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The EU has put&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on <a href="https://www.benzinga.com/news/24/07/39569000/metas-pay-or-consent-model-to-draw-charges-from-eu-report">notice over its &#8220;pay or consent&#8221;&nbsp;model</a> for Facebook and Instagram, citing potential violations of consumer protection laws.
What Happened: The EU&#8217;s Consumer Protection Cooperation or CPC Network has given Meta until Sept. 1, 2024, to propose changes to its <a href="https://www.benzinga.com/news/24/02/37390643/consumer-watchdogs-target-metas-pay-or-give-up-privacy-tactic-in-eu-smokescreen-to-obscure-illegal-d">&#8220;pay or consent&#8221; model</a>, according to a blog post on Tuesday.
The EU has labeled the model as &#8220;misleading&#8221; and &#8220;confusing&#8221; for users, and non-compliance could lead to fines.
&#8220;Consumer protection authorities assessed several elements that could constitute misleading or aggressive practices, in particular, whether Meta provided consumers upfront with true, clear, and sufficient information,&#8221; the union stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s xAI Flips The Switch On 100K Nvidia H100 GPUs Worth Up To $4B In Memphis Supercluster: &#8216;Most Powerful AI Training Cluster In The World&#8217;</a>
Meta&#8217;s &#8220;pay or consent&#8221; model, rolled out last year, presents users with two choices: pay up to €12.99 (approximately $14.13) per month for ad-free usage of Facebook and Instagram or agree to the collection and use of personal data for personalized ads.
The CPC initiated its investigation in response to complaints from consumer watchdog groups. These groups alleged that Meta employs confusing language to describe the paid and &#8220;free&#8221; versions of its platforms.
Meta did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This development follows <a href="https://www.benzinga.com/government/24/03/37828545/meta-bows-down-to-eu-regulations-after-apple-and-google-cut-subscription-prices-for-ad-free-facebook">Meta&#8217;s decision to reduce the subscription</a> fee for its ad-free Facebook and Instagram services in Europe to €5.99 ($6.5) from the initial €9.99 ($10.9).
This move was aimed at addressing growing concerns of privacy and antitrust regulators.
Last month, Meta faced a&nbsp;<a href="https://www.benzinga.com/news/24/06/39307741/meta-platforms-under-fire-in-norway-for-using-private-user-data-from-facebook-instagram-for-ai-train">complaint&nbsp;in Norway for using user images</a> and posts from Facebook and Instagram to train AI models. 
The Norwegian Consumer Council argued that the opt-out process violates strict EU data protection laws and that Meta uses deceptive design patterns and vague language to make opting out difficult.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

News

Social Media

Global

Tech

Meta Says Facebook Is 'Free' — EU Threatens To Fine Mark Zuckerberg-Led Social Media Giant

<ul>
<li>Divestiture Advances Johnson Controls&#39; Transformation into a&nbsp;Pure-Play Provider of Comprehensive Solutions for Commercial Buildings</li>
<li>Transaction Valued At&nbsp;$8.1 Billion; JCI Consideration of&nbsp;$6.7 Billion</li>
<li>Company Provides Preliminary 2024 Third Fiscal Quarter Earnings Update</li>
<li>The transaction includes the North America Ducted business and global Residential joint venture with Hitachi, Ltd. (&quot;Hitachi&quot;), of which Johnson Controls owns&nbsp;60%&nbsp;and Hitachi owns&nbsp;40%. The total transaction is valued at&nbsp;$8.1 billion, and the Company&#39;s portion of the consideration is approximately&nbsp;$6.7 billion. As part of the transaction, Hitachi will retain certain ductless HVAC assets located in Shimizu,&nbsp;Japan</li>
</ul>

Johnson Controls To Divest Residential And Light Commercial HVAC Businesses In $8.1B Deal With Bosch

&nbsp;Cognizant (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>) and Whitbread have expanded their digital transformation relationship which will see the professional services provider support the hospitality company&#39;s ongoing digital transformation with product design, product management and engineering as Whitbread expands its operations in the UK and&nbsp;Germany.

