Latest news for Amcor (OTC:AMCCF) Stock

Amcor is a global producer of plastic packaging primarily for the fast-moving consumer goods industry. About 85% of earnings are exposed to the flexible packaging business. This is soft disposable plastic for a variety of food, drink, healthcare, and hygiene products. The remainder of earnings are from the Latin and North American rigids business, which is primarily beverage bottling for the soft drink industry. Operating in more than 35 countries, Amcor has market share in its established regions of North America, Latin America, Europe, and Asia-Pacific. About half of group sales are derived from North America and the remainder is split equally between Western Europe and emerging markets. Australia and New Zealand sales make up less than 5% of group sales.

Amcor PLC

Intuitive Surgical (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/isrg#NASDAQ">ISRG</a>) is witnessing strong momentum, with its shares having rallied 26.4% year to date compared with 6.1% growth of the industry. The S&amp;P 500 composite has risen 17.6% during the said time frame.
With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.
Intuitive Surgical Inc., a Sunnyvale, CA-based company, designs, manufactures and markets the da Vinci surgical system, Ion endoluminal system, and related instruments and accessories. The company&#39;s key product portfolio, da Vinci surgical system, is an advanced robot-assisted surgical system. It comprises a surgeon&#39;s console, patient-side cart, 3-D vision system, da Vinci Skills Simulator and Firefly Fluorescence Imaging.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/df/71805.jpg?v=110521487" />
Image Source: Zacks Investment Research
The robot-based da Vinci surgical system enables minimally invasive surgeries that reduce the trauma associated with open surgery. ISRG also manufactures EndoWrist instruments, such as forceps, scissors, electrocautery tools, scalpels, and other surgical tools, including wrist joints for natural dexterity for various surgical procedures. The company operates through three segments &mdash; Instruments and Accessories, Systems and Services.
<h3>Catalysts Driving Growth</h3>
Investors are upbeat about Intuitive Surgical&#39;s robot-based da Vinci surgical system that has been a key driver for the company&#39;s performance since its launch in 1999. The demand for medical procedures started to improve in 2023 after being disrupted by the COVID-19 pandemic in 2020, leading to robust growth. The procedure growth expectation for fiscal 2024 is slightly below the pre-pandemic growth rate of 18% for full-year 2019.
Per ISRG&#39;s first-quarter 2024 earnings call in April, the installed base of da Vinci systems grew approximately 14% year over year to 8,887 units. The utilization of clinical systems in the field increased 2% from the prior-year quarter&#39;s level. The metric was up 10% year over year for da Vinci SP. In the first quarter, procedures improved 14% in the U.S. market and 20% in the ex-U.S. market compared with the year-earlier quarter&#39;s figure.
Meanwhile, ISRG expects its gross margin in 2024 to be 67-68%, on par or lower than 68% in 2023. However, the rise in the cost of sales is likely to be driven by activities to support the launch of the company&#39;s new products and capital investments to aid its business growth.
Investors are also optimistic about the recent FDA approvals received by Intuitive Surgical. Last month, the FDA cleared a labeling revision for da Vinci X and Xi specific to radical prostatectomy. In March, Intuitive Surgical received the FDA&#39;s 510(k) clearance for da Vinci 5, the company&#39;s next-generation multiport robotic system.
Although ISRG has strong fundamental factors that should drive its growth going forward, it faces several challenges that hurt business performance. A constrained supply chain amid continuing geopolitical tensions may lead to choppy da Vinci 5 system placements in 2024. A challenging catheter supply may adversely impact Ion modulation system sales. Moreover, weakness in bariatric procedures, along with challenges in China from increasing provincial robotic competition and delayed tenders affecting capital placements, is likely to have a nearly three percentage point headwind for revenues in 2024.
<div class="chart_embed">
<h3>Intuitive Surgical, Inc. Price</h3>
<img alt="Intuitive Surgical, Inc. Price" src="https://staticx-tuner.zacks.com/images/charts/85/1721311916.png" style="height:251px; width:543px" title="" />
Intuitive Surgical, Inc. price | Intuitive Surgical, Inc. Quote
</div>
<h3>Zacks Rank &amp; Key Picks</h3>
Some better-ranked stocks in the broader medical space that have announced quarterly results are Globus Medical (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gmed#NYSE">GMED</a>),&nbsp;Haemonetics (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hae#NYSE">HAE</a>) and&nbsp;Boston Scientific Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bsx#NYSE">BSX</a>).
Globus Medical, sporting a Zacks Rank #1 (Strong Buy) at present, reported first-quarter 2024 adjusted EPS of 72 cents, which beat the Zacks Consensus Estimate by 30.9%.
Globus Medical&#39;s shares have risen 36.6% year to date compared with the&nbsp;industry&#39;s 6.1% growth. GMED has a long-term growth rate of 12.7%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.79%.
Haemonetics, currently carrying a Zacks Rank #2 (Buy), reported fourth-quarter fiscal 2024 adjusted earnings per share of 90 cents, which beat the Zacks Consensus Estimate by 2.3%.
Haemonetics&#39; shares have risen 5.7% year to date compared with the&nbsp;industry&#39;s 3.2% growth. It has a long-term growth rate of 12%. HAE&#39;s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.24%.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, which beat the Zacks Consensus Estimate by 9.8%. The company currently carries a Zacks Rank #2. Boston Scientific&#39;s shares have risen 33.9% year to date compared with the&nbsp;industry&#39;s 3.2% growth.
BSX has a long-term growth rate of 12.5%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.49%.
<a href="https://www.zacks.com/stock/news/2304798/intuitive-surgical-isrg-gains-26-year-to-date-here-s-why?cid=CS-BENZ-FT-analyst_blog|price_surge_/_plunge-2304798">To read this article on Zacks.com click here.</a>

