Latest news for Beachbody Co (OTC:BODYW) Stock

The Beachbody Co Inc is a health and wellness platform providing fitness, nutrition and stress-reducing programs to its customers. The product offerings of the company include Digital Subscriptions, Nutritional Products, and Connected Fitness Products. It earns the majority of its revenue from the United States. The company operates and manages its business in two operating segments, Beachbody and Other.

The Beachbody Co Inc Warrants (31/12/2027)

The Beachbody Co Inc

Goldman Sachs analyst Susan Maklari downgrades Lennar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) from Buy to Neutral and lowers the price target from $180 to $174.

News

Downgrades

Price Target

Analyst Ratings

Goldman Sachs Downgrades Lennar to Neutral, Lowers Price Target to $174

Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares gained <a href="https://benzinga.grsm.io/register174">in premarket trading </a>on Monday, rising along with the index futures, which are priming for a modestly to moderately higher open.
The gain by the publicly-listed media firm owned by former President Donald Trump comes after the developments over the weekend, which saw presumptive Democratic nominee and President Joe Biden announcing his decision to quit the race. The president endorsed Vice President Kamala Harris, who was his running mate, for the presidency. Most Democrats have thrown their weight behind her.
Former President Bill Clinton and his wife and former presidential nominee Hillary Clinton have endorsed Harris. On the other hand, former President Barack Obama is in favor of an open nomination at the Democratic party&#8217;s convention. &#8220;We will be navigating uncharted waters in the days ahead. But I have extraordinary confidence that the leaders of our party will be able to create a process from which an outstanding nominee emerges,&#8221; he said in a statement.
As the Democratic camp goes about a turbulent period, the advantage is clearly with Trump despite his criminal lawsuits, his age and voters not really warming up to him. 
See Also:<a href="https://www.benzinga.com/money/best-social-media-stocks"> Best Social Media Stocks</a>
Trump has a majority 64.9% stake in TMTG, which owns the Truth Social platform, thanks to the 114.7 million shares he owns in the company. The company went public on March 26 following the consummation of its long-delayed merger with the SPAC, Digital World Acquisition Corp.
Since then the stock has had a volatile ride and traded between a high and low of $79.38 (post-SPAC merger high) and $22.55 (Apr. 16).
The stock spiked higher, topping the $40 mark after the June 26 debate, before retracing some of the gains. It made a renewed push higher amid the failed <a href="https://www.benzinga.com/markets/equities/24/07/39767334/trump-media-technology-djt-surges-over-60-pre-market-whats-driving-the-rally">assassination attempt on Trump</a> at a campaign rally in Pennsylvania on July 13. The stock went past $46 on July 15.
In premarket, the stock rose 1.97% to $35.68, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: 
<ul>
<li><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">Biden Drops Out Of 2024 Race In Bombshell Announcement: &#8216;It Has Been The Greatest Honor Of My Life To Serve As Your President&#8217;</a></li>
</ul>
Image via Shutterstock

Trump Media & Technology (DJT) Stock Rises In Premarket On Monday: What's Going On

Goldman Sachs analyst Eric Sheridan initiates coverage on Webtoon Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBTN#NASDAQ">WBTN</a>) with a Buy rating and announces Price Target of $62.

Initiation

WBTN

Goldman Sachs Initiates Coverage On Webtoon Entertainment with Buy Rating, Announces Price Target of $62

Goldman Sachs analyst Neil Mehta initiates coverage on Talos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) with a Buy rating and announces Price Target of $14.

TALO

Goldman Sachs Initiates Coverage On Talos Energy with Buy Rating, Announces Price Target of $14

BMO Capital analyst Tristan Thomas-Martin initiates coverage on Driven Brands Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRVN#NASDAQ">DRVN</a>) with a Market Perform rating and announces Price Target of $14.

DRVN

BMO Capital Initiates Coverage On Driven Brands Hldgs with Market Perform Rating, Announces Price Target of $14

