by a Goldman Sachs survey. The survey revealed that 35% of U.S. consumers prefer Amazon for their holiday purchases, marking a significant year-over-year increase.
CrowdStrike Holdings Inc.
See Also: <a href="https://www.benzinga.com/markets/24/11/42131413/gop-megadonor-ken-griffin-is-open-to-the-possibility-of-selling-minority-stake-in-citadel?itm_source=parsely-api" target="_blank" rel="noopener">GOP Megadonor Ken Griffin Is &#8216;Open To The Possibility&#8217; Of Selling Minority Stake In Citadel</a>
CrowdStrike&#8217;s stock saw a slight increase of 0.17%, closing at $364.30. The day&#8217;s high was $367.35, and the low was $359.25, with a 52-week range of $200.81 to $398.30. The cybersecurity firm reported strong third-quarter results, surpassing revenue and earnings estimates. CrowdStrike highlighted its success in <a href="https://www.benzinga.com/news/earnings/24/11/42202105/crowdstrike-beats-q3-earnings-revenue-estimates-cybersecurity-company-highlights-incredible-success-retaining-customers-following-it-outage">retaining customers</a> following an IT outage, continuing its trend of exceeding analyst expectations.
Autodesk Inc.
Autodesk experienced a decline of 0.45%, closing at $317.96. The stock reached an intraday high of $320.99 and a low of $316.54, with a 52-week range of $195.32 to $326.55. Autodesk reported a strong <a href="https://www.benzinga.com/news/offerings/24/11/42202548/autodesk-stock-slides-on-q3-earnings-key-details-from-quarter">year-over-year increase</a> in revenue and billings for the third quarter. CEO Andrew Anagnost emphasized the company&#8217;s efforts in modernizing its market approach, which has already yielded significant benefits.
Dell Technologies Inc.
Dell&#8217;s stock fell by 1.68%, closing at $141.74. The stock&#8217;s intraday high was $144.43, and the low was $141.21, with a 52-week range of $67.51 to $179.70. Dell Technologies reported its <a href="https://www.benzinga.com/insights/earnings/24/11/42200975/dell-technologies-earnings-report-q3-overview">third-quarter earnings</a>, beating estimates with an EPS of $2.15 compared to the expected $2.05.
Tesla Inc.
Tesla&#8217;s stock slightly decreased by 0.11%, closing at $338.23. The stock&#8217;s high for the day was $346.96, with a low of $335.66, and a 52-week range of $138.8 to $361.92. Tesla CEO Elon Musk criticized California&#8217;s <a href="https://www.benzinga.com/tech/24/11/42183055/elon-musk-slams-californias-proposal-to-shut-tesla-evs-out-of-consumer-rebates-in-state-this-is-insane">proposal to exclude</a> Tesla&#8217;s EVs from consumer rebates, describing the decision as &#8220;insane.&#8221;
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons?itm_source=parsely-api" target="_blank" rel="noopener">Is Warren Buffett Preparing For A Market Downturn With Berkshire Hathaway&#8217;s $325B Cash Pile? Analyst Says Internet Bubble And 2008 Crash May Have Lessons</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ADSK

AMZN

CRWD

DELL

Amazon, Crowdstrike, Autodesk, Dell, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Financial analyst Jim Cramer endorsed owning cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) as a safeguard against government overspending and an ever-increasing deficit.
What Happened: Cramer defended his pro-cryptocurrency stance, stating that the concerns over national debt are perpetual, CNBC <a href="https://www.cnbc.com/2024/11/26/jim-cramer-bitcoin-national-debt.html">reported </a>Tuesday. 
"I think Bitcoin, Ethereum, and maybe even some other cryptocurrencies deserve a spot in your portfolio, too," the host of CNBC&#8217;s popular Mad Money show said. &#8220;Maybe one day, if the deficit gets under control, I'll change my tune."
Despite the lack of evidence that cryptocurrency can protect against financial risks, Cramer believed it to be a &#8220;plausible&#8221; narrative. 
"I've liked crypto for a very long time, mostly because I know there's a huge constituency of investors who want to buy something that can protect them from our government's busted budget," Cramer said.
He added that while cryptocurrency is relatively new and lacks a proven track record, it could serve as a solid asset if the U.S. national debt continues to devalue the dollar due to excessive federal spending. 
Cramer expressed doubt&nbsp;that the government will be&nbsp;able to address the debt issue in the near future.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198180/dogecoin-gets-its-first-exchange-traded-product-in-sweden">Dogecoin Gets Its First Exchange-Traded Product In Sweden</a>
Why It Matters: America&#8217;s federal debt has leaped past $35 trillion in 2024, casting doubt on its long-term financial stability. In 2024, the government has spent $6.75 trillion, leaving the nation with a<a href="https://www.benzinga.com/personal-finance/24/10/41564246/from-10-trillion-to-35-trillion-how-government-spending-has-spiraled-out-of-control"> $1.83 trillion deficit</a> in just one year.
Citing the federal debt crisis, the world&#8217;s largest asset manager, BlackRock, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">strategically advocated</a> for&nbsp;Bitcoin as a potential hedge against future events affecting the U.S. dollar.
Meanwhile, Cramer has been doubling down on his cryptocurrency advocacy. Last week, he <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42144871/jim-cramer-says-own-bitcoin-thats-a-winner-crypto-community-scoffs-pack-up-your-bags-sell-everything" target="_blank" rel="noreferrer noopener">revealed owning Bitcoin</a>&nbsp;and called it a &#8220;clear winner.&#8221;
However, since his bullish take, the apex cryptocurrency, which was approaching $100,000, has pulled back to $92,000.
For the uninitiated, the &#8220;Inverse Cramer&#8221; phenomenon hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer&#8217;s predictions being a profitable strategy.
Price Action: At the time of writing, Bitcoin was trading at $92,420.98, down 1.98% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.  Photo by s_bukley on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>

Jim Cramer Says Bitcoin And Ethereum 'Deserve A Spot In Your Portfolio' As Hedge Against Rising US Debt: 'I've Liked Crypto For A Very Long Time'

