Latest news for Allstate (NYSE:ALLpB) Stock

Allstate is one of the largest us property-casualty insurers in the us. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Allstate products are sold in North America primarily by about 6,000 exclusive agents.

Allstate Corporation (The) 5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053

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DXST

Decent IPO Shares Open For Trade At $4/Share; IPO Priced At $4/Share On 1.25M Shares

RBC Capital analyst Paul Treiber reiterates Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) with a Outperform and maintains $130 price target.

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Analyst Ratings

SHOP

RBC Capital Reiterates Outperform on Shopify, Maintains $130 Price Target

DGNX

Diginex IPO Shares Open For Trade AT $4.26/Share; IPO Priced At $4.10/Share On 2.25M Shares

Stifel analyst Frank Galanti maintains FTAI Aviation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) with a Buy and lowers the price target from $167 to $100.

FTAI

Stifel Maintains Buy on FTAI Aviation, Lowers Price Target to $100

WIIM

Shares of fertilizer and potash stocks are trading higher on reports suggesting potash supplier Belaruskali cut production

Wall Street&#8217;s biggest players moved to protect themselves against tech stock dominance in 2024, driving record cash into a fund that splits money evenly across all S&amp;P 500 stocks.
The Invesco<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/12/42717758/chamath-palihapitiya-says-sp-500-index-etfs-need-to-be-fixed-or-they-will-end-in-disaster-here-is-what-the-billionaire-investor-said"> S&amp;P 500 Equal Weight exchange-traded fund</a> pulled in $17 billion last year, with $14.4 billion flowing in during the final six months alone, the Financial Times said, citing Morningstar data. The surge pushed the fund&#8217;s total assets above $72 billion, making it one of the 25 largest U.S. ETFs.
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Money poured in despite the fund&#8217;s weak performance. While the S&amp;P 500 jumped 24% last year, the equal-weight version rose just 11%. The gap stems from the outsized impact of the Magnificent Seven tech stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – which drove about half of the S&amp;P&#8217;s gains.
&#8220;Investors&#8217; biggest focus recently has been concentration risk, worries that the market is too top-heavy,&#8221; Manish Kabra, head of U.S. equity strategy at Société Générale, said to the Financial Times.
The fund rebalances quarterly, selling market leaders and buying laggards to maintain equal positions across all holdings. The strategy paid off in 2022&#8217;s tech sell-off but lagged in 2024&#8217;s tech rally.
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Traders also turned to derivatives to guard against tech stock drops. CME Group&#8217;s S&amp;P 500 equal-weight futures contract, launched in February, now trades $2.4 billion worth of open positions.
&#8220;I think that woke some more clients up in terms of how to manage that risk and what kind of strategies they should put in place,&#8221; said Paul Woolman, CME&#8217;s global head of equity products, referring to tech stock volatility last summer.
The equal-weight rush marks part of a banner year for Invesco. Bloomberg data shows that the firm&#8217;s U.S. ETFs took in $86 billion in 2024, outpacing its previous record of $54 billion in 2021. This pushed Invesco into third place for ETF flows, behind only industry giants Vanguard and BlackRock.
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Some market watchers warn against the equal-weight approach. &#8220;Incorporating fundamentals in the assessment of each company would better serve investors than arbitrarily making them all equal weights,&#8221; Bryan Armour, director of passive strategies research at Morningstar, said to the Financial Times.
According to Rick de los Reyes, portfolio manager at <a href="https://www.benzinga.com/topic/t-rowe-price">T. Rowe Price</a>, the shift could boost long-neglected market sectors. &#8220;There&#8217;s some excitement around the parts of the market that have been left behind and the view that you could finally start to see some strength,&#8221; he said.
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Markets

Investors Hedge $17 Billion Against Big Tech, Driving Record Into Equal-Weight ETF

WKSP

Worksport shares are trading higher after the company's subsidiary Terravis Energy introduced an AI-enhanced heat pump for home climate control.

