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In a strategic move to capitalize on the current market conditions, Elliott Management is launching a new venture, Hyperion, to acquire global mining assets valued at a minimum of $1 billion.

Elliott Management&#39;s Billion-Dollar Bet: Activist Investor Seeks Global Mining Assets Through New Venture

Short Ideas

Trading Ideas

On Friday, shares of Newcrest Mining (OTC: NCMGY) experienced volatile short activity. After the activity, the stock price went down -1.75% to $17.42.

The overall sentiment for NCMGY has been Bullish.

Short Volatility Alert: Newcrest Mining

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Newmont Corp (NYSE: NEM) appointed Karyn Ovelman Executive Vice President a

Newmont Taps Former Hess Director As CFO On Heels Of $19B Newcrest Acquisition

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Google Launches Tools To Detect Fake Images, Apple May Encounter Delays In iPhone 15 Production, Shake Shack Sees Activist Investor Proxy Fight: Today&#39;s Top Stories

Newmont Takeovers Newcrest In A Largest-Ever Gold Industry Deal

On Friday, shares of Newcrest Mining (OTC: NCMGY) experienced volatile short activity. After the activity, the stock price went down -2.38% to $19.88.

The overall sentiment for NCMGY has been Bullish.

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The market is shifting gears ahead of Wednesday&#39;s key inflation report and in preparation for the start of the earnings season.

S&amp;P 500 Holds Steady While Tech Slides As Traders Await Key Inflation Print: Fed&#39;s Williams Says Another Hike Is &#39;Reasonable&#39;

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Benzinga

Twitter Inc Is Officially Defunct As Elon Musk Pursues&#39; Superapp&#39; Goal

Twitter Inc Is Officially Defunct, Alibaba Plans to Integrate ChatGPT Like Chatbot Across Products, Moderna&#39;s Flu Shot Study Misses &#39;Early Success&#39; Criteria: Today&#39;s Top Stories

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Newmont Raises Bid For Newcrest Takeover, Offers 46% Premium to Feb 3 Price At $19.5B Valuation

Newcrest Mining Ltd ADR

<a href="https://www.benzinga.com/news/23/01/30516776/activist-investor-elliott-makes-multibillion-dollar-investment-in-salesforce-wsj">In a strategic move to capitalize</a> on the current market conditions, Elliott Management is launching a new venture, Hyperion, to acquire&nbsp;global mining assets valued at a minimum of $1 billion.
According to sources familiar with the matter, the&nbsp;initiative seeks to leverage the low valuations of companies within the sector.
Hyperion, under the leadership of Sandeep Biswas, former CEO of Newcrest Mining (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>), is set to explore opportunities across a broad spectrum of assets, including those essential for electric vehicle production and renewable energy.
This comes as&nbsp;metal prices are expected to surge due to increasing demand and limited supply, <a href="https://www.ft.com/content/6430d8db-a9cb-45cb-8ce9-5686a462152a?accessToken=zwAGEjcFrlPgkc9kMNjbqctFy9OM6VaGpGIVKg.MEUCIHcPdeexXcLeSouwZvdSf3bV02g3lqdWNuzPdGfMpYHeAiEAsqDS5J5aF9UIQbTdWscjgNxiUlHmCFUtI18aqEOu7wM&amp;sharetype=gift&amp;token=72155bad-2b81-48bc-ab61-09f8eeb3c180">reported&nbsp;</a>the Financial Times.&nbsp;
The venture&#39;s strategy reflects Biswas&#39;&nbsp;successful tenure at Newcrest, where he boosted returns through strategic acquisitions and revitalized underperforming assets.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/03/31131634/activist-investor-elliott-management-names-candidates-for-salesforce-board-what-you-need-to-know">Activist Investor Elliott Management Names Candidates For Salesforce Board: What You Need To Know</a>With $65 billion under management, Elliott is not only focusing on single mines but is also open to more complex deals, including buyouts of public companies and partnerships for more significant transactions.
This bold step into the mining <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> marks a significant shift for Elliott, especially following its recent legal battle over nickel trades with the London Metal Exchange.
Unlike its previous commodity trading ventures, Elliott plans to operate the acquired company and its assets directly, indicating a long-term commitment to the mining industry.
Notable companies in the mining <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> that surpass the $1 billion threshold include BHP Group Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhp#NYSE">BHP</a>), Rio Tinto Group (OTCMKTS: RTNTF), and Vale S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vale#NYSE">VALE</a>).
Additionally, ETFs like the VanEck Vectors Gold Miners ETF (NYSEARCA: GDX) and the Global X Lithium &amp; Battery Tech ETF (NYSEMKT: LIT) offer investors exposure to a range of assets within the mining and electric vehicle supply chain.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/asia/24/02/36946775/activist-investor-presses-mitsui-fudosan-to-offload-tokyo-disney-resort-operator-shares-proposes-6-7">Activist Investor Presses Mitsui Fudosan To Offload Tokyo Disney Resort Operator Shares, Proposes $6.7B Buyback: Report</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Elliott Management's Billion-Dollar Bet: Activist Investor Seeks Global Mining Assets Through New Venture

Newmont Secures Clearance From Australia's Competition Regulator To Buy Newcrest

On Friday, shares of Newcrest Mining (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) experienced volatile short activity. After the activity, the stock price went down -1.75% to $17.42.
The overall sentiment for NCMGY has been Bullish.
The signal from the volatility alert is trending Bullish. Therefore, the recommendation is to Decrease Short Exposure.
The volatility alert was produced on the prior trading date, 6/9/2023 with a volatility change of +89.05%. The current volatility indicator stands at 12.333.
Overview: The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

Newmont Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) appointed Karyn Ovelman <a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/05/b32478416/newmont-appoints-experienced-chief-financial-officer" style="margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Executive Vice President and CFO</a>.
<ul>
<li>Ovelman, who joined the company in the second quarter of 2023, has previously worked as CFO in several major resource and energy companies, including Flowserve Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fls#NYSE">FLS</a>) and LyondellBasell Industries NV (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyb#NYSE">LYB</a>).</li>
<li>Ovelman has also been on the Board of Director at Hess Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hess#NYSE">HESS</a>) and ArcelorMittal SA (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mt#NYSE">MT</a>).</li>
<li>&quot;Karyn brings a breadth of global experience operating in complex financial environments and has proven leadership and commercial capabilities to enable success during periods of transformation. Karyn is uniquely qualified to ensure our financial approach underpins the safe delivery of long term value to all our stakeholders through sustainable and responsible mining.&quot; stated Tom Palmer, President and CEO.&nbsp;</li>
<li>The decision came after the announcement of Newmont&#39;s acquisition of&nbsp;Newcrest Mining Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32385120/newmont-takeovers-newcrest-in-a-largest-ever-gold-industry-deal" style="margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">in the largest-ever gold industry deal</a>.</li>
<li>Upon transaction closure in Q4 2023, Newmont expects to garner annual pre-tax synergies of $500 million within the first 24 months of the takeover.</li>
</ul>
Price Action: NEM shares are trading higher by 0.42% at $43.45 premarket on last check Friday.
&nbsp;

