CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 Stock (NYSE: CMSD)

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CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates MAG Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MAG#AMEX">MAG</a>) with a Buy and maintains $17 price target.

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HC Wainwright & Co. Reiterates Buy on MAG Silver, Maintains $17 Price Target

An early exposure to financial markets, a strong desire to build on his father&#8217;s legacy, and an innovative approach to an archaic industry helped turn Robert McEwen into one of the most <a href="https://www.benzinga.com/topic/mining">successful mining executives</a>.
After completing a round of financing for an advance-stage copper project in Argentina, McEwen spoke to Benzinga about his beginnings, Goldcorp&#8216;s transformation, and plans for his current venture, McEwen Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUX#NYSE">MUX</a>).
<h2 class="wp-block-heading">Veteran&#8217;s Apprentice</h2>
After contracting polio in WW2, Robert's father, Donald McEwen, turned to business, becoming a stockbroker and a fund manager.
"Our dining room table was always a discussion about gold, and he had me charting stocks when I was around 10 years old," Robert noted, stating that he bought his first stock when he was 12.
"Father took a keen interest in gold, looking at the IMF numbers and fund flows, and I guess by osmosis, I picked up that gold bug. That is how hard assets became a mantra of my life," he added. After getting an MBA, Robert spent time at Merril Lynch before returning to work in the family business.
<h2 class="wp-block-heading">From MBA To Mining</h2>
McEwen's father structured Goldcorp as a closed-end investment company, allowing institutions to circumvent the prohibition against having exposure to foreign shares and gold bullion.
"It was an exciting time. This approach went viral. It was an innovation in the marketplace, and by the end of the 1970s, gold ran up to $850 an ounce."
Following his father&#8217;s death, McEwen took over and began making radical changes, taking advantage of marketplace dislocations caused by holding companies falling out of favor.&nbsp;
"We had mining companies trading at two to three times NAV, and I thought – we are trading at a 50% discount, I could make a mining company stronger if I merged with it. So I jumped in and bought control of two mining companies and then rolled the holding company into a mining company," McEwen said.
<h2 class="wp-block-heading">A Digital Contrarian</h2>
McEwen's experience of navigating of turbulent markets, hostile takeover attempts, and personal threats gave him the tools to recognize and take advantage of burgeoning opportunities like the Internet and make mining a more exciting industry. 
"We were exploring the mine at Red Lake and found quite a bit of gold, but our head of operations didn&#8217;t know how big the deposit would be nor how long it would take to find out. Meanwhile, I enrolled in a course at MIT through a Young Presidents organization. On the second day, they started talking about Linux and open-source code, and all of a sudden, a light bulb went off, and I realized that&#8217;s how I&#8217;m going to reach the world."
Contrary to other mining firms that guarded their geological data, McEwen uploaded it all to the Internet, offering a prize of half a million dollars to the person with the best idea.
"We were looking for people to tell us where to find the next six million ounces of gold. It was the number I derived from the neighboring mine, the Campbell Mine, that produced that gold, and we were basically in the same ore body."
Over 1,500 contestants looked at the data, and the results redefined the geological interpretation of the deposit.
"We found over $3 billion worth of gold," he said, chuckling that nuggets don&#8217;t fall far from the ore body; the creativity gene runs in the McEwen clan.
<h2 class="wp-block-heading">Among The Giants</h2>
Owing to successful exploration and a thorough restructuring of the Red Lake asset, by 2004, Goldcorp produced 628,000 ounces of gold for $115 per ounce, ending that year with 5.2 million ounces in reserves. The firm was among the lowest-cost large-scale miners globally when McEwen decided to step down as CEO.
