Budweiser Brewing Co APAC Stock (OTC: BDWBY)

Latest news for Budweiser Brewing Co APAC (OTC:BDWBY) Stock

Budweiser APAC is the largest brewer in Asia by retail sales value and the second largest by volume, according to Euromonitor. After 10% of the business was listed on the Hong Kong exchange in 2019, parent company Anheuser-Busch InBev owns close to 90% of the company's equity.Budweiser APAC's largest markets are China (roughly 80% of 2023 revenue), South Korea (12%), and India (6%). The remaining 2% comprises Japan, New Zealand, and other export markets in the Asia-Pacific region. The company predominantly produces, imports, markets, distributes, and sells a portfolio of more than 50 beer brands, both owned and licensed, including global brands Budweiser, Stella Artois, and Corona along with multicountry brands and local brands such as Hoegaarden, Cass, and Harbin.

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BUDWEISER BRWNG UNSP/ADR by BUDWEISER BREWING CO APAC LTD.

BDWBY

Key Takeaways:


	Budweiser APAC’s first-quarter revenues slipped 0.4% and profits fell 3.4%, sagging from elevated levels a year earlier and dampened by bad weather
	Market watchers say earnings may pick up in the second half, stimulated by events such as the Paris Olympics, but rivalry in the premium beer business is heating up




Slump From Post-Covid High Leaves Budweiser APAC With Earnings Hangover

Budweiser Brewing Co APAC Ltd

The <a href="https://www.benzinga.com/news/24/07/39855896/how-to-fix-crowdstrike-issue-causing-blue-screen-of-death-on-your-windows-pc">global tech outage</a> continues to wreak havoc on U.S. air travel, with over 2,500 flights canceled for the third consecutive day, leading to thousands of passengers stranded.
What Happened: On Sunday, about 1,700 flights within, into, or out of the U.S. were canceled, and over 9,000&nbsp;flights were delayed, according to&nbsp;FlightAware.com. Delta Air Lines&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) accounted for over 1,000 of these cancellations. 
The airline attributed the cancellations and delays to &#8220;an outside vendor technology issue&#8221; and offered travel vouchers, waivers, and SkyMiles Program miles to some affected customers, <a href="https://edition.cnn.com/2024/07/21/us/tech-outage-flight-cancellations-united-delta-airlines/index.html">reported</a> CNN.
Delta CEO, Ed Bastian, assured customers that the airline is working to restore operations. &#8220;Canceling&nbsp;a flight is always a last resort, and something we&nbsp;don't take lightly,&#8221; Bastian said.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39870321/tesla-ceo-elon-musk-blasts-satya-nadella-after-microsoft-crowdstrike-issue-takes-down-millions-of-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Blasts Satya Nadella After Microsoft-CrowdStrike Issue Takes Down Millions Of Computers Globally: &#8216;This Gave A Seizure To The Automotive Supply Chain&#8217;</a>
Major airlines, including&nbsp;United Airlines&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and&nbsp;American Airlines&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), have reported service restoration, but further delays and disruptions are expected, the report noted.
Delta has suspended&nbsp;unaccompanied minor travel until Wednesday&nbsp;due to the outage.&nbsp;The U.S. Department of Transportation&nbsp;has deemed the flight delays and cancellations &#8220;controllable&#8221; and &#8220;attributable to the airline,&#8221; requiring airlines to&nbsp;adhere to their customer service&nbsp;commitments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The tech outage, caused by&nbsp;a flawed software update for&nbsp;Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Windows operating systems issued&nbsp;by CrowdStrike,&nbsp;affected an <a href="https://www.benzinga.com/news/24/07/39873706/crowdstrike-outage-impacted-less-than-1-of-windows-devices-but-still-managed-to-wreak-havoc-report">estimated 8.5 million&nbsp;devices worldwide</a>.
The issue disrupted services across various sectors, including&nbsp;businesses, government agencies, health and&nbsp;emergency services, banks, schools, and universities.
Despite CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) CEO George Kurtz&#8217;s apology and assurance of a deployed fix, experts predict a lengthy recovery process. 
This incident has resulted in a significant decline in CrowdStrike&#8217;s stock price and has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39858714/crowdstrike-shares-trim-heavy-losses-as-microsoft-announces-resolution-of-global-te">deemed a &#8220;major black eye&#8221;</a> for the cybersecurity firm.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

Media

CRWD

MSFT

Crowdstrike Update For Microsoft Windows Continues To Cause Chaos, Thousands of US Flights Canceled For Third Straight Day

Presidential candidate Robert F. Kennedy Jr. has expressed his views on the Democratic party&#8217;s strategy to keep former President Donald Trump out of office, suggesting a return to their core values.
What Happened: On Tuesday, Kennedy shared a tweet hinting at the Democrats&#8217; need to revisit their fundamental principles if they truly wish to prevent Trump from returning to the presidency. This comes in the wake of President Joe Biden&#8217;s decision <a href="https://www.benzinga.com/news/24/07/39874197/who-could-possibly-succeed-biden-following-his-exit-from-the-presidential-race-here-are-7-names-to-l">not to seek re-election</a>.
<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">If the Democrats REALLY want to keep President Trump out of office&#8230;. But that would only happen if they returned to their core values. <a href="https://t.co/534IcvZNxh">https://t.co/534IcvZNxh</a>
&mdash; Robert F. Kennedy Jr (@RobertKennedyJr) <a href="https://twitter.com/RobertKennedyJr/status/1815173715618865426?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Kennedy shared a tweet from the journalist Paul Bond, who stated that few were conducting head-to-head polls beyond Biden vs. Trump, but that was about to change. He noted that a rare Zogby poll from 10 days ago showed Trump at 51% versus Kamala Harris at 49%, and RFK Jr. at 57% versus Trump at 43%. He mentioned that head-to-head polls featuring Trump against Gavin Newsom, Gretchen Whitmer, and others were still to come. See Also: <a href="https://www.benzinga.com/news/24/07/39854007/trump-says-he-will-end-the-electric-vehicle-mandate-on-day-one-days-after-tesla-ceo-elon-musks-endor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says He Will &#8216;End The Electric Vehicle Mandate On Day One&#8217; Days After Tesla CEO Elon Musk&#8217;s Endorsement, Says UAW Chief Should Be &#8216;Fired Immediately&#8217;</a></figcaption></figure>
Why It Matters: Kennedy&#8217;s tweet comes at a time when his own campaign is facing <a href="https://www.benzinga.com/markets/equities/24/07/39871966/kennedys-campaign-still-in-the-red-despite-running-mate-shanahans-2-5m-boost-will-he-exit-the-pr">financial hurdles</a>, despite a $2.5 million boost from running mate Nicole Shanahan.
Notably, Newsom publicly endorsed Vice President Kamala Harris for the upcoming presidential race, praising her as "tough," "fearless," and "tenacious." Despite President Biden's endorsement, other notable figures like Nancy Pelosi and Hakeem Jeffries had not yet endorsed Harris.
Meanwhile, Trump was <a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">quick to attack</a> Biden following his decision, stating that Biden &#8220;was not fit to run for President, and is certainly not fit to serve.&#8221;
Photo via Shutterstock
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

Robert Kennedy Jr. Has Advice For Democrats If They Want To Keep Trump Out Of Office After Biden Drops Out: 'Would Only Happen If…'

