Direxion Daily Cloud Computing Bull 2X Shares (ARCA: CLDL)

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The index is provided by Indxx, LLC and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The fund invests at least 80% of its net assets in financial instruments, such as swap agreements, securities of the index, ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index, which, in combination, provide returns consistent with the objective. It is non-diversified.

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To The Cloud For Leverage As Direxion Launches First Geared Cloud Computing ETFs

The Securities and Exchange Commission or SEC has set a new record in financial penalties, with a significant portion resulting <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40809382/terraform-labs-historic-4-5b-settlement-with-sec-makes-2024-the-most-penalized-year-for-cr">from a settlement with</a> Terraform Labs.
What Happened: The regulator has gathered $8.2 billion in monetary penalties for the fiscal year 2024, marking the highest amount in the agency&#8217;s history.
This figure represents a 67% increase from the $4.9 billion collected in fiscal year 2023.
Despite the record penalty collection, the SEC saw a 26% decline in enforcement actions during the year, with 583 actions taken.
The regulator also barred 124 individuals from serving as officers and directors of public companies, marking the second-highest number in a decade.
See Also: <a href="https://www.benzinga.com/news/global/24/11/42148498/wall-street-rebounds-without-its-ai-darlings-boost-king-dollar-maintains-dominance-while-bitcoin-defies-gravity-this-week-in-the-markets?itm_source=parsely-api">Wall Street Rebounds Without Its AI Darling&#8217;s Boost, King Dollar Maintains Dominance While Bitcoin Defies Gravity: This Week In The Markets</a>
Moreover, the SEC returned $345 million to investors who had been impacted, bringing the total amount returned since fiscal year 2021 to over $2.7 billion.
The agency also processed 45,130 tips, complaints, and referrals during the year — a record high — including over 24,000 whistleblower submissions.
Notably, more than 14,000 of those submissions came from just two individuals. The regulator has awarded whistleblowers a total of $255 million.
Why It Matters: The SEC has been cracking down on companies for misleading public disclosures related to cybersecurity risks and breaches.
The record-breaking total was largely influenced by a significant monetary judgment against cryptocurrency company Terraform Labs and its former CEO Do Kwon, following a successful SEC jury trial.
The case was one of the largest securities frauds in U.S. history.
Another notable financial <a href="https://www.benzinga.com/markets/equities/24/01/36649969/morgan-stanley-to-pay-249m-penalty-in-block-trade-case-how-leaks-cost-blackstone-oaktree-million">penalty was a $249 million</a> settlement with Morgan Stanley, resolving SEC charges related to the disclosure of confidential information about large stock sales.
In October, the regulator also <a href="https://www.benzinga.com/government/24/10/41470706/sec-charges-four-companies-over-solarwinds-hacks-issues-millions-in-penalties">charged four major companies</a> over the SolarWinds hacks, issuing millions in penalties.
Earlier this month, JPMorgan Chase &amp; Co. also agreed to <a href="https://www.benzinga.com/news/large-cap/24/11/41685913/jpmorgan-to-pay-investors-151-million-after-sec-flags-various-law-violations">pay investors $151 million</a> following SEC charges for various law violations.
The stringent regulatory approach, particularly towards cryptocurrencies, has been a hallmark of SEC Chair Gary Gensler&#8217;s tenure, who <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">announced that he will step down</a> in January.
During his tenure, the SEC pursued <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra">several enforcement actions</a> against prominent cryptocurrency firms, including filing lawsuits against Coinbase and Binance for allegedly running unregistered securities exchanges.
In July, President-elect Donald Trump had stated, "I will <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">fire Gary Gensler</a> on day one." His statement was an indication of a possible change in the SEC's stance on digital assets with the new administration.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst?itm_source=parsely-api">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

SEC Shatters Record With $8.2B In Penalties For 2024, Led by Terraform Labs' Massive Settlement

