Calamos ETF Trust Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (BATS: CBXJ)

Latest news for Calamos ETF Trust Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (BATS:CBXJ)

Calamos Bitcoin 90 Series Structured Alt Protection ETF - January

Calamos ETF Trust Calamos Bitcoin 90 Series Structured Alt Protection ETF - January

The reason U.S. soft drinks primarily use high fructose corn syrup instead of sugar dates back to a trade barrier imposed by former President Ronald Reagan in the 1980s. This policy echoes in today&#8217;s trade landscape, where President Donald Trump&#8216;s tariffs continue to shape global policy.
What Happened: Reagan served as the 40th U.S. president between 1981 to 1989. During his tenure, he <a href="https://www.reaganlibrary.gov/archives/speech/proclamation-5294-import-quotas-certain-sugar-containing-articles">imposed</a> import quotas on sugar and sugar-containing articles to protect sugarcane farmers in the U.S.
This proclamation aimed to make imported sugar more expensive, or at least limit its availability, to artificially prop up the price of domestically produced sugar. This was a form of protectionism, designed to help American sugar farmers, even if it meant higher prices for consumers on products containing sugar.
It was after this announcement that Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) and PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) shifted to high fructose corn syrup, according <a href="https://www.nytimes.com/1984/11/07/business/coke-pepsi-to-use-more-corn-syrup.html">to</a> the New York Times.
The report acknowledged the comments by the spokesperson of both beverage companies and said that using corn syrup would be less expensive than the traditional cane- or beet-based sweetener given the shrinking market of the sugar industry.
See Also: <a href="https://www.benzinga.com/news/earnings/25/02/43684201/cvs-health-forecasts-10-earnings-growth-for-2025-citing-aetnas-meaningful-recovery">CVS Health Forecasts 10% Earnings Growth For 2025, Citing Aetna&#8217;s &#8216;Meaningful Recovery&#8217;</a>
Why It Matters: While an import quota aims to limit the quantity of a good that can be imported into a country over a specific period, tariffs are another kind of trade barrier used by a country to tax imported goods. Both could lead to higher prices of goods domestically and create market distortions.
According to an old <a href="https://www.washingtonpost.com/archive/business/1982/05/09/reagans-quotas-on-sugar-grew-out-of-a-raw-deal/420f3f40-9144-45fd-93d2-c429ca1e6aab/">article </a>by the Washington Post dated May 8, 1982, Reagan&#8217;s decision to support domestic sugar prices, which led to the need for quotas, was a result of political dealmaking. He needed votes in Congress for his budget reconciliation bill and traded his opposition to sugar price support for those votes. 
David Stockman, Reagan&#8217;s budget director, was instrumental in this deal. Stockman reportedly acknowledged the policy&#8217;s flaws but prioritized securing votes.
In 2025, after Trump&#8217;s reelection, he threatened top U.S. trading partners Canada and Mexico with tariffs, which were delayed after some negotiations. However, he imposed a 25% tariff on steel and aluminum imports and a blanket 10% levy on imports from China.
In essence, while trade barriers like import quotas or tariffs could be used as a negotiating tool, they could be driven by political opportunism, undermine free trade principles, fuel prices, and damage international relations.
See Also: <a href="https://www.benzinga.com/general/market-summary/25/02/43683299/cisco-systems-lands-700m-ai-gold-rush-amid-increased-appetite-from-tech-giants-build-more-and-we-will-buy-more-customers-tell-ceo">Cisco Systems Lands $700M AI Gold Rush Amid Increased Appetite From Tech Giants: &#8216;Build More And We Will Buy More,&#8217; Customers Tell CEO</a>
What Do Experts Say: Higher import taxes can lead to increased costs for U.S. importers, potentially fueling domestic inflation, explained Subho Moulik, the founder and CEO of Appreciate. &#8220;A study by the Tax Foundation estimates that these tariffs could cost the average American household an extra $800 in 2025, pushing up inflation and squeezing consumer spending,&#8221; he added.
On the other hand, Craig Shapiro, a macro strategist at the Bear Traps Report, argues that tariffs are the "only way" to fund tax cuts without expanding the federal deficit.
Beyond rebalancing global trade and boosting American manufacturing, Shapiro posits that <a href="https://www.benzinga.com/25/02/43587245/tariffs-are-the-only-way-to-fund-tax-cuts-without-deficit-expansion-argues-expert-as-it-takes-center-stage-in-donald-trumps-economic-plan">tariffs could provide</a> a substantial revenue source for the U.S. government. He argues this income could be used to offset the cost of Trump&#8217;s proposed tax cuts and prevent further deficit growth.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 and Nasdaq 100 indices, were mixed in premarket trading on Thursday. SPY fell 0.001% to $603.35, and QQQ was up 0.10% to $528.85, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/02/43587245/tariffs-are-the-only-way-to-fund-tax-cuts-without-deficit-expansion-argues-expert-as-it-takes-center-stage-in-donald-trumps-economic-plan">Tariffs Are &#8216;The Only Way&#8217; To Fund Tax Cuts Without &#8216;Deficit Expansion&#8217;, Argues Expert As It Takes Center Stage In Donald Trump&#8217;s Economic Plan</a></li>
</ul>
Photo courtesy: Shutterstock