The odds of President Joe Biden finishing his tenure dropped dramatically on a cryptocurrency-based prediction market as the 81-year-old <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">announced withdrawal from the 2024 presidential race</a>.
What Happened: Polymarket, touted as the world's largest prediction market, <a href="https://polymarket.com/event/will-biden-complete-his-term-as-president?tid=1721609212850">saw </a>odds of Biden completing the rest of his term dip from 75% to 68% in the last 24 hours.
The odds were stacked in Biden's favor until June 27, with over 90% chance of finishing the tenure. However, the <a href="https://www.benzinga.com/news/24/07/39655190/biden-vs-trump-debate-performance-hurts-president-but-this-factor-could-still-keep-him-in-contention">below-par performance by the incumbent</a> during the debate, caused cryptocurrency bettors to go the other way.
Meanwhile, despite Biden's endorsement of Vice President Kamala Harris as the Democratic nominee, the odds of Republican challenger Donald Trump winning the elections remained broadly unchanged in the last 24 hours at 64%.
At the time of writing, Harris' odds of victory stood at 30%.
Launched in 2020, Polymarket is a decentralized prediction market that allows users to bet on major global events using cryptocurrencies. The platform has rapidly emerged as one of the world's top prediction markets for U.S. elections. However, it currently does not allow users based in the U.S. to place trades based on its predictions.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39871849/analyst-predicts-bitcoin-to-soar-by-83-but-theres-one-major-catch-were-going-to-get-that-c">Analyst Predicts Bitcoin To Soar By 83%, But There&#8217;s One Major Catch: &#8216;We&#8217;re Going To Get That Continuation As Long As &#8230;&#8217;</a>
Why It Matters: Biden's decision follows weeks of speculation <a href="https://www.benzinga.com/24/07/39829417/biden-gets-covid-19-takes-a-fiesty-dig-at-tesla-ceo-im-sick-of-elon-musk-and-his-rich-buddies-trying">about his health</a> and the capacity to campaign effectively against Trump. A poor performance at the presidential debate brought these concerns to the forefront of political conversation.
Cryptocurrency bettors have been betting against Biden for quite some time, and even before the formal announcement, the odds of him pulling out of the race soared.
Donald Trump's candidacy, to the contrary, has gained support from cryptocurrency enthusiasts due to his newfound interest in the asset class, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39239552/trump-declares-himself-crypto-president-after-raising-12m-at-vc-hosted-san-francisco-fundr">even positioning himself as the "crypto president."</a>
Price Action: At the time of writing, the coin themed around Joe Biden, JEO BODEN (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BODEN</a>) was trading at $0.008428, following a free fall of 60% in the last 24 hours, according to<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.."> data from Benzinga Pro</a>.
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Cryptocurrency

$BODEN

Biden's Odds Of Finishing Term Drop Sharply On Crypto Prediction Market, Coin Themed After President Bleeds 60%

Former President Donald Trump questioned President Joe Biden&#8217;s withdrawal from the 2024 presidential race, suggesting the Republican Party should be compensated for the sudden change.
What Happened: On Sunday, Trump expressed his views on <a href="https://truthsocial.com/@realDonaldTrump/posts/112826696160137948">Truth Social</a>, following Biden&#8217;s unexpected decision to withdraw from the presidential race. Truth Social is majorly owned by the ex-president&#8217;s company Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>).
Trump accused a wide range of people of fraud, including his successor, and asked for compensation for the Republican Party.
&#8220;Now we have to start all over again. Shouldn't the Republican Party be reimbursed for fraud in that everybody around Joe, including his doctors and the Fake News Media, knew he was not capable of running for, or being, President?&#8221;
Trump&#8217;s comments came after Biden announced his decision to step down from the race, stating it was in the best interest of his party and the country. Biden endorsed Vice President Kamala Harris as the <a href="https://www.benzinga.com/news/24/07/39874088/biden-backs-harris-for-democratic-nominee-after-bowing-out-of-2024-race-i-want-to-offer-my-full-supp">Democratic nominee</a>, expressing his full support for her.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39870083/black-swan-investor-says-greatest-bubble-in-human-history-is-on-the-verge-of-bursting-calls-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Black-Swan Investor Says &#8216;Greatest Bubble In Human History&#8217; Is On The Verge Of Bursting, Calls Stocks &#8216;Mega-Tinderbox-Time Bomb&#8217;</a>
Why It Matters: Biden&#8217;s withdrawal from the race has stirred up the political landscape. His decision followed growing pressure from colleagues in the Democratic party and big-name fundraisers. Biden, who had been recovering from COVID-19, stated he would focus solely on fulfilling his duties as President for the remainder of his term.
Trump&#8217;s comments reflect his <a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">ongoing criticism</a> of Biden&#8217;s presidency. He has previously denounced Biden on his platform, stating that Biden &#8220;only attained the position of President by lies, Fake News, and not leaving his Basement.&#8221;
Image via Shutterstock
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Wants Republicans Reimbursed After Biden Quits: 'We Have To Start All Over Again'

Gavin Newsom, the Governor of California, has publicly endorsed Vice President Kamala Harris for the upcoming presidential race.
What Happened: Newsom voiced his support for Harris on social media, praising her as &#8220;tough&#8221;, &#8220;fearless&#8221;, and &#8220;tenacious&#8221;. He further emphasized that Harris is the ideal candidate to counter Donald Trump&#8217;s vision and steer the country toward a brighter future, <a href="https://thehill.com/elections/4785106-newsom-backs-harris-no-one-better-to-prosecute-case-against-trump/">reported</a> The Hill.
Harris, a former U.S. Senator from California, is seen as the party&#8217;s top choice to succeed President Biden, who recently announced he would not seek the party&#8217;s nomination at the forthcoming convention. While some Democrats are advocating for an open convention, many have immediately backed Harris, viewing her as the natural successor given her current role as Vice President.
Despite President Biden endorsing Harris&#8217;s bid, notable figures such as former House Speaker Nancy Pelosi (D-Calif) and House Minority Leader Hakeem Jeffries (D-N.Y.) have yet to do so. Newsom, a staunch Biden supporter, has previously stated he would not run for president if Biden were to exit the race.
See Also: <a href="https://www.benzinga.com/news/24/07/39852186/marco-rubio-says-if-biden-drops-out-of-race-he-should-quit-as-president-as-well-theyve-got-to-remove?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marco Rubio Says If Biden Drops Out Of Race He Should Quit As President As Well: &#8216;They&#8217;ve Got To Remove Him&#8217;</a>
Why It Matters: The endorsement comes in the wake of President Biden&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/07/39874209/joe-biden-drops-out-what-would-happen-with-cannabis-legalization-under-kamala-harris-or-donald-t">decision to withdraw</a> from the presidential race. Biden&#8217;s decision followed increased pressure from colleagues in the Democratic party and significant fundraisers.
Following Biden&#8217;s announcement, former President Trump launched an attack on Biden. Trump criticized Biden&#8217;s fitness to serve as President and blamed him for the current state of the country.
A <a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll">recent poll</a> suggested that a majority of Democrats view Harris as a suitable presidential candidate. The poll revealed that approximately 60% of Democrats believe Harris would excel in the presidential role.
With Biden&#8217;s exit, <a href="https://www.benzinga.com/news/24/07/39874197/who-could-possibly-succeed-biden-following-his-exit-from-the-presidential-race-here-are-7-names-to-l">the search</a> for a new Democratic candidate for the next presidential election has begun, as reported by Benzinga. Biden&#8217;s decision follows a less-than-stellar debate performance and increasing concerns within the Democratic party about his capacity to serve another term.
Image via Shutterstock
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Gavin Newsom Backs Kamala Harris, Calls VP Tough, Fearless And Tenacious: 'The Ideal Candidate To Counter Donald Trump'

