Latest news for Crown LNG Holdings (NASDAQ:CGBSW) Stock

Crown LNG Holdings Ltd is a global LNG infrastructure company that seeks to provide natural gas liquefaction, storage and re-gasification services. It focuses on enabling a stable and reliable supply of LNG to customers, especially in geographic areas where onshore or floating facilities may be difficult or less desirable as a result of harsh weather conditions, safety or environmental concerns, or cost. It specializes in the design and operation of offshore, all-weather LNG liquefication and re-gasification terminals, such as gravity-based structures. Through Its innovative technologies and design, It believes it can deliver tailored LNG infrastructure suitable for energy-isolated locations, as well as provide critical LNG infrastructure to under-served markets around the world.

Crown LNG Holdings Ltd

<a href="https://www.bloomberg.com/news/articles/2024-07-17/conn-s-plans-mass-store-closings-ahead-of-possible-bankruptcy?sref=y3YMCJ4e">https://www.bloomberg.com/news/articles/2024-07-17/conn-s-plans-mass-store-closings-ahead-of-possible-bankruptcy?sref=y3YMCJ4e</a>
Furniture retailer <a href="https://www.bloomberg.com/quote/CONN:US">Conn's Inc.</a> is planning to shutter around 100 locations and liquidate the inventory as part of a bankruptcy filing <a href="https://www.bloomberg.com/news/articles/2024-07-01/retailer-conn-s-mulls-bankruptcy-filing-amid-sales-declines">planned</a> for the coming weeks, according to people with knowledge of the matter.
The company has also been huddling with investors in search of financing to help fund its bankruptcy process, according to some of the people, who asked not to be named discussing private information.

News

CONN

'Furniture Retailer Conn's Plans Mass Store Closings Ahead Of Possible Bankruptcy; Liquidations Would Shutter More Than 40% Of Company's Stores; Furniture Chain Acquired A Rival Last Year To Expand Reach' - Bloomberg News

WaFd, Inc.&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wafd#NASDAQ">WAFD</a>) third-quarter fiscal 2024 (ended Jun 30) adjusted earnings of 76 cents per share handily surpassed the Zacks Consensus Estimate of 59 cents. Also, the bottom line rose 4.1% sequentially.
The quarter marked the first full quarter after the completion of the acquisition of Luther Burbank Corporation (LBC).
The results reflected a rise in net interest income (NII) and other income, which aided the top line. Also, higher loan balances and lower provisions were other positives. However, a rise in expenses and a slight decline in the deposit balance acted as spoilsports.
Results in the reported quarter excluded merger-related costs and certain non-operating expenses. After considering those, net income available to common shareholders (GAAP basis) was $60.9 million or 75 cents per share, significantly up from $12.2 million or 17 cents per share in the prior quarter.
<h3>Revenues Rise, Expenses Up</h3>
Adjusted net revenues were $193.4 million, rising 11.2% from the prior quarter. Also, the top line surpassed the Zacks Consensus Estimate of $180.6 million.
NII came in at $177.2 million, growing 11.7% sequentially. The net interest margin was 2.56%, contracting 17 basis points (bps). Our estimates for NII and NIM were $166.8 million and 2.74%, respectively.
The total adjusted other income of $16.2 million rose 5.9%. Our estimate for the metric was $14.5 million.
Total adjusted other expenses were $107.8 million, up 5.9%. The rise was due to an increase in all the components. Our estimate for the metric was $114.8 million. During the reported quarter, WaFd recorded $2.3 million of merger-related expenses for the LBC deal.
The company&#39;s adjusted efficiency ratio was 55.7%, down from 58.5% in the prior quarter. A fall in the efficiency ratio reflects improved profitability.
As of Jun 30, 2024, net loans receivable were $20.9 billion, growing marginally from the prior quarter. During the quarter, the company sold $2.8 billion of acquired multifamily loans.
Total customer deposits were $21.2 billion, recording a slight fall.&nbsp;
At the end of the fiscal third quarter, the adjusted return on average common equity was 9.36%, up from 8.74% at the end of the prior quarter. Adjusted return on average assets was 0.88%, stable on a sequential basis.
<h3>Credit Quality: A Mixed Bag</h3>
As of Jun 30, 2024, allowance for credit losses (including reserve for unfunded commitments) was 1% of gross loans outstanding, stable from the prior quarter end.
In the reported quarter, the provision for credit losses was $1.5 million compared with $16 million provisions in the previous quarter.
The ratio of non-performing assets to total assets was 0.24%, up 1 bp.
<h3>Share Repurchase Update</h3>
During the quarter, WAFD repurchased 0.36 million shares at an average price of $26.63 per share.
In May, the company increased the buyback authorization by 10 million shares. As of Jun 30, 2024, approximately 11.5 million shares remained available under the authorization.
<h3>Our Viewpoint</h3>
Decent loan growth, higher interest rates and a robust balance sheet are likely to continue aiding WAFD&#39;s financials. The LBC acquisition expanded the company&#39;s presence in the lucrative California market and will be accretive to earnings in fiscal 2025. However, elevated expenses and an expected economic slowdown are near-term headwinds.
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<h3>WaFd, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="WaFd, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/00/1721219140.png" style="height:265px; width:577px" title="" />
WaFd, Inc. price-consensus-eps-surprise-chart | WaFd, Inc. Quote
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Currently, WAFD carries a Zacks Rank #3 (Hold).
<h3>Earnings Dates &amp; Expectations of Other Banks</h3>
BankUnited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bku#NYSE">BKU</a>) is scheduled to announce second-quarter 2024 numbers on Jul 18.
Over the past 30 days, the Zacks Consensus Estimate for BKU&#39;s quarterly earnings has been revised 1.5% down to 65 cents, suggesting a 16.7% decline from the prior-year reported number.
Commerce Bancshares (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cbsh#NASDAQ">CBSH</a>) is also set to announce second-quarter 2024 numbers on Jul 18.
Over the past month, the Zacks Consensus Estimate for CBSH&#39;s quarterly earnings has moved 3.4% north to 91 cents. This implies a 6.2% decrease from the prior-year quarter.
<a href="https://www.zacks.com/stock/news/2303592/wafd-s-q3-earnings-beat-estimates-revenues-rise-on-lbc-deal?cid=CS-BENZ-FT-analyst_blog|earnings_article-2303592">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