Government

News

Politics

General

Reagan's Sugar Quotas, Trump's Tariffs, And The Price Of Protectionism: Here's Why Coke And Pepsi In US Have High Fructose Corn Syrup Instead Of Sugar

IVAC

Trading Halt: Halt status updated at 8:25:00 AM ET: Quotation Resumption: News and Resumption Times

Susquehanna analyst Shyam Patil maintains Trade Desk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) with a Positive and lowers the price target from $150 to $135.

Price Target

Analyst Ratings

Susquehanna Maintains Positive on Trade Desk, Lowers Price Target to $135

Published results reinforce the high-affinity binding and immunoselective properties of nipocalimab, which has been shown to reduce IgG levels by &gt;75%, including autoantibodies, potentially without affecting other immune functions
SPRING HOUSE, Pa., Feb. 13, 2025 /PRNewswire/ --&nbsp;Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) today announced the publication of data detailing the differentiated molecular properties of nipocalimab, an investigational neonatal Fc receptor (FcRn) blocker, <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4358266-1&amp;h=2875384473&amp;u=https%3A%2F%2Fdoi.org%2F10.1080%2F19420862.2025.2461191&amp;a=in+mAbs">in mAbs</a>.a This publication highlights the selective, targeted and high-affinity binding properties of nipocalimab which support its differentiated potential as a treatment option for immunoglobulin G (IgG)-driven alloantibody and autoantibody diseases.1
Nipocalimab is a fully human IgG-1 monoclonal antibody that binds to FcRn, resulting in the reduction of circulating IgG levels including pathogenic IgG autoantibodies.1 The studies established that nipocalimab binds both specifically and with high, pH-independent affinity to FcRn.1 These preclinical studies also established the relationship between FcRn binding and the inhibition of IgG recycling, revealing that nipocalimab achieves time and dose-dependent IgG reductions of greater than 75% without affecting IgG production and without detectable effects on other adaptive and innate immune functions.1 The pH-independent nature of the binding, also noted in this publication, is one factor contributing to the ability to investigate nipocalimab in alloimmune diseases of pregnancy.1 The mechanism of action of nipocalimab was assessed through in vitro and in vivo studies, and attributes noted in the publication are consistent with clinical Phase 1, 2 and 3 studies of nipocalimab.1 The clinical significance is not yet known.&nbsp;

Biotech

Johnson & Johnson Announces New Nipocalimab Data Published In Mabs Journal Details Differentiated Molecular Design, Clinical Profile And Potential Of Nipocalimab To Treat IgG-Driven Alloantibody And Autoantibody Diseases