Renowned economist Mohamed El-Erian has expressed his views on the potential impact of President Joe Biden&#8216;s decision to exit the presidential race on US stock futures.
What Happened: In a post on X on Monday, El-Erian stated that opinions are likely to vary on how the news will influence U.S. stock futures. Some may perceive this as an indication of greater policy uncertainty post the November elections, while others might believe that the markets have already factored in the news. And a few others are likely to view this as a &#8220;short-term distraction for markets at best.&#8221;
&#8220;All this is to say that there is genuine uncertainty on how markets will – AND should – react to the news.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Views are likely to differ on how the news of President Biden dropping out of the presidential race will impact US stock futures when they start trading later this afternoon (and beyond). I suspect that … Some will interpret this as implying greater uncertainty on what can be…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1815091547739709783?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39872368/mark-cuban-says-trumps-re-election-wont-impact-bitcoins-price-dogecoin-killer-shiba-inus-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Trump&#8217;s Re-Election Won&#8217;t Impact Bitcoin&#8217;s Price, &#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Burn Rate</a>
Why It Matters: El-Erian&#8217;s comments come in the context of President Biden&#8217;s declining economic approval ratings. According to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37062522/el-erian-thinks-bidens-economic-woes-could-be-self-inflicted-as-trump-gains-ground-">February 2024 poll</a>, 42% of registered voters preferred Donald Trump over Biden for steering the economy, giving Trump an 11-point lead.
In May, El-Erian highlighted<a href="https://www.benzinga.com/news/24/05/38780665/mohamed-el-erian-highlights-voter-concerns-over-inflation-income-and-housing-costs-in-latest-poll-im"> inflation as a major challenge</a> for Biden&#8217;s potential reelection, with 58% of voters disapproving of his handling of the economy. This disapproval had increased from 55% the previous month.
Despite Biden&#8217;s <a href="https://www.benzinga.com/general/politics/24/07/39731800/biden-cheers-inflation-progress-rate-cut-chorus-grows-louder-among-5-economists-this-is-just-wha">recent celebration of progress</a> in fighting inflation, economists predict that the Federal Reserve will soon begin cutting interest rates following cooler-than-expected inflation reports.
Read Next: 
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<li><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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">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></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Politics

Markets

General

Mohamed El-Erian On Biden's Withdrawal From Presidential Race: 'There Is Genuine Uncertainty On How Markets Will - And Should- React To The News'

GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) and Kratos Turbine Technologies, a division of Kratos Defense &amp; Security Solutions, Inc., signed a Memorandum of Understanding to partner on the development and production of small affordable engines that could potentially power unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications. The partnership builds on an existing joint development agreement and includes full-scale engine production.
For the last year, GE Aerospace and Kratos have been working together on a small affordable engine. The engine initially was developed and ground tested by Kratos. Under the existing joint agreement, GE Aerospace and Kratos completed additional development efforts and are now conducting tests on the engine. The team plans to continue development on the current engine, which will undergo altitude testing next year at GE Aerospace&#39;s test cell in&nbsp;Evendale, Ohio.
Amy Gowder, President and CEO, Defense &amp; Systems at GE Aerospace said, &quot;Our defense customers have a growing interest in small affordable engines to meet their evolving mission requirements. Our initial collaboration has been very successful, and this agreement furthers our efforts in this new dynamic military segment.&quot;
Eric DeMarco, President &amp; CEO of Kratos Defense &amp; Security Solutions, Inc., said, &quot;Kratos has made significant investments in the development of our family of small, low-cost jet engines for jet powered drones, missiles, and powered munitions that lead in technology and capability. We consider our relationship with GE Aerospace as invaluable based on our expectation and forecast for the potential future production of thousands of turbofan engines for multiple customers.&quot;
Each company brings unique expertise to the partnership.&nbsp;Kratos has more than 20 years of experience in the development and production of small affordable jet engines for UAS, drones, and missiles. GE Aerospace has more than 100 years of experience in the development and scaling up of high-volume production for jet engine programs for a seamless transition from development to production.

Government

Regulations

KTOS

GE Aerospace and Kratos Partner to Develop Small Engines for Military Drones

Ryanair Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) reported quarterly earnings of $1.69 per share which missed the analyst consensus estimate of $2.86 by 40.8 percent. This is a 46.25 percent decrease over earnings of $3.15 per share from the same period last year. The company reported quarterly sales of $3.904 billion which missed the analyst consensus estimate of $4.260 billion by 8.37 percent. This is a 1.84 percent decrease over sales of $3.977 billion the same period last year.

Earnings

Earnings Misses

RYAAY

Ryanair Holdings Q1 2025 GAAP EPS $1.69 Misses $2.86 Estimate, Sales $3.904B Miss $4.260B Estimate

<a href="https://www.bloomberg.co.jp/news/articles/2024-07-22/SGZWUZT0AFB400" title="https://www.bloomberg.co.jp/news/articles/2024-07-22/SGZWUZT0AFB400">https://www.bloomberg.co.jp/news/articles/2024-07-22/SGZWUZT0AFB400</a>

Asset Sales

Bloomberg Reported Earlier, Hitachi and Johnson Controls International Are Finalizing The Sale Of Their Joint Venture, Which Handles Home Air Conditioners And Other Air Conditioning Products, To Germany's Robert Bosch