CTSH

Cognizant And Whitbread Expand Partnership To Enhance Digital Customer Experiences Across UK And Germany

Kronos Worldwide, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRO#NYSE">KRO</a>) (the &quot;Company&quot;) announced today that it is seeking to raise debt capital through a private offering of &euro;75 million aggregate principal amount of additional&nbsp;9.50%&nbsp;Senior Secured Notes due 2029 (the &quot;Notes&quot;) by its wholly-owned subsidiary, Kronos International, Inc. (&quot;KII&quot;). The Notes are being offered as additional notes to the existing &euro;276,174,000 aggregate principal amount of&nbsp;9.50%&nbsp;Senior Secured Notes due 2029 that KII issued on February 12, 2024 (the &quot;Existing Notes&quot;). Other than with respect to the date of issuance and issue price, the Notes will have the same terms as the Existing Notes. The Notes will be maintained under the same ISIN and Common Code numbers as the Existing Notes, except that the Notes issued pursuant to Regulation&nbsp;S under the U.S. Securities Act of 1933, as amended (the &quot;Securities Act&quot;), will trade separately under different ISIN and Common Code numbers until 40 days after the issue date of the Notes, but thereafter, the Notes issued pursuant to Regulation&nbsp;S will be maintained under the same ISIN and Common Code numbers as the Existing Notes issued pursuant to Regulation S.

Offerings

Kronos Worldwide Seeks to Raise €75M Through Additional Senior Secured Notes

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.telenor.dk%2F&amp;esheet=54095585&amp;newsitemid=20240722892898&amp;lan=en-US&amp;anchor=Telenor+Denmark&amp;index=1&amp;md5=fb087a42752aaaf15afadc6fc7e486b9">Telenor Denmark</a>, the second-largest mobile operator in the Danish market, is a trailblazer for customer-first innovation. To reinforce its position at the forefront of digital telecommunications commerce and continue to provide excellent customer experiences, Telenor Denmark chose&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.csgi.com%2F%3Futm_source%3DPress%2BRelease%26utm_medium%3DPR&amp;esheet=54095585&amp;newsitemid=20240722892898&amp;lan=en-US&amp;anchor=CSG%26%23174%3B&amp;index=2&amp;md5=2917b9037dd1cabd109ea72845392e85">CSG&reg;</a>&lsquo;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGS#NASDAQ">CSGS</a>) cloud-native, software-as-a-service (SaaS) platforms to drive its evolution into the future. This transformation turbocharges Telenor Denmark&#39;s omnichannel monetisation, improves business efficiency and future-proofs the B2C and B2B customer experience.

CSGS

Telenor Denmark Adopts CSG's Cloud Platforms to Boost Customer Experience

NASA on Monday said it chose Elon Musk&#8216;s SpaceX to provide launch service for the National Oceanic and Atmospheric Administration&#8217;s (NOAA) Joint Polar Satellite System 4 mission (JPSS 4) expected to be launched in 2027. 
What Happened: The new contract between NASA and SpaceX is valued at about $112.7 million, including launch services and other mission-related costs.
The mission is expected to be launched in 2027 from Vandenberg Space Force Base in California aboard SpaceX&#8217;s Falcon 9 rocket.
The JPSS 4 mission spacecraft is part of the multi-satellite cooperative Joint Polar Satellite System program. The constellation collects data that allows for continuous observation of Earth&#8217;s environment. 
&#8220;The Joint Polar Satellite System 4 (JPSS 4) combined with the GOES (Geostationary Operational Environmental Satellites) constellation, account for nearly all of the data used by meteorologists in creating daily forecasts and long-range weather models across the U.S.,&#8221; SpaceX said. 
Why It Matters: NASA and SpaceX are bound by several contracts.
NASA&nbsp;<a href="https://www.benzinga.com/news/24/07/39870115/spacex-ceo-elon-musk-says-safe-destruction-of-international-space-station-will-be-a-very-dramatic-ev">chose SpaceX&nbsp;to develop and deliver the U.S. Deorbit vehicle (USDV) </a>to deorbit the International Space Station (ISS) and ensure a lack of risk to populated areas in late June. SpaceX will develop the <a href="https://www.benzinga.com/news/24/06/39521319/elon-musk-envisions-building-space-station-on-moon-after-spacex-bags-nasa-contract-to-build-iss-deor">deorbit spacecraft </a>under the contract valued at $843 million and NASA will take ownership afterward and operate it through the mission.
NASA is also relying on the success of SpaceX's Starship launch vehicle to&nbsp;<a href="https://www.benzinga.com/news/23/12/36296253/51-years-since-apollo-17-elon-musk-urges-humanity-to-surpass-moon-visit-as-civilizational-high-water" target="_blank" rel="noreferrer noopener">land humans back on the moon</a>&nbsp;as part of its Artemis program. A lander version of the Starship is expected to land astronauts on the Moon no earlier than September 2026 as part of Artemis 3.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo courtesy: Shutterstock