Biotech

Earnings

News

Markets

Analyst Ratings

Trading Ideas

General

GMED

ISRG

Intuitive Surgical Gains 26% Year to Date: Here's Why

Juniper Networks, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnpr#NYSE">JNPR</a>) recently announced that Telxius, a leading global connectivity provider, has opted to leverage Juniper Converged Optical Routing Architecture (CORA) and PTX Series Packet Transport Routers to upgrade its network infrastructure. Telxius is aiming to scale its core and edge network infrastructure to 400G, thereby enhancing network capacity and boosting connectivity to metro networks and data center interconnects.
With the growing digital economy, there is an increasing proliferation of high bandwidth intensive applications among customers. Frequent network upgrades to address this surge in demand is a challenging task, as it immensely raises operational costs and also complicates network architecture.
Juniper&#39;s solution effectively addresses this issue. The company&#39;s offerings include CORA, a flexible, sustainable and automated solution that utilizes IP (Internet Protocol) over DWDM (Dense Wavelength Division Multiplexing) technology. By integrating IP routing and optical transport functions into a single network layer, the solution reduces complexity in network architecture, simplifies operations, significantly reduces energy consumption and maximizes routing platform capacity.&nbsp;
The solution facilitates seamless upgrades to higher bandwidths, accommodating increasing data traffic without major infrastructure overhauls. By eliminating the need for separate IP routers and optical transport systems, IPoDWDM reduces equipment-related costs and space requirements.
Telxius boasts an extensive global footprint, delivering connectivity across Spain, the Americas and other parts of Europe. Its network includes more than 100,000 km of fiber optic submarine cables and terrestrial backhauls, offering a wide array of capacity, colocation and security services. Migration of key architecture to Juniper&#39;s CORA and PTX will free up a significant amount of reserved bandwidth for Telxius and ensure a seamless extension to 400G capacity.&nbsp;
Juniper&#39;s solution will offer enhanced network scalability and bandwidth efficiency while optimizing power and space utilization. This will create a more sustainable, resilient and future-proof network infrastructure, enabling Telxius to deliver consistent connectivity to end users and support advanced applications.
The collaboration with Telxius underscores the growing demand for Juniper&#39;s comprehensive networking portfolio. This will likely boost its prospects and strengthen its position in the wireless equipment industry.
Shares of Juniper have gained 23.6% over the past year compared with the industry&#39;s growth of 39%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/8e/71830.jpg?v=195436809" />
Image Source: Zacks Investment Research
<h3>Zacks Rank and Other Key Picks</h3>
Juniper currently carries a Zacks Rank #2 (Buy).
NVIDIA Corporation, sporting a Zacks Rank #1 (Strong Buy) at present, delivered a trailing four-quarter earnings surprise of 18.43%, on average. In the last reported quarter, it delivered an earnings surprise of 11.48%.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company&#39;s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Motorola Solutions Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/msi#NYSE">MSI</a>) provides services and solutions to government segments and public safety programs, along with large enterprises and wireless infrastructure services. Motorola carries a Zacks Rank #2 at present.
It delivered a trailing four-quarter average earnings surprise of 7.54% and has a long-term growth expectation of 9.47%. In the last reported quarter, Motorola delivered an earnings surprise of 11.51%.
Silicon Motion Technology Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/simo#NASDAQ">SIMO</a>), carrying a Zacks Rank #2 at present, delivered a trailing four-quarter average earnings surprise of 4.72%.
It is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company also designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers and other customers.
<a href="https://www.zacks.com/stock/news/2304784/juniper-jnpr-solution-boosts-telxius-network-infrastructure?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2304784">To read this article on Zacks.com click here.</a>

