Mackenzie Realty Capital Stock (OTC: AENPP)

Latest news for Mackenzie Realty Capital (OTC:AENPP) Stock

Mackenzie Realty Capital Inc is a company which is a Real estate investment trust (REIT). The company has one reportable segment, income-producing real estate properties which consists of activities related to investing in real estate.

MACKENZIE RLTY PFD SER A by Mackenzie Realty Capital, Inc.

Mackenzie Realty Capital Inc

Otis Worldwide Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OTIS#NYSE">OTIS</a>) shares are trading lower after the company reported&nbsp;a second-quarter&nbsp;FY24&nbsp;sales decline of&nbsp;3.2%&nbsp;Y/Y to&nbsp;$3.60 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39926488/otis-reports-second-quarter-2024-results" rel="noreferrer noopener">missing the consensus of&nbsp;$3.73 billion</a>.
Adjusted operating profit increased to&nbsp;$613 million&nbsp;from&nbsp;$590 million, and the margin expanded by 110 bps to&nbsp;17.0%, driven by favorable segment performance and mix.
New Equipment sales of&nbsp;$1.42 billion&nbsp;fell&nbsp;11.4%&nbsp;Y/Y, with the segment operating margin expanding 30 bps to&nbsp;7.7%.
New Equipment orders declined&nbsp;11%&nbsp;Y/Y at constant currency as growth in EMEA and&nbsp;Asia Pacific&nbsp;more than offset by declines in&nbsp;China&nbsp;and the Americas.&nbsp;The&nbsp;new&nbsp;equipment backlog fell by&nbsp;4%&nbsp;Y/Y in the quarter.
Service sales increased&nbsp;3.0%&nbsp;Y/Y to&nbsp;$2.18 billion, and the segment operating margin expanded 110 bps Y/Y to&nbsp;24.7%.
The Farmington, Connecticut-based company&#8217;s maintenance portfolio units increased by&nbsp;4.2% Y/Y; Mod orders were up&nbsp;14%&nbsp;Y/Y, and backlog was up&nbsp;17%&nbsp;Y/Y at constant currency.
Adjusted EPS increased 15.2% Y/Y to&nbsp;$1.06,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$1.03.</a>
Otis&#8217;s cash flow from operations of $308 million for the quarter decreased by $138 million Y/Y, and the adjusted free cash flow was $353 million. The company repurchased shares of $300 million during the quarter.
Judy Marks, Chair, CEO &amp; President, said, &#8220;To drive growth, we continue to execute on our modernization strategy, with orders growth above 10% for the eighth consecutive quarter and backlog up mid-teens. Based on this performance, and with confidence in our Service-driven, customer-centric strategy, we are raising our EPS outlook.&#8221;
Recently, Otis appointed Cristina Méndez as Executive Vice President &amp; Chief Financial Officer, effective August 23, succeeding Anurag Maheshwari, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39858146/otis-appoints-cristina-m-ndez-executive-vice-president-chief-financial-officer" rel="noreferrer noopener">who is leaving for a new opportunity</a>.
FY24&nbsp;Outlook: Otis revised its&nbsp;outlook&nbsp;for adjusted EPS to&nbsp;$3.85-$3.90 (<a target="_blank" href="https://www.benzinga.com//node/38409849" rel="noreferrer noopener">from $3.83-$3.90 prior</a>) vs. the consensus&nbsp;of 3.87.
The company lowered its net sales outlook to $14.30 billion-$14.50 billion (from&nbsp;$14.50 billion-$14.80 billion), vs. the consensus of&nbsp;$14.62 billion, and&nbsp;its organic sales growth outlook <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">to 1%-3% (vs. up&nbsp;3%-5% prior)</a>.
The company sees adjusted operating profit of&nbsp;$2.40 billion-$2.45 billion&nbsp;and adjusted free cash flow of&nbsp;$1.5 billion-$1.6 billion.
Investors can gain exposure to the stock via WBI BullBear Value 3000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBIF#NYSE">WBIF</a>) and WBI BullBear Yield 3000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBIG#NYSE">WBIG</a>).
Price Action: OTIS shares are down 4.34% at $94.11 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Otis Worldwide's Mixed Q2: Navigates Challenging Market Conditions, Sales Slowdown