SPACE

SpaceX Bags $113M NASA Contract To Launch Satellite System For Monitoring Earth's Environment

Tyler Winklevoss, the co-founder of cryptocurrency exchange Gemini, took aim at Rep. Alexandria Ocasio-Cortez (D-N.Y.) and other politicians for their misinterpretation of the cryptocurrency industry, warning them of potential political fallout.
What Happened: In an X post on Tuesday, Winklevoss expressed his frustration with politicians, specifically calling out AOC, for viewing the cryptocurrency industry as a special interest group. He emphasized that cryptocurrencies are owned by at least 50 million Americans, making it a general interest group.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Politicians like AOC believe that crypto is a special interest group. They should fire their political consultants because they obviously didn&#39;t give them the data. Crypto is owned by at least 50 million Americans. This means that it is a general interest group. Anti-crypto…
&mdash; Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1815497425127199075?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39898464/bitcoin-worth-millions-moved-by-us-government-amid-rumors-of-strategic-reserve-asset-endor">Bitcoin Worth Millions Moved By US Government Amid Rumors Of Strategic Reserve Asset Endorsement</a>
Winklevoss warned politicians that their hostile stance could lead to political suicide, vowing that the industry will no longer be treated poorly. &#8220;Never again will the beltway swamp creatures treat our industry this way. Onward,&#8221; he said.
Why It Matters: Winklevoss&#8217; comments come in the wake of significant donations from him and his identical twin brother, Cameron, to candidates seen as friendly toward the industry. Last month, they <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39424615/trump-gets-2m-in-bitcoin-donations-for-2024-election-from-winklevoss-twins-the-biden-admin" target="_blank" rel="noreferrer noopener">donated $2 million</a> in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to former President Donald Trump&#8217;s 2024 election campaign.
More recently, the brothers donated <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852340/elizabeth-warrens-opponent-gets-a-1m-donation-in-bitcoin-from-winklevoss-twins-spent-the-l">$1 million Bitcoin donation</a> to support&nbsp;John Deaton's&nbsp;political campaign against Senator&nbsp;Elizabeth Warren&nbsp;(D-Mass.).
The Winklevoss twins have been active in promoting Bitcoin within the sports industry, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39896170/winklevoss-backed-real-bedford-soccer-club-embraces-michael-saylor-bitcoin-philosophy-accu">recently investing</a> in the Real Bedford soccer club, which has accumulated 82.7 BTC as part of its treasury.
Price Action: At the time of writing, Bitcoin was exchanging hands at $66,594.62, down 1.35% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo via Shutterstock
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Politics

Markets

$BTC

AOC Needs To Fire Her Consultants, Attacking Crypto 'Political Suicide,' Says Tyler Winklevoss