The U.S. stock market was&nbsp;mixed Monday, as hawkish Fed remarks clash&nbsp;with&nbsp;President Joe Biden&#39;s words that he is &quot;optimistic&quot;&nbsp;about a debt-ceiling deal as officials prepare for a <a href="https://www.benzinga.com/government/23/05/32382274/biden-to-continue-debt-ceiling-talks-with-congressional-leaders-tuesday-says-i-am-a-congenital-optim" target="_blank">crucial meeting on Tuesday.</a>
The yield on one-month U.S. Treasury bills, a gauge of the risk associated with a protracted debt-ceiling standoff, fell 7 basis points on Monday, while yields on longer-term maturities rose.
Fed officials Neil Kashkari and Raphael Bostic both dismantled expectations for rate reductions, weighing&nbsp;on the market.&nbsp;
Cues From Monday&#39;s&nbsp;Trading:
Small caps outperformed large caps, value fared relatively better than growth and technology was the best performing sector on Monday.
The S&amp;P 500 index was flat, while blue-chip stocks in the Dow Jones Industrial Average fell 0.1%.&nbsp;
The tech-heavy Nasdaq 100, rose 0.55%, while small-cap stocks in the Russell 2000 climbed 1%.&nbsp;
U.S. Indices&rsquo; Performance Monday
<table>
<tbody>
<tr>
<td>Index </td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.55%</td>
<td>13,380.17</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.02%</td>
<td>4,124.98</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.12%</td>
<td>33,263.33</td>
</tr>
</tbody>
</table>
Analyst Color:
The debt ceiling deadlock may not be as great of a problem as&nbsp;it is projected to be, fund manager Louis Navellier suggested.
&quot;It remains highly unlikely a default will occur, and if it does that it will be quickly resolved,&quot; he said.
The fund manager also noted the sharp drop in consumer sentiment and increases in inflation expectations revealed by the University of Michigan&#39;s survey.
&quot;Given these overhangs, don&rsquo;t be surprised if we stay in a tight trading range until the debt ceiling is resolved which will come the same week as the next Fed&rsquo;s rate decision,&quot; he said.
Monday&#39;s&nbsp;Trading In Major US&nbsp;Equity ETFs:&nbsp;In midday trading on Monday, the SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE: <a href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) was unchanged at $411.78, the SPDR Dow Jones Industrial Average ETF (ARCA: DIA) was 0.1% lower to $332.83 and&nbsp;the Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) gained 0.3% to $325.96, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Among the S&amp;P 500&#39;s sectors, gains were posted by the Technology Select Sector SPDR Fund (ARCA: XLK), up 0.5%;&nbsp;the&nbsp;Communication Services Select Sector SPDR Fund (ARCA: XLC), up 0.4%; and&nbsp;the&nbsp;Financial Select Sector SPDR Fund (ARCA: XLF) and the&nbsp;Energy Select Sector SPDR Fund (ARCA: XLK), both up 0.3%.
Losses were recorded by the&nbsp;Utilities Select Sector SPDR Fund (ARCA: XLU), down 1.5%;&nbsp;the Health Care&nbsp;Select Sector SPDR Fund (ARCA: XLV), down 0.5%; and the Real Estate&nbsp;Select Sector SPDR Fund (ARCA: XLRE) and&nbsp;the Consumer Staples&nbsp;Select Sector SPDR Fund (ARCA: XLP), both down 0.4%.&nbsp;
Latest Economic Data:
The New York Federal Reserve Bank reported a sharp drop in the&nbsp;regional manufacturing survey for May, which printed negative 31.8 points, down from 10.8 recorded in April and well<a href="https://www.benzinga.com/economics/macro-economic-events/23/05/32394835/new-york-state-manufacturing-sentiment-plummets-in-may-trouble-ahead-for-the-ism-" target="_blank"> below expectations of a negative 3.7 reading.&nbsp;</a>
According to Atlanta Fed President Raphael Bostic, there is some chance of entering a recession, but not a deep one. He also stated that even in a recession, he does not foresee rate cuts.
Minneapolis Fed President Neel Kashkari&nbsp;said&nbsp;the Fed has still work to do and that we should not be fooled by a few months of good data.&nbsp;
Richmond Fed President Thomas Barkin, also a&nbsp;FOMC member, will speak at 12:30 p.m. EDT. Fed Governor Lisa Cook is due to speak at 5 p.m. EDT.
See also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Charles Schwab (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schw#NYSE">SCHW</a>) led gains among large banks, rising 3.9% on Monday.&nbsp;Wells Fargo &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) rose 3.7%. Western Alliance Bancorporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wal#NYSE">WAL</a>) rose 10.3%, leading gains among small and mid-sized banks.&nbsp;</li>
<li>ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>) fell over 9% <a href="https://www.benzinga.com/premarket/">&nbsp;</a>after it announced a deal to buy Magellan Midstream Partners, L.P. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MME#NYSE">MME</a>) for about $14 billion.</li>
<li>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rose 2.2% after agreeing&nbsp;to buy Australia&#39;s Newcrest Mining Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NCMGY#OTC">NCMGY</a>) for $17.5 billion.</li>
<li>monday.com Ltd. (NASDAQ MNDY) rose 13% after reporting better-than-expected results in Q1.&nbsp;</li>
<li>SoFi Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sofi#NASDAQ">SOFI</a>) fell 7% after&nbsp;Wedbush analysts dropped the stock&#39;s rating from&nbsp;&ldquo;Neutral&rdquo; to &ldquo;Underperform.&rdquo;</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil rose 1.8%, with a barrel of WTI-grade crude falling to&nbsp;$71.3. The United States Oil Fund&nbsp;ETF (ARCA: USO) was 1.84% lower to $63.43&nbsp;per share.&nbsp;&nbsp;
Treasury yields rose,&nbsp;with the 10-year yield inching 3&nbsp;basis points up to 3.5% and the two-year yield up 2&nbsp;basis points to 4%.&nbsp;The iShares 20+ Year Treasury Bond ETF (ARCA: TLT) was 1%&nbsp;lower on the day.&nbsp;
The dollar slightly fell, with the U.S. dollar index, which is tracked by the&nbsp;Invesco DB USD Index Bullish Fund ETF (ARCA: UUP), down 0.2%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (ARCA: FXE),&nbsp;ticked 0.2% up to&nbsp;1.0969.&nbsp;&nbsp;&nbsp;
European equity indices were mixed, with the iShares MSCI Eurozone ETF (ARCA: EZU) was 0.2% higher.&nbsp;
Gold rose 0.4%&nbsp;to $2,020/oz.&nbsp;The SPDR Gold Trust (ARCA: GLD) rose 0.5% $187.65.&nbsp;Silver gained 0.6%&nbsp;to&nbsp;$24.10, with the&nbsp;iShares Silver Trust (ARCA: SLV) gaing&nbsp;0.54% to&nbsp;$22.14&nbsp;per share.&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose&nbsp;1.8% to $27,412.&nbsp;
Staff writer Piero Cingari updated this report midday Monday.&nbsp;
Read Next:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/23/05/32391952/retail-sales-preview-will-consumer-demand-fall-how-markets-reacted-to-prior-repor" target="_blank">Retail Sales Preview: Will Consumer Demand Fall? How Markets Reacted To Prior Reports</a>
Photo via Shutterstock.

