TCW Transform Supply Chain ETF (NYSE: SUPP)

最新ニュース TCW Transform Supply Chain ETF (NYSE:SUPP)

Industrials

Technology

Basic Materials

Consumer Cyclical

Healthcare

The Transform Supply Chain ETF is an actively managed exchange-traded fund (ETF) that invests in U.S.-listed equity, American depositary receipt (ADR) securities, and non-U.S. developed and emerging market-listed securities, which over time may vary as market and investment opportunities change. The Fund may also enter into currency-related spot transactions when it transacts in equities denominated in foreign currencies or invest in certain derivative instruments, such as currency futures or forwards that will help the Adviser manage risk associated with foreign currency exposure, if any, or futures contracts. The Funds investments may include micro-, small-, medium- and large-capitalization equities of companies. The Adviser expects to hold between 20-60 equities within the Funds portfolio.

Waste Connections Inc

Martin Marietta Matls Inc

Waste Management Inc

Willscot Corporation Common Stock

Taiwan Semiconductor - Adr

Transdigm Group Inc.

Nvidia Corp Nvda

Lam Research Corp

TCW Transform Supply Chain ETF

Chief Administration Officer Linda Rutherford will retire effective April 1, 2025.

News

Management

Southwest Airlines Executive Vice President & CFO Tammy Romo Plans To Retire, Effective April 1, 2025

Investment bank and financial services company UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) is said to be preparing to pay a significant amount, potentially in the hundreds of millions, to settle claims related to violations by Credit Suisse Group.
The settlement could be finalized as early as this week, according to a <a target="_blank" href="https://www.wsj.com/finance/regulation/ubs-close-to-large-settlement-over-credit-suisse-tax-case-078f307e?mod=hp_lead_pos1" rel="noreferrer noopener">report </a>from the Wall Street Journal.
These violations stem from Credit Suisse&#8217;s failure to adhere to a prior agreement with the U.S. Justice Department concerning American clients evading taxes.
UBS agreed to acquire its beleaguered peer Credit Suisse in 2023, creating a business with more than $5 trillion in <a href="https://www.benzinga.com/m-a/23/03/31412687/ubs-to-buy-troubled-peer-credit-suisse-for-sweetened-offer-at-whopping-73-discount-report" target="_blank" rel="noreferrer noopener">total invested assets</a>.
In 2023, the&nbsp;Senate Finance Committee&#8217;s findings of a two-year investigation uncovered major violations of a 2014 plea agreement by&nbsp;Credit Suisse&nbsp;with the&nbsp;Department of Justice&nbsp;for enabling tax evasion <a target="_blank" href="https://www.benzinga.com/government/23/03/31572355/credit-suisse-helped-rich-americans-hide-over-700m-despite-2014-doj-plea-wyden-investigation" rel="noreferrer noopener">by thousands of wealthy U.S. individuals.</a>
In 2014, the bank pleaded <a target="_blank" href="https://www.justice.gov/opa/pr/credit-suisse-pleads-guilty-conspiracy-aid-and-assist-us-taxpayers-filing-false-returns" rel="noreferrer noopener">guilty </a>and agreed to pay a total of $2.6 billion, with $1.8 billion to the Department of Justice for the U.S. Treasury, $100 million to the Federal Reserve, and $715 million to the New York State Department of Financial Services.
The report noted that the U.S. Justice Department has long considered how best to hold Credit Suisse accountable following its acquisition by UBS in 2023.
UBS had set aside approximately $4 billion in provisions to reflect possible outflows from litigation, regulatory, and similar matters.
Price Action: UBS shares closed at $32.47 on Wednesday.
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Photo by JRdes on Shutterstock.

Equities

Media

General

UBS Prepares To Settle Tax Evasion Violations By Credit Suisse: Report

BMO Capital analyst Stephen MacLeod maintains Aritzia (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ATZ#TSX">ATZ</a>) with a Outperform and raises the price target from C$60 to C$65.