Tech

JNPR

SIMO

Juniper Solution Boosts Telxius' Network Infrastructure

Shares of Ally Financial Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) remained under pressure on Thursday, after declining in the prior session amid a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39823332/nasdaq-100-suffers-worst-day-in-11-months-as-chipmakers-tumble-on-china-curbs-magnificent-">broader downturn in Wall Street stocks</a>.
Ally Financial reported results amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
RBC Capital Markets On Ally Financial
Analyst Jon Arfstrom reiterated an Outperform rating, while lifting the price target from $46 to $49.
Ally Financial announced earnings of 86 cents per share, amid higher electric vehicle originations driving $92 million in tax credits or 30 cents per share in earnings, Arfstrom said in a note. "Fundamentals were driven by margin improvement, stable balance sheet trends, and seasonally lower losses," he added.
With margin inflection taking hold, the company is expected to generate "consistent margin expansion in the coming quarters, which is the primary driver of expected higher earnings and returns," the analyst stated. "Credit expectations remain important, and we see an improved origination mix as positive drivers for later in 2024 and beyond," he further wrote.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
BMO Capital Markets On Ally Financial
Analyst James Fotheringham maintained a Market Perform rating and price target of $39.
Ally Financial's core earnings came in at 70 cents per share, surpassing consensus of 64 cents per share, "with lower-than-expected credit provisions (lower net losses) more than offset disappointing revenues (lower NII and fees)," Fotheringham wrote in a note.
Management announced disappointing credit guidance, with 2024 NCOs of 145-150 basis points (bps) and retail auto NCOs of 210 bps, the analyst stated. "We lower our ALLY core EPS estimates by -1% in 2024E (to $2.86 from $2.90), -1% in 2025E (to $5.57 from $5.64), and -1% 2026E (to $6.49 from $6.55) due predominately to higher-than[1]previously modeled share counts (from lower expected share repurchases)," he further said.
ALLY Price Action: Shares of Ally Financial were down 2.05% to $42.54 at the time of publication on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39846836/california-ev-subsidies-made-tesla-what-it-is-but-elon-musk-is-ready-to-cut-them-off-remove-subsidie">California EV Subsidies Made Tesla What It Is, But Elon Musk Is Ready To Cut Them Off: &#8216;Remove Subsidies From All Industries&#8217;</a></li>
</ul>
Photo: JHVEPhoto/Shutterstock.com

Analyst Color

Earnings Misses

Price Target

Reiteration

Movers

ALLY

Ally Financial Analyst Sees 'Consistent Margin Expansion' Ahead: Q2 Results Breakdown

WIIM

DKNG

DraftKings shares are trading lower after Truist Securities maintained a Buy rating on the stock and lowered its price target from $55 to $53. Also, Macquarie maintained an Outperform rating on the stock and lowered its price target from $54 to $52.

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 20 years by 3.33% on an annualized basis producing an average annual return of 11.73%. Currently, IDEXX Laboratories has a market capitalization of $38.80 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 20 years ago, it would be worth $939.70 today based on a price of $469.85 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721331021_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.

