Latest news for ANGLE (OTC:ANPCF) Stock

ANGLE PLC is active in the healthcare sector in the United Kingdom. The Company's principal trading activity is undertaken in relation to the development and commercialization of the Parsortix cell separation system, with deployment in liquid biopsy that is non-invasive cancer diagnostics. It is a medical diagnostic company specializing in the development of pioneering products in cancer diagnostics. Its patented Parsortix technology can potentially treat and diagnose various forms of cancer. The Parsortix system can capture and harvest CTCs from patient blood. Its geographical segments include Europe and North America, of which the majority of its revenue is generated from Europe.

ANGLE PLC

Roth MKM analyst Philip Shen reiterates Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) with a Buy and maintains $140 price target.

News

Price Target

Reiteration

Analyst Ratings

ENPH

Roth MKM Reiterates Buy on Enphase Energy, Maintains $140 Price Target

WIIM

AMAT

ASML

AVGO

INTC

KLAC

LRCX

MPWR

MRVL

NVDA

QCOM

Shares of semiconductor stocks are trading lower amid recent earnings in the sector and concerns over potential China restrictions.

Loop Capital analyst Alton Stump maintains Crown Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) with a Buy and raises the price target from $106 to $120.

Loop Capital Maintains Buy on Crown Holdings, Raises Price Target to $120

Benchmark analyst Nathan Martin reiterates Canadian National Railway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) with a Hold.

Benchmark Reiterates Hold on Canadian National Railway

Roth MKM analyst Rohit Kulkarni maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Buy and raises the price target from $202 to $206.

GOOG

GOOGL

Roth MKM Maintains Buy on Alphabet, Raises Price Target to $206

Loop Capital analyst Mark Schappel maintains Manhattan Associates (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) with a Buy and raises the price target from $250 to $265.