Iron Mountain Inc&nbsp;(NYSE:&nbsp;IRM) reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43688275/iron-mountain-reports-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">fourth-quarter financial</a> results&nbsp;Wednesday before the bell. Here are the key metrics&nbsp;from the quarter.
Q4 Earnings Details:&nbsp;The company reported that the fourth quarter adjusted earnings per share was 50 cents.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/upgrades/25/02/43668326/globalfoundries-gains-analyst-upgrade-eyes-growth-in-automotive-and-ai-powered-data-centers" rel="noreferrer noopener">GlobalFoundries Gains Analyst Upgrade, Eyes Growth In Automotive And AI-Powered Data Centers</a>
Quarterly revenue of $1.58 billion, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">street view of $1.60 billion</a>.
Total reported revenues (excluding the impact of foreign currency exchange) increased 11.4% compared to the prior year. This was driven by an 8.8% increase in storage rental revenue and a 17.2% increase in service revenue.
On a constant currency basis, adjusted EBITDA increased by 15.2% in the quarter Y/Y, driven by the increase in Global Records Information Management (RIM), Asset Lifecycle Management (ALM) and data center.
AFFO was $368.0 million for the quarter, compared with $327.6 million last year, an increase of 12.3% driven by improved adjusted EBITDA. AFFO per share was $1.24, higher by 12% Y/Y.
Dividend: The board declared a quarterly cash dividend of $0.785 per share, representing <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43688270/iron-mountain-increases-quarterly-dividend-per-share-by-10" rel="noreferrer noopener">an increase of 10%</a>.
CEO William L. Meaney said the company continues to execute well against its Project Matterhorn growth strategy, delivering double-digit revenue growth in the quarter with strength across each of our business segments.
2025 Outlook:&nbsp;Iron Mountain&nbsp;expects revenues of $6.65 billion–$6.80 billion&nbsp;versus the&nbsp;<a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">$6.77 billion estimate</a>&nbsp;and AFFO per share of $4.85–$4.95.
Iron Mountain stock surged over 53% in the last 12 months, driven by growth in its core storage and records management business and strategic expansion into sectors like data centers.
Price Action:&nbsp;IRM stock is up 0.02% at $102.75 premarket at&nbsp;the last check on Thursday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/02/43664402/lam-research-commits-1-2-billion-investment-in-india-eyes-63-billion-semiconductor-growth-market" target="_blank" rel="noreferrer noopener">Lam Research Commits $1.2 Billion Investment In India, Eyes $63 Billion Semiconductor Growth Market</a></li>
</ul>

Earnings

Guidance

Dividends

Iron Mountain Q4 Earnings: Storage And Data Center Revenue Growth, Dividend Climbs 10%, Strong 2025 Outlook

Crocs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NASDAQ">CROX</a>) shares are trading higher after the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">company reported fourth-quarter results.</a>
Crocs registered quarterly adjusted earnings per share of $2.52, beating the street view of $2.26 as the Crocs brand exceeded expectations in North America, <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n43688580/crocs-inc-reports-record-2024-results-with-annual-revenues-of-4-1-billion-growing-4-over-2023" rel="noreferrer noopener">with strong growth in China accelerating</a>.
Quarterly sales of $989.773 million (up 3.1% year over year) outpaced the analyst consensus estimate of $961.92 million.
Crocs brand revenues grew 4.0% to $762 million, or 4.9% on a constant currency basis. Direct-to-consumer revenues rose 5.0% to $447 million, while wholesale revenues increased 2.7% to $315 million.
HEYDUDE&#8217;s total revenues remained flat at $228 million. Direct-to-consumer revenues grew 7.2% to $133 million, while wholesale revenues fell 8.6% to $95 million.
Also Read: <a target="_blank" href="http://benzinga.com/25/02/43688532/whats-going-on-with-d-wave-quantum-stock-today" rel="noreferrer noopener">What&#8217;s Going On With D-Wave Quantum Stock Today?</a>
Adjusted gross margin improved 220 basis points to 57.9% compared to 55.7%. Crocs reported an adjusted operating margin of 20.2% in the quarter, lower than 24.1% in the year-ago period.
&#8220;We generated exceptional operating cash&nbsp;flow of approximately&nbsp;$990 million, which enabled us to return value to shareholders through more than&nbsp;$550 million&nbsp;in share repurchases, while fortifying our balance sheet through the pay down of approximately&nbsp;$320 million&nbsp;of debt,&#8221; said&nbsp;Andrew Rees, Chief Executive Officer.
As of December 31, the company&#8217;s cash and cash equivalents&nbsp;were&nbsp;$180 million&nbsp;compared to&nbsp;$149 million in the year-ago period. Inventories&nbsp;were&nbsp;$356 million&nbsp;compared to&nbsp;$385 million.
Earlier this month, the company approved a&nbsp;$1.0 billion&nbsp;increase to our share repurchase authorization, after which approximately&nbsp;$1.3 billion&nbsp;remained available for future common stock repurchases.
Outlook: Crocs projects FY25 adjusted earnings per share between $12.70 and $13.15, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">surpassing the $12.58 estimate</a>.
Revenue growth is expected to be 2% &#8211; 2.5%, at currency rates as of&nbsp;February 10, 2025. Crocs brand is expected to grow about 4.5% in 2024, while HEYDUDE brand is projected to decline by 7% to 9%.
Susan Healy, Chief Financial Officer, added, &#8220;We expect operating margin to be approximately 24.0% for 2025, and beyond this year, we are committed to maintaining an annual operating margin at or above this level.&#8221;
For the first quarter, the company sees adjusted earnings per share of $2.38&nbsp;to&nbsp;$2.52 versus the $2.65 estimate.
Revenues are expected to be down approximately 3.5% year over year, at currency rates as of&nbsp;February 10, 2025. Crocs brand is expected to be flat to down 1%, while HEYDUDE brand is projected to decline by 14% to 16%.
Price Action: CROX shares are trading higher by 17.5% to $104.40 premarket at last check Thursday.
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers" target="_blank" rel="noreferrer noopener">Mitch McConnell Criticizes Trump's Tariff Plans, Warns Of Potential Price Hike: ‘Big, Lingering Concerns For American Industry And Workers'</a></li>
</ul>
Image via Shutterstock.