On Tuesday, Sen. Warren (D-Mass.) criticized the funding approach of the Trump transition team, suggesting it was a scheme for insiders to profit.
What Happened: Warren took to X to express her concerns about the Trump transition team&#8217;s reliance on private donors. She stated, &#8220;The reliance on private donors to fund the transition is nothing more than a ploy for well-connected Trump insiders to line their pockets while pretending to save taxpayers money.&#8221; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The reliance on private donors to fund the transition is nothing more than a ploy for well-connected Trump insiders to line their pockets while pretending to save taxpayers money.
&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1861562024926339348?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
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After a delay, Trump's transition team signed a key agreement with the Biden White House to facilitate the transfer of power, enabling access to federal agencies and ensuring safeguards for non-public information. However, the team opted out of a General Services Administration agreement, citing its existing ethics plan, which sparked criticism from Warren, who warned of "serious gaps between the Trump transition&#8217;s ethics agreement and the letter of the law." The White House prioritized stability despite the incomplete agreements, including one with the Department of Justice for security clearances, <a href="https://www.npr.org/2024/11/26/nx-s1-5206864/trump-transition-agreement">reported</a> NPR.
See Also: <a href="https://www.benzinga.com/news/legal/24/11/42163528/gop-takeover-and-trumps-return-vs-chuck-schumers-last-ditch-cannabis-banking-reform-push?itm_source=parsely-api" target="_blank" rel="noopener">GOP Takeover, Trump&#8217;s Return Vs. Chuck Schumer&#8217;s Last-Ditch Cannabis Banking Reform Push</a>
Why It Matters: This post follows Warren&#8217;s earlier accusations that the Trump transition team was &#8220;<a href="https://www.benzinga.com/24/11/41890244/elizabeth-warren-says-trump-and-his-transition-team-are-already-crossing-legal-boundaries-i-would-know-because-i-wrote-the-law">already breaking the law</a>&#8221; by not signing a series of transition agreements with the Biden administration.
The transition process is a crucial period for any incoming administration. It is during this time that the incoming president and his team are expected to prevent conflicts of interest and sign an ethics agreement. Warren, who claims to have written the law on this matter, has been vocal about her concerns regarding the Trump team&#8217;s handling of the transition.
Despite Warren&#8217;s concerns, President Joe Biden has assured a <a href="https://www.benzinga.com/news/24/11/41948486/biden-pledges-smooth-transition-to-trump-in-white-house-meeting">smooth transition</a> of power to President-elect Donald Trump.
Photo by Rich Koele on Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Elizabeth Warren Slams Trump Transition Funding Strategy Involving Private Donors, Calls It Ploy For 'Insiders To Line Their Pockets'

SARK

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

UBXG

ELAB

TSLQ

<h3 class="wp-block-heading">Portfolio Armor's Top Ten Names</h3>
Portfolio Armor's top ten names have, on average, outperformed the market significantly since December of 2022. Since then, we have full,&nbsp;<a href="https://portfolioarmor.com/performance-top-names" target="_blank" rel="noreferrer noopener">6-month performance data</a>&nbsp;on 74 weekly top names cohorts. On average, our top names have returned 18.57% over the next 6 months, versus 12.72% for the&nbsp;SPDR S&amp;P 500 Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
<h3 class="wp-block-heading">Tesla Wasn't A Top Name For Most Of This Year</h3>
Since recent price performance is one of the factors Portfolio Armor's security selection algorithm uses,&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) didn't appear as a top name for most of this year, but we've had some success trading it earlier this year using other signals:
<ol>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA 9.19%↑</a>). Entered at a net debit of $1.63 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-evs/comment/76235063" target="_blank" rel="noreferrer noopener">4/8/2024</a>; exited at net credit of $4.74 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-evs/comment/76235063" target="_blank" rel="noreferrer noopener">11/8/2024</a>.&nbsp;Profit: 191%.</li>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA -0.61%↓</a>). Entered at a net credit of $1.50 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-being-tactical-about" target="_blank" rel="noreferrer noopener">7/11/2024</a>; options expired worthless on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-being-tactical-about/comment/62626094" target="_blank" rel="noreferrer noopener">7/19/2024</a>.&nbsp;Profit: 150%.</li>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA 8.44%↑</a>). Entered at a net debit of $0.83 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-time-to-bet-on-boeing" target="_blank" rel="noreferrer noopener">10/14/2024</a>; exited at a net credit of $2.96 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-time-to-bet-on-boeing/comment/73926543" target="_blank" rel="noreferrer noopener">10/24/2024</a>.&nbsp;Profit: 196%.</li>
</ol>
<h3 class="wp-block-heading">One Of Our Post-Election Trump Trades</h3>
Tesla was one of four post-election Trump trades included in this post earlier this month. 
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria"><img loading="lazy" decoding="async" width="925" height="806" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria.jpg" alt="" class="wp-image-3651" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria.jpg 925w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria-300x261.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria-768x669.jpg 768w" sizes="(max-width: 925px) 100vw, 925px" /></a></figure>
All four names in that post had two things in common: they had been a Portfolio Armor top ten name the night before, and they stood to benefit from Trump's reelection.
For example, one of the four was&nbsp;Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) which should benefit from loser crypto regulation under Trump. We exited half of that trade on Monday.
<ol>
<li>Calls on&nbsp;Robinhood Markets&nbsp;(<a href="https://admin.substack.com/discover/stocks/HOOD" target="_blank" rel="noreferrer noopener">HOOD -0.95%↓</a>). Bought for $1.70 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria" target="_blank" rel="noreferrer noopener">11/12/2024</a>; sold (half) for $6 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria/comment/78815933" target="_blank" rel="noreferrer noopener">11/25/2024</a>.&nbsp;Profit: 253%.</li>
</ol>
The logic behind Tesla being a Trump trade was pretty simple: Tesla (and SpaceX) have been targets of lawfare by the Biden Administration, and under Trump, all that should go away. Elon Musk has gone from a Trump supporter to practically part of the Trump family. President Trump's niece Kai calls him "Uncle Elon"; when President Trump went to the UFC this month with his two oldest sons as part of his entourage, it was Elon Musk who sat next to him at cage side.
<figure class="wp-block-image aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="583" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-1024x583.jpg" alt="" class="wp-image-3652" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-1024x583.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-300x171.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-768x437.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Our Number One Name Now</h3>
As of Monday's close, Tesla was Portfolio Armor's #1 name again, so we're going to place another bullish options bet on it today. In addition to Tesla, we're going to place bullish bets on three other stocks in our current top ten:
<ul>
<li>A picks &amp; shovels play on AI.</li>
<li>An insurance company powered by AI.</li>
<li>A consumer finance company that should benefit from lower rates.</li>
</ul>
In each case, we'll be using call spreads expiring 4-to-6 months out, and we'll be aiming for price targets slightly lower than those suggested by the current at-the-market straddle (i.e. the current range expected by the options market).
We'll be aiming for gains of 200% to 400% if we're right, and if we're wrong, our max loss on each trade will be 100%.
If you&#8217;d like a heads up when we place those trades, feel free to subscribe to our trading Substack/occasional email list below.&nbsp;
And as a reminder, if you are concerned about downside risk, you can download our iPhone hedging app by clicking on the QR code below or aiming your iPhone camera at it.
<figure class="wp-block-image size-full"><a href="https://contributor.benzinga.com/?attachment_id=3653"><img loading="lazy" decoding="async" width="200" height="197" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104503/QR-Code-7.jpg" alt="" class="wp-image-3653" /></a></figure>
If you&#8217;d like to stay in touch
You can scan for optimal hedges for individual securities, find our current top ten names, and&nbsp;create hedged portfolios&nbsp;on&nbsp;<a href="https://portfolioarmor.com/">our website</a>.&nbsp;You can also follow Portfolio Armor on X&nbsp;<a href="https://twitter.com/portfolioarmor">here</a>, or become a free subscriber to our trading Substack using the link below (we&#8217;re using that for our occasional emails now).
<figure class="wp-block-image aligncenter size-full"><a href="https://portfolioarmor.substack.com/"><img loading="lazy" decoding="async" width="602" height="418" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7.jpg" alt="" class="wp-image-3654" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7.jpg 602w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7-300x208.jpg 300w" sizes="(max-width: 602px) 100vw, 602px" /></a></figure>