Amid criticism that the <a href="https://www.benzinga.com/markets/equities/24/07/39854612/windows-pcs-crash-worldwide-with-users-experiencing-blue-screen-of-death-issue-crowdstrike-updat">CrowdStrike issue</a> wouldn't have happened with Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) macOS, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has clarified that a prior agreement with the European Commission it is legally unable to adopt the same security measures as Cupertino.
What Happened: Following the CrowdStrike incident, Satya Nadella-led company&#8217;s spokesperson explained that as part of this agreement, Microsoft committed to providing security software makers with the same level of access to Windows as it has.
This is far unlike what Apple is able to do with macOS, where it does not have to adhere to these restrictions. As a result, privileged access to a very critical component of the operating system – the kernel – is off-limits to third-party software makers.
Microsoft's Chief Communications Officer, Frank X Shaw, highlighted this in a post on X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">from the article: A Microsoft spokesman said it cannot legally wall off its operating system in the same way Apple does because of an understanding it reached with the European Commission following a complaint. In 2009, Microsoft agreed it would give makers of security software…
&mdash; Frank X. Shaw (@fxshaw) <a href="https://twitter.com/fxshaw/status/1814894383982125496?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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Microsoft's agreement with the European Commission <a href="https://news.microsoft.com/download/archived/presskits/eu-msft/docs/MicrosoftInteroperabilityUndertaking16Dec2009.doc">states</a> that it is obligated to provide application programming interfaces (APIs) to security software makers with the same privileges as the Windows maker.
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.
On the other hand, Apple is not bound by these restrictions. In fact, in 2020, the company <a href="https://support.apple.com/en-us/HT210999">took</a> away kernel-level access because they are not "as secure or reliable" as their modern alternatives.
See Also: <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand">Microsoft-CrowdStrike Issue Caused &#8216;Largest IT Outage In History,&#8217; Showing How Much We Depend On A Handful Of Companies</a>
Why It Matters: This revelation comes in the wake of a series of technical issues that have plagued Microsoft.
A defective update from cybersecurity firm CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) caused <a href="https://www.benzinga.com/markets/equities/24/07/39854612/windows-pcs-crash-worldwide-with-users-experiencing-blue-screen-of-death-issue-crowdstrike-updat">Windows PCs worldwide to crash</a>, displaying the infamous Blue Screen of Death (BSOD.)
This incident coincided with a widespread <a href="https://www.benzinga.com/markets/equities/24/07/39853528/microsoft-cloud-outage-grounds-flights-disrupts-operations-of-frontier-allegiant-and-sun-country">outage of Microsoft&#8217;s cloud services</a>, which disrupted the operations of banks, airlines, and broadcasters globally.
The faulty update from CrowdStrike was later <a href="https://www.benzinga.com/news/24/07/39875506/crowdstrikes-faulty-microsoft-windows-update-gets-slammed-by-us-cybersecurity-official-was-a-huge-de">criticized by a leading U.S. cybersecurity official</a> as a &#8220;serious mistake&#8221; with significant impacts on critical infrastructure operations worldwide.
The issue also <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">drew the ire of</a> Tesla Inc. CEO Elon Musk, who blasted Microsoft CEO Satya Nadella for the disruption caused to the global automotive supply chain.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39859372/fbi-reportedly-used-israel-based-security-firms-unreleased-technology-to-crack-trump-shooters-phone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">FBI Reportedly Used Israel-Based Security Firm's Unreleased Technology To Crack Trump Shooter's Phone</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

Tech

AAPL

CRWD

MSFT

Microsoft Blames European Commission Agreement As Reason It Can't Secure Windows Like Apple Secures MacOS After CrowdStrike Outage

In a fun-filled interaction, Elon Musk mischievously said that he is an &#8220;alien scientist,&#8221; reacting to a screenshot of trending search results for the Tesla Inc. CEO.
What Happened: On Monday,&nbsp;DogeDesigner, a pseudonymous X user who works as a graphic designer in the&nbsp;Dogecoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) project, shared a hilarious screenshot, showing netizens searching to find out if the tech billionaire is an alien.
Musk, who frequently engages with DogeDesigner, answered in his signature witty style, adding, &#8220;I am an alien scientist operating under a Japanese pseudonym.&#8221;<a href="https://twitter.com/elonmusk/status/1815279791534149712?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1815279791534149712%7Ctwgr%5Eeca2ae6c89d6474f3bcef3d040feed086a67fb9e%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Feditorial.benzinga.com%2Fwp-admin%2Fpost-new.php" target="_blank" rel="noreferrer noopener"></a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am an alien scientist operating under a Japanese pseudonym
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815279791534149712?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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The remark sparked excitement in the cryptocurrency community, with many believing Musk was Satoshi Nakamoto, the mysterious creator of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
However, DogeDesigner was quick to silence speculations, humorously saying that the Bitcoin white paper contains no memes, hence Musk cannot be Nakamoto.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon Musk is not Satoshi Nakamoto because the Bitcoin white paper contains no memes. <a href="https://t.co/qwgpe7u5cs">pic.twitter.com/qwgpe7u5cs</a>
&mdash; DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1815297148034134369?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875286/bidens-odds-of-finishing-term-drop-sharply-on-crypto-prediction-market-coin-themed-after-p">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: Musk&#8217;s tweet, while unusual, isn&#8217;t entirely out of character for the tech mogul known for his eccentric online presence. 
Known for his edgy humor, Musk updated his X profile photo with blue laser eyes, apparently mocking the <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">withdrawal of President Joe Biden from the 2024 presidential race.</a>
For the curious,<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37071993/dark-brandon-fires-up-bitcoin-community-good-day-for-the-white-house-intern"> Joe Biden adopted the &#8220;Dark Brandon&#8221; meme,</a> featuring him with red laser eyes, as an attempt to hit back at political opponents during his election campaign.
Meanwhile, Musk&#8217;s affinity with Donald Trump grew. At a campaign rally in Michigan,<a href="https://www.benzinga.com/news/24/07/39873661/elon-musk-is-as-smart-as-you-get-says-trump-as-ex-president-tones-down-ev-rhetoric"> Trump referred to Musk as being &#8220;as smart as you get&#8221;</a> and expressed his admiration for the tech entrepreneur.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875286/bidens-odds-of-finishing-term-drop-sharply-on-crypto-prediction-market-coin-themed-after-p">Biden&#8217;s Odds Of Finishing Term Drop Sharply On Crypto Prediction Market, Coin Themed After President Bleeds 60%</a></li>
</ul>
Photo courtesy: Shutterstock

