Latest news for  (OTC:CMRCF) Stock

While Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) sales in the U.S. have been <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">dropping since the start of the year</a>, South Korean automaker Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Japanese player Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) have been gaining ground in the country. 
Tesla Sales Drop: Tesla sales in the U.S. fell by nearly 10% since the start of the year and through the end of the second quarter, according to Kelley Blue Book estimates. Tesla does not segment its deliveries geography-wise, leaving third-party data as the sole means of tracking their sales in the country. 
As per the data, Tesla sold 304,451 units in the first half of the year as opposed to 336,892 vehicles in the corresponding period of last year.
While the sales drop was experienced across Tesla&#8217;s lineup, Model 3 sales took the largest hit. The company sold only 73,552 Model 3 sedans in the first half of this year as opposed to 112,791 units in the first half of 2023, likely due to the production ramp of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511618/tesla-researcher-thinks-ev-giants-biggest-challenge-in-q2-comes-from-one-of-its-cas">updated Model 3</a> at the company&#8217;s Fremont factory.
Tesla introduced the updated version of the Model 3 in the U.S. market <a href="https://www.benzinga.com/news/24/01/36570546/you-can-finally-order-teslas-new-model-3-in-america-heres-its-starting-price">in January.</a> 
Foreign Players Sell More EVs: But despite the American EV giant dropping in sales, foreign players have gained ground. Toyota sold 9,468 EVs in the period, marking a jump of 159% year-on-year. Toyota&#8217;s luxury brand Lexus, meanwhile, saw EV sales jump about 405% to 5,639 units, owing to the rise in popularity of its Lexus RZ electric SUV.
South Korea&#8217;s Hyundai too is rising in popularity in the region. While Hyundai saw its EV sales surge 34% to 29,105 units owing to the popularity of its <a href="https://www.benzinga.com/news/24/07/39630731/mustang-mach-e-drives-fords-q2-ev-sales-ahead-of-gm-but-its-still-just-a-fraction-of-elon-musks-tesl">Ioniq models</a>, its sister brand Kia saw sales jump 104% to 27,634 units.
Hyundai&#8217;s luxury brand Genesis also marked a nearly 27% growth in sales to 3,241 units, with the popularity of its GV70 Performance SUV making up for the drop in sales of its other EVs including the G80.
Other Domestic Player Performance: Foreign brands are not alone in their EV sales growth. Michigan-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) <a href="https://www.benzinga.com/news/24/07/39630731/mustang-mach-e-drives-fords-q2-ev-sales-ahead-of-gm-but-its-still-just-a-fraction-of-elon-musks-tesl">saw a 71.8% jump in EV sales</a> in the first six months of 2024 to 44,180 units, while American EV startup Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) registered a 33% rise in sales to 27,378, according to Kelley Blue Book data.
General Motors&#8216; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Cadillac brand also <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">saw sales rise by 465% to 13,094 units, owing to a rise in sales of its Lyriq SUV</a> while Chevrolet EV sales dropped by nearly 41% to 19,918 units, likely due to the stop in production of its Bolt EV in December.
Check out more of Benzinga'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:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39877043/tesla-fsd-to-allow-users-to-wear-sunglasses-starting-with-version-12-5-elon-musk-tells-quake-video-g">Tesla FSD To Allow Users To Wear Sunglasses Starting With Version 12.5, Elon Musk Tells Quake Video Game Developer: &#8216;Tesla Has Done So Much&#8230;&#8217;</a></li>
</ul>
Image made via photos on Shutterstock

News

Tech

HYMTF

RIVN

TSLA

Should Elon Musk Be Worried? Toyota, Hyundai, And Ford Challenge Tesla On Home Turf With More EVs On US Roads As Billionaire's Auto Giant Faces Sales Slump

Morgan Stanley analyst Benjamin Swinburne downgrades Interpublic Gr of Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPG#NYSE">IPG</a>) from Equal-Weight to Underweight and lowers the price target from $34 to $28.

Downgrades

Price Target

Analyst Ratings

Morgan Stanley Downgrades Interpublic Gr of Cos to Underweight, Lowers Price Target to $28