"We had gone from $50 million to $8 billion in a market cap, and I thought about whether we could drive that type of growth. That was going to get harder and harder, and I was getting tired of corporate governance," he said before clarifying that having corporate governance is necessary but cumbersome.
"We had a ton of money in the bank, no debt, and were one of the lowest-cost gold producers in the world. It was a good time to step away," he added.
<h2 class="wp-block-heading">Toward A Fresh Challenge</h2>
During the Goldcorp days, McEwen invested heavily in the junior mining sector.
"It was a listening post to what was happening in the industry. I thought we could bring them in, but some of these companies grew quite quickly, so I instead sold the positions to pay for the development of the new Red Lake Mine," he noted.
Accordingly, after stepping down as CEO, he constructed new roles for his involvement, setting the stage for a new venture.
"I wanted anywhere between 10% and 30%, not to serve on board, first right of refusal on future financing, veto on major acquisitions, divestitures, and M&amp;A. I wanted a safeguard against them doing something that I thought was foolish."
Eventually, the consolidation of these stakes created McEwen Mining.
&#8220;I put two of the companies together where I had 25 and 27 percent, with interesting projects in the United States, Mexico and Argentina.&#8221;
<h2 class="wp-block-heading">Searching For New Oil</h2>
McEwen Mining has four mines in production, two in development, and one advanced exploration project. Currently, the market focuses on copper, with numerous institutions like Bank of America predicting a supply shortfall of 5 million tons by 2030.&nbsp;
McEwen plans to mine copper at the Los Azules project near San Juan, Argentina, through a subsidiary, McEwen Copper.
"I haven&#8217;t heard that copper is new gold, but I have heard it is new oil. I like to compare the prices and calculate the gold equivalent. The size of the gold equivalent resource at Los Azules changes daily with the price fluctuations. Still, right now, it would equal around 64 million gold ounces of deposits – which is a very big deposit, and our all-in-sustaining just around $925, and it is for a 27-year mine life, and that&#8217;s only mining 40% of the resource we know."
Various manufacturers are following McEwen, rushing to acquire copper before anticipated shortages hit the market.
"The second-largest shareholder in our copper project is Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), the fourth-largest car manufacturer in the world. Some metals are essential to modern technologies, and if we&#8217;re sourcing them from countries we don&#8217;t have good relationships with, we have to find new sources," McEwen said, clarifying that President Javier Milei&#8216;s new policies would add up to over a billion of dollars in net present value to the project.
<h2 class="wp-block-heading">Skin In The Game</h2>
Junior miners often look the same, and hundreds, if not thousands are out there. Still, McEwen has advice on how to look for nuggets.
"Investors should be aware that there is cyclicality and seasonality. They can come together, as there is a seasonal pattern in commodity prices. You might want to buy during the tax-selling period at the end of the year, or you might want to buy in the summer. In the fall, precious metals usually do better," he said. "I try to avoid companies that sell royalties. I just feel that it&#8217;s like the siren on the rocks that beckons the sailors. That&#8217;s happening to some producers &#8211; they give much of their future margin."
As a prominent figure in the mining community, McEwen said he often gets pitched ideas.
"The first thing I ask is, how much have you committed personally? Have you loaded up with options or mortgaged your house?" McEwen thinks it is important to have skin in the game.
Carrying the title of Chief Owner Officer, McEwen is proud of putting his capital behind his ideas.
"Between McEwen Mining and McEwen Copper, I have personally invested $225 million. That&#8217;s my cost, and I take a dollar a year in salary. I&#8217;m committed to seeing this grow."
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/government/24/07/39894362/exclusive-impossible-metals-ceo-says-presale-agreements-quite-attractive-for-funding-deep-sea-projec">EXCLUSIVE: Impossible Metals CEO Says Presale Agreements &#8216;Quite Attractive&#8217; For Funding Deep-Sea Projects Vs. IPO</a></li>
</ul>
Photo courtesy of McEwen Mining.