Despite the growing tension between China and the United States, worldwide pharmaceutical powerhouses are actively pursuing deals in China. The aim is to strengthen their drug pipelines and expand their presence in the world&#8217;s second-largest pharmaceutical market.
What Happened: Several significant deals have been signed this year. Notably, AstraZeneca (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) bought China-based cell therapy developer Gracell Biotechnologies for $1.2 billion, and Novartis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) acquired the remaining shares of kidney disease therapy developer SanReno Therapeutics for an undisclosed sum, Reuters reported on Tuesday.
Bristol Myers Squibb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) and Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) are also reportedly scouting for potential deals in China, even as some competitors contemplate exiting the Chinese market due to COVID-induced supply chain disruptions, local economic slowdown, and price reductions to secure state insurance listing.
The increase in foreign interest in Chinese drugmakers is a blessing for struggling local firms and investors seeking to cash out on their investments, particularly as regulators tighten IPO rules, making it harder for companies to raise money for their research work.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39845998/vix-stages-double-digit-spike-as-risk-off-takes-over-chipmakers-fail-to-rebound-weight-los?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">VIX Stages Double-Digit Spike As Risk Off Takes Over; Chipmakers Fail To Rebound, Weight Loss Giants Eli Lilly, Novo Tumble: What&#8217;s Driving Markets Thursday?</a>
However, the move is not without risks. &#8220;Hawkishness on China is a form of rare bipartisan consensus (in the U.S.),&#8221; cautioned Manas Chawla, CEO of global political risk advisory firm London Politica.
Larry Merizalde, CEO of South Africa-based Aspen Pharmacare revealed that the company is expanding to markets beyond China to counter risks posed by geopolitical and economic tensions.
&#8220;I think that if there is any major conflict or there is any major economic downturn, we will be impacted because any of those issues will impact the overall pharmaceutical market, so we manage those risks as a company,&#8221; Merizalde said.
As of July 16 this year, announced acquisitions of Chinese healthcare companies totaled $6.8 billion, the lowest in a decade for the same period. Foreign acquisitions accounted for $720 million in value, down 52% year-on-year, according to LSEG data.
&#8220;Multinational companies are keen to look at potential acquisition targets in biotech, innovative drugs and the top-ranked companies in other sectors,&#8221; said Sophia Wu, a managing director and head of China healthcare at investment bank BDA Partners.
Why It Matters: In 2023, AstraZeneca, Merck, and GSK <a href="https://www.benzinga.com/markets/asia/24/05/39026687/astrazeneca-merck-gsk-struck-record-44-1b-licensing-deals-with-chinese-drugmakers-in-2023-report">signed a record $44.1 billion </a>in biotech licensing deals with struggling Chinese drugmakers. This trend continued into 2024, with $9.8 billion worth of deals in the first quarter. These Western pharma companies are looking to expand their product pipelines as they face patent expirations of lucrative drugs.
In May,<a href="https://www.benzinga.com/general/biotech/24/05/38941485/eli-lilly-secures-china-nod-for-popular-weight-lossdiabetes-drug-tirzepatide"> Eli Lilly secured Chinese approval </a>for its diabetes drug tirzepatide, setting the stage for increased competition in the crucial Asian market.
However, in the same month, the U.S. imposed <a href="https://www.benzinga.com/news/24/05/38762024/china-slams-us-for-imposing-new-trade-restrictions-on-37-chinese-firms-over-military-and-russia-conn">new trade restrictions on 37 Chinese firms</a>, including those in the healthcare sector, escalating the Sino-US tensions. This political landscape poses a significant risk to the global pharma giants&#8217; Chinese ambitions.
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Image by HJBC via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Asia

Biotech

Health Care

General

AstraZeneca, Sanofi And Other Pharma Giants Pursue Chinese Deals Despite Rising US-China Strife

Constellium SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSTM#NYSE">CSTM</a>) announced today that it has signed a long-term agreement with Lotte Infracell, a subsidary of Lotte Aluminium, a leading provider of aluminium solutions, to supply foilstock for Lotte&#39;s battery foil applications in Europe. This partnership highlights Constellium&#39;s commitment to the growing electric vehicle (EV) market and its strategic focus on cutting-edge&nbsp;<a href="https://www.globenewswire.com/Tracker?data=TaeyyXdfRBF9ugWpDC450B0z1Rp2hxFmb-DMNl7ww7VFkR5lQzKqNLjH_0mQ7YsL9fXRGspdQOhACoR0g934Odrw8eru2CGWP-S-0e0oBzjq9EQEJB-zCrK0xn0KiDRmkvlS2HK0PoEXC4dru3obQPaUyazwYBh_-hQ6jkPKo-_yhVE1g_yUf1uSPmDcopQI" target="_blank">automotive aluminium solutions</a>.
Under this agreement, Constellium will supply high-quality foilstock from its&nbsp;<a href="https://www.globenewswire.com/Tracker?data=fJjEbTKpmNIDU12cevycshAbybewhTrmXM1FqFH-uPsoIlSVz9Tn1CCdZqYzPXbdFA6nrcT-KHpoUPHZXTr1k7lUkt0zrUBnRYPAc0vymYI=" target="_blank">Singen</a>&nbsp;site in Germany. With Lotte Infracell&#39;s financial support, Constellium is planning to invest around &euro;30 million in new finishing lines at its Singen facility to enhance production capacity, creating around 20 new jobs in the process. This strategic investment is expected to further cement Constellium Singen&#39;s position as a key player in the aluminium automotive specialties market.