HOOD

Our Number One Name: Tesla

Key Takeaways:
<ul>
<li>Starbucks is considering bringing in partners to its China operation, as same-store sales in its second-largest market plunge during a bloody local coffee price war</li>
<li>The coffee giant has faced multiple challenges in China, from severe restrictions during the pandemic to growing consumer caution and fierce competition.</li>
</ul>
By Xiao Lin
In rocky waters, you often need more than one paddle to steady your boat. That seems to be the case for&nbsp;Starbucks Corp.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbux#NASDAQ">SBUX</a>), as the world&rsquo;s largest coffee chain explores potential partnerships in China, its second largest market after only the U.S.
In a statement to the media, the Seattle-based firm said it is working to find the best path back to growth in China, which includes exploring strategic partnerships &mdash; moves aimed at navigating increasing challenges in a country that was once its fastest growing market. Such partnerships, often with local companies, were initially the norm for most restaurant operators when they started to enter the unfamiliar Chinese market in the 1990s.
&ldquo;We are fully committed to our business and partners, and to growing in China,&rdquo; Starbucks said in a statement to numerous media, after Bloomberg reported last Thursday the company had informally gauged interest from prospective investors, including local private equity firms. &ldquo;We are working to find the best path to growth, which includes exploring strategic partnerships.&rdquo;
In addition to global private equity, Starbucks might also consider a sale of part of its China operation to Chinese conglomerates or other local companies with experience in the industry, the Bloomberg report said.
Starbucks&rsquo; shares edged up slightly after its announcement last Thursday. The stock is roughly flat over the past 12 months, and still trades at an elevated price-to-earnings (P/E) ratio of 31 &ndash; ahead of a 25 for&nbsp;McDonald&rsquo;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mcd#NYSE">MCD</a>) and 21 for&nbsp;Yum China&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yumc#NYSE">YUMC</a>), operator of KFC and Pizza Hut restaurants in China.
When Starbucks opened its first store in Beijing in 1999, it found itself not only facing a more regulated environment than it was used to, but also the equally big challenge of selling to a tea-drinking culture where Nestl&eacute; instant coffee defined most people&rsquo;s understanding of its signature product. It formed a series of joint ventures with local partners to better find its way in the market, but later bought all of them out.
Fast forward to the present, where, with over 7,500 stores, the company is now grappling with more frugal consumers and intense competition from local rivals, prompting it to consider a return to partnerships to weather difficult times. Such partners not only offer more resources, but can also help spread the risk of owning such a large operation worth billions of dollars.
If Starbucks&rsquo; China U-turn sounds familiar, it&rsquo;s because it&rsquo;s not the first major foreign chain to change tack midway through its China story. In 2017, after nearly three decades in the country, McDonald&rsquo;s (MCD.N) sold a majority 52% stake in its China and Hong Kong operations to a consortium led by state-owned conglomerate Citic and American investment firm&nbsp;Carlyle&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cg#NYSE">CG</a>), after sales started declining and a food scandal dragged down its global sales.
<h3>Coffee Greenfield</h3>
When Starbucks opened its first store in Beijing&rsquo;s Guomao area 25 years ago, it did so through a joint venture with Beijing Mei Da Coffee Co. out of necessity, since wholly owned foreign restaurants weren&rsquo;t allowed at that time. The store offered cappuccinos for about 19 yuan, or $2.60, which was about 5% of the monthly average per capita income at that time. It later established two more joint ventures: one with Maxim&rsquo;s to run stores in Hong Kong and South China&rsquo;s Guangdong province, and another with Taiwan&rsquo;s Uni-President to run stores in Shanghai and nearby regions.
In late 2004, China started allowing foreign restaurant operators to wholly own their local businesses as part of its commitments after joining the World Trade Organization in 2001. Starbucks started acquiring stakes from its local partners, and by 2017 it obtained full control of its entire China operation.
Starbucks had nearly 3,000 stores across China by the end of that year and was opening a new store every 15 hours to serve an increasingly affluent and status-conscious middle class. Its revenue in the China and Asia Pacific region increased by 10% in 2017, following 23% growth the previous year.
Things went well for the next two years, with Starbucks&rsquo; net revenue in China increasing by 38% in 2018 and 19% in 2019, when the country officially became its second largest market. After a difficult year in 2020 when many of its stores were forced to close at the start of the pandemic, Starbucks came roaring back in China in 2021 with 42% revenue growth as the country was able to bring its Covid outbreaks under control.
But things have gotten tough over the last two years, both in China and worldwide. The company&rsquo;s global same-store sales declined 7% in its latest quarter through September, dragged down by a 14% decline in its China operation.
China contributed about 9% of Starbucks&rsquo; total revenues of $36.2 billion in the 12 months through September. In the company&rsquo;s latest earnings call, newly installed CEO Brian R. Niccol told investors he needed to spend more time in China to understand the challenges.
<h4>Struggling Sector</h4>
Starbucks and the catering sector certainly aren&rsquo;t the only ones in China facing difficulty, as a stream of regulatory crackdowns on various sectors over the last few years and a slowing economy that&rsquo;s hurting consumer sentiment take their toll on businesses across the board.
But the food and beverage industry has taken one of the harder hits, following an initial boom in dining out after China reopened in early 2023. More than 1 million restaurants reportedly closed in the first six months of 2024, according to media reports, citing business registry searches.
The coffee sector is taking a harder hit than many of its catering peers as the aggressive&nbsp;Luckin&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lkncy#OTC">LKNCY</a>) and&nbsp;Cotti Coffee&nbsp;engage in a price war by selling much of their premium coffee for just 9.9 yuan, or about $1.40, per cup. Others joining in the coffee war include Yum China with its KCOFFEE sold at its main KFC chain and in adjacent stores. Even e-commerce is getting involved with premium instant coffees like Saturnbird, which are primarily sold on platforms like Alibaba&rsquo;s Taobao at even lower prices.
While the average monthly income in China is now more than 50 times higher than in 1999, a cup of Starbucks cappuccino priced at about 30 yuan can still seem expensive to consumers when they can buy Luckin or Cotti for just a third of the cost. That reality is becoming increasingly clear as consumers become more frugal in the current economic climate.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