Eric Jackson, the founder and portfolio manager at EMJ Capital, has shared his thoughts on the potential catalysts that could drive Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value to $100,000.
What Happened: On Friday, Jackson appeared on CNBC&#8217;s Closing Bell and suggested that the upcoming Thanksgiving holiday, new SEC policies, and global adoption could spark Bitcoin&#8217;s next bull run.
During the interview, Jackson stated, &#8220;I think a lot of people that I talk to say, well, it&#8217;s just going to kiss $100,000 and pull back.&#8221;&nbsp;
Adding, &#8220;But I do think there&#8217;s a chance like that $100,000 milestone could be a rethink for a lot of investors both institutional, sovereign retail, and there are a bunch of catalysts ahead I think.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42052184/will-shiba-inu-coin-reach-1-cent-by-2025-47-of-benzinga-readers-say?itm_source=parsely-api">Will Shiba Inu Coin Reach 1 Cent By 2025? 47% Of Benzinga Readers Say…</a>
He went on to explain that the new SEC regime and the potential for a strategic reserve could be significant catalysts for Bitcoin.
Jackson also said that the Thanksgiving period often acts as a springboard for bullish crypto periods, rather than a setback.
He concluded by saying, &#8220;I think those names, you know, and the fact that they … there&#8217;s a real structure that&#8217;s going to be coming into place, around crypto and Bitcoin, I think those will be catalysts in and of themselves.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hitting an all-time high again today on the path to $100K. How much longer can the supportive action continue? <a href="https://twitter.com/ericjackson?ref_src=twsrc%5Etfw">@EricJackson</a> discusses:<a href="https://t.co/Z3PZanYx4F">https://t.co/Z3PZanYx4F</a>
&mdash; CNBC&#39;s Closing Bell (@CNBCClosingBell) <a href="https://twitter.com/CNBCClosingBell/status/1860091069284962733?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Earlier, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned of a potential pullback due to excessive market leverage, but maintained that Bitcoin <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">reaching $100,000 is &#8220;inevitable.&#8221;</a>
Meanwhile, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) executive chairman Michael Saylor has predicted that Bitcoin could hit $13 million by 2045, a valuation that would put Bitcoin's market <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116183/michael-saylor-predicted-bitcoin-to-hit-13-million-if-it-happens-it-will-entail-massive-hyperinflation-analyst-warns">cap at around $250 trillion</a>.
Companies like MicroStrategy, which <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">owns more than 150,000 Bitcoins</a>, are emerging as key players in this evolving market, effectively operating as a leveraged bet on the cryptocurrency.
In a note to Benzinga, Sumit Gupta, co-founder of CoinDCX, highlighted the surge in <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42135905/bitcoin-nears-100000-momentum-could-continue-well-beyond-the-milestone-experts-note">trading activity as a key driver</a>. He also pointed to developments in the U.S. political landscape as a contributing factor.
The digital asset market has already benefited from the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">incoming administration</a> of President-elect Donald Trump, with many speculating that a potential second term could bring more favorable regulatory policies for crypto.
Gupta added that speculation over SEC Chair Gary Gensler's resignation and the possibility of crypto-friendly leadership has further fueled investor optimism.
Price Action: At the time of writing, Bitcoin was trading at $98,816, up nearly 0.2% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/general/education/24/11/42098422/heres-how-much-100-invested-in-cardano-today-could-be-worth-if-ada-hits-new-all-time-highs?itm_source=parsely-api">Here&#8217;s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Pixabay

Analyst Color

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

Cryptocurrency

$BTC

MSTR

Bitcoin's Road To $100K: Why Thanksgiving, New SEC Policies, And Global Adoption Could Spark The Next Bull Run, According To This Portfolio Manager