Price Target

Analyst Ratings

TSX:ATZ

BMO Capital Maintains Outperform on Aritzia, Raises Price Target to C$65

The International Longshoremen's Association (ILA) and United States Maritime Alliance (USMX) have reached a tentative deal on a new <a target="_blank" href="https://ilaunion.org/international-longshoremens-association-ila-and-united-states-maritime-alliance-usmx-announce-tentative-agreement-on-new-six-year-master-contract/" rel="noreferrer noopener">six-year Master Contrac</a>t.
Both parties agreed to extend the current contract until the union can consult with its full Wage Scale Committee and schedule a ratification vote, while USMX members ratify the finalized terms.
The six-year contract, which expired on September 30 last year, was extended until January 15 after a <a target="_blank" href="https://nrf.com/media-center/press-releases/nrf-praises-tentative-labor-deal-for-east-coast-gulf-coast-ports" rel="noreferrer noopener">three-day strike</a>.
"This agreement protects current ILA jobs and establishes a framework for implementing technologies that will create more jobs while modernizing East and Gulf coast ports – making them safer and more efficient, and creating the capacity they need to keep our supply chains strong,"&nbsp;the parties said in a joint statement.
This tentative agreement, once approved, will avoid a potential work stoppage set for January 15, 2025, according to a report from Reuters.
Both sides have hailed it as a mutually beneficial resolution that will not only help workers but also strengthen the American economy as a global marketplace leader.
"This is a win-win agreement that creates ILA jobs, supports American consumers and businesses, and keeps the American economy the key hub of the global marketplace."
The federation further remarked that securing a new contract and preventing further disruptions is crucial to ensuring that retail goods reach consumers on time.
Details of the contract will remain undisclosed for now as the ILA and USMX members review and give their nod for the terms of the agreement.
"We are pleased to see the ILA and USMX come to a final agreement on a new contract, as U.S. ports on the East and Gulf Coasts play a critical role in the retail supply chain," said the National Retail Federation in its statement.
In October, a three-day strike by the ILA led to a spike in shipping costs and cargo delays at 36 ports. Longshoremen resumed work after employers agreed to a 62% wage increase over the following six years.
Read Next:
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Photo via Shutterstock

AMKAF

COST

US Port Union, Employers Clinch Deal In Time To Avoid Supply Chain Chaos

Delta Air Lines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) will be reporting its fourth-quarter earnings on Friday. Wall Street expects $1.76 in EPS and $14.21 billion in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=DAL" target="_blank" rel="noreferrer noopener"> before market hours</a>.
The stock is up 45.13% over the past year, 30.99% over the past six months.
Let&#8217;s look at what the charts indicate for Delta Air Lines stock and how the stock currently maps against Wall Street estimates.
Read Also: <a href="https://www.benzinga.com/25/01/42824930/bofa-expects-deltato-maintain-10-eps-growth-in-2025-sees-strong-q4-result">BoFA Expects DeltaTo Maintain 10% EPS Growth in 2025, Sees Strong Q4 Result</a>
<h1 class="wp-block-heading">Delta Air Lines Stock Strongly Bullish Ahead of Q4 Earnings</h1>
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010925&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="632" height="492" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09112252/Screenshot-2025-01-09-at-9.52.32-PM.png" alt="" class="wp-image-726440" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09112252/Screenshot-2025-01-09-at-9.52.32-PM.png 632w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09112252/Screenshot-2025-01-09-at-9.52.32-PM-300x234.png 300w" sizes="(max-width: 632px) 100vw, 632px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010925&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>
Delta Air Lines stock demonstrates a strongly bullish trend, with the share price positioned above its eight-, 20-, and 200-day simple moving averages (SMAs). This sustained buying pressure highlights positive momentum and potential for further bullish movement.
However, Delta Air Lines stock trades below its 50-day SMA of $61.70, introducing a cautious note to the short-term outlook.
The Moving Average Convergence Divergence (MACD) indicator at a negative 0.30 signals a bearish sentiment, suggesting potential headwinds. 
Meanwhile, the Relative Strength Index (RSI) at 51.49 reflects a neutral stance, indicating neither overbought nor oversold conditions, leaving room for directional movement.
<h1 class="wp-block-heading">Delta Air Lines Analysts Consensus Ratings</h1>
Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/DAL/analyst-ratings" target="_blank" rel="noreferrer noopener"> The consensus analyst rating</a> on Delta Air Lines stock stands currently at Buy with a price target of $66.18. The latest analyst ratings from Susquehanna, Citigroup and UBS imply a 29.39% upside for Delta Air Lines stock, with an average price target of $79.67.
DAL Stock Price Action: Delta Air Lines stock was trading at $61.42 at the time of publication Thursday.
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Photo by VanderWolf via Shutterstock

Earnings

Technicals

Previews

Travel

Trading Ideas

Delta Q4 Earnings Preview: Can Bullish Trends Keep The Stock Flying High?