LKNCY

SBUX

YUMC

Starbucks Looks For New Friends In Choppy China Coffee Waters

<h4>Key Takeaways:</h4>
<ul>
<li>ATRenew&rsquo;s revenue rose 24.4% in the third quarter, and it predicted similar growth in the fourth quarter following strong results from its &lsquo;Double 11&rsquo; promotions with JD.com</li>
<li>The company is getting a boost from the growing popularity of trade-in promotions, which China is encouraging to encourage recycling and boost consumption</li>
</ul>
By Doug Young
Trading in second-hand goods was traditionally a sign of thrift, practiced by people on tight budgets. But in China&rsquo;s growing climate of consumer caution, such buying is becoming a new sort of chic, especially trade-ins that allow people to exchange their used goods for credit towards other purchases.
Such buying is becoming an increasingly important growth engine for recycling specialist&nbsp;ATRenew Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rere#NYSE">RERE</a>), whose&nbsp;<a href="https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-third-quarter-2024-financial-results-302311061.html">latest quarterly report</a>&nbsp;released Wednesday continued to show strong double-digit revenue growth, even as many other consumer segments report sharp slowdowns.
And in a world where consumer buying increasingly takes place online, ATRenew is also discovering the importance of traditional brick-and-mortar stores, especially for second-hand goods where people may want to more closely inspect what they&rsquo;re buying. As a result, the company announced plans to speed up its opening of such stores, going against a tide that more often sees merchants shutter their brick-and-mortar shops and go virtual.
Such moves are mostly refinements of ATRenew&rsquo;s business model, as it gains scale and expertise that it&rsquo;s using to move beyond its original electronics focus to other areas like used luxury goods, gold and vintage liquors. As that happens and it hones its focus to its most profitable businesses, the company also notched a significant milestone by reporting its first-ever quarterly operating profit &ndash; one of its last major profitability metrics to turn positive.
More investors are taking note as the company&rsquo;s story gains visibility, reflected by ATRenew&rsquo;s current shareholders that include the likes of Tiger Global, Morgan Stanley and UBS, which all hold 1% or more of its stock. More investors piled in after the report&rsquo;s release, sparking a nearly 14% rally for ATRenew&rsquo;s shares the day the results came out. Year to date the stock is up 46%, far outpacing an 18% gain for the broader iShares MSCI China ETF.
The growing popularity of trade-ins has become a major new theme for ATRenew, driven by recent government programs providing subsidies to people who exchange their old goods for new purchases. Such subsidies so far apply to big-ticket items like household appliances and are part of Beijing&rsquo;s efforts to stimulate the economy through greater consumption.
The government has yet to offer such trade-in subsidies for smartphones that are ATRenew&rsquo;s core business, though many suspect such a move could come as Beijing continues to launch more stimulus programs. The growing popularity of trade-ins helps ATRenew by boosting its supply of products, a critical factor behind its ability to keep growing.
&ldquo;We believe, firstly, trade-ins are becoming a trendy option among consumers, thus outpacing and driving the growth of the industry,&rdquo; ATRenew Chairman Kerry Chen said on the company&rsquo;s earnings call. &ldquo;We believe that the adoption of trade-ins is still in its early stages. Alongside platforms and brands, we need to continue educating users to help more consumers experience this cost-effective purchasing approach.&rdquo;
<h3>Friend In JD.com</h3>
The growing popularity of trade-ins was most evident in ATRenew&rsquo;s partnership with e-commerce giant&nbsp;JD.com&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>), which is also one of the company&rsquo;s major stakeholders. In May, ATRenew and JD.com announced a new multiyear partnership aimed at further integrating their resources, as JD steps up its own efforts to encourage more recycling in sync with government priorities.
Following that step, ATRenew said the value of goods collected via JD.com through regular recycling and trade-in services jumped by more than 40% year-over-year in the third quarter. Within that figure, the value of goods collected through trade-in services doubled.
The momentum continued into the current quarter, when the total value of products ATRenew recycled through JD.com jumped by 77% year-on-year during the recent &ldquo;Double 11&rdquo; online shopping festival that ran this year from Oct. 14 to Nov. 11. The company said the value of products it collected from trade-ins through the JD.com partnership during the festival soared 246% during the period, which will be reflected in its fourth-quarter results.
Alongside the JD.com partnership, ATRenew&rsquo;s other key alliance is with&nbsp;Apple&nbsp;for iPhone recycling that is its biggest product line. ATRenew said the Apple partnership achieved &ldquo;healthy growth&rdquo; and improving gross margins in the latest quarter. It didn&rsquo;t give specific figures but the business was expected to generate 1 billion yuan in revenue in 2024.
ATRenew also unveiled a new partnership with French cosmetics giant&nbsp;L&rsquo;Oreal&nbsp;that encourages consumers to trade in empty cosmetics containers for physical L&rsquo;Oreal-branded gifts.
The company also disclosed that it will step up expansion of its network of AHS recycling stores, which are becoming increasingly important in raising its brand awareness as it expands beyond electronics into other categories. Such stores totaled 1,637 at the end of September.
&ldquo;We will continue to enhance our AHS stores&rsquo; service capabilities and user experience to reinforce the top-of-mind brand awareness of AHS Recycle,&rdquo; said Chen. &ldquo;As a result, we anticipate accelerating our store opening in the next two to three years.&rdquo;
ATRenew&rsquo;s transaction value for its &ldquo;multicategory&rdquo; business, which it launched last year, totaled 950 million yuan in the third quarter, up from 900 million yuan in the second quarter and a 270% increase year-on-year. It disclosed that gold has become its biggest &ldquo;multicategory&rdquo; product, accounting for 77% of the business, followed by luxury goods at 18%. But it also noted that those two categories are roughly equal in terms of revenue contribution to the company.
All of those initiatives helped ATRenew boost its revenue to 4.05 billion yuan in the third quarter from 3.26 billion yuan a year earlier. The company forecast similar growth in the fourth quarter, predicting the figure would rise to between 4.74 billion yuan and 4.84 billion yuan, representing about 23% growth at the midpoint.
Within the latest revenue figure, ATRenew noted its sales directly to consumers through its AHS website and AHS stores quadrupled year-on-year during the quarter, reflecting one of its efforts to boost its offerings of value-for-money used products for consumers directly.
Those and other efforts helped the company boost its gross margin to 20.0% in the latest quarter from 19.8% a year earlier. That paved the way for the company to report its first positive income from operations of 24.9 million yuan. Its net income was also positive at 17.9 million yuan, representing only its second time reporting a positive figure for that metric.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Penny Stocks

