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$ETH

ETHE

Grayscale took a strategic step by cutting its proposed fee for its spot Ethereum (CRYPTO: ETH) ETF by a significant 40%, thereby trying to gain an edge over competitors in the imminent asset race.

Grayscale Investments Lowers Proposed Fee For Ethereum ETF, &#39;Wised Up,&#39; Says Analyst

Ethereum (ETH)

$BTC

With Ethereum&#39;s (CRYPTO: ETH) ETF trading launch to come in next week, traders voice optimistic predictions for inflows and the price of ETH.

Why Ethereum ETFs Mean Crypto Could Make &#39;New All-Time High&#39; Soon

Ethereum

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, has outlined three key reasons why he believes Ethereum (CRYPTO: ETH) will reach a new all-time high following the launch of spot 

Bitwise CIO Matt Hougan: Ethereum To $5,000 In 2024 And $15B In ETF Inflows

BITCOIN ETF

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

GBTC

The cryptocurrency market continues to show resilience as Bitcoin (CRYPTO: BTC) spot ETFs recorded a net inflow of $11.7997 million on June 27, despite significant outflows

What Is Going On With Bitcoin And Ethereum ETFs?

IBIT

Spot Ethereum (CRYPTO: ETH) ETFs have kept crypto markets and traders on the edge, with bullish sentiment for the second-biggest crypto rising.

Ethereum Trader Is &#39;Extremely Long&#39; And Sees &#39;Significant Upside Repricing&#39; Coming

Ethereum ETF

The cryptocurrency market is bracing for a potential influx of new investment as Ethereum (CRYPTO: ETH) spot exchange-traded funds (ETFs) near trading laun

Ethereum ETF Inflows Could Be Up To 50% Of Bitcoin ETF Inflows: Galaxy Research

The long-awaited arrival of spot Ethereum exchange-traded products (ETPs) could trigger a significant inflow of capital, according to Matt Hougan, Chief Investment Officer at Bitwise Asset Management

Ethereum ETFs Poised For $15B Influx In First 18 Months, Says Bitwise CIO Matt Hougan

Ethereum,Coin,And,Bitcoin,In,Background.,Cryptocurrency,Eth,And,Btc.

Crypto analyst Teng Yan contrasted potential bull and bear cases for the top cryptocurrencies ahead of the Ethereum ETF launches.

Why Bitcoin, Ethereum Will Be Climbing A &#39;Wall Of Worry&#39; In The Coming Weeks

JPMorgan Chase.photoShutterstock

Analyst Color

$SOL

$XRP

JPMorgan casts significant doubt on the SEC approving additional cryptocurrency ETFs beyond Ethereum (CRYPTO: ETH), due to concerns over the classification of most 

JPMorgan Skeptical About SEC Approval of Solana, Other Crypto ETFs

Ethereum coin representative image

Markets

Cryptocurrency research firm 10x Research raised the chances of the SEC greenlighting the Ethereum (CRYTO: ETH) spot ETF later today to 90%.

Research Firm Boosts Ethereum Spot ETF Approval Probability To 90%: But Will It Be A &#39;Sell The News&#39; Event?

GRAYSCALE ETHRM TR ETH by Grayscale Ethereum Trust (ETH)

ETHEMA HEALTH CORPORATION by Ethema Health Corporation

Ethema Health Corp

Ethena Staked USDe - United States Dollar

Ethena USDe - United States Dollar

Ethereum - TrueUSD

Ethereum - United States Dollar

Ethereum Classic - TrueUSD

Ethereum Classic - United States Dollar

Ethereum Name Service - United States Dollar

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Etherisc DIP Token

Ethernity Chain - United States Dollar

ETHERNITY NETWORKS LTD by Ethernity Networks Ltd.