MANH

Loop Capital Maintains Buy on Manhattan Associates, Raises Price Target to $265

The parent company of well-known non-fungible token collection Pudgy Penguins has raised $11 million from investors including Founders Fund to help launch a consumer-focused blockchain for the <a href="https://www.benzinga.com/crypto">mass adoption of cryptocurrency.</a>
What Happened: Since <a href="https://www.benzinga.com/markets/cryptocurrency/22/04/26449887/pudgy-penguins-founders-sell-control-how-new-leadership-is-boosting-the-floor-price">being acquired by</a> Luca Netz for 750 Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) in 2022, Pudgy Penguins has emerged as a leading NFT collection, with its consumer products now available in major retailers worldwide.
The company has launched plushies, keychains, blind bags and more inside the likes of Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) and on Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
Now the attention of Igloo Inc, the parent company of Pudgy Penguins, turns to establishing Cube Labs and developing Abstract.
Igloo <a href="https://www.prnewswire.com/news-releases/igloo-inc-raises-11m-from-founders-fund-to-contribute-to-new-consumer-focused-blockchain-abstract-302204197.html">announced </a>Tuesday that it raised $11 million in a funding round led by Peter Thiel's Founders Fund. Additional investors included Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital.
The new funding round will help accelerate the development of Abstract, a blockchain designed to power consumer apps and drive the mass adoption of crypto.
"Abstract will open up a new world of possibilities for crypto-native developers and global brands – in turn creating the dominant crypto consumer platform," Abstract co-investor and Cube Labs CEO Michael Lee said. "We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play."
The announcement said Abstract is built to lead the consumer crypto revolution and bring billions of people onchain for the first time. Abstract's technology is said to make the process of developing decentralized apps cheaper and easier.
Abstract was co-invented by blockchain entrepreneurs Michael Lee, Luca Netz and Lorenzo Melendez and engineered by web3 developers Cygaar, 0xbeans, and stinkypablo.
"My work has always centered around creating a web3 ecosystem that enables new ways for brands to interact directly with their consumer base," Igloo Inc CEO Luca Netz said. "Our vision is to change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds. We are excited to drive the consumer crypto revolution forward."
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35787692/exclusive-pudgy-penguins-the-next-chapter-in-the-ultimate-web3-comeback-story">EXCLUSIVE: Pudgy Penguins — The Next Chapter In The Ultimate Web3 Comeback Story</a>
Why It's Important: While the NFT sector has faced pressure over the last year, Pudgy Penguins has remained one of the most talked about names in crypto and has crossed over into the mainstream.
The company's consumer products and GIFs created from the Penguins NFTs, which have been viewed over 25 billion times, have put the brand in front of millions of people that don't realize the crypto-native founding of the company.
Several Founders Fund partners hit on this notion with comments in the press release and on social media.
"Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand," Founders Fund partner Joey Krug said.
Krug, who sports a Pudgy Penguin as his profile picture on X, joined Founders Fund in 2023.
"Abstract is built for everyone – not just cryptonatives – and we're extremely happy to be supporting them on this journey."
In a <a href="https://x.com/joeykrug/status/1815820982793441722">thread </a>on X, Krug said Pudgy Penguins has a negative customer acquisition cost (CAC).
"The reason is whenever someone buys a Pudgy Penguin in stores like Walmart and Target, Igloo Inc actually makes money on those sales, and it's basically a way to not only not pay for users, but actually acquire users profitably."
Krug said the company's products are also a fun way to onboard people to crypto with their first interaction.
The Founders Fund partner called Netz "one of the best marketers on the planet."
"Doing our first main investment in a project in the NFT space, but I believe over the next year Luca will continue to take this more and more mainstream such that it no longer feels that way."
Founders Fund associate Bridget Harris <a href="https://x.com/bridge__harris/status/1815807254857408668">shared </a>on X that Pudgy Penguins has the best distribution edge she's seen in the crypto space.
"They've created the most lovable brand in crypto by far – one that appeals to everyone, not just cryptonatives," Harris said.
Harris said the consumer crypto revolution to bring the masses onchain is similar to Netscape's mission to bring the world online. She said Pudgy, Igloo and Abstract aim to bring the masses onchain.
The investment in Igloo Inc now sits alongside past and current <a href="https://foundersfund.com/portfolio/">investments </a>made by Founders Fund that include SpaceX, Palantir, Stripe, Neuralink, OpenAI, The Boring Company and Polymarket.
Pudgy Penguins characters were used in an <a href="https://x.com/vaneck_us/status/1815736230832750704">advertisement </a>from VanEck to promote its recently launched VanEck Ethereum ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ETHV#BATS">ETHV</a>).
The Pudgy Penguins NFTs currently have a floor <a href="https://opensea.io/collection/pudgypenguins">price </a>of 11.19 Ethereum, or around $38,730.16.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29895821/exclusive-why-luca-netz-fell-in-love-with-pudgy-penguins-whats-next-for-nfts">EXCLUSIVE: Why Luca Netz Fell In Love With Pudgy Penguins, What&#8217;s Next For NFTs</a></li>
</ul>
Photo by Pratya Jankong courtesy Benzinga.

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

Cryptocurrency

Financing

$ETH

AMZN

ETHV

FIVE

Peter Thiel, Founders Fund Lead $11M Investment In Pudgy Penguins Parent Company: 'Excited to Drive the Consumer Crypto Revolution Forward'

Benchmark analyst Cody Acree reiterates Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) with a Buy and maintains $230 price target.

Benchmark Reiterates Buy on Texas Instruments, Maintains $230 Price Target

Loop Capital analyst Ananda Baruah maintains Seagate Tech Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) with a Buy and raises the price target from $105 to $135.

Loop Capital Maintains Buy on Seagate Tech Hldgs, Raises Price Target to $135

Roth MKM analyst Jason Wittes maintains Mind Medicine (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNMD#NASDAQ">MNMD</a>) with a Buy and maintains $36 price target.