Commodities

Exclusives

Interview

STLA

EXCLUSIVE: Mining Legend Robert McEwen — 'Investors Should Be Aware That There Is Cyclicality And Seasonality'

HC Wainwright &amp; Co. analyst Patrick Trucchio reiterates Sangamo Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGMO#NASDAQ">SGMO</a>) with a Buy and maintains $5 price target.

SGMO

HC Wainwright & Co. Reiterates Buy on Sangamo Therapeutics, Maintains $5 Price Target

Guggenheim analyst Ronald Jewsikow reiterates Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Sell and maintains $134 price target.

TSLA

Guggenheim Reiterates Sell on Tesla, Maintains $134 Price Target

WIIM

Polaris shares are trading lower after multiple firms lowered their respective price target on the stock. The stock may be moving on continued weakness after the company on Tuesday reported worse-than-expected Q2 financial results and cut its guidance.

Guggenheim Partners initiated coverage on Alumis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALMS#NASDAQ">ALMS</a>), a clinical-stage biopharmaceutical company developing oral therapies for <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39555241/immune-disease-focused-alumis-raises-250m-in-downsized-initial-public-offering" rel="noreferrer noopener">immune-mediated diseases</a>.
The investment thesis centers around a positive view of its lead asset ESK-001, a next-gen TYK2 inhibitor currently in development for plaque psoriasis and systemic lupus erythematosus (SLE).
The company&#8217;s management expects to initiate a Phase 3 trial for plaque psoriasis in the second half of 2024, and data from the SLE study are expected in 2026.
The analyst writes that favorable safety (with no risk of JAK class black box warning) and potential BIC efficacy make ESK-001 a potentially competitive alternative to available oral therapies in moderate, severe plaque psoriasis, where according to Guggenheim&#8217;s KOLs, there is a large unmet need for more effective orals that require no lab monitoring.
Among orals in development, Takeda Pharmaceutical Company Limited&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAK#NYSE">TAK</a>) TAK-279, Bristol-Myers Squibb &amp; Co&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) BMS-322, and Johnson &amp; Johnson&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) JNJ-2113 are ESK-001&#8217;s direct competitors in advanced clinical stage.
The Guggenheim analyst initiates with a Buy rating, with a <a target="_blank" href="https://www.benzinga.com/quote/ALMS/analyst-ratings" rel="noreferrer noopener">price target of $32</a>.
Cantor Fitzgerald also initiated coverage of Alumis with an Overweight rating. It writes that the company&#8217;s ESK-001 and brain-penetrant TYK2 inhibitor A-005 (in Phase 1) have over $1 billion in commercial potential in relation to Alumis&#8217; modest valuation, with an enterprise value of around $200 million.
Cantor expects shares to substantially outperform the market as these candidates advance.
Just a month ago, Alumis <a href="https://investors.alumis.com/news-releases/news-release-details/alumis-announces-pricing-initial-public-offering" target="_blank" rel="noreferrer noopener">priced</a> its initial public offering at $16.00 per share and a concurrent private placement, raising $250 million in gross proceeds.
The analyst notes that despite initial frustrations, Alumis&#8217; market debut is now in the past. The company has the necessary resources to progress its pipeline and the chance to reshape its story moving forward.
&#8220;Meanwhile, Alumis&#8217; share price provides what we think is a very attractive entry point for investors willing to take a fresh look,&#8221; the Cantor analyst writes.
Price Action: ALMS stock is up 0.48% at $12.66 at last check Wednesday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39917542/quest-diagnostics-q2-earnings-performance-suggests-stable-stock-modest-growth-ahead" target="_blank" rel="noreferrer noopener">Quest Diagnostics&#8217; Q2 Earnings Performance Suggests Stable Stock, Modest Growth Ahead, Analyst Says</a>.</li>
</ul>

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Biotech

Equities

Health Care

Initiation

Trading Ideas

General

ALMS

Newly-Listed Psoriasis-Focused Alumis Attracts Analysts' Attention With Promising Lead Program And Modest Valuation

