PGIM ETF Trust PGIM AAA CLO ETF (ARCA: PAAA)

最新ニュース PGIM ETF Trust PGIM AAA CLO ETF (ARCA:PAAA)

Under normal circumstances, the Fund invests at least 80 percent of its investable assets in U.S. dollar-denominated collateralized loan obligations (CLOs) that are, at the time of purchase, rated AAA (or equivalent) by at least one nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the subadviser to be of comparable quality. Up to 20 percent of the Fund's investable assets may be invested in CLOs that are rated below AAA but not less that A minus by at least one NRSRO (or, if unrated, determined by the subadviser to be of comparable quality). The term investable assets refer to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specific index.

PGIM AAA CLO ETF

PGIM ETF Trust PGIM AAA CLO ETF

Boris Jordan, <a href="https://www.benzinga.com/topic/curaleaf">founder and executive chair</a> of Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), had some parting words for <a href="https://www.benzinga.com/topic/ron-desantis">Governor Ron DeSantis</a> who has opposed Florida's cannabis legalization initiative, Amendment 3, since day one, even after – or should we say because former President <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">Donald Trump endorsed it</a>?
Jordan said that DeSantis' &#8220;smear campaign&#8221; regarding Amendment 3 and his stance against cannabis legalization is misguided.
"The @GovRonDeSantis smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use cannabis can have a positive impact, generating important tax revenues while providing responsible adult consumers with access to tested and regulated products," Jordan wrote on X.
Safe &amp; Smart Florida, the group behind the legalization campaign, had a follow-up comment about how the &#8220;legalized adult-use recreational marijuana, the elimination of underground markets has driven a reduction in underage use while generating billions in tax revenue to reinvest in youth programs and scholarships.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use <a href="https://twitter.com/hashtag/cannabis?src=hash&amp;ref_src=twsrc%5Etfw">#cannabis</a> can have a positive impact, generating important tax revenues while providing responsible adult consumers… <a href="https://t.co/O0D5cf0x1p">https://t.co/O0D5cf0x1p</a>
&mdash; Boris Jordan (@Boris_Jordan) <a href="https://twitter.com/Boris_Jordan/status/1853555668768407854?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Smear Campaign? </h2>
DeSantis has gone after the campaign's main financial backer, Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), on several occasions while opposing the entire campaign with ongoing comments about weed being a smelly affair and equating it with drug cartel activity.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41744722/election-day-2024-will-florida-nebraska-north-and-south-dakota-join-the-marijuana-revolution">Election Day 2024: Will Florida, Nebraska, North And South Dakota Join The Marijuana Revolution?</a>
<h2 class="wp-block-heading">DeSantis&#8217; Final Shot: Trulieve Is &#8216;Big Pharma On Steroids&#8217;</h2>
DeSantis shared his final comments on <a href="https://www.facebook.com/GovRonDeSantis">Facebook </a>Monday, directing attention toward Trulieve.
&#8220;One mega marijuana corporation has poured over $140 million into Amendment 3,&#8221; the governor said. &#8220;That's not a charitable donation in the best interests of Florida—it's a publicly-traded company trying to maximize profits for their own shareholders, by securing special privileges and permanent carve-outs in our constitution. It's like Big Pharma on steroids.&#8221;
Benzinga reached out to Trulieve for the company&#8217;s response and is awaiting comment.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41656678/trump-harris-and-desantis-face-off-on-cannabis-legalization-in-florida-and-beyond">Trump, Harris And DeSantis Face Off On Cannabis Legalization In Florida And Beyond</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;from Surprise, AZ,&nbsp;USA&nbsp;–&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/53299142646/" target="_blank" rel="noreferrer noopener">Ron DeSantis</a>&nbsp;via Wikimedia Commons and&nbsp;<a href="https://unsplash.com/@joseluissp_ph" target="_blank" rel="noreferrer noopener">Jose Luis Sanchez Pereyra</a>&nbsp;via Unsplash

Cannabis

Government

News

Politics

CURLF

TCNNF

DeSantis 'On Wrong Side Of History' Curaleaf Chair Says, As Governor Calls Trulieve 'Big Pharma On Steroids'

WIIM

FANG

Diamondback Energy shares are trading lower after the company reported worse-than-expected Q3 adjusted EPS results.