MNMD

Roth MKM Maintains Buy on Mind Medicine, Maintains $36 Price Target

Trading Ideas

BLMZ

BloomZ Shares Resume Trade

Luxury carmaker Ferrari is stepping on the gas when it comes to cryptocurrency, announcing plans to extend its <a href="https://www.benzinga.com/24/07/39753235/following-coinbase-and-stripe-deal-fiat-to-crypto-payments-players-see-big-future">crypto payment scheme</a> to European dealerships by the end of July.
What Happened: The Italian automaker is catering to its tech-savvy clientele by offering Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) as payment options for its high-end vehicles. 
This follows a successful launch in the United States last year, according to Reuters.
Interestingly, Ferrari isn&#8217;t the first blue-chip company to embrace crypto – but it is certainly one of the most high-profile.
&#8220;We&#8217;re shifting gears to meet the evolving needs of our discerning clientele,&#8221; said a Ferrari spokesperson. &#8220;The enthusiastic response in the U.S. has paved the way for this European expansion.&#8221;
The program, set to roll out by the end of the month, will allow affluent car enthusiasts to purchase their dream vehicles using select cryptocurrencies. 
Ferrari plans to further accelerate this initiative, aiming to implement the payment option across its global network by the close of 2024, wherever crypto transactions are legally permitted.
While many blue-chip companies have kept their distance from the volatile world of cryptocurrencies, Ferrari&#8217;s decision to embrace digital assets sets it apart in the luxury market. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39929556/ethereum-etfs-shine-on-day-1-with-107m-net-inflows-but-what-about-the-bitcoin-etfs">Ethereum ETFs Shine On Day 1 With $107M Net Inflows — But What About The Bitcoin ETFs?</a>
Why It Matters: The move comes as a response to growing demand from its wealthy customer base, who increasingly view cryptocurrencies as a viable payment method for high-value transactions.
&#8220;Our clients are at the forefront of financial innovation,&#8221; the spokesperson added. &#8220;We&#8217;re simply aligning our services with their preferences.&#8221;
To navigate the complexities of crypto transactions, Ferrari had previously partnered with cryptocurrency payment processor BitPay for its U.S. operations. 
This collaboration allowed for transactions in Bitcoin, Ether and USDC, while protecting dealers from market fluctuations by immediately converting crypto payments into traditional currency.
However, the company has yet to disclose details about potential partnerships or specific cryptocurrencies accepted for its European expansion. 
The success of this program could potentially influence other luxury brands to follow suit, despite ongoing concerns about cryptocurrency&#8217;s environmental impact and regulatory uncertainties.
This development highlights the growing intersection between traditional luxury markets and the world of digital assets, a topic that&#8217;s sure to be a key point of discussion at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39915620/ethereum-may-be-headed-for-a-sell-off-after-etfs-launched-10x-research">Ethereum May Be Headed For A Sell-Off After ETFs Launched: 10x Research</a></li>
</ul>
Image: Shutterstock