Markets

Analyst Ratings

Trading Ideas

CBSH

WAFD

WAFD's Q3 Earnings Beat Estimates, Revenues Rise on LBC Deal

Aehr Test Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NASDAQ">AEHR</a>) shares are soaring Wednesday following<a href="https://www.benzinga.com/pressreleases/24/07/ac39803522/aehr-test-systems-reports-fiscal-2024-fourth-quarter-and-full-year-financial-results-and-provides"> robust fiscal Q4 2024 results and optimistic FY25 guidance. </a>
What Happened: The semiconductor test equipment supplier <a href="https://www.benzinga.com/pressreleases/24/07/ac39803522/aehr-test-systems-reports-fiscal-2024-fourth-quarter-and-full-year-financial-results-and-provides">reported fourth-quarter net revenue</a> of $16.6 million, beating estimates of $15.44 million. Non-GAAP net income of $0.84 per share, beating the consensus estimate of $0.10.
For the fiscal year, Aehr achieved a record net revenue of $66.2 million. 
Looking ahead, Aehr projects fiscal year 2025 revenue of at $70 million, surpassing the $65.1 million consensus estimate.
What Else: CEO Gayn Erickson also highlighted the role of silicon carbide power semiconductors in the company's success, driven by demand in the electric vehicle (EV) market. <a href="https://www.benzinga.com/pressreleases/24/07/ac39803528/aehr-receives-12-7-million-in-orders-for-fox-waferpak-tm-full-wafer-contactors-to-support-product">Aehr received $12.7 million in orders</a> for its FOX WaferPak full wafer Contactors, reinforcing its strong position in the silicon carbide market. The company also announced the acquisition of Incal Technology, <a href="https://www.benzinga.com/pressreleases/24/07/ac39803576/aehr-test-systems-to-acquire-incal-technology-expanding-its-addressable-market-within-the-rapidly">expanding its reach into the AI semiconductor market.</a>
AEHR Price Action: Aehr Test systems shares were up by 23.7% at $20.84 according to<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071724&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="541" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17142116/AEHR-1024x541.png" alt="" class="wp-image-441493" style="width:479px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17142116/AEHR-1024x541.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17142116/AEHR-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17142116/AEHR-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17142116/AEHR.png 1069w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39822984/whats-in-store-for-microsoft-in-q4-analyst-sees-azure-strength-double-digit-revenue">What&#8217;s In Store For Microsoft In Q4? Analyst Sees Azure Strength, Double-Digit Revenue Growth Outlook</a></li>
</ul>
Photo Courtesy: buffaloboy on Shutterstock.

Movers

AEHR

Why Are Aehr Test Systems Shares Surging Wednesday?

Government

Macro Economic Events

Politics

Legal

Economics

General

Special Counsel Jack Smith Formally Appeals Dismissal Of Classified Documents Case Against Former President Donald Trump

AutoNation, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>) has lowered its second-quarter 2024 quarterly earnings forecast following a cyberattack on software provider CDK Global on Jun 19, 2024. The auto retailer cut its guidance for earnings per share by $1.50 to $3.15-$3.30 for the three months ending Jun 30.
Despite the negative impact of the CDK outage on AutoNation&#39;s business and productivity, the incident is not expected to have a significant impact on the company&#39;s overall financial condition or operations. The company has regained access to its dealer management system and core functions and anticipates completing the restoration of the remaining ancillary systems by the end of July.
With the guidance trimmed for the second quarter of 2024, should investors consider selling the stock? Or is it worth retaining in your portfolio? Let&#39;s find out.
<h3>Soundly Managed Risk &amp; Expansion Efforts to Drive Prospects</h3>
A diversified product mix and multiple streams of income (from the sale of new and used vehicles, after-sales services and customer financial business) reduce the risk profile of AutoNation and augur well for its earnings and sales growth.
A strong geographical footprint, large dealer network and store expansion efforts are praiseworthy and allow the company to reach and serve a broad customer base. In the last reported quarter, the company expanded its used vehicle store footprint in the United States by opening four additional stores.
Enhanced digital solutions are expanding the company&#39;s market presence, with initiatives like next-day ship-to-home, curb-side pick-up and buy-online, pick-up in-store (BOPIS) gaining traction. Omni-channel marketing is integral to AutoNation&#39;s long-term strategy and customer preference for the model is expected to increase its revenues. The launch of AutoNation Express, facilitating online vehicle buying and selling, signifies a leap in digitization.
<h3>Acquisitions to Support Top-Line Growth</h3>
Buyouts of Priority 1 Automotive and Peacock Automotive&#39;s 11 dealerships have boosted AutoNation&#39;s annualized revenues. The acquisition of four dealerships from Moreland Auto Group is also fueling AN&#39;s annual revenues.
Additionally, the CIG Financial buyout has unlocked a significant upside for AutoNation&#39;s F&amp;I segment. The acquisition seeks to take AutoNation&#39;s relationship with its customers beyond the buying experience and throughout the vehicle ownership life cycle. The acquisition of RepairSmith has expanded the company&#39;s range of after-sales services.
<h3>Conclusion</h3>
Despite a stretched balance sheet and rising competition, AutoNation has consistently beat earnings estimates in recent quarters. Better management of risk, rising geographical footprint, large dealer network, store expansion efforts and acquisitions have corroborated the company&#39;s growth. In light of these factors, investors who already have this Zacks Rank #3 (Hold) stock in their portfolio should retain it.
<h3>Key Picks</h3>
Some better-ranked stocks in the auto space are Suzuki Motor Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/szkmy#OTC">SZKMY</a>), Honda Motor Co., Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>) and American Axle &amp; Manufacturing Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axl#NYSE">AXL</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for SZKMY&#39;s 2025 earnings suggests year-over-year growth of 2.09%. EPS estimates for 2025 and 2026 have improved 38 cents and 15 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for HMC&#39;s 2025 sales and earnings suggests year-over-year growth of 0.73%. EPS estimates for 2025 have improved 9 cents in the past 60 days.
The Zacks Consensus Estimate for AXL&#39;s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. EPS estimates for 2024 have moved up 2 cents in the past 60 days. The same for 2025 has moved up 5 cents in the past 30 days.
<a href="https://www.zacks.com/stock/news/2303686/autonation-an-cuts-q2-eps-view-buy-hold-or-sell-the-stock?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2303686">To read this article on Zacks.com click here.</a>

Guidance

Small Cap

SZKMY

AutoNation Cuts Q2 EPS View: Buy, Hold or Sell the Stock?

