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The Fund seeks to achieve its investment objective by investing at least 80 percent of its net assets (plus any borrowings for investment purposes) in long and short positions in equity securities of domestic companies. The Fund focuses primarily on companies with medium and large market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization. The Fund will hold long (purchase) securities that the Adviser believes will outperform the market, and will sell short securities expected to underperform the market.

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Convergence Long/Short Equity ETF

Trust for Professional Managers Convergence Long/Short Equity ETF

The stock market may be on the brink of a significant correction, according to a leading market expert. Craig Johnson, the chief market technician at Piper Sandler, has issued a warning about the future of the &#8220;Magnificent Seven&#8221; stocks.
What Happened: Johnson, in a recent appearance on CNBC&#8217;s Last Call, raised concerns about the future of the Magnificent Seven companies, which includes Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>).
Johnson highlighted concerning patterns in the stock charts, including lower highs in Nvidia and a gap down in Apple and Microsoft. &#8220;These charts are rolling over, and they need to correct further,&#8221; he said.
He also expressed skepticism about the potential for small-cap stocks to continue outperforming large-cap stocks, a trend seen in 1984, 2002, and 2003.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;Are the Mag 7 breaking down?&quot; asks <a href="https://twitter.com/SullyCNBC?ref_src=twsrc%5Etfw">@SullyCNBC</a>. &quot;Yes,&quot; says <a href="https://twitter.com/Piper_Sandler?ref_src=twsrc%5Etfw">@Piper_Sandler</a>&#39;s Craig Johnson. &quot;These charts are rolling over, and they need to correct further.&quot; <a href="https://twitter.com/search?q=%24AAPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAPL</a> <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> <a href="https://t.co/lmRDHmOA55">pic.twitter.com/lmRDHmOA55</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1813721206551433476?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39837493/trump-says-taiwan-should-pay-for-its-defense-to-us-but-if-china-invades-taipei-it-will-be-catast?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Taiwan Should Pay For Its Defense To US, But If China Invades Taipei, It Will Be &#8216;Catastrophic&#8217; For American Economy, Says Analyst: &#8216;It&#8217;s Dark And It&#8217;s High Stakes&#8217;</a>
Why It Matters: Johnson&#8217;s warning comes amid a series of events that have raised concerns about the stability of the stock market. In June, he pointed out several &#8220;warning flags&#8221; in the market, suggesting a potential market pullback, despite the <a href="https://www.benzinga.com/top-stories/24/06/39365183/warning-flags-expert-says-nvidia-in-bubble-ish-territory-points-to-potential-market-pullback">historic performance</a> of the SPDR S&amp;P 500 ETF Trust‘s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) in 2024.
Meanwhile, Cathie Wood, the CEO of ARK Invest, has predicted a potential shift in the equity market, favoring small-cap stocks over large-cap tech companies due to the current &#8220;restrictive&#8221; <a href="https://www.benzinga.com/markets/equities/24/07/39830547/why-cathie-wood-is-betting-on-small-cap-stocks-triumphing-over-magnificent-six-amid-restrictive-">monetary policy</a> of the Federal Reserve.
On the other hand, Nvidia and other <a href="https://www.benzinga.com/government/24/07/39816230/whats-going-on-with-nvidia-amd-and-semiconductor-peer-stocks-on-wednesday">semiconductor stocks</a> have been affected by the U.S.&#8217;s intensified semiconductor sanctions against China, raising concerns about the future of the tech industry.
Small-cap stocks have been on a remarkable streak. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surged over 1.9% this week, driven by speculation about rate cuts following <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39797464/small-caps-are-having-a-moment-russell-2000-notches-best-5-day-rally-in-over-4-year">lower-than-expected June inflation data</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says, &#8216;Taiwan Should Pay Us For Defense&#8217; — Ex-President&#8217;s Remark Triggers Fall In TSMC Shares</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Tech

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GOOGL

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TSLA

Nvidia, Apple, And Microsoft May Face Potential Correction, Warns Expert, Points At Concerning Chart Patterns For 'Magnificent Seven' Stocks

Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google has revealed its upcoming Pixel 9 flagship smartphones before they can be leaked yet again. This time around, the search giant also has a foldable phone in the mix.
What Happened: Google has officially introduced the Pixel 9 Pro, following a string of hands-on videos and comparisons with other recent phones.
Google plans to reveal more about the Pixel 9 lineup, along with its other forthcoming devices, at an event scheduled at Google&#8217;s California headquarters on August 13.
In a promotional video, Google offered a brief preview of the Pixel 9 Pro, suggesting that AI and Gemini would be key features of the device. Google&#8217;s online store has already begun accepting sign-ups for information about the Pixel 9 Pro and has posted another image of the phone.
See Also: <a href="https://www.benzinga.com/news/24/07/39835993/apple-denies-using-youtube-videos-to-train-its-ai-features-after-report-claims-tim-cooks-company-use">Apple Denies Using YouTube Videos To Train Its AI Features After Report Claims Tim Cook&#8217;s Company Used Creators&#8217; Content Without Consent</a>
Just hours after the Pixel 9 Pro&#8217;s reveal, Google also showcased the Pixel 9 Pro Fold. This move ended speculation about the look and name of Google&#8217;s next foldable Android phone.
Recent regulatory filings and leaks indicate that Google is preparing to launch four phones soon: the Pixel 9, the Pixel 9 Pro, the Pixel 9 Pro XL, and the Pixel 9 Pro Fold.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Google's Pixel phones have usually been leaked in detail in the run-up to the eventual launch. Earlier this year, a <a href="https://www.benzinga.com/news/24/01/36754152/goodbye-curves-first-google-pixel-9-leak-reveals-an-iphone-inspired-frame-design">leak revealed</a> that the company is working on an iPhone-inspired frame design, marking a departure from the traditional design of Google&#8217;s Pixel series.
The early unveiling of these devices indicates Google&#8217;s strategy to control the narrative around its products, despite the leaks.
Google's Gemini AI will be a significant part of the company's Pixel 9 lineup, as evidenced by the <a href="https://www.benzinga.com/news/24/05/38826439/at-google-io-2024-sundar-pichai-and-team-announces-new-gemini-models-project-astra-ai-fraud-protecti">announcements at its developer conference</a>, Google I/O, in May.
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<li><a href="https://www.benzinga.com/news/24/07/39830846/microsoft-outpaces-apple-introduces-designer-ai-image-generation-tool-for-the-iphone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft Outpaces Apple, Introduces &#8216;Designer&#8217; AI Image Generation Tool For The iPhone</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: Google

Google Unveils Pixel 9 Pro And Teases Foldable Phone Ahead Of August Event

The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) will release its second quarter financial results, before the <a href="https://www.benzinga.com/quote/TRV/earnings">opening bell on Friday, July 19.</a>
Analysts expect the New York-based company to report quarterly earnings at $1.98 per share, up sharply from 6 cents per share in the year-ago period. Travelers is expected to post revenue of $11.34 billion, compared to $10.32 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On April 17, Travelers reported a mixed first quarter, with earnings lagging analysts&#8217; expectations. Core income per share reached $4.69 from $4.11 a year ago, missing the $4.90 consensus forecast. Net income per share rose to $4.80 from $4.13 a year earlier.
Travelers shares fell 0.1% to close at $220.60 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TRV/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>TD Cowen analyst Andrew Kligerman downgraded the stock from Buy to Hold and slashed the price target from $252 to $230 on July 15. This analyst has an accuracy rate of 64%.</li>
<li>B of A Securities analyst Joshua Shanker maintained an Underperform rating and cut the price target from $214 to $202 on July 11. This analyst has an accuracy rate of 72%.</li>
<li>JP Morgan analyst Jimmy Bhullar maintained an Underweight rating and increased the price target from $220 to $242 on July 11. This analyst has an accuracy rate of 62%.</li>
<li>Citigroup analyst Michael Ward downgraded the stock from Neutral to Sell and slashed the price target from $226 to $200 on June 28. This analyst has an accuracy rate of 72%.</li>
<li>William Blair analyst Adam Klauber downgraded the stock from Outperform to Market Perform on June 28. This analyst has an accuracy rate of 68%.</li>
</ul>
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</ul>