Ethernity Networks Ltd

Delta Expects More Flight Cancellations This Week

Elon Musk changing his profile picture on his social media account spiked the valuation of Dark Maga (CRYPTO: DMAGA), a politics-themed meme coin, and catapulted several traders <a href="https://www.msn.com/en-us/news/other/trader-pockets-8-3m-with-donald-trump-meme-coin-after-ultimate-white-swan/ar-BB1q178e">to quick riches</a>. 
What Happened: The Dark Maga meme coin, a parody meme featuring Donald Trump with laser eyes, surged 4,300% in the past 24 hours, related to Musk changing his profile picture.
<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">Two most iconic pictures of 2024 &#x1f525; <a href="https://t.co/s19OgaGm6Y">pic.twitter.com/s19OgaGm6Y</a>
&mdash; DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1815138004689928627?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
On this change, the official page of Dark Maga <a href="https://x.com/DarkMagaCoin/status/1815298322325811663">commented</a> that the picture was created by the DMAGA team specifically for him. The tweet added that it was "DMed to him by a team member."
The post concluded, "Dark MAGA coin is here to stay. There is only ONE DMAGA."
MicroStrategy Founder and Chairman Michael Saylor also <a href="https://x.com/saylor/status/1815112378746597593">reacted</a> to the profile picture stating, "Laser eyes are back in style. Bitcoin."
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39771936/heres-how-much-100-invested-in-dogecoin-would-be-worth-today-if-you-invested-when-elon-mus">Here&#8217;s How Much $100 Invested In Dogecoin Would Be Worth Today If You Invested When Elon Musk First Tweeted About It</a>
Why It Matters: In the past 24 hours, DMAGA spiked 4,179%, with one trader <a href="https://x.com/0xRamonos/status/1815221876190294470">highlighting</a> a $5,000 trade by a wallet that turned into $1.8 million after DMAGA multiplied from a $50,000 valuation to $65 million.
Another crypto content creator <a href="https://x.com/ashrobinqt/status/1815233925662306427">revealed</a> a trader who purchased $1,086 worth of DMAGA around a week ago.  His investment is currently worth $1 million, out of which he has already sold $175,000.
Elon Musk's comments and indirect reactions in the past have led to significant movements in Dogecoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) price thereby pushing the overall meme coin market higher. His current profile picture change also adds optimism to crypto's significance in the mainstream markets.
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: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39877439/elon-musk-jokes-hes-an-alien-scientist-with-a-japanese-pseudonym-but-dogecoin-designer-cla">Elon Musk Jokes He&#8217;s An &#8216;Alien Scientist With A Japanese Pseudonym,&#8217; But Dogecoin Designer Clarifies Tesla CEO Is &#8216;Not Satoshi Nakamoto&#8217;</a></li>
</ul>
Image: Shutterstock

$DOGE

Elon Musk Puts On 'Dark MAGA' Laser Eyes, Turning $5K Into $1.8M For One Lucky Trader

The New York City Police Dept (NYPD) seized about $10 million worth of narcotics in the Bronx over the weekend. Mayor Eric Adams was on the scene with the New York City Sheriff's Office and Department of Consumer and Worker Protection. The police said that this was the most significant drug bust to date involving illegal marijuana, <a href="https://ktvz.com/cnn-regional/2024/07/21/police-seized-narcotics-worth-around-10-million-in-a-major-drug-bust-thats-not-all-they-found/" target="_blank" rel="noreferrer noopener">writes</a> News 21.
"We found, obviously, flower — cannabis flower. We found pre-rolls, but we also have found mushroom to hallucinogens, candies, chocolates, kids packaging," said New York City Sheriff Anthony Miranda. "Everything that you can think of in terms of what the illicit, illegal market is distributing to our committees, we found at this location. This location takes almost more than half a block in terms of the volume and space that it has back there. It has a social club, it has a usage place, packaging, distribution, everything is coming out of just one location."
Residents of the area in the Bronx had reportedly complained about the building for years. Police came to investigate, resulting in trucks being loaded one by one with illegal weed. Some drugs were packaged as candy and chocolates, and the police also discovered a place arranged for on-site consumption.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39322748/unlicensed-cannabis-sellers-fight-back-suing-nyc-for-unconstitutional-crackdowns" target="_blank" rel="noreferrer noopener">Unlicensed Cannabis Sellers Fight Back, Suing NYC For &#8216;Unconstitutional&#8217; Crackdowns</a>
<h2 class="wp-block-heading">Products Targeting Children</h2>
"Inside the building we have over 1,200 pounds of cannabis flower, and another 200 pounds of magic mushrooms product, which is a hallucinogenic," Miranda told ABC 7. Sheriff added that the packaging aimed to attract children.

<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Authorities seize illegal cannabis products, believed to be worth $10 million, in Bronx bust" width="500" height="281" src="https://www.youtube.com/embed/9Q9z8aPh9XE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Four people were arrested during the bust, according to Fabien Levy, Adams' deputy mayor for communications.
The raid is the latest under a city-wide clean-up called <a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs" target="_blank" rel="noreferrer noopener">Operation Padlock</a>, which has been underway since May of this year.
Last week, authorities also<a href="https://www.benzinga.com/markets/cannabis/24/07/39828755/nyc-cops-raid-two-bronx-cannabis-operations-one-was-like-the-cesars-palace-of-illegal-marijuana" target="_blank" rel="noreferrer noopener"> raided two other locations in the Bronx</a>, one dubbed "The Cesar&#8217;s Palace Of Illegal Marijuana." During this raid on East Tremont Avenue, police uncovered 176 pounds of cannabis flower, 0.6 pounds of THC vape products and psilocybin mushroom edibles.
Earlier this month, NYC authorities also dismantled a million-dollar <a href="https://www.benzinga.com/markets/cannabis/24/07/39621491/nyc-authorities-dismantle-million-dollar-illicit-cannabis-operation-in-brooklyn" target="_blank" rel="noreferrer noopener">illegal cannabis operation in Brooklyn</a>.
Levy told CBS New York that more drug busts are expected this week.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39777553/is-the-worst-over-for-new-yorks-beleaguered-weed-market-sales-projections-optimistic-though-cann" target="_blank" rel="noreferrer noopener">Is The Worst Over For New York&#8217;s Beleaguered Weed Market? Sales Projections Optimistic Though Cannabis Recall Debacle Hits Home</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39468940/nyc-sheriffs-are-running-out-of-places-to-store-the-cannabis-theyre-seizing">NYC Sheriffs Are Running Out Of Places To Store The Cannabis They&#8217;re Seizing</a></li>
</ul>
Photo: Courtesy of Couperfield via Shutterstock

Cannabis

Video: $10M Bronx Drug Bust, Mayor Adams On Site As Trucks Loaded One-By-One

Guggenheim analyst Shahriar Pourreza maintains American Electric Power (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>) with a Neutral and raises the price target from $81 to $83.