Desert Hot Springs, California is outsourcing its cannabis tax management to Monarch Technologies, a leader in <a href="https://www.benzinga.com/cannabis">cannabis</a> payments and compliance solutions. The company <a href="https://www.monarch.is/monarch-technologies-partners-with-the-city-of-desert-hot-springs-to-streamline-cannabis-compliance-and-tax-collection/">announced</a> the partnership, that aims to improve regulatory compliance and optimize tax revenue collection through Monarch&#8217;s tax management software.
In an exclusive interview with Benzinga, Christian Fea, Monarch Technologies CEO &amp; co-founder, shared details about this collaboration. He also talked about the impact on the often overlooked cannabis <a href="https://www.benzinga.com/fintech">fintech</a> sector.
<h3 class="wp-block-heading">Addressing Tax Compliance Challenges</h3>
&#8220;Cities, counties, and states face increasing complexity in calculating, assessing, collecting, and remitting fee revenue from cannabis businesses,&#8221; Fea said. &#8220;Most of these government entities have passed legislation, ordinances, and regulations in the past five years which technologically often piggyback on the back end of old legacy software systems.&#8221; 
Surprisingly, Fea said that many municipalities still rely on outdated, unreliable methods like Excel spreadsheets or do it by hand. Monarch&#8217;s compliance system automates their entire process, solving these issues and making <a href="https://www.benzinga.com/general/biotech/24/06/39173830/cannabis-taxes-weight-potency-or-price-impact-on-businesses-patients-consumers">tax</a> systems more reliable. 
Fea explained how Monarch nabbed the contract after joining the League of California Cities in 2023, representing most of the 482 cities in the state. The League advocates for cities on key topics, relevant policy and tax issues. This membership led to the partnership with Desert Hot Springs (DHS). After presenting the solution at the Annual Fall Conference, Monarch&#8217;s platform caught the attention of city officials. Following meetings, the DHS City Council approved the Monarch Tax Authority (MTA) Platform, effective July 1, 2024. The city currently oversees 46 cannabis licenses.
Read Also: <a href="https://www.benzinga.com/general/biotech/24/06/39173830/cannabis-taxes-weight-potency-or-price-impact-on-businesses-patients-consumers">Cannabis Taxes: Weight, Potency Or Price? Impact On Businesses, Patients And Consumers</a>
<h3 class="wp-block-heading">Enhancing Cannabis Tax Management</h3>
&#8220;The accurate and precise data captured by the MTA through its surveillance of the Marijuana Enforcement Tracking Reporting Compliance (METRC) system in dispensaries is shared with the city officials on a real-time and legally compliant basis. It enables city officials, compliance, and finance departments to better monitor adherence and arrears and quickly deal with and respond to budgetary items,&#8221; Fea said. <a href="https://www.benzinga.com/events/cannabis-conference/company/metrc-llc/">METRC</a> is a widely adopted seed-to-sale tracking system used in the cannabis industry. 
Frank Luckino, newly appointed City Manager of Desert Hot Springs, likes the idea of simplifying yet improving the tax management: &#8220;Partnering with Monarch allows us to achieve this goal by leveraging their cutting-edge technology and expertise while reducing the internal resources we must commit to overseeing the tax and compliance components of our program. This is a win-win for our community and the local cannabis businesses,&#8221; Luckino said.
Fea added that &#8220;The key objectives and features of Monarch's Compliance System include accurate fee calculations, comprehensive assessments, timely remittances. Also the establishment of bank accounts for cannabis operators, and the issuance of relevant detailed reports. Desert Hot Springs' key objectives include enhanced compliance, predictable monthly revenue, operational efficiency, and improved transparency.&#8221;
<h3 class="wp-block-heading">The Future Of Cannabis Fintech</h3>
Fea also shared his forecast of fintech in the cannabis sector:&nbsp;
&#8220;The Marijuana Policy Project reports that taxes derived from the licensed sale of state-regulated cannabis products totaled more than $4 billion in 2023. The need to convert payments from a &#8216;cash is king&#8217; mentality to an automated compliant digital system is inevitable,&#8221; Fea said. &#8220;Safety and security considerations alone suggest that cashless transactions via ACH (Automated Clearing House) and mobile phone applications will be the mechanism that government entities, cannabis operators, and the general public will pay for legal cannabis products in the future.&#8221;
In the first three months of 2024, California cannabis companies recorded $1.2 billion in <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">taxable sales</a>, although the industry has been <a href="https://www.benzinga.com/markets/cannabis/24/06/39195663/legal-california-cannabis-market-on-the-verge-of-collapse-while-illegal-growers-thrive-destroyin">struggling</a>. So making sure that every cent is counted essential.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/04/38387994/california-cannabis-industry-is-drowning-in-debt-732m-owed-in-taxes-72-by-companies-already-clos">California Cannabis Industry Is Drowning In Debt: $732M Owed In Taxes, 72% By Companies Already Closed Down</a></li>
</ul>
To learn more about fintech, taxes and compliance in the cannabis industry, come, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a>&nbsp;before prices surge by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
COVER: Image created with AI tools.

Cannabis

Fintech news covering the emerging Financial Technology services sector

Fintech

Markets

Fintech & Marijuana: This California City Is Using Monarch Technologies For Its Cannabis Tax Management