Price Target

Pre-Market Outlook

Trading Ideas

Travelers Companies Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Former President Donald Trump slammed Joe Biden&#8217;s push for electrifying road transport on Thursday, the fourth and final night of the Republic National Convention in Milwaukee.
What Happened: &#8220;I will end the electric vehicle mandate on day one, thereby saving the auto industry from complete obliteration which is happening right now and saving US customers thousands and thousands of dollars per car,&#8221; Trump told the crowd gathered at Fiserv Forum. 
The mandate Trump is referring to is the Biden administration&#8217;s aim to ensure that a majority of new passenger cars and light trucks sold in the United States are all-electric or hybrids by 2032.
Call For Union President Resignation: Trump further called for the resignation of the United Auto Workers union chief Shawn Fain for what he alleged was allowing foreign EV makers to sell EVs in the country without tariffs by building factories in Mexico. 
Trump is seemingly referring to Chinese EV maker BYD&#8217;s upcoming factory in Mexico, which has been deemed by some automakers as a way to push lower-priced EVs into the U.S. market while simultaneously evading tariffs imposed on China-made EVs. BYD, however, has often reiterated that they <a href="https://www.benzinga.com/news/24/02/37327343/tesla-a-partner-and-not-competition-says-byd-chinese-firm-not-eyeing-us-market-just-yet">do not intend to enter the U.S. market</a>.
&#8220;United Auto Workers should be ashamed for allowing this to happen and the leader of the UAW should be fired immediately,&#8221; Trump said. &#8220;Every single auto worker, union and nonunion, should be voting for Donald Trump because we are going to bring back car manufacturing and we are going to bring it back fast.&#8221;
UAW <a href="https://www.benzinga.com/news/24/01/36771258/joe-biden-gets-united-auto-workers-backing-shawn-fain-says-donald-trump-blamed-the-american-worker">endorsed Joe Biden </a>for the forthcoming November election in January. 
Tariffs On Foreign Players: Trump added that foreign players must build plants in America and their vehicles should be built by American workers if they are to be sold in the country.
&#8220;If they don&#8217;t agree with us we&#8217;ll put a tariff of approximately 100% to 200% on each car and they will be unsellable in the United States. We have long been taken advantage of by other countries,&#8221; Trump said. Enforcing foreign players to build in America will also create a massive number of jobs in the country, he added.
The Biden administration has already imposed a tariff of over <a href="https://www.benzinga.com/news/24/05/39006664/elon-musk-slams-biden-administration-over-100-tariffs-on-chinese-ev-imports-things-that-distort-the">100% on electric vehicles made in China.</a>
But &#8220;I&#8217;m All For Electric&#8221;: &#8220;By the way, I&#8217;m all for electric; they have their application but if somebody wants to buy a gas-powered car, gasoline-powered car, or a hybrid they&#8217;re going to be able to do it and we&#8217;re going to make that change on day one,&#8221; Trump said while also slamming Biden administration for investing highly in putting up EV charging infrastructure. 
&#8220;AI needs tremendous- literally twice the electricity that&#8217;s available now in our country- but instead we&#8217;re spending in places where they recharge electric cars,&#8221; Trump said while also mentioning a report from The Washington Post which said that the government's $7.5 billion capital allocation to help&nbsp;build EV charging stations&nbsp;across the country resulted in <a href="https://www.benzinga.com/news/24/05/38778728/tesla-ceo-elon-musk-criticizes-biden-administrations-spending-efficiency-on-ev-charging-infrastructu">only seven operational ones as of March</a>.
U.S. EV giant Tesla Inc. CEO Elon Musk has previously talked about sharing a good relationship with Trump and slammed Biden over his age. Musk has been publicly endorsing Trump&#8217;s presidential reelection bid since Saturday after a <a href="https://www.benzinga.com/news/24/07/39764903/fbi-probes-trump-rally-shooting-as-potential-domestic-terrorism-it-appears-that-he-was-a-lone-actor">shooting incident </a>at Trump's campaign rally in Butler, Pennsylvania.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39838562/tesla-cybertruck-outsells-ford-f-150-lightning-and-rivian-r1t-combined-in-may-despite-price-premium">Tesla Cybertruck Outsells Ford F-150 Lightning And Rivian R1T Combined In May Despite Price Premium</a></li>
</ul>
Image made via photos on Shutterstock

Politics

Trump Says He Will 'End The Electric Vehicle Mandate On Day One' Days After Tesla CEO Elon Musk's Endorsement, Says UAW Chief Should Be 'Fired Immediately'

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the &#8220;Neutral&#8221; zone on Thursday.
U.S. stocks closed lower on Thursday, with the Dow Jones index falling more than 500 points during the session.
On the economic data front, U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000. The Philadelphia Fed Manufacturing Index rose to 13.9 in July, recording the strongest level in three months, versus 1.3 in June.
Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) reported better-than-expected earnings for its second quarter on Thursday. D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) reported stronger-than-expected second-quarter earnings.
Most sectors on the S&amp;P 500 closed on a negative note, with healthcare, consumer discretionary and financials stocks recording the biggest losses on Thursday. However, energy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 533 points to 40,665.02 on Thursday. The S&amp;P 500 fell 0.78% at 5,544.59, while the Nasdaq Composite dipped 0.70% at 17,871.22 during Thursday's session.
Investors are awaiting earnings results from American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) and Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 50.6, the index moved to the &#8220;Neutral&#8221; zone on Thursday, versus a prior reading of 59.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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</ul>
Stocks Photo by Phongphan on Shutterstock