President-elect Donald Trump has picked hedge fund executive Scott Bessent as the U.S. Treasury Secretary.
What Happened: Bessent, 62 and founder of Key Square Group, was a leading candidate, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42091821/could-donald-trumps-potential-treasury-secretary-be-out-of-his-depth-on-crypto-policy-polymarket-traders-just-cant-decide-on-a-favorite">competing with</a> former Fed Governor Kevin Warsh and private equity executive Marc Rowan.
While sharing the decision on Friday via his social media platform Truth Social, Trump lauded Bessent as "one of the World's foremost International Investors and Geopolitical and Economic Strategists."
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22205557/Screenshot-2024-11-23-at-7.25.49%E2%80%AFAM-900x1024.png" alt="" class="wp-image-661913" /><figcaption class="wp-element-caption">Source: Truth Social</figcaption></figure>
See Also: <a href="https://www.benzinga.com/news/legal/24/11/42147981/trumps-hush-money-sentencing-delayed-as-legal-immunity-debate-escalates">Trump&#8217;s Hush Money Sentencing Delayed As Legal Immunity Debate Escalates</a>
Bessent is known for his support of gradual tariffs and deregulation, aligning with Trump&#8217;s economic vision, which includes reviving manufacturing and achieving energy independence.
Despite his previous role as chief investment officer for George Soros' fund, Trump expressed confidence in Bessent&#8217;s ability to improve U.S. competitiveness and address trade imbalances.
Why It Matters: As Treasury Secretary, Bessent will replace outgoing Secretary Janet Yellen, overseeing financial institutions and combating financial crimes at a time when <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">the national debt has ballooned to $36 trillion</a>.
According to <a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto">betting markets</a>, Bessent was a frontrunner with an 82% probability of securing the nomination. His appointment could significantly impact Wall Street and the crypto sector.
In October, Bessent assured that a new Trump administration would <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41308042/trump-adviser-defends-ex-presidents-economic-policies-strong-dollar-would-natural">support a strong dollar</a>, countering previous suggestions of a weaker dollar to boost exports.
Despite Elon Musk&#8217;s support for Howard Lutnick, <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks">Trump favored Bessent&#8217;s</a> business-as-usual approach.
In July, Bessent gained attention for his optimistic stance on cryptocurrency, suggesting he might support digital assets if confirmed. &#8220;Crypto is about freedom and the crypto economy is here to stay,&#8221; he stated at the time.
The latest 13F filing from Bessent&#8217;s Key Square Group fund shows a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each making up 50% of the fund.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42146895/are-you-rich-enough-to-benefit-from-trumps-tax-breaks-heres-how-much-youd-need-to-be-part-of-the-top-5">Are You Rich Enough To Benefit From Trump&#8217;s Tax Breaks? Here&#8217;s How Much You&#8217;d Need To Be Part Of The Top 5%</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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Trump Picks Hedge Fund Exec Scott Bessent As Treasury Secretary: What President-Elect's Choice Means For America's Economic Future

APLMW

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

APLM

UBS analyst Jay Sole maintains Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) with a Sell and raises the price target from $14 to $16.

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Analyst Ratings

UBS Maintains Sell on Gap, Raises Price Target to $16

UBS analyst Mark Carden maintains BJ's Wholesale Club (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) with a Buy and raises the price target from $102 to $108.

UBS Maintains Buy on BJ's Wholesale Club, Raises Price Target to $108

UBS analyst Steven Fisher maintains Deere (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) with a Neutral and raises the price target from $404 to $462.

UBS Maintains Neutral on Deere, Raises Price Target to $462

UBS analyst Karl Keirstead maintains Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a Neutral and raises the price target from $275 to $360.

UBS Maintains Neutral on Salesforce, Raises Price Target to $360

Jefferies analyst Lloyd Byrne maintains Bloom Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) with a Hold and raises the price target from $12 to $22.

Jefferies Maintains Hold on Bloom Energy, Raises Price Target to $22

Jefferies analyst Jonathan Petersen maintains SL Green Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) with a Hold and raises the price target from $70 to $72.

Jefferies Maintains Hold on SL Green Realty, Raises Price Target to $72

Ocean Biomedical, Inc. (NASDAQ: OCEA), today announced that on November 18, 2024, it received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Form 10-Q"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC").
Ocean Biomedical is delayed in filing the Form 10-Q as a result of previously disclosed developments with respect to filing of its 10-K for the year ended December 31, 2023.
The current notice will have no immediate effect on the listing or trading of Ocean Biomedical's common stock on Nasdaq, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the company's common stock. On October 16, 2024, Staff notified the Company that since it failed to timely file its Form 10-K for the year ended December 31, 2023, and its Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024, the Company's securities were subject to delisting. The Company is now delinquent in the filing its form 10-Q for the period ended September 30, 2024. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. This is formal notification that the Nasdaq Hearings Panel (the "Panel") will consider this matter in their decision regarding the Company's continued listing on The Nasdaq Capital Market, which hearing is scheduled for December 16, 2024. The Company intends to file the delinquent Forms 10-Q and 10-K as soon as practicable.