In the current session, Getty Images Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GETY#NYSE">GETY</a>) is trading at $2.57, after a 19.44% drop. Over the past month, the stock fell by 2.23%, and in the past year, by 46.76%. With performance like this, long-term shareholders are more likely to start looking into the company's price-to-earnings ratio. 

<img src="https://www.benzinga.com/files/images/story/2025/1736442907_0.png" alt="Past Year Chart" />

<h3>Getty Images Holdings P/E Ratio Analysis in Relation to Industry Peers</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Getty Images Holdings has a lower P/E than the aggregate P/E of 66.37 of the Interactive Media &amp; Services industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2025/1736442908_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

Markets

GETY

A Look Into Getty Images Holdings Inc's Price Over Earnings

The companies will collaborate in diverse areas, including adopting accelerated computing, generative AI, and industrial digitalization technologies, across the Hyundai Motor Group's business value chain.

HYMTF

Hyundai Enters Strategic Partnership With NVIDIA To Accelerate Development Of Advanced AI Technologies

Cryptocurrency analysts are expressing caution about Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) near-term price action, pointing to continued government sell-offs, market liquidity issues and the uncertainty surrounding the altcoin market <a href="https://www.benzinga.com/money/bitcoin-price-prediction">as bearish factors</a>.
What Happened: Pseudonymous analyst Altcoin Sherpa <a href="https://x.com/AltcoinSherpa/status/1877309941221888090">indicated</a> lack of buying pressure, cautioning about selling pressure due to the government&#8217;s ongoing Bitcoin liquidation.
He also warned that overleveraged traders could face substantial losses if Bitcoin drops below the $90,000 level, leading to potential wicks down to the mid-low $80,000s in specific scenarios.
According to Sherpa, absorption of the sell-off isn&#8217;t assured, meaning Bitcoin faces a precarious situation.
Analyst Kevin supported Sherpa&#8217;s analysis, <a href="https://x.com/Kev_Capital_TA/status/1877325228843426256">pointing</a> out that the monthly liquidity heat map shows a significant amount of long liquidity cleared out.
Still, there remains a &#8220;pretty heavy block of liquidity&#8221; down to the $89,000-$90,000 level, with the potential for a solid bounce if those levels are reached.
Kevin <a href="https://x.com/Kev_Capital_TA/status/1877327425756869086">highlighted</a> a critical test for the altcoin market, suggesting that the total market cap of altcoins is currently testing its daily super trend and 100-day exponential moving average on the daily timeframe for the second time in a month.
According to Kevin, if history is any indication, losing this support level during a bull market often leads to significant drawdowns, which makes this area incredibly important for the market's health.
He also noted that the current moment will determine if the cryptocurrency market still operates in a cyclical nature, or if past performance was influenced solely by loose monetary policy.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42897245/bitcoin-silk-road-sales-would-affect-leverage-traders-more-than-holders-analyst-argues">Bitcoin Silk Road Sales Would Affect Leverage Traders More Than Holders, Analyst Argues</a>
Why It Matters: Both experts are raising serious concerns about the immediate future of the market, with potential for heavy losses for the highly leveraged traders, and also major drawdowns in the altcoin market if critical support levels break.
At the time of writing, Bitcoin is trading down about 0.2% over the last 24 hours at $94,220.
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Image: Shutterstock