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

Cryptocurrency

$BTC

$DOGE

Elon Musk Jokes He's An 'Alien Scientist With A Japanese Pseudonym,' But Dogecoin Designer Clarifies Tesla CEO Is 'Not Satoshi Nakamoto'

Suzano, the world&#39;s largest market pulp producer, announces the successful operational startup of its new mill, the largest single pulp production line in the world, in Ribas do Rio Pardo, Mato Grosso do Sul state. This marks the completion of one of Brazil&#39;s largest ever private investment projects.
This state-of-the-art facility will have an annual production capacity of 2.55 million tonnes of eucalyptus pulp, increasing Suzano&#39;s production capacity by more than&nbsp;20%&nbsp;to 13.5 million tonnes a year. The project is the result of a total investment of R$ 22.2 billion (~US$4.3 billion), of which R$ 15.9 billion (~US$3.1 billion) was allocated for the construction of the plant and R$ 6.3 billion (~US$1.2 billion) was earmarked for initiatives such as the formation of the planting base and the pulp outbound logistics. Suzano also has the capacity to produce 1.5 million tonnes of paper per year, including sanitary paper, printing and writing and packaging lines, among other products that use pulp as raw material.
&quot;The successful completion of the Cerrado Project reflects the dedication and execution capability of each person involved in this grand and transformative project. It also attests to the culture of excellence that permeates the entire organization, masterfully led by Walter Schalka during his 11-year tenure here&quot;, saysBeto Abreu, newly-named CEO of Suzano. &quot;His vision and ambition have proven key in delivering a world-class mill within the planned budget. Crucially, this is also a project which has, at every stage, adhered to Suzano&#39;s core focus on supporting sustainability and having a positive impact on local communities&quot;, he added.
In line with Suzano&#39;s ESG&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.suzano.com.br%2Fen%2Fsustainability%2Fcommitments&amp;esheet=54097281&amp;newsitemid=20240722940920&amp;lan=en-US&amp;anchor=Commitments+to+Renewing+Life&amp;index=1&amp;md5=3c69c9953bb6b4d28a59669d1007babf">Commitments to Renewing Life</a>, the site has been purpose-built to meet global demand for sustainably produced eucalyptus-based products. The mill will use renewable biomass to produce, on average, 180 MW of surplus green power a month. This energy, which will be directed toward the mill&#39;s local suppliers as well as the national grid, is enough to power a city of up to 2 million inhabitants. The proximity of the mill to Suzano&#39;s eucalyptus farms means emissions and time from logging transportation will be significantly reduced. The structural distance from forest-to-mill is only 65 kilometres on average compared to Suzano&#39;s structural average supply radius of 150 kilometres. The plant will also be self-sufficient in the production of sulfuric acid and hydrogen peroxide.
This is the largest investment in Suzano&#39;s 100-year history and has a series of operational and socio-environmental advances. &quot;The new plant will lay the foundations for future growth opportunities, such as the development of innovative new products from renewable raw material, and strengthen Suzano&#39;s irreplicable business model&quot;, says Walter Schalka, who recently stepped down as CEO of Suzano after an 11-year journey in charge of the company.
The completed project will also have a major impact on both the local community and wider regional economy. Having created as many as 10,000 jobs during the construction phase, the operational mill will now provide 3,000 full-time jobs at the mill and the surrounding forestry and logistic operations.