Price Target

Analyst Ratings

Guggenheim Maintains Neutral on American Electric Power, Raises Price Target to $83

WIIM

IONS

Ionis Pharmaceuticals shares are trading higher after the company announced results from its phase 1/2 open-label study of Angelman Syndrome, which showed 97% of patients in the medium and high dose groups saw improvement in overall Angelman syndrome symptoms.

Texas Instruments shares are trading higher after Rosenblatt maintained a Buy rating on the stock and raised its price target from $210 to $250.

One of the world&#8217;s largest media and theme park companies could face significant challenges due to a potential strike, just a year after a Hollywood strike <a href="https://www.benzinga.com/general/entertainment/23/07/33223353/double-strike-in-hollywood-actors-and-writers-unite-in-work-stoppage">affected the company.</a>
What Happened: Media giant The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) is seeing its movie segment gain momentum with the recent success of "Inside Out 2" and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39601522/disney-bringing-back-box-office-magic-analyst-praises-inside-out-2-performance-look">a future slate</a> that includes "Deadpool &amp; Wolverine," "Moana 2" and "Mufasa: The Lion King."
The company's theme park segment could soon be under fire with over 14,000 workers, represented by four unions, authorizing a strike.
On Friday, a majority of union members voted to authorize a strike, according to an NBC News <a href="https://www.nbcnews.com/news/us-news/thousands-disneyland-workers-vote-authorize-strike-rcna162175">report</a>. The workers are citing unfair labor practices as the reason for the potential strike during current contract negotiations. Sources said 99% of union members voted to authorize the strike.
Workers involved in the strike include ride operators, clerks, candy makers and custodians, according to the report.
"This vote shows that the Cast Members have had enough!" Disneyland candy maker Aaron Zarate, who is a member of the workers' bargaining committee, said.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/05/38669929/walt-disney-q2-earnings-profit-beat-moderating-parks-growth-password-sharing-crackdown-and-more">Walt Disney Q2 Earnings: Profit Beat, Moderating Parks Growth, Password-Sharing Crackdown And More</a>
 Why It's Important: The authorization for a strike doesn&#8217;t guarantee it will happen, but it could be the first strike at Disneyland since 1984.
In September 1984, around 2,000 Disneyland cast members went on strike and walked off the job for 22 days before an agreement was reached.
"We greatly appreciate the important roles our cast members play in creating memorable experiences for our guests, and we remain committed to reaching an agreement that focuses on what matters most to them while positioning Disneyland Resort for growth and job creation," Disneyland spokesperson Jessica Good said.
Good said a strike authorization is "not unusual" and negotiations continue between the two sides.
Bargaining dates back to April 24 according to the report. The contract expired on June 16 for cast members at Disneyland. A contract for Disney California Adventure and Downtown Disney cast members expires on Sept. 30.
Disneyland workers filed unfair labor practice charges against the theme park operator on June 10. The National Labor Relations Board is looking into the allegations.
A 2018 study from Occidental College and the Economic Roundtable said 74% of Disneyland workers couldn't cover their basic expenses each month, with housing and food costs among the biggest challenges.
A survey of union workers this year showed that 64% of cast members spend over half their monthly paychecks on rent.
The Hollywood strike of writers and actors led to several Disney movies being delayed, and the media company suffered from <a href="https://www.benzinga.com/general/entertainment/23/10/35474129/disney-delays-more-films-could-shareholders-suffer-more-declines-during-hollywood-strike">lower output in 2023 and 2024.</a>
Disney CEO Bob Iger <a href="https://www.benzinga.com/general/entertainment/23/07/33287313/bob-iger-calls-out-strikers-now-faces-criticism-over-27-million-salary-33-million-house-and">was criticized for his comments </a>on the strikes, which were seen as not sympathetic enough to the workers.
"We've talked about disruptive forces on this business and all the challenges we're facing, the recovery from COVID which is ongoing, it's not completely back. This is the worst time in the world to add to that disruption," Iger previously said.
The CEO said the expectations from workers on strike were not realistic, "and they are adding to the set of the challenges that this business is already facing that is, quite frankly, very disruptive."
The strike authorization at Disneyland will be closely monitored by investors and analysts, potentially causing volatility in Disney shares until an agreement is reached.
DIS Price Action: Disney shares are down 2% to $93.78 on Monday, versus a 52-week trading range of $78.78 to $123.74. Disney shares are up 4.1% year-to-date in 2024.
Read Next:
<ul>
<li><a href="https://bzresearch.myclickfunnels.com/latest-research-webinar-redirect-evergreen?utm_source=website-content" target="_blank" rel="noreferrer noopener">Turn Trading Into The Ultimate Side Hustle Using Benzinga Tools In A Free Webinar</a></li>
</ul>
Photo: Shutterstock

