Latest news for CRRC Corp (OTC:CRCCY) Stock

CRRC Corp Ltd is engaged in research and development, design, manufacturing, refurbishment, sales, leasing and technical services of railway locomotives, MUs, urban rail transit vehicles, engineering machinery, various electromechanical equipment, electronic equipment and components, as well as electronic devices and environmental protection equipment; information consultation; industry investment and management; asset management; import and export business. Its business operations are spread across Mainland China which derives the highest revenue, and a few other countries.

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Hong Kong stocks opened in the red on Friday ahead of the release of the U.S.

Alibaba Sheds 1%, Nio, EV Peers Tank Over 6%: Hong Kong Stocks Open Lower As Focus Turns To US Jobs Data

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Vice President-elect James David Vance is a venture capitalist with investment experience in technology and connections to several notable industry mavens.
What Happened: According to his pre-election financial disclosures dated Aug. 13, 2024, Vance&#8217;s top holdings include investments in ETFs and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) apart from his position as a general or a limited partner in a few private equity and venture capital funds.
<a href="https://efdsearch.senate.gov/search/home/">United States Senate Financial Disclosures</a>&#8216; official website, details Vance&#8217;s holdings across the board. The most notable investments with the highest deployment of funds include top ETFs.
Invesco QQQ Trust, Series 1 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) is Vance&#8217;s topmost investment with an invested value between $1 million and $5 million. This is followed by $500,000 to $1 million investments in SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) and SPDR S&amp;P 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>). Vance has also invested about $100,000 to $250,000 in the iShares 20+ Year Treasury Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NYSE">TLT</a>), and SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>).
Apart from these, Vance has also invested about $100,001 to $250,000 in Bitcoin. He is also associated as a limited partner and general partner with Narya Capital Fund I, L.P, Rise of the Rest Seed Fund, LP and Rise of the Rest Seed Fund AIV GP, LLC.
Also read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39799850/5-things-you-might-not-know-about-j-d-vance-hillbilly-elegy-author-bitcoin-holder-first-mi">5 Things You Might Not Know About J.D. Vance: &#8216;Hillbilly Elegy&#8217; Author, Bitcoin Holder, First Millennial VP Pick And More</a>
Why It Matters: Vance is set to become the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39799850/5-things-you-might-not-know-about-j-d-vance-hillbilly-elegy-author-bitcoin-holder-first-mi">first millennial VP</a> for a major party in a presidential race. Before his career in politics, Vance was a former principal at Peter Thiel&#8217;s Mithril Capital in 2016 and 2017. He later left Mithril to work at Revolution LLC in 2017, an investment firm founded by AOL founder Steve Case. In 2019, Vance co-founded Narya Capital, a venture capital fund.
Trump&#8217;s critic turned running mate, Vance had publicly called the President-elect &#8220;reprehensible&#8221; and said that he is worried about his political ideology, <a href="https://www.washingtonpost.com/elections/2024/07/15/jd-vance-trump-criticism/">reported</a> the Washington Post.
The senator brushed off the past criticism of Trump in <a href="https://www.foxnews.com/media/jd-vance-addresses-past-criticism-trump-after-hes-chosen-vp-bought-medias-lies-distortions">his interviews</a> before the election. &#8220;I was certainly skeptical of Donald Trump in 2016, but President Trump was a great president, and he changed my mind,&#8221; Vance said. The Vice President-elect said he &#8220;bought into the media&#8217;s lies and distortions.&#8221;
Image via Shutterstock
Read next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/11/42158373/trumps-commerce-secretary-pick-howard-lutnicks-fund-owns-1-19b-in-nvidia-804m-in-tesla-here-is-a-look-at-his-portfolio">Trump&#8217;s Commerce Secretary Pick Howard Lutnick&#8217;s Fund Owns $1.19B In Nvidia, $804M In Tesla: Here Is A Look At His Portfolio</a></li>
</ul>

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iShares Trust Barclays 20+ Year Treasury Bond Fund

JD Vance's Investment Playbook Has Bitcoin And ETFs: Here's What Else The VP-Elect Is Betting On

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Reported Earlier, Australia Construction Work Done (QoQ) For Q3 1.6% Vs. 0.4% Est.; 1.1% (Revised) Prior