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

Cryptocurrency

$BTC

$DOGE

$ETH

$SOL

3 Bearish Factors That Could Drag Bitcoin Below $90,000

The S&amp;P 500 entered uncharted territory in 2024, rallying 23.3% without a single daily close below its <a href="https://www.benzinga.com/money/200-day-moving-average#:~:text=200%2DDay%20SMA%20Formula&amp;text=The%20200%2Dday%20SMA%20is%20recalculated%20every%20day%20by%20adding,200%20to%20calculate%20the%20average.">200-day moving average. </a>
In a note shared Thursday, Bank of America analyst Stephen Suttmeier highlighted that this was only the 15th occurrence in nearly a century, with those years averaging an annual return of 25.4%.
However, history suggests that 2025 may not be as smooth for the index, as the probability of revisiting the key technical level dramatically increases.
The last time the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), fell below its 200-day moving average occurred in November 2023. The 200-day moving average is currently at 5,569, suggesting the S&amp;P 500 would need to decline by 6% from its current levels to breach this critical technical support.
<h3 class="wp-block-heading">Chart: S&amp;P 500 Holds Above 200-Day MA Since November 2023</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="541" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51-1024x541.png" alt="" class="wp-image-726426" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51-1024x541.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51-1536x812.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09110907/image-51.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">What Does The 200-Day Moving Average Tell Us?</h3>
The 200-day moving average is a widely followed technical indicator used to gauge the longer-term trend of the market. When the S&amp;P 500 consistently trades above this level, it is often seen as a sign of market strength.
Conversely, a break below it can signal the onset of volatility or bearish momentum.
Suttmeier highlighted that years like 2024, when the index avoids closing below this critical support level, are rare and tend to deliver strong returns. 
Since 1928, the S&amp;P 500 has achieved this milestone 15 times, and in those years, the index averaged a 25.4% annual gain. 
However, the following years tend to be far more erratic.
<h3 class="wp-block-heading">2025: Likely to Test the 200-Day MA</h3>
The S&amp;P 500 has historically struggled to repeat back-to-back years of avoiding the 200-day MA. 
The last time this happened was in 1954 and 1955. This makes 2025 a pivotal year, with Suttmeier suggesting that the index will likely trade below its 200-day MA, which begins the year near 5560.
"The years following a rally that avoids the 200-day MA are often more challenging," Suttmeier said. 
On average, returns in these subsequent years plummet to just 0.9% (median 0.6%), with the index closing higher only 50% of the time. 
Maximum returns for those years peaked at 26.7%, but declines were severe, with losses as steep as 38.6% in 1937.
<h3 class="wp-block-heading">Historical Patterns and Presidential Cycles</h3>
Adding to the potential headwinds, 2025 marks the first year of a new presidential cycle. 
According to historical data, Presidential Cycle Year 1 tends to be one of the weaker years, especially following strong gains in Years 3 and 4 of the cycle, like the 2023-2024 rally.
Under these conditions, the S&amp;P 500 has risen 63% of the time in Year 1, delivering an average return of 1.9%. 
While the index has shown the capacity for significant gains—like 31% in 1997—it also recorded its worst single-year decline of -38.6% in 1937.
<h3 class="wp-block-heading">The Secular Bull Market: Mid-Cycle Or Late Stage?</h3>
Despite the potential challenges for 2025, the S&amp;P 500 remains in the midst of a secular bull market, according to Suttmeier, now entering its 12th year since breaking above its 2000 and 2007 peaks in April 2013. 
Secular bull markets, which represent long-term upward trends, have historically lasted 16-20 years, such as the periods from 1950-1966 and 1980-2000.
Bank of America suggests the current secular bull market could extend until 2029 or beyond, though dips like the 2020 pandemic sell-off or a potential test of the 200-day MA in 2025 are likely to occur along the way.
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Image: Shutterstock

Analyst Color

Broad U.S. Equity ETFs

ETFs

S&P 500 Enters 2025 In Rare Technical Territory: Why This Analyst Expects 'Challenging' Year Ahead