IDXX

Here's How Much $100 Invested In IDEXX Laboratories 20 Years Ago Would Be Worth Today

Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) has outperformed the market over the past 10 years by 17.56% on an annualized basis producing an average annual return of 28.3%. Currently, Fabrinet has a market capitalization of $9.14 billion. 
Buying $1000 In FN: If an investor had bought $1000 of FN stock 10 years ago, it would be worth $11,790.21 today based on a price of $252.74 for FN at the time of writing.
<h3>Fabrinet's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721331015_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 Fabrinet 10 Years Ago Would Be Worth This Much Today

Some European cannabis companies are already planning&nbsp;initial public offerings (IPOs) on the Nasdaq, encouraged by the prospect of a less restrictive&nbsp;regulatory&nbsp;environment. The potential rescheduling of cannabis to Schedule III of the Controlled Substances Act and Germany&rsquo;s recent decriminalization have ignited optimism within the sector.
Grow Group, a UK-based medical cannabis distributor, is spearheading this movement with a planned Nasdaq IPO in early 2025. CEO Benjamin Langley <a href="https://www.ft.com/content/e5e099b5-d7c9-4281-b370-79cb437459e6">told</a> the Financial Times about the investors&#39; interest in the industry. &ldquo;What we&rsquo;re seeing now, is that loosening up such that people are deploying funds and there is money again in this space,&rdquo; he said.
Somai Pharmaceuticals, a <a href="https://www.benzinga.com/markets/cannabis/23/09/34172404/from-manufacturing-to-market-how-this-eu-pharma-co-fast-tracked-cannabis-production">Portuguese player</a>&nbsp;and UK&#39;s&nbsp;Wellford Medical&nbsp;are also considering Nasdaq listings. &quot;If the US [reclassifies], coupled with the legislative change in Germany, it could be the perfect time for us and&thinsp;.&thinsp;.&thinsp;.&thinsp;investors to catch that sentiment wave,&quot; Wellford&rsquo;s Joshua Roberts <a href="https://www.ft.com/content/e5e099b5-d7c9-4281-b370-79cb437459e6">told </a>Financial Times.
The Drug Enforcement Administration&#39;s proposed rule change to reclassify cannabis could significantly impact the industry by reducing exorbitant taxes, stimulatinig clinical research&nbsp;and potentially unlocking the world&#39;s largest cannabis market.
<h3>Why This Matters</h3>
Listing on Nasdaq offers European cannabis companies significant advantages, especially amid current regulatory shifts. First, it provides access to a broader pool of global investors, while Nasdaq&#39;s stringent regulatory standards enhance company credibility and attract institutional investors. Also, with increased visibility, Nasdaq&rsquo;s market liquidity favors better share trading and valuation. Meanwhile, the anticipated US regulatory easing could further amplify these benefits.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39720383/a-2-billion-opportunity-in-cannabis-how-a-tobacco-giant-is-helping-organigram-seize-the-german-mhttps://www.benzinga.com/markets/cannabis/24/07/39720383/a-2-billion-opportunity-in-cannabis-how-a-tobacco-giant-is-helping-organigram-seize-the-german-m">A $2 Billion Opportunity In Cannabis: How A Tobacco Giant Is Helping Organigram Seize The German Market</a>
<h3>Taxes And Rescheduling</h3>
President Joe Biden&#39;s plan to reschedule cannabis from Schedule I to Schedule III promises significant tax benefits for the cannabis industry. This change would alleviate IRS tax code 280e, allowing companies like Curaleaf (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>) and Trulieve (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>) to deduct normal business expenses, potentially saving over a billion dollars in taxes. Pablo Zuanic of Zuanic &amp; Associates suggests these savings could boost cash flows, enabling growth and expansion.
Curaleaf could see a <a href="https://www.benzinga.com/markets/cannabis/24/05/38885460/finally-tax-refunds-these-cannabis-companies-will-get-the-most-money-back-if-rescheduling-happen">92% increase in operating cash flow</a>, while Trulieve&#39;s operational efficiency positions it well for revenue growth from legislative changes in key markets. Analysts believe these tax savings could lead to substantial revaluation and market cap growth by 2030.
<h3>Cannabis Across The Atlantic</h3>
Curaleaf, a leading US cannabis company, has shown significant growth in Europe,<a href="https://www.benzinga.com/markets/cannabis/24/06/39256772/beyond-europe-and-north-america-curaleaf-ceo-on-cannabis-markets-in-australia-new-zealand-and-is"> particularly in Germany</a>. The company&rsquo;s vertical integration and supply chain control have resulted in impressive margins. CEO Boris Jordan <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39609582/europe-is-turning-cash-flow-positive-well-see-what-happens-in-the-u-s-largest-canna">emphasized</a> the importance of US regulatory changes, stating, &quot;We&#39;ll see what happens in the U.S. with rescheduling and make decisions based on that.&quot;
IM Cannabis Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/imcc#NASDAQ">IMCC</a>) is intensifying its focus on the <a href="https://www.benzinga.com/topic/germany-cannabis">German market</a> following recent legalization, enhancing its supply chain with a new EU-GMP supplier. Curaleaf International is also <a href="https://www.benzinga.com/markets/cannabis/24/06/39191054/global-weed-business-flora-buys-australian-vaporizers-as-im-cannabis-doubles-down-on-germany">expanding </a>in the <a href="https://www.benzinga.com/topic/uk-cannabis">UK</a>, Germany, and Poland, aiming to outprice illegal cannabis and navigate regulatory landscapes. Their strategic moves target growth potential in markets where regulatory changes and medical cannabis acceptance are increasing.
InterCure (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/incr#NASDAQ">INCR</a>), a leading seller of pharmaceutical cannabis outside North America, is poised to benefit from the potential rescheduling of cannabis in the U.S. and <a href="https://www.benzinga.com/markets/cannabis/24/05/38994368/asset-light-expansion-into-8b-german-market-adds-potential-to-this-cannabis-stock-on-nasdaq">growing demand in Germany</a>. With experience in Israel, InterCure has a competitive edge and is expected to see significant growth from domestic demand and entry into the German market. The company&#39;s ability to produce high-quality cannabis at scale with minimal additional capital expenditure adds to its strategic value.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39256203/curaleaf-international-is-beating-illicit-cannabis-prices-in-uk-and-germany-whats-next-for-eu-ex">Curaleaf International Is Beating Illicit Cannabis Prices In UK And Germany - What&#39;s Next For EU Expansion?</a></li>
<li>These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.</li>
</ul>
Photo: AI-Generated Image.&nbsp;