Iris Energy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) shares are trading higher. The company on Wednesday announced that it increased its power capacity by <a href="https://www.benzinga.com/pressreleases/24/07/g39928375/iren-increases-childress-power-capacity-from-600mw-to-750mw">150MW at one of its sites</a>.
What Happened: Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miner Iris Energy said it secured an additional 150MW of immediately available power capacity at its Childress site, bringing power capacity at the site up to 750 MW from 600MW. 
The Childress site increase raises the company&#8217;s total secured grid-connected power capacity to 2,310MW. This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP.
Iris Energy said it has 510MW of data centers planned in 2024 and 910MW of data centers planned in 2025. The company also noted that its 1,400MW West Texas site remains on schedule for 2026. 
Iris Energy mined 233 bitcoin in June, up from 230 mined in May.&nbsp;The company noted at the beginning of the month that&nbsp;its 21%&nbsp;revenue jump in June reflected higher utilization of its GPU fleet and onboarding of new customers.
The company also provided a business update and announced that its&nbsp;<a href="https://www.benzinga.com/pressreleases/24/07/g39572817/business-update" target="_blank" rel="noreferrer noopener">2024 expansion was fully funded</a>. Iris highlighted its cash position of $425.3 million and zero debt and noted that it had an additional cash buffer that could provide flexibility related to procurement items for its 2025 expansion and beyond.
Iris Energy is due to report financial results for the second quarter after the market close on Aug. 5. 
Check This Out: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897980/potential-trump-victory-could-stir-bitcoin-market-bernstein-analysts-predict-implications-">Potential Trump Victory Could Stir Bitcoin Market, Bernstein Analysts Predict — Implications For These Seven Crypto Stocks Outlined</a>
<h2 class="wp-block-heading">How To Buy IREN Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Iris Energy's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
IREN Price Action: <a href="https://www.benzinga.com/quote/IREN">Iris Energy shares</a> were up 2.48% at $11.16 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Pixabay.

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IREN

What's Going On With Iris Energy Stock Today?

BMO Capital analyst Ameet Thakkar maintains Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) with a Market Perform and raises the price target from $110 to $115.

Price Target

Analyst Ratings

ENPH

BMO Capital Maintains Market Perform on Enphase Energy, Raises Price Target to $115

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) shares are trading lower Wednesday following the company&#8217;s second-quarter earnings results. Multiple analysts adjusted price targets following the print. Here&#8217;s what <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">you need to know</a>.
What To Know: Alphabet reported second-quarter revenue of $84.742 billion, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $84.202 billion. The tech giant reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.85 per share, according to data from&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.&nbsp;
Total revenue was up 14% year-over-year, driven by ongoing strength in Search and momentum in Cloud. Google Search revenue was $48.509 billion in the quarter, Google Advertising revenue was $64.616 billion, YouTube advertising revenue&nbsp;came in at&nbsp;$8.663&nbsp;billion and Google Cloud revenue totaled $10.347 billion.
"We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead," said&nbsp;Sundar Pichai, CEO of Alphabet.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google&#8217;s Parent To Risk Of &#8216;Losing Their Grip On The Future&#8217;</a>
Analyst Assessment: 
<ul>
<li>Needham analyst Laura Martin reiterated Alphabet with a Buy and maintained a price target of $210.</li>
</ul>
<ul>
<li>Piper Sandler analyst Thomas Champion maintained Alphabet with an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight</a> and raised the price target from&nbsp;$200&nbsp;to&nbsp;$206.</li>
</ul>
<ul>
<li>Wells Fargo analyst Ken Gawrelski maintained Alphabet with an Equal-Weight and raised the price target from&nbsp;$187&nbsp;to&nbsp;$190.</li>
</ul>
<ul>
<li>JPMorgan analyst Doug Anmuth maintained Alphabet with an Overweight and raised the price target from&nbsp;$200&nbsp;to&nbsp;$208.</li>
</ul>
<ul>
<li>Morgan Stanley analyst Brian Nowak maintained Alphabet with an Overweight and lowered the price target from&nbsp;$210&nbsp;to&nbsp;$205.</li>
</ul>
<ul>
<li>Rosenblatt analyst Barton Crockett maintained Alphabet with a Neutral and maintained a price target of&nbsp;$181.</li>
</ul>
GOOG Price Action:&nbsp;Alphabet shares&nbsp;were down 4.28% at $175.74 at the time of publication, according to&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Shutterstock.