OCEA

Ocean Biomedical Announces Receipt Of Notice From Nasdaq Regarding Late Filing Of Quarterly Report

DA Davidson analyst Gil Luria maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Neutral and raises the price target from $60 to $70.

PCOR

DA Davidson Maintains Neutral on Procore Technologies, Raises Price Target to $70

Chesapeake Utilities Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") under which it may, from time to time, sell shares of its common stock having an aggregate sales price of up to $100,000,000 (the "Shares"). Chesapeake Utilities has entered into an equity distribution agreement with each of RBC Capital Markets, LLC, Barclays Capital Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann &amp; Co. Inc., Guggenheim Securities, LLC, Citizens JMP Securities, LLC, M&amp;T Securities, Inc., Maxim Group LLC, PNC Capital Markets LLC, and Siebert Williams Shank &amp; Co., LLC (collectively, the "Sales Agents"), as sales agents. Pursuant to the equity distribution agreement, sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.

Offerings

Chesapeake Utilities Corporation Announces $100M At-The-Market Equity Offering Program

DA Davidson analyst Gil Luria maintains NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with a Neutral and raises the price target from $90 to $135.

NVDA

DA Davidson Maintains Neutral on NVIDIA, Raises Price Target to $135

DA Davidson analyst Gil Luria maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Neutral and raises the price target from $75 to $115.

ESTC

DA Davidson Maintains Neutral on Elastic, Raises Price Target to $115

<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">President-elect Donald Trump</a> needs to find someone else to replace US Securities and Exchange Commission chair Gary Gensler. 
The Details: According to <a href="https://www.bloomberg.com/news/articles/2024-11-22/robinhood-s-gallagher-drops-out-of-sec-chair-consideration?sref=TBDibEcD">Bloomberg</a>, Dan Gallagher, chief legal officer at Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has removed himself from consideration as head of the SEC.
Gallagher expressed his intention to remain at Robinhood in an emailed statement. 
&#8220;It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position,&#8221; Gallagher said.&nbsp;
&#8220;I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.&#8221;
Read More: <a href="https://www.benzinga.com/general/social-media/24/11/42119493/rumble-eyes-buying-bitcoin-could-it-be-the-next-microstrategy">Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally</a>
Gallagher has been Robinhood's chief legal officer since 2020. He steered the company through the GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) meme stock saga and Trump considered him a top <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41212008/trump-considers-robinhood-exec-dan-gallagher-for-sec-chair-if-re-elected">contender for the position</a>. He was a Republican SEC commissioner from 2011 to 2015, and previously served in other senior roles in the agency. 
The crypto community favored Gallagher, feeling he would <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41876266/bitcoin-blasts-past-82000-buy-everything-you-can-says-bernstein">help to advance</a> pro-crypto regulatory change.
Among the other names being floated for SEC chair include: Robert Stebbins, the SEC's former general counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42053981/trump-sec-pick-speculation-sends-this-altcoin-soaring-past-bitcoin-and-ethereum-in-daily-gains">cryptocurrency executive</a> and former acting comptroller of the currency. 
As for Gallagher, he will stay on as head legal counsel at Robinhood.&nbsp;
"I will remain a vocal and consistent advocate for positive change in our markets,&#8221; Gallagher said. He added that he is &#8220;excited to work with the incoming Trump Administration, including the next SEC Chairman and the SEC staff, to promote innovation and provide more opportunity for retail investors.&#8221;
Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Robinhood shares ended Friday's session up 4.45% at $36.65. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
</ul>
Image: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Legal

HOOD

MKTX

Robinhood's Gallagher Bows Out Of SEC Chair Consideration Under Incoming Trump Administration

Jefferies analyst Omar Nokta maintains Navigator Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVGS#NYSE">NVGS</a>) with a Buy and maintains $20 price target.

