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Under normal market conditions, the fund will invest at least 80% of its net assets (including investment borrowings) in U.S.-listed equity securities issued by large capitalization companies. The manager defines large capitalization companies as those that, at the time of investment, have a minimum market capitalization equal to or greater than the minimum market capitalization of a widely recognized index of large capitalization companies based upon the composition of the index at the time of investment. It is non-diversified.

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Every four years, a Summer Olympics competition is held with viewers around the world tuning in to cheer on their country's athletes in the hope to top the medal count and celebrate the pride <a href="https://www.benzinga.com/topic/olympics">of their country.</a>
While the Olympics are important to media companies, sports fans and others, here's a look at their impact on the stock market.
Stock Markets During Summer Olympics: The stock market doesn't close for the Summer Olympics, but could see volatility for several companies that could be impacted by the games including <a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week">U.S. media rights holder</a> Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>).
Other than stocks with direct ties to the Olympic games, the stock market sees little correlation between the games and price action. The country that wins the most countries often doesn't see a material impact from taking the top honors.
One market that is more heavily impacted is the stock market of the host country, which often sees a spike when the country is selected as the host and shortly before the games before cooling off during the games and directly after.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index was up 1.0% and 1.1%, respectively, during the duration of the 2016 Summer Olympics (Aug. 5, 2016-Aug. 21, 2016) in Rio de Janeiro, Brazil, and the 2020 Summer Olympics (July 23, 2021-Aug. 8, 2021) in Tokyo. Japan.
While the past two Summer Olympics produced minimal returns for the S&amp;P 500, the SPY was up 2.9% and 2.4% respectively during the duration of the 2012 Summer Olympics in London, England, and the 2008 Summer Olympics in Beijing, China.
For comparison, a look at the country-specific ETFs of the Olympics host nation turned in lower returns than the S&amp;P 500.
In 2020, the iShares MSCI Japan Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) was flat during the Summer Olympics, going from $67.78 to $67.82, or a total gain of 4 cents.
The iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>) was up 1.0% during the 2016 Summer Olympics.
The 2008 Summer Olympics may stand out as an example of volatility with the games. While the U.S. won the most medals overall (112 to China's 100), China took home the most gold medals (48 to USA's 36). This is the last time the U.S. didn't finish first in the gold medal race.
The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) was actually down 2.1% during the 2008 Summer Olympics, compared to the 2.4% gain for the SPY mentioned above.
A Bespoke Investment study <a href="https://www.businessinsider.com/stock-market-performance-during-the-olympics-2016-8">shared </a>by Business Insider in 2016 found that the S&amp;P 500 averaged a +1.75% gain during the duration of each Summer Olympics from 1928 to 2012. The study also found that the benchmark indices of host countries had a similar gain of +1.74% during each Summer Olympics.
One result also stands out in the study with the S&amp;P 500 up 9.41% during the 1984 Summer Olympics, hosted in Los Angeles, California.
The Summer Olympics return to Los Angeles in 2028, the first time the U.S. has hosted since the 1996 games in Atlanta, Georgia.
Read Also: <a href="https://www.benzinga.com/general/sports-betting/24/07/39940590/scottie-scheffler-gold-medalist-golfer-looks-to-turn-2024-pga-tour-success-into-a-2024-oly">Scottie Scheffler, Gold Medalist? Golfer Looks To Turn 2024 PGA Tour Success Into A 2024 Olympic Medal</a>
U.S. Medal Dominance: The U.S. has dominated the medal counts in the Summer Olympics, ranking with more than 1,000 medals ahead of the next closest country.
The U.S. has 2,975 total Olympic medals according to the Olympic Foundation and a CBS News <a href="https://www.cbsnews.com/news/2024-paris-games-most-olympic-medals-ever/">report</a>. Ranking behind the U.S. are the Soviet Union with 1,204 medals and Germany with 1,058 medals.
For gold medals, the U.S. ranks first with 1,179, followed by the Soviet Union with 473 and Germany with 342.
In the <a href="https://olympics.com/en/olympic-games/rio-2016/medals">2016 </a>Summer Olympics, the U.S. had 121 total medals, ranking ahead of China (70) and Great Britain (67). The U.S. had 46 gold medals in 2016 topping Great Britain (27) and China (26).
At the <a href="https://olympics.com/en/olympic-games/tokyo-2020/medals">2020 </a>Summer Olympics, the U.S. had 113 total medals, topping China (89) and the Russian Olympic Committee (71). USA led the way with 39 gold medals in 2020 topping China (38) and Japan (27).
The U.S. is once again favored to win the most medals and gold medals. Odds from DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) give U.S. odds of -2500 to win the most medals, followed by China at +900 and Japan and Great Britain tied with odds of +5,000.
The odds for most gold medals are slightly closer with U.S. favored at -750, ranking ahead of China (+350) and France (+6,500).
The 2024 Summer Olympics in Paris are July 26 through August 11.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/sports/24/04/38206683/going-for-the-gold-and-50k-cash-2024-summer-olympic-winners-in-one-sport-will-be-financially-rewar">Going For The Gold And $50K Cash: 2024 Summer Olympic Winners In One Sport Will Be Financially Rewarded</a></li>
</ul>
Photo: Qubix Studio via Shutterstock