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32387494/creating-images-via-ai-google-launches-tools-to-detect-fake-images-and-curb-misinformation" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Creating Images Via AI? Google Launches Tools To Detect Fake Images And Curb Misinformation</a>
<ul>
<li>Alphabet Inc&nbsp;plans to add new features to its Image Search tool to help users find the authentic source of an image in a bid to identify misleading AI pictures.</li>
<li>Further, the features give information on when Google first indexed an image for the first time to restrict the chances of &quot;photorealistic fakes.&quot;</li>
<li>Midjourney and Shutterstock are among the publishers Google has on board as of now.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32387473/ford-plans-to-cut-1-300-jobs-in-china-as-sales-drop-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Ford Plans To Cut 1,300 Jobs In China As Sales Drop</a>
<ul>
<li>Ford Motor Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is planning to slash more than 1,300 jobs in China as sales decline.</li>
<li>Ford&#39;s wholesales in China, the world&#39;s biggest car market, dropped below half a million units for the first in a decade in 2022.</li>
<li>The automaker&#39;s sales have continuously slipped since 2016 when it shipped 1.27 million vehicles with a 4.6% market share.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32390430/stellantis-italy-workers-protest-slows-alfa-output-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Stellantis Italy Workers Protest Slows Alfa Output</a>
<ul>
<li>Stellantis NV&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) workers in Southern Italy protesting unsanitary work conditions have slowed down Alfa Romeo Tonales and Fiat Panda model production.</li>
<li>On the third day of protests, some workers at&nbsp;the Pomigliano d&#39;Arco plant nearby Naples halted work for two hours.</li>
<li>&quot;The plant is dirty, and the toilets stink,&quot; said the head of the Fiom union&#39;s automotive arm, Simone Marinelli.</li>
<li>&quot;Work overalls are missing &mdash; some workers have to wait months to have the old and worn out ones replaced.&quot;</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32391378/iphone-15-release-date-delayed-heres-why-apple-could-be-facing-production-hiccups" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">iPhone 15 Release Date Delayed? Here&#39;s Why Apple Could Be Facing Production Hiccups</a>
<ul>
<li>Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) could encounter delays in producing the&nbsp;iPhone 15&nbsp;and&nbsp;iPhone 15 Plus&nbsp;because of a stacked 48MP camera sensor.&nbsp;</li>
<li>Jeff Pu, a tech analyst at Hong Kong-based investment firm&nbsp;Haitong International Securities, reaffirmed an earlier statement in January that the iPhone 15 and iPhone 15 Plus are expected to incorporate a rear camera with a three-stacked sensor.&nbsp;</li>
<li>According to Pu, the camera would be a 48-megapixel lens, capturing more light and enhancing the picture quality.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/05/32386428/apple-supplier-foxconn-earmarks-500m-to-set-up-manufacturing-plant-in-india" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple Supplier Foxconn Earmarks $500M To Set Up Manufacturing Plant In India</a>
<ul>
<li>Apple Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) supplier&nbsp;Hon Hai Precision Industry Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hnhpf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HNHPF</a>)&nbsp;Foxconn&nbsp;proposes to invest $500 million to set up manufacturing plants in the southern Indian state of Telangana.</li>
<li>Foxconn&#39;s investment will create 25,000 jobs in the first phase, the state&#39;s IT minister K. T. Rama Rao, tweeted on Monday.</li>
<li>Foxconn, which already manufactures iPhones in India, bagged a deal to manufacture the AirPods in India in 2023.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/05/32386591/astellas-menopause-drug-sores-fda-approval-after-regulatory-setback" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Astellas&#39; Menopause Drug Sores FDA Approval, After Regulatory Setback</a>
<ul>
<li>The FDA on Friday approved Japanese drugmaker&nbsp;Astellas Pharma Inc&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/alpmy#OTC">ALPMY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/alpmf#OTC">ALPMF</a>) Veozah (fezolinetant) for hot flashes associated with menopause.</li>
<li>Veozah is not a hormone. It targets the neural activity which causes hot flashes during menopause.</li>
<li>The prescribing information for Veozah includes a warning for elevated hepatic transaminase or liver injury. Before using Veozah, patients should have blood work done to test for liver damage.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32385844/british-american-tobacco-picks-tadeu-marroco-as-ceo" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">British American Tobacco Picks Tadeu Marroco As CEO</a>
<ul>
<li>British American Tobacco PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bti#NYSE">BTI</a>) has appointed Tadeu Marroco as Chief Executive Officer to succeed Jack Bowles, who is stepping down from the Board of Directors, effective May 15.</li>
<li>Marroco started working for the tobacco firm in 1992 and was appointed to the board in 2019 as Group Finance Director.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32385120/newmont-takeovers-newcrest-in-a-largest-ever-gold-industry-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Newmont Takeovers Newcrest In Largest-Ever Gold Industry Deal</a>
<ul>
<li>Newmont Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) inked a deal to acquire&nbsp;Newcrest Mining Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) through an Australian court-approved Scheme of Arrangement unanimously recommended by Newcrest Mining&#39;s Board.</li>
<li>The offer values Newcrest mining at around $19 billion (A$28.8 billion) and is the gold sector&#39;s biggest-ever transaction.</li>
<li>The combined company will be 31% owned by Newcrest and 69% by Newmont.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32385810/oneok-buys-magellan-midstream-plan-for-19b-to-boost-offering" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ONEOK Buys Magellan Midstream Plan For $19B To Boost Offering</a>
<ul>
<li>ONEOK Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oke#NYSE">OKE</a>) penned a merger deal with&nbsp;Magellan Midstream Partners LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmp#NYSE">MMP</a>) valued at around $18.8 billion, including assumed debt.</li>
<li>The deal comprises payment of $25.00 in cash and 0.6670 shares of ONEOK common stock to each MMP unitholder.</li>
<li>The combined company, with an enterprise value of $60.0 billion, will be one of the U.S.&#39; leading oil and natural gas pipeline operators, having a portfolio of over 25,000 miles of liquids-oriented pipelines and a strong presence across the Gulf Coast and Mid-Continent markets.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32387870/google-ceo-sundar-pichai-admits-to-cheating-on-pixel-with-samsung-galaxy-and-iphone" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Google CEO Sundar Pichai Admits To Cheating On Pixel With Samsung Galaxy And iPhone</a>
<ul>
<li>Alphabet Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) CEO&nbsp;Sundar Pichai&nbsp;recently revealed why he uses&nbsp;Google Pixel Fold,&nbsp;Samsung Galaxy, and even an&nbsp;iPhone.&nbsp;</li>
<li>Tech YouTuber&nbsp;Arun Maini, more commonly known as&nbsp;MrWhoseTheBoss, recently sat down with&nbsp;Google&nbsp;CEO and asked him about the future of smartphones, artificial intelligence, and Pixel Fold &mdash; the company&#39;s first device in the foldable category.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32385107/twitter-ventures-into-instagram-territory-as-musk-nods-to-video-editing-filters-request" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Twitter Ventures Into Instagram Territory As Musk Nods To Video Editing, Filters Request</a>
<ul>
<li>Twitter&nbsp;will take a leaf out of&nbsp;Meta Platforms Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>)&nbsp;Instagram, as&nbsp;Elon Musk&nbsp;said video editing and filters would come soon to the microblogging platform.</li>
<li>During the weekend, a Twitter user who goes by the handle &quot;GailAlfarATX&quot; on the site said it would be great if users could edit clips and add good music, subtle filters, and pictures on the platform without needing another app.&nbsp;</li>
<li>Musk responded to his tweet with one word, affirming that similar features will soon be introduced on the microblogging site.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32389277/cftc-slams-hsbc-with-75m-penalty-for-unethical-practices-claims-involvement-of-senior-leadership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CFTC Slams HSBC With $75M Penalty For Unethical Practices, Claims Involvement Of Senior Leadership</a>
<ul>
<li>HSBC Holdings PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) has agreed to pay $75 million in penalty charges as ordered by U.S. Commodity Futures Trading Commission (CFTC).</li>
<li>HSBC Bank USA will pay a civil monetary penalty of $45 million for manipulative and deceptive trading related to swaps with bond issuers, spoofing, and mobile device record-keeping failures from March 2012-July 2020.&nbsp;</li>
<li>Also, HSBC Bank USA, HSBC Bank Plc, and HSBC Securities are charged with a penalty of $30 million for record-keeping and supervision failures as per CFTC requirements.&nbsp;</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32390363/shake-the-shake-shack-board-activist-investor-plans-proxy-fight-seeks-3-seats-on-board" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Shake The Shake Shack Board: Activist Investor Plans Proxy Fight, Seeks 3 Seats On Board</a>
<ul>
<li>Activist investor&nbsp;Engaged Capital&nbsp;plans to launch a proxy fight for three board seats at&nbsp;Shake Shack Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shak#NYSE">SHAK</a>). Including swaps, Engaged has a roughly 6.6% stake.</li>
<li>Engaged Capital has been in talks with Shake Shack&#39;s management for over six months. In March, it sent a letter to the company&#39;s board detailing its proposal for new directors and other changes to help boost the restaurant chain&#39;s lagging stock price.</li>
<li>The parties have failed to reach an agreement.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/05/32389639/air-bag-manufacturer-rejects-regulators-demand-to-recall-unsafe-inflators-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Air Bag Manufacturer Rejects Regulators&#39; Demand To Recall Unsafe Inflators</a>
<ul>
<li>General Motors&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) recalled about 1 million sport utility vehicles in the U.S. due to unsafe airbag inflators.</li>
<li>The recall affects 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia cars from the 2014 to 2017 model years equipped with modules manufactured by ARC Automotive Inc.</li>
<li>The front-driver airbag inflator in the affected vehicles might have a manufacturing issue that could cause it to rupture during deployment.</li>
</ul>