XPeng Inc. (the &ldquo;Company&rdquo; or &ldquo;XPENG&rdquo;) and the Volkswagen Group are pleased to announce today that, further to XPENG&rsquo;s announcement dated April 17, 2024 (the &ldquo;Announcement&rdquo;) in connection with the framework agreement on technical collaboration with respect to electrical/electronic architecture (&ldquo;E/E Architecture&rdquo;), XPENG and the Volkswagen Group have entered into a Master Agreement on E/E Collaboration (&ldquo;Master Agreement&rdquo;) which solidifies both parties&rsquo; commitment to jointly develop industry-leading E/E Architecture for all locally produced vehicles based on Volkswagen&rsquo;s China Main Platform (CMP) and Modular Electric Drive Matrix (MEB) platform. The execution of the Master Agreement not only signifies the expeditious joint development of E/E Architecture in China by the parties but also paves the way for potential expansion of collaboration on E/E Architecture. Under the E/E Architecture technical collaboration, XPENG and the Volkswagen Group have established Project House in Guangzhou and Hefei for engineers from both parties to work closely together and accelerate the development process for E/E Architecture. Such close technical collaboration through Project House enables the first vehicle equipped with the jointly developed E/E Architecture to SOP (Start of Production) within approximately 24 months, demonstrating extensive trust and commitment throughout the strategic partnership of Volkswagen Group and XPENG.

VLKAF

XPEV

XPeng Announced Master Agreement On E/E Architecture Technical Collaboration With Volkswagen Group

https://www.reuters.com/world/us/all-50-democratic-party-us-state-chairs-back-harris-sources-2024-07-21/#:~:text=WASHINGTON%2C%20July%2021%20(Reuters),sources%20familiar%20with%20the%20matter.

Reuters Reported Earlier, All 50 Democratic Party US State Chairs Back Harris As Presidential Nominee

At a rally in Michigan on Saturday, former President Donald Trump distanced himself from the contentious Project 2025, <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">describing it as &#8220;far-right&#8221; and &#8220;extreme.&#8221;</a>
What Happened: Trump addressed a crowd of supporters at a Michigan MAGA rally, where he was joined by his running mate, Senator JD Vance.
During his <a href="https://www.youtube.com/watch?v=sW3gsa0OXd0">speech</a>, Trump mentioned Project 2025, a supposed &#8220;governing agenda&#8221; devised by a number of right-wing groups, including some former Trump White House officials.
Democrats have claimed that the aim of these documents is to restore executive power to Trump, should he win in future elections. The project&#8217;s objectives are said to include the reclassification of tens of thousands of federal civil service workers as political appointees.
Despite this, Trump&#8217;s campaign has consistently denied any association with the initiative. At the rally, Trump reiterated this position, informing his supporters that he doesn&#8217;t &#8220;know what the hell&#8221; Project 2025 is. He characterized it as a product of the &#8220;severe right&#8221; and labeled some of its proposals as &#8220;seriously extreme,&#8221; as reported <a href="https://www.mediaite.com/trump/dont-know-what-the-hell-it-is-trump-pleads-ignorance-on-severe-right-project-2025-dont-know-anything-about-it/">by</a> Mediaite.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
&#8220;Some on the right, severe right, came up with this Project 25 and I don't even know. I mean, some of them I know who they are, but they're very very conservative. Just like you have this sort of the opposite of the radical left. Okay? You have the radical left and you have the radical right, and they come up with this,&#8221; Trump said. 
He also said, &#8220;I don't know what the hell it is. It's Project 25. He's involved in Project 25. And then they read some of the things that they are extreme, that seriously extreme. But I don't know anything about it. I don't want to know anything about it.&#8221;
Trump defended himself against accusations of extremism and threats to democracy, declaring, &#8220;I took a bullet for democracy!&#8221;
Why It Matters: The disassociation of Trump from Project 2025 is significant in the current political landscape. The project has been a point of contention among various political factions, with Democrats viewing it as a potential threat to democracy. 
Trump&#8217;s denial of any involvement with the project may be an attempt to distance himself from the more extreme elements of his support base, while also defending his record on democratic values. 
This move could potentially impact his political standing and influence within the Republican party and among his supporters.
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Disassociates Himself From 'Extreme' Project 2025 At Michigan Rally: 'I Don't Know What The Hell It Is'

Reuters Reported VP Harris Wins Her First Delegates; Tennessee Pledges 77

Vice President Kamala Harris has emerged as the frontrunner for the Democratic presidential nomination, following President Joe Biden&#8216;s <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to step aside from the race.</a>
What Happened: Biden officially withdrew his candidacy for a second term on Sunday. This move was prompted by weeks of mounting pressure from fellow Democrats, in the wake of a lackluster debate performance against ex-President Donald Trump.
While Biden did not immediately endorse a successor in his withdrawal announcement, he later voiced his support for Harris. Betting market PredictIt now positions Harris as the likely nominee at the convention.
<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">VP Harris leading ⁦<a href="https://twitter.com/PredictIt?ref_src=twsrc%5Etfw">@PredictIt</a>⁩ but Clinton and Whitmer are on the board. Lots of time … <a href="https://t.co/o6DFhVbEDX">pic.twitter.com/o6DFhVbEDX</a>
&mdash; Brian Sullivan (@SullyCNBC) <a href="https://twitter.com/SullyCNBC/status/1815082765294915855?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Other potential nominees include former Secretary of State Hillary Clinton, California Gov. Gavin Newsom, Michigan Gov. Gretchen Whitmer, and former First Lady Michelle Obama. 
Also Read: <a href="https://www.benzinga.com/news/24/07/39874197/who-could-possibly-succeed-biden-following-his-exit-from-the-presidential-race-here-are-7-names-to-l">Who Could Possibly Succeed Biden Following His Exit From The Presidential Race? Here Are 7 Names To Look Out For.</a>
However, according to PredictIt, Harris is currently leading the race.
Why It Matters: The shift in the Democratic nomination race is significant. Harris&#8217; potential nomination would mark a historic moment, as she could become the first woman to secure a major party&#8217;s presidential nomination. Furthermore, Biden&#8217;s endorsement could potentially sway undecided voters and solidify Harris&#8217;s lead.
However, the race is far from over. With other high-profile Democrats in the running, the coming months will be crucial in determining the final nominee. 
The impact of this nomination on the Democratic party&#8217;s strategy for the upcoming election remains to be seen.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll" target="_blank" rel="noreferrer noopener">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Betting Markets Favor Kamala Harris As Top Democratic Presidential Contender