Cannabis

Government

Regulations

Small Cap

IPOs

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

IMCC

INCR

TCNNF

European Cannabis Companies Race To The Nasdaq: $1B In Tax Break On The Horizon

AVGO

Broadcom shares are trading higher following a report suggesting OpenAI is in talks with the company about developing a new chip.

<a href="https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip" title="https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip">https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip</a>

MSFT

'OpenAI Has Talked to Broadcom About Developing New AI Chip' - The Information

Citigroup analyst Keith Horowitz maintains U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) with a Neutral and raises the price target from $45 to $49.

Citigroup Maintains Neutral on U.S. Bancorp, Raises Price Target to $49

Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) announced that its consumer-payments platform, Cash App, will cease operations in the U.K. on September 15, six years after launching there.
The platform, known for its mobile money transfers, was the company&#8217;s first international market when it debuted in 2018. Block&#8217;s stock is trading lower on Thursday.
The company website quoted, &#8220;In recent months, we have outlined our strategic approach for Cash App, which prioritizes our focus on the United States and deprioritizes global expansion. All of our operations remain unaffected by this decision,&#8221; Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-18/dorsey-s-block-plans-to-shut-its-cash-app-platform-in-the-uk?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Cash App, launched in 2013, has become a well-known part of Block, the fintech company led by Jack Dorsey. However, the peer-to-peer payments market has grown more competitive with the rise of PayPal Holdings Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) Venmo and bank-focused Zelle.
This decision follows NBC&#8217;s February report that US financial regulators investigated Cash App after whistleblowers claimed it had conducted inadequate customer due diligence.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7.png" alt="" class="wp-image-443678" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
BofA Securities analyst Jason Kupferberg reiterated a Buy rating on Block with a price target of $82.
Block reports second-quarter results on August 1. Kupferberg noted that consensus second-quarter estimates are well-calibrated.
However, the analyst noted that gradual re-acceleration in Square GPV growth, especially in the US, remains the most important driver of the stock.
This would help allay concerns regarding competition and affirm CEO Dorsey&#8217;s strategy while lending support to out-year Square forecasts.
Kupferberg and the Street modeled 9% Square GPV growth for the second quarter, which was steady compared to the first quarter, but noted investors are braced for a modest miss on this metric based on high-frequency data. Given that shares are up 15% in the last month, this could limit the potential for the second quarter to be a positive catalyst, Kupferberg said.
The analyst recognized concerns around U.S. GPV growth and SMB but noted they have been over-discounted.
Block&#8217;s increased focus on profitability now enables investors to value the stock on adjusted operating income and/or GAAP EPS, which should help put a floor in shares, the analyst said.
Kupferberg noted Block is undervalued, and its high-quality business model is underappreciated.
The analyst projected 2024 revenue and EPS of $24.35 billion and $3.02.
Price Action: SQ shares are down 5.32% at $68.0. at the last check on Thursday.
Photo by Sergei Elagin courtesy: Shutterstock

Media

PYPL

Block's Cash App to Exit UK Market, Stock Drops

Citigroup analyst Ben Gerlinger maintains Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Buy and raises the price target from $93 to $113.