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CMCSA

DKNG

Do Summer Olympics (And Gold Medals) Matter To The Stock Market? The Results May Surprise You

Orchid Island Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORC#NYSE">ORC</a>) reported quarterly losses of $(0.09) per share which missed the analyst consensus estimate of $(0.07) by 28.57 percent. The company reported quarterly sales of $(697.000 thousand) which beat the analyst consensus estimate of $(2.945 million) by 76.33 percent. This is a 92.04 percent increase over sales of $(8.760 million) the same period last year.

Earnings

Earnings Beats

Earnings Misses

News

Orchid Island Cap Q2 2024 Adj EPS $(0.09) Misses $(0.07) Estimate, Sales $(697.000K) Beat $(2.945M) Estimate

Tigress Financial analyst Ivan Feinseth maintains Snap-on (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNA#NYSE">SNA</a>) with a Buy and maintains $336 price target.

Price Target

Analyst Ratings

Tigress Financial Maintains Buy on Snap-on, Maintains $336 Price Target

For full year 2024, management anticipates&nbsp;Adjusted EBITDA to be in the range of&nbsp;$1.10 billion&nbsp;to&nbsp;$1.18 billion (prior view $1.10 billion&nbsp;to&nbsp;$1.25 billion).

Guidance

NOV Revises FY24 Consolidated Company Revenue Growth Forecast To Low- To Mid-Single Digit Percent Range (Prior View Mid-Single Percentage Range)

BWS Financial analyst Hamed Khorsand maintains Garrett Motion (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NASDAQ">GTX</a>) with a Buy and lowers the price target from $15 to $12.