Donald Trump's presidential victory gave an unprecedented boost to the cryptocurrency market, pushing major assets like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to new highs.&nbsp;
However, the bull market has also managed to draw attention back to those altcoins that have struggled to gain traction this year.
What happened: Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), now rebranded to POL, has been one of the biggest benefactors, surging over 61% over the last month. The token climbed to a five-month high earlier this week.
In fact, the coin&#8217;s 30-day gains have significantly exceeded those of blue-chip cryptocurrencies like Bitcoin and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), which rose nearly 36%.
Influential cryptocurrency analyst Ali Martinez foresaw strong upside potential for POL, based on multiple bullish indicators.
In an X post on Monday, Martinex highlighted that despite the uptick, only about 15% of POL holders were in profit, reducing the possibility of immediate sell-offs.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have a wild price prediction for <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> <a href="https://twitter.com/search?q=%24POL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$POL</a> that many will think this post is sponsored… But it's not! So, let's dive in! &#x1f447;&#x1f9f5;
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861009482093883409?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote>
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Furthermore, on-chain activity showed promise, with active addresses, transaction volume, and whale transactions all experiencing spikes.
In fact, whales have been on an accumulation spree, scooping millions of POL tokens.
With no "major" selling pressure and surging whale interest, Martinez issues a bold forecast.
"I believe that POL consolidates in a multi-year descending triangle, and a weekly close above $0.7973 could trigger a rally to $15.27 or $36.17,&#8221; he said.
This would amount to a staggering upside from the current level, in the range of 2725%-6592%.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155055/crypto-analyst-bitcoin-poised-to-skyrocket-to-180k-and-eventually-top-1m">Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and &#8216;Eventually&#8217; Top $1M</a>
Several technical indicators also flashed a bullish signal for POL.&nbsp;
The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages (MAs), flashed a "Buy" signal, according to <a href="https://www.tradingview.com/symbols/POLYGUSD/technicals/">data </a>from TradingView.
Additionally, most MAs, including exponential and simple, gave a bullish prediction.&nbsp;
That said, the derivatives market anticipated price declines as the number of traders levered short on the coin exceeded those placing bullish bets, data from the Long/Short Ratio showed.
Price Action: At the time of writing, POL was trading at $0.5405, down 2,75% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. The coin has lagged other cryptocurrencies in 2024, falling over 46% year-to-date.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42205579/jim-cramer-says-bitcoin-and-ethereum-deserve-a-spot-in-your-portfolio-as-hedge-against-rising-us-debt-ive-liked-crypto-for-a-very-long-time">Jim Cramer Says Bitcoin And Ethereum &#8216;Deserve A Spot In Your Portfolio&#8217; As Hedge Against Rising US Debt: &#8216;I&#8217;ve Liked Crypto For A Very Long Time&#8217;</a></li>
</ul>

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

Cryptocurrency

$ETH

$MATIC

Crypto's Next Mega-Rocket? Analyst Forecasts Insane 2725%-6600% Surge For This Coin

The incoming Donald Trump administration is reportedly planning to extend the regulatory power of the Commodity Futures Trading Commission to oversee a major portion of the cryptocurrency market.
What Happened: The&nbsp;CFTC's role could soon expand&nbsp;to include the regulation of&nbsp;spot markets for major assets such as&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), along&nbsp;with the exchanges that facilitate&nbsp;their trading, Fox Business <a href="https://www.foxbusiness.com/markets/trump-admin-eyes-cftc-lead-digital-asset-regulation">reported </a>on Tuesday, citing sources close to Trump&#8217;s team.
The proposed move is&nbsp;part of a broader effort&nbsp;by President-elect Trump and&nbsp;the Republican majorities in Congress&nbsp;to scale back the regulatory power that&nbsp;the SEC has exerted&nbsp;over the digital asset industry&nbsp;under President Joe Biden and his&nbsp;outgoing SEC chairman, Gary Gensler.
Key figures&nbsp;in the incoming Trump administration&nbsp;believe that less stringent regulation&nbsp;is needed to spur innovation&nbsp;in the cryptocurrency business.
If implemented, the move would give the CFTC, the regulator of the U.S. derivatives market, jurisdiction over a nearly $2.24 trillion market for Bitcoin and Ethereum, making up more than 70% of the global cryptocurrency market.
The CFTC didn&#8217;t immediately respond to Benzinga&#8217;s request for confirmation. A mail sent to Trump&#8217;s former campaign spokesman wasn&#8217;t responded to either.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42205579/jim-cramer-says-bitcoin-and-ethereum-deserve-a-spot-in-your-portfolio-as-hedge-against-rising-us-debt-ive-liked-crypto-for-a-very-long-time">Jim Cramer Says Bitcoin And Ethereum &#8216;Deserve A Spot In Your Portfolio&#8217; As Hedge Against Rising US Debt: &#8216;I&#8217;ve Liked Crypto For A Very Long Time&#8217;</a>
Why It Matters: The CFTC has long considered digital assets like Ethereum <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31270768/ethereum-a-commodity-too-cftc-chair-thinks-it-should-be-added-to-gary-genslers-bitcoin-onl">as commodities</a>, as stated by CFTC Chair Rostin Benham in his testimony before the Senate Agriculture Committee, in contrast to the <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37538468/sec-chair-gary-gensler-declines-to-say-whether-ethereum-is-a-commodity-its-about-circumsta">SEC&#8217;s ambiguous position</a> on the asset.
As for Bitcoin, the asset has <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27866983/commodity-or-security-new-bitcoin-insights-from-sec-chairman-gary-gensler">long been recognized as a commodity</a>, even by the SEC, protecting it against regulatory scrutiny.
The Trump transition team has been considering the creation of a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house">White House role dedicated to cryptocurrency policy</a>, indicating a potential shift in the U.S. government's approach to digital assets (<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house">source</a>).
This change in regulatory oversight comes as SEC Chair Gary Gensler, known for his stringent regulatory approach towards cryptocurrencies, <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">announced his resignation </a>effective from Trump&#8217;s inauguration day.
Image via Pixabay
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Government