Ares Management Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARES#NYSE">ARES</a>) and HPS Investment Partners are spearheading a $3 billion credit facility to finance Carlyle Group Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) potential acquisition of Baxter International Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) kidney-care division.
This debt package includes a $2.5 billion unitranche loan and a $450 million revolver.
Oaktree Capital Management is also involved in the financing, and smaller lenders may participate after signing.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38027718/medical-devices-giant-baxter-secures-fda-approval-for-new-infusion-pump-system" rel="noreferrer noopener">Medical Devices Giant Baxter Secures FDA Approval For New Infusion Pump System</a>.
The financing terms suggest an interest rate five percentage points above the Secured Overnight Financing Rate, placing the division Vantive&#8217;s leverage at 4.2 times pro-forma earnings.
Despite the financing setup, an acquisition agreement hasn&#8217;t been finalized, and the deal remains uncertain.
As per the WSJ report, Carlyle is in exclusive talks to acquire&nbsp;Baxter&#8217;s Vantive in a deal valued at over $4 billion, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39663935/carlyle-eyes-4b-acquisition-of-baxters-kidney-care-unit-vantive-report" rel="noreferrer noopener">including debt</a>. The companies began exclusive negotiations in late June.
Baxter had announced plans to spin off Vantive in the second half of this year, intending to separate its acute therapies&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38595653/why-is-medical-device-maker-baxter-stock-trading-lower-on-thursday" rel="noreferrer noopener">and renal care business</a>.
In 2023, Baxter reported that Vantive generated approximately&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37014544/baxter-says-2023-performance-reflects-strategic-initiatives-with-new-operating-model-without-biopha" rel="noreferrer noopener">$4.5 billion in revenue</a>.
The Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-23/ares-hps-line-up-3-billion-debt-for-carlyle-s-baxter-unit-bid?sref=y3YMCJ4e" rel="noreferrer noopener">report</a> added that the complexity of business carveouts often hinders banks from competing on such deals, allowing private equity sponsors to step in.
The $1.7 trillion private credit market enables direct lenders to secure significant deals, positioning them against banks for financing opportunities.
This deal would mark at least the third collaboration between Ares and HPS on healthcare division carveouts.
Previously, they, along with other lenders, committed $4.8 billion to the acquisition of Catalent Inc. and provided $1.95 billion in financing for the buyout of Baxter&#8217;s contract medical manufacturing unit.
Baxter considered selling its kidney-care operations in 2022, following its $10.5 billion acquisition of Hill-Rom.
Price Action: BAX stock is up 0.40% at $35.41&nbsp;at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39938250/boston-scientific-q2-earnings-strong-performance-of-cardiovascular-devices-leads-to-2024-guidance-h" target="_blank" rel="noreferrer noopener">Boston Scientific Q2 Earnings: Strong Performance Of Cardiovascular Devices Leads To 2024 Guidance Hike Again</a>.</li>
</ul>
Photo by Capri23auto from Pixabay

Large Cap

Financing

ARES

Carlyle's $4B Purchase Of Baxter's Kidney Division Backed By Ares And HPS Financing

Guggenheim analyst Michael Morris maintains Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) with a Buy and raises the price target from $400 to $420.

SPOT

Guggenheim Maintains Buy on Spotify Technology, Raises Price Target to $420

Deep-pocketed investors have adopted a bearish approach towards Vistra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in VST usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 32 extraordinary options activities for Vistra. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 34% leaning bullish and 53% bearish. Among these notable options, 11 are puts, totaling $471,410, and 21 are calls, amounting to $2,608,210.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $120.0 for Vistra over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Vistra stands at 1835.67, with a total volume reaching 66,336.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Vistra, situated within the strike price corridor from $60.0 to $120.0, throughout the last 30 days.
<h3>Vistra Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721848547_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>VST</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$1.65</td>
<td>$1.5</td>
<td>$1.55</td>
<td>$85.00</td>
<td>$620.0K</td>
<td>15.4K</td>
<td>6.9K</td>
</tr>
<tr>
<td>VST</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.35</td>
<td>$1.3</td>
<td>$1.35</td>
<td>$85.00</td>
<td>$327.1K</td>
<td>15.4K</td>
<td>9.4K</td>
</tr>
<tr>
<td>VST</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$9.8</td>
<td>$9.7</td>
<td>$9.7</td>
<td>$87.50</td>
<td>$232.8K</td>
<td>181</td>
<td>240</td>
</tr>
<tr>
<td>VST</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$20.3</td>
<td>$19.5</td>
<td>$19.65</td>
<td>$65.00</td>
<td>$185.8K</td>
<td>859</td>
<td>94</td>
</tr>
<tr>
<td>VST</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$4.2</td>
<td>$4.1</td>
<td>$4.19</td>
<td>$85.00</td>
<td>$167.6K</td>
<td>368</td>
<td>411</td>
</tr>
</tbody>
</table>