Suzano's New Eucalyptus Pulp Mill in Brazil Becomes Largest Single Production Line Globally

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/03/37864789/gambling-is-not-investing-ross-gerber-reacts-to-trader-who-nearly-wiped-out-his-margin-account-by-ho">weak performance seen since 2022</a> is its own doing and has nothing to do with President Joe Biden&#8217;s policies, said a fund manager on Monday.
What Happened: &#8220;The reason $TSLA hasn't done well under the Biden Presidency has nothing to do with Biden,&#8221; said The Future Fund LLC Managing Partner Gary Black. The fund manager attributed the weakness to Tesla&#8217;s successive price cuts that proved inelastic and did not lift volume, he said.
On the other hand, Tesla benefited from the $7,500 federal electric vehicle tax credit, he pointed out. &#8220;Absent Biden's $7,500 EV credit, TSLA would have done even worse,&#8221; he said.
Black also waded into the election debate. &#8220;Those expecting a [Donald] Trump/[J.D.]Vance landslide in 2024 were getting ahead of themselves since it was pretty clear after the debate that Biden would drop out of the race,&#8221; he said. If Vice President Kamala Harris, who has been endorsed by Biden after he stood down, is way behind Trump in opinion polls, the Democrats are unlikely to put her at the top of the ticket, he added.
&#8220;Right now it's a dead heat, but I predict that will change in Trump's favor in the coming weeks,&#8221; Black said.
See Also:<a href="https://www.benzinga.com/money/best-electric-vehicle-stocks"> Best EV Stocks</a>
Why It&#8217;s Important: Even as Tesla CEO Elon Musk has officially endorsed the Republican presidential nominee, Trump, analysts are divided about the implications of a Trump presidency for the EV maker. Tesla bull Daniel Ives said a second term for Trump would be an overall negative for the EV industry, given the likelihood of the EV rebates/tax incentives getting pulled. But it is a potential positive for Tesla, given the company &#8220;has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment,&#8221; he said.
Stanphyl Capital Managing Member&nbsp;Mark Spiegel sees the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl">removal of the $7,500 subsidy impacting Tesla&#8217;s already battered margins. </a>He also sees Trump doing away with the EV mandates, which will likely take away much of Tesla&#8217;s high-margin regulatory credits.
Trump said at the Republican National Convention held last week that he will end federal support for EVs on day one, which he thinks is essential to keep the auto industry from being obliterated. However, at a campaign rally in Michigan on Saturday, Trump toned down his rhetoric against EVs and clarified that he is against only 100% electrification.
Tesla ended Friday&#8217;s session down 4.02% at $239.20, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39874391/tesla-alphabet-gm-ford-lead-earnings-parade-this-week-as-market-struggles-to-sustain-the-summer-">Tesla, Alphabet, GM, Ford Lead Earnings Parade This Week As Market Struggles To Sustain The Summer Rally</a></li>
</ul>
Image Via Shutterstock

TSLA

Elon Musk May Have Endorsed Trump, But Tesla Would Have Done 'Even Worse' Without Biden's $7.5K EV Tax Credit, Says Fund Manager

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is reportedly in the process of creating a new AI chip, designed to comply with U.S. export controls, specifically for the Chinese market.
What Happened: According to anonymous sources, Jensen Huang&#8217;s Nvidia is teaming up with Inspur, a significant distribution partner in China, to launch and distribute the new chip, provisionally named &#8220;B20.&#8221; The chip is a part of Nvidia&#8217;s &#8220;Blackwell&#8221; series, launched in March, and is set to be mass-produced later this year, Reuters reported on Monday. The B200, a chip within the series, is said to be 30 times faster than its predecessor at certain tasks.
This development follows Washington&#8217;s decision to tighten its controls on semiconductor exports to China in 2023. Since then, Nvidia has created three chips specifically for the Chinese market. The new chip could enhance Nvidia&#8217;s efforts to combat competition from Chinese tech giant Huawei and Tencent-backed startup Enflame.
China contributed to roughly 17% of Nvidia&#8217;s revenue in the year ending January, a decrease from 26% two years prior, due to U.S. sanctions. Despite a slow start, Nvidia&#8217;s most advanced chip for China, the H20, is anticipated to sell over 1 million units this year, generating over $12 billion, as per research group SemiAnalysis.
It is widely expected that the U.S. will continue to apply pressure on semiconductor-related export controls, with initial plans to impose restrictions around the most advanced AI Models.
Nvidia has yet to respond to the queries sent by Benzinga.
See Also: <a href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Days After Elon Musk Deemed University Of Tokyo&#8217;s Idea &#8216;Pointless,&#8217; Scientists Develop Smiling Robot With Living Skin</a>
Why It Matters: The development follows another report that revealed Google and Microsoft are providing<a href="https://www.benzinga.com/news/24/07/39822184/google-and-microsoft-provide-nvidia-chip-access-to-chinese-firms-despite-u-s-restrictions-report"> Chinese companies access</a> to Nvidia AI chips through data centers outside China, despite U.S. restrictions. This was seen as a workaround to the Biden administration&#8217;s restrictions aimed at preventing Chinese firms from utilizing U.S. technology for artificial intelligence, particularly advanced semiconductors.
In July, Nvidia was on track to <a href="https://www.benzinga.com/government/24/07/39646273/is-nvidia-defying-us-export-controls-whats-going-on">sell $12 billion</a> of artificial intelligence chips in China this year despite the U.S. export controls.
Back in May, the Chinese government<a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a"> had urged its tech giants</a> to reduce their reliance on foreign-made chips, particularly those from Nvidia, and increase their purchase of domestic AI chips.
Price Action: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, Nvidia closed at $117.93 on Friday.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