GOOG

GOOGL

What's Going On With Alphabet Stock Wednesday?

ORAN

ORANGE Q2 2024 Revenue Є9.989B

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are trading lower Wednesday on the heels of the company&#8217;s second-quarter financial results. The EV maker noted that it expects 2024 vehicle <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">volume growth to be lower than in 2023</a>.
What Happened: Tesla said second-quarter revenue increased 2% year-over-year to $25.5 billion, beating the consensus estimate of $24.73 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported adjusted earnings of 52 cents per share, missing analyst estimates of 62 cents per share. 
Tesla&#8217;s earnings miss appears to be due to continued pressure on its auto business. Automotive revenue fell 7% year-over-year as earnings margins declined. 
Tesla produced 410,831 vehicles in the second-quarter, down 14% year-over-year, and delivered 443,956 vehicles, down 5% year-over-year. The EV maker ended the quarter with 6,473 Supercharger stations. Tesla noted that it had record energy storage of 9.4 GWh in the second quarter.
Tesla said it expects a sequential increase in production in the third quarter, but warned that vehicle growth may be notably slower overall this year compared to last year. 
&#8220;In 2024, our vehicle growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle and other products,&#8221; the company warned. 
Tesla said it has enough cash on hand and liquidity available to build out its product roadmap and complete its long-term expansion plans.
Late Tuesday, CEO Elon Musk posted a <a href="https://x.com/elonmusk/status/1815907844434112999">poll</a> on X asking users to vote on whether Tesla should invest $5 billion in Musk&#8217;s artificial intelligence startup xAI. At the time of writing, 68.6% of respondents were in favor of the move. 
Check This Out: <a href="https://www.benzinga.com/news/24/07/39929718/tesla-robotaxi-unveiling-set-for-oct-10-here-are-the-updates-from-company-ceo-elon-musk-on-its-upcom">Tesla Robotaxi Unveiling Set For Oct.10: Here Are The Updates From Company CEO Elon Musk On Its Upcoming Product</a>
Analyst Changes: Following the print, multiple analysts adjusted price targets on the stock.
<ul>
<li>Goldman Sachs analyst Mark Delaney maintained Tesla with a<a href="https://www.benzinga.com/analyst-stock-ratings"> Neutral</a> and lowered the price target from&nbsp;$248&nbsp;to&nbsp;$230.</li>
</ul>
<ul>
<li>Needham analyst Chris Pierce reiterated Tesla with a Hold.</li>
</ul>
<ul>
<li>Citigroup analyst Itay Michaeli maintained Tesla with a Neutral and lowered the price target from&nbsp;$274&nbsp;to&nbsp;$258.</li>
</ul>
<ul>
<li>Piper Sandler analyst Alexander Potter maintained Tesla with an Overweight and raised the price target from&nbsp;$205&nbsp;to&nbsp;$300.</li>
</ul>
TSLA Price Action: Tesla shares were down 7.93% at $226.85 at the time of publication Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: courtesy of Tesla.

TSLA

Tesla Stock Is Sliding Wednesday: What's Going On?