<h3>About Vistra</h3>
Vistra Energy is one of the largest power producers and retail energy providers in the us Following the 2024 Energy Harbor acquisition, Vistra owns 41 gigawatts of nuclear, coal, natural gas, and solar power generation along with one of the largest utility-scale battery projects in the world. Its retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. It acquired Dynegy in 2018.
<h3>Vistra's Current Market Status</h3>
<ul>
<li>With a volume of 5,775,132, the price of VST is down -7.91% at $73.74. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 15 days.</li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Vistra options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Vistra's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bearish approach towards ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ON usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for ON Semiconductor. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 5 are puts, totaling $274,737, and 3 are calls, amounting to $863,765.
<h3>What's The Price Target?</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $55.0 to $85.0 for ON Semiconductor during the past quarter. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for ON Semiconductor options trades today is 1208.0 with a total volume of 4,415.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for ON Semiconductor's big money trades within a strike price range of $55.0 to $85.0 over the last 30 days.
<h3>ON Semiconductor Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721848542_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ON</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$7.35</td>
<td>$7.25</td>
<td>$7.25</td>
<td>$70.00</td>
<td>$797.5K</td>
<td>1.9K</td>
<td>1.1K</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$2.63</td>
<td>$2.57</td>
<td>$2.63</td>
<td>$75.00</td>
<td>$129.3K</td>
<td>2.5K</td>
<td>532</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$13.0</td>
<td>$12.85</td>
<td>$12.85</td>
<td>$80.00</td>
<td>$55.2K</td>
<td>1.5K</td>
<td>49</td>
</tr>
<tr>
<td>ON</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$19.65</td>
<td>$19.5</td>
<td>$19.5</td>
<td>$55.00</td>
<td>$39.0K</td>
<td>59</td>
<td>21</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$3.95</td>
<td>$3.6</td>
<td>$3.6</td>
<td>$75.00</td>
<td>$32.0K</td>
<td>2.5K</td>
<td>1.4K</td>
</tr>
</tbody>
</table>

<h3>About ON Semiconductor</h3>
Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and the largest supplier of image sensors to the automotive market. While the firm used to be highly vertically integrated, it now pursues a hybrid manufacturing strategy for flexible capacity. Onsemi is pivoting to focus on emerging applications like electric vehicles, autonomous vehicles, industrial automation, and renewable energy.
Following our analysis of the options activities associated with ON Semiconductor, we pivot to a closer look at the company's own performance.
<h3>Present Market Standing of ON Semiconductor</h3>
<ul>
<li>With a volume of 3,493,460, the price of ON is down -3.44% at $70.86. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 5 days.</li>
</ul>
<h3>What Analysts Are Saying About ON Semiconductor</h3>
In the last month, 4 experts released ratings on this stock with an average target price of $80.5.
<ul>
<li>In a cautious move, an analyst from Morgan Stanley downgraded its rating to Underweight, setting a price target of $65. </li>
<li>Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on ON Semiconductor with a target price of $85. </li>
<li>An analyst from Susquehanna persists with their Positive rating on ON Semiconductor, maintaining a target price of $95. </li>
<li>In a cautious move, an analyst from Citigroup downgraded its rating to Neutral, setting a price target of $77. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ON Semiconductor with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

ON Semiconductor's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish stance on New Fortress Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with NFE, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 9 options trades for New Fortress Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 88% bullish and 11%, bearish.
Out of all of the options we uncovered, 8 are puts, for a total amount of $327,429, and there was 1 call, for a total amount of $28,804.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $20.0 and $21.0 for New Fortress Energy, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for New Fortress Energy's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across New Fortress Energy's significant trades, within a strike price range of $20.0 to $21.0, over the past month.
<h3>New Fortress Energy Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721848537_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NFE</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$3.9</td>
<td>$3.6</td>
<td>$3.6</td>
<td>$21.00</td>
<td>$144.0K</td>
<td>0</td>
<td>400</td>
</tr>
<tr>
<td>NFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$6.6</td>
<td>$6.4</td>
<td>$6.4</td>
<td>$20.00</td>
<td>$28.8K</td>
<td>1.7K</td>
<td>39</td>
</tr>
<tr>
<td>NFE</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.15</td>
<td>$1.05</td>
<td>$1.05</td>
<td>$20.00</td>
<td>$26.2K</td>
<td>31.9K</td>
<td>3.2K</td>
</tr>
<tr>
<td>NFE</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.15</td>
<td>$1.05</td>
<td>$1.05</td>
<td>$20.00</td>
<td>$26.2K</td>
<td>31.9K</td>
<td>2.1K</td>
</tr>
<tr>
<td>NFE</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.15</td>
<td>$1.05</td>
<td>$1.05</td>
<td>$20.00</td>
<td>$26.2K</td>
<td>31.9K</td>
<td>1.3K</td>
</tr>
</tbody>
</table>