Get ready to dust off your office shoes. Nearly three-quarters of executives plan to tighten return-to-office (RTO) policies in 2025. This might sting a little if you're used to working from home.
In a survey from Resume.org, 73% of business leaders at companies with RTO rules said employees would need to clock at least three days a week in the office by the end of next year. For some, it'll be even stricter – one in three bosses expects workers to show up daily.
<h2 class="wp-block-heading">Why The Push For In-Person?</h2>
Executives aren't making this move just for fun. They've got reasons.
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About 70% of execs cited collaboration and teamwork as key benefits of <a href="https://www.benzinga.com/markets/24/09/40969855/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother">in-person work.</a> Nearly 60% said better communication is the goal. Half want to boost organizational culture. But here's the kicker – not everyone's buying that productivity improves.
Nicole Kyle, cofounder of CMP Research, told Business Insider that studies show remote and hybrid setups often perform just as well – or even better – than fully in-office arrangements. "Metrics don't change much when people aren't physically together," she said.
<h2 class="wp-block-heading">Real Estate Matters</h2>
Let's not ignore the elephant in the room: office space. Companies are paying big bucks for real estate and four in 10 surveyed executives admitted they want to use those empty desks.
Still, some experts argue it's not all bad. Lisa Walker from DHR Global told Business Insider that bringing people back allows senior staff to mentor juniors. "To get junior people in, you need senior people there," she explained.
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a>
<h2 class="wp-block-heading">The Costs Of Mandates</h2>
Here's the downside. Strict RTO policies could be driving employees away.
Research from the <a href="https://business.pitt.edu/return-to-office-mandates-dont-improve-employee-or-company-performance/">University of Pittsburgh</a> found that companies with rigid in-office rules see &#8220;abnormally high&#8221; quit rates – and it's not just anyone leaving. Women, experienced staff and top talent are most likely to walk. These companies also struggle to fill open positions. Some executives have even openly admitted they implemented RTO mandates <a href="https://www.benzinga.com/24/07/39945751/bosses-admit-using-return-to-office-mandate-to-get-workers-to-quit-survey">in hopes employees would quit.</a>
"The brain drain is real," Kyle added, noting it's creating headaches for firms trying to compete.
<h2 class="wp-block-heading">Balancing The Push</h2>
Not all companies are forcing the issue. Sundar Pichai, Google's CEO, recently said his team won't mandate more office time as long as employees remain productive at home. It's a balancing act between collaboration and flexibility; some leaders are still figuring it out.
For now, though, the message is clear: pack your bag, prep for the commute and get ready to see more cubicle neighbors in 2025.
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Personal Finance

73% Of Execs Want You Back In The Office – Here's Why And How It Impacts The Economy

Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) price decline could be an accumulation opportunity, although traders predict further corrections before <a href="https://www.benzinga.com/money/ethereum-eth-price-predictions">a potential rally.  </a>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Market Cap</td>
<td>24-Hour Trend</td>
<td>7-Day Trend</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>&nbsp;$3,302.04</td>
<td>$397.8 billion</td>
<td> -0.1%</td>
<td>-4.9%&nbsp;</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td> $94,246.74</td>
<td>$1.9 trillion </td>
<td> -0.3%</td>
<td>-2.9%&nbsp;</td>
</tr>
<tr>
<td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td> $2.32</td>
<td>$132.3 billion</td>
<td>+1.6% </td>
<td>-4.2%&nbsp;</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1877293891205886111">says</a> a drop to $2,900 could be highly bullish and an "excellent buy-the-dip opportunity" for a potential target of $7,000.
Crypto Wolf believes Ethereum has minimal downside remaining, with only 4-7% correction left before it starts a run to new all-time highs.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There's likely little to no downside left, maybe a max of 4-7%, before <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is sent to new ATHs. <a href="https://t.co/5TUacZqF7J">pic.twitter.com/5TUacZqF7J</a>
&mdash; Wolf &#x1f43a; (@IamCryptoWolf) <a href="https://twitter.com/IamCryptoWolf/status/1877292317788287474?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
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Crypto Chase <a href="https://x.com/Crypto_Chase/status/1877261109683454191">shared</a> that he sold half of his Ethereum holdings at breakeven and plans to reallocate into Solana if it drops further. 
While optimistic about Ethereum's long-term performance, he highlights concerns about <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42897245/bitcoin-silk-road-sales-would-affect-leverage-traders-more-than-holders-analyst-argues">Bitcoin-related news</a> affecting the market.
Statistics: IntoTheBlock <a href="https://x.com/intotheblock/status/1877319485406777437">data</a> shows around 74.7% of Ethereum addresses being long-term holders, a higher number than for Bitcoin.
The platform states this trend is likely to hold until Ethereum approaches its all-time high and holders start taking profits.
Ethereum's large transaction volume increased 2.1% to $8.1 billion, while daily active addresses inched up by 0.1%. 
Transactions greater than $100,000 increased from 7,178 to 10,244 in a single day. 
Exchanges netflows are down by 454.6%. 
Deribit data shows $451 million in ETH options set to expire in January, with a Put/Call ratio of 0.49 and a Max Pain Point of $3,500.
Community News: Phala Network, a Polkadot-based parachain, announced the launch of a new Layer-2 network on Ethereum in collaboration with Succinct Labs and Conduit. 
The <a href="https://phala.network/posts/phala-network-20-first-opsuccinct-layer-2-on-ethereum">move</a> highlights Ethereum's continued dominance as a smart contract platform.
Bhutan's special administrative region <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42892791/bhutans-special-administrative-region-announces-strategic-reserve-consisting-of-bitcoin-ethereum-bnb-coin-bhutan-is-open-to-other-cryptos-says-changpeng-cz-zhao">disclosed</a> plans to hold Bitcoin, Ethereum and BNB Coin as part of its strategic reserves, signaling institutional confidence in Ethereum's future.
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Image: Shutterstock