PNFP

Citigroup Maintains Buy on Pinnacle Finl Partners, Raises Price Target to $113

Investors with a lot of money to spend have taken a bullish stance on Jumia Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with JMIA, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 8 uncommon options trades for Jumia Technologies.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 37%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $153,775, and 4 are calls, for a total amount of $327,950.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $13.0 for Jumia Technologies during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Jumia Technologies's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Jumia Technologies's substantial trades, within a strike price spectrum from $10.0 to $13.0 over the preceding 30 days.
<h3>Jumia Technologies Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330180_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>JMIA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$3.2</td>
<td>$2.95</td>
<td>$3.1</td>
<td>$13.00</td>
<td>$247.6K</td>
<td>177</td>
<td style="text-align: right;">11</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$0.6</td>
<td>$0.5</td>
<td>$0.5</td>
<td>$12.00</td>
<td>$59.1K</td>
<td>4.0K</td>
<td style="text-align: right;">169</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$1.05</td>
<td>$1.0</td>
<td>$1.0</td>
<td>$12.00</td>
<td>$37.9K</td>
<td>1.9K</td>
<td style="text-align: right;">420</td>
</tr>
<tr>
<td>JMIA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.4</td>
<td>$2.25</td>
<td>$2.4</td>
<td>$12.00</td>
<td>$28.5K</td>
<td>0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$0.8</td>
<td>$0.75</td>
<td>$0.75</td>
<td>$12.00</td>
<td>$28.5K</td>
<td>1.9K</td>
<td style="text-align: right;">802</td>
</tr>
</tbody>
</table>

<h3>About Jumia Technologies</h3>
Jumia Technologies AG is the pan-African e-commerce platform. The company's platform consists of a marketplace, which connects sellers with consumers. Its logistics service enables the shipment and delivery of packages from sellers to consumers, and the company's payment service facilitates transactions among participants active on its platform in selected markets. Jumia generates revenue from Sales of goods, Commissions, Fulfillment, Value-added services, and Marketing &amp; Advertising. Its geographical segments are West Africa, North Africa, East &amp; South Africa, Europe, and United Arab Emirates. The firm generates majority of its revenue from the West Africa segment.
In light of the recent options history for Jumia Technologies, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Jumia Technologies's Current Market Status</h3>
<ul>
<li>With a volume of 6,012,266, the price of JMIA is up 2.74% at $12.77. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 26 days.</li>
</ul>
<h3>What Analysts Are Saying About Jumia Technologies</h3>
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $14.0.
<ul>
<li>An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $14. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Jumia Technologies, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

JMIA

A Closer Look at Jumia Technologies's Options Market Dynamics

High-rolling investors have positioned themselves bullish on ZIM Integrated Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ZIM often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for ZIM Integrated Shipping. This is not a typical pattern.
The sentiment among these major traders is split, with 55% bullish and 33% bearish. Among all the options we identified, there was one put, amounting to $37,386, and 8 calls, totaling $376,635.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $17.5 for ZIM Integrated Shipping over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ZIM Integrated Shipping's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ZIM Integrated Shipping's whale trades within a strike price range from $10.0 to $17.5 in the last 30 days. 
<h3>ZIM Integrated Shipping Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330175_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$7.35</td>
<td>$6.85</td>
<td>$7.09</td>
<td>$12.50</td>
<td>$70.9K</td>
<td>6.6K</td>
<td style="text-align: right;">15</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$6.7</td>
<td>$6.7</td>
<td>$6.7</td>
<td>$11.00</td>
<td>$67.0K</td>
<td>1.6K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$9.0</td>
<td>$7.1</td>
<td>$7.85</td>
<td>$10.00</td>
<td>$51.0K</td>
<td>1.1K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$7.85</td>
<td>$7.7</td>
<td>$7.85</td>
<td>$10.00</td>
<td>$47.1K</td>
<td>223</td>
<td style="text-align: right;">51</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$6.95</td>
<td>$6.85</td>
<td>$6.95</td>
<td>$11.00</td>
<td>$45.1K</td>
<td>1.2K</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>