Google Launches Tools To Detect Fake Images, Apple May Encounter Delays In iPhone 15 Production, Shake Shack Sees Activist Investor Proxy Fight: Today's Top Stories

<ul>
<li>Newmont Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) inked a deal to fully acquire&nbsp;Newcrest Mining Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) through an Australian court-approved Scheme of Arrangement unanimously&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/05/b32381782/newmont-enters-into-definitive-agreement-to-acquire-newcrest" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">recommended by Newcrest Mining&#39;s Board</a>.</li>
<li>The offer values Newcrest mining at around $19 billion (A$28.8 billion) and is the gold sector&#39;s biggest-ever transaction,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-05-14/newmont-is-said-to-near-20-billion-deal-for-gold-rival-newcrest#xj4y7vzkg" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Bloomberg</a>&nbsp;reported.</li>
<li>The combined company will be 31% owned by Newcrest and 69% by Newmont.&nbsp;</li>
<li>Following a proposal rejection by Newcrest, Newmont raised the bid and submitted a final&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/04/31739764/newmont-raises-bid-for-newcrest-takeover-offers-46-premium-to-feb-3-price-at-19-5b-valuation" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">revised takeover offer last month</a>.&nbsp;</li>
<li>As per the deal, Newcrest&#39;s shareholders will receive 0.400 Newmont shares for each Newcrest share and get a special dividend per share of up to $1.10 from Newcrest, representing a 30.4% premium.</li>
<li>With the inclusion of Newcrest&#39;s robust portfolio of long-life, low-cost gold and copper assets, Newmont becomes the global leader in gold mining, with 10 Tier 1 operations spread across several locations such as Australia, Papua New Guinea and Canada.</li>
<li>The agreement will also boost Newmont&#39;s annual copper production, adding about 50 billion pounds of copper reserves and resources to its portfolio.&nbsp;</li>
<li>Upon transaction closure in Q4 2023, Newmont expects to garner annual pre-tax synergies of $500 million within the first 24 months of the takeover.</li>
<li>Also, it anticipates $2 billion in incremental cash flow in the first two years through portfolio optimization, leading to shareholders&#39; value enhancement.&nbsp;</li>
<li>Last month, Newmont disclosed the expectation of annual dividend payments for 2023 in the $1.40 - $1.80 per share range while&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/04/32046692/newmont-q1-earnings-miss-on-production-decline-says-on-track-to-achieve-2023-guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reporting Q1 2023 results</a>.</li>
<li>Price Action: Newmont shares closed higher by 0.13% at $45.94 on Friday.</li>
</ul>

On Friday, shares of Newcrest Mining (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) experienced volatile short activity. After the activity, the stock price went down -2.38% to $19.88.
The overall sentiment for NCMGY has been Bullish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Increase Short Exposure.
The volatility alert was produced on the prior trading date, 4/14/2023 with a volatility change of +90%. The current volatility indicator stands at 22.316.
Overview: The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