Government

Regulations

CSTM

Constellium Partners with Lotte Infracell to Boost EV Battery Foil Production in Europe, Invests €30M in German Plant for EV Battery Foil, Creating Jobs

ACIW

ACI Worldwide And Worldpay Extend Strategic Partnership To Enhance Global Payment Solutions

Pearson Secures Four-Year Contract To Provide Online Learning And Skills Platform For UK Government

The agreement will see the parties develop regional air mobility routes that serve key locations across Lombardy. The first route to be developed will connect Milan Malpensa Airport &ndash; the largest international airport in northern Italy, which transported over 26 million travellers last year &ndash; and Milan city centre.
The project formalised by the MoU will allow for the establishment of a network of attractive routes for the operation of the Lilium Jet and other eVTOL aircraft, enhancing accessibility and connectivity for regional air mobility. It will facilitate the fast and efficient movement of people and will be instrumental in delivering some of the first premium eVTOL flights within Europe

LILM

Lilium, SEA Milan Airports, And Skyports To Develop eVTOL Network In Northern Italy, Enhancing Regional Air Mobility

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shares received a <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">nice price target bump </a>a week ahead of the software giant&#8217;s quarterly earnings release.
The Microsoft Analyst: Piper Sandler analyst Brent Bracelin reiterated an Overweight rating on Microsoft shares and upped the price target from $465 to $485. The updated price target suggests the stock has about 10% upside potential.
Microsoft took 13 years (from fiscal 2010 to 2023) to achieve a $100 billion annual revenue run-rate for its Cloud services business but the next $100 billion cloud revenue could come in just three years, said Bracelin in a note. Over the 13-years, capex and lease exceeded $176 billion, he noted. The critical data center investments should, therefore, be compressed to support a potential doubling of Microsoft Cloud revenue to $200 billion+ exiting fiscal year 2026, he said.
&#8220;Growth investors should look beyond near-term fears of an AI overbuild with the lens of a broader cloud transformation still underway that could help sustain double-digit top-line and bottom-line growth through 2030,&#8221; the analyst said. He expects the Cloud mix, aided by AI, to expand to 63% by fiscal year 2026, up from 53% today and sharply higher than the 10% in fiscal 2016.
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39822984/whats-in-store-for-microsoft-in-q4-analyst-sees-azure-strength-double-digit-revenue">Azure, which accounts for 33% of sales,</a> is approaching a $85 billion run-rate, with growth exceeding 30%, Bracelin said. The analyst expects June quarter Azure revenue growth of 32% on a constant currency basis compared to the 30-31% guidance, with AI contributing at least seven percentage points of growth.
The analyst noted that a majority of Microsoft AI shows up in IaaS rather than SaaS, with the proportion at 95% vs. 5%. He expects capex and lease to surpass $19 billion in the June quarter.
As such, the analyst increased his calendar year 2025 earnings per share estimate by 17 cents on slightly higher growth assumptions, and the calendar year 2025 P/E multiple from 33 times to 34 times on strong cloud momentum. The upward adjustment to the price target is to give effect to the revisions to the earnings estimate and the P/E multiple, he added.
Microsoft is scheduled to report its fiscal year 2024 fourth-quarter earnings after the market closes on Tuesday, July 30. Analysts, on average, expect the company to report earnings per share of $2.93 and revenue of $64.35 billion. This compares to the year-ago earnings of $2.69 per share and revenue of $56.19 billion.
Microsoft Price Action: Microsoft shares ended Monday&#8217;s session up 1.33% to $442.94, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>The stock has gained over 18% year-to-date.
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39874391/tesla-alphabet-gm-ford-lead-earnings-parade-this-week-as-market-struggles-to-sustain-the-summer-">Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally</a></li>
</ul>
Photo by Volodymyr Kyrylyuk on Shutterstock