Equities

Markets

Movers

CROX

Crocs Smashes Q4 Earnings Expectations Amid Accelerated China Growth; Stock Jumps

Total of non-dilutive $740,000 received to date from $1,000,000 grant, based on the continued development of 3D-printed plant-based fish and eel
Rehovot, Israel, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Steakholder Foods Ltd. (NASDAQ:<a href="https://www.benzinga.com/stock/STKH#NASDAQ">STKH</a>), a leading innovator in alternative proteins and 3D printing technologies, today announced that it has received its third payment of USD 250,000 from the Singapore-Israel Industrial R&amp;D Foundation (SIIRD). To date the Company has received a total of USD 740,000 from the USD 1,000,000 grant awarded to Steakholder Foods from SIIRD.

Contracts

STKH

Steakholder Foods Secures $250,000 In Third SIIRD Grant Installment

Susquehanna analyst Shyam Patil maintains Lyft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) with a Neutral and lowers the price target from $18 to $15.

LYFT

Susquehanna Maintains Neutral on Lyft, Lowers Price Target to $15

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a<a href="https://www.benzinga.com/yield-investments"> high dividend payout</a>.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting <a href="https://www.benzinga.com/analyst-stock-ratings">Analyst Stock Ratings</a> page. Traders can sort through Benzinga's extensive database of analyst ratings, including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">by analyst accuracy</a>.
Below are the ratings of the most accurate analysts for three high-yielding stocks in the consumer staples sector.
<h3 class="wp-block-heading">Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>)</h3>
<ul>
<li>Dividend Yield: 7.65%</li>
<li>B of A Securities analyst Lisa Lewandowski upgraded the stock from Neutral to Buy and increased the price target from $55 to $65 on Dec. 6, 2024. This analyst has an accuracy rate of 62%.</li>
<li>Barclays analyst Gaurav Jain maintained an Underweight rating and raised the price target from $45 to $46 on Nov. 6, 2024. This analyst has an accuracy rate of 69%.</li>
<li>Recent News: On Jan. 30, Altria Group posted quarterly sales of $5.974 billion beating the analyst consensus estimate of $5.046 billion.</li>
<li>Benzinga Pro&#8217;s real-time newsfeed alerted to latest <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1">MO news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="902" height="821" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045107/image-114.png" alt="" class="wp-image-780610" style="width:621px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045107/image-114.png 902w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045107/image-114-300x273.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045107/image-114-768x699.png 768w" sizes="(max-width: 902px) 100vw, 902px" /></a></figure>
<h3 class="wp-block-heading">Flowers Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>)</h3>
<ul>
<li>Dividend Yield: 5.21%</li>
<li>DA Davidson analyst Brian Holland maintained a Neutral rating and cut the price target from $24 to $21 on Feb. 10, 2025. This analyst has an accuracy rate of 63%.</li>
<li>Deutsche Bank analyst Steve Powers maintained a Hold rating and increased the price target from $22 to $23 on May 9, 2024. This analyst has an accuracy rate of 66%.</li>
<li>Recent News: On Feb. 11, Flowers Foods priced its public offering of $500 million of 5.750% senior notes due 2035 and $300 million of 6.200% senior notes due 2055.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1">latest FLO news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="906" height="815" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045138/image-115.png" alt="" class="wp-image-780612" style="width:556px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045138/image-115.png 906w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045138/image-115-300x270.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045138/image-115-768x691.png 768w" sizes="(max-width: 906px) 100vw, 906px" /></a></figure>
<h3 class="wp-block-heading">The Campbell&#8217;s Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>)</h3>
<ul>
<li>Dividend Yield: 3.89%</li>
<li>Wells Fargo analyst Chris Carey maintained an Equal-Weight rating and cut the price target from $45 to $43 on Jan. 7, 2025. This analyst has an accuracy rate of 60%.</li>
<li>DA Davidson analyst Brian Holland maintained a Neutral rating with a price target of $51 on Dec. 4, 2024. This analyst has an accuracy rate of 63%.</li>
<li>Recent News: On Jan. 22, Campbell&#8217;s named Risa Cretella President of Meals &amp; Beverages Division.</li>
<li>Benzinga Pro&#8217;s real-time newsfeed alerted to latest CPB <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1">news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent021325&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="915" height="812" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045208/image-116.png" alt="" class="wp-image-780616" style="width:541px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045208/image-116.png 915w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045208/image-116-300x266.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/13045208/image-116-768x682.png 768w" sizes="(max-width: 915px) 100vw, 915px" /></a></figure>
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</figure>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/02/43655479/top-3-utilities-stocks-that-may-collapse-in-q1">Top 3 Utilities Stocks That May Collapse In Q1</a></li>
</ul>

