Latest news for Anacomp (OTC:ANMP) Stock

Anacomp Inc is a document and records management company. Anacomp offers document digitization, unstructured data analytics, records management services, and document classification and data extraction. The company provides these solutions to federal government agencies and commercial customers.

Anacomp Inc

Social media stocks Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) and Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) were among high-profile public listings in March and their fortunes have diverged. Here&#8217;s a rundown on how the shares have fared since their listings vis-a-vis fundamentals and what lies ahead.
TMTG&#8217;s Roller-Coaster Ride: TMTG, the parent of the Truth Social platform, is owned by Republican presidential candidate Donald Trump, and the company completed a long-delayed merger with the SPAC Digital World Acquisition Corp on March 25. The shares of the company began trading on the Nasdaq on March 26. 
Ahead of the listing, the shares of the SPAC jumped about 35% on March 25 amid the confirmation of the combination. On its debut session as a public company, the stock moved in a range of $57.25-$79.38 before settling up 16% at $57.99. From the post-listing high, the stock declined steadily and hit an intraday low of $22.55 on April 16. The stock lock-stepped with the news flow concerning Trump, who faced multiple lawsuits and is navigating through a tight presidential race with President Joe Biden.
Also weighing down on the stock are concerns about its overvalued nature vis-a-vis fundamentals. Truth Social was struggling to grow its user base against established rivals. Data from Similarweb showed that U.S. daily visits to Truth Social&nbsp;fell 21% month-over-month in May, CNBC <a href="https://www.cnbc.com/2024/05/24/truth-social-traffic-trump-media-djt-data.html#:~:text=Truth%20Social%20also%20faces%20two,%2C%20TikTok%2C%20Reddit%20and%20Pinterest.">reported.</a> The average number of monthly visits over the past year plunged 39% to 4 million for the period from May 2023 to April 2024 versus the prior 12-month period.
The company&#8217;s maiden quarterly report as a public entity released in late May showed a net loss of $327.9 million for the March quarter.
Although the stock staged a recovery from the mid-April lows and went past the $53 level by the end of May, it began to head lower subsequently. It picked up some momentum this week after the odds of a Trump victory improved after a failed assassination attempt aimed at Trump.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1.jpeg" alt="" class="wp-image-439961" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Source: Benzinga
See Also: <a href="https://www.benzinga.com/money/best-social-media-stocks">Best Social Media Stocks</a>
Reddit Rides AI Wave: Compared to TMTG, Reddit has had fairly smooth sailing following its March 21 listing. The San Francisco, California-based social-media company had to price its offering at $34 per share, giving it an IPO valuation of $6.5 billion, marking a discount from the $10 billion at which it was valued at a 2021 private fundraising round.
The stock opened the debut session at $47, rose to an intra-day high of $57.80 and closed at $50.44. The stock reached a post-IPO high of $74.90 in three sessions, before beginning to lose steam. After bottoming at $37.35 on April 18, the stock has embarked on an uptrend, hitting a high of $76.73 last Friday. 
The most recent run in the stock is due to its exposure to the hot-and-happening artificial intelligence technology. The Alexis Ohanian co-founded company announced a partnership with OpenAI that will allow the social network&#8217;s content to be made available for the latter to train its ChatGPT products. The agreement also provided for Reddit to add AI features to its communities.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1.jpeg" alt="" class="wp-image-439960" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Source: Benzigna
What&#8217;s Next: TMTG&#8217;s fortunes are closely tied to Trump&#8217;s political fortunes. The tide turned in his favor after the first presidential debate and the weekend rally shooting and the <a href="https://www.benzinga.com/markets/equities/24/07/39767334/trump-media-technology-djt-surges-over-60-pre-market-whats-driving-the-rally">stock skyrocketed on Monday.</a> Since then, he has suffered a setback as he announced Sen. J.D. Vance (R-Ohio) as his running mate.
Trump has a majority 64.9% stake in TMTG thanks to the 114.7 million shares he owns in the company. The lock-up period for shares held by insiders expires in September. Around that time, if insiders choose to flood the market, the stock could see some downside. All said and done, investors should brace for considerable volatility in the run-up to the Nov. 5 election. A Trump victory could provide a boost to the shares and give it an extended run but if he fails to win a second term, the way ahead could be bleak.
On the other hand, Reddit is positioned relatively better than TMTG in terms of fundamentals. Needham analyst Laura Martin raised the price target for the stock in mid-June, lifting it from $63 to $75. She also kept the company in the firm&#8217;s &#8220;Conviction List&#8221; stock pick.
&#8220;RDDT&#8217;s core advertising fundamentals and user adds are exceeding our prior estimates, and its operating costs are growing more slowly than our prior estimates,&#8221; Martin said. Data licensing revenues, with 85% margins, have nearly doubled since Needham&#8217;s initiation report, the analyst said. This will likely add to Reddit&#8217;s revenues and free cash flow, beginning in the third quarter, she added.
Martin expects additional data-licensing deals to be announced in the second half of the year and 2025.
The average analysts&#8217; price target for Reddit, based on data compiled by TipRanks, is $63, suggesting a downside potential of over 10%. More details could be forthcoming when Reddit announces its second-quarter results on Aug. 6.
TMTG shares ended Tuesday&#8217;s session down 9.09% at $36.89, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data,</a> while Reddit fell 3.48% to $70.44.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/05/38683061/reddit-shares-soar-on-first-post-ipo-q1-results-strong-q2-guidance">Reddit Shares Soar On First Post-IPO Q1 Results, Strong Q2 Guidance</a></li>
</ul>
Image Via Shutterstock