Trading Ideas

Trump Media & Technology Group Shares Halted To The Downside; Stock Now Up 3.41%

Deep-pocketed investors have adopted a bearish approach towards Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in SIRI usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Sirius XM Holdings. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 33% leaning bullish and 44% bearish. Among these notable options, 2 are puts, totaling $73,900, and 7 are calls, amounting to $1,172,700.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $23.0 and $28.0 for Sirius XM Holdings, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Sirius XM Holdings's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Sirius XM Holdings's significant trades, within a strike price range of $23.0 to $28.0, over the past month.
<h3>Sirius XM Holdings Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730835991_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIRI</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/20/25</td>
<td>$4.3</td>
<td>$3.8</td>
<td>$4.02</td>
<td>$25.00</td>
<td>$1.0M</td>
<td>71</td>
<td>2.5K</td>
</tr>
<tr>
<td>SIRI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$3.5</td>
<td>$3.2</td>
<td>$3.5</td>
<td>$26.00</td>
<td>$46.2K</td>
<td>1</td>
<td>138</td>
</tr>
<tr>
<td>SIRI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.9</td>
<td>$3.9</td>
<td>$3.9</td>
<td>$23.00</td>
<td>$31.2K</td>
<td>7.8K</td>
<td>109</td>
</tr>
<tr>
<td>SIRI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$4.1</td>
<td>$4.05</td>
<td>$4.1</td>
<td>$23.00</td>
<td>$28.7K</td>
<td>7.8K</td>
<td>229</td>
</tr>
<tr>
<td>SIRI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$2.84</td>
<td>$2.77</td>
<td>$2.77</td>
<td>$28.00</td>
<td>$27.7K</td>
<td>564</td>
<td>100</td>
</tr>
</tbody>
</table>

<h3>About Sirius XM Holdings</h3>
Sirius XM operates almost exclusively in the US through its SiriusXM and Pandora audio services. SiriusXM is primarily a satellite radio service, which offers nationwide coverage and mostly ad-free listening, with proprietary channels and exclusive content. It makes agreements with automakers to install its radios in vehicles and give trial services to vehicle buyers, which have traditionally fed its subscriber base. The company operates the service through a handful of geostationary satellites that it owns and operates, but it now offers a streaming SiriusXM option as well. Pandora, which makes up a much smaller portion of revenue and profit, offers a subscription and ad-supported streaming music service that competes with industry giants like Spotify, Apple Music, and YouTube Music.
<h3>Where Is Sirius XM Holdings Standing Right Now?</h3>
<ul>
<li>With a volume of 2,023,037, the price of SIRI is down -2.98% at $26.83. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 86 days.</li>
</ul>
<h3>Expert Opinions on Sirius XM Holdings</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $33.2.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Pivotal Research persists with their Buy rating on Sirius XM Holdings, maintaining a target price of $37. 
&#x2A; An analyst from B of A Securities downgraded its action to Underperform with a price target of $23. 
&#x2A; An analyst from Barrington Research persists with their Outperform rating on Sirius XM Holdings, maintaining a target price of $40. 
&#x2A; An analyst from Benchmark downgraded its action to Buy with a price target of $43. 
&#x2A; Consistent in their evaluation, an analyst from Goldman Sachs keeps a Neutral rating on Sirius XM Holdings with a target price of $23. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Sirius XM Holdings with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Options

Markets

SIRI

This Is What Whales Are Betting On Sirius XM Holdings

Deep-pocketed investors have adopted a bullish approach towards MercadoLibre (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MELI usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 30 extraordinary options activities for MercadoLibre. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 43% leaning bullish and 16% bearish. Among these notable options, 8 are puts, totaling $340,414, and 22 are calls, amounting to $1,874,803.
<h3>Predicted Price Range</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $1480.0 to $2300.0 for MercadoLibre over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in MercadoLibre's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to MercadoLibre's substantial trades, within a strike price spectrum from $1480.0 to $2300.0 over the preceding 30 days.
<h3>MercadoLibre Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730835986_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MELI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/18/26</td>
<td>$523.9</td>
<td>$506.0</td>
<td>$518.53</td>
<td>$2080.00</td>
<td>$518.5K</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">10</td>
</tr>
<tr>
<td>MELI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>11/08/24</td>
<td>$185.4</td>
<td>$173.5</td>
<td>$180.76</td>
<td>$1910.00</td>
<td>$216.1K</td>
<td style="text-align: right;">26</td>
<td style="text-align: right;">18</td>
</tr>
<tr>
<td>MELI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$275.9</td>
<td>$261.1</td>
<td>$271.46</td>
<td>$2060.00</td>
<td>$135.7K</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">5</td>
</tr>
<tr>
<td>MELI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/08/24</td>
<td>$123.7</td>
<td>$112.1</td>
<td>$118.2</td>
<td>$2000.00</td>
<td>$130.0K</td>
<td style="text-align: right;">19</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>MELI</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$217.0</td>
<td>$209.5</td>
<td>$209.5</td>
<td>$2160.00</td>
<td>$104.7K</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
</tr>
</tbody>
</table>