Entertainment

Trading Ideas

Disneyland Strike Nears: 14,000+ Workers Set To Target California Theme Park In First Walkout In 40 Years

Whales with a lot of money to spend have taken a noticeably bullish stance on Zoom Video Comms.
Looking at options history for Zoom Video Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 30% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $329,900 and 5, calls, for a total amount of $172,840.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $35.0 to $75.0 for Zoom Video Comms during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Zoom Video Comms stands at 1913.67, with a total volume reaching 621.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Zoom Video Comms, situated within the strike price corridor from $35.0 to $75.0, throughout the last 30 days.
<h3>Zoom Video Comms Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721673947_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>ZM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.81</td>
<td>$1.8</td>
<td>$1.8</td>
<td>$50.00</td>
<td>$90.0K</td>
<td>5.9K</td>
<td style="text-align: right;">500</td>
</tr>
<tr>
<td>ZM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>08/23/24</td>
<td>$2.42</td>
<td>$2.41</td>
<td>$2.42</td>
<td>$58.00</td>
<td>$85.8K</td>
<td>10</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.81</td>
<td>$1.8</td>
<td>$1.8</td>
<td>$50.00</td>
<td>$72.0K</td>
<td>5.9K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$2.44</td>
<td>$2.34</td>
<td>$2.34</td>
<td>$70.00</td>
<td>$46.8K</td>
<td>3.4K</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>ZM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$0.89</td>
<td>$0.79</td>
<td>$0.79</td>
<td>$59.00</td>
<td>$46.0K</td>
<td>503</td>
<td style="text-align: right;">29</td>
</tr>
</tbody>
</table>

<h3>About Zoom Video Comms</h3>
Zoom Video Communications provides a communications platform that connects people through video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video and connects users across various devices and locations in a single meeting. Zoom, which was founded in 2011 and is headquartered in San Jose, California, serves companies of all sizes from all industries around the world.
Following our analysis of the options activities associated with Zoom Video Comms, we pivot to a closer look at the company's own performance.
<h3>Where Is Zoom Video Comms Standing Right Now?</h3>
<ul>
<li>With a volume of 1,135,768, the price of ZM is down -0.48% at $58.59. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 28 days.</li>
</ul>
<h3>Expert Opinions on Zoom Video Comms</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $68.0.
<ul>
<li>An analyst from Piper Sandler persists with their Neutral rating on Zoom Video Comms, maintaining a target price of $68. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Zoom Video Comms options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

What the Options Market Tells Us About Zoom Video Comms

Financial giants have made a conspicuous bearish move on Estee Lauder Cos. Our analysis of options history for Estee Lauder Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>) revealed 8 unusual trades.
Delving into the details, we found 25% of traders were bullish, while 75% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $56,020, and 6 were calls, valued at $263,005.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $80.0 to $115.0 for Estee Lauder Cos over the recent three months. 
<h3>Insights into Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Estee Lauder Cos stands at 619.0, with a total volume reaching 1,737.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Estee Lauder Cos, situated within the strike price corridor from $80.0 to $115.0, throughout the last 30 days.
<h3>Estee Lauder Cos Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721673943_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>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>EL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$2.2</td>
<td>$2.15</td>
<td>$2.2</td>
<td>$115.00</td>
<td>$55.0K</td>
<td>1.5K</td>
<td style="text-align: right;">793</td>
</tr>
<tr>
<td>EL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.2</td>
<td>$2.05</td>
<td>$2.07</td>
<td>$115.00</td>
<td>$51.7K</td>
<td>1.5K</td>
<td style="text-align: right;">250</td>
</tr>
<tr>
<td>EL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.2</td>
<td>$2.1</td>
<td>$2.12</td>
<td>$115.00</td>
<td>$49.7K</td>
<td>1.5K</td>
<td style="text-align: right;">500</td>
</tr>
<tr>
<td>EL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$1.55</td>
<td>$1.45</td>
<td>$1.45</td>
<td>$100.00</td>
<td>$43.5K</td>
<td>94</td>
<td style="text-align: right;">40</td>
</tr>
<tr>
<td>EL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$6.1</td>
<td>$6.0</td>
<td>$6.1</td>
<td>$105.00</td>
<td>$32.3K</td>
<td>232</td>
<td style="text-align: right;">14</td>
</tr>
</tbody>
</table>