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 100 points on Wednesday.
The Dow traded up 0.30% to 44,159.42 while the NASDAQ rose 1.48% to 20,049.15. The S&amp;P 500 also rose, gaining, 0.83% to 6,099.61.
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Leading and Lagging Sectors Information technology shares surged by 2% on Wednesday.
In trading on Wednesday, real estate shares fell by 1%.
Top Headline
Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) posted better-than-expected second-quarter financial results.
The company reported second-quarter sales growth of 2% year-on-year to $21.9 billion, beating the analyst consensus estimate of $21.542 billion. Adjusted EPS of $1.88 beat the consensus estimate of $1.86.
P&amp;G maintained its guidance range for FY25 organic sales growth of 3%-5% and all-in sales growth of 2%-4%. P&amp;G maintained its FY25 EPS growth outlook of 10%-12% versus an EPS of $6.02 in FY24.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Blackboxstocks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBX#NASDAQ">BLBX</a>) shares shot up 69% to $2.86 after the company announced a $250K securities purchase agreement and is anticipating a potential merger.</li>
<li>Shares of Absci Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABSI#NASDAQ">ABSI</a>)got a boost, surging 27% to $4.0950 after Needham initiated coverage with a Buy rating and a $9 price target.</li>
<li>ImmunoPrecise Antibodies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPA#NASDAQ">IPA</a>) shares were also up, gaining 49% to $0.7322 after the company announced it developed a new class of GLP-1 therapies using its LENS platform.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Agilysys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGYS#NASDAQ">AGYS</a>) shares dropped 20% to $101.25 after the company reported worse-than-expected third-quarter sales results and issued FY25 revenue guidance below estimates.</li>
<li>Shares of Hepion Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HEPA#NASDAQ">HEPA</a>) were down 59% to $0.13 after the company announced a $9 million public offering.</li>
<li>Lisata Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSTA#NASDAQ">LSTA</a>) was down, falling 23% to $3.02 after the company announced preliminary cohort data from its Phase 2 Ascend trial.</li>
</ul>
Commodities In commodity news, oil traded down 0.5% to $75.49 while gold traded up 0.3% at $2,768.10.
Silver traded down 0.6% to $31.320 on Wednesday, while copper fell 0.9% to $4.3015.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 surged 0.49%, Germany's DAX 40 rose 1.16% and France's CAC 40 gained 0.82%. Spain's IBEX 35 Index fell 0.41%, while London's FTSE 100 fell 0.02%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 gaining 1.58%, China's Shanghai Composite Index falling 0.89%, Hong Kong's Hang Seng Index falling 1.63% and India's BSE Sensex gaining 0.75%.
Economics
U.S. mortgage applications rose 0.1% from the previous week in the week ending Jan. 17.
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</ul>

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ABSI

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LSTA

Nasdaq Surges 1.5%; Procter & Gamble Posts Upbeat Earnings

Stephens &amp; Co. analyst Sudan Loganathan reiterates Bicycle Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCYC#NASDAQ">BCYC</a>) with a Equal-Weight and maintains $15 price target.

BCYC

Stephens & Co. Reiterates Equal-Weight on Bicycle Therapeutics, Maintains $15 Price Target

Piper Sandler analyst Matt Farrell reiterates Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) with a Overweight and raises the price target from $950 to $1100.

NFLX

Piper Sandler Reiterates Overweight on Netflix, Raises Price Target to $1100

Stephens &amp; Co. analyst Russell Gunther reiterates Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Overweight and maintains $142 price target.

PNFP

Stephens & Co. Reiterates Overweight on Pinnacle Finl Partners, Maintains $142 Price Target

Stephens &amp; Co. analyst Terry McEvoy reiterates Peoples Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEBO#NASDAQ">PEBO</a>) with a Equal-Weight and maintains $37.5 price target.

PEBO

Stephens & Co. Reiterates Equal-Weight on Peoples Bancorp, Maintains $37.5 Price Target

<a href="https://www.hollywoodreporter.com/business/business-news/netflix-bites-las-vegas-restaraurant-mgm-grand-opening-1236114520/">https://www.hollywoodreporter.com/business/business-news/netflix-bites-las-vegas-restaraurant-mgm-grand-opening-1236114520/</a>
&nbsp;
<a href="https://www.hollywoodreporter.com/t/las-vegas/">Las Vegas</a>‘ newest residency isn't a musical act, it's an opportunity to taste everything <a href="https://www.hollywoodreporter.com/t/netflix/">Netflix</a> has to offer.
Netflix says that it will open its latest experiential project on the casino floor at the MGM Grand in Las Vegas Feb. 20: A new outpost of its "Netflix Bites" full service restaurant.
Netflix first tested out the food concept in Los Angeles in 2023, but while <a href="https://www.hollywoodreporter.com/business/business-news/netflix-restaurant-los-angeles-curtis-stone-1235514246/">that experience</a> lasted about six weeks and was focused mostly on dinner service, the new Netflix Bites is being described as a "residency," a longer-term project than the L.A. popup.

'Netflix to Open Restaurant in Las Vegas Next Month As Live Experiences Business Expands' - Hollywood Reporter

Piper Sandler analyst Nathan Race maintains Peoples Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEBO#NASDAQ">PEBO</a>) with a Overweight and raises the price target from $39 to $40.