<h3>About MercadoLibre</h3>
MercadoLibre runs the largest e-commerce marketplace in Latin America, with more than 218 million active users and 1 million active sellers across 18 countries stitching into its commerce network or fintech solutions as of the end of 2023. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.
Having examined the options trading patterns of MercadoLibre, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>MercadoLibre's Current Market Status</h3>
<ul>
<li>With a trading volume of 105,657, the price of MELI is up by 0.91%, reaching $2073.53.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 1 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for MercadoLibre</h3>
2 market experts have recently issued ratings for this stock, with a consensus target price of $2640.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on MercadoLibre with a target price of $2480. 
&#x2A; Reflecting concerns, an analyst from Redburn Atlantic lowers its rating to Buy with a new price target of $2800.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for MercadoLibre with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

MELI

Unpacking the Latest Options Trading Trends in MercadoLibre

Deep-pocketed investors have adopted a bullish approach towards DraftKings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in DKNG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for DraftKings. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 3 are puts, totaling $243,940, and 9 are calls, amounting to $600,915.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $32.5 to $55.0 for DraftKings over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In terms of liquidity and interest, the mean open interest for DraftKings options trades today is 5089.27 with a total volume of 3,209.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for DraftKings's big money trades within a strike price range of $32.5 to $55.0 over the last 30 days.
<h3>DraftKings Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730835981_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>DKNG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$7.0</td>
<td>$5.6</td>
<td>$5.6</td>
<td>$55.00</td>
<td>$242.4K</td>
<td>89</td>
<td style="text-align: right;">701</td>
</tr>
<tr>
<td>DKNG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$3.4</td>
<td>$3.35</td>
<td>$3.35</td>
<td>$39.00</td>
<td>$134.6K</td>
<td>349</td>
<td style="text-align: right;">402</td>
</tr>
<tr>
<td>DKNG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$10.8</td>
<td>$10.7</td>
<td>$10.7</td>
<td>$46.00</td>
<td>$102.7K</td>
<td>258</td>
<td style="text-align: right;">206</td>
</tr>
<tr>
<td>DKNG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$10.8</td>
<td>$10.7</td>
<td>$10.7</td>
<td>$46.00</td>
<td>$99.5K</td>
<td>258</td>
<td style="text-align: right;">94</td>
</tr>
<tr>
<td>DKNG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$2.17</td>
<td>$2.03</td>
<td>$2.17</td>
<td>$38.00</td>
<td>$43.4K</td>
<td>2.1K</td>
<td style="text-align: right;">52</td>
</tr>
</tbody>
</table>

<h3>About DraftKings</h3>
DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number two or three revenue share position across states in which it competes. DraftKings is now live with online or retail sports betting in 27 states and iGaming in seven states, with both products available to around 40% of Canada's population. The company also operates a non-fungible token commissioned-based marketplace and develops and licenses online gaming products.
Having examined the options trading patterns of DraftKings, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>DraftKings's Current Market Status</h3>
<ul>
<li>Trading volume stands at 3,554,798, with DKNG's price up by 1.95%, positioned at $36.38.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 2 days.</li>
</ul>
<h3>What The Experts Say On DraftKings</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $51.4.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Wells Fargo persists with their Overweight rating on DraftKings, maintaining a target price of $52. 
&#x2A; An analyst from Morgan Stanley has decided to maintain their Overweight rating on DraftKings, which currently sits at a price target of $48. 
&#x2A; In a cautious move, an analyst from Benchmark downgraded its rating to Buy, setting a price target of $44. 
&#x2A; An analyst from JMP Securities downgraded its action to Market Outperform with a price target of $51. 
&#x2A; An analyst from Mizuho has decided to maintain their Outperform rating on DraftKings, which currently sits at a price target of $62. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for DraftKings, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