<h3>About Estee Lauder Cos</h3>
Estee Lauder is a leader in the global prestige beauty market, participating across skin care (52% of 2023 sales), makeup (28%), fragrance (16%), and hair care (4%) categories, with top-selling brands such as Estee Lauder, Clinique, M.A.C, La Mer, Jo Malone London, Aveda, Bobbi Brown, and Origins. The firm operates in more than 150 countries, generating 28% of revenue from the Americas, 39% from Europe, the Middle East and Africa (including travel retail), and 33% from Asia-Pacific. Estee Lauder sells its products through department stores, travel retail, specialty multibrand beauty stores, brand-dedicated freestanding stores, e-commerce, salons/spas, and perfumeries.
Having examined the options trading patterns of Estee Lauder Cos, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Current Position of Estee Lauder Cos</h3>
<ul>
<li>Trading volume stands at 2,139,021, with EL's price up by 1.66%, positioned at $100.83.</li>
<li>RSI indicators show the stock to be may be oversold.</li>
<li>Earnings announcement expected in 25 days.</li>
</ul>
<h3>Professional Analyst Ratings for Estee Lauder Cos</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $125.8.
<ul>
<li>An analyst from Piper Sandler persists with their Neutral rating on Estee Lauder Cos, maintaining a target price of $108. </li>
<li>An analyst from Citigroup has decided to maintain their Buy rating on Estee Lauder Cos, which currently sits at a price target of $135. </li>
<li>An analyst from B of A Securities persists with their Buy rating on Estee Lauder Cos, maintaining a target price of $140. </li>
<li>Maintaining their stance, an analyst from Barclays continues to hold a Equal-Weight rating for Estee Lauder Cos, targeting a price of $117. </li>
<li>An analyst from JP Morgan has decided to maintain their Overweight rating on Estee Lauder Cos, which currently sits at a price target of $129. </li>
</ul>
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 Estee Lauder Cos with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Behind the Scenes of Estee Lauder Cos's Latest Options Trends

Whales with a lot of money to spend have taken a noticeably bearish stance on Airbnb.
Looking at options history for Airbnb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) we detected 16 trades.
If we consider the specifics of each trade, it is accurate to state that 43% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 12 are puts, for a total amount of $553,043 and 4, calls, for a total amount of $209,687.
<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 $150.0 and $170.0 for Airbnb, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Airbnb stands at 1237.18, with a total volume reaching 1,244.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Airbnb, situated within the strike price corridor from $150.0 to $170.0, throughout the last 30 days.
<h3>Airbnb Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721673938_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</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>ABNB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$28.6</td>
<td>$28.35</td>
<td>$28.6</td>
<td>$170.00</td>
<td>$88.6K</td>
<td>112</td>
<td style="text-align: right;">38</td>
</tr>
<tr>
<td>ABNB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$9.8</td>
<td>$9.75</td>
<td>$9.8</td>
<td>$150.00</td>
<td>$69.5K</td>
<td>2.5K</td>
<td style="text-align: right;">372</td>
</tr>
<tr>
<td>ABNB</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$13.8</td>
<td>$13.65</td>
<td>$13.73</td>
<td>$155.00</td>
<td>$68.6K</td>
<td>671</td>
<td style="text-align: right;">49</td>
</tr>
<tr>
<td>ABNB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$13.8</td>
<td>$13.15</td>
<td>$13.7</td>
<td>$155.00</td>
<td>$68.5K</td>
<td>671</td>
<td style="text-align: right;">99</td>
</tr>
<tr>
<td>ABNB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$13.8</td>
<td>$13.6</td>
<td>$13.74</td>
<td>$155.00</td>
<td>$67.3K</td>
<td>671</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>

<h3>About Airbnb</h3>
Started in 2008, Airbnb is the world's largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences. Airbnb's platform offered 7.7 million active accommodation listings as of Dec. 31, 2023. Listings from the company's over 5 million hosts are spread over almost every country in the world. In 2023, 50% of revenue was from the North American region. Transaction fees for online bookings account for all its revenue.
Having examined the options trading patterns of Airbnb, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Present Market Standing of Airbnb</h3>
<ul>
<li>Currently trading with a volume of 1,983,995, the ABNB's price is up by 0.21%, now at $148.3. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 14 days.</li>
</ul>
<h3>What Analysts Are Saying About Airbnb</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $159.5.
<ul>
<li>An analyst from Wells Fargo has decided to maintain their Underweight rating on Airbnb, which currently sits at a price target of $129. </li>
<li>In a cautious move, an analyst from Benchmark downgraded its rating to Buy, setting a price target of $190. </li>
</ul>
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 Airbnb with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

ABNB

Market Whales and Their Recent Bets on ABNB Options

AMC Entertainment Shares Resume Trade

Hims & Hers Health, Inc. Class A Common Stock

HIMS

Hims & Hers Health shares are trading higher after the company appointed former Novo Nordisk President and COO Kåre Schultz to its board.

HC Wainwright &amp; Co. analyst Mike Colonnese maintains HIVE Digital Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>) with a Neutral and raises the price target from $3.5 to $4.

HIVE

HC Wainwright & Co. Maintains Neutral on HIVE Digital Technologies, Raises Price Target to $4

Needham analyst Joseph Stringer reiterates Ionis Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IONS#NASDAQ">IONS</a>) with a Buy and maintains $60 price target.