Biotricity Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCY#NASDAQ">BTCY</a>), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced ongoing improvements in operational efficiency, scalability and margin performance driven by the latest enhancements to the company&#39;s proprietary AI Cloud platform.
The latest version of Biotricity&#39;s AI Cloud has improved the company&#39;s tech stack efficiency by&nbsp;20%, which is expected to result in a topline margin improvement of 200 to 300 basis points (2 to&nbsp;3%) in the coming quarters. The next version of the AI Cloud, currently under development, is anticipated to enhance the tech stack by another&nbsp;20%, contributing to an additional margin improvement of 100 to 200 basis points (1 to&nbsp;2%). These across-the-board improvements are accelerating Biotricity&#39;s path to breakeven and achieving positive cash flow.
&quot;Our focus on AI and technology-driven efficiencies continues to bear fruit,&quot; said Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity. &quot;The latest upgrades to our AI Cloud platform are not just technical achievements; they are key drivers in improving our operational margins, supporting scale and expediting our path to profitability. With each iteration, we are pushing the boundaries of what&#39;s possible in remote cardiac monitoring and healthcare technology.&quot;
Biotricity is developing one the most comprehensive AI Cloud platforms for cardiac care. The platform leverages over 500 billion beats of anonymized data to build predictive cardiac AI models for improved diagnoses and faster interventions. These models enable more accurate analyses and improved operational efficiency, supporting physicians in diagnosing more patients with the same resources.
Biotricity is targeting a&nbsp;$35 billion&nbsp;total addressable market opportunity. With its solutions utilized daily by cardiologists across 35 states and hundreds of centers, Biotricity is capturing a growing market share in cardiology. This growth is bolstered by a high retention rate of approximately&nbsp;99%&nbsp;and a recurring revenue base with strong LTV-to-CAC ratios.

BTCY

Biotricity's AI Cloud Upgrades Drive Operational Gains and Path to Profitability

WIIM

Lennar shares are trading lower after Goldman Sachs downgraded the stock from Buy to Neutral and lowered its price target from $180 to $174.

In addition, the Agreement ends all existing credit ties with the Agreement parties, removes the existing lien against Talicia&reg; and restores control over cash collections back to RedHill.

Biotech

Health Care

General

RDHL

Redhill Biopharma Terminates Agreement With Movantik Acquisition, Valinor Pharma, And Hcr Redhill, And Received ~$9.9M In Cash And Gained Full Control Over An Additional $0.74M Currently Held In Restricted Account

Wolfe Research analyst Steven Chubak downgrades Stifel Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SF#NYSE">SF</a>) from Outperform to Peer Perform.

Wolfe Research Downgrades Stifel Financial to Peer Perform

Barclays analyst Nicholas Campanella downgrades Consolidated Edison (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>) from Equal-Weight to Underweight and lowers the price target from $97 to $92.

Barclays Downgrades Consolidated Edison to Underweight, Lowers Price Target to $92

Abercrombie & Fitch shares are trading higher after JP Morgan upgraded the stock from Neutral to Overweight and raised its price target from $167 to $194.

Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and Luxair announced today the European regional carrier is again ordering a new member of the 737 MAX family to power its sustainable growth. A year after purchasing the 737-7 and 737-8 models, Luxair has now placed an order for two 737-10 airplanes with options for two more. The 737-10 is the largest model in the MAX family and provides the best economics of any single-aisle jet.
<a href="https://mma.prnewswire.com/media/2466044/Luxair_737_10_HD.html" target="_blank"><img alt="Boeing and Luxair announced today the European regional carrier placed an order for two 737-10 airplanes with options for two more. (PRNewsfoto/Boeing)" src="https://mma.prnewswire.com/media/2466044/Luxair_737_10_HD.jpg" /></a>
&quot;The purchase of the 737-10 is another step towards Luxair positioning for its future with the investment in the latest airplane technology that will support Luxair&#39;s growth plans and the decarbonization of our fleet. There is high commonality between the 737 MAX models, and this allows for significant operational savings for the airline,&quot; said&nbsp;Gilles Feith, Luxair CEO.
&quot;In addition to reducing overall fuel use and emissions, the 737 MAXs will help create a&nbsp;50 percent&nbsp;smaller noise footprint by reducing noise generated by takeoffs and landings at Luxembourg Airport.&quot;
The 737 MAX family reduces fuel use and carbon emissions&nbsp;20 percent&nbsp;compared to the airplane it replaces, providing operators greater efficiency along with fleet commonality. With the 737-10&#39;s size, operators can carry more passengers and realize the lowest cost per seat of any single-aisle airplane.
Luxair plans to operate its new 737-10s to offer passengers a minimum of 30-inch seat pitch. In this configuration, the airline can fly up to 213 passengers on routes stretching 5,740 km (3,100 nautical miles), resulting in more capacity and range to capitalize on growing leisure travel.

Luxair Orders Boeing 737-10 to Boost Sustainable Growth and Fleet Efficiency

Morgan Stanley analyst Ole Slorer upgrades Fiserv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>) from Equal-Weight to Overweight and raises the price target from $154 to $175.