Analyst Color

Earnings

Equities

Price Target

Previews

Reiteration

Analyst Ratings

MSFT

Microsoft Stock Has Further Room To Run, Says Analyst, As Software Giant Remains On Track To Hit $200B Cloud Revenue In 2 Years

Prominent venture capitalist Naval Ravikant hailed Tesla Inc. CEO Elon Musk as the &#8220;real winner,&#8221; with news of President Joe Biden dropping out from the 2024 election <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">breaking out on X</a> ahead of other platforms.
What Happened: Ravikant, a well-known venture capitalist, made the statement on X, a social media platform. He said, &#8220;The real winner in the election is Elon Musk.&#8221;
<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">The real winner in the election is Elon Musk.
&mdash; Naval (@naval) <a href="https://twitter.com/naval/status/1815544800017543208?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He also responded to a comment about Trump&#8217;s potential return to X, saying, &#8220;Trump's continuing commitment to Truth Social is costing him dearly.&#8221;
<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">Trump's continuing commitment to Truth Social is costing him dearly.
&mdash; Naval (@naval) <a href="https://twitter.com/naval/status/1815595662576099632?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This comment comes in the wake of several significant events, including Tesla&#8217;s earnings report, <a href="https://www.benzinga.com/news/24/07/39759980/biden-vs-trump-elon-musk-reportedly-donates-sizable-amount-to-ex-presidents-campaign-expert-calls-it">Musk&#8217;s endorsement of Trump</a>, and Ravikant&#8217;s previous support of Musk during a contentious debate over his $56 billion pay package.
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Why It Matters: This statement from Ravikant comes after a series of events that have put Musk in the spotlight. Earlier in June, Ravikant <a href="https://www.benzinga.com/markets/equities/24/06/39246807/investor-naval-ravikant-threatens-to-sell-all-tesla-holdings-if-ceo-musks-pay-plan-is-rejected-b">threatened to sell all his Tesla holdings</a> if Musk&#8217;s $56 billion compensation package was not approved. He also pledged to buy more shares if the package was passed.
After a failed assassination attempt on Trump, Musk endorsed the former president, <a href="https://www.benzinga.com/news/24/07/39873661/elon-musk-is-as-smart-as-you-get-says-trump-as-ex-president-tones-down-ev-rhetoric">who then praised Musk</a> during a campaign speech in Michigan, calling him &#8220;as smart as you get.&#8221; Trump also softened his stance on electric vehicles, aligning more closely with Musk&#8217;s interests. 
On Sunday, Biden announced his decision to drop out of the presidential race in a letter posted on his official X account, after growing pressure from colleagues in the Democratic party and <a href="https://www.benzinga.com/government/24/07/39852736/exclusive-biden-victory-fund-suspends-donor-calls-pause-calling-indefinitely-as-of-tonight" target="_blank" rel="noreferrer noopener">big-name fundraisers</a>. 
Recently, Biden tested positive for COVID-19 and took the <a href="https://www.benzinga.com/24/07/39829417/biden-gets-covid-19-takes-a-fiesty-dig-at-tesla-ceo-im-sick-of-elon-musk-and-his-rich-buddies-trying">opportunity to criticize Musk</a> and other billionaires for allegedly funding Trump&#8217;s campaign. Biden&#8217;s comments highlight the ongoing political tension surrounding Musk&#8217;s involvement in the election.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39870083/black-swan-investor-says-greatest-bubble-in-human-history-is-on-the-verge-of-bursting-calls-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Black-Swan Investor Says &#8216;Greatest Bubble In Human History&#8217; Is On The Verge Of Bursting, Calls Stocks &#8216;Mega-Tinderbox-Time Bomb&#8217;</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Naval Ravikant Hails Elon Musk As 'Real Winner In The Election' As Joe Biden Drops Out, Says Trump Staying On Truth Social Is 'Costing Him Dearly'

The Company expects to close on an additional&nbsp;$200 million&nbsp;of mortgage warehouse loans in the near future, once necessary customer approvals are received.&nbsp; Upon closing, the Company expects that the transaction will add approximately 70 basis points to its CET1 ratio. &nbsp;

NYCB

Reported Earlier, New York Community Bancorp Strengthens Financial Position With $5.9B Loan Sale to JPMorgan Chase Bank

With more than 24 years of experience in&nbsp;Mexico, Banco Latinoamericano de Comercio Exterior (Bladex) is moving forward with its strategy to deepen its presence in the country. The expansion of its new offices, the strengthening of its commercial team and its annual disbursements of almost US$5&nbsp;billion position Bladex as a key player in the growth of Mexican companies. Bladex has been listed on the New York Stock Exchange since 1992 and has been one of the most active issuers on the Mexican Stock Exchange for more than 12 years.