BMO Capital analyst John McNulty maintains Sherwin-Williams (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) with a Outperform and raises the price target from $360 to $386.

BMO Capital Maintains Outperform on Sherwin-Williams, Raises Price Target to $386

Keybanc analyst John Vinh maintains Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) with a Overweight and raises the price target from $200 to $250.

Keybanc Maintains Overweight on Texas Instruments, Raises Price Target to $250

DA Davidson analyst Brandon Rolle maintains MarineMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HZO#NYSE">HZO</a>) with a Buy and raises the price target from $34 to $37.

DA Davidson Maintains Buy on MarineMax, Raises Price Target to $37

<a href="https://www.theinformation.com/articles/why-openai-could-lose-5-billion-this-year">https://www.theinformation.com/articles/why-openai-could-lose-5-billion-this-year</a>
&nbsp;

MSFT

'Why OpenAI Could Lose $5 Billion This Year' - The Information

BMO Capital analyst Michael Zaremski maintains Selective Insurance Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIGI#NASDAQ">SIGI</a>) with a Market Perform and raises the price target from $92 to $95.

SIGI

BMO Capital Maintains Market Perform on Selective Insurance Gr, Raises Price Target to $95

A Bitcoin-oriented startup has announced the launch of a fund that allows Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holders to <a href="https://www.benzinga.com/markets/cryptocurrency/22/05/27411677/portuguese-parliament-dismisses-bill-asking-to-tax-bitcoin-ethereum-and-other-cryptocurren">acquire Portuguese citizenship</a>.
What Happened: The so-called &#8220;Unbound Fund&#8221; introduced by entrepreneur and Bitcoin advocate Alessandro Palombo, offers a unique proposition: acquire Portuguese and EU citizenship by indirectly holding Bitcoin worth €500,000 ($542,000) through a Golden Visa eligible fund. This approach is to combine a cryptocurrency investment with the benefits of European residency and citizenship.
The fund aims to be radically transparent about costs and capital efficient and invests in BlackRock&#8216;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) as a vehicle to hold Bitcoin. Under Portuguese law, investing a minimum of €500,000 in a qualifying investment can make one eligible for a so-called Golden Visa.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39916724/vice-president-kamala-harris-team-contacted-mark-cuban-on-crypto-policy">Vice President Kamala Harris&#8217; Team Contacted Mark Cuban On Crypto Policy</a>
Why It Matters: The introduction of Unbound Fund marks a significant shift in the intersection of cryptocurrency and citizenship acquisition. It leverages the growing popularity of Bitcoin and the appeal of EU citizenship to create a unique investment opportunity.
Palombo&#8217;s <a href="https://x.com/0x_ale/status/1815683546670858685">tweet</a> also highlights the potential of Bitcoin as a tool for freedom of movement. This aligns with the broader trend of cryptocurrencies being used to facilitate international transactions and mobility.
As the first Golden Visa-eligible fund offering exposure to Bitcoin, Unbound Fund could set a precedent for similar initiatives in the future.
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/24/07/39928555/if-you-invested-1000-in-bitcoin-when-jack-dorsey-endorsed-it-as-internets-native-currency-">If You Invested $1000 In Bitcoin When Jack Dorsey Endorsed It As Internet&#8217;s Native Currency, Here&#8217;s How Much It&#8217;d Be Worth Today</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