BWS Financial Maintains Buy on Garrett Motion, Lowers Price Target to $12

Ubisoft Entertainment SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) is facing a significant setback with the recent leak of over 13 minutes of gameplay footage from its highly anticipated game, <a href="https://www.benzinga.com/general/gaming">Star Wars Outlaws. </a>
The leaked footage, which appears to showcase the opening scenes of Massive Entertainment's latest adventure, was briefly available on YouTube before being swiftly removed due to a copyright claim by Ubisoft, thereby confirming its authenticity.
See Also: <a href="https://www.benzinga.com/general/gaming/24/04/38169087/ubisoft-accidentally-leaks-star-wars-outlaws-release-date-special-editions-and-more">Ubisoft Accidentally Leaks Star Wars Outlaws Release Date, Special Editions And More</a>
Despite Ubisoft&#8217;s efforts, the footage has spread across various platforms, exposing key plot elements and gameplay mechanics. Fans who view the footage will encounter major spoilers for the protagonist Kay Vess' storyline, IGN <a href="https://www.ign.com/articles/ubisoft-battles-fresh-star-wars-outlaws-gameplay-leaks">reported.</a>
<h1 class="wp-block-heading">SPOILER ALERT: Star Wars Outlaws Leaked Gameplay Details</h1>
The leaked video begins with Kay recovering from a crash landing on a moon, immediately facing an attack from local bandits. To repair her damaged spaceship, Kay is directed to seek employment from a local crime boss, navigating through third-person shooter combat and open-world exploration. 
The town, bustling with Stormtroopers conducting ID checks, adds to the immersive experience.
Further leaked clips on social media reveal Kay engaging in Sabacc, the iconic Star Wars card game, and participating in space combat. 
<h1 class="wp-block-heading">Release Details and Editions</h1>
The game was officially revealed at the 2023 Xbox Games Showcase, when Ubisoft began carefully managing the release of gameplay footage.
Star Wars Outlaws, set between the events of &#8220;Star Wars: Episode V &#8211; The Empire Strikes Back&#8221; and &#8220;Episode VI &#8211; Return of the Jedi,&#8221; introduces players to Kay Vess, her droid ND-5 and her companion Nix as they navigate the galaxy's criminal underworld.
The game is scheduled for release on Aug. 27, 2024, for PlayStation 5, Xbox Series X and S, and PC. The Standard Edition is priced at $70, while the $110 Gold Edition offers three days of early access and a Season Pass.
Additionally, an Ultimate Edition is available digitally, including early access, the Season Pass and exclusive cosmetic items like the Rogue Infiltrator Bundle and the Sabacc Shark bundle, alongside a digital art book.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/03/37460282/star-wars-strategy-game-unaffected-by-electronic-arts-layoffs-continues-development">Star Wars Strategy Game Unaffected By Electronic Arts Layoffs, Continues Development</a></li>
</ul>
Photo Courtesy: Ubisoft.

Gaming

General

UBSFF

Star Wars Outlaws Gameplay — Over 13 Minutes — Leaks Online

Canfor Pulp Products (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CFX#TSX">CFX</a>) reported quarterly losses of $(0.10) per share which beat the analyst consensus estimate of $(0.12) by 16.67 percent. This is a 77.27 percent increase over losses of $(0.44) per share from the same period last year. The company reported quarterly sales of $220.00 million which beat the analyst consensus estimate of $213.93 million by 2.84 percent. This is a 11.82 percent decrease over sales of $249.50 million the same period last year.

TSX:CFX

Canfor Pulp Products Q2 EPS CAD(0.10) Beats CAD(0.12) Estimate, Sales CAD220.00M Beat CAD213.93M Estimate

For the&nbsp;third quarter&nbsp;management expects Adjusted EBITDA to be between&nbsp;$270 million&nbsp;and&nbsp;$305 million.&nbsp;

NOV Expects Q3 Consolidated Revenues To Be Flat To Up In The Low- Single Digit Percent Range

NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.35 by 62.86 percent. This is a 46.15 percent increase over earnings of $0.39 per share from the same period last year. The company reported quarterly sales of $2.216 billion which beat the analyst consensus estimate of $2.193 billion by 1.05 percent. This is a 5.88 percent increase over sales of $2.093 billion the same period last year.

NOV Q2 2024 GAAP EPS $0.57 Beats $0.35 Estimate, Sales $2.216B Beat $2.193B Estimate

CTO Realty Growth (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTO#NYSE">CTO</a>) reported quarterly earnings of $0.48 per share which beat the analyst consensus estimate of $0.39 by 23.08 percent. The company reported quarterly sales of $28.845 million which beat the analyst consensus estimate of $27.411 million by 5.23 percent. This is a 10.74 percent increase over sales of $26.047 million the same period last year.