Regulations

Trump Administration To Reportedly Let CFTC Regulate Bitcoin, Ethereum Spot Market, Is The SEC Set To Lose Its Grip Over Crypto?

In a provocative discourse on modern military technology, leading tech innovators are challenging traditional warfare strategies, arguing that autonomous drones and artificial intelligence will <a href="https://www.benzinga.com/news/24/11/42157649/trumps-doge-co-lead-elon-musk-slams-lockheed-martins-f-35-fighter-jets-advocates-drone-warfare-as-pentagon-defends-1-8-trillion-program">fundamentally transform military combat</a>.
What Happened: Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk sparked widespread discussion by asserting that &#8220;future wars are all about drones &amp; hypersonic missiles&#8221; and that human-piloted fighter jets will be quickly decimated in modern conflict.
Pierre Ferragu, an analyst at New Street Research, further proposed redirecting Defense Department budgets toward innovative startups, drawing parallels to NASA&#8217;s approach two decades ago.
Musk&#8217;s perspective was amplified during a podcast with Joe Rogan and Marc Andreessen, where they detailed the potential of AI-controlled aircraft. The experts highlighted critical advantages of drone warfare, including:
<ul>
<li>Unprecedented processing speeds</li>
<li>Ability to withstand extreme G-forces</li>
<li>Elimination of human physical limitations</li>
<li>Potential for larger, more numerous deployment</li>
</ul>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Time to shift the Defense Department's budget toward start-ups, just as NASA began doing 20 years ago. Will fuel innovation, spur economic growth, create wealth, and deliver the defense capabilities we deserve. <a href="https://t.co/U5HoxVEGlf">https://t.co/U5HoxVEGlf</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1861530036513423452?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/11/42205410/elizabeth-warren-slams-trump-transition-funding-strategy-involving-private-donors-calls-it-ploy-for-insiders-to-line-their-pockets">Elizabeth Warren Slams Trump Transition Funding Strategy Involving Private Donors, Calls It Ploy For &#8216;Insiders To Line Their Pockets&#8217;</a>
What Happened: The Pentagon&#8217;s F-35 program, manufactured by Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), remains a focal point of debate. Despite a staggering $1.8 trillion estimated total cost, the program continues to face scrutiny from technology leaders <a href="https://www.benzinga.com/news/24/11/42157649/trumps-doge-co-lead-elon-musk-slams-lockheed-martins-f-35-fighter-jets-advocates-drone-warfare-as-pentagon-defends-1-8-trillion-program">questioning its long-term relevance</a>.
Musk, recently appointed to co-lead the Department of Government Efficiency (DOGE), has been vocal about reducing government expenditures. His critique extends beyond military technology, previously warning about potential economic risks from <a href="https://www.benzinga.com/general/social-media/24/11/42155884/economist-slams-doges-simplistic-approach-to-government-spending-questions-super-bowl-ad-criticism">excessive government spending</a>.
Analysts like Mario Georgiou from InCred Global Wealth U.K. suggest potential annual savings between $50-100 billion, though this represents a modest fraction of the projected $6.7 trillion <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">federal budget for 2024</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/11/42206182/cathie-wood-sees-400b-opportunity-in-biologics-how-have-her-bets-fared">Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Startups

TSLA

Amid Elon Musk's Push For Drones And AI For Combat Transformation, Analyst Pierre Ferragu Says Shift The Defense Budget In Favor Of Startups