NVDA

Nvidia Reportedly Developing A New Version Of Its Flagship AI Chip For Chinese Market Amid US Export Restrictions

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/07/39614595/elon-musk-says-safety-first-over-convenience-as-tesla-scales-up-fsd-to-fulfill-autonomous-driving-fu">full self-driving (FSD) driver assistance technology </a>will allow users to use the software while wearing sunglasses starting from its upcoming version 12.5, company CEO Elon Musk told video game developer John Carmack on Saturday. 
What Happened: FSD currently does not work well with sunglasses as its attention monitoring system tracks eye movements to ensure users are paying attention to the road and are ready to take over as required. 
However, with version 12.5 of the software, this issue should be resolved, Musk told Carmack. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Should be fixed in 12.5
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1814818640941748487?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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Carmack on Saturday took to X to note that he is feeling &#8216;very confident&#8217; about his bet on autonomous vehicles with software developer Jeff Atwood after multiple two-hour drives with Tesla FSD. In March 2022, Carmack bet Atwood $10,000 that by January 1st, 2030, fully autonomous vehicles would be commercially available for passenger use in major cities.
Carmack is the co-founder of video game company id Software, and he was the lead programmer of popular games like Doom, Wolfenstein 3D, and Quake, among others.
&#8220;I now think they will be able to data it across the finish line without any research breakthroughs,&#8221; Carmack said about Tesla and FSD. However, Tesla has had its share of breakthroughs, Musk responded. 
&#8220;Tesla has done so much that would be considered "AI research breakthroughs", but we are laser-focused on making it work, rather than crowing about breakthroughs,&#8221; Musk wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tesla has done so much that would be considered "AI research breakthroughs", but we are laser-focused on making it work, rather than crowing about breakthroughs. Having a large fleet is only one piece of the puzzle. Plenty of other car companies produce way more cars than…
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1814690059586523143?ref_src=twsrc%5Etfw">July 20, 2024</a></blockquote>
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Why It Matters: Tesla is attempting to improve its FSD software to enable vehicles to operate without human intervention. However, it presently requires active driver supervision.
Deploying autonomous vehicles hinges on&nbsp;both&nbsp;technological advancement and regulatory approval.&nbsp;
Tesla&#8217;s Director of Autopilot software, Ashok Elluswamy, said in April during the company's first-quarter earnings call that <a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta" target="_blank" rel="noreferrer noopener">regulatory hurdles might be minimal</a> if sufficient data proves the safety advantages of autonomous cars over human-driven vehicles.
Other <a href="https://www.benzinga.com/news/24/03/37907967/tesla-fsd-team-gets-a-boost-as-waymo-engineering-manager-jumps-ships-to-join-elon-musk-led-ev-maker" target="_blank" rel="noreferrer noopener">autonomous car companies</a> have also been clearing the regulatory path for Tesla, Elluswamy said, referring to Alphabet Inc.'s Waymo.
In May, Musk said that <a href="https://www.benzinga.com/news/24/07/39855931/elon-musk-says-tesla-will-deploy-fsd-in-cybertrucks-with-version-12-5-stays-mum-on-fresh-timeline-af">version 12.5 of FSD</a>, which is expected to allow users to wear sunglasses when using the technology, will start rolling out in late June. However, there seems to have been a delay as the company started rolling out FSD version 12.4.3 to customers only earlier this month. Some Tesla customers are on further older versions of the software.
It is not clear when the company will start rolling out FSD 12.5.
Tesla did not immediately respond to Benzinga&#8216;s request for comment. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39876213/tesla-confirms-it-aims-to-start-selling-cybertruck-in-canada-this-year-pre-orders-open-for-150">Tesla Confirms It Aims To Start Selling Cybertruck In Canada This Year: Pre-Orders Open For $150</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla FSD To Allow Users To Wear Sunglasses Starting With Version 12.5, Elon Musk Tells Quake Video Game Developer: 'Tesla Has Done So Much...'