About <a href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend">14% of the S&amp;P 500 companies have reported their June quarter earnings</a> and the blended earnings growth rate for the companies constituting the broader index remains healthy. The coming week will see the official start of the tech reporting season, which could potentially decide the fate of the market, which has seen a steep pullback in the recent week.
The Week That Was: The tech earnings season had a modest start last week with the earnings report from chip-equipment maker ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>). The stock slumped about 16%, dragged by its weak third-quarter outlook and geopolitical concerns surrounding the China chip ban. Netflix, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) guidance disappointed investors, but with sell-side analysts raving over the results, the stock did not get hammered.
Investors cheered earnings reports from the remaining big banks, namely Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>). A rebound in investment banking business and strong trading revenue helped the banks shore up their topline.
Of these companies, 80% reported earnings per share above estimates compared to the five-year average of 77%, said FactSet in its latest earnings insight <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_071924.pdf">report.</a> The average upside is about 5.5%, which, however, is below the five-year average of 8.6%.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Earnings Trend: The blended earnings growth rate for the S&amp;P 500 companies for the second quarter is currently estimated at 9.7%, up from 9.1% in the previous week, FactSet noted. If the estimate is hit, the actual growth rate for the quarter will mark the highest year-over-year rate reported since the fourth quarter of 2021, it added. The second quarter will also likely mark the fourth consecutive quarter of growth.
Eight of the qq S&amp;P 500 sectors are expected to report year-over-year earnings growth, with four, namely communication services, healthcare, IT, and financials, likely reporting double-digit earnings growth. On the other hand, three sectors will likely report earnings declines, led by the materials sector.
The Week Ahead: The unfolding week will see earnings reports from 138 S&amp;P 500 companies, including seven Dow 30 components, Factset report said. The earnings slate for the week includes companies from the telecom, auto, steel, chip, homebuilding, defense, airline and tech industries.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet, Inc. (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>) are among the closely watched copmanies, given their heavy weightings in the S&amp;P 500 and the Nasdaq indices. Tesla is widely expected to report a sharp year-over-year decline in its earnings per share from 91 cents to 62 cents, while revenue may have seen a much more modest 0.80% decline to $24.73 billion. The greater impact on the bottom line comes from the price cuts that Elon Musk&#8216;s company has relied on to push volume in a challenging demand environment.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39810457/as-tesla-stock-bounces-back-fund-manager-says-elon-musk-led-company-offers-good-set">Analysts and fund managers are optimistic</a> after the company reported a deliveries beat for the quarter. They also expect an inflection in the second-half of the year.
Alphabet&#8217;s earnings are important because it is the first among the AI-levered mega-cap companies to release its quarterly results, which might set the tempo for the earnings from the rest in the space. 
The stock market took a hit last week as major indices retreated from their record highs.The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an index that tracks the performance of the Nasdaq 100 Index, ended Friday&#8217;s session down 0.89% to $475.24, according to Benzinga Pro data. The ETF is trading off its record close of $502.96 reached on July 10. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.66% on Friday before closing at $548.99.
Notable among the companies reporting this week are:
Monday
Before market open:
<ul>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</li>
</ul>
After close:
<ul>
<li>Agilysys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGYS#NASDAQ">AGYS</a>)</li>
<li>Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</li>
<li>Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>)</li>
<li>NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>)</li>
</ul>
Tuesday
Before market open:
<ul>
<li>&nbsp;Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</li>
<li>GATX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>)</li>
<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</li>
<li>General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>)</li>
<li>Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>)</li>
<li>Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>)</li>
<li>PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>)</li>
<li>Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>)</li>
<li>United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)</li>
</ul>
After close:
<ul>
<li>Alphabet</li>
<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>)</li>
<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>)</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>)</li>
<li>Tesla</li>
<li>Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</li>
<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)</li>
</ul>
Wednesday
Before market open:
<ul>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>Check Point Software Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>)</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>)</li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>)</li>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>)</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>)</li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>)</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>)</li>
</ul>
After close:
<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>)</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</li>
<li>Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>)</li>
<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>)</li>
<li>Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>)</li>
<li>Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>)</li>
<li> ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) ORLY</li>
<li>O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>)</li>
</ul>
Thursday
Before market open:
<ul>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) </li>
<li>AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>)</li>
<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)</li>
<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</li>
<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</li>
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</li>
<li>Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>)</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>)</li>
<li>STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>)</li>
<li> Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>)</li>
</ul>
After close:
<ul>
<li>SkyWest, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYW#NASDAQ">SKYW</a>)</li>
<li>Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>)</li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>)</li>
<li>Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>)</li>
<li>BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>)</li>
<li>VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>)</li>
</ul>
Friday
Before market open:
<ul>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>)</li>
<li>Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>)</li>
<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</li>
<li>Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>)</li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>)</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39857569/american-express-q2-earnings-ceo-raises-annual-profit-and-marketing-spend-outlook-after-q2-profit-b">American Express Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat</a></li>
</ul>
Photo: Shutterstock

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SPOT

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VRSN

Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally

President Joe Biden announced his <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to drop out of the presidential race</a> in a letter posted on his official <a href="https://x.com/JoeBiden/status/1815080881981190320">X account</a> Sunday after growing pressure from colleagues in the Democratic party and <a href="https://www.benzinga.com/government/24/07/39852736/exclusive-biden-victory-fund-suspends-donor-calls-pause-calling-indefinitely-as-of-tonight">big-name fundraisers</a>. The president, who has been secluded while recovering from COVID-19, said he will speak to the nation in more detail later this week, <a href="https://www.cnn.com/2024/07/21/politics/joe-biden-drops-out-election/index.html">reported</a> CNN.
"It has been the greatest honor of my life to serve as your President," Biden wrote in the letter. "And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."
<h2 class="wp-block-heading">Now What For Cannabis Legalization?</h2>
In mid-May, President Biden directed federal agencies to <a href="https://www.benzinga.com/cannabis">review the classification of marijuana</a>, aiming to reschedule it from a Schedule I to a Schedule III substance under federal law. This move followed numerous public statements, including his <a href="https://www.benzinga.com/markets/cannabis/24/03/37552483/biden-calls-for-cannabis-reform-in-state-of-the-union-a-historic-first-no-one-should-be-jailed-f">State of the Union address</a>, where he emphasized that no one should be in jail for possession of cannabis. 
With this significant step, legalization advocates might be wondering what's next.
"President Biden has taken historic steps toward ending the federal prohibition of cannabis, including starting the process to move it to Schedule III and pardoning thousands of Americans convicted of nonviolent cannabis offenses. We look forward to the current administration finalizing the rescheduling process, and we hope the next nominee will support formally ending federal cannabis prohibition,&#8221; said David Culver, senior vice president of public affairs at the U.S. Cannabis Council.
<h2 class="wp-block-heading">With Biden Out, VP Kamala Harris Would Be The Answer To The Question Of What&#8217;s Next</h2>
It&#8217;s safe to say that VP Harris has done a <a href="https://www.benzinga.com/markets/cannabis/24/03/37760731/vp-kamala-harris-urges-dea-to-reschedule-cannabis-as-quickly-as-possible-calls-prohibition-absur">total turn-around</a> on the topic of cannabis legalization as did her soon-to-be-retired boss. How could they not? After all, legalizing cannabis is among the <a href="https://www.benzinga.com/markets/cannabis/23/11/35674739/marijuana-legalization-support-hits-record-70-as-republicans-join-the-majority-shows-gallup-poll">most popular topics</a> shared by both Democrats and Republicans alike.
Harris has undergone a notable evolution in her stance on<a href="https://www.benzinga.com/general/biotech/24/03/37633391/usda-invests-10m-in-hemp-research-tribal-lands-and-bidens-hemp-biotech-initiative" target="_blank" rel="noreferrer noopener"> cannabis policy</a> since her days as a prosecutor in California enforcing marijuana criminalization to a U.S. Senator sponsoring a bill for its federal legalization. And her journey mirrors the <a href="https://www.benzinga.com/markets/cannabis/24/03/37673856/vp-harris-will-meet-rapper-fat-joe-and-others-pardoned-by-biden-for-cannabis-convictions-to-disc" target="_blank" rel="noreferrer noopener">shifting attitudes</a> toward cannabis in the United States.
On numerous occasions, especially in that past year, Harris has <a href="https://www.politico.com/news/2024/03/15/vice-president-to-hold-cannabis-roundtable-00146564" target="_blank" rel="noreferrer noopener">labeled</a> the current classification of cannabis —equivalent to heroin and considered more dangerous than fentanyl— as &#8220;absurd&#8221; and &#8220;patently unfair.&#8221;
In fact, and not to be trite, Harris learned not long ago on the <a href="https://www.benzinga.com/markets/cannabis/24/06/39212969/kamala-harris-gets-her-own-cannabis-strain-kamala-kush-whether-she-likes-it-or-not-watch-jimmy-k">Jimmy Kimmel show</a> that an Oregon-based company had created a strain after her, called "Kamala Kush." 
Harris used the opportunity to reiterate her&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38349064/biden-and-harris-join-420-celebrations-with-matching-tweets-at-4-20-pm-on-cannabis-holiday" target="_blank" rel="noreferrer noopener">newly-found stance</a>&nbsp;that marijuana users should not face jail time.
&#8220;I think we both agree that people shouldn&#8217;t have to go to jail for smoking weed. And we&#8217;ve pardoned a number of people,&#8221; said the vice president. 
In the same interview, Harris also addressed the mostly debunked &#8220;cannabis as a gateway drug&#8221; theory.
So, is cannabis legalization in good hands if VP Harris ends up sitting at the biggest table in the West Wing? Most likely&#8230;yes.
<h2 class="wp-block-heading">And If Trump Ends Up In The White House?</h2>
That&#8217;s an even bigger question as Trump has remained mum on the topic. 
In April last year, he <a href="https://www.benzinga.com/markets/cannabis/23/04/31828477/trump-insinuates-engineered-weed-and-trans-depression-are-responsible-for-mass-shootings-violenc" target="_blank" rel="noreferrer noopener">told a National Rifle Association meeting</a> that the uptick in <a href="https://www.gunviolencearchive.org/reports/mass-shooting" target="_blank" rel="noreferrer noopener">mass shootings</a> across the country was "not a gun problem" but rather that "genetically engineered" cannabis and the trans community could be at fault and should therefore be investigated.
But as Don Murphy, founder of the American Cannabis Collective who attended last week&#8217;s Republican National Convention <a href="https://www.benzinga.com/markets/cannabis/24/07/39866755/trump-accepts-gop-nomination-as-party-begins-to-embrace-cannabis-legalization-says-republican-co">said</a>,&nbsp;&#8220;I don&#8217;t see Donald Trump sticking his finger in the eye of 80% of Americans.&#8221; 
His stance is still unclear.
Benzinga will be watching the reaction of key cannabis ETFs like the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) closely on Monday trading. 
Photo: Shutterstock