DKNG

Check Out What Whales Are Doing With DKNG

ETF Store President Nate Geraci suggested that the outcome of the U.S. election could significantly affect the ETF industry, particularly for <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41715056/61-000-is-bitcoin-line-in-the-sand-for-etf-demand-to-remain-steady-says-analyst">crypto-related products</a>.
What Happened: Geraci <a href="https://www.etf.com/sections/features/us-election-could-ripple-through-etf-industry">opined</a> in a blog post for etf.com on Tuesday that, the new administration and Congress will influence key regulatory roles, including the appointment of the SEC chair, which could steer ETF developments.
He identifies three focal areas: crypto ETFs, share class structure and ETF taxation. While the SEC has recently approved spot Bitcoin and Ether ETFs, further crypto innovation under a Kamala Harris-led administration could face regulatory obstacles due to the Biden administration's tough stance on the crypto industry.
ETF taxation is another hot topic, with speculation that the election could revive discussions on removing the tax-deferral advantage for in-kind ETF redemptions, which currently enhances tax efficiency for ETF investors.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41743968/bitcoin-ethereum-etfs-record-over-600-million-net-outflows-ahead-of-election-day">Bitcoin, Ethereum ETFs Record Over $600 Million Net Outflows Ahead Of Election Day</a>
Why It Matters: Over 30 fund companies, including BlackRock, have requested exemptive relief from the SEC to offer an ETF share class of existing mutual funds. The approval of this structure could be influenced by the election outcome, with industry insiders suggesting a Republican-controlled SEC would be more likely to approve.
The ETF industry plays a pivotal role in providing diverse investment products. Potential regulatory changes could reshape how ETFs are structured and taxed, impacting tax efficiency and innovation within the industry.
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41741684/veteran-traders-share-presidential-election-crypto-trading-roadmap-predict-heavy-volatilit">Veteran Traders Share &#8216;Presidential Election Crypto Trading Roadmap,&#8217; Predict Heavy Volatility</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

What The US Election Means For The Future Of Crypto ETFs

Ohio's recreational cannabis market has experienced a remarkable rise since its official rollout in August 2024. 
In less than four months, the state has accumulated over $143 million in recreational sales, <a href="https://dam.assets.ohio.gov/image/upload/com.ohio.gov/DCC/DCC_Historical_Sales_Data.pdf">according</a> to the Ohio Department of Commerce Division of Cannabis Control (DCC). 
This rapid growth is powered by the high demand and economic potential of legal cannabis in the Buckeye State.
<h3 class="wp-block-heading">Strong Launch And Steady Demand</h3>
Following Ohio voters' <a href="https://www.benzinga.com/markets/cannabis/23/11/35664155/ohio-legalizes-cannabis-and-overwhelmingly-approves-abortion-rights">approval of Issue 2</a> in 2023, the cannabis market opened with high expectations, allowing adults 21 and over to purchase cannabis products at licensed shops.
Dispensaries across <a href="https://www.benzinga.com/topic/cannabis-ohio">Ohio</a> reported an immediate influx of new customers, with demand remaining strong in major cities like Columbus and Cleveland.
Initial sales data reflects this enthusiasm, with the first month (August) alone generating over $44 million in sales.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="636" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05121933/Captura-de-pantalla-2024-11-05-a-las-14.19.28-1024x636.png" alt="" class="wp-image-630811" style="width:536px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05121933/Captura-de-pantalla-2024-11-05-a-las-14.19.28-1024x636.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05121933/Captura-de-pantalla-2024-11-05-a-las-14.19.28-300x186.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05121933/Captura-de-pantalla-2024-11-05-a-las-14.19.28-768x477.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05121933/Captura-de-pantalla-2024-11-05-a-las-14.19.28.png 1204w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The momentum continued as monthly sales figures climbed steadily. 
September 2024 recorded nearly $54.7 million, while October sales surged to $76.3 million. By November, cumulative sales reached $143 million, underscoring the market's exponential growth. Growth between October and November reached an astonishing 47%.
This steady increase is expected to contribute significantly to Ohio's tax revenue, supported by the state's 10% tax on recreational cannabis purchases.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41726679/village-farms-is-only-cannabis-operator-selected-to-represent-weed-industry-at-dea-rescheduling-">Village Farms Is Only Cannabis Operator Selected To Represent Weed Industry At DEA Rescheduling Hearing</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a></li>
</ul>
<h3 class="wp-block-heading">Expansion Opportunities For Operators</h3>
The swift uptake in Ohio's recreational market has attracted <a href="https://www.benzinga.com/money/multi-state-operators">multi-state operators</a> (MSOs) looking to capitalize on the state's burgeoning cannabis sector.
These MSOs are scaling up to meet consumer demand and expand their footprint within the state. With robust monthly sales, Ohio's cannabis industry presents substantial opportunities for businesses and investors aiming to establish a presence in this growing market.
Since the launch of adult-use sales, Ohio dispensaries have sold over 16,000 pounds of cannabis plant material. In addition to recreational sales, Ohio's established medical cannabis program continues to perform steadily, with medical patients driving consistent demand. 
The average price for manufactured cannabis products, such as edibles and concentrates, reached $29.21 in the last week of October. With 124 dual-use dispensaries authorized to serve both recreational and medical consumers, Ohio's cannabis infrastructure is well-positioned to support <a href="https://www.benzinga.com/markets/cannabis/24/10/41279057/ohios-recreational-cannabis-soars-98-million-in-revenue-within-just-two-months">further market growth</a> and meet the needs of its expanding customer base.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40189647/trulieve-touts-third-consecutive-quarter-of-revenue-growth-narrows-q2-net-loss-97-yoy-launches-c">Trulieve Touts Third Consecutive Quarter Of Revenue Growth, Narrows Q2 Net Loss 97% YoY, Launches Cannabis Sales In Ohio</a></li>
</ul>
Cover: <a href="https://pixabay.com/es/photos/cleveland-ohio-ciudad-urbano-1888370/">Cleveland</a> in Pixabay