Verizon Communications Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vz#NYSE">VZ</a>) is scheduled to report second-quarter 2024 earnings on Jul 22. The Zacks Consensus Estimate for second-quarter sales and earnings is pegged at $33.07 billion and $1.15 per share, respectively. Earnings estimates for VZ have declined marginally from $4.59 per share to $4.58 per share for 2024 and from $4.72 per share to $4.71 per share for 2025 over the past 30 days. 
VZ Estimate Trend
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/72/71641.jpg?v=1457466234" />
Image Source: Zacks Investment Research
<h3>Earnings Surprise History</h3>
The communication services provider has had a modest earnings surprise history in the trailing four quarters, exceeding earnings expectations on each occasion. It delivered a four-quarter earnings surprise of 2.83%, on average. In the last reported quarter, the company delivered an earnings surprise of 2.68%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c3/71642.jpg?v=1803143584" />
Image Source: Zacks Investment Research
<h3>Earnings Whispers</h3>
Our proven model does not conclusively predict an earnings beat for Verizon for the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here.
Verizon currently has an ESP of -0.06% with a Zacks Rank #3.
<h3>Factors Shaping Upcoming Results</h3>
Verizon is offering various mix-and-match pricing in wireless and home broadband plans that have historically led to increased adoption of 5G devices and premium unlimited plans. In addition to various bundle plans for varied streaming services, it offers customers greater control and flexibility over their preferred content selections, allowing them to pay only for what they want. This is likely to have translated into healthy customer additions and higher revenues from the Consumer segment.
The Zacks Consensus Estimate for revenues from the Consumer segment is pegged at $25.01 billion, while our model projects revenues of $24.95 billion.
During the reported quarter, Verizon deployed innovative, human-assisted GenAI applications that streamline processes and ensure positive customer engagements. These cutting-edge tools ease the business processes with Verizon and reduce the cognitive load on store and customer service employees. Designed to work alongside human representatives, these AI tools act as personal guides, leading customers to the best solutions and offers available. These are likely to have translated into incremental revenues in the Business segment.
The Zacks Consensus Estimate for revenues from the Business segment is pegged at $7.44 billion, while our model projects revenues of $7.49 billion.
However, adverse foreign currency translations, infrastructure investments and high operating costs for 5G deployments are likely to have led to soft margins in the quarter. Moreover, the promotional offers and lucrative discounts are expected to have weighed on margins. In addition, the company&#39;s wireline division is struggling with persistent losses in access lines owing to competitive pressure from the voice-over-Internet protocol (VoIP) service providers and aggressive triple-play (voice, data and video) offerings by cable companies.
Verizon also recorded high capital expenditures for the launch and continued build-out of its 5G Ultra-Wideband network, deployment of significant fiber assets across the country and Intelligent Edge Network architecture upgrades.
<h3>Price Performance</h3>
Over the past year, VZ has gained 28.4% compared with the industry&#39;s growth of 32.5%. It has also underperformed its peers like AT&amp;T Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/t#NYSE">T</a>) and T-Mobile US Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tmus#NASDAQ">TMUS</a>) over this period.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/af/71643.jpg?v=1937373495" />
Image Source: Zacks Investment Research
<h3>Key Valuation Metric</h3>
From a valuation standpoint, Verizon appears attractive relative to the industry and is trading below its mean. Going by the price/earnings ratio, the company shares currently trade at 8.92 forward earnings, lower than 11.11 for the industry and the stock&#39;s mean of 9.75.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f7/71644.jpg?v=525258365" />
Image Source: Zacks Investment Research
<h3>Investment Considerations</h3>
With one of the most efficient wireless networks in the United States, Verizon continues to deploy the latest 4G LTE Advanced technologies to deliver faster peak data speeds and capacity for customers, driven by customer-focused planning, disciplined engineering and constant strategic investment. Verizon has been aggressively forging ahead to expand its fiber optics networks to support 4G LTE and 5G wireless standards as well as wireline connections.
However, high capital expenditures due to the continued expansion of 5G mmWave in new and existing markets, the densification of the 4G LTE wireless network and the deployment of the fiber infrastructure have eroded margins. An ongoing shift from traditional linear video to over-the-top offerings, along with a competitive and almost saturated U.S. wireless market, is further likely to weigh on the company&#39;s revenues in the future.
<h3>End Note</h3>
With a Zacks Rank #3, Verizon appears to be treading in the middle of the road, and new investors could be better off if they trade with caution. It appears that the recent initiatives have mostly fallen flat as it plays a catch-up game with its rivals. With declining earnings estimates, the stock is witnessing a negative investor perception. Consequently, it might not be a prudent investment decision to bet on the stock at the moment.
However, a single quarter&#39;s results are not so important for long-term stakeholders and investors already owning the stock could stay put. In addition, an attractive valuation and focus on the deployment of a cloud-native, container-based, virtualized architecture for higher flexibility, scalability and cost efficiency across its network will likely reap long-term benefits. These, in turn, offer some enticing reasons for continuing to invest in the stock over a long-term horizon.
<a href="https://www.zacks.com/stock/news/2303593/verizon-vz-stock-before-q2-earnings-to-buy-or-not-to-buy?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2303593">To read this article on Zacks.com click here.</a>

Tech

TMUS

Verizon Stock Before Q2 Earnings: To Buy or Not to Buy?

Canaccord Genuity analyst William Plovanic maintains AngioDynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGO#NASDAQ">ANGO</a>) with a Buy and lowers the price target from $18 to $13.