Cathie Wood, CEO of ARK Invest, is doubling down on biologics, seeing unprecedented potential at the intersection of artificial intelligence, genetic sequencing, and gene editing technologies.
What Happened: Wood&#8217;s enthusiasm centers on what she describes as a transformative convergence of technologies that could revolutionize medical treatment and drug discovery. 
Speaking candidly about the sector, Wood highlighted the remarkable progress in genetic therapies, particularly in companies like Crispr Therapeutics AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>), Intellia Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>), and Beam Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEAM#NASDAQ">BEAM</a>).
Her most striking example involves Crispr Therapeutics&#8217; recent breakthrough in sickle cell disease treatment. Wood noted, referencing how patients who previously required 12 to 20 annual blood transfusions might now be free from such interventions.
The strategy extends beyond treatment breakthroughs to drug development itself. Wood points to companies like Recursion Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXRX#NASDAQ">RXRX</a>) as leveraging artificial intelligence to dramatically reduce clinical trial failure rates and accelerate drug development timelines.
However, the market performance of these innovative companies tells a more nuanced story. Year-to-date, the stocks have experienced significant volatility: Crispr Therapeutics is down 25.36%, Intellia Therapeutics has dropped 52.21%, Beam Therapeutics declined 3.04%, and Recursion Pharmaceuticals fell 9.80%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Which market sector excites <a href="https://twitter.com/CathieDWood?ref_src=twsrc%5Etfw">@CathieDWood</a> the most and why? In <a href="https://twitter.com/hashtag/askARK?src=hash&amp;ref_src=twsrc%5Etfw">#askARK</a>, she shares her growing enthusiasm for the biologics space. Have more questions for Cathie? Share them in the comments. <a href="https://t.co/WjilZChce6">pic.twitter.com/WjilZChce6</a>
&mdash; ARK Invest (@ARKInvest) <a href="https://twitter.com/ARKInvest/status/1861431767506268404?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/general/entertainment/24/11/42205763/disney-reaches-43m-settlement-in-gender-pay-discrimination-lawsuit-women-can-expect-equitable-treatment-moving-forward">Disney Reaches $43M Settlement In Gender Pay Discrimination Lawsuit: &#8216;Women Can Expect Equitable Treatment&#8217; Moving Forward</a>
Why It Matters: ARK&#8217;s commitment to this sector is evident through its Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>), which manages net assets of $1.179 billion. The fund&#8217;s performance reflects the sector&#8217;s volatility, with annual returns ranging from a high of 180.50% in 2020 to a low of -53.94% in 2022.
The ETF&#8217;s current top holdings underscore Wood&#8217;s strategic focus on innovative biological technologies. Twist Bioscience Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>) leads the portfolio at 8.90%, followed by Crispr Therapeutics at 7.88% and Recursion Pharmaceuticals at 6.17%. Other significant investments include CareDx Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>), Veracyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCYT#NASDAQ">VCYT</a>), and Adaptive Biotechnologies Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>), representing a diversified approach to genomic and biological innovation.
Wood&#8217;s vision suggests a potential $400 billion market opportunity in biologics over the next five years, driven by the unprecedented convergence of AI, sequencing technologies, and gene editing. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42202496/goldman-sachs-expects-major-selloffs-in-canadian-dollar-mexican-peso-says-trump-tariffs-threaten-usmca-agreement">Goldman Sachs Expects Major Selloffs In Canadian Dollar, Mexican Peso, Says Trump Tariffs Threaten USMCA Agreement</a></li>
</ul>
Image via Ark Invest
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Biotech

Health Care

ADPT

ARKG

BEAM

CDNA

CRSP

NTLA

RXRX

TWST

VCYT

Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?