<h3>About ZIM Integrated Shipping</h3>
ZIM Integrated Shipping Services Ltd is an asset-light container liner shipping company. It offers tailored services, including land transportation and logistical services, specialized shipping solutions, including the transportation of out-of-gauge cargo, refrigerated cargo, and dangerous and hazardous cargo. Its services include Cargo Services, Digital Services, Schedules, and Shipping Trades and Lines. Geographically, it derives a majority of its revenue from the Pacific trade region.
After a thorough review of the options trading surrounding ZIM Integrated Shipping, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Where Is ZIM Integrated Shipping Standing Right Now?</h3>
<ul>
<li>With a volume of 2,634,223, the price of ZIM is down -2.15% at $17.52. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 27 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ZIM Integrated Shipping with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Smart Money Is Betting Big In ZIM Options

High-rolling investors have positioned themselves bullish on McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in MCD often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 25 options trades for McDonald's. This is not a typical pattern.
The sentiment among these major traders is split, with 56% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $27,784, and 24 calls, totaling $1,520,655.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $135.0 to $265.0 for McDonald's over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for McDonald's's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of McDonald's's whale trades within a strike price range from $135.0 to $265.0 in the last 30 days. 
<h3>McDonald's 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330170_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$8.55</td>
<td>$8.5</td>
<td>$8.5</td>
<td>$260.00</td>
<td>$312.8K</td>
<td>2.0K</td>
<td>1.2K</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$8.0</td>
<td>$7.95</td>
<td>$7.95</td>
<td>$260.00</td>
<td>$160.6K</td>
<td>2.0K</td>
<td>701</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$7.8</td>
<td>$7.7</td>
<td>$7.75</td>
<td>$260.00</td>
<td>$103.0K</td>
<td>2.0K</td>
<td>903</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$36.9</td>
<td>$36.8</td>
<td>$36.9</td>
<td>$250.00</td>
<td>$81.1K</td>
<td>279</td>
<td>22</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$47.5</td>
<td>$46.1</td>
<td>$46.25</td>
<td>$220.00</td>
<td>$74.0K</td>
<td>56</td>
<td>0</td>
</tr>
</tbody>
</table>

<h3>About McDonald's</h3>
McDonald's is the largest restaurant owner-operator in the world, with 2023 system sales of $130 billion across nearly than 42,000 stores and 115 markets. McDonald's pioneered the franchise model, building its footprint through partnerships with independent restaurant franchisees and master franchise partners around the globe. The firm earns roughly 60% of its revenue from franchise royalty fees and lease payments, with most of the remainder coming from company-operated stores across its three core segments: the United States, internationally operated markets, and international developmental/licensed markets.
Having examined the options trading patterns of McDonald's, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>McDonald's's Current Market Status</h3>
<ul>
<li>With a volume of 2,122,892, the price of MCD is down -1.15% at $258.0. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 11 days.</li>
</ul>
<h3>What Analysts Are Saying About McDonald's</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $292.0.
<ul>
<li>An analyst from TD Cowen persists with their Buy rating on McDonald's, maintaining a target price of $285. </li>
<li>An analyst from Guggenheim has decided to maintain their Buy rating on McDonald's, which currently sits at a price target of $280. </li>
<li>Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for McDonald's, targeting a price of $300. </li>
<li>An analyst from Truist Securities has decided to maintain their Buy rating on McDonald's, which currently sits at a price target of $300. </li>
<li>An analyst from Deutsche Bank persists with their Buy rating on McDonald's, maintaining a target price of $295. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest McDonald's options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

McDonald's Unusual Options Activity

Morgan Stanley analyst Adam Jonas reiterates Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Overweight and maintains $310 price target.

TSLA

Morgan Stanley Reiterates Overweight on Tesla, Maintains $310 Price Target

SMAR

Smartsheet shares are trading higher following a report suggesting the company is working with Qatalyst partners to field takeover interest.