Cannabis

MSOS

Joe Biden Drops Out: What Would Happen With Cannabis Legalization Under Kamala Harris Or Donald Trump?

In a surprising turn of events, President Joe Biden on Sunday decided not to run for a second term, prompting an immediate search for a new Democratic <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">candidate for the next presidential election.</a>
What Happened: Biden&#8217;s decision follows a less-than-stellar debate performance and increasing concerns within the Democratic party about his capacity to serve another term. 
Despite his notable accomplishments like the bipartisan infrastructure bill and the Inflation Reduction Act, demands for Biden to step down have intensified.
The Democratic National Convention in Chicago this coming August will select a new nominee. Biden<a href="https://www.benzinga.com/news/24/07/39874088/biden-backs-harris-for-democratic-nominee-after-bowing-out-of-2024-race-i-want-to-offer-my-full-supp"> has already endorsed Vice President Kamala Harris</a> as his successor. However, the long-term consequences of this development could potentially result in a tumultuous convention.
Also Read: <a href="https://www.benzinga.com/news/24/07/39874154/bidens-exit-from-presidential-race-sparks-massive-reactions-from-first-lady-gavin-newsom-marjorie-ta?utm_campaign=Watchlist&amp;utm_source=Benzinga&amp;utm_medium=Email">Biden&#8217;s Exit From Presidential Race Sparks Massive Reactions From First Lady, Gavin Newsom, Marjorie Taylor Greene And More — Read The Reactions Here</a>
According <a href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2">to</a> Business Insider, other potential successors include Gov. Gavin Newsom of California, Gov. Gretchen Whitmer of Michigan, Sen. Amy Klobuchar of Minnesota, Sen. Cory Booker of New Jersey, Gov. Roy Cooper of North Carolina and Gov. Wes Moore of Maryland. Each potential nominee brings a distinct set of experiences and policy positions, paving the way for a vigorous nomination process.
Why It Matters: The decision by Biden not to seek re-election has significant implications for the Democratic party and the upcoming presidential race. The potential successors each bring their own strengths and policy positions, but also face their own challenges.
The selection process could be a contentious one, with the potential for division within the party. The outcome of this process will shape the Democratic party&#8217;s platform and strategy for the upcoming election, and could have far-reaching implications for the country.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll" target="_blank" rel="noreferrer noopener">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Who Could Possibly Succeed Biden Following His Exit From The  Presidential Race? Here Are 7 Names To Look Out For.

Former President Donald Trump called upon President Joe Biden to intervene in <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc">his ongoing legal cases. </a>
What Happened: On Saturday, Trump criticized Biden&#8217;s use of the Department of Justice (DOJ) in a <a href="https://truthsocial.com/@realDonaldTrump/posts/112818856258162775">post </a>on social media platform Truth Social.
Trump accused Biden of employing the DOJ to &#8220;harass and intimidate&#8221; his political adversaries. This comes a week after the former president survived an assassination attempt.
Trump&#8217;s tirade included allegations against Biden, branding him as the &#8220;worst president in the history of the United States&#8221; and a &#8220;weak and pathetic man.&#8221;
&#8220;We are under attack from Crooked Joe Biden, the WORST PRESIDENT IN THE HISTORY OF THE United States, and a Weak and Pathetic man who uses the &#8216;Justice&#8217; Department to harass and intimidate his Political Opponents because he is in no way capable of winning by himself. He has created a horrible precedent for the future. Democrat appointed Judges and Prosecutors, together with local D.A.'s and Attorney Generals, have played the game with them. Based on the opinion of legal scholars and experts, they had no good case out of the many against me, but of all the cases, their best shot was the documents case, a complete HOAX, in Florida,&#8221; Trump wrote.
He also took a jab at the DOJ&#8217;s raid on his Mar-a-Lago estate, terming it an &#8220;illegal&#8221; act and part of a &#8220;political witch hunt.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
&#8220;They illegally RAIDED MY HOUSE, Mar-a-Lago, in that one. Well, that case was just THROWN OUT IN FULL IN THAT IT WAS UNCONSTITUTIONAL. THE OTHERS ARE ON WEAK GROUNDS, including those where we have Crooked Judges and Prosecutors. It is all a Political Witch Hunt, and Biden should insist that EVERYTHING NOW BE DROPPED. RUN A FAIR AND OPEN CAMPAIGN!!!,&#8221; Trump added in the post. 
Currently, Trump&#8217;s legal team is making efforts to squash the case against him in Georgia. His criminal case in New York led to his conviction on 34 counts of falsifying business records.
The case involving the former president&#8217;s classified documents was dismissed last week by Judge Aileen Cannon, but Justice Department special counsel Jack Smith is appealing the ruling.
Contrary to speculations that Trump would adopt a milder tone for the final leg of the campaign, he continued his criticism of both Biden and Rep. Nancy Pelosi in his convention acceptance speech.
Why It Matters: Trump&#8217;s demand for Biden&#8217;s intervention and his criticism of the DOJ&#8217;s actions highlight the ongoing tension between the two political figures. 
The former president&#8217;s legal troubles, including his conviction in New York and the ongoing case in Georgia, continue to cast a shadow over his political future. His recent comments suggest that he remains defiant, despite these challenges, and is unlikely to change his combative style of communication. 
This development could have significant implications for the political landscape in the United States.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President &#8216;Is Certainly Not Fit To Serve — And Never Was&#8217;: &#8216;Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement&#8217;</a></li>
</ul>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Calls Out Biden's Alleged Use Of DOJ To 'Harass And Intimidate Political Opponents' — And Asks For President's Help In Fiery Post: 'We Are Under Attack From Crooked Joe Biden'