The market is shifting gears ahead of Wednesday&#39;s key inflation report and&nbsp;in preparation for the start of <a href="https://www.benzinga.com/calendars/earnings">the earnings season</a>.
The Nasdaq 100 index of technology stocks fell, despite crypto-related startups rallying, as Bitcoin extended gains beyond $30,000. Large-cap companies&nbsp;fared&nbsp;relatively better. Treasury yields rose slightly.&nbsp;Investors&nbsp;assigned a 70% likelihood&nbsp;of a Fed rate hike next month.&nbsp;
New York Federal Reserve President John Williams,&nbsp;who <a href="http://www.benzinga.com/analyst-ratings/analyst-color/23/04/31738108/whartons-jeremy-siegel-sounds-recession-alarm-again-but-adds-a-silver-lining-for-sa" target="_blank">spoke</a> Monday after the market close,&nbsp;said that&nbsp;&quot;one more rate hike is a reasonable starting place&quot; and&nbsp;added there is no evidence yet of a tightening of credit conditions.
Cues From Tuesday&rsquo;s Trading: 
The S&amp;P 500 index was flat on the day, holding at about 4,100 points. The Dow Jones Industrial Average ticked higher by 0.4%, driven by gains in the industrials and health-care sectors. The tech-heavy Nasdaq 100 index slipped 0.6%, pulled down by Microsoft Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and Amazon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), both of which&nbsp;fell more than 2%.&nbsp;
<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:500px">
<caption>U.S. Indices&#39; Performance On Monday</caption>
<thead>
<tr>
<th scope="col">Index</th>
<th scope="col">Performance (+/-)</th>
<th scope="col">&nbsp;</th>
<th scope="col">Value</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nasdaq Composite</td>
<td>-0.4%</td>
<td>&nbsp;</td>
<td>12,037.65</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.08%</td>
<td>&nbsp;</td>
<td>4,113.32</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.38%</td>
<td>&nbsp;</td>
<td>33,722.07</td>
</tr>
</tbody>
</table>
Analyst Color: 
Despite job growth showing some softness, the unemployment rate remains at 50-year lows, providing the Federal Reserve with plenty of room to &ldquo;stay higher for longer&rdquo; within their stated goals, said fund manager Louis Navellier. 
Therefore, investors trying to time the market for a major rally from rate cuts in 2023 would probably be disappointed, he said. &ldquo;A relief rally, however, when the Fed announces a pause in further cuts remains quite likely, though maybe short-lived, if unemployment does, in fact, start to rise from 3.5% to 4.5%,&rdquo; he added.
If results and forecasts from companies confirm that earnings contraction has bottomed in the first quarter, what the Fed does matters less, Navellier said.
&ldquo;Companies which retain pricing power and are addressing their cost structure will outperform indexes even if the Fed has to go even higher than expected to move closer to their objectives.&rdquo;
Tuesday&#39;s&nbsp;Trading In Major US&nbsp;Equity ETFs:&nbsp;
In midday trading Monday, the SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE: <a href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) edged 0.1% higher&nbsp;to $410.18, the SPDR Dow Jones Industrial Average ETF (ARCA: DIA) rose 0.4% to $337.17&nbsp;and&nbsp;the Invesco QQQ Trust&nbsp;(NASDAQ: <a href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) eased&nbsp;0.6% to $316.05&nbsp;according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Among U.S. equity sectors, the Technology&nbsp;Select Sector SPDR Fund (ARCA: XLK) was the underperformer, down 0.8%, followed by the Utilities&nbsp;Select Sector SPDR Fund (ARCA: XLU), down 0.35%. The Metals &amp; Mining&nbsp;Select Sector SPDR Fund (ARCA: XME) outperformed, up 2.3%. Gains were also recorded in the Energy&nbsp;Select Sector SPDR Fund (ARCA: XME), up 1.4%.&nbsp;
Latest Economic Data: 
The National Federation of Independent Business reported that the&nbsp;Small Business Optimism Index edged down from&nbsp;90.9 in February to 90.1 in March.&nbsp;
The Treasury is due to auction three-year notes at 1 p.m. EDT.
Philadelphia Fed President Patrick Harker is&nbsp;scheduled to speak at 4 p.m. EDT. 
The American Petroleum Institute (API) will report crude oil stock changes for the week ending April 7, at 4.30 p.m. EDT.&nbsp;
Minneapolis Fed President Neel Kashkari is scheduled to speak at 7.30 p.m. EDT.
See also: <a href="https://www.benzinga.com/money/best-brokers-futures-traders">Best Futures Brokers</a>
Stocks In Focus: 
CarMax, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>)&nbsp;rose over 10% as the company reported earnings that significantly exceeded&nbsp;analyst&nbsp;estimates.
Whirlpool Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/whr#NYSE">WHR</a>) gained 4%&nbsp;after a Goldman Sachs analyst upgraded shares.&nbsp;
Coinbase Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>), Marathon Digital Holdings (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mara#NASDAQ">MARA</a>),&nbsp;MicroStrategy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstr#NASDAQ">MSTR</a>) were 8%, 10% and 7% higher, respectively, capitalizing on the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally.
<ul>
<li>Tilray Brands, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlry#NASDAQ">TLRY</a>) fell over 7% after the company announced an agreement to buy Hexo Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hexo#NASDAQ">HEXO</a>).</li>
<li>Albertsons Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aci#NYSE">ACI</a>) fell 2% despite reporting better-than-expected results in the first quarter&nbsp;as the&nbsp;grocery store chain warned that the economic backdrop will likely worsen this year.</li>
</ul>
Top Analysts&rsquo; Call 
<ul>
<li>Upstart Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upst#NASDAQ">UPST</a>): <a href="https://www.benzinga.com/analyst-stock-ratings">JPMorgan initiates at Underweight </a>with $11 price target</li>
<li>Nasdaq, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndaq#NASDAQ">NDAQ</a>): Morgan Stanley downgrades from Overweight to Equal-Weight and reduces price target from $70 to $60</li>
<li>Nvidia Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>): KeyBanc maintains an Overweight rating and ups price target from $280 to $320</li>
<li>Advanced Micro Devices, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>): KeyBanc maintains an Overweight rating and ups price target from $95 to $110</li>
</ul>
Commodities, Bonds, Forex&nbsp;And Other Global Equity Markets: 
Crude oil resumed its rise, up 1.7%, with a barrel of WTI-grade crude trading at $81.2. The United States Oil Fund&nbsp;ETF (ARCA: USO) was 1.7% higher to $70.94 per share.&nbsp;&nbsp;
Treasury yields rose slightly,&nbsp;with the 10-year yield returning to 3.45% and the two-year yield rising to 4.05%.&nbsp;The iShares 20+ Year Treasury Bond ETF (ARCA: TLT) was flat&nbsp;on the day.&nbsp;
The dollar eased, with the U.S. dollar index up retracing 0.3%. The EUR/USD pair rose 0.4% to 1.09.&nbsp;&nbsp;
The European equity indices were mostly in the green. The iShares MSCI Eurozone ETF (ARCA: EZU) was 0.3% higher.&nbsp;&nbsp;
Gold rose 0.8% to $2,005/oz.&nbsp;The SPDR Gold Trust (ARCA: GLD) was 0.7% higher at&nbsp;$186.40.&nbsp;Silver rallied 1%&nbsp;to $25.11, with the&nbsp;iShares Silver Trust (ARCA: SLV) trading 0.9% higher to $23.09&nbsp;per share.&nbsp;Bitcoin rose 2% to $30,246.
Staff writer Piero Cingari updated this report midday Monday.&nbsp;&nbsp;
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/04/31738108/whartons-jeremy-siegel-sounds-recession-alarm-again-but-adds-a-silver-lining-for-sa">Wharton&#39;s Jeremy Siegel Sounds Recession Alarm Again &mdash; But Adds A Silver Lining For Savvy Investors</a>

S&P 500 Holds Steady While Tech Slides As Traders Await Key Inflation Print: Fed's Williams Says Another Hike Is 'Reasonable'