ChatGPT-maker OpenAI's unreleased Sora text-to-video AI model has reportedly been leaked by a group of beta testers protesting its handling of artists.
What Happened: A group of Sora beta testers claimed responsibility for leaking access to the model on Tuesday, which included a working interface, on Hugging Face, a public repository for AI tools.
According to an open letter, the artists accused OpenAI of exploiting their work for &#8220;unpaid R&amp;D&#8221; and &#8220;art washing.&#8221; They alleged that the company used them to create promotional credibility while denying fair compensation.
&#8220;We are sharing this to the world in the hopes that OpenAI becomes more open, more artist friendly, and supports the arts beyond PR stunts,&#8221; the letter read.
See Also: <a href="https://www.benzinga.com/tech/24/11/42154107/consumer-tech-news-nov-18-nov-22-us-doj-demands-google-to-divest-chrome-browser-gemini-ai-available-on-apple-more?itm_source=parsely-api">Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple &amp; More</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This looks real &#8211; early testers have leaked access to OpenAI Sora using Hugging Face Space <a href="https://t.co/Hx1vflGsx5">https://t.co/Hx1vflGsx5</a> <a href="https://t.co/HFDd3aDT8C">pic.twitter.com/HFDd3aDT8C</a>
&mdash; Tibor Blaho (@btibor91) <a href="https://twitter.com/btibor91/status/1861433835528839632?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8; Another leaked SORA anime video Do you think the next generation of anime will be AI-generated? <a href="https://t.co/vOp8WxVUri">pic.twitter.com/vOp8WxVUri</a>
&mdash; Haider. (@slow_developer) <a href="https://twitter.com/slow_developer/status/1861473746990530673?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
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</figure>
OpenAI did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
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Why It Matters: Last month, OpenAI&#8217;s valuation <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">soared to $157 billion</a> following a successful funding round.
OpenAI&#8217;s potential shift from a nonprofit to a for-profit model has led to a financial and <a href="https://www.benzinga.com/startups/24/10/41556636/microsoft-and-openai-clash-over-14-billion-as-the-ai-leader-converts-to-a-for-profit-business-disrup">governance tug-of-war</a> with Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which has invested nearly $14 billion in the company since 2019.
ChatGPT-maker has also been grappling with a series of <a href="https://www.benzinga.com/news/24/09/41037848/openai-cto-mira-murati-steps-down-i-want-to-create-the-time-and-space-to-do-my-own-exploration-elon">high-profile exits</a>, including its CTO Mira Murati, who in March said that Sora was <a href="https://www.benzinga.com/news/24/03/37688389/openais-mira-murati-lists-out-the-real-issues-delaying-sora-ai-release-this-is-the-reason-why-were-n">expected to launch</a> by the end of 2024.
At the time she also said that the company would not release the model unless they were confident in its ability to avoid negative impacts, such as influencing global elections.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo courtesy: Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42156373/marc-benioff-warns-were-near-the-upper-limits-of-llms-the-future-of-ai-lies-in-autonomous-agents-not-bots-like-chatgpt?itm_source=parsely-api">Marc Benioff Says Future Of AI Not In Bots Like ChatGPT But In Autonomous Agents: We Aren&#8217;t At The Moment Seen In Those &#8216;Crazy&#8217; Movies</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

MSFT

OpenAI's Sora Video Model Leak Exposes Deep Rift With Artists — Unpaid R&D, PR Puppets, And Content Approval Fury: What You Need To Know

Leading cryptocurrencies slid further Tuesday, as long-term investors continued to chase profits.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.18%</td>
<td>$92,538.27</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.32%</td>
<td>$3,335.13</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-4.39%</td>
<td>$0.3886</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 in overnight hours. The corrective action has wiped all of the gains made over the week, halting the leading cryptocurrency&#8217;s rise to $100,000.
Long-term Bitcoin holders have offloaded 728,000 coins in the past 30 days, marking the largest sell-off since April.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Long-term holders have offloaded 728,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in the past 30 days. This marks the highest sell-off since April. <a href="https://t.co/oWqqgIUeSR">pic.twitter.com/oWqqgIUeSR</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1861467958851289158?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Over $364 million in long positions were liquidated in the past 24 hours, out of a total of $477 million. Bitcoin's Open Interest also declined by over 5% in the last 24 hours.&nbsp;
That said, the number of Binance traders going long on Bitcoin still heavily outpaced those betting against the asset, <a href="https://www.coinglass.com/LongShortRatio">according </a>to the Long/Shorts Ratio indicator.
Additionally, around $695 million in leveraged shorts risked liquidation if the apex cryptocurrency rebounds to $98,000.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Algorand (ALGO)</td>
<td>+13.71%</td>
<td>$0.3031</td>
</tr>
<tr>
<td>Fantom (FTM)</td>
<td>+7.27%</td>
<td>$1.08</td>
</tr>
<tr>
<td>Injective (INJ)</td>
<td>+7.09%</td>
<td>$29.61</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.18 trillion, following a contraction of 2.29% in the last 24 hours.
Stocks climbed to new records Tuesday. The Dow Jones Industrial Average rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&amp;P 500 gained 0.57% to end at 6,021.63. Both the broad-based indexes closed at record highs. Tech-focused Nasdaq Composite added 0.63% higher to close at 19,175.58.
Investors parsed the minutes from the Federal Reserve meeting, which <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42198763/fed-minutes-reveal-confidence-in-inflation-reduction-yet-flag-divergent-views-on-interest-rate-path-ahead">revealed </a>a consensus among policymakers that inflation was gradually reducing.
Market participants raised the odds of a 25 basis-point cut in next month's FOMC meeting to 57.7%, up from 52.3% a day earlier, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.
The personal consumption expenditure (PCE) data, considered the Fed's preferred inflation gauge, is slated to be released Wednesday.
.See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: In a note shared with Benzinga, Haider Rafique, Global Chief Marketing Officer at cryptocurrency exchange OKX, commented on why Bitcoin was fumbling around the $100,000 mark.
&#8220;There&#8217;s definitely profit-taking at these levels. The average holding price is around $30,000, representing a two to three-times upside for investors. So, there&#8217;s significant sell pressure, but we also see equal buyback pressure," Rafique stated.
He added, "Many people have had $100,000 as a price target for liquidation. We&#8217;re seeing institutions like MicroStrategy buying and holding significant supply, which naturally reduces available liquidity on exchanges and creates upward momentum."&nbsp;
Widely-followed cryptocurrency analyst Ali Martinez spotted a ‘buy signal' from the TD Sequential indicator on Bitcoin's hourly chart.
Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was witnessed, potentially helping Bitcoin to rebound to $95,000-$96,000.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hourly chart, while a bullish divergence forms against the RSI, which could help <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> rebound to $95,000 &#8211; $96,000! Join me in this trade by signing up to <a href="https://twitter.com/coinexcom?ref_src=twsrc%5Etfw">@coinexcom</a> using my referral link <a href="https://t.co/73n8mW9Y5p">https://t.co/73n8mW9Y5p</a>. <a href="https://t.co/lKozxI8JVP">pic.twitter.com/lKozxI8JVP</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861400256463737199?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by CMP_NZ on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>