Retail Sales

Ohio's Cannabis Market Surges, Reaching $143M In Just 4 Months

ZCAR

Zoomcar Holding shares are trading higher after the company reported a major expansion of its customer support team.

Prediction markets like Polymarket and Kalshi have <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41635149/2024-election-odds-on-polymarket-kalshi-show-trump-will-win-why-they-might-be-wrong">surged in popularity</a> during the <a href="https://www.benzinga.com/topic/2024-election">2024 election cycle</a>. Here&#8217;s all you need to know about the betting markets on Election Day as the U.S. elects a new president, either Donald Trump or Kamala Harris.
A Preface: Bettors on Polymarket, Kalshi, and other websites can continue betting even after the polls close. This is different than, say, sports betting where bets are locked after the game starts.
The betting odds will constantly update as votes are counted—favorable partial results for Trump will shift the odds in his column positively, and vice versa. As the race nears being called, the odds will converge on the winner.
The U.S. election could be called on Election Day—or it could take several weeks if a close tally requires recounts. Bettors can bet on the race at any time until the outcome is resolved.
Polymarket Policy: Polymarket <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730829736678">lays</a> out its procedure for determining the outcome of its presidential market.
&#8220;This Presidential market resolves when the Associated Press, Fox, and NBC all call the election for the same candidate. In the unlikely event that doesn't happen, the market will remain open until inauguration and resolve to whoever gets inaugurated,&#8221; the website reads.
Kalshi Policy: Kalshi&#8217;s market is <a href="https://kalshi.com/markets/pres/presidential-elections">resolved</a> when the candidate is inaugurated.
&#8220;This market resolves when a candidate (or another representative of their party) is inaugurated as President for the term beginning January 20, 2025,&#8221; its rules read. &#8220;You can cash out of your position at any point in time.&#8221;
Why it Matters: Election night may present challenges such as confusion and misinformation. Bettors are encouraged to familiarize themselves with market rules before placing bets.
Several <a href="https://www.benzinga.com/news/24/11/41698607/kamala-harris-ready-if-trump-decides-to-falsely-declare-victory-we-are-prepared-to-respond">corroborating sources indicate</a> that Trump will prematurely declare victory on election night before all votes are counted. The Trump campaign <a href="https://www.benzinga.com/news/20/11/18202190/trump-declares-victory-ahead-of-results-from-key-states">acted similarly in 2020</a> in its loss to Joe Biden. Bettors should understand that while early results could indicate the direction of the race, it will ultimately not be resolved until the requirements of Polymarket and Kalshi are met.
According to reports, Kamala Harris's campaign and Democratic Party officials anticipate a <a href="https://www.benzinga.com/news/24/11/41698607/kamala-harris-ready-if-trump-decides-to-falsely-declare-victory-we-are-prepared-to-respond">premature victory declaration</a> by Trump in the 2024 election and are reportedly preparing a swift response. The Trump campaign <a href="https://www.benzinga.com/news/20/11/18202190/trump-declares-victory-ahead-of-results-from-key-states">took a similar approach</a> in 2020 during its loss to Joe Biden.
Bettors should be aware that while early results may indicate the potential direction of the race, the final outcome will not be determined until the conditions set by Polymarket and Kalshi are fulfilled.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41748843/trump-holds-edge-in-betting-markets-on-election-day-while-experts-call-tight-race-for-harris">Trump Holds Edge In Betting Markets On Election Day, While Experts Call Tight Race For Harris</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