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/general/social-media/23/04/31737585/twitter-is-officially-defunct-as-elon-musk-pursues-superapp-goal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Twitter Inc Is Officially Defunct As Elon Musk Pursues&#39; Superapp&#39; Goal</a>
<ul>
<li>Twitter Inc,&nbsp;the parent company of the namesake social media platform, has ceased to exist, and it has now been merged into&nbsp;X Corp.,&nbsp;court filings show.</li>
<li>&#39;Chief Twit&#39;&nbsp;Elon Musk&nbsp;also appeared to acknowledge the change early on Tuesday by tweeting out &quot;X.&quot;</li>
<li>The development came to light in a court filing of Twitter&#39;s corporate disclosure statement in connection with a lawsuit brought about by right-wing activist Laura Loomer. She is fighting against Twitter banning her account in 2019.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31738895/hyundais-electric-vision-18b-investment-paves-way-for-companys-commitment-to-electric-cars" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hyundai&#39;s Electric Vision: $18B Investment Paves Way for Company&#39;s Commitment To Electric Cars</a>
<ul>
<li>Hyundai Motor Company&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) plans to invest 24 trillion won ($18.2 billion) by 2030 to boost electrification.</li>
<li>The group, including Hyundai Motor, Kia, and Genesis electric models, expects to expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.</li>
<li>The investment will be used to upgrade Korea&#39;s EV ecosystem and to promote domestic EV production, R&amp;D, infrastructure, and related industries.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/04/31741627/mixed-results-for-moderna-on-vaccine-day-influenza-vaccine-candidate-testing-to-continue-despite-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Moderna&#39;s Vaccine Day: Influenza Vaccine Candidate Testing To Continue As It Misses&#39; Early Success&#39; Threshold</a>
<ul>
<li>Moderna Inc&#39;s&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mrna#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MRNA</a>) first vaccine candidate against influenza is mRNA-1010, which is being developed in adults.</li>
<li>The independent Data and Safety Monitoring Board (DSMB) has completed the first interim efficacy analysis for the second Phase 3 trial (P302) conducted in the Northern Hemisphere to evaluate the safety and non-inferior efficacy compared to a licensed flu vaccine.</li>
<li>The DSMB said mRNA-1010 did not meet the statistical threshold to declare early success.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/04/31740193/disclosure-violations-cost-goldman-sachs-15m-as-settlement-in-swap-business" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Disclosure Violations Cost Goldman Sachs $15M as Settlement in Swap Business</a>
<ul>
<li>Goldman Sachs Group Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) agreed to pay $15 million to settle U.S. Commodity Futures Trading Commission (CFTC) charges that it failed to make proper disclosures and communicate fairly to swap customers.</li>
<li>In 2015 and 2016, Goldman opportunistically solicited or agreed to enter into same-day swaps only on days and at times that were financially advantageous to Goldman and disadvantageous to its clients.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/04/31739764/newmont-raises-bid-for-newcrest-takeover-offers-46-premium-to-feb-3-price-at-19-5b-valuation" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Newmont Raises Bid For Newcrest Takeover, Offers 46% Premium to Feb 3 Price At $19.5B Valuation</a>
<ul>
<li>Newmont Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) submitted a final revised takeover offer to&nbsp;Newcrest Mining Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>), bidding a 46% premium to the closing price of Newcrest shares as on Feb 3, 2023.&nbsp;</li>
<li>The latest offer values Newcrest Mining at $19.5 billion, making it the largest-ever M&amp;A deal in the gold-mining industry.</li>
<li>Newcrest is Australia&#39;s largest gold miner, which had rejected the previous offer from Newmont at a $17.5 billion valuation. The company initially proposed the acquisition in February 2023.</li>
</ul>
&nbsp;
CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31737812/chatgpt-rivalry-gets-bigger-alibaba-plans-to-integrate-chatbot-across-products-at-low-cost" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ChatGPT Rivalry Gets Bigger: Alibaba Plans to Integrate Chatbot Across Products at Low Cost</a>
<ul>
<li>On Tuesday,&nbsp;Alibaba Group Holding Limited&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) cloud computing unit shared plans to launch its&nbsp;ChatGPT&nbsp;counterpart Tongyi Qianwen.</li>
<li>Alibaba Cloud initially proposed to deploy Tongyi Qianwen with Chinese and English language capabilities on Slack counterpart DingTalk, Alibaba&#39;s workplace communication software, and Tmall Genie, a provider of smart home appliances.</li>
</ul>
&nbsp;
Nikkei
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/23/04/31740469/warren-buffett-very-proud-of-japanese-investments-5-tokyo-listed-stocks-berkshire-has-stakes-in" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Warren Buffett &#39;Very Proud&#39; Of Japanese Investments: 5 Tokyo-Listed Stocks Berkshire Has Stakes In</a>
<ul>
<li>Billionaire investor&nbsp;Warren Buffett&nbsp;has set his sights on the far east to put his money to work.</li>
<li>Buffett, who runs the investment holding company&nbsp;Berkshire Hathaway&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/brk-a#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BRK-A</a>) (NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/brk-b#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BRK-B</a>), is &quot;very proud&quot; of his investments in Japanese stocks, the billionaire told in an interview with Nikkei.</li>
<li>Berkshire, in Aug. 2020, picked up more than 5% stake in each of Japan&#39;s five trading houses, namely&nbsp;Itochu Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/itocy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ITOCY</a>),&nbsp;Mitsubishi Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/msbhf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MSBHF</a>),&nbsp;Mitsui &amp; Co., Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mitsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MITSY</a>),&nbsp;Sumitomo Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ssumy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SSUMY</a>), and&nbsp;Marubeni Corp.&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/maruy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MARUY</a>).</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31738877/amc-britain-rival-cineworld-files-restructuring-plan-in-bankruptcy-court-shareholders-to-be-wiped-ou" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMC Britain Rival Cineworld Files Restructuring Plan in Bankruptcy Court, Shareholders to be Wiped Out</a>
<ul>
<li>On Tuesday,&nbsp;Cineworld Group PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/cnnwq#OTC">CNNWQ</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cnwgq#OTC">CNWGQ</a>) said it had filed a reorganization plan in a Texas bankruptcy court to dissolve existing shareholdings effectively.</li>
<li>The filing formalizes the cinema chain operator&#39;s Apr 3 deal that includes plans to cut debt by about $4.53 billion and raise $2.26 billion to emerge from bankruptcy.</li>
<li>Cineworld, which expects to emerge from Chapter 11 in the first half of 2023, said any transaction resulting from the marketing process might delay emergence beyond that point.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31738440/boeing-aims-to-reach-pre-crisis-737-max-production-rates-in-2025-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Boeing Aims To Reach Pre-Crisis 737 MAX Production Rates In 2025</a>
<ul>
<li>Boeing Co&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) expects its 737 MAX jet to return to its 2019 production rate of 52 per month in 2025.</li>
<li>The aircraft maker&#39;s bestselling jet demand nosedived following two deadly crashes and the COVID-19 pandemic.</li>
<li>Boeing currently builds 31 737 MAX jets per month. The company aims to increase monthly MAX production to 38 in June, 42 by January 2024, and 47 by June 2024.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/04/31739346/drugmakers-stand-up-for-reproductive-rights-pfizer-and-biogen-among-300-condemning-abortion-pill-" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Drugmakers Stand Up for Reproductive Rights: Pfizer and Biogen Among 300 Condemning Abortion Pill Approval Suspension</a>
<ul>
<li>Last week Friday, a U.S. judge suspended the FDA&#39;s approval of mifepristone, effectively banning sales. Executives from over 300 companies, including&nbsp;Pfizer Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) and&nbsp;Biogen Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/biib#NASDAQ">BIIB</a>), signed an open letter calling to reverse a federal judge&#39;s decision.</li>
<li>The abortion pill has been available since 2000. The letter&#39;s authors wrote that the ruling ignores scientific evidence and legal precedent.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31739074/clear-skies-ahead-chinese-airlines-resume-boeing-737-max-operations-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Clear Skies Ahead: Chinese Airlines Resume Boeing 737 MAX Operations</a>
<ul>
<li>Boeing&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) reportedly disclosed that 11 Chinese airlines had resumed 737 MAX operations as of Apr 10, a positive indication of its efforts to rebuild its business in the world&#39;s second-largest aviation market.</li>
<li>The number of 737 MAX returning to commercial service reached 43, accounting for approximately 45% of the Chinese 737 MAX fleet.</li>
<li>Boeing didn&#39;t name the airlines, but Hainan Airlines Holding Co Ltd, Fuzhou Airlines, Lucky Air, and Air China have all flown the jets in the months.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31740222/mitsubishi-heavy-industries-pockets-2-8b-missile-contracts-from-japan-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Mitsubishi Heavy Industries Pockets $2.8B Missile Contracts From Japan</a>
<ul>
<li>Mitsubishi Heavy Industries Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/mhvyf#OTC">MHVYF</a>) has reportedly secured contracts worth $2.84 billion (378 billion yen) from Japan.</li>
<li>Under the contract, Mitsubishi Heavy will develop and build a new missile force to deter China from using military force in East Asia.</li>
<li>The four contracts include land, sea, and air-launched missiles and a hypersonic ballistic warhead that it wants to begin deploying in 2026, the report quoted Japan&#39;s Ministry of Defense.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/04/31738465/antitrust-penalty-south-korea-hits-google-with-32m-fine-for-anti-competitive-mobile-app-behavior" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Antitrust Penalty: South Korea Hits Google with $32M Fine for Anti-Competitive Mobile App Behavior</a>
<ul>
<li>South Korea penalized&nbsp;Alphabet Inc&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;42.1 billion won ($32 million) for exploiting its influence in the mobile app market to drive away a local rival.</li>
<li>Google tried to block Korean platform rival&nbsp;One Store Co&#39;s&nbsp;growth, Bloomberg cites&nbsp;Korea&#39;s Fair Trade Commission&#39;s&nbsp;statement.</li>
<li>Google has denied offering benefits to developers who put their apps only on Google Play.</li>
</ul>
Photo by Ljupco Smokovski via Shutterstock and Wikimedia Commons