CTO Realty Growth Q2 2024 FFO $0.48 Beats $0.39 Estimate, Sales $28.845M Beat $27.411M Estimate

Provident Finl Servs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFS#NYSE">PFS</a>) reported quarterly earnings of $0.10 per share which missed the analyst consensus estimate of $0.35 by 71.43 percent. The company reported quarterly sales of $141.506 million which beat the analyst consensus estimate of $118.545 million by 19.37 percent. This is a 19.42 percent increase over sales of $118.490 million the same period last year.

Provident Finl Servs Q2 2024 Adj EPS $0.10 Misses $0.35 Estimate, Sales $141.506M Beat $118.545M Estimate

BCAB

BioAtla Provides Clinical Program And Pipeline Updates At R&D Day

The Company estimates that the strategic investment cooperation with Sports Cover will result in considerable revenue contributions over the next several years. Zhibao forecasts that the revenue increase for 2024 will be approximately CNY 20M; 2025 about CNY 50M; and an estimate of CNY 80M in 2026.
Zhibao expects to successfully penetrate the sports-related insurance sector and expand its market presence over the next few years. By 2024, the Company expects to have approximately&nbsp;10%&nbsp;of the market, followed by a greater than&nbsp;15%&nbsp;share in 2025, and over&nbsp;20%&nbsp;by 2026.

ZBAO

Zhibao Inks Strategic Investment Cooperation With Sport Covers To Jointly Create New Business Model Of Digital Sports And Insurance Brokerage; Foresees Considerable Revenue Contributions

First Savings Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSFG#NASDAQ">FSFG</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.47 by 10.64 percent. This is a 52.94 percent increase over earnings of $0.34 per share from the same period last year. The company reported quarterly sales of $14.534 million which missed the analyst consensus estimate of $14.597 million by 0.43 percent. This is a 2.23 percent decrease over sales of $14.865 million the same period last year.

FSFG

First Savings Financial Q3 2024 Adj EPS $0.52 Beats $0.47 Estimate, Sales $14.534M Miss $14.597M Estimate

The facility spans 94,000 square feet and is situated on a five-acre site. Upon final interior completion of construction and outfitting, it will significantly increase Terran Orbital&#39;s space vehicle assembly, integration, and testing capabilities by over three times the Company&#39;s current capacity.

LLAP

Terran Orbital Receives Certificate Of Occupancy For Its Previously Announced New Assembly Facility, Located At 4 Goodyear In Irvine, California

HubSpot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUBS#NYSE">HUBS</a>) has outperformed the market over the past 5 years by 10.0% on an annualized basis producing an average annual return of 22.36%. Currently, HubSpot has a market capitalization of $25.48 billion. 
Buying $100 In HUBS: If an investor had bought $100 of HUBS stock 5 years ago, it would be worth $272.89 today based on a price of $499.98 for HUBS at the time of writing.
<h3>HubSpot's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721943053_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

HUBS

$100 Invested In HubSpot 5 Years Ago Would Be Worth This Much Today

General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) has outperformed the market over the past 20 years by 1.03% on an annualized basis producing an average annual return of 9.28%. Currently, General Dynamics has a market capitalization of $79.69 billion. 
Buying $1000 In GD: If an investor had bought $1000 of GD stock 20 years ago, it would be worth $5,817.85 today based on a price of $290.00 for GD at the time of writing.
<h3>General Dynamics's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721943049_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 20 Years Ago Would Be Worth $5,800 Today

1st Source (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRCE#NASDAQ">SRCE</a>) reported quarterly earnings of $1.49 per share which beat the analyst consensus estimate of $1.22 by 22.13 percent. This is a 14.62 percent increase over earnings of $1.30 per share from the same period last year. The company reported quarterly sales of $97.415 million which beat the analyst consensus estimate of $94.845 million by 2.71 percent. This is a 6.51 percent increase over sales of $91.464 million the same period last year.