Analyst Color

Equities

News

Trading Ideas

RDDT

Reddit (RDDT) Vs. Trump's DJT: How 2 High-Profile Social Media Stocks Have Fared Since March Listings

A North Korean diplomat and his family, under Kim Jong Un&#8216;s regime, have defected from Cuba to South Korea. This is the first defection of its kind in five years, occurring against a backdrop of growing challenges for ordinary North Koreans attempting to flee their country.
What Happened: Ri Il Kyu, a counselor of political affairs for North Korea in Havana, made the move to South Korea in November, as confirmed by Seoul&#8217;s intelligence agency, <a href="https://www.wsj.com/world/asia/a-north-korean-diplomat-managed-a-rare-defection-a-flight-out-of-cuba-2117a715?mod=hp_lead_pos5">reported</a> The Wall Street Journal. 
Ri, who had been working at the North Korean embassy in Cuba, expressed his disillusionment with the political system of North Korea. He, along with his wife and children, boarded a plane to South Korea without informing his family of their destination.
Defections by North Korean elites have been on the rise, while ordinary citizens find it increasingly difficult to flee. The pandemic led to a significant decrease in defections, with only 196 North Koreans fleeing the country in 2023, compared to 1,047 in 2019, according to the report.
Ri told the Korean newspaper that the deaths of his parents and in-laws in Pyongyang influenced his decision to flee. When North Koreans defect, the regime frequently retaliates against their families, either by holding them hostage or sending them to prison camps.
Tae Yong-ho, a former North Korean diplomat who defected to South Korea in 2016, extended a welcome to Ri in a Facebook post, describing him as a &#8220;Cuba expert&#8221; trusted by Kim. &#8220;North Korean diplomats will keep defecting,&#8221; he stated in the post.
See Also: <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Warns South Korea &#8216;Must Be Ready For Paying A Very High Price&#8217;Over Leafleting Campaign</a>
Before Ri&#8217;s defection, the last known defection of North Korean officials stationed abroad was in 2019. The North Korean government has sealed its border with China, making escape even more challenging.
Why It Matters: The defection comes at a time of heightened tensions on the Korean Peninsula. North Korea has been <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp">escalating its threats</a> against South Korea over a leafleting campaign by its civilians. This has led to the suspension of a 2018 tension-reduction deal by South Korea, further straining relations.
Meanwhile, the United States and South Korea have <a href="https://www.benzinga.com/news/24/07/39748786/kim-jong-uns-rising-threats-prompt-us-south-korea-joint-nuclear-deterrence-guidelines">signed joint nuclear deterrence guidelines</a> in response to North Korea&#8217;s escalating nuclear threats. This move aims to strengthen the alliance between the two countries and enhance their comprehensive cooperation.
North Korea has also made a significant shift in its international relations by <a href="https://www.benzinga.com/news/24/07/39689352/kim-jong-uns-north-korea-switches-to-russian-satellite-from-china-for-tv-broadcasts-experts-say-it-s">switching to a Russian satellite</a> for its state television broadcasts. This move is seen as a symbolic representation of the country&#8217;s diminishing dependence on China.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39768877/anthony-scaramucci-warns-bidens-path-to-presidency-winds-down-with-loss-in-any-of-these-3-key-battle?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Warns Biden&#8217;s Path To Presidency Winds Down With Loss In Any Of These 3 Key Battleground States: &#8216;Donald Trump Is…Framing The Narrative And Whether You Like It Or Not&#8217;</a></li>
</ul>
Image 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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Global