Smartsheet Working With Qatalyst Partners To Field Takeover Interest

Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) shares are trading higher today after the company reported better-than-expected second-quarter EPS results yesterday.
The company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details" rel="noreferrer noopener"> Net Interest Income (NII) of $3.524 billion</a>.
RBC Capital Markets analyst Jon G. Arfstrom says the stock&#8217;s performance (<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener">Sector Perform, with a $140 price target</a>) is likely to be influenced primarily by the pending merger with Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), with the expectation that the acquisition <a target="_blank" href="https://www.benzinga.com/news/24/07/39827834/why-capital-one-stock-is-climbing" rel="noreferrer noopener">will eventually be completed</a>.
Concurrently, Discover is progressing independently by addressing regulatory and compliance issues, simplifying operations focused on core consumer banking and everyday card products, divesting student lending, and achieving peak<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener"> credit costs, writes the analyst</a>.
Arfstrom anticipates these strategic actions to position the company well as it moves forward in the year.
The company now projects an FY24 margin of 11.1% to 11.4%, up from 10.7% to 11.0% previously, with the student loan sale expected to boost the NIM by around 10 basis <a target="_blank" href="https://s23.q4cdn.com/669804705/files/doc_financials/2024/q2/Second-Quarter-2024-Earnings-Presentation.pdf" rel="noreferrer noopener">points</a>.
The analyst anticipates management will narrow the guidance range further as 2024 progresses. Additionally, the buyback remains on hold due to the pending merger.
Seperately, the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39813634/discover-financial-services-announces-agreement-to-sell-private-student-loan-portfolio" rel="noreferrer noopener">disclosed a deal to sell its $10.1 billion</a> private student loan portfolio to investment vehicles managed by The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), with servicing to be handled by Firstmark Services, a division of Nelnet, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>).
The portfolio is set to be sold for approximately $10.8 billion, reflecting a premium of around $700 million or about 7%, says the analyst.
Arfstrom writes that the robust premium on the portfolio reflects its high quality and attractiveness, aligning with management&#8217;s expectations upon announcing the business exit several quarters ago.
Investors can gain exposure to the stock via&nbsp;BlackRock ETF Trust BlackRock Future Financial And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BPAY#NYSE">BPAY</a>) and&nbsp;Amplify ETF Trust Amplify Mobile Payments ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPAY#NYSE">IPAY</a>).
Price Action: DFS shares are up 0.28% at $141.81 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Large Cap

BlackRock ETF Trust BlackRock Future Financial and Technology ETF

BPAY

IPAY

Analyst Expects Discover Financial To Further Narrow FY24 Guidance This Year: Details

Blackstone&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure reflects a decline of 3.2% from the prior-year quarter.
Shares of the company lost 1.5% in the pre-market trading. However, a full day&#39;s trading session will depict a clearer picture.
Results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and improvement in the assets under management balance were tailwinds.
Net income attributable to Blackstone was $444.4 million compared with $601.3 million in the year-ago quarter.
<h3>Segment Revenues Improve, GAAP Expenses Rise</h3>
Total segment revenues were $2.52 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $2.80 billion, down marginally year over year.
Total expenses (GAAP basis) were $1.63 billion, up 10.7% year over year.
As of Jun 30, 2024, Blackstone had $8.7 billion in total cash, cash equivalents and corporate treasury investments, and $17.7 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
<h3>AUM Rises</h3>
Fee-earning AUM grew 11% year over year to $808.7 billion as of Jun 30, 2024.
The total AUM amounted to $1.08 trillion as of the same date, up 7% year over year. The rise in total AUM was primarily driven by $39.4 billion in inflows in the reported quarter.
As of Jun 30, 2024, the undrawn capital available for investment was $181 billion.
<h3>Our Take</h3>
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
<div class="chart_embed">
<h3>Blackstone Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Blackstone Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/1a/1721305539.png" style="height:265px; width:584px" title="" />
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #4 (Sell).
</div>
<h3>Performance &amp; Earnings Release Date of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed solid improvement driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Invesco (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ivz#NYSE">IVZ</a>) is scheduled to announce second-quarter 2024 numbers on Jul 23.
Over the past month, the Zacks Consensus Estimate for IVZ&#39;s quarterly earnings has been unchanged at 41 cents. Also, the figure implies a jump of 32.3% from the prior-year reported number.
<a href="https://www.zacks.com/stock/news/2304334/blackstone-bx-q2-earnings-miss-stock-dips-as-costs-rise?cid=CS-BENZ-FT-analyst_blog|earnings_article-2304334">To read this article on Zacks.com click here.</a>

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments

Amcor

News

Latest news for Amcor (OTC:AMCCF) Stock