How Late Can You Bet On The US Election Through Polymarket, Kalshi? Everything You Need To Know

Hawaiian Electric Shares Halted Pending News

U.S. stocks traded higher toward the end of trading, with the S&amp;P 500 gaining around 1% on Tuesday.
The Dow traded up 0.96% to 42,197.88 while the NASDAQ rose 1.26% to 18,408.47. The S&amp;P 500 also rose, gaining, 1.03% to 5,771.80.
Check This Out: <a href="https://www.benzinga.com/news/24/11/41741538/wall-streets-most-accurate-analysts-spotlight-on-3-financial-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Financial Stocks Delivering High-Dividend Yields</a>
Leading and Lagging Sectors Consumer discretionary shares surged by 1.8% on Tuesday.
In trading on Tuesday, energy shares rose by just 0.3%.
Top Headline
Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) posted downbeat results for its third quarter
The company reported third-quarter adjusted earnings per share of $1.37 missing the street view of $1.41. Yum! Brands reported a 4% increase in same-store sales for Taco Bell in the U.S., and a 9% unit growth for KFC International. The company's quarterly revenues of $1.826 billion missed the analyst consensus of $1.899 billion.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Bionomics Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNOX#NASDAQ">BNOX</a>) shares shot up 170% to $0.5189 after the company announced it secured an AUS$1 million milestone payment from Carina Biotech for its BNC101 oncology program, with the potential to earn up to AUS$118 million.</li>
<li>Shares of Vimeo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMEO#NASDAQ">VMEO</a>) got a boost, surging 44% to $6.91 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance above estimates.</li>
<li>ZyVersa Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZVSA#NASDAQ">ZVSA</a>) shares were also up, gaining 33% to $2.43 after the company highlighted data showing the potential of inflammasome inhibition to protect pancreatic islet beta cells and attenuate progression from obesity to insulin resistance and type 2 diabetes.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Marqeta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MQ#NASDAQ">MQ</a>) shares dropped 40% to $3.55 after the company reported worse-than-expected Q3 sales results. Also, multiple firms downgraded their respective ratings on the company and lowered their respective price targets.</li>
<li>Shares of Verrica Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRCA#NASDAQ">VRCA</a>) were down 41% to $0.8499 following downbeat quarterly results.</li>
<li>Bioventus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BVS#NASDAQ">BVS</a>) was down, falling 18% to $11.19 after the company announced third-quarter results.</li>
</ul>
Commodities In commodity news, oil traded up 0.3% to $71.70 while gold traded up 0.2% at $2,750.20.
Silver traded up 0.4% to $32.725 on Tuesday, while copper rose 0.7% to $4.4645.
Euro zone
European shares closed mostly higher today. The eurozone's STOXX 600 rose 0.06%, Germany's DAX gained 0.57% and France's CAC 40 rose 0.48%. Spain's IBEX 35 Index rose 0.29%, while London's FTSE 100 fell 0.14%.
Spain's consumer confidence indicator declined by 4.6 points to a reading of 84.8 in September.
Asia Pacific Markets
Asian markets closed higher on Tuesday, with Japan's Nikkei 225 gaining 1.11%, Hong Kong's Hang Seng Index gaining 2.14%, China's Shanghai Composite Index gaining 2.32% and India's BSE Sensex gaining 0.88%.
Economics
<ul>
<li>The trade deficit in the U.S. increased to $84.4 billion in September, recording the highest level since April 2022, and above market estimates of a $84.1 billion gap, versus a revised $70.8 billion gap in August.</li>
<li>The ISM services PMI rose to 56 in October, recording the highest reading since Aug. 2022. </li>
<li>The S&amp;P Global composite PMI rose to 54.1 in October compared to 54.0 in September.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/11/41743859/top-3-consumer-stocks-that-may-keep-you-up-at-night-this-quarter">Top 3 Consumer Stocks That May Keep You Up At Night This Quarter</a></li>
</ul>