Kim Jong Un's 'Cuba Expert' Fled North Korean Regime, Ends Up In South Korea

Gogoro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GGR#NASDAQ">GGR</a>), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced it has been certified to launch its battery swapping and Smartscooters in&nbsp;Singapore&nbsp;and plans to launch with its exclusive distribution partner, Cycle &amp; Carriage (C&amp;C) in&nbsp;Q4&nbsp;2024. Cycle &amp; Carriage (C&amp;C) also announced a partnership with Shell Recharge to launch battery swapping GoStations at Shell service stations in the&nbsp;Singapore&nbsp;market.
<a href="https://mma.prnewswire.com/media/2463227/Cycle_and_Carriage.html" target="_blank"><img alt="Gogoro Announces Exclusive Distribution Partnership with Cycle &amp; Carriage in Singapore; Plans For Commercial Battery Swapping and Smartscooter Availability in Q4 2024" src="https://mma.prnewswire.com/media/2463227/Cycle_and_Carriage.jpg" /></a>
&quot;After working closely with&nbsp;Singapore&#39;s&nbsp;Land Transport Authority (LTA) to secure a permit to launch our battery swapping platform in&nbsp;Singapore, I am pleased to announce that Gogoro is now certified to operate in&nbsp;Singapore. This certification is a testament to how safe, smart, reliable and eco-friendly Gogoro battery swapping is,&quot;&nbsp;said&nbsp;Horace Luke, founder and CEO of Gogoro.&nbsp;&quot;Gogoro, Cycle &amp; Carriage and foodpanda have been participating in a pilot that has demonstrated incredible success and we look forward to transitioning to commercial operations soon. We are looking forward to providing a seamless path for riders to adopt sustainable electric transportation in&nbsp;Singapore.&quot;
&quot;While battery swapping technology and two-wheel electric vehicles are relatively new in&nbsp;Singapore, our partnership with Gogoro will accelerate the growth,&quot;&nbsp;said&nbsp;Wilfrid Foo, Managing Director of Cycle &amp; Carriage Singapore.&nbsp;&quot;The positive feedback from foodpanda riders and valuable data gained from the sandbox pilot have given us confidence to commercialise Gogoro in&nbsp;Singapore. We believe that this is a viable green mobility solution for&nbsp;Singapore.&quot;&nbsp;
Gogoro Battery-Swapping and Smartscooter Pilot Results
Announced in&nbsp;March 2023, Gogoro and C&amp;C partnered with foodpanda, a leading food delivery platform, to trial Gogoro&#39;s Smartscooters and battery-swapping platform to gain insights in sustainable mobility solutions in&nbsp;Singapore. The pilot, which is slated to be completed by&nbsp;September 2024, has received positive feedback on the performance of the Smartscooters with high satisfaction scores for their speed, lack of heat, silent ride, and minimal vibrations. It has also been observed that battery swaps are quick and convenient, completed in less than one minute. The riders are also pleased with the all-inclusive leasing package and aftersales support offered by C&amp;C. On average, each rider accumulated approximately 2,200km per month and performed up to two battery swaps per day. Each battery swap allows the riders to travel up to 100km.
C&amp;C also announced today that they have partnered with Shell Recharge to launch Gogoro&#39;s battery swapping GoStations at Shell service stations in&nbsp;Singapore. The first Shell-based GoStation is slated for completion by&nbsp;August 2024, and more are expected at Shell stations across the city-state in the next two years.

Government

Regulations

Gogoro Partners with Cycle & Carriage to Launch Battery-Swapping Smartscooters in Singapore