Earnings

Dow Plunges Over 500 Points Following Unexpected Surge In US Jobless Claims

VSAC

Reported Earlier, VSAC Successfully Applies To Nasdaq Stock Exchange To Migrate To The Capital Market

President Joe Biden appears to be facing an uphill battle, going by the results of a couple of new polls released this week. The results reflected responses collected amid and <a href="https://www.benzinga.com/startups/24/07/39840178/kevin-oleary-says-the-assassination-attempt-on-trump-is-un-american-comments-on-musk-and-ackman-supp">after the assassination attempt </a>on former President Donald Trump.
Tide Turns Definitively? Trump increased his lead over Biden with the latest tally standing at 52%-47% in the former&#8217;s favor, better than the 50%-48% results for the former president in the July 3 poll. The results are based on a CBS News/YouGov survey, which collected responses from 2,247 registered voters nationwide between July 16-18. The margin of error of the survey was +/-2.7 points.
This five-point lead would be his largest national lead over Biden in the campaign so far, the pollster said. &#8220;It&#8217;s been 20 years since a Republican presidential candidate has won the national popular vote, and over 30 years since a Republican won by more than five,&#8221; CBS News&#8217; report said.
In the battleground states of Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin, Trump was ahead but with a three-point lead, scoring 51% as opposed to the 47% support Biden received. This marks a one-point move toward Trump from early July.
The above two standings were based on responses from likely voters, which is a subset of the registered voters surveyed. 
Two-thirds of the registered voters said Trump&#8217;s handling of the July 13 assassination attempt has not changed their consideration, while 26% said it has made them more likely to consider the former president. 7% said it has made them less likely to consider him. A little over half of the respondents (54%) said after the assassination, Trump has encouraged more unity, while 46% said he has encouraged more division.
When voters were asked which of the candidates fights a lot for people like them, 37% picked Trump, 28% Biden and 26% each chose Vice President Kamala Harris and Sen. J.D. Vance (R-Ohio). Harris and Vance are currently picked as the running mates of Biden and Trump, respectively. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl">Trump-Vance Administration Will Be &#8216;Terrible&#8217; For Tesla, Says Bear: Elon Musk &#8216;Has Completely Alienated Most Of His Buying Base&#8217;</a>
Harris Better Choice? In the hypothetical matchup with Trump, Harris performed better than Biden but still lagged behind the former president. The results showed Trump leading with 51% compared to 48% in favor of Harris. The pollster stated that there are minimal differences in support for Harris and Biden among demographic groups, including younger voters and voters of color.
A substantial part of Democrats said Biden should step aside as nominee. 
A separate AP-NORC <a href="https://apnorc.org/projects/most-say-biden-should-withdraw-from-the-presidential-race/">poll</a> showed that 7 in 10 adults, including 65% of Democrats, said Biden should withdraw and allow his party to select a different nominee. The survey was conducted between July 11-15 and was mostly completed before the attempted assassination of Trump. Only 35% of the Democrats want him to stay in the race.
On the other hand, 57% of adults want Trump to withdraw from the race and allow his party to name a replacement. An overwhelming 73% of Republicans, however, said he should stay in the race.
Doubts about Biden's mental capability to be an effective president despite more people viewing him as more honest than Trump.
Biden finds staunch support from Black Democrats but more younger Democrats (sub-45 years) want him to quit the race.
The poll found that 36% of the public, including 58% of Democrats and 20% of independents, think Harris would make a good president.
The percentage of Democrats who do not think Harris would make a good replacement was 20%, while 20% do not know enough to comment. Among independents, 39% said they do not think she would make a good president and 40% do not know enough to have an opinion.
Among Republicans, 87% say Harris would not make a good president.
AP-NORC survey showed that most have not developed opinions about either California Governor Gavin Newsom or Michigan Governor Gretchen Whitmer, both of whom have been mentioned as possible replacements for Biden.&nbsp;
The CBS News/YouGov survey showed that Democrats continue to trail Republicans on the likelihood of turning out for election this year.
<a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp">Vance&#8217;s addition was welcomed by Republican voters,</a> with 51% saying they are enthusiastic, 43% are satisfied and only 6% are angry/dissatisfied.
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Image via Flickr