Small Cap

RERE

Trade-in 'Chic' Helps Boost ATRenew To First Operating Profit

Last week, Wall Street&nbsp;<a href="https://www.tker.co/p/morgan-stanley-2025-stock-market-outlook" rel="">began circulating</a>&nbsp;their outlooks for the stock market in 2025.
For many folks, the key takeaway from these reports is the&nbsp;<a href="https://www.tker.co/p/goldman-sachs-ubs-bmo-2025-stock-market-outlook" rel="">year-end price target</a>.
As TKer subscribers know, I&rsquo;m&nbsp;<a href="https://www.tker.co/p/piper-sandler-drops-sp-target-makes-point" rel="">not crazy about taking these price targets too seriously</a>. Sure, I keep an eye out for these targets (see&nbsp;<a href="https://www.tker.co/p/wall-street-2024-stock-market-outlook" rel="">here</a>,&nbsp;<a href="https://www.tker.co/p/wall-street-2023-stock-market-outlook" rel="">here</a>, and&nbsp;<a href="https://www.tker.co/p/wall-street-2022-stock-market-outlook" rel="">here</a>). But I&rsquo;m far more interested in the rigorous research behind these predictions. That&rsquo;s because much of the underlying data and analysis that go into these calls is high quality and very insightful.
While it&rsquo;s been the case their year-end price targets&nbsp;<a href="https://www.tker.co/p/economic-rules-and-statistical-regularities?open=false#%C2%A7cfra-raises-its-target-for-the-s-and-p" rel="">have been way off</a>&nbsp;on the conservative side, strategists have actually nailed one important prediction:&nbsp;2024 earnings.
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5a5b910-17fb-43c4-9d2d-95835cc0b8be_1758x1436.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc5a5b910-17fb-43c4-9d2d-95835cc0b8be_1758x1436.png" style="height:510px; width:624px" /></a>
Historically, analysts&rsquo; annual S&amp;P 500 EPS comes in significantly lower than initially forecast. Not in 2024. (Source: UBS)
At the beginning of the year,&nbsp;<a href="https://www.tker.co/i/139075598/the-s-and-p-price-targets" rel="">strategists&rsquo; estimates for 2024 S&amp;P 500 earnings per share (EPS)</a>&nbsp;ranged from $225 to $250.
According to&nbsp;<a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_112224.pdf" rel="">FactSet</a>, after three quarters worth of reported earnings, 2024 EPS is on track to be $240. That is to say, the consensus midpoint EPS estimate has been off by what amounts to a rounding error.
&ldquo;Wall Street analysts have been reasonably good at predicting forward year earnings over the last few years,&rdquo; wrote Nicholas Colas, co-founder of DataTrek Research.
<a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd111692c-48dd-46e0-8cd3-59033c453c2e_2030x1166.png" rel="" target="_blank"><img alt="" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd111692c-48dd-46e0-8cd3-59033c453c2e_2030x1166.png" style="height:358px; width:624px" /></a>
S&amp;P 500 EPS is expected to have risen to $240 in 2024. (Source:&nbsp;<a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_112224.pdf" rel="">FactSet</a>)
How&nbsp;we&rsquo;re getting these earnings might not be&nbsp;exactly how&nbsp;the strategists may have&nbsp;<a href="https://www.tker.co/p/wall-street-2024-stock-market-outlook" rel="">laid out a year ago</a>. But they were right about major themes driving earnings growth like&nbsp;<a href="https://www.tker.co/p/profit-margins-expected-to-stay-high" rel="">persistently high profit margins</a>&nbsp;and&nbsp;<a href="https://www.tker.co/p/federal-reserve-rate-cut-september-2024" rel="">looser Fed monetary policy</a>.
If the earnings have been coming through, then why have strategists been so off with their price targets?
As we discussed in the&nbsp;<a href="https://www.tker.co/p/deutsche-morgan-2024-sp500-targets-valuation" rel="">May 24 TKer</a>, assumptions about valuation multiples are where Wall Street&rsquo;s calculations often go wrong.
At the beginning of the year, forward price/earnings (P/E) multiple was 19x. Many&nbsp;<a href="https://www.tker.co/p/wall-street-2024-stock-market-outlook?open=false#%C2%A7the-s-and-p-price-targets" rel="">strategists believed</a>&nbsp;that was high and there was little room for it to go higher.&nbsp;<a href="https://www.tker.co/i/144930530/this-is-where-wall-streets-year-end-price-targets-almost-always-go-wrong" rel="">Some even expected it to come down</a>.
Today, the forward P/E is about 22x. At first glance, the difference between 19x and 22x might not seem like much. But when you actually apply it to an EPS estimate, the range of S&amp;P price scenarios can be wide. For example, here&rsquo;s what the price scenarios look like assuming $275 EPS (which is what the consensus is expecting for 2025):
<ul>
<li>
19x $275 EPS =&nbsp;5,225
</li>
<li>
20x $275 EPS =&nbsp;5,500
</li>
<li>
21x $275 EPS =&nbsp;5,775
</li>
<li>
22x $275 EPS =&nbsp;6,050
</li>
</ul>
Differing assumptions about valuations are&nbsp;<a href="https://www.tker.co/p/wall-street-2024-stock-market-outlook" rel="">often why price target calculations vary</a>, and inaccurate assumptions about valuations are why those targets almost always go wrong.
<h3>The Big Picture</h3>
For long-term investors in the stock market, I don&rsquo;t think it&rsquo;s a good use of energy to obsess over&nbsp;exactly&nbsp;where the stock market might be&nbsp;exactly&nbsp;one year from now &mdash; especially since no one has figured out how to do that accurately and consistently.
It is, however, much more helpful to be aware of the fundamentals driving earnings because&nbsp;<a href="https://www.tker.co/p/chart-earnings-drive-stock-prices" rel="">earnings are the most important long-term driver of stock prices</a>.
If the prospects for earnings growth are attractive, then it&rsquo;s probably not crazy to think stock prices will head in that direction.
Indeed, it&rsquo;s&nbsp;<a href="https://www.tker.co/p/wall-street-2024-stock-market-outlook" rel="">usually the case that EPS have grown</a>, and it is&nbsp;<a href="https://www.tker.co/p/peter-lynch-1994-stock-market-earnings" rel="">also the case that the S&amp;P 500 has moved higher</a>.
Similarly, strategists&rsquo; annual forecasts tend to predict the direction of earnings is up and the direction of prices is also up.
Maybe strategists rarely nail their price targets. But directionally, they tend to get things right.
A version of this post was originally published on <a href="https://www.tker.co/p/wall-street-strategists-nail-2024-earnings-estimate?publication_id=26696&amp;post_id=151777896&amp;isFreemail=true&amp;r=2dvdoy&amp;triedRedirect=true">Tker.co</a>.