NVGS

Jefferies Maintains Buy on Navigator Holdings, Maintains $20 Price Target

Despite widespread anticipation that NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)'s quarterly results would dictate Wall Street's year-end trajectory, the stock market delivered a robust weekly rebound — even in the absence <a href="https://www.benzinga.com/quote/NVDA/news">of its AI darling.</a>
While the semiconductor titan beat analyst expectations on both earnings and revenue for the third quarter, Nvidia's stock remained flat for the week.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, faced sharp turbulence. Shares tumbled after the U.S. Department of Justice called for the divestiture of Chrome in a bid to curb Google's dominance in search and digital advertising.
The sell-off wiped out over $120 billion in market capitalization on Thursday alone.
A <a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize">recent Benzinga poll indicates</a> 64% of respondents oppose breaking up Alphabet, with YouTube viewed as the company's most valuable asset.
On the economic front, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42141413/us-business-activity-soars-to-31-month-highs-in-november-small-caps-rally-dow-tops-44000">U.S. private sector activity expanded significantly</a> in November, as reflected in S&amp;P Global's Purchasing Managers' Index surveys. The services sector, in particular, surged at its fastest pace since March 2022, while price pressures continued to recede, creating less headwinds for the Federal Reserve.
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The U.S. dollar also maintained its upward momentum, rising for the eighth straight week to <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">reach two-year highs.</a> This latest rally, however, stemmed largely from external turmoil, as escalating geopolitical tensions between Russia and Ukraine, coupled with worsening economic momentum in Europe, triggered sharp weekly sell-offs in the euro and the British pound.
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General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is reportedly preparing to enter Formula One in 2026, potentially partnering with Andretti Autosport. This move would mark GM&#8217;s first foray into F1, aligning with its global <a href="https://www.benzinga.com/24/11/42135392/general-motors-gears-up-for-potential-f1-entry-in-2026-report">motorsport expansion strategy.</a>
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The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.

Last year gave new prominence to online and digital workarounds to traditional in-person office jobs. But while the rise of remote work and its effects on 21st century labor are still being litigated, the undercurrents of the digital revolution have continued to irrevocably change how companies and government institutions view and budget for IT and cybersecurity expenses.

The course of 2020 saw spending on cloud infrastructure surge as companies were compelled to decentralize their workforce and pare down their IT frameworks to both cut costs and improve the security of their digital assets. Figures from industry analyst group Canalys estimate spending on cloud infrastructure increased by 33% from 2019 to $142B, with <a href="https://www.nextgov.com/it-modernization/2021/02/federal-cloud-spending-tops-66-billion/171865/" style="text-decoration:none;">$6.6B of that coming from the federal government</a>.&nbsp;

This wholesale trend away from in-house IT to a more distributed network of data centers and SaaS providers is unlikely to slow and has shown up in the balance sheets of many of these firms, helping drive investment into the rapidly expanding industry.

This has also translated into strong performance within the recently released <a href="https://www.direxion.com/product/daily-cloud-computing-bull-bear-2x-etfs?utm_source=NativeContent&amp;utm_medium=Benzinga&amp;utm_campaign=Fajardo" style="text-decoration:none;">Daily Cloud Computing Bull 2X Shares</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLDL#NYSE">CLDL</a>) from ETF provider Direxion, which has gained about 15% in its first 30 days of trading. Below, we&rsquo;ll take a look at some of the individual components and overriding trends that are influencing growth within the cloud segment.

<h3>The Answer&rsquo;s in the Cloud</h3>

Among the most encouraging signs for growth within the cloud segment is the recent earnings results from major constituents in the industry, particularly among SaaS providers like RingCentral, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNG#NYSE">RNG</a>) and ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>).

Unlike a broad swath of the market, these firms are not only surpassing analyst expectations but also showing consistent earnings growth over 2019, with RNG posting more than 10% year-over-year growth and NOW&rsquo;s revenue jumping by more than 30% from Q4 2019.

Even larger blue chip firms like Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) have seen revenue growth through the depths of the pandemic, largely as a result of its emphasis on cloud revenue. In its most recent earnings call. Oracle CEO Safra Cats cited that company had increased <a href="https://www.spglobal.com/marketintelligence/en/news-insights/podcasts/mediatalk-episode-18" style="text-decoration:none;">cloud&rsquo;s share of the company&rsquo;s revenue to 73%</a>.