IBIT

Holding Bitcoin Worth $542K Could Enable You To Get A Portuguese Passport

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<li>TSLA</li>
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<li>WAY</li>
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<li>AAPL</li>
<li>AMZN</li>
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<ul>
<li>The sole focus of CPC's position and lawsuit against XWELL's entrenched Board of Directors (the "Entrenched Directors") is to provide shareholders with an opportunity to elect a competing slate of directors to XWELL's existing Board at the next annual shareholder meeting.</li>
<li>Under the leadership of the incumbent Board, led by Chairman Bruce Bernstein, XWELL has reported a combined net operating loss of $207.3 million from 2018 through 2023.</li>
<li>Since February 2016, XWELL's common stock has declined in value by approximately 99%—from $1,788 per share (accounting for subsequent reverse stock splits) to $1.85 per share as of July 23, 2024.</li>
<li>During the period of XWELL's near complete loss of value, the Entrenched Directors have regularly awarded and paid themselves large compensation packages at the expense of shareholders.</li>
<li>CPC aims to provide shareholders with an opportunity to replace the Entrenched Directors with directors who will put shareholders' interests ahead of personal financial gain; to improve XWELL's financial health by stopping the existing cash burn and preserving cash on the balance sheet; and to explore a strategy that would use Company cash to acquire high-demand, high-margin businesses with significant positive cash flow in the health and wellness space. &nbsp;</li>
</ul>
NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- &nbsp;Today, CPC Pain &amp; Wellness SPV, LLC ("CPC"), a significant XWELL, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XWEL#NASDAQ">XWEL</a>) ("XWELL" or the "Company") shareholder that beneficially owns 394,200 or 9.42% of XWELL's outstanding shares, issued the below letter to its fellow shareholders. The letter informs shareholders of CPC's recent lawsuit filing against the incumbent members of XWELL's Board of Directors for breach of their fiduciary duties and for the Board's wrongful and inequitable efforts to prevent CPC from nominating a competing slate of directors and consequently denying shareholders the opportunity to choose who they elect to XWELL's Board at the upcoming annual shareholder meeting. In its letter, CPC details how current Board members have personally benefited from XWELL while overseeing an astounding decline in XWELL shareholder value and substantial net losses. CPC also shares in the below letter its vision for restoring and maximizing shareholder value.

Management

XWEL

CPC Pain & Wellness SPV Issues Letter To Fellow XWELL, Inc. Shareholders; Says Under The Leadership Of The Incumbent Board, Led By Chairman Bruce Bernstein, XWELL Has Reported A Combined Net Operating Loss Of $207.3M From 2018 Through 2023

WIIM

Vintage Wine Estates, Inc. - Common Stock

Vintage Wine Estates shares are trading lower after the company announced a bankruptcy filing and a voluntary delisting and SEC deregistration.

The sell-off in the shares of Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) did not go down well with CNBC Mad Money host Jim Cramer. He aired his view on the sell-off through a series of posts on the social-media platform X, owned by Tesla CEO Elon Musk.
What Happened: Tesla shares fell about 9% and Google-parent Alphabet over 4% in premarket trading. Commenting on the stock moves, Cramer said, &#8220;Wonder if any of the sellers of Google or Tesla actually listened to the conference calls last night because anyone who did knows these companies are doing extremely well.&#8221;
&#8220;It is ALL zeitgeist and an attempt to get CEOs to say they are spending too much on AI,&#8221; he added.
<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">I wonder if any of the sellers of Google or Tesla actually listened to the conference calls last night because anyone who did knows these companies are doing extremely well. It is ALL zeitgeist and an attempt to get ceos to say they are spending too much on AI
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1816044695165825405?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Tesla is ramping up efforts to bring its full self-driving technology to fruition. Just after the earnings call, Musk ran a poll on whether Tesla should invest $5 billion in his xAI venture.
Alphabet hinted at an acceleration in its capital spending plans to stay ahead of the rest of its AI peers. Deepwater Asset Management&#8217;s Gene Munster said the company runs the risk of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">losing its grip on the future if it doesn&#8217;t grow CapEx at a 70%+ rate.</a>
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Tesla Poses Triple Threat: Tagging Musk, Cramer said he loved the quarter because &#8220;it shows you will be the leader in self-drive AND robotics AND grid electric flow.&#8221; &#8220;Triple threat man!&#8221; he added. 
Cramer expressed his optimism concerning the electric vehicle maker in a separate post. &#8220;I know that Tesla&#8217;s stock is down in after hours but, holy cow, what a terrific conference call: tutorial on autonomy, humanoids, batteries&#8230;really impressive,&#8221; he said.
Not many may buy into this argument as critics <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39924771/bubble-fraud-tesla-worth-around-8-40-per-share-stock-valuation-under-scrutiny-as-ev">questioned the valuation of the stock</a> amid the earnings miss and sizeable benefit bestowed by the zero emission-vehicle credit, which is one-time in nature.
Sell-offs Motive: Cramer said the sell-off has a mind of its own. While there was nothing wrong with Google&#8217;s results, Tesla has a lot of things going for it that no one cares about now but will matter years down the road, he said.
&#8220;A lot of this selloff has to do with the endless desire to get the small-cap v. Mag 7 nonsense going,&#8221; he said, adding &#8220;It&#8217;s just supposed to be this giant shift of money out of Mag 7 into the small-cap. It&#8217;s &#8216;the&#8217; hot flavor narrative.&#8221;
He also recommended against moving money out of mega-caps and artificial intelligence into &#8220;lousy&#8221; small-caps that &#8220;aren&#8217;t worth nearly as much as we are going to take them to.&#8221;
The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), which tracks the small-cap focused Russell 2,000 Index, fell 0.50% to $221.52 in premarket trading, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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Long Ideas