President Joe Biden&#8216;s announcement <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">to withdraw from the 2024 presidential race</a> has sparked a myriad of responses from politicians, experts, and celebrities alike.
What Happened: On Sunday, Biden, at the age of 81, made his decision public via a letter posted on social media platform X. The decision follows a less-than-stellar debate performance and growing pressure from fellow Democrats for him to step aside. 
First Lady Jill Biden voiced her support for her husband&#8217;s decision on X, while Biden&#8217;s granddaughter, Naomi Biden, expressed her pride in her grandfather&#8217;s service to the nation.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f495; <a href="https://t.co/VN2rZpyhVX">https://t.co/VN2rZpyhVX</a>
&mdash; Dr. Jill Biden (@DrBiden) <a href="https://twitter.com/DrBiden/status/1815083964207358095?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm nothing but proud today of my Pop, our President, Joe Biden, who has served our country with every bit of his soul and with unmatched distinction. Not only has he been—and will continue to be—the most effective president of our lifetime, but he has likely already cemented…
&mdash; Naomi Biden (@NaomiBiden) <a href="https://twitter.com/NaomiBiden/status/1815084080179912704?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/39854646/anthony-scaramucci-says-jd-vances-quest-to-wall-us-off-from-rest-of-world-could-be-an-economic-disas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says JD Vance&#8217;s Quest To Wall US Off From Rest Of World Could Be An Economic Disaster:</a>
Several prominent figures, including California Governor Gavin Newsom, Secretary of Transportation Pete Buttigieg and singer Barbra Streisand, lauded Biden&#8217;s presidency. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">President Biden has been an extraordinary, history-making president — a leader who has fought hard for working people and delivered astonishing results for all Americans. He will go down in history as one of the most impactful and selfless presidents. Thank you, <a href="https://twitter.com/JoeBiden?ref_src=twsrc%5Etfw">@JoeBiden</a>. <a href="https://t.co/HMUMEB1fTl">https://t.co/HMUMEB1fTl</a>
&mdash; Gavin Newsom (@GavinNewsom) <a href="https://twitter.com/GavinNewsom/status/1815085381081281005?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Joe Biden has earned his place among the best and most consequential presidents in American history. I am so proud to serve under his leadership, and thankful for his unwavering focus on what is best for our country.
&mdash; Pete Buttigieg (@PeteButtigieg) <a href="https://twitter.com/PeteButtigieg/status/1815091325772935356?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Joe Biden will go down in history as a man who accomplished significant achievements in his 4 year term. We should be grateful for his upholding of our democracy.
&mdash; Barbra Streisand (@BarbraStreisand) <a href="https://twitter.com/BarbraStreisand/status/1815093002454421554?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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However, the reactions were not universally positive, with actor James Woods expressing apprehension about Biden&#8217;s future role.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If you think Joseph Biden was a danger to America as president, wait until you see what he'll be like as a bitter, enraged lame duck. He MUST resign immediately, lest he go even more insane than he already is. <a href="https://t.co/xK5U3bfcOi">pic.twitter.com/xK5U3bfcOi</a>
&mdash; James Woods (@RealJamesWoods) <a href="https://twitter.com/RealJamesWoods/status/1815087917431402681?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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<figcaption class="wp-element-caption">Texas Governor Greg Abbott implied that Biden&#8217;s decision to step down was a premeditated strategy set in motion before his disastrous debate performance.</figcaption></figure>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It looks more and more like that very early debate was a set up to force Biden to step aside. Today's announcement may not have happened without that disastrous debate. <a href="https://t.co/b8aiitxfn7">https://t.co/b8aiitxfn7</a>
&mdash; Greg Abbott (@GregAbbott_TX) <a href="https://twitter.com/GregAbbott_TX/status/1815084574269177993?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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Republican Representative Marjorie Taylor Greene also made a strong statement on X, following Biden&#8217;s decision to drop out from the race.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There's a soft civil war happening in the deep state and the elites in power. The Democrats, the IC, and their activists in the media have been lying to us saying there's nothing wrong with Biden for years. Next, they start a coup against him demanding he drop out of the race…
&mdash; Rep. Marjorie Taylor Greene&#x1f1fa;&#x1f1f8; (@RepMTG) <a href="https://twitter.com/RepMTG/status/1815094727580307799?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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Also Read: <a href="https://www.benzinga.com/general/politics/24/07/39874123/trump-goes-in-full-attack-mode-after-biden-drops-out-of-race-says-president-is-certainly-not-fit">Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President &#8216;Is Certainly Not Fit To Serve — And Never Was&#8217;: &#8216;Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement&#8217;</a>
Why It Matters: Biden&#8217;s decision to withdraw from the 2024 presidential race has significant implications for the political landscape. His departure leaves a void in the Democratic party&#8217;s candidate lineup, opening the door for other potential candidates to step forward. 
Furthermore, the timing of his withdrawal, amid a positive COVID-19 diagnosis and following a disappointing debate performance, raises questions about the president&#8217;s health and political standing.
As the nation reacts to this unexpected news, the focus now shifts to who will emerge as the Democratic party&#8217;s presidential candidate for the 2024 election. The coming months will undoubtedly be a pivotal time in American politics.
Read Next
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp" target="_blank" rel="noreferrer noopener"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn't One Of Them</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden's Exit From Presidential Race Sparks Massive Reactions From First Lady, Gavin Newsom, Marjorie Taylor Greene And More — Read The Reactions Here

Following President Joe Biden&#8216;s stunning announcement on Sunday that <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">he would not seek re-election this year</a>, former President Donald Trump quickly took to his platform Truth Social to denounce the president. 
Less than an hour after Biden issued a statement that he would &#8220;stand down&#8221; and &#8220;focus solely on fulfilling my duties as President for the remainder of my term,&#8221; Trump did not hesitate to denounce him. 
&#8220;Crooked Joe Biden was not fit to run for President, and is certainly not fit to serve &#8211; And never was! He only attained the position of President by lies, Fake News, and not leaving his Basement,&#8221; Trump wrote. &#8220;All those around him, including his Doctor and the Media, knew that he wasn't capable of being President, and he wasn't &#8211; And now, look what he's done to our Country, with millions of people coming across our Border, totally unchecked and unvetted, many from prisons, mental institutions, and record numbers of terrorists. We will suffer greatly because of his presidency, but we will remedy the damage he has done very quickly. MAKE AMERICA GREAT AGAIN!&#8221;
Biden&#8217;s announcement came a little over one week after 20-year-old Thomas Matthew Crooks attempted to assassinate Trump at rally near Butler, Pennsylvania. Following the incident, a number of Republicans believed it would boost the <a href="https://www.benzinga.com/news/24/07/39763322/republicans-say-trump-rally-shooting-is-a-game-changer-for-former-president-he-just-won-the-election">former president&#8217;s chances of winning the election.</a> 
Recent polls have largely <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">confirmed Trump&#8217;s lead over Biden</a>, stoking fear among Democrats that Biden no longer had the appeal he once did when he defeated Trump resoundingly in the 2020 election. That year, Biden received 306 electoral votes compared to Trump&#8217;s 232. The president also garnered over 81 million popular votes in contrast to Trump&#8217;s 74 million. 
Yet, three years later, the tables appear to have turned. Despite his conviction in the hush-money case and multiple legal battles, Trump has increasingly gained momentum. Following his CNN debate with Biden in June, the embattled Republican presidential candidate gained a lead over <a href="https://www.benzinga.com/news/24/07/39655190/biden-vs-trump-debate-performance-hurts-president-but-this-factor-could-still-keep-him-in-contention">his successor in battleground states.</a> 
The former president, who promised to unite the country but has since returned to criticizing his rivals and denied the results of the 2020 election, now potentially faces Vice President Kamala Harris, whom <a href="https://www.benzinga.com/news/24/07/39874088/biden-backs-harris-for-democratic-nominee-after-bowing-out-of-2024-race-i-want-to-offer-my-full-supp">Biden endorsed on Sunday</a>. 
Betting odds recently showed that <a href="https://www.benzinga.com/government/24/07/39868059/markets-tremble-over-planned-china-chip-restrictions-trumps-election-odds-rise-crowdstrike-triggers">Harris may have a better shot of beating Trump</a> than Biden would have had.
See Also: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39873874/trumps-pleas-for-extra-security-repeatedly-ignored-by-secret-service-prior-to-assassination-attempt">Trump&#8217;s Pleas For Extra Security Repeatedly Ignored By Secret Service Prior To Assassination Attempt: Report</a></li>
</ul>