Earnings

Equities

Eurozone

Commodities

BNOX

VMEO

VRCA

ZVSA

Dow Jumps 400 Points; Yum! Brands Posts Downbeat Earnings

This year&#8217;s <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">hurricane season </a>is a deadly one for the eastern and Gulf Coast of the U.S. Several companies and ETFs could be affected by another tropical storm nearing the Gulf Coast.
The Storm: Tropical Storm Rafael, the 17th named storm of the 2024 season, formed in the Caribbean, <a href="https://www.nbcnews.com/weather/hurricanes/tropical-storm-rafael-forms-expected-hurricane-rcna178632">according</a> to NBC.
The storm passed by Jamaica on Tuesday. It is expected to strengthen into a hurricane on Tuesday near the Cayman Islands and pass over Western Cuba. From there, it will likely weaken into a tropical storm before making landfall near New Orleans. The path may change drastically before impacting the U.S.
The heaviest rain of up to 10 inches is expected in Jamaica.
Market Impacts: With a projected path in the Gulf of Mexico, Rafael could disrupt offshore oil and gas production, which could impact companies operating there.
Potentially affected stocks include major energy companies like Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and Occidental Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), and ETFs like SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Storms in the Gulf of Mexico can also disrupt refining operations, which could impact refiners such as Marathon Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) and Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>).
Construction companies like Vulcan Materials Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>) and Martin Marietta Materials Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) might benefit from increased demand for repairs and rebuilding.
Recent extreme weather activity is linked to climate change. Hurricanes, which will become even more frequent over time, may encourage homeowners to purchase home generators. Generac Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) is the largest producer of home generators in the U.S.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41746843/bond-market-fear-gauge-soars-to-1-year-high-ahead-of-us-election-results-bond-vigil">Bond Market Fear Gauge Soars To 1-Year High Ahead Of US Election Results: &#8216;Bond Vigilantes Have Been Voting Early&#8217;</a></li>
</ul>
Photo: Tropical Storm Rafael, 11.5.2024. Courtesy NOAA/Public Domain

Sector ETFs

ETFs

GNRC

Tropical Storm Rafael Could Make US Landfall: 11 Stocks, ETFs To Watch

SPPL

SIMPPLE Australia And Mode Technology To Showcase Advanced Robotic Cleaning Solutions And Software Platform At New Zealand Cleaning Expo On November 6-7

In the current market session, Lennox Intl Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LII#NYSE">LII</a>) stock price is at $601.00, after a 0.61% decrease. However, over the past month, the company's stock increased by 2.48%, and in the past year, by 58.07%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1730835070_0.png" alt="Past Year Chart" />

<h3>Lennox Intl P/E Ratio Analysis in Relation to Industry Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of 26.68 in the Building Products industry, Lennox Intl Inc. has a higher P/E ratio of 28.72. Shareholders might be inclined to think that Lennox Intl Inc. might perform better than its industry group. It's also possible that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1730835070_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

P/E Ratio Insights for Lennox Intl

AutoZone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) has outperformed the market over the past 15 years by 10.77% on an annualized basis producing an average annual return of 22.43%. Currently, AutoZone has a market capitalization of $51.50 billion. 
Buying $100 In AZO: If an investor had bought $100 of AZO stock 15 years ago, it would be worth $2,140.90 today based on a price of $3046.35 for AZO at the time of writing.
<h3>AutoZone's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730835035_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 15 Years Ago Would Be Worth $2,100 Today

ASML Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) has outperformed the market over the past 10 years by 9.93% on an annualized basis producing an average annual return of 20.84%. Currently, ASML Holding has a market capitalization of $267.40 billion. 
Buying $100 In ASML: If an investor had bought $100 of ASML stock 10 years ago, it would be worth $666.33 today based on a price of $673.07 for ASML at the time of writing.
<h3>ASML Holding's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1730835030_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ASML

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

HC Wainwright &amp; Co. analyst Heiko Ihle maintains Gold Royalty (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) with a Buy and lowers the price target from $5.75 to $5.5.