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has been accused of using Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary YouTube videos to train its AI models without the creators&#8217; consent.
What Happened: Tech YouTuber Marques Brownlee, also known as MKBHD, took to social media to voice his concerns about Apple&#8217;s use of YouTube content for AI training. 
Brownlee revealed that Apple sourced data from various companies, one of which scraped data and transcripts from YouTube videos, including his own. The companies are not at fault for the scraping, but this issue is likely to persist, Brownlee noted.
&#8220;Apple technically avoids &#8220;fault&#8221; here because they&#8217;re not the ones scraping But this is going to be an evolving problem for a long time,&#8221; Brownlee wrote. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apple has sourced data for their AI from several companies One of them scraped tons of data/transcripts from YouTube videos, including mine Apple technically avoids &quot;fault&quot; here because they&#39;re not the ones scraping But this is going to be an evolving problem for a long time <a href="https://t.co/U93riaeSlY">https://t.co/U93riaeSlY</a>
&mdash; Marques Brownlee (@MKBHD) <a href="https://twitter.com/MKBHD/status/1813206956716212511?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/07/39760146/bill-gates-recalls-barack-obamas-mission-to-capture-osama-bin-laden-in-pakistan-using-fake-polio-vac?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Recalls Barack Obama&#8217;s Mission To Capture Osama bin Laden In Pakistan Using Fake Polio Vaccination Campaign: &#8216;…A Lot Of Damage Had Been Done&#8217;</a>
MKBHD wrote in another post, &#8220;Fun fact, I pay a service (by the minute) for more accurate transcriptions of my own videos, which I then upload to YouTube&#8217;s back-end. So companies that scrape transcripts are stealing paid work in more than one way. Not great.&#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">Fun fact, I pay a service (by the minute) for more accurate transcriptions of my own videos, which I then upload to YouTube&#39;s back-end. So companies that scrape transcripts are stealing &#x2A;paid&#x2A; work in more than one way. Not great.
&mdash; Marques Brownlee (@MKBHD) <a href="https://twitter.com/MKBHD/status/1813210753182163314?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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9to5Mac&#8217;s report, which Brownlee shared, disclosed that several tech giants, including Apple, trained their AI models using subtitle files downloaded by a third party from over 170,000 videos. This data included transcripts of videos from creators like Brownlee, MrBeast, PewDiePie, Stephen Colbert, John Oliver, and Jimmy Kimmel.
Proof News&nbsp;investigation <a href="https://www.proofnews.org/apple-nvidia-anthropic-used-thousands-of-swiped-youtube-videos-to-train-ai/">revealed</a> that EleutherAI&#8216;s dataset, known as the Pile, was used by major companies like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) for AI training. 
Companies pursued this practice despite YouTube's regulations prohibiting the unauthorized harvesting of materials from the platform.
Apple, Nvidia, Google, and Anthropic did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The issue of unauthorized content scraping for AI training has been a growing <a href="https://www.benzinga.com/news/24/06/39443965/openai-and-anthropic-allegedly-ignore-web-scraping-rules-stirring-controversy">concern in the tech industry</a>. Recently, OpenAI and Anthropic were reported to be ignoring web scraping rules, stirring controversy. These companies have allegedly bypassed the robots.txt protocol, which is designed to prevent automated scraping of websites.
In response to such practices, Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) recently updated its platform to block <a href="https://www.benzinga.com/markets/equities/24/06/39494776/reddit-stock-surges-nearly-9-after-announcing-new-platform-update-to-block-automated-content-scr">automated content scraping</a>. This policy change led to a nearly 9% surge in Reddit&#8217;s stock value, highlighting the market&#8217;s sensitivity to data privacy issues.
Earlier, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also faced <a href="https://www.benzinga.com/news/22/07/27968543/facebook-insta-fall-prey-to-data-scraping-indicts-chinese-company">challenges with data scraping</a>, which led to legal actions against a Chinese company. This incident underscores the widespread nature of the problem across various social media platforms.
Additionally, Elon Musk has cited AI scraping as a reason for <a href="https://www.benzinga.com/news/23/09/34505142/musk-blames-ai-scraping-for-tweet-paywalls">implementing tweet paywalls</a> on X, Inc. (formerly Twitter Inc.). Users now need an account to read tweets, and those who wish to view more than 600 posts per day must pay for Twitter Blue access.
Read Next: <a href="https://www.benzinga.com/news/24/07/39762765/apple-vision-pro-sales-fall-short-iphone-16-camera-upgrades-and-more-this-week-in-appleverse?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Vision Pro Sales Fall Short, iPhone 16 Camera Upgrades And More: This Week In Appleverse</a>
Image 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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Markets

Tech

AAPL

GOOG

GOOGL

NVDA

Apple, Nvidia, Anthropic Accused Of Using YouTube Videos To Train AI Models Without Creators' Consent: 'This Is Going to Be An Evolving Problem For A Long Time,' Says MKBHD

Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO RJ Scaringe said on Tuesday that the company spent a &#8216;lot of time&#8217; crafting its <a href="https://www.benzinga.com/news/24/07/39654281/rivian-cancels-7-day-vehicle-return-policy-urges-customers-to-do-test-drives-and-walk-arounds-instea">R1 vehicle</a> interiors, all the while focussing on its cleanability.
What Happened: &#8220;Love to see this! We spent a lot of time crafting our interiors — with special focus on clean-ability,&#8221; Scaringe wrote on X upon sharing a post of a professional detailer who named Rivian&#8217;s interiors as the best. 
&#8220;As a professional detailer for the last 10+ years, I've of course cleaned/detailed a ton of interiors. BY FAR, Rivian has the most high quality, most durable, and easy to clean interior materials out of all the cars I've ever detailed!,&#8221; Coleton Guerin, who operates Clear Detailing located in Northern Colorado, wrote. &#8220;So impressed.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Love to see this! We spent a lot of time crafting our interiors — with special focus on clean-ability. <a href="https://t.co/lCkxeZTMyS">https://t.co/lCkxeZTMyS</a>
&mdash; RJ Scaringe (@RJScaringe) <a href="https://twitter.com/RJScaringe/status/1813303231352852945?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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Guerin was referring to Rivian&#8217;s R1 interiors. The Rivian R1T truck and R1S SUV are currently the only Rivian vehicles sold to individual customers. The company is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39594501/from-volkswagen-partnership-to-trimming-costs-and-introducing-cheaper-evs-rivian-st">also developing a smaller, cheaper R2 SUV</a> which is expected to go into production in early 2026.
Why It Matters: Rivian offers two types of interiors on its R1 vehicles depending on which vehicle trim the customer has opted for; adventure and ascend. 
While Adventure trim R1 customers can opt between Black Mountain, Black Mountain with Dark Ash Wood, and Ocean Coast with Dark Ash Wood interiors, the more premium Ascend trim R1 vehicle customers can choose between Premium Black Mountain with Brown Ash Wood, Premium Ocean Coast with Driftwood and Premium Slate Sky with Walnut Wood interiors.
Rivian produced 9,612 vehicles and <a href="https://www.benzinga.com/markets/equities/24/07/39595729/why-rivian-automotive-shares-are-gaining-tuesday">delivered 13,790 vehicles</a> in the second quarter. The company is expected to announce its financial results for the quarter on Aug. 6. 
Price Action: Rivian shares closed up 2.5% at $17.94 on Tuesday but fell 0.3% after hours. The stock is down nearly 15% year-to-date, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro.</a> 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39789388/teamsters-union-considers-withholding-endorsement-for-both-trump-and-biden-after-supporting-democrat" target="_blank" rel="noreferrer noopener">Teamsters Union Considers Withholding Endorsement For Both Trump And Biden After Supporting Democrats For Decades: Report</a></li>
</ul>
Courtesy of Rivian Automotive

General

RIVN

Professional Designer Praises R1 Interiors, Rivian CEO Says Company Spent 'A Lot Of Time' Getting This Right

Pratt & Whitney, An RTX Business, Announced The Establishment Of Its New Customer Service Center In Bengaluru

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) to report quarterly earnings at $2.70 per share on revenue of $22.31 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Johnson &amp; Johnson shares gained 0.5% to $151.80 in after-hours trading.</li>
<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) issued soft second-quarter preliminary revenue estimates. The company estimated total revenue for the second quarter of 2024 to be approximately $1.28 billion, lower than previously expected primarily due to lower-than-expected non-ticket revenue. Spirit Airlines shares fell 5.1% to $3.00 in the after-hours trading session.</li>
<li>Analysts are expecting United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) to post quarterly earnings at $3.95 per share on revenue of $15.1 billion. The company will release earnings after the markets close. United Airlines shares fell 0.1% to $47.04 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a> 
<ul>
<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) reported better-than-expected second-quarter earnings, driven by robust sales in China and a surge in new bookings. ASML shares gained 0.8% to $1,077.18 in the after-hours trading session.</li>
<li>Analysts expect Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) to post quarterly earnings at $1.35 per share on revenue of $4.29 billion before the opening bell. Synchrony Financial shares fell 0.6% to $51.40 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens</a>&#8216;</li>
</ul>
Stocks Photo by Phongphan on Shutterstock