Twitter Inc Is Officially Defunct, Alibaba Plans to Integrate ChatGPT Like Chatbot Across Products, Moderna's Flu Shot Study Misses 'Early Success' Criteria: Today's Top Stories

<ul>
<li>Newmont Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) submitted a final revised takeover offer to&nbsp;Newcrest Mining Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>), bidding a 46% premium to the closing price of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/04/b31736894/newmont-to-enter-into-confirmatory-due-diligence-on-newcrest" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Newcrest shares as on February 3, 2023</a>.&nbsp;</li>
<li>The latest offer values Newcrest Mining at $19.5 billion, which would make it the largest-ever M&amp;A deal in the gold-mining industry,&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/newmont-raises-bid-for-australias-newcrest-to-19-5-billion-5d2f2f7f?mod=business_lead_pos1" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WSJ</a>&nbsp;reported.</li>
<li>Newcrest is Australia&rsquo;s largest gold miner, which had rejected the previous offer from Newmont at a $17.5 billion valuation. The company initially proposed&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/02/30724896/newmont-offers-to-acquire-gold-producer-newcrest-mining" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">the acquisition in February 2023</a>.</li>
<li>The premium reflects the increase in Newmont&rsquo;s share price from February 3, 2023 to April 6, 2023 (assuming a price of $52.05/share with AUD / USD of 0.667) and Newcrest share price as of February 3, 2023 (A$ 22.45/share with AUD / USD of 0.692).&nbsp;</li>
<li>Newmont&rsquo;s new bid is based on 0.400x Newmont shares per Newcrest share, resulting in the combined company being 31% owned by Newcrest and 69% owned by Newmont.&nbsp;</li>
<li>The Newcrest Board of Directors has agreed to grant Newmont confirmatory due diligence access to enable Newmont to put forward a binding proposal.</li>
<li>Per the new proposal, Newcrest would have the right to fund and pay to its shareholders a special dividend of up to USD$1.10 per Newcrest share.</li>
<li>Price Action: NEM shares are trading lower by 3.01% at $49.55 in premarket on the last check Tuesday.</li>
<li>Photo by Capri23auto from Pixabay</li>
</ul>

<ul>
<li>Barrick Gold Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) has denied a counterbid for&nbsp;Newcrest Mining&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ncmgy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NCMGY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/ncmgf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NCMGF</a>), eliminating what had seemed to be the most likely prospect of a rival to bidder&nbsp;Newmont Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>).</li>
<li>Newmont, on Monday,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/02/30724896/newmont-offers-to-acquire-gold-producer-newcrest-mining" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">bid $16.9 billion for Newcrest</a>, whose operations include top-class asset Cadia in Australia and an expanding footprint in North America, Papua New Guinea, and Ecuador. It also has growth potential in copper.</li>
<li>&quot;There is a difference between value merger acquisitions and getting bigger for the sake of getting bigger,&quot; Barrick Gold CEO Mark Bristow said Monday in an interview.</li>
<li>Amid broad consolidation in the sector, the offer from U.S.-based Newmont could trigger bids from rival gold producers. But none would come from Barrick, Mark Bristow&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-02-06/newmont-shares-fall-after-17-billion-offer-for-newcrest-mining?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">told</a>&nbsp;Bloomberg.</li>
<li>Newmont&#39;s offer &quot;is motivated mainly by valuation&quot; and is &quot;a unique opportunity to add exposure in preferred mining jurisdictions&quot; such as Australia and Canada, Credit Suisse analysts Fahad Tariq and Jessica Xu said in a note to clients.&nbsp;</li>
<li>The analysts said they see &quot;limited potential for operational synergies&quot; with the deal.</li>
<li>Price Action:&nbsp;NEM shares are up 0.44% at $47.81 during the premarket session on the last check Tuesday.</li>
</ul>

Rumors

Commodities

GOLD

Barrick Gold Unlikely To Offer Rival Bid For Australia-Based Newcrest Mining Deal

Newmont Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) shares are trading lower Monday after the company&nbsp;proposed an all-stock acquisition of <a href="https://www.benzinga.com/quote/NCMGY">Newcrest Mining Ltd (Pink: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#Pink">NCMGY</a>)</a>.
What Happened: Newmont said&nbsp;it&nbsp;<a href="https://www.benzinga.com/m-a/23/02/30724896/newmont-offers-to-acquire-gold-producer-newcrest-mining">submitted a non-binding proposal</a> to acquire&nbsp;100%&nbsp;of the issued share capital of Newcrest&nbsp;via a scheme of arrangement.
The&nbsp;proposal would result in a combination&nbsp;on the basis of .38&nbsp;Newmont shares per Newcrest share. Newcrest would own 30% of the&nbsp;combined company and Newmont would own 70%.
&quot;We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate.&nbsp;The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business,&quot;&nbsp;said Tom Palmer, president and CEO of Newmont.
Newmont is the world&#39;s leading gold company. It also produces&nbsp;copper, silver, zinc and lead.&nbsp;
Related Link:&nbsp;<a href="https://www.benzinga.com/m-a/23/02/30724896/newmont-offers-to-acquire-gold-producer-newcrest-mining">Newmont Offers To Acquire Gold Producer Newcrest Mining</a>
NEM Price Action: Newmont has a 52-week high of $86.37 and a 52-week low of $37.45.&nbsp;
The stock was down 6.12% at $46.80 at time of publication, according to&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks">Benzinga Pro</a>.
Photo: courtesy of Newmont Corp.