Reported Earlier, Bladex Expands Mexican Presence With New Offices And $5B In Annual Disbursements

As indicated in the letter, the Company has the right to request that NYSE&#39;s delisting determination be reviewed by a Committee of the Board of Directors of NYSE, which the Company intends to pursue.

TRTL

Reported Earlier, TortoiseEcofin Acquisition Corp. III Receives Delisting Notice From NYSE, Securities To Move To OTC Markets

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the &#8220;Greed&#8221; zone on Monday.
U.S. stocks closed higher on Monday, with the S&amp;P 500 recording its best day since June 5. The S&amp;P 500 rose 1.08% at 5,564.41, while the Nasdaq Composite climbed 1.58% at 18,007.57 during Monday's session. The Dow Jones closed higher by around 128 points to 40,415.44.
President Joe Biden, on Sunday, dropped his bid for a second term in the White House.
NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares gained 4.8% on Monday, after dipping 8% last week. Crowdstrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) was the worst performer in the S&amp;P 500, dipping around 13.5% on Monday. Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) shares fell around 6% on Monday after it reported fiscal second-quarter results.
On the economic data front, the Chicago Fed National Activity index <a href="https://www.benzinga.com/news/earnings/24/07/39884586/nasdaq-gains-1-chicago-fed-national-activity-falls-in-june">fell to 0.05 for June</a>, versus the previous reading of 0.23. However, analysts were expecting a reading of -0.09.
Most sectors on the S&amp;P 500 closed on a positive note, with communication services, information technology, and industrial stocks recording the biggest gains on Monday. However, energy and consumer staples stocks bucked the overall market trend, closing the session lower.
To recall, the S&amp;P 500 fell 1.97%, while the Nasdaq dipped 3.65% last week, recording their biggest weekly losses since April. However, the Dow gained 0.72% during the week.
Investors are awaiting earnings results from Alphabet Inc. (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>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) and General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 55.9, the index moved to the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 50.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39881674/top-4-tech-stocks-that-may-explode-in-july">Top 4 Tech Stocks That May Explode In July</a></li>
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CRWD

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NVDA

S&P 500 Notches Best Day Since June As Investor Sentiment Improves: Fear Index Moves To 'Greed' Zone

GWRE

Reported Earlier, SAISON Auto & Fire Insurance Leverage Guidewire ClaimCenter To Streamline Auto Insurance Claims

The Company intends to use the net proceeds from the offering primarily for product development activities, including one or more clinical trials with TTX-MC138, its lead therapeutic candidate, and related investigational new drug (IND) enabling studies, and for working capital and other general corporate purposes.

RNAZ

Reported Earlier, TransCode Therapeutics Prices $3M Public Offering Of 10M Common Shares At $0.30/Share

Alpha Star Acquisition Corporation (the &ldquo;Company&rdquo;) today announced that it has entered into a non-binding letter of intent (&ldquo;LOI&rdquo;) for a business combination with Cyclebit Group (the &ldquo;Cyclebit&rdquo;). Founded in 2012, Cyclebit is a global payments and SaaS provider. Its core products include card acquiring, point-of-sale (POS) services and marketplace solutions.

Under the terms of the LOI, the Company and Cyclebit would become a combined entity, with the Cyclebit&rsquo;s existing equityholders rolling 100% of their equity into the combined public company. The Company expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected in the fourth quarter of 2022.

No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and equityholder approval of both companies, regulatory approvals and other customary conditions.

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Alpha Star Acquisition Corporation - Rights

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Latest news for Alpha Star Acquisition Corporation - Rights (NASDAQ:ALSAR) Stock

Tuesday, September 13, 2022