The CNN Money Fear and Greed index showed a further decline in the overall market sentiment, while the index remained in the &#8220;Neutral&#8221; zone on Friday.
U.S. stocks closed lower on Friday, with the Dow Jones index falling more than 350 points during the session. The S&amp;P 500 fell 1.97%, while the Nasdaq dipped 3.65% last week, recording their biggest weekly losses since April. However, the Dow gained 0.72% during the week.
On the economic data front, the total number of active U.S. oil rigs fell by one to 477 rigs this week, reported Baker Hughes Inc.
CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) shares dipped over 11% on Friday after the company <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand">suffered a major outage</a> impacting businesses around the world. Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39849026/netflix-q2-earnings-highlights-revenue-beat-eps-beat-advertising-revenue-more-meaningful-squid-game">posted</a> better-than-expected earnings and sales results for its second quarter, after the closing bell on Thursday.
Most sectors on the S&amp;P 500 closed on a negative note, with energy, information technology, and financials stocks recording the biggest losses on Friday. However, healthcare and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 377 points to 40,287.53 on Friday. The S&amp;P 500 fell 0.71% at 5,505.00, while the Nasdaq Composite dipped 0.81% at 17,726.94 during Friday's session.
Investors are awaiting earnings results from Brown &amp; Brown, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>), SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 49.2, the index remained in the &#8220;Neutral&#8221; zone on Friday, versus a prior reading of 53.6.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39859170/top-3-industrials-stocks-that-may-rocket-higher-in-q3">Top 3 Industrials Stocks That May Rocket Higher In Q3</a></li>
</ul>

Trading Ideas

NFLX

S&P 500 Logs Worst Weekly Decline Since April; Investor Optimism Falls Further

Over the weekend, Tesla and SpaceX CEO Elon Musk shared a video on X, formerly Twitter, that showcased an AI-<a href="https://www.benzinga.com/news/23/08/33653379/months-after-viral-drip-pic-pope-francis-sounds-alarm-on-ais-disruptive-possibilities-and-ambivalent">generated fashion show</a> featuring global powerhouses.
What Happened: The video was made by the YouTube channel &#8220;Interdimensional TV&#8221; featuring many global figures like Musk, Barack Obama, Pope&nbsp;Francis, Kim Jong Un, Joe Biden,&nbsp;and Mark Zuckerberg, in AI-created outfits, mirroring or satirizing their public images.
For example, Zuckerberg was shown in a reptilian skin suit, poking fun at the wild conspiracy theory that the Meta CEO is a lizard in disguise — an idea he&#8217;s denied before. In 2016, Zuckerberg was asked about this, to which he said, &#8220;I'm gonna have to go with &#8216;no&#8217; on that. I am not a lizard.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39855896/how-to-fix-crowdstrike-issue-causing-blue-screen-of-death-on-your-windows-pc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Fix CrowdStrike Issue Causing Blue Screen Of Death On Your Windows PC</a>
Similarly, in the video, U.S. President Biden was shown in a&nbsp;wheelchair which might have been a reference to the <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">concerns surrounding his age and health</a>. Musk, on the other hand, was featured wearing a futuristic space suit.
The video also portrayed Indian Prime Minister Narendra Modi in a vibrant, multi-colored outfit, and&nbsp;Russian President Vladimir Putin in a&nbsp;Louis Vuitton ensemble.
Other notable appearances&nbsp;included Apple CEO Tim Cook&nbsp;with&nbsp;an iPad around his neck,&nbsp;and Chinese leader Xi Jinping in a bright red outfit adorned with playful teddy bear motifs.
The video was made using platforms like Midjourney and Luma Labs, as per the description written in the YouTube video. Musk, while sharing the video, said,&nbsp;&#8220;High time for an AI&nbsp;fashion show.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">High time for an AI fashion show <a href="https://t.co/ra6cHQ4AAu">pic.twitter.com/ra6cHQ4AAu</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815187468691316946?ref_src=twsrc%5Etfw">July 22, 2024</a></blockquote>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This development comes amidst growing concerns about the potential misuse of AI technology. 
Earlier this year, an <a href="https://www.benzinga.com/news/24/01/36731683/ai-biden-impersonation-shakes-up-new-hampshire-primary-sparks-vote-skipping-scandal">AI-generated robocall mimicking</a> President Biden&#8217;s voice urged New Hampshire voters to abstain from the state's primary election. 
<a href="https://www.benzinga.com/general/entertainment/24/01/36799199/swifties-outraged-as-ai-generated-pornographic-images-of-taylor-swift-circulate-unfiltered-" target="_blank" rel="noreferrer noopener">Fabricated explicit images</a>&nbsp;of singer&nbsp;Taylor Swift also made their way on social media this year, sparking concerns about AI&#8217;s potential.
In May, it was reported that ChatGPT-parent, OpenAI is developing <a href="https://www.benzinga.com/news/24/05/38733370/openai-is-working-on-new-ai-image-detection-tools-in-busy-election-year-worldwide-to-tell-if-photos">advanced methods to trace</a> and authenticate AI-generated content. 
This includes a cutting-edge image detection classifier to identify AI-generated photos and a watermarking system for tagging audio content discreetly.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/07/39873131/apple-skips-tsmcs-2nm-chip-for-iphone-17-unveils-first-ios-18-public-beta-and-more-this-week-in-appl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Skips TSMC&#8217;s 2nm Chip For iPhone 17, Unveils First iOS 18 Public Beta And More: This Week In Appleverse</a>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Says It's 'High Time For An AI Fashion Show,' Shares Video of Mark Zuckerberg In A Reptile Suit — Lizard Alien Vibes, Anyone?