Price Target

ANGO

Canaccord Genuity Maintains Buy on AngioDynamics, Lowers Price Target to $13

Macy&#39;s, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/m#NYSE">M</a>) celebrates the back-to-school season by reintroducing Epic Threads, a children&#39;s clothing line that merges fun, functionality and sustainability. The refreshed collection, designed with input from kids, features vibrant, durable and versatile styles suitable for any activity.
Now available at Macy&#39;s stores nationwide, online and through the Macy&#39;s app, Epic Threads helps children start the school year with confidence and style. The company&#39;s extensive selection of trendy apparel, accessories and essentials, along with its convenient omnichannel shopping experience, makes it a top choice for back-to-school shopping.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f4/71622.jpg?v=1275224722" />
Image Source: Zacks Investment Research
<h3>Inspired by Kids, Designed for Fun</h3>
Epic Threads is all about showcasing children&#39;s optimistic world, wherein imagination rules and kids can be comfortable and confident in their favorite outfits. Emily Erusha-Hilleque, SVP of Private Brands at Macy&#39;s, highlighted the brand&#39;s focus on vibrant, durable and versatile styles. The collection, inspired by and designed with kids, features playful and expressive pieces perfect for various activities, from classroom to playground adventures.
Rooted in consumer insights and crafted with intentional design, the refreshed Epic Threads offers a mix of basics, key items and fashion pieces that cover all clothing needs. Macy&#39;s surveyed its youngest customers to ensure that the collection provides confidence and style throughout the day. The range includes bright tees, twirl-worthy dresses, pants, hoodies and cozy outerwear, all designed to handle everyday moments seamlessly.
The brand uses feel-good and trusted fabrics that are bright, welcoming and easy to care for. Each fabric is selected for its quality and performance, ensuring that the pieces look and feel great, wash after wash. The collection includes more than 200 pieces of clothing and accessories priced between $10 and $50, and caters to sizes from 2T to 20, making it accessible to a wide range of customers.
<h3>One-Stop Shop for Back-to-School Needs</h3>
As the back-to-school season approaches, Macy&#39;s simplifies shopping by offering an unmatched selection of on-trend apparel, accessories and essentials for students of all ages. Macy&#39;s omnichannel shopping experience allows customers to shop in-store, online at Macys.com, or through the Macy&#39;s app. This flexibility, combined with great sales and discounts, makes back-to-school shopping fun and affordable.
Parents appreciate the convenience of shopping at Macy&#39;s, wherein they can find everything their children need for the new school year. The curated selection includes Macy&#39;s private brands like Epic Threads and And Now This, as well as customer-favorite brands, such as Nike, Jordan, Celebrity Pink, Madden Girl and Levi&#39;s.
These brands ensure that kids will make a statement when they return to the classroom. Additionally, with the latest sneakers from popular brands like Converse, Nike, New Balance, and Adidas, students can step into the new school year with style and confidence.
<h3>Wrapping Up</h3>
The back-to-school season is a critical time for retailers, and Macy&#39;s has positioned itself as a one-stop-shopping destination for all student needs. By offering a wide range of clothing, accessories and essentials, the company helps parents easily find their children&#39;s needs to start the school year off right.
The Zacks Rank #1 (Strong Buy) company has seen its shares rise 5.7% in the past year compared with the Retail &ndash; Regional Department Stores industry&#39;s 11.7% growth.
<h3>Three Other Solid Picks</h3>
Some other top-ranked stocks in the retail space are The Gap, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gps#NYSE">GPS</a>), Abercrombie &amp; Fitch Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anf#NYSE">ANF</a>) and Urban Outfitters Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/urbn#NASDAQ">URBN</a>).
Gap is a premier international specialty retailer offering a diverse range of clothing, accessories and personal care products. It currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for Gap&#39;s fiscal 2024 earnings and sales indicates growth of 21.7% and 0.2%, respectively, from the fiscal 2023 reported figures. GPS has a trailing four-quarter average earnings surprise of 202.7%.
Abercrombie is a specialty retailer of premium, high-quality casual apparel. It flaunts a Zacks Rank of 1 at present. ANF delivered a 28.9% earnings surprise in the last reported quarter.
The consensus estimate for Abercrombie&#39;s fiscal 2024 earnings and sales indicates growth of 47.3% and 10.4%, respectively, from the fiscal 2023 reported levels. ANF has a trailing four-quarter average earnings surprise of 210.3%.
Urban Outfitters is a lifestyle specialty retailer that offers fashion apparel and accessories, footwear, home d&eacute;cor, and gift products. It currently has a Zacks Rank of 2 (Buy).&nbsp;
The Zacks Consensus Estimate for Urban Outfitters&#39; fiscal 2024 earnings and sales indicates growth of 9.9% and 5.8%, respectively, from the year-ago actuals. URBN has a trailing four-quarter average earnings surprise of 16.9%.
<a href="https://www.zacks.com/stock/news/2303664/macy-s-m-relaunches-epic-threads-for-back-to-school-season?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2303664">To read this article on Zacks.com click here.</a>

URBN

Macy's Relaunches Epic Threads for Back-to-School Season

Venture capitalist Luke Martin recently highlighted Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) growing influence in the financial and political landscape, drawing attention to its increasing <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39256755/gamestop-could-start-biggest-bitcoin-adoption-story-of-the-year-with-this-move-trader-sugg">coverage and acceptance</a>.
What Happened: Martin described Bitcoin as a "liquidity black hole" that absorbs more dollars with each cycle as the money supply expands. He also referred to it as an "attention black hole," stealing more coverage and attention each year.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin has been called a liquidity black hole that swallows more dollars each cycle as money supply grows. Bitcoin is also an attention black hole that steals more coverage &amp; eyeballs every year. •Major factor in presidential election •Trump speaking at the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> conference… <a href="https://t.co/ES9r0KQDrh">pic.twitter.com/ES9r0KQDrh</a>
&mdash; Luke Martin (@VentureCoinist) <a href="https://twitter.com/VentureCoinist/status/1813294589744136242?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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He highlighted Bitcoin&#8217;s influence in the recent presidential election and former President Trump&#8217;s appearance at a <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39470346/trump-reportedly-discussing-participation-in-bitcoin-2024-conference-move-to-reinforce-cry">Bitcoin conference</a>. Martin also noted the success of <a href="https://www.msn.com/en-us/money/other/bitcoin-etfs-in-two-steps-forward-mode-gobble-up-another-300m-in-inflows/ar-BB1q6qFg">Bitcoin ETFs</a> and Blackrock&#8217;s CEO Larry Fink <a href="https://www.msn.com/en-us/money/news/why-blackrocks-larry-fink-believes-everyone-should-take-another-look-at-bitcoin/ar-BB1q2i3U">advocating for Bitcoin</a> on television.
Cryptocurrency once considered a fringe financial concept, has rapidly become a central topic in traditional finance and politics. Bitcoin&#8217;s influence is particularly significant in a world where attention is increasingly scarce, as Martin points out.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39775022/why-is-bitcoin-back-above-63k-and-are-bearish-scenarios-really-invalidated">Why Is Bitcoin Back Above $63K And Are Bearish Scenarios Really &#8216;Invalidated&#8217;?</a>
Why It Matters:  Google Trends data indicates that interest in the word "Bitcoin" stands at 46 for the current week, compared to 40 in the previous. The peak in interest is correlated to the recent pump in cryptocurrency markets in the aftermath of the f<a href="https://www.msn.com/en-us/money/news/trumps-family-reacts-to-attempted-assassination-toughest-man-ive-ever-met/ar-BB1pY4kj">ailed assassination attempt</a> on Donald Trump. Notably, this is the highest since the April 28 to May 4 period.
In a recent tweet, Cryptoquant founder &amp; CEO Ki Young Ju highlighted doubts about Mt. Gox as being overestimated. Even if the $3 billion of Mt. Gox is sold on Kraken it is only 1% of the realized cap increase in this bull cycle. He <a href="https://x.com/ki_young_ju/status/1813277728998609338">marked</a> this as "manageable liquidity&#8221; and highlighted that market cap growth chases the realized cap growth, indicating strong demand. "Since 2023, $224 billion in Bitcoin sold, yet price up 350%," he added.  
What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817200/donald-trump-comments-on-crypto-pivot-if-we-dont-do-it-china-will">Donald Trump Comments On Crypto Pivot: &#8216;If We Don&#8217;t Do It, China Will&#8217;</a></li>
</ul>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.