Pre-Market Outlook

Trading Ideas

Wall Street's Most Accurate Analysts Give Their Take On 3 Risk Off Stocks With Over 3% Dividend Yields

WIIM

Moody's shares are trading higher after the company reported better-than-expected Q4 adjusted EPS results and issued FY25 adjusted EPS guidance above estimates.

NKGN

NKGen Biotech Announces Publication Of Initial Dose Escalation Phase 1 Trial In The Journal Alzheimer's Research & Therapy

Susquehanna analyst Shyam Patil maintains DoorDash (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) with a Positive and raises the price target from $180 to $235.

DASH

Susquehanna Maintains Positive on DoorDash, Raises Price Target to $235

TNET

TriNet shares are trading lower after the company issued FY25 revenue and earnings guidance below estimates.

Insights from an early adopter in the industry 
Long before the LLMs (large language models) boom, we were one of the early adopters of AI, having developed an AI-powered chatbot and virtual assistant product for trading platforms, based on several AI technologies. Our core business is designing and building trading software for major banks and global capital markets firms, and our AI product was developed to complement our broader offering. 
Against this backdrop, the dawn of LLM was undoubtedly a game-changer, however, in truth, it has not always delivered on expectations. Indeed, after seven years, we feel enough time has passed to review the interim results when it comes to AI and LLM, looking at:
<ul>
<li>whether the set goals of the LLM adoption have been achieved</li>
</ul>
<ul>
<li>where LLM's impact has been positive and impactful</li>
</ul>
<ul>
<li>where LLM appears, to be useless or even harmful</li>
</ul>
<ul>
<li>possible future applications for LLM in trading.</li>
</ul>
Firstly, it's important to understand that AI is a much broader term than LLM, and LLM is neither a replacement for other AI methods and models, nor a more advanced version of "traditional AI". But, like the majority of AI industry pioneers, our development team enthusiastically adopted OpenAI&#8217;s ChatGPT. This was to make our AI-based chatbot, which interacts with clients of retail brokers, wealth management firms, and other financial institutions, more user-friendly and expand its functionality to include features such as order execution direct from within chats, natural language responsiveness, and multi-channel integration for trading on the go.
As our collective understanding of AI and its potential has developed, we at Devexperts have recognized the need for us to evolve our AI beyond its chatbot capabilities to take on a more proactive, agent-driven role in trading, allowing it, for example, to make decisions derived from user behaviors. We would label this AI a more ‘complete' evolution of the technology, merging the conversational aspects of Gen AI with the intuitive approach of AI agents. This is our predicted new direction of AI applications for trading desks.
Let's start with what worked really well and helped our team to improve the product.
<ol>
<li>Summarization</li>
</ol>
Yes, language models like ChatGPT are good for summarizing discussions, articles and other long reads.&nbsp;
When a client's question can't be resolved by a chatbot, and it is escalated to a human, a quick summary explaining the issue is there, saving customer care personnel time when working on a resolution.&nbsp;
Another use case is generation of a market digest while understanding the client's context (preferred markets, asset classes, time frames), without explicitly asking for details.
<ul>
<li>Answers from a knowledge base</li>
</ul>
LLMs are good at ingesting FAQ knowledge bases and answering questions using the corresponding data.&nbsp;
It's also possible to instruct AI to adhere to specific communication styles and/or add specific disclaimers. A complex topic can be explained in simple language to a certain extent.&nbsp;
<ul>
<li>Execution of multi-level instructions</li>
</ul>
Recent advancements allow language models to become "decision-makers" and perform some actions through function calling, for example.&nbsp;
It can be observed in many use cases. For instance, brokers can automate many business processes such as investor/trader level scoring, KYC, and even upselling products and services – and the accuracy of the AI turns out to be surprisingly good.&nbsp;