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Jim Cramer Slams Tesla, Google-Parent Alphabet Sellers, Says Anyone Who Listened To Conference Calls 'Knows These Companies Are Doing Extremely Well'

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Piper Sandler raised the price target for Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) from $205 to $300. Piper Sandler analyst Alexander Potter maintained an Overweight rating. Tesla shares fell 2% to close at $246.38 on Tuesday. <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities increased the price target for Zions Bancorporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) from $45 to $54. Truist Securities analyst Jennifer Demba maintained a Hold rating. Zions Bancorporation shares gained 6.2% to close at $52.53 on Tuesday. <a href="https://www.benzinga.com/quote/ZION/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wells Fargo raised the price target for Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) from $187 to $190. Wells Fargo analyst Ken Gawrelski maintained an Equal-Weight rating. Alphabet shares rose 0.1% to close at $181.79 on Tuesday. <a href="https://www.benzinga.com/quote/GOOGL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS decreased Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) price target from $140 to $125. UBS analyst Jay Sole downgraded the stock from Buy to Neutral. Boot Barn shares fell 1% to close at $122.54 on Tuesday. <a href="https://www.benzinga.com/quote/BOOT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities slashed the price target for CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) from $110 to $90. JMP Securities analyst Nicholas Jones maintained a Market Outperform rating. CoStar Group shares fell 0.9% to close at $74.84 on Tuesday. <a href="https://www.benzinga.com/quote/CSGP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Guggenheim raised Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) price target from $54.5 to $55. Guggenheim analyst Gregory Francfort maintained a Neutral rating. Chipotle shares fell 1.9% to close at $52.55 on Tuesday. <a href="https://www.benzinga.com/quote/CMG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley cut Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) price target from $326 to $322. Morgan Stanley analyst James Faucette maintained an Overweight rating. Visa shares fell 1.1% to close at $264.79 on Tuesday. <a href="https://www.benzinga.com/quote/V/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Rosenblatt boosted Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) price target from $396 to $399. Rosenblatt analyst Barton Crockett maintained a Buy rating. Spotify shares gained 12% to close at $330.79 on Tuesday. <a href="https://www.benzinga.com/quote/SPOT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Jefferies cut The Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) price target from $182 to $175. Jefferies analyst Kaumil Gajrawala downgraded the stock from Buy to Hold. Procter &amp; Gamble shares fell 1% to close at $166.62 on Tuesday. <a href="https://www.benzinga.com/quote/PG/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler slashed Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) price target from $494 to $404. Piper Sandler analyst Korinne Wolfmeyer downgraded the stock from Overweight to Neutral. Ulta Beauty shares fell 0.6% to close at $389.29 on Tuesday. <a href="https://www.benzinga.com/quote/ULTA/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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