Earnings

Pre-Market Outlook

ASML

SAVE

ASML, United Airlines And 3 Other Stocks To Watch Heading Into Wednesday

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, with the index remaining in the &#8220;Greed&#8221; zone on Tuesday.
U.S. stocks closed higher on Tuesday, with the Dow Jones index surging to an all-time high and settling at a record level. Traders now <a href="https://www.benzinga.com/news/earnings/24/07/39800691/dow-rallies-to-all-time-highs-small-caps-outperform-tech-gold-hits-records-on-heightened-september-">see a 100% chance </a>that the US Federal Reserve will cut interest rates in September.
On the economic data front, U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period. Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.
UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares gained 6.5% on Tuesday following a second-quarter earnings beat. Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares climbed 5.4% after the company reported better-than-expected second-quarter results.
Most sectors on the S&amp;P 500 closed on a positive note, with materials, consumer discretionary and industrial stocks recording the biggest gains on Tuesday. However, communication services and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 743 points to 40,954.48 on Tuesday. The S&amp;P 500 rose 0.64% at 5,667.20, while the Nasdaq Composite climbed 0.20% at 18,509.34 during Tuesday's session.
Investors are awaiting earnings results from Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) and Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 63.7, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 63.3.
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: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens&#8217;</a></li>
</ul>
Image Via Shutterstock

Earnings Beats

Dow Jones Closes At Record High As Traders Turn Bullish Amid Hopes Of Fed Cutting Rates In September

Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is scheduled to release its financial results for the second quarter, before the op<a href="https://www.benzinga.com/quote/ALLY/earnings">ening bell on Wednesday, July 17.</a>
Analysts expect the Detroit, Michigan-based company to report quarterly earnings at 64 cents per share, down from 96 cents per share in the year-ago period. Ally Financial expects to post revenue of $2.03 billion. It posted $2.08 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On April 18, Ally Financial reported better-than-expected first-quarter financial results.
Ally Financial shares gained 1.6% to close at $44.46 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/ALLY/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>JP Morgan analyst Richard Shane upgraded the stock from Underweight to Neutral and raised the price target from $39 to $45 on July 8. This analyst has an accuracy rate of 64%.</li>
<li>Deutsche Bank analyst Meng Jiao maintained a Buy rating and cut the price target from $51 to $50 on July 1. This analyst has an accuracy rate of 61%.</li>
<li>Citigroup analyst Keith Horowitz initiated coverage on the stock with a Buy rating and a price target of $50 on June 24. This analyst has an accuracy rate of 79%.</li>
<li>BMO Capital analyst James Fotheringham maintained a Market Perform rating and raised the price target from $36 to $37 on April 19. This analyst has an accuracy rate of 72%.</li>
<li>Wells Fargo analyst Donald Fandetti maintained an Underweight rating and increased the price target from $29 to $33 on April 10. This analyst has an accuracy rate of 69%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens</a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">&#8216;</a></li>
</ul>

ALLY

Top Wall Street Forecasters Revamp Ally Financial Expectations Ahead Of Q2 Earnings

VEON Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VEON#NASDAQ">VEON</a>, Euronext Amsterdam: VEON)))), a global digital operator that provides converged connectivity and online services, announces that its wholly owned subsidiary Kyivstar continues to invest in resilient connectivity for Ukraine, with plans to deploy and additional 848 industrial generators and 61,766 batteries to enable service continuity during the extended blackouts caused by attacks on Ukraine&#39;s energy infrastructure.
From the outset of the war, resilience has been a major focus of Kyivstar&#39;s strategy to maintain crucial communication services and safeguard digital operations. Kyivstar has deployed 2,322 generators and 115,000 four-hour duration batteries at base stations to provide backup power during blackouts. Today&#39;s announcement that Kyivstar plans to deploy an additional 848 stationary industrial generators and 61,766 new batteries is a further investment building on the earlier efforts to support the business continuity of the operator&#39;s network. &nbsp;
&quot;Energy resilience and preparedness against blackouts have been at the centre of our investment priorities since the end of 2022. Consistent and significant investment of over USD 24 million over the last two years has helped us improve energy resilience. However, the changing nature of threats to Ukraine&#39;s energy infrastructure and extended blackouts now necessitate a reinforcement in our strategy. This second wave of focus on energy resilience will enable Kyivstar to support critical connectivity with even further resources dedicated to energy resilience,&quot;&nbsp;explains Oleksandr Komarov, CEO of Kyivstar.
The power backup systems will be deployed throughout the country, including at critical facilities that require at least three days of generating capacity in the event of a comprehensive power outage.
VEON and Kyivstar, which was recently named Ukraine&#39;s largest foreign investor in 2022 and 2023 by Forbes Ukraine, announced their commitment to invest USD 1 billion in Ukraine over a five-year period from 2023 to 2027 at the Ukraine Recovery Conference in Belin. Kyivstar was recognised at MWC 2024 with the GSMA&#39;s Global Mobile Award for &quot;Best Mobile Innovation Supporting Emergency or Humanitarian Situations&quot; for its Network Resilience Project that has overcome significant challenges to keep Ukraine connected through voice, data and digital services.