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Warehouse Superstore <a href="https://www.benzinga.com/insights/news/25/01/42799081/heres-how-much-1000-invested-in-costco-wholesale-10-years-ago-would-be-worth-today">Costco</a> is known as a place for getting good deals. In LA, that now also includes housing. A Los Angeles developer, Thrive Living, is planning a unique approach to building affordable housing – putting it on top of a Costco.&nbsp;
According to the Wall Street Journal, construction on the 800-unit development will start in early 2025 in the Baldwin Village section of South LA, with the bulk item retailer taking up the ground floor. To qualify for tax breaks, the development will have a rooftop pool and fitness center and will also contain 184 apartments for low-income residents.
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<h2 class="wp-block-heading">A Membership Model Is The Key To Costco&#8217;s Success</h2>
By partnering with a successful retail chain – which, according to The Motley Fool, derives 73% of its profits from members&#8217; dues – Thrive&#8217;s rental income from its brand-name tenant will mean it will not need to rely heavily on government subsidies. In California, using government subsidies has been a contentious issue for developers because of the additional costs they engender through <a href="https://www.benzinga.com/real-estate/24/01/36453695/a-49-unit-affordable-housing-community-in-los-angeles-has-taken-17-years-to-build-and-its-still-not">delays</a>, bureaucracy and red tape (as CRE Daily explained when using the example of developer SDS Capital Group, who halved their costs by using private funding). If the Thrive/Costco project succeeds, it could pave the way for similar projects.&nbsp;
&#8220;I want to build thousands and thousands of apartments every year, not hundreds,&#8221; Thrive&#8217;s founder, Ben Shaoul, who also runs Magnum Real Estate Group in New York, told the Wall Street Journal.&nbsp;
<h2 class="wp-block-heading">A Win/Win</h2>
Mixed development projects are nothing new, especially in urban areas where space is limited. They&#8217;re a win/win: the retailer rents space from the developer and has a built-in customer base of residents above its store. They also make sense in cities where parking is an issue, with customers able to take an elevator rather than a highway to shop.&nbsp;
See Also: Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
<h2 class="wp-block-heading">A Lack Of Competition</h2>
While many retailers such as Whole Foods and Target are content to rent space, Costco – predominantly in suburban locations with ample parking – has preferred to own rather than lease its premises. It&#8217;s not as if Costco can&#8217;t afford to buy in LA. According to the retail website Expanded Ramblings, Costco&#8217;s total revenue in 2024 was $249 billion (with $6.29 billion in profit), spread over 128 million members. However, the Baldwin Village location, a lower-income section of Baldwin Hills – often dubbed the Black Beverly Hills where median house prices are around $1 million, according to Redfin – makes sense for Costco because of the lack of competition.
&#8220;Costco would advantage the people in the neighborhood because we only have a Ralphs right here,&#8221; resident Karen Johnson told NBC Los Angeles. &#8220;There are a lot of large families living out here that can&#8217;t afford large housing, so when they go to buy small stuff, they have to spend more money, but when they go to Costco, they can buy bulk and they can save some money. Plus, there are jobs for the community.&#8221;
<h2 class="wp-block-heading">A New Way Of Doing Things</h2>
Los Angeles Mayor Karen Bass, a former Baldwin Village resident, endorsed the collaboration, taking advantage of state law AB 2011, designed to streamline approvals for apartments and mixed-use projects, including low-income housing.
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&#8220;We are breaking with the old ways of doing things and moving Los Angeles forward,&#8221; Bass said in a statement. &#8220;Unprecedented action driven by urgent collaboration in both the public and private sector is what is expected and that&#8217;s what we are delivering today.&#8221;