With recent earnings beats from salesforce.com, inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>), the industry is likely to see increased attention as the cloud growth story continues to unfold.

<h3>Cybersecurity</h3>

In addition to the core cloud software and data services companies, cloud computing also encompasses the increasingly crucial cybersecurity industry, a segment that has only grown in prominence in tandem with the scale and cost of cyberattacks in the 21st century. The latest massive SolarWinds hack that impacted an array of U.S. government agencies late in 2020 is expected to <a href="https://www.crn.com/news/security/solarwinds-hack-could-cost-cyber-insurance-firms-90-million" style="text-decoration:none;">cost cybersecurity insurers upward of $90M</a>, while the cost of fixing the damage done <a href="https://www.govtech.com/security/SolarWinds-Hack-Recovery-May-Cost-Upward-of-100B.html" style="text-decoration:none;">may take billions of dollars</a>.

Following that breach, prominent cloud cybersecurity firms like Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) and CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) saw a strong surge in investments on top of an already strong year, Both stocks rose by more than 300% over the course of 2020.

This massive growth could in part be chalked up to a result of the unique challenges of the year, but the companies have also gained a reputation for consistently strong revenue performance in their quarterly reports. In fact, both companies have managed to post revenue growth in every quarterly report they have filed since going public, ZS in 2018 and CRWD in 2019, and the same is expected in their upcoming filings in late February and early March.

<h3>Silver Lining</h3>

While these accelerated revenue trends may or may not last as the cloud segment ossifies and leaders begin to emerge and set industry trends, the current environment for cloud computing is still one of discovery and, by all indications, continued growth. Even massive tech firms like Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are jockeying for early dominance in the space.

For now, traders would do well to keep a keen focus on cloud computing and look to company balance sheets for indications of where the market is headed. Even reports from seemingly unrelated industries could prove enlightening, since every company needs someone to handle their data.

<hr />
Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor&rsquo;s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For the most recent month end and standardized performance <a href="https://www.direxion.com/product/daily-cloud-computing-bull-bear-2x-etfs?utm_source=NativeContent&amp;utm_medium=Benzinga&amp;utm_campaign=Fajardo" style="text-decoration:none;">click here</a> 

Short-term performance, in particular, is not a good indication of the fund&rsquo;s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund&rsquo;s prospectus.

CLDL as of 12/31/2021

Top Ten Holdings %

<div align="left">
<table cellspacing="0">
	<tbody>
		<tr>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			Twilio
			</td>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			8.85
			</td>
		</tr>
		<tr>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			Autodesk
			</td>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			5.28
			</td>
		</tr>
		<tr>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			ServiceNow
			</td>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			5.25
			</td>
		</tr>
		<tr>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			Paycom Software
			</td>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			4.97
			</td>
		</tr>
		<tr>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			Coupa Software
			</td>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			4.87
			</td>
		</tr>
		<tr>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			Veeva Systems
			</td>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			4.87
			</td>
		</tr>
		<tr>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			RingCentral
			</td>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			4.79
			</td>
		</tr>
		<tr>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			Workday
			</td>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			4.69
			</td>
		</tr>
		<tr>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			Adobe
			</td>
			<td style="background-color:#ffffff; height:0pt; vertical-align:bottom">
			4.18
			</td>
		</tr>
		<tr>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			Salesforce.com
			</td>
			<td style="background-color:#e4e4e3; height:0pt; vertical-align:bottom">
			3.76
			</td>
		</tr>
	</tbody>
</table>
</div>

&nbsp;

&nbsp;

Leveraged and inverse ETFs pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.

An investor should carefully consider a Fund&rsquo;s investment objective, risks, charges, and expenses before investing. A Fund&rsquo;s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund&rsquo;s prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund&rsquo;s prospectus and summary prospectus should be read carefully before investing.

Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

CUSIP Identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard and Poor&rsquo;s Financial Services, LLC, and are not for use or dissemination in any manner that would serve as a substitute for a CUSIP service. The CUSIP Database, &copy;2011 American Bankers Association. &ldquo;CUSIP&rdquo; is a registered trademark of the American Bankers Association.