Trump Goes In Full Attack Mode After Biden Drops Out Of Race, Says President 'Is Certainly Not Fit To Serve — And Never Was': 'Only Attained The Position Of President By Lies, Fake News, And Not Leaving His Basement'

In a surprising turn of events, President Joe Biden has <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">announced his withdrawal from the 2024 presidential race</a>, endorsing Vice President Kamala Harris as the Democratic nominee.
What Happened: Biden made his announcement via social media platform X, expressing his full support for Harris. He stated that choosing Harris as his vice president was his best decision as the party nominee in 2020.
&#8220;My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term,&#8221; the statement read. &#8220;My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it's been the best decision I've made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats — it's time to come together and beat Trump. Let's do this.&#8221;
This endorsement from Biden is expected to significantly ease the fundraising process for the Biden-Harris campaign. Harris now stands as the Democratic frontrunner.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My fellow Democrats, I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it's been the best… <a href="https://t.co/x8DnvuImJV">pic.twitter.com/x8DnvuImJV</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1815087772216303933?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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However, the structure of the Democratic National Convention remains uncertain. It&#8217;s unclear whether Harris will receive the nomination outright or face competition in a more open convention.
Why It Matters: Biden&#8217;s decision to step down and endorse Harris is a significant development in the 2024 presidential race. This move could potentially streamline the Democratic nomination process, giving Harris a clear path to the nomination. However, the uncertainty surrounding the structure of the Democratic National Convention could present challenges.
If Harris is to face competition in a more open convention, it could potentially divide the party and complicate the nomination process. On the other hand, if she receives the nomination outright, it could strengthen the party&#8217;s unity and improve her chances in the general election.
This development could also have implications for the Biden-Harris campaign&#8217;s fundraising efforts. Biden&#8217;s endorsement could attract more donors, easing the fundraising process. However, it remains to be seen how this will play out in the coming months.
In any case, this announcement marks a significant shift in the 2024 presidential race, setting the stage for an interesting election season.
Read Next
<a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp" target="_blank" rel="noreferrer noopener"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn't One Of Them</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Backs Harris For Democratic Nominee After Bowing Out Of 2024 Race: 'I Want To Offer My Full Support And Endorsement'

In a stunning turn of events, <a href="https://www.benzinga.com/markets/equities/24/07/39871866/an-inside-look-at-what-led-to-joe-bidens-uneasy-standing-among-democrats-as-election-nears">President Joe Biden has declared</a> that he will not be running for re-election in the 2024 presidential race, causing a major shift in the political landscape.
What Happened: As reported by <a href="https://www.cnn.com/2024/07/21/politics/joe-biden-drops-out-election/index.html">CNN</a> on Thursday, Biden announced his decision to withdraw from the race through a letter posted on his official account. He promised to provide more details in a forthcoming address to the nation.
&#8220;It has been the greatest honor of my life to serve as your President,&#8221; Biden wrote. &#8220;And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/RMIRvlSOYw">pic.twitter.com/RMIRvlSOYw</a>
&mdash; Joe Biden (@JoeBiden) <a href="https://twitter.com/JoeBiden/status/1815080881981190320?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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This decision follows weeks of speculation about the 81-year-old president&#8217;s health and his capacity to campaign effectively against Trump and govern for another four years. It marks the first time in decades that a U.S. president has withdrawn from a reelection run, reminiscent of President Lyndon Johnson&#8217;s decision in 1968, according to CNN. 
See Also:<a href="https://www.benzinga.com/news/24/07/39872063/political-strategist-says-these-three-democrats-could-replace-biden-in-the-presidential-race-and-vp"> Political Strategist Says These Three Democrats Could Replace Biden In The Presidential Race — And VP Harris Isn&#8217;t One Of Them</a>
Biden&#8217;s decision comes amid a highly charged political campaign that includes an attempt on Trump&#8217;s life and dwindling support from congressional Democrats. This marks the end of a political career that has spanned half a century, with Biden entering as one of the youngest senators in U.S. history and exiting as its oldest president.
Concerns about the president&#8217;s mental faculties have been Biden&#8217;s biggest political liability since his first run against Trump in 2020. A disastrous performance at the June 27 CNN debate brought these concerns to the forefront of political conversation, ultimately dooming his reelection bid.
Why It Matters: Biden&#8217;s decision to withdraw from the 2024 race has significant implications for the upcoming election. His withdrawal opens up the field for other potential Democratic candidates and could potentially alter the dynamics of the race. Furthermore, this decision brings to the forefront the issue of age and health in presidential elections, a topic that has been a point of contention in recent years. The impact of this decision on the Democratic party and the 2024 presidential race will be closely watched in the coming weeks and months.
See Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39858552/majority-of-democrats-view-kamala-harris-as-a-strong-presidential-contender-poll">Majority Of Democrats View Kamala Harris As Strong Presidential Contender: Poll</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Biden Drops Out Of 2024 Race In Bombshell Announcement: 'It Has Been The Greatest Honor Of My Life To Serve As Your President'

<a href="https://x.com/JoeBiden/status/1815080881981190320/photo/1">https://x.com/JoeBiden/status/1815080881981190320/photo/1</a>
<figure class="image"><img src="https://pbs.twimg.com/media/GTB11JnW8AAhCDP?format=png&amp;name=large" alt="A letter from President Biden" /></figure>

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President Joe Biden Announces He Will Stand Down And Will Not Run In The 2024 Presidential Election