LA, like much of California, is experiencing a housing crisis. It is desperately looking for innovative ways to bring affordable housing to the city. Developers like Thrive see this as a golden opportunity.
&#8220;Mayor Bass has declared a housing emergency in Los Angeles and we&#8217;re answering the call,&#8221; Jordan Brill of Thrive Living told NBC LA. &#8220;Our company is focused on addressing the severe housing affordability crisis in Los Angeles while also attracting retailers willing to make long-term commitments and deliver community-serving products and services that enrich the living experience for our residents and neighbors.&#8221;
<h2 class="wp-block-heading">The Advantage Of Modular Construction</h2>
Thrive founder Shaoul estimates the Baldwin Village project should cost around $425 million to build. He started the project using a combination of company money and bank loans, which he used to buy the land. Costco&#8217;s strong credit rating is considered a big advantage when building the retail section of the development; the residential section would be funded separately. Construction is meant to conclude in 2027, thanks to off-site<a href="https://www.benzinga.com/insights/analyst-ratings/25/01/42771671/assessing-sun-communities-insights-from-10-financial-analysts"> modular housing</a>, which will streamline construction compared to on-site building.
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Ahead of the fourth-quarter reporting season, Goldman Sachs&#8217; Eric Sheridan sized up <a href="https://www.benzinga.com/topic/e-commerce">the e-commerce industry</a>.
In an analyst note published on Wednesday, Sheridan issued ratings for the following companies:
<ul>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) with a Buy rating and a price target of $240.</li>
<li>eBay Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) with a Sell rating, raising its price target from $53 to $55.</li>
<li>Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) with a Buy rating and a price target of $40.</li>
<li>Etsy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) with a Sell rating, lowering its price target from $47 to $45.</li>
<li>Wayfair Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) with a Neutral rating and a price target of $50.</li>
</ul>
Main Takeaways: Sheridan found the fourth quarter showed stable performance, boosted by stronger-than-expected holiday online sales. Non-discretionary and subscription-based purchases drove growth, especially among higher-income households.
The analyst is bullish on Amazon and Chewy for their customer loyalty, and in Amazon&#8217;s case, its subscription. Sheridan noted that consumers &#8220;traded down&#8221; on price to close the year.
Goldman Sachs&#8217; Buy ratings on Amazon and Chewy reflects &#8220;continued preference&#8221; for e-commerce companies that are exposed to less discretionary categories with high repeat behavior through subscriptions and/or essentials purchasing, Sheridan says. Online spending &#8220;remains volatile across discretionary categories and lower-income households.&#8221;
Chewy and Etsy have fewer repeat purchases and are driven by &#8220;enthusiast&#8221; buyers, he adds.
Sheridan also believes company margins will disperse in 2025, with Amazon and Chewy as beneficiaries and eBay and Etsy on the losing end.
Sheridan expects to see &#8220;a divergence in margin trajectories&#8221; between:
<ul>
<li>Companies that can balance stronger demand with targeted growth investments and produce attractive incremental margins with revenue outpacing expenses (Amazon, Chewy) and</li>
<li>A potentially more challenging margin outlook for the companies where we expect revenue to remain pressured (eBay, Etsy, Wayfair) &#8220;absent any additional cost reduction measures.&#8221;</li>
</ul>
Sheridan anticipates online retail companies will maintain their commitment to <a href="https://www.benzinga.com/news/buybacks">share buybacks in 2025</a>.
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Image: Shutterstock

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