Media

General

Biden Vs. Trump: Ex-President Takes Commanding National Lead As Democratic Support For Incumbent Crumbles

Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, &quot;I would like to thank all of our unitholders for their strong support for Summit&#39;s conversion to a C-corporation. This transaction will deliver significant benefits by reducing unitholders&#39; tax burden going forward, simplifying Summit&#39;s structure to make its equity easier to own, enhancing trading liquidity and providing greater transparency and easier decision-making for investors. In addition to the conversion, the notes offering we announced yesterday and expected upsizing of our ABL credit facility from&nbsp;$400 million&nbsp;to&nbsp;$500 million&nbsp;increases Summit&#39;s financial flexibility to execute our strategy relative to our existing capital structure. Through the C-corporation conversion, expected refinancing, active portfolio management and steps to strengthen Summit&#39;s financial profile, we have positioned Summit for continued growth and success. We look forward to completing this set of transactions and driving value creation for our investors.&quot;

SMLP

Reported Earlier, Summit Midstream Partners Announces Unitholders' Approval Of C-Corporation Conversion And Expansion Of Credit Facility To $500M

Oak Valley (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OVLY#NASDAQ">OVLY</a>) reported quarterly earnings of $0.71 per share. This is a 30.39 percent decrease over earnings of $1.02 per share from the same period last year. The company reported $19.05 million in sales this quarter. This is a 9.54 percent decrease over sales of $21.06 million the same period last year.

OVLY

Oak Valley Q2 EPS $0.71 Down From $1.02 YoY, Sales $19.05M Down From $21.06M YoY

The shares are expected to begin trading on the Nasdaq Global Market on July 19, 2024,&nbsp;under the symbol &quot;ARTV.&quot; The offering is expected to close on July 22, 2024, subject to the satisfaction of customary closing conditions.

IPOs

ARTV

Reported Earlier, Artiva Biotherapeutics Prices Upsized $167M Initial Public Offering Of 13.92M Common Shares At $12/Share

&quot;We are closely monitoring the recently proposed interpretive ruling from the CFPB around paycheck advance and earned wage access (&quot;EWA&quot;), a model which Dave was originally founded on, but transitioned away from beginning in 2022 due to a lack of certainty around the regulations,&quot; said Jason Wilk, Founder and CEO of Dave. &quot;Dave&#39;s ExtraCash product is structured as a bank-originated overdraft with optional fees, which combats the excessive fees found at incumbent banks. As a result, we believe ExtraCash and our optional fees sit within the overdraft regulatory framework that is distinguished from EWA and paycheck advance products.&quot;

DAVE

Reported Earlier, Dave Comments On CFPB Proposal, Asserts ExtraCash Product Complies With Overdraft Regulatory Framework

Howard Hughes Holdings announced today that its Board of Directors has authorized and declared a pro rata distribution&nbsp; of&nbsp;100%&nbsp;of the outstanding shares of common stock of Seaport Entertainment Group Inc. (&quot;Seaport Entertainment&quot;) to holders of record of HHH common stock as of the close of business on July 29, 2024 (the &quot;Record Date&quot;). The Distribution is expected to be payable after market close on July 31, 2024 (the &quot;Distribution Date&quot;). As a result of the Distribution, holders of HHH common stock will receive one share of Seaport Entertainment common stock for every nine shares of HHH common stock held at the close of business on the Record Date.

Reported Earlier, Howard Hughes Board Approves Plans To Spin Off Seaport Entertainment With 1-For-9 Pro Rata Share Distribution

Macro Economic Events

Econ #s

Economics

Germany Producer Price Index (MoM) For June 0.2% Vs. 0.1% Est.; 0.0% Prior

U.K. Retail Sales (YoY) For June -0.2% Vs. 0.2% Est.; 1.7% (Revised) Prior

U.K. Retail Sales (MoM) For June -1.2% Vs. -0.6% Est.; 2.9% Prior

U.K. Core Retail Sales (YoY) For June -0.8% Vs. 0.2% Est.; 1.6% (Revised) Prior

U.K. Core Retail Sales (MoM) For June -1.5% Vs. -0.5% Est.; 2.9% Prior

The aggregate gross proceeds from the Offering will be $8.6 million, before deducting underwriting discounts and other related expenses. The Offering is expected to close on or about July 22, 2024, subject to the satisfaction of customary closing conditions