SRCE

1st Source Q2 2024 GAAP EPS $1.49 Beats $1.22 Estimate, Sales $97.415M Beat $94.845M Estimate

Baytex Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTE#NYSE">BTE</a>) reported quarterly earnings of $0.10 per share which missed the analyst consensus estimate of $0.12 by 16.67 percent. This is a 62.96 percent decrease over earnings of $0.27 per share from the same period last year. The company reported quarterly sales of $828.26 million which beat the analyst consensus estimate of $751.50 million by 10.21 percent. This is a 85.82 percent increase over sales of $445.73 million the same period last year.

Baytex Energy Q2 EPS $0.10 Misses $0.12 Estimate, Sales $828.26M Beat $751.50M Estimate

Serve Robotics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) shares are trading higher in Thursday&#8217;s after-hours session on what appears to be continued momentum from the regular session. Here&#8217;s <a href="https://www.benzinga.com/news/24/07/39860370/serve-robotics-stock-rises-after-nvidia-discloses-10-stake">what you need to know</a>.
What To Know: Serve Robotics shares have been seeing increased attention since NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/news/24/07/39860370/serve-robotics-stock-rises-after-nvidia-discloses-10-stake">reported a 10% stake</a> in the robotics company near the end of last week. The stock is up more than 500% since the Nvidia filing.
Serve Robotics went public via reverse merger with Patricia Acquisition Corp. According to&nbsp;<a href="https://techcrunch.com/2023/08/10/uber-nvidia-backed-delivery-robot-startup-serve-robotics-to-go-public/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAGtcb64bIwGTyTkg369BaKjiIth_ncMWIuozwSS-NvlOkMJFOCGJWC8RdBpn8DuR7oeAY4tKMRUsT3QyuPztSCkfrNvplbEa-7wDNdxMtCzoW9nAEkjvKtP1RJ4YNoYlxYihRUCRPG3kBNYccP-vCqpxbhjkP-DlYPFCYt-7HwAC" target="_blank" rel="noreferrer noopener">TechCrunch</a>, Serve Robotics was initially started as the robotics division of Postmates. The autonomous sidewalk robots started delivering to Postmates customers in 2018, but when Uber acquired Postmates in 2020, the robotics division was spun out as Serve Robotics.
On Thursday morning, Serve Robotics <a href="https://www.benzinga.com/pressreleases/24/07/n39957697/serve-robotics-appoints-david-goldberg-to-board-of-directors-and-extends-term-for-sarfraz-maredia">announced</a> the appointment of David Goldberg to its board of directors and the reappointment of Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) executive Sarfraz Maredia.
&#8220;We are thrilled to welcome David to the board and extend Sarfraz&#8217;s term. Their strategic insights, energy and perspectives will be invaluable as we focus on growth and on driving Serve Robotics forward,&#8221; said Ali Kashani, chairman of Serve Robotics&#8217; board.
The recent trading activity appears to be largely retail-driven. The stock has seen increased chatter across social media platforms over the last week as traders highlight Nvidia&#8217;s stake in the company. The same thing happened in February when Nvidia <a href="https://www.sec.gov/Archives/edgar/data/1045810/000104581024000021/xslForm13F_X02/information_table.xml" target="_blank" rel="noreferrer noopener">disclosed stakes</a> in Arm Holdings, Recursion Pharmaceuticals, SoundHound AI, TuSimple Holdings and Nano-X Imaging.
SERV Price Action: Serve Robotics shares closed Thursday up 41.7%. The stock was up another 8.74% after hours, trading at $13.19 at the time of publication, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39971766/coursera-shares-climb-following-better-than-expected-q2-results">Coursera Shares Climb Following Better-Than-Expected Q2 Results</a></li>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39971462/dexcom-stock-drops-after-mixed-q2-results-weak-forward-guidance">DexCom Stock Drops After Mixed Q2 Results, Weak Forward Guidance</a></li>
</ul>
Photo: Courtesy of Serve Robotics.

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After-Hours Center

Movers

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NVDA

SERV

UBER

Serve Robotics Stock Continues To Soar: What's Going On?

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