Price Target

Analyst Ratings

GROY

HC Wainwright & Co. Maintains Buy on Gold Royalty, Lowers Price Target to $5.5

On Monday, Fidelity National Information Services, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>) reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41709529/fis-reports-strong-third-quarter-2024-results-and-raises-full-year-outlook" rel="noreferrer noopener">third-quarter revenue</a> of $2.57 billion, up 3% year over year, topping the analyst consensus of $2.56 billion. Adjusted&nbsp;EPS of $1.40 beat the analyst consensus of $1.29.
The company expects fiscal 2024 revenue of $10.14 billion &#8211; $10.17 billion (prior $10.12 billion &#8211; $10.17 billion) and adjusted EPS of $5.15 &#8211; $5.20 (prior $5.03 &#8211; $5.11).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41745824/short-squeeze-globalfoundries-stock-soars-on-q3-earnings-beat-strong-q4-outlook" rel="noreferrer noopener">Short Squeeze &#8211; GlobalFoundries Stock Soars On Q3 Earnings Beat, Strong Q4 Outlook</a>
Multiple analysts rerated the stock after the print. RBC Capital analyst Daniel Perlin maintained Fidelity National Info with an Outperform and raised the <a href="https://www.benzinga.com/quote/FIS/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $95 to $104</a>.
KeyBanc analyst Alex Markgraff remained Sector Weight on Fidelity National Info. Goldman Sachs analyst Will Nance reiterated a Buy on Fidelity National Info with a price target of $100, up from $97.
RBC Capital: Perlin highlighted FIS&#8217; recent performance, noting strength in core banking sales and operating leverage in capital markets. Banking segment adjusted revenue grew by 3% year-over-year to $1.71 billion, with an adjusted EBITDA margin of 45.2%, supported by cost-saving efforts and an increasing proportion of recurring revenue, up 6% year-over-year. The recent acquisition of Dragonfly, which offers liquidity management and fraud prevention for complex commercial clients, enhances FIS&#8217; digital offerings and opens cross-selling opportunities with banks not yet using FIS&#8217; core services.
The Capital Markets segment posted 7% adjusted revenue growth, reaching $730 million, with a 49.9% EBITDA margin. This was attributed to a favorable revenue mix and operational leverage. Management anticipates ongoing margin expansion in the segment, driven by increased recurring revenue and a boost in cross-selling activity across the enterprise, which rose 20% year-to-date.
KeyBanc: Markgraff observed that FIS reported better-than-expected third-quarter results and raised its full-year guidance. However, the increase was primarily due to reduced interest expenses and added Worldpay EMI contributions rather than core operational growth. Adjusted revenue in Banking grew 3% year-over-year, driven by steady recurring revenue. Capital Markets adjusted revenue also rose by 7%, reflecting substantial operating leverage and an advantageous revenue mix.
Despite an upbeat revenue beat, Markgraff noted that higher capital expenditures—partly from vendor pricing pressures—dampened immediate market response to the results. The outlook suggests strong momentum, particularly in Capital Markets, though Banking growth is expected to settle closer to the lower to midpoint of its projected range.
Goldman Sachs: Nance noted that FIS outperformed the S&amp;P with a 67 basis point rise, as investors seemed reassured by consistent performance and reaffirmed medium-term targets. Despite anticipated increases in third-party vendor costs impacting capital expenditures, management expressed confidence in maintaining cash flow in 2025. While Worldpay is no longer central to FIS&#8217; strategy, its EMI continues positively impacting EPS. Operationally, FIS saw strong execution with several key customer wins in the Asia-Pacific region, reinforcing confidence in its execution.
Looking ahead, Nance views FIS as a reliable, defensively positioned investment with moderate revenue growth and steady EPS growth, enhanced by capital returns and efficient margin management. He raised the price target, reflecting peer valuation adjustments driven by FIS&#8217; continued positive performance trajectory.
Price Action: FIS stock is down 3.21% at $86.82 at last check Tuesday.
Image: Shutterstock by PopTika
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41748807/thomson-reuters-q3-earnings-legal-corporate-segments-enjoy-revenue-boost-as-ceo-highlights-ai-inves" target="_blank" rel="noreferrer noopener">Thomson Reuters Q3 Earnings: Legal, Corporate Segments Enjoy Revenue Boost As CEO Highlights AI Investment</a></li>
</ul>

Analyst Color

Reiteration

Fidelity National Information Services' Banking, Capital Markets Growth Drive Optimism, Analysts Say

Needham analyst Serge Belanger reiterates Verrica Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRCA#NASDAQ">VRCA</a>) with a Hold.

Comments

PGIM ETF Trust PGIM AAA CLO ETF

ニュース

最新ニュース PGIM ETF Trust PGIM AAA CLO ETF (ARCA:PAAA)

ニュース

パートナーシップ

ベンジンガ・グローバル