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

Cryptocurrency

$BTC

Bitcoin Is The 'Liquidity And Attention Black Hole,' Says Crypto VC: Here's What Google Trends Data Says

Crocs Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crox#NASDAQ">CROX</a>) has created a market niche through its footwear brands focused on comfort and style. Famous for its iconic clog material, Crocs&#39; simple design and great comfort continue to be an instant hit among consumers. The company offers a wide variety of footwear products, including sandals, wedges, flips and slides that cater to people of all ages.
Crocs witnesses favorable trends, supported by solid consumer demand across the Crocs and HEYDUDE brands, accompanied by effective pricing actions and lower freight costs. Additionally, the company is confident about its strategies and investments, which are expected to drive long-term market share gains.
Shares of this Zacks Rank #3 (Hold) company have risen 45.7% in the year-to-date period against the industry&#39;s 25.5% decline. The leading footwear company also compared favorably with the sector&#39;s decline of 1.1% and the S&amp;P 500&#39;s growth of 16.9%.
The Zacks Consensus Estimate for CROX&#39;s current financial-year sales and earnings indicates growth of 4.4% and 5.6%, respectively, from the year-ago reported numbers.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/da/71612.jpg?v=1185989059" />
Image Source: Zacks Investment Research
<h3>Crocs&#39; Long-Term Game Plan</h3>
We expect the CROX stock to retain momentum, given its continued progress on the long-term strategy and key initiatives to deliver sustainable growth announced in September 2021. The company&#39;s growth strategy is focused on three key initiatives to drive durable and consistent growth &mdash; igniting icons to enhance brand awareness and relevance; investing strategically in Tier 1 markets to drive market share growth; and diversifying the product range to attract consumers.
The company has been witnessing incredible success with its diverse collaborations and partnerships. CROX has demonstrated growth across different markets through its partnerships with iconic brands like Toy Story and Hello Kitty, and emerging ones like Klott. The collaboration with Simone Rocha, a luxury brand, further solidifies its brand positioning in the high-end market. The recent launch of Echo Storm in direct-to-consumer channels and through partnerships with Foot Locker and JD Sports are on track.
In addition, the company has been experiencing strength in clogs, sandals and personalization. Its classic clogs are serving as a significant driver of growth, attracting customers and retaining the existing ones. Management continues to view personalization as a mega consumer trend, with the opportunity of expanding the Jibbitz penetration in 2024 via higher penetration within digital and wholesale channels, continuously innovating with product freshness and advanced speed to market capabilities.
The company&#39;s long-term targets include generating revenues of more than $5 billion, representing a five-year compounded annual growth rate (CAGR) of more than 17% by 2026. It expects to attain the revenue target, driven by strong digital sales, improved market share for sandals, growth in Asia, and innovative products and marketing.
Management expects four times revenue growth in sandals by 2026. The company sees long-term opportunities in Asia, primarily in China, the second-largest footwear market in the world. It estimates revenue growth to witness a CAGR of 25% and to represent 24% of the total revenues in 2026. The company targets digital channels to contribute at least 50% of the total revenues by the end of 2026. Driven by strong revenue growth, the company anticipates delivering improved profitability and cash flows through 2026. It expects the adjusted operating margin to be more than 26% and the annual free cash flow in excess of $1 billion by the end of 2026.
<h3>Bumps in Path</h3>
Crocs has been witnessing rising costs related to the HEYDUDE acquisition. Also, distribution and logistics inefficiencies have been acting as headwinds. This has been resulting in higher SG&amp;A expenses for a while now. Looking ahead, the company is concerned about continued inflation, higher interest rates and geopolitical tensions across the globe, alongside the increases in the aforementioned costs.
<h3>Stocks to Consider</h3>
Some better-ranked companies in the Consumer Discretionary space are G-III Apparel Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/giii#NASDAQ">GIII</a>), Hanesbrands (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hbi#NYSE">HBI</a>) and Guess (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ges#NYSE">GES</a>).
G-III Apparel is a manufacturer, designer and distributor of apparel and accessories under licensed brands, owned brands and private label brands. It sports a Zacks Rank #1 (Strong Buy) at present.
GIII Apparel has a trailing four-quarter earnings surprise of 571.8%, on average. The Zacks Consensus Estimate for GIII&#39;s fiscal 2024 revenues indicates an increase of 3.3% from the year-ago period&#39;s reported level.
Hanesbrands engages in the designing, manufacturing, sourcing and sale of apparel essentials. The company currently flaunts a Zacks Rank #1.
The Zacks Consensus Estimate for HBI&#39;s 2024 earnings indicates growth of 666.7% from the 2023 reported figures. HBI has a trailing four-quarter average earnings surprise of 10.2%.
Guess engages in the designing, manufacturing, sourcing and selling of apparel essentials for men, women and children in the United States and internationally. GES sports a Zacks Rank # 1 at present.
The Zacks Consensus Estimate for GES&#39;s current financial-year revenues indicates growth of 11.7% from the year-ago reported figure. Guess has a trailing four-quarter earnings surprise of 31%, on average.
<a href="https://www.zacks.com/stock/news/2303665/crocs-crox-maintains-brand-relevance-is-this-behind-its-rally?cid=CS-BENZ-FT-analyst_blog|rank_focused-2303665">To read this article on Zacks.com click here.</a>

CROX

GIII

Crocs Maintains Brand Relevance: Is This Behind Its Rally?