Why Newmont Stock Is Sliding Today

Following recent media speculation, Newcrest Mining Limited (ASX, TSX, PNGX: NCM) confirms that on 5February 2023 it received a conditional and non-binding indicative proposal from Newmont Corporation (Newmont) to acquire 100% of the issued shares of Newcrest by way of a scheme of arrangement (Indicative Proposal). Under the Indicative Proposal, Newcrest shareholders would be entitled to receive 0.380 Newmont shares for each Newcrest share held1.
The Indicative Proposal follows the prior receipt of an indicative, non-binding and conditional proposal from Newmont to acquire Newcrest at an exchange ratio of 0.363 Newmont shares for each Newcrest share. The Newcrest Board had considered that the earlier proposal from Newmont would not deliver sufficiently compelling value to Newcrest shareholders and on that basis, rejected the earlier proposal.
The Indicative Proposal is subject to a number of conditions, including granting of exclusivity to Newmont, due diligence, Newmont shareholder approval and various regulatory approvals, including FIRB and approval under the Hart-Scott-Rodino Act. The Indicative Proposal also contemplates the establishment of a Chess Depositary Interest listing on the ASX for new Newmont shares issued to Newcrest shareholders.
The Newcrest Board, together with its financial and legal advisers, is considering the Indicative Proposal.
The Newcrest Board advises that shareholders need not take any action in relation to the Indicative Proposal and remains fully committed to acting in the best interests of Newcrest shareholders.
Newcrest has engaged J.P. Morgan and Gresham Advisory Partners as its financial advisers and Herbert Smith Freehills as its legal

Newcrest Mining Confirmed Receipt Of Conditional And Non-binding Indicative Proposal From Newmont Corporation To Acquire 100% Of The Issued Shares Of Newcrest At Ratio Of 0.363 Newmont Shares/Newcrest Share

On Monday, shares of Newcrest Mining (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) experienced volatile short activity. After the activity, the stock price went up +0.8% to $16.34.
The overall sentiment for NCMGY has been Bullish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Strong Sell.
The volatility alert was produced on the prior trading date, 1/23/2023 with a volatility change of +63.31%. The current volatility indicator stands at 11.36.
Overview: 
The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: 
Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

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Merger Arbitrage Mondays - Healthcare Trust Of America To Combine With Healthcare Realty Trust

The VanEck Vectors Gold Miners Etf (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gdx#NYSE">GDX</a>) has come back to life in recent months after a disappointing performance in the second half of 2020.
On Thursday, Bank of America analyst Michael Jalonen said big gold stocks are currently transitioning to a period of significant production growth after a period focused on investment and capital returns.
Jalonen highlighted the key themes among gold producers that attended Bank of America&rsquo;s recent Global Metals, Mining &amp; Steel virtual conference.
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/21/04/20503188/10-gold-stocks-that-could-be-the-next-buyout-targets-in-industry-consolidation-wave">10 Gold Stocks That Could Be The Next Buyout Targets In Industry Consolidation Wave</a> 
&ldquo;The key overarching theme: moving back into the growth phase,&rdquo; Jalonen said.
The Numbers: Some companies are much better positioned to grow production than others. Among all the gold stocks he covers, Jalonen said Wheaton Precious Metals Corp (NYSE: WPN) is projected to have the highest production growth over the next three years at about 30%. Agnico Eagle Mines Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>) is a close second at just under 30%, followed by Franco Nevada Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) at around 25%.
Jalonen said strong free cash flow is funding capital allocation priorities for Wheaton. For Agnico Eagle, Jalonen said the company is forging ahead with its proven long-term growth strategy. Franco-Nevada is a great stock for investors looking for a low-cost gold investment,&nbsp;Jalonen added.
Bank of America has a Buy rating and $55 price target for Wheaton, a Buy rating and $80 target for Agnico Eagle, and a Buy rating and $163 target for Franco-Nevada.
Even though Newcrest Mining ADR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) has the lowest gold production growth outlook of the big gold group, Jalonen said the company has potentially hidden copper value.
Benzinga&rsquo;s Take: Gold prices are up just 9% in the past year, price action which is likely extremely disappointing for many investors given the more than $6 trillion in stimulus spending the U.S. government has performed in that time.
For now, at least, it appears as though cryptocurrencies have taken the wind out of gold&rsquo;s sails as the preferred inflation hedge among investors.
(Photo: <a href="https://unsplash.com/@pokmer">Jingming Pan</a> via <a href="https://unsplash.com/">Unsplash)</a>

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Price Target

Analyst Ratings

Market Vectors ETF Trust Market Vectors Gold Miners

Are Gold Stocks Moving Back Into The Growth Phase?

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
Gold&rsquo;s long-awaited rally finally pushed above it to a new (nominal) all-time in July. And as you might expect, gold miner ETFs have been along for the ride.
Among the top-performing ETFs in this segment are Direxion&rsquo;s duo of leveraged miner funds. In the five weeks spanning July and the first week of August, the Direxion Daily Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nugt#NYSE">NUGT</a>) and Direxion Daily Junior Gold Miners Index Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnug#NYSE">JNUG</a>) have risen by 45% and 60%, respectively.
While a weak U.S. dollar and persistent uncertainty surrounding the global pandemic are the strongest forces likely a play in driving mining outfits higher, other individual factors are at play in supporting the price performance of NUGT and JNUG.
<h3>Gold Glitters</h3>
The major mining outfits have managed to have relative strength well in the midst of the pandemic. The majority of large miners have stayed in the black through 2020, with the biggest names like Barrick Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>) and Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) rising about 50% year-to-date.
However, while the precipitous rise in the spot price of gold has lifted the margins of these gold-focused miners, the biggest leaders in the precious metal mining segment are actually those companies with a wider array of metals in their portfolio.
For instance, Newcrest Mining Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgy#OTC">NCMGY</a>) and Wheaton Precious Metals Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wpm#NYSE">WPM</a>) have both gained about 20% in the previous three months. Aside from their primary gold mining operations, 20% and 10% of their respective revenues are tied to other metals like silver, copper and palladium. GOLD and NEM, on the other hand, reap more than 95% of their revenue from their gold mining operations.
Although gold is undoubtedly behind the resurgence of miners, the broad strength among precious metals in general may prove to be a key sustaining factor through the rest of 2020.
<h3>Earnings Drive the Juniors</h3>
While mining portfolios are dictating which companies outperform among the majors, junior miners are being driven largely by recent financial results.
Two of the top-performing stocks among the junior miners, Pan American Silver Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/paas#NASDAQ">PAAS</a>) and B2Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/btg#NYSE">BTG</a>) are both higher over the previous three months by about 25%. Both companies delivered Q2 earnings results well above analyst expectations, with each showing per share revenue 4-6x analyst expectations.
Widening profit margins proved to be a major factor in this outperformance given the traditionally tighter balancing act required among more concentrated operations. While this does mean that the juniors will likely be more reactive to price changes among the metals, the strong and ongoing rally in gold and silver has provided junior miners some room to run.
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Nevertheless, traders should bear in mind that the pandemic could still disrupt the mining operation of some of these mines. Concern has already been raised about worker safety and potential exploitation in the midst of the pandemic, and mine closures remain a real possibility.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor&rsquo;s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted.&nbsp; For the most recent month-end performance go to direxion.com.
Short-term performance, in particular, is not a good indication of the fund&rsquo;s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
These leveraged ETFs seek investment results that are 300% of the return of its benchmark index for a single day. Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by an ETF increases the risk to the ETF. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investment.
For the funds&rsquo; standardized and most recent month end performance click here (<a href="https://www.direxion.com/etfs" style="text-decoration:none;">www.direxion.com/etfs</a>)
NUGT as of 6/30/2020 
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JNUG as of 6/30/2020 
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An investor should carefully consider a Fund&rsquo;s investment objective, risks, charges, and expenses before investing. A Fund&rsquo;s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund&rsquo;s prospectus and summary prospectus call 866-301-9214 or visit our website at direxioninvestments.com. A Fund&rsquo;s prospectus and summary prospectus should be read carefully before investing.
Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds.
Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.
Direxion Shares Risks:&nbsp;An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF&rsquo;s investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus.
Distributor:&nbsp;Foreside Fund Services, LLC
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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