Reiteration

Needham Reiterates Buy on Ionis Pharmaceuticals, Maintains $60 Price Target

HC Wainwright &amp; Co. analyst Edward White reiterates Valneva (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VALN#NASDAQ">VALN</a>) with a Buy and maintains $26 price target.

VALN

HC Wainwright & Co. Reiterates Buy on Valneva, Maintains $26 Price Target

U.S. stocks traded higher toward the end of trading, with the NASDAQ Composite gaining around 300 points on Monday.
The Dow traded up 0.19% to 40,362.58 while the NASDAQ rose 1.70% to 18,027.77. The S&amp;P 500 also rose, gaining, 1.09% to 5,564.74.
Check This Out: <a href="https://www.benzinga.com/news/24/07/39880699/top-4-real-estate-stocks-that-may-fall-off-a-cliff-this-quarter">Top 4 Real Estate Stocks That May Fall Off A Cliff This Quarter</a>
Leading and Lagging Sectors Information technology shares jumped by 1.7% on Monday.
In trading on Monday, energy shares fell by 0.2%.
Top Headline
Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) shares fell around 6% on Monday after it reported fiscal second-quarter results.
Its sales increased 0.6% year over year to $32.8 billion, marginally missing the analyst consensus estimate of $33.1 billion. Adjusted EPS of $1.15 was in line with the analyst consensus estimate.
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>MIRA Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIRA#NASDAQ">MIRA</a>) shares shot up 368% to $3.2201 after the company announced new preclinical study results for its novel oral ketamine analog, Ketamir-2.</li>
<li>Shares of Tellurian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NASDAQ">TELL</a>) got a boost, surging 66% to $0.95 after the company announced it will be acquired by Woodside Energy for approximately $900 million.</li>
<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) shares were also up, gaining 33% to $10.03 after Nvidia last week disclosed a stake in the company.</li>
</ul>
Equities Trading DOWN
<ul>
<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) shares dropped 14% to $263.38. Guggenheim analyst John Difucci downgraded the stock from Buy to Neutral, while BTIG analyst Gray Powell downgraded the stock from Buy to Neutral. CrowdStrike shares fell sharply on Friday after the company suffered a major outage impacting businesses around the world.</li>
<li>Shares of Ryanair Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) were down 16% to $95.68 after the company said profits dipped 46% to 360 million euros (£303 million) for the three months to June 30.</li>
<li>Savers Value Village, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SVV#NYSE">SVV</a>) was down, falling 15% to $9.86 after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $21 to $12.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/news/24/07/39881526/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a>
Commodities In commodity news, oil traded down 0.1% to $80.03 while gold traded down 0.1% at $2,396.00.
Silver traded up 0.1% to $29.325 on Monday, while copper fell 0.8% to $4.2025.
Euro zone
European shares closed higher today. The eurozone's STOXX 600 climbed 0.93%, Germany's DAX gained 1.29% and France's CAC 40 climbed 1.16%. Spain's IBEX 35 Index rose 0.51%, while London's FTSE 100 rose 0.53%.
Asia Pacific Markets
Asian markets closed mostly lower on Monday, with Japan's Nikkei 225 falling 1.16%, Hong Kong's Hang Seng Index gaining 1.25%, China's Shanghai Composite Index declining 0.61% and India's S&amp;P BSE Sensex declining 0.13%.
The annual inflation rate in Hong Kong rose to 1.5% in June from 1.2% in the prior month. The People&#8217;s Bank of China slashed one-year loan prime rate by 10bps to 3.35%.
Economics
The Chicago Fed National Activity index fell to 0.05 for June, versus previous reading of 0.23. However, analysts were expecting a reading of -0.09.
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39881007/nvidia-bank-of-america-and-2-other-stocks-insiders-are-selling">Nvidia, Bank of America And 2 Other Stocks Insiders Are Selling</a></li>
</ul>

Eurozone

Commodities

Intraday Update

CRWD

MIRA

RYAAY

SERV

TELL

S&P 500 Gains 1%; MIRA Pharmaceuticals Shares Spike Higher

Beyond Meat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYND#NASDAQ">BYND</a>) shares are trading lower on Monday on continued weakness after it was reported late last week that the company&#8217;s liquidity position had deteriorated <a href="https://www.wsj.com/articles/beyond-meat-engages-bondholders-for-restructuring-talks-7de6b8ae?mod=Searchresults_pos1&amp;page=1">caused the stock to drop</a>.
What To Know: The report also suggested that the company reached out to a group of bondholders to start discussions about restructuring its balance sheet.
Last Thursday, the company&#8217;s stock was trading around $6.20. As of Monday morning, the stock is trading at $5.80. The current trading price is at the bottom of its 52 week range of $5.58 to $17.96 and below its 50 day moving average of $7.08.
Beyond Meat is anticipated to release quarterly financial earnings on August 5. Analysts estimate a loss of 51 cents per share and revenue of $87.80 million.
How To Buy Beyond Meat Shares
By now you're likely curious about how to participate in the market for Beyond Meat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYND#NASDAQ">BYND</a>) &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
In the the case of Beyond Meat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYND#NASDAQ">BYND</a>), which is trading at $5.8 as of publishing time, $100 would buy you 17.24 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/07/39883168/royal-caribbean-pre-q2-earnings-analysis-should-you-buy">Royal Caribbean Pre-Q2 Earnings Analysis: Should You Buy?</a>
BYND Price Action: As of Monday morning, the stock is trading 1.9% lower at $6.01, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Image: Courtesy of Beyond Meat.