VEON

VEON's Kyivstar Boosts Ukraine's Connectivity with New Generators and Batteries

Global financial technology leader&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fisglobal.com%2F&amp;esheet=54095119&amp;newsitemid=20240717649418&amp;lan=en-US&amp;anchor=FIS&amp;index=1&amp;md5=888a4a94552344d0d18923433f7c58d7">FIS</a>&reg;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>) has launched its new automated matching and execution platform for securities finance trades in the UK.
The Securities Finance Matching Platform uses smart automated matching technology to facilitate secure, scalable and cost-effective straight-through processing of securities finance trades. The innovative cloud-native solution seeks to bolster resilience by providing a brand-new enhanced route to market that mitigates single-point-of-failure risk.
Why Securities Finance Matching Platform Matters
With increasing volumes and tightening margins in the securities finance market, higher levels of automation are crucial for both lenders and borrowers of all sizes, who are looking to drive down costs and increase efficiency.
FIS&#39; new Securities Finance Matching Platform aims to address these challenges by delivering the most economic match swiftly, accurately, and securely. The automated solution identifies the best-match scenario by automating the evaluation of multiple factors involved in securities trading including fee or rebate rate, capital requirements, transaction and reporting costs, as well as counter-party trading patterns.
These enhanced capabilities seek to help customers to achieve the greatest possible depth and liquidity in the market, all while enhancing risk management by mitigating single-point-of-failure risk.
Nasser Khodri, Head of Capital Markets, FIS said: &quot;In an industry where margins are tightening and market volumes are increasing, efficiency and automation have become paramount. Lenders and borrowers have been searching for a service provider that can offer superior, automated matching services, reducing manual intervention for the most economical outcome. FIS&#39; new solution, coupled with our scale and industry expertise, will be transformative in securities lending, and by unlocking financial technology to the world we will be helping these financial institutions to reduce costs, minimize risks, and enhance returns.&quot;
The solution, the newest component of the&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fisglobal.com%2Fproducts%2Ffis-securities-finance-trading-and-collateral-platform&amp;esheet=54095119&amp;newsitemid=20240717649418&amp;lan=en-US&amp;anchor=FIS+Securities+Finance+and+Collateral+Management&amp;index=2&amp;md5=49b4feb1d509b08bfae64b549588ea3e">FIS Securities Finance and Collateral Management</a>&nbsp;product suite, is swiftly gaining interest among financial institutions, with many UK clients expected to come on board in the coming months. Non-UK institutions will be able to join the Platform with the planned expansion into EU and U.S. markets, pending additional regulatory approvals.

FIS Launches Automated Matching Platform for Securities Finance Trades in UK

<ul>
<li>6E10 combined with local prophylaxis selected for Phase 3 pivotal trials, with a favorable safety profile and potential best-in-class product profile at 26 weeks</li>
<li>Efficacy:&nbsp;76%&nbsp;of 6E10 patients were injection free, with maintained visual acuity and fluid control</li>
<li>Safety:&nbsp;100%&nbsp;of 6E10 difluprednate-alone patients had no or minimal inflammation, and none received corticosteroids for treatment of inflammation beyond the scheduled prophylaxis</li>
<li>Patient Preference Survey:&nbsp;88%&nbsp;of patients indicated a preference for Ixo-vec over their prior anti-VEGF injections, and&nbsp;93%&nbsp;would opt to receive Ixo-vec in the other eye</li>
<li>Efficacy and safety with 6E10 at 26-weeks similar to or better than in OPTIC at 2E11, where clinical benefit was demonstrated beyond 3 years</li>
<li>LUNA 9-month landmark analysis and pivotal trial design update anticipated in 4Q 2024</li>
</ul>

ADVM

Adverum Biotechnologies Reveals 26-Week Interim Analysis Results Of Ixo-vec From LUNA Phase 2 Trial At 2024 ASRS Annual Meeting

Reported Earlier, Walker & Dunlop Arranges $167M Sale Of Millennium PQ, Second Largest Single-Asset Sale In California For 2024

TRIN

Reported Earlier, Trinity Capital Prices Underwritten Public Offering Of $100M 7.875% Notes Due 2029

Reported Earlier, ImmunoPrecise Secures Up To $3M Financing Agreement With Yorkville Advisors Global, LP For Convertible Debentures

ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), the leading supplier of equipment to computer chip manufacturers, has <a href="https://www.benzinga.com/markets/equities/24/07/39786895/asml-expected-to-beat-estimates-with-over-5b-in-orders-during-q2-thanks-to-rising-ai-chip-demand">exceeded second-quarter earnings forecasts</a>, driven by robust sales in China and a surge in new bookings.
What Happened: The Dutch company <a href="https://www.asml.com/en/news/press-releases/2024/q2-2024-financial-results-80ef70c80ffb6d2a">reported</a> a second-quarter net income of 1.6 billion euros ($1.75 billion) on revenues of 6.2 billion euros ($6.77 billion), surpassing analysts&#8217; expectations of 1.41 billion euros on revenue of 6.04 billion euros, Reuters reported on Wednesday. 
The new bookings for the quarter stood at 5.6 billion euros ($6.11 billion), a significant increase from the 3.6 billion euros in the first quarter of 2024.
Christophe Fouquet, the new CEO, described 2024 as a &#8220;transition year,&#8221; with the company&#8217;s performance expected to remain flat as it gears up for a strong 2025. He attributed the industry&#8217;s recovery and growth to significant advancements in AI.
Despite the impressive figures, the second-quarter numbers were lower than the same period in the previous year, when net income was 1.94 billion euros and sales were 6.90 billion euros.
Analysts had <a href="https://www.benzinga.com/markets/equities/24/07/39786895/asml-expected-to-beat-estimates-with-over-5b-in-orders-during-q2-thanks-to-rising-ai-chip-demand">anticipated ASML to exceed estimates</a> with over 5 billion euros in orders during second quarter, thanks to the escalating demand for AI chips, as noted by Kevin Wang, an analyst at Mihuzo.
The surge in new orders is primarily fueled by strong demand from leading chip manufacturers, including Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), which produces chips for NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39764702/bitcoin-ethereum-dogecoin-recover-as-market-reacts-positively-to-trump-escaping-assassinat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Recover As Market Reacts Positively To Trump Escaping Assassination Attempt: : Analyst Predicts King Crypto&#8217;s Pullback Before Rise To $63.8K</a>
Why It Matters: The strong performance comes amid escalating tensions in the U.S.-China chip war. The Eindhoven University of Technology, a <a href="https://www.benzinga.com/news/24/07/39793205/asml-backed-university-finds-itself-caught-in-the-middle-of-us-china-chips-war">significant talent source</a> for ASML, has come under increasing scrutiny from the U.S. due to its large number of Chinese students.
Earlier this year, under U.S. pressure, the Dutch government imposed restrictions on exports of ASML's immersion DUV lithography machines to China. Despite these restrictions, ASML has managed to secure substantial orders, driven by the rising demand for AI chips. 
Additionally, the U.S. has been pressuring its allies, including Japan and the Netherlands, to tighten export controls on chipmaking equipment to China. This move is part of a broader strategy to <a href="https://www.benzinga.com/markets/equities/24/06/39396293/us-pressures-japan-and-netherlands-to-tighten-chip-equipment-exports-to-china-report">prevent China from acquiring advanced semiconductor technology</a> that could enhance its military capabilities.
Price Action: ASML stock closed at $1,068.19, up 0.43% on Tuesday. In after-hours trading, the stock rose by an additional 0.27%. Year to date, ASML&#8217;s stock has increased by 49.00%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39770159/why-tesla-shares-are-shooting-up-in-premarket?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Tesla Shares Are Shooting Up In Premarket</a></li>
</ul>
Image 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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

ASML Beats Q2 Earnings Expectations With Strong China Sales, AI Chip Demand

Macro Economic Events

Econ #s

Economics

U.K. Consumer Prices Index Including Owner Occupiers' Housing Costs (YoY) 2.8% Vs. 2.8% Prior

USI is delighted to announce the official opening of its new Tonala Site in a grand ceremony on&nbsp;July 16th. The ceremony was attended by prominent guests, including&nbsp;Roberto Arechederra&nbsp;as&nbsp;Jalisco&nbsp;Governor&#39;s Rep and Economic Minister of the state,&nbsp;Sergio Chavez Mayor&nbsp;of Tonala Municipality; Alfonso Olvera Economic minister of Tonal&aacute; and&nbsp;Guillermo del Rio, Index Chamber President

Reported Earlier, ASE Technology's USI Expands Global Footprint With Completion Of Tonala Site In Mexico

Expands the company&#39;s lineup of greenhouse gas-free products, helping to achieve carbon neutrality

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