The &ldquo;S&amp;P Kensho Moonshots Index&rdquo; is a product of S&amp;P Dow Jones Indices LLC (&ldquo;SPDJI&rdquo;), and has been licensed for use by Rafferty Asset Management, LLC (&ldquo;Rafferty&rdquo;). Standard &amp; Poor&rsquo;s&reg; and S&amp;P&reg; are registered trademarks of Standard &amp; Poor&rsquo;s Financial Services LLC (&ldquo;S&amp;P&rdquo;); Dow Jones&reg; is a registered trademark of Dow Jones Trademark Holdings LLC (&ldquo;Dow Jones&rdquo;); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Rafferty. Rafferty&rsquo;s ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&amp;P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&amp;P Kensho Moonshots Index.

Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.

Direxion Shares ETF Risks &ndash; Investing involves risk including possible loss of principal. There is no guarantee the investment strategy will be successful. The value of stocks of information technology companies and companies that rely heavily on innovation and technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Innovative technology companies may struggle to capitalize on new technology or may face competition and obsolescence. Additional risks of the Fund include, but are not limited to, Index Correlation/Tracking Risk, Index Strategy Risk, Market Disruption Risk, and risks associated with the market capitalizations of the securities in which the Fund may invest. Please see the summary and full prospectuses for a more complete description of these and other risks of the Fund. 
Distributor: Foreside Fund Services, LLC.

The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.

Investors looking for a scorching hot corner of the technology sector need not look much further than cloud computing stocks and the <a href="https://www.benzinga.com/trading-ideas/long-ideas/21/01/18993530/winning-with-wcld-in-2021-how-cloud-computing-stocks-can-deliver-more-upside">related exchange traded funds</a>.

<h3>What Happened</h3>

As is often said, where there&#39;s a hot theme, an ETF isn&#39;t far behind. That&#39;s true with cloud computing as there are several established funds in this space. So that means the next frontier is leveraged funds.

Direxion, one of the largest issuers of geared ETFs, obliged last week with launches of double-<a href="https://www.direxion.com/press-release/direxion-launches-new-2x-leveraged-cloud-computing-etfs?utm_campaign=CLDL%2FS%20Launch%20email&amp;utm_medium=email&amp;utm_source=Eloqua">leveraged bullish and bearish cloud funds</a>.

<h3>Why It&#39;s Important</h3>

The Direxion Daily Cloud Computing Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLDL#NYSE">CLDL</a>) looks to deliver <a href="https://www.direxion.com/product/daily-cloud-computing-bull-bear-2x-etfs">double the daily returns</a> of the Indxx USA Cloud Computing Index while the Direxion Daily Cloud Computing Bear 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLDS#NYSE">CLDS</a>) seeks returns that are double the daily inverse performance of that index.

&ldquo;The Indxx USA Cloud Computing Index provides exposure to domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services &ndash; servers, storage, databases, networking, software, analytics, and more, over the internet, which is often referred to as the &#39;Cloud,&#39;&rdquo; according to Direxion.

The largest components in the benchmark include Twilio (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), AutoDesk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>), ServiceNow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) and Paycom Software (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>). That quartet combines for 24% of the index CLDL and the bearish CLDS track.

<h3>What&#39;s Next</h3>

Direxion has an expansive lineup of leveraged sector ETFs, many of which are popular with aggressive, short-term traders. The issuer also offers some geared industry ETFs, several of which are hits with traders, such as gold miners and biotechnology offerings.

It remains to be seen of CLDL and CLDS can follow that trajectory, but the funds could prove well-timed as cloud spending is forecast to continue soaring for several years.

&ldquo;Cloud computing has proven to be one of the most successful trading themes of 2020. We&rsquo;re very excited to offer traders leveraged exposure to express bullish or bearish positions on this high growth industry,&rdquo; said Dave Mazza, Managing Director at Direxion. &ldquo;These Leveraged ETFs allow traders to take a bold position in stocks that are critical as the virtual computing world expands exponentially.&rdquo;&nbsp;

The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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