<h3>About New Fortress Energy</h3>
New Fortress Energy is an integrated gas-to-power company. Its business model spans the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, terminals, and conversion or development of a natural gas-fired generation. It has invested in floating, liquefied natural gas vessels to both lower the cost of acquiring gas while securing a long-term supply for its terminals. Its segments include terminals and infrastructure, or T&amp;I, and ships.
In light of the recent options history for New Fortress Energy, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>New Fortress Energy's Current Market Status</h3>
<ul>
<li>Trading volume stands at 2,758,855, with NFE's price down by -4.19%, positioned at $20.93.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 16 days.</li>
</ul>
<h3>What The Experts Say On New Fortress Energy</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $26.0.
<ul>
<li>An analyst from Deutsche Bank has decided to maintain their Hold rating on New Fortress Energy, which currently sits at a price target of $26. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for New Fortress Energy with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

New Fortress Energy Options Trading: A Deep Dive into Market Sentiment

Guggenheim analyst Michael Morris maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Buy and raises the price target from $195 to $205.

GOOG

GOOGL

Guggenheim Maintains Buy on Alphabet, Raises Price Target to $205

Zillow shares are trading lower following a decline in new home sales in June. Stocks across sectors are also down amid a broader selloff in tech.

Vigil Neuroscience Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIGL#NASDAQ">VIGL</a>) released interim data on Wednesday from its ongoing Phase 1 clinical trial of VG-3927 <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39927587/vigil-neuroscience-announces-interim-data-from-its-ongoing-phase-1-clinical-trial-evaluating-vg-39" rel="noreferrer noopener">in healthy volunteers</a>.
VG-3927 is a novel small molecule TREM2 agonist to treat common neurodegenerative diseases associated with microglial dysfunction, with an initial focus on Alzheimer's disease (AD) patients, including some who carry TREM2 and other disease-associated variants.
The interim safety, tolerability, pharmacokinetic (PK), and pharmacodynamic (PD) profile support the continued clinical development of VG-3927 as a potential once-daily oral therapy for Alzheimer's disease.
Additionally, these data showed that VG-3927 demonstrated functional and durable target engagement.
The ongoing trial is a Phase 1 single and multiple ascending dose trial to assess the safety, tolerability, PK, and PD of VG-3927.
As of June 30, 2024, the trial had enrolled 80 healthy volunteers, of which 60 have received VG-3927 across multiple single and multiple ascending dose cohorts.
Key takeaways from the interim data include the following:
<ul>
<li>The safety and tolerability profile observed in individual doses in six single and multiple ascending dose cohorts in the ongoing Phase 1 clinical trial supports the continued clinical development of VG-3927.</li>
<li>All adverse events (AEs) were mild or moderate in severity and resolved without intervention. No serious adverse events have been reported to date.</li>
<li>VG-3927 demonstrated a predictable PK profile that is supportive of once-daily dosing.</li>
<li>VG-3927 achieved a robust and sustained decrease of sTREM2 in the CSF in single and multiple ascending dose cohorts.</li>
<li>After repeat dosing, VG-3927 also showed an increase in osteopontin/secreted phosphoprotein 1 (SPP1), a biomarker associated with neuroprotective microglia.</li>
<li>To date, no effect on soluble Colony Stimulating Factor 1 Receptor (sCSF1R), a microglial trophic factor, has been observed.</li>
</ul>
As part of the Phase 1 clinical trial, the company has commenced screening for a cohort of Alzheimer's disease patients, including some participants who carry TREM2 or other disease-related variants, to explore the biomarker response of VG-3927 after a single dose.
Vigil plans to report the complete Phase 1 clinical data, including data from the AD patient cohort, in the first quarter of 2025.
Price Action: VIGL stock is up 6.52% at $4.25 at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/23/11/35853561/why-is-rare-neurological-disease-focused-vigil-neuroscience-stock-trading-lower-today" target="_blank" rel="noreferrer noopener">Why Is Rare Neurological Disease Focused Vigil Neuroscience Stock Trading Lower Today?</a></li>
</ul>
Don&#8217;t miss the opportunity to dominate in a volatile market at the <a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference</a> on Oct. 9-10 at the Chicago Marriott Downtown Magnificent Mile. Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!