$DOGE

Bitcoin, Ethereum, Dogecoin Tumble As 'Diamond Hands' Lock In Gains: Top Analyst Anticipates BTC Rebound

On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The trades included the sale of Tesla shares across multiple ETFs, reflecting strategic adjustments in Ark&#8217;s portfolio.
The Tesla Trade
Ark Invest&#8217;s decision to sell Tesla shares on Tuesday was a continuation of its recent trading strategy. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) offloaded 33,837 shares, while the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) sold 19,474 shares. With Tesla&#8217;s closing price at $338.23, these sales amounted to approximately $18.03 million. 
This move follows a series of trades where Ark has been recalibrating its holdings, including significant transactions involving Tesla earlier in the week. <a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Recent adjustments</a> came amid potential impacts from California&#8217;s consumer rebates proposal affecting Tesla&#8217;s eligibility.
Despite the sale, Cathie Wood has previously expressed a bullish outlook on Tesla&#8217;s future, particularly in the autonomous vehicle sector. She <a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner">envisions</a> a &#8220;trillion-dollar-plus revenue opportunity&#8221; for Tesla, driven by advancements in autonomous driving technology. Wood&#8217;s confidence in Tesla&#8217;s long-term prospects remains strong, even as Ark Invest strategically reallocates its portfolio. Wood&#8217;s predictions highlight the potential for Tesla to dominate the market with its innovative technologies.
Other Key Trades:
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42159139/microstrategy-shares-rise-in-monday-pre-market-as-michael-saylor-reveals-mstr-generating-500m-daily-amid-bitcoins-surge?itm_source=parsely-api" target="_blank" rel="noopener">MicroStrategy Shares Rise In Monday Pre-Market As Michael Saylor Reveals MSTR Generating $500M Daily Amid</a>
<ul>
<li>Advanced Micro Devices Inc. : Ark Invest purchased 17,521 shares through the ARK Autonomous Technology &amp; Robotics ETF. The transaction was valued at $2.4 million based on AMD stock closing 2.4% lower at $137.22 on Tuesday.</li>
<li>Illumina Inc. : 50,424 shares were acquired by the ARK Innovation ETF .</li>
<li>Pacific Biosciences of California Inc. : Ark Invest bought 48,276 shares via the ARK Innovation ETF and 28,368 shares through ARK Genomic Revolution ETF. </li>
<li>Twist Bioscience Corp : The ARK Innovation ETF added 18,146 shares to its holdings. 3,275 shares were added through ARK Genomic Revolution ETF.</li>
</ul>
Image via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now?itm_source=parsely-api" target="_blank" rel="noopener">Michael Saylor Reveals MicroStrategy Is &#8216;Making $500M A Day&#8217; With Bitcoin: &#8216;May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now&#8217;</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ARKK