The online e-commerce behemoth Amazon&nbsp;kicked off its most-anticipated two-day Prime Day event. Prime Day sales rose almost 12% year over year in the first seven hours, per data from Momentum Commerce.
According to Numerator, the average household spent about $100 on Prime Day purchases as of noon New York time on Jul 16. The top-selling items included protein shakes, the Amazon Fire TV stick streaming device, sunscreen and Amazon&#39;s Happy Belly brand grocery items.
Investors can tap the opportune moment with the ETFs having a double-digit allocation to this online behemoth. These include ProShares Online Retail ETF (ARCA:ONLN), Fidelity MSCI Consumer Discretionary Index ETF (ARCA:FDIS), Vanguard Consumer Discretionary ETF (ARCA:VCR), Consumer Discretionary Select Sector SPDR Fund (ARCA:XLY) and VanEck Vectors Retail ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rth#NASDAQ">RTH</a>).
According to Adobe data, the 48-hour event is expected to rake in $14 billion in online sales, up 10.5% from the last year. Shoppers are expected to spend $7.1 billion on Amazon on Tuesday alone, up 11.3% from last year. Day 2 is expected to bring $6.9 billion in online sales, up 9.2% year over year. The biggest discount is expected on electronics at 22%, followed by 20% on clothing, 17% on home goods and furniture and 11% on sporting goods.
<h3>ETFs in Focus</h3>
ProShares Online Retail ETF
ProShares Online Retail ETF offers exposure to companies that principally sell online or through other non-store channels and then zeros in on the companies that reshape the retail space. It tracks the ProShares Online Retail Index, holding 18 stocks in its basket. Amazon is the top firm, accounting for 23.4% of the portfolio. ProShares Online Retail ETF has amassed $101.8 million in its asset base and charges 58 bps in annual fees from investors.
Fidelity MSCI Consumer Discretionary Index ETF
Fidelity MSCI Consumer Discretionary Index ETF tracks the MSCI USA IMI Consumer Discretionary Index, holding 274 stocks in its basket. Of these, Amazon takes the top spot with a 23.3% share. Fidelity MSCI Consumer Discretionary Index ETF has amassed $1.5 billion in its asset base and charges 8 bps in annual fees from investors. It has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.
Vanguard Consumer Discretionary ETF
Vanguard Consumer Discretionary ETF currently follows the MSCI US Investable Market Consumer Discretionary 25/50 Index and holds 304 stocks in its basket. Of these, Amazon occupies the top position, with a 23.4% allocation. Broadline Retail takes the largest share at 25.5%, while automobile manufacturers, restaurants and home improvement retail round off the next three spots. VCR charges investors 10 bps in annual fees. The product has managed $5.7 billion in its asset base and carries a Zacks ETF Rank #3 with a Medium risk outlook.
Consumer Discretionary Select Sector SPDR Fund
Consumer Discretionary Select Sector SPDR Fund offers exposure to the broad consumer discretionary space by tracking the Consumer Discretionary Select Sector Index. It is the largest and the most popular product in this space, with AUM of nearly $20 billion and an average daily volume of 2.7 million shares. Holding 52 securities in its basket, Amazon takes the top spot with 22.5% of assets. Broadline retail, specialty retail, hotels, restaurants &amp; leisure, and automobiles are the top four sectors with double-digit exposure each. Consumer Discretionary Select Sector SPDR Fund charges 0.09% in expense ratio and has a Zacks ETF Rank #3 with a Medium risk outlook.
VanEck Vectors Retail ETF
VanEck Vectors Retail ETF provides exposure to the 26 largest retail firms by tracking the MVIS US Listed Retail 25 Index, which measures the performance of the companies involved in retail distribution, wholesalers, online, direct mail and TV retailers, multi-line retailers, specialty retailers and food and other staples retailers. Amazon takes the top position in the basket with a 20.4% share. VanEck Vectors Retail ETF has amassed $213 million in its asset base and charges 35 bps in annual fees. It trades in trading volume of 5,000 shares per day on average and has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
<a href="https://www.zacks.com/stock/news/2303589/5-etfs-to-profit-from-amazon-s-prime-day-event?cid=CS-BENZ-FT-etf_news_and_commentary-2303589">To read this article on Zacks.com click here.</a>

Events

ETFs

FDIS

ONLN

Merrill Lynch Retail HOLDRS Trust due 12/31/41

Select Sector SPDR-Consumer Discretionary

5 ETFs to Profit From Amazon's Prime Day Event

Apollomics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLM#NASDAQ">APLM</a>) shares are trading higher by 17.6% to $0.24 during Wednesday&#8217;s session after the company late Tuesday announced it had received approval from Nasdaq for a 180-day extension to address non-compliance with its listing requirements due to its share price <a href="https://www.benzinga.com/pressreleases/24/07/g39804656/apollomics-granted-180-day-extension-to-regain-compliance-with-nasdaq-minimum-bid-price-requiremen">falling below $1.00 for an extended period</a>.
The extension allows Apollomics until January 13, 2025 to regain compliance by achieving a minimum bid price of $1.00 per share for at least ten consecutive business days. Failure to meet this requirement by the deadline could result in delisting from Nasdaq, although the company can appeal this decision if necessary. 
Apollomics says the company plans to closely monitor its share prices and explore options to meet the listing criteria.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo">Semiconductors Suffer Worst Selloff In Years On Stricter US Chip Exports To China</a>
<h2 class="wp-block-heading">How To Buy APLM Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Apollomics&#8217; case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, APLM has a 52-week high of $6.20 and a 52-week low of $0.18.

APLM

What's Going On With Apollomics (APLM) Stock Exploding Higher?