Piper Sandler Maintains Overweight on Peoples Bancorp, Raises Price Target to $40

President Donald Trump announced a $500 billion initiative to supercharge the <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence infrastructure</a> in the United States Tuesday. Flanked by tech titans OpenAI CEO Sam Altman, SoftBank CEO Masayoshi Son, and Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) Chairman Larry Ellison, Trump revealed the creation of a new company, Stargate, which he described as "the largest AI infrastructure project in history." 
Naturally, investors wasted no time <a href="https://www.benzinga.com/25/01/43111153/nvidia-and-ai-stock-rises-as-trump-announces-500-billion-stargate-ai-infrastructure-venture">reacting to the announcement</a>. Oracle, Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Arm Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NYSE">ARM</a>) saw notable gains, while analysts predict the dominance of AI leaders <a href="https://www.benzinga.com/etfs">like those included in</a> the Invesco Top QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QBIG#NASDAQ">QBIG</a>) will continue into 2025.
Invesco Top QQQ, an actively managed ETF tied to the Nasdaq-100 Mega Index, holds stocks from the Magnificent Seven, including AI giants like Nvidia, along with semiconductor leader Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>). This ETF is poised to capitalize on the rising demand for AI infrastructure, as semiconductor companies like Broadcom gain prominence.
Morgan Stanley analyst Ed Stanley notes that companies that strategically adopt AI—particularly those in software and finance—are likely to outperform, creating a fertile ground for ETFs like Invesco Top QQQ to thrive.
Apart from the Invesco Top QQQ ETF, which debuted in December, other notable beneficiaries of this AI boom are existing ETFs like Global X Robotics &amp; AI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOTZ#NASDAQ">BOTZ</a>) and Roundhill Generative AI &amp; Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHAT#NYSE">CHAT</a>). 
Here's a closer look at the potential winners:
Global X Robotics &amp; Artificial Intelligence ETF, known for its focus on automation and robotics companies, holds stocks of companies like Nvidia. The ETF can benefit from increased demand for hardware supporting AI infrastructure.
Roundhill Generative AI &amp; Technology ETF invests particularly in companies developing infrastructure, and software that breathe life into AI. As a fund targeting the generative AI, this ETF&#8217;s holdings in companies like Microsoft and Meta.
Stargate's Ambitious Vision
Stargate plans to invest an initial $100 billion, with a long-term vision of funneling up to $500 billion into building data centers and other critical infrastructure to support AI development. The project, already under construction in Texas, aims to create 100,000 jobs and establish the U.S. as a leader in AI technology.
Ellison noted that the group's first 1 million-square-foot data center is already underway, emphasizing the need for robust infrastructure to power next-generation AI applications. Altman agreed, calling the project "the most important of this era."
Meanwhile, Elon Musk <a href="https://www.benzinga.com/markets/equities/25/01/43121798/elon-musk-says-project-stargate-doesnt-actually-have-the-money-after-trump-announces-500-billion-ai-investment-led-by-softbank-oracle-and-openai">voiced concerns over</a> Project Stargate's funding, suggesting that SoftBank has secured far less than the ambitious $500 billion investment target.
ETFs focused on AI and technology offer a wise entry point for those looking to jump on the bandwagon. With $175 billion reportedly awaiting deployment into AI projects, the U.S. should attract significant global capital.
See Next: 
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</ul>
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Sector ETFs

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ETFs

AVGO

BOTZ

CHAT

NVDA

ORCL

QBIG

Trump's $500 Billion Stargate AI Plan Puts 3 ETFs In Focus

Stephens &amp; Co. analyst Terry McEvoy reiterates Old National (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONB#NASDAQ">ONB</a>) with a Overweight and maintains $27 price target.

Stephens & Co. Reiterates Overweight on Old National, Maintains $27 Price Target

Trading Halt: Halt status updated at 11:50:00 AM ET: Quotation Resumption: IPO Security - Released for Quotation

Piper Sandler analyst Nathan Race maintains Nicolet Bankshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIC#NYSE">NIC</a>) with a Neutral and raises the price target from $119 to $120.

Piper Sandler Maintains Neutral on Nicolet Bankshares, Raises Price Target to $120

PAPL

Pineapple Financial shares are trading higher on possible continued strength after the company reported Q1 financial results yesterday. D. Boral Capital maintained a Buy rating on the stock.

Stephens &amp; Co. analyst Terry McEvoy reiterates KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) with a Overweight and maintains $20 price target.

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