But it's also worth mentioning areas where AI has failed to cope with the task at hand and where further research and model improvement are clearly needed. 
<ol>
<li>LLMs are not that good at operating structured data yet (say, trading database or market statistics). There is a possibility to run several models in a pipeline or approach the task as a series of consecutive runs. But the out-of-the-box quality of analysis made by AI is not currently that impressive.</li>
<li>It's hard for the language models to adhere to long instructions. The longer and more complex the set of instructions are, the higher the probability that the tool would just ignore some of them. So, our AI assistant requires some fine-tuning, because the raw output of ChatGPT may be misleading.</li>
<li>Retrieval agents (that allow us to look for the answer in a knowledge base) struggle to adapt well to the domain-specific use cases. It's hard for them to find relevant context in a myriad of acronyms and complex terminology. Failing to find relevant context results in the response from the model being too generic or completely irrelevant.</li>
</ol>
As our research and development continues, we have discovered that rather than relying on a single LLM, integrating multiple specialized AI systems yields far better results for traders. By leveraging models trained for specific tasks, such as fundamental analysis, risk management, and execution optimization, we can create an AI-driven experience where trader requests are dynamically routed to the right intelligence layer, all without disrupting users' conversations with chatbots. This approach not only improves accuracy but also ensures AI chats remain seamless and are useful even in highly complex cases. Additionally, this hybrid model opens the door to partnerships between different AI providers for a more well-rounded pool of data for traders.
Development will of course continue, and the issues highlighted will, no doubt, be addressed over time. It is, however, clear that while AI is valuable in enhancing user experience and assisting with customer service provision, it is a far cry from being able to operate independently or, further still, from replacing human capabilities, especially where demands become more complex.
Looking ahead, the true potential of AI in trading applications lies in its ability to offer deeply personalized experiences. By combining historical and real-time data, AI can adapt to individual trading styles and provide insights tailored to each individual user. As technology advances, AI assistants will feel less like tools and more like intuitive market advisors, helping traders make more informed decisions to navigate markets confidently.
Vitaly Kudinov is a Senior Vice President at <a href="https://devexperts.com/">Devexperts</a>
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy. No AI-generated content.

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AI - Taking Stock: The Benefits And Pitfalls Of LLMs And Their Future Applications In Trading

GLPG

Galapagos shares are trading lower after the company reported a year-over-year decrease in FY24 EPS results. The company announced it plans to separate into two publicly traded companies.

NVMI

Nova shares are trading higher after the company reported better-than-expected Q4 financial results and issued Q1 guidance above its estimates.

HC Wainwright &amp; Co. analyst Robert Burns maintains Replimune Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REPL#NASDAQ">REPL</a>) with a Buy and raises the price target from $21 to $22.

REPL

HC Wainwright & Co. Maintains Buy on Replimune Group, Raises Price Target to $22

Company provides preliminary 2025 guidance and advance notification of a proposed financing transaction to provide a $30 million unsecured promissory note
P3 Health Partners Inc. (&quot;P3&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIII#NASDAQ">PIII</a>), a patient-centered, physician-led population health management company, is targeting profitability in 2025, with initial revenue guidance for the year of $1.350 billion to $1.500 billion and Adjusted EBITDA of negative ($35) million to $5 million.