Opinion

Wall Street Strategists Are Nailing One Of Their More Important Forecasts For 2024

<ul>
<li>Lordstown Motors went public on Nasdaq in October 2020, promising to revolutionize the EV sector with its commercial fleet-focused Lordstown Endurance. The company raised more than $675M from investors at the time of merging with SPAC DiamondPeak Holdings to go public.</li>
<li>The company aggressively promoted Endurance as an economically viable option compared to other EV trucks promised by leading automakers and even went on to claim that it would take market share from the Ford F-150, the best-selling truck in the United States.</li>
<li>After revealing pre-orders for approximately 100,000 Endurance vehicles in early 2021, Lordstown stock skyrocketed to an all-time high of over $460 in February 2021 (pre-reverse split). After being rebranded as Nu Ride, the stock now trades at $1.70.</li>
<li>Hindenburg Research, in a report dated March 12, 2021, revealed that Lordstown has been deceiving investors by omitting key information regarding pre-orders for Endurance.</li>
<li>Lordstown filed for bankruptcy in June 2023, blaming Foxconn, a business partner and investor, for failing to deliver commercial and financial commitments that led to "material and irreparable harm" to the company.</li>
<li>The SEC charged Lordstown in February 2024 for misleading investors with fictitious Endurance pre-orders and concealing Lordstown's inability to access critical components for the production of EVs. Lordstown agreed to a payment of $25.5M to settle the claim.</li>
<li>Lordstown Motors will pay up to $10M settlement due to this situation. All affected investors can <a href="https://11thestate.com/cases/lordstown-investor-settlement?ref=11thestate.com">file a claim</a> to receive the payment.</li>
</ul>
<h3 class="wp-block-heading has-medium-font-size" id="overview">Overview</h3>
Lordstown Motors Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RIDEQ#OTC">RIDEQ</a>), now Nu Ride (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NRDE#OTC">NRDE</a>), burst onto the scene in 2020 promising a revolutionary electric truck and raking in over $675 million from investors. The company aggressively marketed the Endurance, its first EV truck, as a competitor to established automakers, sending the stock soaring. However, this house of cards came crashing down when Hindenburg Research exposed Lordstown for misleading investors about pre-orders and production capabilities in early 2021. Since then, the stock has crashed, the company filed for bankruptcy before emerging from Chapter 11 as Nu Ride, and the SEC charged Lordstown for misleading investors. Lordstown has now agreed to settle with the SEC and defrauded investors, bringing closure to a cautionary tale of hype and deception.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1000" height="481" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4.png" alt="" class="wp-image-3664" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4.png 1000w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4-300x144.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170210/image-4-768x369.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /><figcaption class="wp-element-caption">Source: Q1 2021 Earnings Presentation</figcaption></figure>
<h3 class="wp-block-heading has-medium-font-size" id="introduction">Introduction</h3>
Lordstown Motors, now rebranded as Nu Ride Inc. (NRDE), was founded in 2018 by former CEO of Workhorse Group, Steve Burns. The company, from its IPO in October 2020 through its Chapter 11 filing in June 2023, aggressively marketed its vision of revolutionizing the American commercial and passenger vehicle industries with Lordstown Endurance, its flagship electric truck that promised to compete with established automakers such as Tesla Inc. (TSLA) and Ford Motor Company (F) for market share. Lordstown Motors, which was valued at almost $5 billion in February 2021 before Hindenburg's report, now has a market capitalization of just $27 million after wiping billions of dollars of investor money off the table.
<h3 class="wp-block-heading has-medium-font-size" id="the-scandal">The Scandal</h3>
Lordstown Motors' deceptive actions span across three distinct categories.
First, Lordstown inflated pre-orders for Endurance, misleading investors about the revenue growth potential of the company.&nbsp;On January 11, 2021, Lordstown announced surpassing 100,000 pre-orders for Endurance.&nbsp;Commenting on this, CEO Steve Burns said:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"Receiving 100,000 pre-orders from commercial fleets for a truck like the Endurance is unprecedented in automotive history. Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry."
</blockquote>
At the proposed maximum retail price of $52,500, pre-orders for Endurance promised to bring in approximately $5 billion in revenue.&nbsp;Investors, based on this promising pipeline of orders, rushed to own a piece of the company, pushing Lordstown's market value close to $5 billion in February 2021.
On March 12, Hindenburg Research revealed that most of these pre-orders were fictitious or were placed by companies that had no financial backing to follow through with purchasing the Endurance truck.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="299" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-1024x299.png" alt="" class="wp-image-3667" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-1024x299.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-300x88.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7-768x224.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170633/image-7.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Hindenburg Research</figcaption></figure>
Lordstown Motors never accepted or requested deposits from most of the customers who were interested in purchasing its EV truck, contrary to the standard practice.&nbsp;For example, Tesla, the EV market leader in the U.S., required a deposit of $100-$150 for placing a pre-order for the Cybertruck in 2019.
Lordstown Motors' decision to claim pre-orders as confirmed sales without even securing a deposit seemed questionable even at that time, and the fears were confirmed when none of these orders were delivered in the years that passed.
The company also used inflated pre-order figures to raise funds from investors, misguiding the market about the true nature of the demand for its Endurance truck.
Second,&nbsp;Lordstown Motors misled investors with details of its production timeline, stating that the company was on track to bring the Endurance to the market well before any other EV pickup truck.&nbsp;Originally, the company claimed that commercial production would begin in September 2021 following Beta prototype testing and two pre-production runs.