Movers

BYND

What's Going On With Beyond Meat Stock Monday?

AMC Entertainment Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) shares were halted Monday afternoon following a report indicating the company plans to restructure its debt load. AMC formally <a href="https://www.benzinga.com/pressreleases/24/07/b39890741/amc-entertainment-holdings-inc-announces-collaborative-refinancing-transactions-that-extend-up-to-">announced the plans shortly after</a>.
What Happened: AMC shares began perking up after Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-22/amc-to-restructure-debt-load-using-theaters-to-support-deal?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a> that AMC reached an agreement with creditors that included a restructuring of its debt and an asset shift involving its U.S. theaters. People with knowledge of the plans reportedly said AMC will move its U.S. theaters into a different unit of the company to allow it to exchange its existing debt for new obligations backed by those theater locations. 
Shortly after the report surfaced, AMC shares were halted as the company put out a <a href="https://www.benzinga.com/pressreleases/24/07/b39890741/amc-entertainment-holdings-inc-announces-collaborative-refinancing-transactions-that-extend-up-to-">press release</a> detailing the refinancing transactions. The company said it will issue $1.2 billion of new secured term loans due 2029 in consideration for an open market purchase of senior secured term loans due 2026. AMC also said it exchanged $500 million of 10%/12% cash/PIK toggle second lien subordinated secured notes due 2026 into new secured term loans due 2029.
AMC will also have the opportunity to reduce debt by $464 million through the conversion of exchangeable notes into equity. 
&#8220;This transaction represents yet another bold and innovative step that AMC is taking to ensure a successful recovery from the unprecedented box office challenges of the last few years. Not only have our lenders agreed to extend our debt maturities but we have also created the potential for significant debt reduction as the industry recovers,&#8221; said Adam Aron, chairman and CEO of AMC.
Don&#8217;t Miss: <a href="https://www.benzinga.com/general/entertainment/24/07/39806439/good-news-for-cinemark-amc-stock-new-report-predicts-2026-cinema-revenue-passing-pre-covid-">Good News For Cinemark, AMC Stock? New Report Predicts 2026 Cinema Revenue Passing Pre-COVID-19 Levels — But There&#8217;s A Catch</a>
The news comes as AMC continues to battle movie ticket sales trends that remain below pre-pandemic levels. Many believed the COVID-19 pandemic would lead to the undoing of AMC, but the company has stayed afloat in recent years, bolstered by retail support for the movie theater giant.
&#8220;The box office challenges of the first half of 2024 are now in the rearview mirror. The recovery momentum is back. We expect strong year-over-year box office growth in the back half of 2024, continuing into 2025 and 2026,&#8221; Aron said.
AMC shares have showed some signs of life in recent months alongside several other meme stocks following the social media return of GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) trader Keith Gill, also known as <a href="https://www.benzinga.com/topic/keith-gill">Roaring Kitty</a>.
AMC took advantage of the renewed interest, entering into agreements to&nbsp;issue stock in exchange for notes. The movie theater chain also recently said that it raised&nbsp;approximately&nbsp;$250 million&nbsp;of new equity capital through the sale of 72.5 million shares from an offering it launched in March.
Before Monday&#8217;s announcement, AMC had $4.5 billion in long-term borrowings. The company also had more than $2.8 billion of maturities due in 2026 as of March 31.
AMC Price Action: AMC shares were halted for pending news at last check. The stock was up 2.4% at $5.13 when it last traded at 1:40 p.m. ET, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: <a href="https://www.flickr.com/photos/davedugdale/">Dave Dugdale</a> from Flickr.

Equities

Financing

AMC Entertainment Stock Halted: Movie Theater Chain Announces Restructuring Of Debt Load, Adam Aron Says Box Office Challenges Are In 'Rearview Mirror'