PIII

P3 Health Targeting Profitability In 2025, With Initial Revenue Guidance For The Year Of $1.350B-$1.5B And Adjusted EBITDA Of ($35)M-$5M.

Baidu, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) stock gained Thursday after the <a target="_blank" href="https://www.benzinga.com/topic/chinese-stocks" rel="noreferrer noopener">Chinese internet search company</a> shared plans to launch the next generation of its artificial intelligence model in the second half of 2025, CNBC <a target="_blank" href="https://www.cnbc.com/2025/02/12/china-tech-giant-baidu-to-release-next-generation-ai-model-this-year-as-deepseek-shakes-up-market.html" rel="noreferrer noopener">cited</a> unnamed sources familiar with the matter.
The company looks to offer its artificial intelligence chatbot, Ernie Bot, free of cost from April 1 to all users on both desktop and mobile platforms, Reuters cites from Baidu&#8217;s WeChat post.
Ernie 5.0 could have enhancements in multimodal capabilities, CNBC cited the source.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/25/02/43619521/deepseek-impact-billionaire-david-tepper-bets-big-on-china-increases-stakes-in-alibaba-jd-com-and-pdd" rel="noreferrer noopener">DeepSeek Impact? Billionaire David Tepper Bets Big on China, Increases Stakes in Alibaba, JD.com, And PDD</a>
&#8220;Multimodal&#8221; AI can process texts, videos, images, and audio to combine them and convert text to video and vice versa.
Chinese companies race to develop innovative AI models to compete with OpenAI and other U.S.-based companies.
In January, Chinese AI startup DeepSeek prompted a global tech stock sell-off by releasing its open-source AI model, which said it could cost-undercut OpenAI&#8217;s ChatGPT. Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) lost $600 billion in stock value in a single day.
Recently, Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) tapped Alibaba Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) to bring <a target="_blank" href="https://www.benzinga.com/25/02/43631776/apple-teams-up-with-alibaba-for-ai-innovation-in-china-submits-ai-features-for-regulatory-approval" rel="noreferrer noopener">AI features to</a> iPhones in China after initially reaching out to Baidu.
At the World Governments Summit in Dubai, Baidu CEO Robin Li proclaimed the possibility of slashing the inference cost of foundation models by over 90% in 12 months, which, according to him, implied raising productivity by a similar percentage.
Baidu launched its&nbsp;ChatGPT-equivalent chatbot&nbsp;called Ernie in March 2023.
Also, Alibaba cut <a target="_blank" href="https://www.benzinga.com/media/25/01/42761737/alibaba-leverages-scale-and-deep-pockets-to-slash-ai-llm-prices-to-gain-market-share" rel="noreferrer noopener">Qwen-VL model</a> prices by up to 85%, intensifying China&#8217;s AI price war to gain market share. Baidu and ByteDance had responded to Alibaba&#8217;s price war <a target="_blank" href="https://www.benzinga.com/news/24/05/38941156/alibaba-sparks-ai-price-war-with-massive-discounts-report" rel="noreferrer noopener">with their deals</a>.
CNBC&#8217;s&nbsp;Jim Cramer&nbsp;wondered if&nbsp;Baidu might be the <a target="_blank" href="https://www.benzinga.com/markets/equities/25/01/43375128/jim-cramer-wonders-if-baidu-could-be-next-after-alibabas-ai-model-outperforms-deepseek" rel="noreferrer noopener">next Chinese tech</a> giant to draw market focus after Alibaba and DeepSeek.
Price Action: BIDU stock is up 4.46% at $97.50 premarket at last check Thursday.
Also Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/02/43600309/google-faces-rising-ai-rivals-like-baidu-and-yandex-but-analyst-sees-search-and-ad-growth-holding-strong" target="_blank" rel="noreferrer noopener">Google Faces Rising AI Rivals Like Baidu and Yandex But Analyst Sees Search and Ad Growth Holding Strong</a></li>
</ul>
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Not Just DeepSeek, China's AI Landscape Heats Up As Baidu Launches Free Ernie Bot

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