LILM

Reported Sunday, Lilium Expands POWER-ON Portfolio With Leading Digital Innovators For Seamless Jet Operations

Widely-followed cryptocurrency analyst Michaël van de Poppe detailed his altcoin trading strategy, highlighting a substantial allocation to coins in the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ecosystem.
What Happened: In a video shared on his official YouTube channel, Van de Poppe underlined the significance of investing in the right coins amid a hype-based market sentiment. He informed that he's "heavily" into the Ether ecosystem.
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The analyst specifically pointed out the high expectations he has from the two Layer-2 network tokens, Arbitrum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ARB</a>) and Optimism (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>).&nbsp;
"I&#8217;m even more interested in them because there is more activity going into the Ethereum ecosystem and due to the spot ETFs, it&#8217;s going to be even better," he remarked.
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/24/07/39875516/bitcoin-critic-elizabeth-warren-backs-kamala-harris-for-presidency-after-biden-withdraws-f">Bitcoin Critic Elizabeth Warren Backs Kamala Harris For Presidency After Biden Withdraws From The Race: &#8216;She&#8217;s Ready To Step Up&#8217;</a>
Van de Poppe revealed that he will continue to HODL these coins at this time as they are vastly undervalued. "There's no point in selling them quite early."
Why It Matters: This commentary comes a week after Van de Poppe emphasized <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39765383/prominent-crypto-analyst-says-ethereum-will-reach-a-new-all-time-high-faster-than-the-rest">Ethereum&#8217;s low valuation and long-term upside prospects</a>.
He had predicted that Ethereum would reach a new all-time high faster than the rest of the market and described the upcoming launch of spot ETFs as a major catalyst.
As things stand, the funds tracking the spot price of Ethereum <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39784783/ethereum-spot-etfs-likely-to-start-trading-by-july-23-provided-no-unforeseeable-last-min-i">are set to debut this week</a>, marking a new milestone for the world's second-largest cryptocurrency.
Price Action: At the time of writing, Ether was exchanging hands at $3,508.72 trading mostly flat 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>. Arbitrum rose 1.01% to trade at $0.7872, while Optimism gained 1.85% to be valued at $1.94.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875949/democrats-have-huge-opportunity-to-win-back-chunk-of-crypto-vote-after-bidens-exit-from-20">Democrats Have &#8216;Huge Opportunity&#8217; To Win Back Chunk Of Crypto Vote After Biden&#8217;s Exit From 2024 Race, Legal Expert Urges New Nominee To Take These Steps</a></li>
</ul>

$ARB

$ETH

Top Crypto Trader Reveals Why He's 'More Interested' In These Ethereum-Linked Coins

The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>) (&quot;Goodyear&quot; or the &quot;Company&quot;) today announced that it has signed a definitive agreement to sell its Off-the-Road (&quot;OTR&quot;) tire business to The Yokohama Rubber Company, Limited (TYO:<a class="ticker" href="https://www.benzinga.com/stock/TYO:5101#TYO">5101</a>) (&quot;Yokohama&quot;) for&nbsp;$905 million&nbsp;in cash. The transaction follows a previously announced strategic review of the OTR tire business in connection with the Goodyear Forward transformation plan.
<a href="https://mma.prnewswire.com/media/95226/goodyear_tire_and_rubber_company_logo.html" target="_blank"><img alt="The Goodyear Tire &amp; Rubber Company, Akron, Ohio, USA. (PRNewsFoto/Goodyear Tire &amp; Rubber Company)" src="https://mma.prnewswire.com/media/95226/goodyear_tire_and_rubber_company_logo.jpg" /></a>
Goodyear&#39;s OTR tire business provides industry-leading OTR tires around the world for surface and underground mining, construction and quarry, and port and industrial end markets. Goodyear OTR offers a comprehensive suite of trusted products, services and tire management solutions that help customers optimize their operations and improve productivity and efficiency.
&quot;The sale of the OTR business marks an important milestone as we continue to execute against our Goodyear Forward transformation plan,&quot; said&nbsp;Mark Stewart, Goodyear Chief Executive Officer and President. &quot;We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with&nbsp;Yokohama&nbsp;to ensure a smooth transition for customers and associates.&quot;
Goodyear will retain its business providing OTR tires for U.S. military and defense applications. Pursuant to a Product Supply Agreement to be entered into with&nbsp;Yokohama&nbsp;in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for&nbsp;Yokohama&nbsp;at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction.
The transaction is subject to regulatory approvals, other customary closing conditions and consultations and is expected to close by early 2025. Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan.

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Beachbody Co

News

Latest news for Beachbody Co (OTC:BODYW) Stock