$BTC

$USDC

Ferrari Revs Up Crypto Payments In Europe, Expanding On US Success

Marijuana rescheduling could have significant implications for truckers, commercial drivers, pilots and other federally regulated transit workers in safety-sensitive positions. That's according to the National Transportation Safety Board (NTSB), which warned on Tuesday that the proposed DEA move to reclassify marijuana from Schedule I to Schedule III could "imperil federally required drug testing," for such workers.
Why?
The NTSB <a href="https://www.ntsb.gov/news/press-releases/Pages/NR20240723.aspx">said</a> the move would ban federally required testing of safety-sensitive transportation employees for cannabis use as laboratories certified by the Department of Health and Human Services (HHS) for such testing are not authorized to test for Schedule III controlled substances.
The agency pushed the DEA to "ensure that any final rule to reschedule marijuana does not compromise marijuana testing under DOT [Dept. of Transportation] and HHS procedures applicable to safety-sensitive transportation employees," including airline pilots, airline maintenance workers, bus and truck drivers, locomotive engineers, subway train operators, ship captains, pipeline operators, personnel transporting hazardous materials and air traffic controllers, to name a few.
Read Also: <a href="https://www.benzinga.com/government/23/01/30336589/wa-bill-to-protect-workers-off-the-clock-marijuana-use-personal-weed-cultivation-in-mo-more-reg-upda">WA Bill To Protect Workers&#8217; Off-The-Clock Marijuana Use, Personal Weed Cultivation In MO &amp; More Reg Updates</a>
Furthermore, the NTSB emphasized the marijuana rescheduling process needs to take into account that marijuana testing needs to be a part of re-employment, random, reasonable suspicion, and post-accident drug testing to avoid a safety "blind spot."
"Removal of marijuana testing from DOT and HHS drug testing panels for safety-sensitive transportation employees would remove a layer of safety oversight that employers have been managing for decades, and it would prevent DOT and HHS drug testing from acting as a deterrent to marijuana use by those employees," the NTSB said. "Additionally, the NTSB would no longer have DOT and federal workplace marijuana test results as evidence in our investigations."
Meanwhile, U.S. Transportation Secretary Pete Buttigieg recently <a href="https://www.benzinga.com/markets/cannabis/24/06/39555376/truck-drivers-will-still-be-tested-for-marijuana-regardless-of-cannabis-rescheduling-says-transp">said</a> that President Joe Biden&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/05/38880719/biden-announces-monumental-marijuana-rescheduling-doj-to-take-next-steps">proposal to reschedule marijuana</a> from Schedule I to Schedule III would not change drug testing policies for commercial trucker drivers.
Before that, the American Trucking Associations warned the Biden administration&#8217;s anticipated move to recategorize marijuana will likely lead to more truck crashes <a href="https://www.benzinga.com/markets/cannabis/24/05/38886452/ata-red-flags-dojs-proposed-marijuana-policy-change">unless safeguards are put in place.</a>
Read Next
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/01/30415723/alcohol-and-marijuana-are-primary-substances-detected-in-drivers-ntsb-report-finds">Alcohol And Marijuana Are Primary Substances Detected In Drivers, NTSB Report Finds</a></li>
</ul>
To learn more about cannabis regulation, come, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

Government

Regulations

Politics

Marijuana Rescheduling Could Create A Safety 'Blind Spot' In Drug Testing For Airline Pilots And Truck Drivers, Says Gov Agency

Maxim Group analyst Michael Diana downgrades AGNC Investment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGNC#NASDAQ">AGNC</a>) from Buy to Hold.

Downgrades

AGNC

Maxim Group Downgrades AGNC Investment to Hold

International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) will release its fiscal third quarter 2024 financial results, after the closing bell on <a href="https://www.benzinga.com/quote/ibm/earnings">Wednesday, July 24</a>.
Analysts expect the Armonk, New York-based company to report quarterly earnings at $2.19 per share, up from $2.18 per share in the year-ago period. IBM is expected to post revenue of $15.62 billion, compared to $15.57 billion a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 17, IBM disclosed securing a five-year contract with $26 million in initial funding from the U.S. Agency for International Development (USAID).
IBM shares slipped 0.03% to close at $184.10 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/IBM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Exane BNP Paribas analyst Stefan Slowinski initiated coverage on the stock with an Underperform rating and a price target of $145 on May 2. This analyst has an accuracy rate of 74%.</li>
<li>Morgan Stanley analyst Erik Woodring maintained an Equal-Weight rating and cut the price target from $186 to $179 on April 26. This analyst has an accuracy rate of 65%.</li>
<li>JP Morgan analyst Brian Essex maintained a Neutral rating and cut the price target from $190 to $185 on April 25. This analyst has an accuracy rate of 66%.</li>
<li>BMO Capital analyst Keith Bachman maintained a Market Perform rating and cut the price target from $210 to $190 on April 25. This analyst has an accuracy rate of 80%.</li>
<li>Jefferies analyst Brent Thill maintained a Hold rating and cut the price target from $210 to $190 on April 25. This analyst has an accuracy rate of 79%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/04/38268727/top-4-tech-stocks-you-may-want-to-dump-in-april">Top 4 Tech Stocks You May Want To Dump In April</a></li>
</ul>

Earnings

Markets

IBM Gears Up For Q2 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Oppenheimer analyst Tyler Batory maintains PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) with a Outperform and raises the price target from $143 to $151.