QMMM

Reported Earlier, QMMM Holdings Prices $8.6M Initial Public Offering Of 2.15M Ordinary Shares At $4/Share

<ul>
<li>Commercial deliveries soared circa&nbsp;170%&nbsp;sequentially while Executive Jets grew&nbsp;50%</li>
<li>US$21.1 bn&nbsp;company wide backlog up more than&nbsp;20%&nbsp;annually</li>
<li>20 E2 jets order from Mexicana de Aviaci&oacute;n</li>
<li>2nd&nbsp;C-390 Millennium aircraft delivered to&nbsp;Portugal</li>
</ul>

Embraer-Empresa Brasileira De Aeronautica

Reported Earlier, Embraer's Q2 Deliveries Surge By 88% QoQ; Backlog Reaches 7-Year High Of $21.1B (+20% YoY)

A widespread Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) cloud service disruption on Thursday led to the grounding and cancellation of flights for several airlines, including Frontier Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>), Allegiant Travel Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGT#NASDAQ">ALGT</a>), and Sun Country Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNCY#NASDAQ">SNCY</a>).
What Happened: Microsoft reported issues with its cloud services in the Central U.S. region, which significantly impacted the operations of several airlines, Reuters reported on Friday. 
The low-cost carriers, including Frontier Airlines, Allegiant, and Sun Country, experienced outages that affected their day-to-day operations.
Frontier Airlines confirmed that a &#8220;major Microsoft technical outage&#8221; had temporarily disrupted its operations. On the other hand, Sun Country pointed to a third-party vendor that affected its booking and check-in facilities, without naming the company. Allegiant&#8217;s website was also affected, leading to its unavailability.
As a result, Frontier Airlines had to cancel 147 flights and delay 212 others on Thursday. Allegiant and Sun Country also experienced significant disruptions, with 45% and 23% of their flights delayed, respectively.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39813495/why-key-apple-nvidia-supplier-tsmcs-shares-are-plunging-in-wednesdays-premarket?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why Key Apple, Nvidia Supplier TSMC&#8217;s Shares Are Plunging In Wednesday&#8217;s Premarket</a>
Microsoft&#8217;s outage began at approximately 6 p.m. ET on Thursday, affecting a subset of its customers with issues in multiple Azure services in the Central U.S. region. Azure is a cloud computing platform that offers services for building, deploying, and managing applications and services.
Why It Matters: This is not the first time Microsoft has faced issues with its cloud services. In January 2023, Microsoft 365 experienced a global outage that impacted services like Teams, Outlook, and Xbox Live. The company later identified a <a href="https://www.benzinga.com/news/23/01/30563549/microsoft-365-services-down-globally-for-hours-company-says-rolled-back-a-network-change">potential networking issue</a>.
Microsoft&#8217;s cloud services have also been subject to scrutiny. In May, a Spanish <a href="https://www.benzinga.com/news/24/05/38669008/microsoft-faces-scrutiny-over-cloud-practices-as-spanish-startup-association-files-complaint-all-com">startup group filed a complaint</a> against Microsoft&#8217;s cloud practices, alleging that the tech giant was using its dominant position to force the adoption of its Azure cloud. This complaint adds to the challenges faced by Microsoft&#8217;s rapidly expanding cloud computing services.
In its annual sustainability report in May, Microsoft reported a <a href="https://www.benzinga.com/news/24/05/38875696/microsofts-ai-ambition-and-data-center-growth-side-effects-emissions">nearly 30% increase in emissions</a> since 2020, primarily driven by the expansion of data centers required for AI and cloud computing.
Price Action: Microsoft Corp&#8217;s stock closed at $440.37 on Thursday, down 0.71% for the day. In after-hours trading, the stock rose 0.28%. Year to date, Microsoft shares have gained 18.74%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39787824/as-trumps-chances-of-presidency-improve-analysts-say-his-return-to-white-house-could-boost-these-3-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Trump&#8217;s Chances Of Presidency Improve, Analysts Say His Return To White House Could Boost These 3 Sectors</a></li>
</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Travel

ALGT

SNCY

ULCC

Microsoft Cloud Outage Grounds Flights, Disrupts Operations Of Frontier, Allegiant, And Sun Country Airlines, Leading To Hundreds Of Cancellations And Delays

Convergence Long/Short Equity ETF declares annual distribution of $0.2063

CLSE: A Solid Start For This Actively Managed Long-Short Equity ETF

CLSE