<a href="https://www.axios.com/2024/07/17/iran-nuclear-program-research-warning">https://www.axios.com/2024/07/17/iran-nuclear-program-research-warning</a>
The Biden administration sent a private warning to <a href="https://www.axios.com/world/iran">Iran</a> last month expressing serious concerns about Iranian research and development activities that could be used for the production of a nuclear weapon, three U.S. and Israeli officials told Axios.
Why it matters: The U.S. and Israel have both detected suspicious nuclear activities by Iranian scientists in recent months. Officials fear they could be part of a covert Iranian effort to use the period around the U.S. presidential election to make progress toward&nbsp;nuclear weaponization.
<ul>
<li>The U.S. and Israeli intelligence communities, as well as senior policy officials from both countries, worked to understand the Iranian activities and whether they constituted a change in policy by Iran's supreme leader Ayatollah Ali Khamenei.</li>
<li>Separately, the Secret Service ramped up security around former President Trump in recent weeks after the U.S. obtained intelligence about an <a href="https://www.axios.com/2024/07/16/iran-plot-trump-assassination">Iranian assassination plot</a> unrelated to Saturday's shooting, <a href="https://www.cnn.com/2024/07/16/politics/iran-plot-assassinate-trump-secret-service/index.html">CNN first reported</a>.</li>
</ul>
Behind the scenes: U.S. officials said the Biden administration conveyed its nuclear concerns to the Iranians several weeks ago, both through a third country and direct channels.
<ul>
<li>The U.S. officials said the Iranians came back with a response that included explanations for these nuclear activities, stressing there has been no change in policy and they are not working on a nuclear weapon.</li>
<li>The exchange of messages and other information obtained by the U.S. and Israel addressed some of the concerns and somewhat eased anxieties over the Iranian research and development activities, U.S. and Israeli officials said.</li>
<li>A U.S. official said that the message the U.S. sent to the Iranians was effective, but added there are still significant concerns about the Iranian nuclear program.</li>
</ul>
What they're saying: "We do not see indications that Iran is currently undertaking the key activities that would be necessary to produce a testable nuclear device," a U.S. official told Axios.
<ul>
<li>"We take any nuclear escalation by Iran incredibly seriously. And, as the President has made clear, we are committed to never letting Iran obtain a nuclear weapon—and we are prepared to use all elements of national power to ensure that outcome."</li>
</ul>
Driving the news: Around March, U.S. and Israeli intelligence services <a href="https://www.axios.com/2024/06/18/iran-nuclear-model-us-israel-assessing-intelligence">obtained information</a> that showed Iranian scientists were engaging in computer modeling and metallurgical research that could be used for the development of <a href="https://www.axios.com/2023/03/01/israeli-officials-visit-us-iran-nuclear-advancement">nuclear</a> weapons.
<ul>
<li>The purpose of the computer modeling was unclear.</li>
<li>Some U.S. and Israeli officials said the intelligence was a worrying signal about Iran's nuclear weapons ambitions, but other officials on both sides characterized it as a "blip" that doesn't represent a shift in <a href="https://www.axios.com/world/iran">Iran's policy and strategy</a>.</li>
<li>Iran has repeatedly denied wanting nuclear weapons.</li>
</ul>
Zoom in: Israeli Prime Minister <a href="https://www.axios.com/2024/07/17/trump-netanyahu-relationship-rally-shooting">Benjamin Netanyahu's</a> former national security adviser, Yaakov Nagel, who is now a senior fellow at the Foundation for the Defense of Democracies, <a href="https://www.axios.com/2024/06/26/israel-netanyahu-teams-iran-nuclear-program">claimed</a> several dozen Iranian scientists have been working in recent months on technical processes necessary for the building of an atomic bomb.
<ul>
<li>Nagel, who is still very close to Netanyahu, told Axios in an interview three weeks ago that this activity is taking place "under an academic umbrella" and is "pushing the envelope" of experiments that have civilian uses.</li>
<li>Nagel claimed that Israeli and U.S. intelligence agencies believe Khamenei has refrained from explicitly and officially approving the activity in order to leave room for plausible deniability.</li>
<li>Netanyahu was extremely concerned about the new information and asked the White House to convene the U.S.-Israel Strategic Consultative Group (SCG) to discuss the state of the Iranian nuclear program.</li>
<li>The meeting, which took place in the White House Situation Room on Monday, was the U.S. and Israel's first high-level and in-depth discussion about the Iranian nuclear program since March 2023.</li>
</ul>
State of play: The U.S. and Israeli intelligence communities were aligned in their assessments about the state of the Iranian nuclear program at the SCG meeting this week, U.S. and Israeli officials said.
<ul>
<li>The officials said both countries' intelligence services do not believe there has been any top-down decision or order by Khamenei to move forward toward the production of a nuclear weapon.</li>
<li>A U.S. official said that much of the anxiety about Iran's suspicious activities, which led Israel to request the SCG meeting several weeks ago, has since died down.
<ul>
<li>The parties agreed to strengthen coordination between the U.S. and Israel on the Iranian nuclear program, especially ahead of the U.S. presidential elections.</li>
</ul>
</li>
</ul>

Global

'U.S. Privately Warned Iran Over Suspicious Nuclear Activities' - Axios

Shares of PNC Financial Services Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) were climbing in early trading on Wednesday, after the company reported <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39801923/goldman-sachs-maintains-neutral-on-pnc-despite-strong-results-cites-modest-fy24-out">strong second-quarter results</a>.
The results came amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<ul>
<li>RBC Capital Markets analyst Gerard Cassidy reiterated an Outperform rating and lifted the price target from $155 to $184.</li>
<li>Goldman Sachs analyst Richard Ramsden maintained a Neutral rating and raised the price target from $165 to $182.</li>
</ul>
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
RBC Capital Markets: Excluding one-time items, PNC Financial Services' core earnings came in at $3.30 per share, surpassing estimates of $3.07 per share, Cassidy said in a note. "Relative to our estimates, 2Q24 results primarily reflected better-than-expected net interest income, stronger noninterest income and a lower-than-expected provision for credit losses, partially offset by higher expenses," he added.
The analyst raised the earnings estimates for 2024 and 2025 from $12.70 per share to $12.88 per share and from $14.35 per share to $14.50 per share, respectively.
Goldman Sachs: Management guided to a 4% decline in 2024 net interest income, which reflect two interest rate cuts by the Federal Reserve as well as "weaker loan growth which may inflect upwards in lower rate environment," Ramsden said. "In addition, they have bought $18bn forward starting swaps locking in ~300bps higher yields vs maturities which helps fixed rate asset repricing even if long rates fall," he added.
The guidance for core expenses was revised from flat to a 1% decline in 2024, the analyst stated. "Management noted that the increase in charge-offs in the CRE office portfolio are in line with their expectations, and they continue to be adequately reserved, with credit quality stable outside of CRE.&#8221;
PNC Price Action: Shares of PNC Financial Services Group had risen by 1.54% to $179.70 at the time of publication on Wednesday.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39823332/nasdaq-100-suffers-worst-day-in-11-months-as-chipmakers-tumble-on-china-curbs-magnificent-">Nasdaq 100 Suffers Worst Day In 11 Months As Chipmakers Tumble On China Curbs; Magnificent 7 Wipe Out $500B &#8211; What&#8217;s Driving Markets Wednesday?</a></li>
</ul>