The market for coal used to make steel is in the summer doldrums, but supply outages in Australia and the United States are providing underlying tightness that could cause prices to spike in the late summer and fall once Asian <a href="https://www.benzinga.com/topic/steel">steelmakers start restocking.</a>
Mine fires in Australia and West Virginia and a lock and dam closure in Alabama are causing latent tightness that won't become visible until India and China come back to the market between August and October. Once they do, prices are likely to move higher but remain capped below record highs by a sluggish global economy.&nbsp;
"The supply side looks very supportive of met coal prices,"&nbsp;John Berman, chief investment officer with natural resources&nbsp;investment management&nbsp;company&nbsp;Berman Capital Group, told Benzinga. "It's the demand side that is potentially the brakes on any price rally."
Also Read: <a href="https://www.benzinga.com/markets/asia/24/06/39173971/coal-stocks-take-a-breather-as-trading-sentiment-sours-in-commodities-markets-was-the-election-in-in">Coal Stocks Take A Breather As Trading Sentiment Sours In Commodities Markets: Was The Election In India A Factor?</a>
Australia's Grosvenor Outage
Among the top concerns of the market right now is <a href="https://www.benzinga.com/m-a/24/07/39623378/anglo-americans-coal-asset-sale-faces-hurdle-after-fire-at-major-mine">the outage</a> at Anglo American's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>) Grosvenor Mine, which supplies more than 1% of global seaborne steelmaking coal.
An explosion and fire forced the company to suspend production at the mine late last month, knocking out up to 3 million tons of Anglo&#8217;s total expected 15-17 million metric tons of steelmaking coal output for 2024. On Thursday, the miner revised that guidance to 14-15.5 million metric tons.
The day after the explosion, Anglo said the outage could last several months because of likely damage underground.
Last week, Australian mining union officials said they were worried that Grosvenor might close permanently, although they acknowledged that Anglo was trying to recover the mine.
Metallurgical coal prices initially jumped on the Grosvenor news, but then retreated as Anglo reportedly assured customers of third quarter deliveries. However, the company reportedly said it wouldn't be able to meet delivery obligations in the fourth quarter.
"While the incident will continue to provide support and tighten supply, it appears that part of the initial price rally was speculative,"&nbsp;RBC Capital Markets&nbsp;said in a note.
US River Transportation Outage
In the United States, the Army Corp of Engineers closed the Holt Lock and Dam on the Black Warrior River in Alabama on June 22 as a safety precaution because of cracks and leaks. The river is a key artery for barge transportation of coal.
The infrastructure will be closed for three to five months while a new steel-enforced bulkhead can be manufactured, Army engineers said.
The closure means Peabody Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTU#NYSE">BTU</a>) and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37295857/warrior-met-coals-ballooning-development-costs-prompt-analysts-to-rethink-projectio">Warrior Met Coal Inc. </a>(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCC#NYSE">HCC</a>) will have to find alternate transportation, Matthew Warder, an analyst with The Coal Trader newsletter, told Benzinga. The companies didn't respond when asked for comment.
US Longview Mine Outage
On June 30, the Longview Mine in West Virginia caught fire, according to media reports. The federal Mine Safety and Health Administration is investigating the incident. 
As of Friday, the mine remained out of commission, sources familiar with the matter told Benzinga. One of the sources said the mine could reopen this week while another said workers had reentered the mine last week.
Industry chatter suggests the mine won't be back to full production for months, although one of the sources said it is the operator's goal to restart mine production as soon as possible.
The mine operator,&nbsp;Allegheny Metallurgical, didn't respond to requests for comment. Privately held Allegheny is a partnership between privately held U.S.-based companies&nbsp;American Metals &amp; Coal International Inc.&nbsp;and&nbsp;JAZ Ventures, South Korea's&nbsp;Posco Holdings&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) and Japan's&nbsp;Itochu Corp.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITOCY#OTC">ITOCY</a>) .
Based on a similar incident at Peabody's Shoal Creek Mine last year, Warder said the Longview outage could keep 0.5-1.5 million short tons of high volatile metallurgical coal off the market in 2024 and up to 3.5 million short tons off next year if the mine remains offline.
Higher Prices to Benefit Miners
The three incidents have tightened metallurgical coal supply, but at the moment there isn't a strong upward price reaction because steelmakers in India, China, Europe and Brazil aren't yet looking to make purchases on the spot market to replenish their stocks. Meanwhile, U.S. coking coal buyers are just getting their annual procurement process started this month.
"This is a very sleepy time in the market," Warder said.
Late last month, Australian premium coking coal futures, an industry benchmark, could be seen at $233 per metric ton, a far cry from their record high above $360 set in October.
When heavyweight steel producers India and China come back to the market between August and October, the demand may push prices higher than they would otherwise go if not for the production outages in Australia and the United States.
Warder thinks $300 steelmaking coal prices are in play sometime in the fall, although the market won't get back to the highs from the previous year because of a weaker Chinese economy.
"I think we could see $300 in the short term once the restocking season gets underway, although I don't know how sustainable that price will be with current demand," Berman said, adding that "$360, I think, is very unlikely without robust Chinese demand this year."
Firmer prices stand to benefit coking coal producers, Warder said.
That includes BHP and Alpha Metallurgical Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMR#NYSE">AMR</a>), he added. 
Even with Grosvenor out, Anglo American still stands to benefit from its other metallurgical coal production, he said. And Warrior can use other transportation to get its coal to market, meaning the dam and lock outage isn't a showstopper for the company, he said. Peabody will also be able to get its Alabama coal to market, while it also produces Australian coal to sell, he said.
Berman agrees that Warrior and Alpha will be among the biggest beneficiaries as prices move higher. He also adds Australian miner&nbsp;Whitehaven Coal Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/WHITF#OTC">WHITF</a>) to the list.
"Warrior will likely produce a little more free cash flow through the end of this year than I was expecting," Berman says.
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Image created using artificial intelligence via Midjourney.

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