Upgrades

Morgan Stanley Upgrades Fiserv to Overweight, Raises Price Target to $175

Cyngn Regains Nasdaq Compliance, No Increase In Authorized Shares Confirmed

Analysts predict that the recent global tech outage caused by cybersecurity firm CrowdStrike (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) could cost over $1 billion, but the question of who will foot the bill remains unanswered.
What Happened: Experts predict that there will be demands for remuneration and possibly lawsuits, CNN <a href="https://edition.cnn.com/2024/07/21/business/crowdstrike-outage-cost/index.html">reported</a> on Monday.
&#8220;If you&#8217;re a lawyer for CrowdStrike, you&#8217;re probably not going to enjoy the rest of your summer,&#8221; said Dan Ives, a tech analyst for Wedbush Securities.
On Friday, CrowdStrike was identified as the source of a massive global tech outage, which led to the cancellation of over 5,000 commercial airline flights worldwide and caused disruptions in various sectors, from retail to healthcare. The issue was traced back to a few bits of faulty code in a software content update by CrowdStrike.
The company acknowledged the issue in a social media post late Sunday, stating that a &#8220;significant number&#8221; of the approximately 8.5 million affected devices were back online. However, CrowdStrike has not addressed whether it plans to provide compensation to affected customers.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39871849/analyst-predicts-bitcoin-to-soar-by-83-but-theres-one-major-catch-were-going-to-get-that-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Analyst Predicts Bitcoin To Soar By 83%, But There&#8217;s One Major Catch: &#8216;We&#8217;re Going To Get That Continuation As Long As &#8230;&#8217;</a>
Despite the uncertainty, some experts believe that CrowdStrike&#8217;s customer contracts may shield it from liability. 
&#8220;I would guess that the contracts protect them,&#8221; said James Lewis, a researcher at the Center for Strategic and International Studies.
While the final cost of the outage is yet to be determined, the damage to CrowdStrike&#8217;s reputation could be significant, potentially making it difficult for the company to attract new customers.
Why It Matters: The outage, triggered by a <a href="https://www.benzinga.com/news/24/07/39873706/crowdstrike-outage-impacted-less-than-1-of-windows-devices-but-still-managed-to-wreak-havoc-report">faulty update from CrowdStrike</a>, impacted millions of Windows users, causing widespread disruptions to various services worldwide. The incident, which was not a result of a hacker attack, was due to a technical error in the software update.
Following the incident, Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, criticized CrowdStrike&#8217;s faulty software <a href="https://www.benzinga.com/news/24/07/39875506/crowdstrikes-faulty-microsoft-windows-update-gets-slammed-by-us-cybersecurity-official-was-a-huge-de">update as a "serious mistake"</a> with significant impacts on critical infrastructure operations across the world.
Price Action: On Monday&#8217;s pre-market, CrowdStrike shares were down 3.54% at $294.15 while Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shares were up 0.7% at $440.15., at the time of writing, according to <a href="https://pro.benzinga.com">Benzinga Pro.</a>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39865930/from-giant-to-gone-billion-dollar-cannabis-company-medmen-sells-off-its-property-under-receivers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">MedMen Property Sell-Off Under Receivership, State by State</a></li>
</ul>
Photo courtesy: Wikimedia
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

CRWD

MSFT

'If You're A Lawyer For Crowdstrike, You're Probably Not Going To Enjoy The Rest Of Your Summer,' Say Dan Ives As Microsoft-Crowdstrike Outage Could Top $1B In Costs

SERV

Serve Robotics shares are trading higher after Nvidia last week disclosed a stake in the company.

Wedbush analyst Richard Anderson upgrades EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) from Neutral to Outperform and raises the price target from $162 to $208.

Wedbush Upgrades EastGroup Props to Outperform, Raises Price Target to $208

HBT Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBT#NASDAQ">HBT</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.56 by 1.79 percent. This is a 1.72 percent decrease over earnings of $0.58 per share from the same period last year. The company reported quarterly sales of $56.64 million which missed the analyst consensus estimate of $57.01 million by 0.65 percent. This is a 3.65 percent decrease over sales of $58.79 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

HBT Finl Q2 Adj $0.57 Beats $0.56 Estimate, Sales $56.64M Miss $57.01M Estimate

Guidance

IQVIA Forecasts 2024 Adjusted EBITDA Of $3.705B-$3.765B Versus Prior Guidance Of $3.7B-$3.8B

Manhattan Bridge Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOAN#NASDAQ">LOAN</a>) reported quarterly earnings of $0.12 per share which met the analyst consensus estimate. This is unchanged from the same period last year. The company reported quarterly sales of $2.443 million which beat the analyst consensus estimate of $1.446 million by 68.95 percent. This is a 1.83 percent increase over sales of $2.399 million the same period last year.

LOAN

Manhattan Bridge Capital Q2 2024 GAAP EPS $0.12, Inline, Sales $2.443M Beat $1.446M Estimate

IQVIA Forecasts 2024 Adjusted EPS Of $11.10-$11.30 Compared To Prior Guidance Of $10.95-$11.25 And Consensus Of $11.08

IQVIA Forecasts 2024 Revenues Of $15.425B-$15.525B Compared To Prior Guidance Of  $15.325B-$15.575B And Consensus Of $15.459B

Wedbush analyst Richard Anderson upgrades Stag Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STAG#NYSE">STAG</a>) from Neutral to Outperform and raises the price target from $38 to $44.

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