ARKQ

Cathie Wood's Latest Tesla Dump: Ark Sells $18M Worth Of Stock

The Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has agreed to pay $43.25 million to settle a gender pay discrimination lawsuit, ending years of legal proceedings.
What Happened: The lawsuit, filed in 2019 by Disney employee LaRonda Rasmussen, alleged that she was paid less than male colleagues in similar roles.
The case expanded as more female employees joined, leading to a California judge granting class certification in December 2023.
Plaintiffs argued that Disney had a company-wide policy before 2018 that resulted in women receiving lower starting salaries than men.
This was partly due to basing pay on prior salaries, which often reflected gender disparities.
A labor economist&#8217;s analysis, cited by the plaintiffs, indicated that from 2015 to 2022, women at Disney earned less than their male counterparts, with a 2.01% female pay penalty.
See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42201885/dell-technologies-shares-drop-after-q3-revenue-misses-estimates-details?itm_source=parsely-api">Dell Technologies Shares Drop After Q3 Revenue Misses Estimates: Details</a>
Disney contested these findings, maintaining their commitment to fair pay. A Disney spokesperson stated, &#8220;We have always been committed to paying our employees fairly and have demonstrated that commitment throughout this case.&#8221;
Christine Webber, representing the plaintiffs, praised the women involved, stating, &#8220;This settlement would not be possible without these courageous women. Because of them, women can expect equitable treatment at Disney in the future.&#8221;
Why It Matters: The settlement comes amid a broader trend of gender pay discrimination lawsuits in major corporations.
Earlier this year in June, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) faced <a href="https://www.benzinga.com/24/06/39322674/apple-hit-with-class-action-lawsuit-over-alleged-unequal-pay-for-women">a class-action lawsuit</a> alleging unequal pay for women, highlighting ongoing issues in Silicon Valley.
Similarly, Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) settled a <a href="https://www.benzinga.com/markets/equities/23/05/32280690/goldman-sachs-woes-doesnt-end-women-employees-discrimination-lawsuit-costs-215m">gender discrimination lawsuit</a> for $215 million in May 2023, 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>) agreed to a <a href="https://www.benzinga.com/news/22/06/27660579/google-agrees-to-pay-118m-to-settle-gender-discrimination-lawsuit">$118 million settlement</a> in June 2022.
Earlier this month, Disney reported strong financial performance, with a 6% revenue growth in <a href="https://www.benzinga.com/24/11/41971559/disneys-q4-boosted-by-streaming-gains-strong-box-office-and-solid-parks-performance">the fourth quarter of 2024</a>.
Price Action: Disney&#8217;s stock declined 0.47% on Tuesday, closing at $115.45, followed by a 0.11% drop in after-hours trading. Year-to-date, Disney shares have risen 27.27%, slightly outperforming the Nasdaq 100 index, which is up 26.47%, <a href="https://pro.benzinga.com/dashboard">according to Benzinga Pro data</a>.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/11/42154107/consumer-tech-news-nov-18-nov-22-us-doj-demands-google-to-divest-chrome-browser-gemini-ai-available-on-apple-more?itm_source=parsely-api">Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple &amp; More</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

Legal

AAPL

GOOG

GOOGL

Disney Reaches $43M Settlement In Gender Pay Discrimination Lawsuit: 'Women Can Expect Equitable Treatment' Moving Forward