Analyst Color

Earnings Misses

Reiteration

PNC Financial Services Beats Q2 Expectations, Analysts Raises Earnings Estimates For 2024 And 2025

Stellantis&nbsp;Announces Successful Amendment and Maturity Extension of&nbsp;€12 Billion Syndicated Revolving Credit Facility
AMSTERDAM, July 17, 2024 - Stellantis N.V. announced today that it has successfully extended the maturity and amended its syndicated revolving credit facility ("RCF") of €12.0 billion, originally signed in July 2021.
The syndicated credit facility includes a broad-based group of 29 banks from Europe, America and Asia. The RCF is structured in two tranches: €6.0 billion, with a three-year tenor (July 2027), and €6.0 billion, with a five-year tenor (July 2029), each tranche benefiting from two further extension options, each of one year exercisable on the first and second anniversary of the amendment signing date.
The RCF, as amended with improved terms, secures financial flexibility, and remains available for general corporate purposes of the Group.
This successful transaction confirms the strong support to Stellantis from its international relationship banks.&nbsp;

Financing

STLA

Stellantis Successfully Extended The Maturity And Amended Its Syndicated Revolving Credit Facility Of €12 Billion, Originally Signed In July 2021

WIIM

GE Vernova shares are trading lower following turbine blade damage at the  Vineyard Wind Offshore Wind Farm.

Union Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UNB#NASDAQ">UNB</a>) reported quarterly earnings of $0.45 per share. This is a 25 percent decrease over earnings of $0.60 per share from the same period last year.

Union Bankshares Q2 EPS $0.45 Down From $0.60 YoY

Investors loved the Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) <a href="https://www.benzinga.com/general/biotech/24/07/39813647/johnson-johnsons-q2-earnings-revenue-and-profit-beat-on-strong-pharma-sales-annual-profit-outlook">earnings report</a>. The stock is trading much higher, but it has stalled out around an important resistance level.
In financial markets, some price levels have more importance than others. As you can see on the chart, the $155.00 has been an important one for JNJ. It has been both a resistance and a support level. That's why it is our Stock of the Day.
The stock found support around $155.00 in February before reversing and moving higher. After selling off in March, it found support again around the same level.
Remorseful sellers can cause support to remain intact for an extended period.
There are traders and investors who sold when the shares were at support #1 on the chart. When the price moved higher, many of them decided they made a mistake. They pledged to repurchase their shares if they can buy them back at the same price they were sold.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo">AI Earthquake: Semiconductors Suffer Worst Selloff In Years On Stricter US Chip Exports To China</a>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="617" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17123007/1-15-1024x617.png" alt="JPMorgan Chase &amp; Co" class="wp-image-441270" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17123007/1-15-1024x617.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17123007/1-15-300x181.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17123007/1-15-768x463.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17123007/1-15.png 1042w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
So, when the shares returned to $155.00 in March, many of these disappointed sellers placed buy orders. This large concentration of these orders resulted in support forming. This is support #2 on the chart.
After eventually breaking the support in early April, Johnson &amp; Johnson headed lower. But then it reversed and rallied back to $155.00 in May. Then it became a resistance level.
Levels that were support can convert into resistance because of buyer's remorse.
Many of those who purchased their shares at $155.00 decided they made a mistake when the price fell below it. Some of them decide to exit their positions at breakeven if possible.
When the shares rallied back up to this price, these remorseful buyers placed sell orders. There were so many of these sell orders that it created resistance. This is resistance #1 on the chart.
After selling off, the shares have rallied back to $155.00. Once again, they have hit resistance.
Resistance can stay intact for extended periods because of buyer's remorse. Many of the investors and traders who bought at resistance #1 regretted doing so after the price dropped below it.
Now that the price is back up to their level, some are placing sell orders so they can exit their positions at breakeven. This large concentration of supply has formed resistance at the same price that had been resistance before.
Savvy traders know that certain price levels are more important than others. They also know that when a stock reaches one of them, there is a good chance there will be a reversal.
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Technicals

Stock Of The Day: Johnson & Johnson Hits Crucial Roadblock — Can It Break Through?

Deploys final $1.2 billion in proceeds to further strengthen balance sheet,&nbsp;supporting sustainable, long-term growth through industry-leading&nbsp;Energize365 grid investment program &nbsp;
AKRON, Ohio, July 17, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) announced today that it received the remaining $1.2 billion in proceeds from the $3.5 billion sale of a 30% ownership interest in its FirstEnergy Transmission, LLC (FET) subsidiary to Brookfield Super-Core Infrastructure Partners (Brookfield). FirstEnergy received the initial proceeds of $2.3 billion from Brookfield when the transaction closed in March. The remaining $1.2 billion in interest-bearing notes were extinguished with Brookfield's final payment on July 17.
FirstEnergy is deploying these proceeds in a credit-accretive manner, consistent with the company's plan to further transform its balance sheet and support its five-year, $26 billion Energize365 grid investment program.
Since late 2021, FirstEnergy has completed approximately $7 billion in strategic equity financings at an equivalent share price of $87 per share, or 36x trailing price-to-earnings valuation. Following the closing of this transaction in March, FirstEnergy's corporate credit rating was upgraded by Moody's and S&amp;P, restoring it to investment grade at all three ratings agencies. The credit ratings at the company's subsidiaries were also upgraded.&nbsp;

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Asset Sales

FirstEnergy Received The Remaining $1.2B In Proceeds From The $3.5B Sale Of A 30% Ownership Interest In Its FirstEnergy Transmission, LLC

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Shares of companies within the broader technology sector are trading lower amid a selloff in chips and AI-related stocks.

Crown LNG Holdings