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="795" height="299" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5.png" alt="" class="wp-image-3665" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5.png 795w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5-300x113.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170447/image-5-768x289.png 768w" sizes="(max-width: 795px) 100vw, 795px" /><figcaption class="wp-element-caption">Source: Investor presentation (January 2021)</figcaption></figure>
In January 2021, Lordstown pledged to bring Endurance to the market before many established players and also promised a more affordable price tag, giving the false impression that Endurance would aggressively take market share from ICE pickup trucks that have been dominating both the passenger and commercial truck market in the United States.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="887" height="562" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8.png" alt="" class="wp-image-3668" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8.png 887w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8-300x190.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26170653/image-8-768x487.png 768w" sizes="(max-width: 887px) 100vw, 887px" /><figcaption class="wp-element-caption">Source: Investor presentation (January 2021)</figcaption></figure>
Revealing production targets, Lordstown projected the production of approximately 2,000 trucks in 2021 alone. The below table, based on the company&#8217;s filings, highlights the rosy production targets published by the company.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Year</td>
<td>EV Production target</td>
</tr>
<tr>
<td>2021</td>
<td>2,000</td>
</tr>
<tr>
<td>2022</td>
<td>32,000</td>
</tr>
<tr>
<td>2023</td>
<td>65,000</td>
</tr>
<tr>
<td>2024</td>
<td>107,000</td>
</tr>
</tbody>
</table>
</figure>
Commenting on the progress of production during the Q1 2021 earnings call, CEO Steve Burns said:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"Our mission here at Lordstown Motors is to be the leading manufacturer for electric light duty trucks in the United States. Our first vehicle, the all-electric Endurance work truck is on track to start limited production in late September, and we expect to start deliveries later in the fourth quarter."
</blockquote>
Despite these ambitious predictions and misleading statements, Lordstown Motors ended up delivering just 6 Endurance EVs before production was halted earlier this year.
Third, Lordstown Motors failed to disclose critical information about its financial health and production challenges, leading investors to believe that the company was fulfilling its obligations to shareholders.&nbsp;A classic example is how Lordstown claimed it had access to critical vehicle parts from General Motors to design and produce the Endurance, when in reality the company did not have any such access.&nbsp;From the time of its IPO through January 2021, Lordstown claimed on several instances that it would get access to more than 200 General Motors' vehicle parts, including 100 non-customer-facing parts necessary to bring the Endurance truck to the market within the projected timeline.
The following is an excerpt from the Prospectus filed by Lordstown before its IPO in 2020.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"The Endurance body is designed to be fully compatible with existing third-party parts, upfitting options and accessories. Depending on how our timing and demand aligns with the availability and cost of these parts, this design provides us with the option to source certain parts under an agreement we have entered into with GM. This agreement provides us with access to certain non-customer-facing GM parts, including airbags, steering columns and steering wheels, based on the manufacturing capacity of GM's suppliers. To the extent we utilize this arrangement, we expect that it will reduce the time that it will take to build out these aspects of our supply chain and bring the Endurance to market and reduce our tooling and development costs."
</blockquote>
These statements played a crucial part in luring investors to invest in Lordstown in the hopes of the company gaining a first-mover advantage in the EV commercial truck market.
After Hindenburg Research highlighted Lordstown's misleading statements on March 12, 2021, Lordstown Motors issued a statement regarding this short-seller report on March 15, 2021. In this statement, Lordstown defended its progress toward delivering Endurance trucks later that year and wrote:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"Lordstown Motors remains on track for start of production of its Lordstown Endurance all electric pickup truck in September 2021. This week, the company intends to elaborate on its progress towards start of production, including providing an update on beta vehicle production and other important business developments, on its inaugural earnings call."
</blockquote>
Despite this reassuring statement, Lordstown CEO appeared on CNBC Squawk Box on March 18 – just three days later – and claimed that the 100,000 pre-orders should never have been viewed as confirmed orders. Steve Burns, during this interview, said:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"We've always been very clear, right? These are just what they're intended to be. These are non-binding, letters of intent. They're called preorders out in the real world. I don't think anyone thought that we had actual orders, right? That's just not the nature of this business."
</blockquote>
The CEO made these comments soon after the SEC sent a letter to Lordstown inquiring about its business operations.
The company, however, appointed a special committee to investigate the claims made by Hindenburg Research.
On June 14, 2021, Lordstown published the findings of the special committee and denied some of the claims of Hindenburg Research but acknowledged that the company may have issued false, misleading statements regarding pre-orders.&nbsp;Revealing the findings of the committee, Lordstown Motors wrote:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"One entity that provided a large number of pre-orders does not appear to have the resources to complete large purchases of trucks. Other entities provided commitments that appear too vague or infirm to be appropriately included in the total number of pre-orders disclosed."
</blockquote>
Following the findings of this committee, CEO Steve Burns and CFO Julio Rodriguez resigned from their positions.
The SEC concluded its investigation earlier this year and found that Lordstown Motors has violated several guidelines of the Securities Act, including 17(a)(2) and 17(a)(3).&nbsp;Commenting on these violations, Mark Cave, Associate Director of the Division of Enforcement at SEC, said:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"In a highly competitive race to deliver the first mass-produced electric pickup truck to the U.S. market, Lordstown oversold true demand for the Endurance. "Exaggerations that misrepresent a public company's competitive advantages distort the capital markets and foil investors' ability to make informed decisions about where to put their money."
</blockquote>
Lordstown reached agreements to resolve allegations of misconduct by the SEC and two shareholder lawsuits. The company will pay $25.5 million without admitting or denying wrongdoing. The SEC will then withdraw its claim in Lordstown&#8217;s bankruptcy case. The below excerpt from the SEC's order summarizes its undertakings.
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-us.googleusercontent.com/iSErBXeG0RbnJhkpuQDcxk8TgzdJwTY4nxyzpFnDetu4I70iyOf6Ehk1vbMVH772_BiCGhl-PBhIFz7LlNzcczqXbcYG2Yug8qftfjokjVzRzZ2Y1HtdQLJGH_LYYoZ0lLqq1yqkA4OhO4h7R4AA64nLSeYUwURe" alt="A document with text and numbers
Description automatically generated" style="width:624px"/><figcaption class="wp-element-caption">Source: SEC</figcaption></figure>
Ex-CEO Steve Burns, in an email statement to Reuters, denied any wrongdoings last March following the SEC's order and claimed that his actions were&nbsp;"falsely characterized"&nbsp;by the SEC. He went on to say:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">"I categorically reject the suggestion that my actions constituted wrongdoing."
</blockquote>
<h3 class="wp-block-heading" id="resolving-the-scandal">Resolving The Scandal</h3>
To resolve the lawsuit from investors, Lordstown has agreed to a cash settlement of up to $10 million. If you invested in Lordstown, you may be eligible to <a href="https://11thestate.com/cases/lordstown-investor-settlement">claim a portion</a> of this settlement to recover your losses.
Wrapping up, the company, now rebranded as Nu Ride, operates as a shell company to carry the Chapter 11 Cases and Plan. The production of Endurance has been halted since June 2023 and the company does not conduct any business as of today.