Movers

VIGL

Small Neurodegenerative Disease-Focused Vigil Neuroscience Says Alzheimer's Candidate Shows Significant Impact On Disease Bimarker

ATUS

BREA

CDLX

DJTWW

DRCT

GXAI

IRDM

LFLY

MGNI

PINS

RDDT

RDIB

ROKU

SNAP

SOPA

WLYB

YNDX

Shares of companies within the broader communication services sector are trading lower possibly in sympathy with overall market weakness.

JBLU

JetBlue Adds 20% More Seats In New England This Winter; $49 Fares Celebrate Manchester Launch And New Buffalo To West Palm Beach Service

HC Wainwright &amp; Co. analyst Emily Bodnar reiterates Nkarta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKTX#NASDAQ">NKTX</a>) with a Buy and maintains $23 price target.

NKTX

HC Wainwright & Co. Reiterates Buy on Nkarta, Maintains $23 Price Target

Bausch Health shares are trading lower. The stock fell after an article suggested the company was considering bankruptcy but the company said it has not been involved in discussions with its creditors regarding bankruptcy proceedings.

Costco Wholesale Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) share price has been on a remarkable ascent, trading above $800. This puts the retail giant in prime stock-split territory.
Historically, stock splits occur after substantial price increases, and Costco&#8217;s impressive growth makes it a noteworthy candidate for such a move.
<h3 class="wp-block-heading">Will Costco Follow Rival Walmart&#8217;s Footsteps?</h3>
Walmart Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) 3-for-1 stock split, initiated when its shares were trading below $200, sets a precedent. Costco&#8217;s stock price has far surpassed this level, climbing nearly 30% year-to-date and almost tripling over the past five years. The company's consistent performance and its share price near record highs suggest it could follow Walmart's example.
Related: <a href="https://www.benzinga.com/news/24/01/36857206/walmart-announces-3-for-1-stock-split-the-details">Walmart Announces 3-For-1 Stock Split: The Details</a>
<h3 class="wp-block-heading">Financials Bolster Future Outlook</h3>
Costco's revenue growth remains robust. The company reported a 6.9% increase in net sales for the first 44 weeks of the year and a 5.3% rise in June's comparable sales. E-commerce continues to grow at a double-digit rate, bolstering the company's financial outlook. 
Moreover, Costco's recent <a href="https://www.benzinga.com/news/24/07/39728606/whats-going-on-with-costco-stock-thursday">decision to raise</a> its annual membership fee by $5 indicates confidence in continued growth without alienating its customer base.
Read Also: <a href="https://www.benzinga.com/insights/news/24/07/39933373/heres-how-much-100-invested-in-costco-wholesale-5-years-ago-would-be-worth-today">Here&#8217;s How Much $100 Invested In Costco Wholesale 5 Years Ago Would Be Worth Today</a>
<h3 class="wp-block-heading">Is A Costco Stock Split Eminent?</h3>
Despite these indicators, Costco has not split its stock since 2000, when shares were valued below $100. A stock split would make shares more accessible to a broader range of investors, potentially spurring further interest and investment. The question remains whether Costco will act soon or hold off until the stock price hits $1,000 or more.
A stock split could attract more attention and help Costco maintain its market leadership. However, some argue that a high share price alone isn&#8217;t a strong enough reason for a split. Companies like NVR Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVR#NYSE">NVR</a>) have high stock prices but haven&#8217;t split their shares.
Ultimately, whether Costco opts for a stock split or not, its impressive financial performance and strong market position make it a solid long-term investment.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39938160/8-tesla-analysts-size-up-margins-fsd-robotaxis-new-evs-as-stock-tanks-the-realities">8 Tesla Analysts Size Up Margins, FSD, Robotaxis, New EVs As Stock Tanks: &#8216;The Realities Of Today Vs. The Dreams Of Tomorrow&#8217;</a></li>
</ul>

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CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079

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