As the reelection campaign of President Joe Biden faces mounting challenges, federal employees are reportedly experiencing a <a href="https://www.benzinga.com/news/24/06/39563576/following-debate-latest-poll-among-democrats-signals-major-trouble-for-joe-biden-although-theres-one">growing sense of unease.</a>
What Happened: The declining support for Biden has sent shockwaves through the Democratic party, leading to widespread concern among thousands of federal employees about potential changes in the White House.
Conversations with various federal employees have painted a grim picture of the mood within the U.S. government, including the White House, following weeks of political uncertainty, as reported <a href="https://www.politico.com/news/2024/07/21/federal-employees-panic-biden-00169895">by</a> Politico.
A significant number of employees are worried about the unclear future of the federal government leadership post-November.
Large group text chains among USDA staff members have been buzzing following Biden's disappointing debate performance, with officials sharing their apprehensions about the future of his administration. Some USDA employees are even considering leaving their positions prematurely.
Interestingly, the anxiety among federal employees is not solely about Biden, but also about his rival and the implications of a second Trump administration. The &#8220;drain the swamp&#8221; approach of former President Donald Trump has left many federal employees feeling disheartened and fearful, creating a pervasive sense of dread.
Also Read: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
According to the outlet, a White House official expressed feelings of &#8220;sadness&#8221; regarding the ongoing questions about whether Biden should continue his candidacy.
"We have to make some tough choices, we're in battle," the official said. "We need someone who can represent us. I am incredibly loyal to our president, but it's hard when you're putting your life on the line like many of us working every night, every day, when you don't know who is going to be on the top of the ticket."
&#8220;The first Trump administration was extremely challenging, leading to a mass departure of employees who opted for retirement,&#8221; a U.S. Park Service employee told the outlet. &#8220;If we do have an administration shift, other employees will also reconsider their positions and move to the private sector. I don't know what I'll end up doing.&#8221;
An employee from Health and Human Services revealed that there isn&#8217;t a unanimous opinion among their colleagues about whether Biden should continue or step down, but the fear of Democrats losing the White House in November is quite prevalent.
Why It Matters: The uncertainty surrounding Biden&#8217;s reelection campaign has not only impacted the political landscape but also the morale of federal employees. The potential shift in administration could lead to significant changes in the federal workforce, with many contemplating moving to the private sector. 
The fear of a second Trump administration has also contributed to the growing anxiety, highlighting the deep-seated concerns within the federal government. This situation underscores the importance of political stability for the functioning of the government and the well-being of its employees.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President's Widely Criticized Debate Performance</a></li>
</ul>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

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Budweiser Brewing: A Hold Considering Mixed Outlook And Peer Valuations

Budweiser Brewing Company APAC Limited goes ex dividend tomorrow

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Budweiser Brewing Co APAC

<h4>Key Takeaways:</h4>

<ul>
	<li>Budweiser APAC&rsquo;s first-quarter revenues slipped 0.4% and profits fell 3.4%, sagging from elevated levels a year earlier and dampened by bad weather</li>
	<li>Market watchers say earnings may pick up in the second half, stimulated by events such as the Paris Olympics, but rivalry in the premium beer business is heating up</li>
</ul>

By Fai Pui

It&rsquo;s a bit like the downer after a party. Beer industry takings surged last year when China lifted its Covid restrictions, but the high has been wearing off.

Last week Hong Kong-listed&nbsp;Budweiser Brewing Company APAC Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BDWBY#OTC">BDWBY</a>) became the latest Asian beer producer to report that sales had fallen flat in the first quarter compared to a year earlier, when China&rsquo;s bars and restaurants were just coming back to life after the privations of the Covid pandemic.

The brewer, which sells brands such as Stella Artois, Corona and Budweiser across Asia,&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0508/2024050800063.pdf">said</a>&nbsp;its revenues slipped 0.4% in the quarter to $1.64 billion, while the volume of beer sales sank 4.8% to 2.11 billion liters.

Other beer producers have also been feeling hangover effects from last year&rsquo;s release of pent-up revelry.&nbsp;Tsingtao Brewery&nbsp;logged a 5.2% fall in year-on-year revenue for the quarter, while turnover growth at&nbsp;Beijing Yanjing Brewery&nbsp;slowed to just 1.7% from 13.7% a year earlier.

But unlike Budweiser APAC, those brewers managed to improve their bottom lines even as sales momentum moderated. To investors&rsquo; disappointment, Budweiser APAC&rsquo;s net profit actually fell 3.4% to $287 million despite a 4.4% drop in the quarter&rsquo;s cost of sales. The performance was particularly weak In China, where sales tumbled 6.2% from the year-earlier quarter and revenues took a 2.7% hit.

The sales drop in China and South Korea was chiefly to blame for the lower earnings, the company said, citing the high baseline a year earlier and extreme weather such as heavy rains in Guangdong in March. But CEO Jan Craps reaffirmed the company&rsquo;s focus on high-end beers, saying consumers will still want a taste of luxury even in challenging economic times.

Speaking at the results conference, he said high-end and ultra-premium products would be the company&rsquo;s main profit source in the medium to long term. The company applied small price hikes to its high-end brands last November but kept the cost of other products stable in view of economic conditions, he said.&nbsp;

China&rsquo;s beer production has been declining since hitting a peak of 50.65 million kiloliters in 2013. Only 34.11 million kiloliters were produced in 2020, edging up to 37.89 million kiloliters in 2023. Therefore, major players such as Tsingtao Breweries and&nbsp;China Resources Beer&nbsp;(0291.HK) have been piling onto Budweiser APAC&rsquo;s premium turf to achieve better business margins. The battle to attract high-end beer drinkers is getting ever more intense.

<h3>Superior Beer Wars</h3>

China Resources Beer, for example, has rolled out a range of premium drinks that helped to power an 18.6% jump in its annual profits last year. Consumers can choose from a high-end &ldquo;Pure Malt&rdquo;, an alcohol-free &ldquo;Heineken 0.0&rdquo; or a &ldquo;Qinshihuang CPA&rdquo;, a Chinese pale ale. The company&rsquo;s super-premium &ldquo;Nong Li&rdquo;, a strong beer, is priced at up to 1,199 yuan ($166). The brewer&rsquo;s sales of products classed as mid-grade or above rose 18.9% last year to about 2.5 million kiloliters. Some products achieved double-digit growth, with &ldquo;Heineken&rdquo; sales surging 60%.

China Resources Beer has ambitions to become the country&rsquo;s biggest seller of higher-end beers. Speaking after the release of 2023 results, Chairman Hou Xiaohai said the company was on track to achieve its goal ahead of schedule, this year or next, by doubling down on promoting its premium portfolio.

Tsingtao Brewery also ramped up its efforts at the top end of the market last year, investing in promoting its Wheat Beer, Pure Draft, 1903 and other brands. Last year its sales of mid- and high-grade drinks rose 10.5% to 3.24 million kiloliters, increasing 4.17 percentage points to 40.5% of overall sales.

In April Tsingtao Brewery told investors that the beer industry was in fierce competition for high-end sales, vowing to use its marketing strategy to gain the upper hand. Even Yanjing Brewery and Hong Kong&rsquo;s&nbsp;San Miguel Brewery&nbsp;(0236.HK)are challenging the giants by launching premium beers.

Whether all these rivals can succeed in the same exclusive space remains to be seen, as economic constraints force consumers to review their spending and in some cases to switch to cheaper brews. Commenting on the risk of &ldquo;consumption downgrading&rdquo;, Budweiser APAC&rsquo;s CEO said he thought buyers would make rational decisions, taking the pleasure of the experience into account.

Curtis Yeung, strategist at UOB Kay Hian (Hong Kong), agreed that consumption downgrading was not a major factor for Budweiser APAC for now, as the company&rsquo;s average retail price is rising. But competition in the industry was judged to be a growing problem. Yeung saw little prospect of an earnings uplift until the second half at the earliest, when European soccer championships and the Paris Olympics may stimulate beer sales.

Budweiser APAC&rsquo;s forward price-to-earnings (P/E) ratio stands at about 18 times, with a dividend yield of just 3.65%, which Yeung considers an unappealing valuation. Without any positive news for now, investors may want to check back in again later in the year when the company&rsquo;s business may be picking up.

This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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Friday, May 17, 2024