NRDE

RIDEQ

Broken EV Dreams: Lordstown's Bankruptcy And $10M Investor Settlement

AAA expects record-setting travel numbers for Thanksgiving 2024 with an estimated 79.9 million travelers, up 2% from the previous record set last year. Here's what to know Tuesday before hitting the road later this week <a href="https://www.benzinga.com/news/retail-sales/24/11/42170721/thanksgiving-dinner-gobbles-up-19-more-cash-this-year-many-holiday-hosts-already-regret-their-decision">for the holiday. </a>
What To Know: AAA attributes the staggering number of travelers to economic growth, declining inflation and strong income gains, which it sees boosting consumer spending by 4.6% compared to last Thanksgiving.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/retail-sales/24/11/42170721/thanksgiving-dinner-gobbles-up-19-more-cash-this-year-many-holiday-hosts-already-regret-their-decision">Thanksgiving Dinner Gobbles Up 19% More Cash This Year, Many Holiday Hosts &#8216;Already Regret Their Decision&#8217;</a>
"We expect to see record travel numbers across the board," said Debbie Haas, vice president of Travel for AAA – The Auto Club Group. 
"With more people taking to the roads, skies, rails and sea; travelers should expect congested roads and longer lines at transportation terminals," Haas added. 
On The Road: AAA <a href="https://newsroom.acg.aaa.com/aaa-record-number-of-travelers-expected-to-travel-for-thanksgiving/#">projects more than</a> 71 million travelers will take a road trip over Thanksgiving which would beat the previous record set in 2019 by 1.1 million travelers.&nbsp;
Drivers fueling up at Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) or Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) gas stations can expect significantly lower prices than last year with gas hovering near $3 per gallon. The national average is $3.01 per gallon, according to GasBuddy. 
Read Next: <a href="https://www.benzinga.com/news/earnings/24/11/42201885/dell-technologies-shares-drop-after-q3-revenue-misses-estimates-details">Dell Technologies Shares Drop After Q3 Revenue Misses Estimates: Details</a>
"As Americans prepare to hit the road for Thanksgiving, we're seeing the lowest national average price of gasoline since 2021, with a far better economic picture than when gas prices were last this low," GasBuddy said in its <a href="https://www.gasbuddy.com/go/2-cents-shy-of-2-99-national-average-declines-for-6th-straight-week">weekly report</a>.&nbsp;
For travelers looking to rent a car at their destination, Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) says Atlanta, Las Vegas, Los Angeles, Miami, Oahu, Orlando and Phoenix are the cities with the highest rental demand for the Thanksgiving holiday. The busiest car pick-up day is expected to be the Wednesday before Thanksgiving, and the busiest rental return days will be the Monday and Tuesday after the holiday.
In The Air: The Transportation Security Administration (TSA) said that it is "prepared for the busiest Thanksgiving travel period on record." The TSA expects to screen 18.3 million people from Tuesday, Nov. 26 to Monday, Dec. 2, representing a volume increase of approximately 6% over the 2023 Thanksgiving holiday.
"As we approach Thanksgiving, TSA is ready to accommodate record passenger volumes," said TSA Administrator David Pekoske.
&nbsp;"The 10 busiest travel days in TSA's history have all occurred in 2024, and we anticipate that trend to continue," Pekoske added.&nbsp;
Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) said <a href="https://news.delta.com/numbers-thanksgiving-holiday-travel-delta">it is expecting</a> 6.5 million customers this Thanksgiving holiday travel period, up 5% from one year ago, and reminds travelers to arrive early and anticipate larger crowds at security checkpoints and in the airport terminals. 
Eyes On The Skies: Americans are preparing for what could be the busiest travel week on record, but weather conditions may not cooperate in some parts of the country.  According to an AP <a href="https://apnews.com/article/thanksgiving-holiday-travel-airports-roads-38cfcfe5f9d7b19fdc9d843827ed21f9">report</a>, an Arctic blast is taking aim at the Midwest and a nor'easter will move up the East Coast bringing cold and wet conditions that could disrupt travel over the holiday weekend. 
"The system doesn't look like a powerhouse right now," Hayden Frank, a meteorologist with the weather service in Massachusetts, said Sunday. "Basically, this is going to bring rain to the I-95 corridor so travelers should prepare for wet weather. Unless the system trends a lot colder, it looks like rain."
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
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Photo: Jan Vašek from Pixabay

Travel

Thanksgiving Travel Preview: AAA Expects Record Numbers, TSA Braces For Busiest Day Ever, Arctic Weather Blast

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Nature's Miracle Holding Inc. Launches NM Data Inc. and Announces $3 Million Investment in Future Tech, Inc. to Develop a 50MW Bitcoin Mining Facility in Ohio

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