Oppenheimer Maintains Outperform on PulteGroup, Raises Price Target to $151

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is partnering with Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) to leverage<a href="https://www.benzinga.com/pressreleases/24/07/n39929572/microsoft-and-lumen-technologies-partner-to-power-the-future-of-ai-and-enable-digital-transformati" target="_blank" rel="noreferrer noopener"> Microsoft Cloud for Lumen&#8217;s digital transformation</a>.
What Happened: The Redmond, Washington-based tech giant selected Lumen to enhance network capacity and support increased demand at its AI-driven datacenters.
Lumen&#8217;s Private Connectivity Fabric provides dedicated fiber access and advanced digital services, enhancing connectivity and capacity for Microsoft&#8217;s datacenters to meet growing data demands.
Lumen is transforming its operations by adopting Microsoft&#8217;s cloud and AI technologies to cut costs, eliminate legacy systems, enhance offerings, and develop new solutions.
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/39935377/fiber-optic-company-amphenol-hikes-dividend-as-sales-jump-18">Fiber Optic Company Amphenol Hikes Dividend As Sales Jump 18%</a>
Why It Matters: Migrating to Microsoft Azure and using Microsoft Entra should enhance Lumen&#8217;s customer experience. The company also expects an increase in cash flow by over $20 million in the next year.
Erin Chapple, Microsoft corporate vice president of Azure Core Product and Design, said Lumen has the network infrastructure and &#8220;digital capabilities&#8221; needed to help support Azure&#8217;s mission.
Lumen expects to release second quarter <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">2024 results on Aug. 6, 2024</a>.
Invesco Exchange-Traded Fund Trust II Invesco S&amp;P SmallCap 600 Investors can gain exposure to the stock via Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWJ#NYSE">RWJ</a>) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRBO#NYSE">IRBO</a>)
Price Action: LUMN shares are up 5.36% at $1.5700 at the last check Wednesday.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/personal-finance/24/07/39935076/warren-buffett-says-inflation-is-never-gone-its-always-in-remission-its-something-that-is-human-">Warren Buffett Says &#8216;Inflation Is Never Gone It&#8217;s Always In Remission. It&#8217;s Something That Is Human-Made And Governments Can Create&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Large Cap

Contracts

IRBO

LUMN

MSFT

Microsoft, Lumen Collaborate On AI-Driven Datacenter Expansion

New Gold Inc. ("New Gold" or the "Company") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#TSX">NGD</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)&nbsp;deeply regrets that early this morning, July 24th, 2024, an employee operating a piece of equipment in the open pit was fatally injured at the Rainy River Mine in northwestern Ontario.
The health, safety and wellbeing of our employees is our top priority. The Company is working closely with local authorities and an investigation is underway. Operations have been voluntarily suspended. The thoughts of management are with the family, friends and colleagues who have been impacted by this tragic incident.

TSX:NGD

New Gold Reports On July 24th, 2024, An Employee Operating A Piece Of Equipment In The Open Pit Was Fatally Injured At The Rainy River Mine In Northwestern Ontario

Leerink Partners maintains HCA Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) with a Outperform and raises the price target from $367 to $396.

Leerink Partners Maintains Outperform on HCA Healthcare, Raises Price Target to $396

On Tuesday after market close, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) reported its second quarter results, missing earnings expectations. Upon the disappointing results, Tesla shares fell more than 8% during premarket trading on Wednesday, pulling down the shares of its rivals, Rivian Automotive Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>), Lucid Group Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lcid#NASDAQ">LCID</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), Nio Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) and XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>).
<h3>Second Quarter Highlights</h3>
For the quarter that ended on June 30th, Tesla reported its&nbsp;automotive revenue dropped 7% YoY to $19.9 billion, marking its&nbsp;second straight quarter of YoY sales declines&nbsp;and&nbsp;&nbsp;first-ever consecutive quarters of declining sales volume.&nbsp;
Tesla responded to slowing demand and rising competition, especially in China, by slashing pricess through discounts and offered incenctives. These initatives took a toll on the adjusted earnings margin that also declined. Overall revenue grew 2% YoY to $25.5 billion as energy generation and storage revenue doubled from 2023&rsquo;s comparable quarter and nearly doubled from first quarter&rsquo;s figure, coming in at $3.014 billion.&nbsp;June quarter&rsquo;s adjusted income plummeted as much as 43% YoY to $1.8 billion or 52 cents a share.&nbsp;
Although Tesla&nbsp;remains the top EV seller in the U.S. by a long mile, but is losing market share to a growing number of rivals due in part to its aging portfolio of sedans and SUVs. Tesla claims its troubled Cybertruck was the best-seling electric pickup in the U.S. during the reported quarter.&nbsp;
But during the earnings call, Musk confirmed Tesla will be bringing its affordable EV to life during the first half of 2025. Musk emphasized robotaxis during the earnings calls, stating he would be shocked if Tesla doesn&rsquo;t make the first robotaxi ride next year but also acknowledging his track record of overly optimistic predictions. Tesla&rsquo;s flamboyant CEO envisions a future of Tesla owners being able to authorize their EV to&nbsp;&nbsp;be used as part of a self-riding ride-hailing service.&nbsp;Details on fully-automated robotaxis will not be released in August as previously planned but on October 10th. Tesla still needs to overcome&nbsp;regulatory and technical issues&nbsp;before offering robotoxis without drivers, but Musk stated that&nbsp;the extra time provided with the event&rsquo;s delay would also allow the EV maker to showcase &quot;a few other things&rdquo;, without going into more details about what they would be. Tesla also put a hold on its $5 billion Mexico auto facility plans and will decide whether to proceed after the November presidential election. Musk is a firm supporter of Donald Trump and he believes that Trump&rsquo;s presidency would be devastating to Tesla&rsquo;s rivals.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Penny Stocks

Tech

General

BYDDY

LCID

RIVN

TSLA

XPEV

Tesla's Q2 Results Show The EV King Is Under Pressure

Press Releases

Angle PLC Announces Potential Utility in Precision Oncology

Angle PLC Announces Parsortix at European Breast Cancer Conference

Legal

Angle PLC Announces Parsortix HER2 Assay Showcased at AACR 2024

Angle PLC Announces US and EU Patents for Innovative CellKeep(TM) Slide

Angle PLC Announces Preliminary Results

Angle PLC Announces Parsortix and Assays being Showcased at EACR 2024

Angle PLC Announces Posting of 2023 Annual Report & Notice of the AGM

Angle PLC Announces Result of 2024 Annual General Meeting

Angle PLC Announces Standard Form for Notification of Major Holdings

ANPCF

ANPCY

ANGLE

Under the agreement, ANGLE will develop a novel methodology for CTC micronuclei detection based on its existing pKAP1 CTC-based DDR assay, which measures expression of a key protein in the DNA damage response. Assay development will take place in ANGLE&#39;s laboratories in Guildford, UK, and follows the Company&#39;s development and launch of two highly sensitive and specific DDR assays in 2023. The 6-month development phase is worth an initial &pound;150,000 to ANGLE.

Angle Inks New Commercial Agreement With AstraZeneca to Enhance DNA Damage Response Detection

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Wednesday, April 24, 2024