The stock market saw a positive trend on Tuesday, with the S&amp;P 500 and the Nasdaq Composite both closing higher. The Dow Jones also reached new heights, gaining around 123 points. The Dow finished the day up 0.3%, closing at $44,860.31, while the S&amp;P 500 added nearly 0.6% to end at 6,021.63. The Nasdaq posted a comparable gain, reaching 19,175.58.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Amazon.com Inc.
Amazon&#8217;s stock rose by 3.18%, closing at $207.86. The stock hit an intraday high of $208 and a low of $201.79, with a 52-week range of $142.81 to $215.90. Amazon solidified its position as a <a href="https://www.benzinga.com/general/psychology/24/11/42196027/amazon-dominates-holiday-shopping-as-black-friday-spending-soars-goldman-sachs">leading choice</a> for holiday shoppers, as indicated by a Goldman Sachs survey. The survey revealed that 35% of U.S. consumers prefer Amazon for their holiday purchases, marking a significant year-over-year increase.
CrowdStrike Holdings Inc.
See Also: <a href="https://www.benzinga.com/markets/24/11/42131413/gop-megadonor-ken-griffin-is-open-to-the-possibility-of-selling-minority-stake-in-citadel?itm_source=parsely-api" target="_blank" rel="noopener">GOP Megadonor Ken Griffin Is &#8216;Open To The Possibility&#8217; Of Selling Minority Stake In Citadel</a>
CrowdStrike&#8217;s stock saw a slight increase of 0.17%, closing at $364.30. The day&#8217;s high was $367.35, and the low was $359.25, with a 52-week range of $200.81 to $398.30. The cybersecurity firm reported strong third-quarter results, surpassing revenue and earnings estimates. CrowdStrike highlighted its success in <a href="https://www.benzinga.com/news/earnings/24/11/42202105/crowdstrike-beats-q3-earnings-revenue-estimates-cybersecurity-company-highlights-incredible-success-retaining-customers-following-it-outage">retaining customers</a> following an IT outage, continuing its trend of exceeding analyst expectations.
Autodesk Inc.
Autodesk experienced a decline of 0.45%, closing at $317.96. The stock reached an intraday high of $320.99 and a low of $316.54, with a 52-week range of $195.32 to $326.55. Autodesk reported a strong <a href="https://www.benzinga.com/news/offerings/24/11/42202548/autodesk-stock-slides-on-q3-earnings-key-details-from-quarter">year-over-year increase</a> in revenue and billings for the third quarter. CEO Andrew Anagnost emphasized the company&#8217;s efforts in modernizing its market approach, which has already yielded significant benefits.
Dell Technologies Inc.
Dell&#8217;s stock fell by 1.68%, closing at $141.74. The stock&#8217;s intraday high was $144.43, and the low was $141.21, with a 52-week range of $67.51 to $179.70. Dell Technologies reported its <a href="https://www.benzinga.com/insights/earnings/24/11/42200975/dell-technologies-earnings-report-q3-overview">third-quarter earnings</a>, beating estimates with an EPS of $2.15 compared to the expected $2.05.
Tesla Inc.
Tesla&#8217;s stock slightly decreased by 0.11%, closing at $338.23. The stock&#8217;s high for the day was $346.96, with a low of $335.66, and a 52-week range of $138.8 to $361.92. Tesla CEO Elon Musk criticized California&#8217;s <a href="https://www.benzinga.com/tech/24/11/42183055/elon-musk-slams-californias-proposal-to-shut-tesla-evs-out-of-consumer-rebates-in-state-this-is-insane">proposal to exclude</a> Tesla&#8217;s EVs from consumer rebates, describing the decision as &#8220;insane.&#8221;
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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<li><a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons?itm_source=parsely-api" target="_blank" rel="noopener">Is Warren Buffett Preparing For A Market Downturn With Berkshire Hathaway&#8217;s $325B Cash Pile? Analyst Says Internet Bubble And 2008 Crash May Have Lessons</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ADSK

AMZN

CRWD

DELL

Amazon, Crowdstrike, Autodesk, Dell, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Financial analyst Jim Cramer endorsed owning cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) as a safeguard against government overspending and an ever-increasing deficit.
What Happened: Cramer defended his pro-cryptocurrency stance, stating that the concerns over national debt are perpetual, CNBC <a href="https://www.cnbc.com/2024/11/26/jim-cramer-bitcoin-national-debt.html">reported </a>Tuesday. 
"I think Bitcoin, Ethereum, and maybe even some other cryptocurrencies deserve a spot in your portfolio, too," the host of CNBC&#8217;s popular Mad Money show said. &#8220;Maybe one day, if the deficit gets under control, I'll change my tune."
Despite the lack of evidence that cryptocurrency can protect against financial risks, Cramer believed it to be a &#8220;plausible&#8221; narrative. 
"I've liked crypto for a very long time, mostly because I know there's a huge constituency of investors who want to buy something that can protect them from our government's busted budget," Cramer said.
He added that while cryptocurrency is relatively new and lacks a proven track record, it could serve as a solid asset if the U.S. national debt continues to devalue the dollar due to excessive federal spending. 
Cramer expressed doubt&nbsp;that the government will be&nbsp;able to address the debt issue in the near future.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198180/dogecoin-gets-its-first-exchange-traded-product-in-sweden">Dogecoin Gets Its First Exchange-Traded Product In Sweden</a>
Why It Matters: America&#8217;s federal debt has leaped past $35 trillion in 2024, casting doubt on its long-term financial stability. In 2024, the government has spent $6.75 trillion, leaving the nation with a<a href="https://www.benzinga.com/personal-finance/24/10/41564246/from-10-trillion-to-35-trillion-how-government-spending-has-spiraled-out-of-control"> $1.83 trillion deficit</a> in just one year.
Citing the federal debt crisis, the world&#8217;s largest asset manager, BlackRock, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">strategically advocated</a> for&nbsp;Bitcoin as a potential hedge against future events affecting the U.S. dollar.
Meanwhile, Cramer has been doubling down on his cryptocurrency advocacy. Last week, he <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42144871/jim-cramer-says-own-bitcoin-thats-a-winner-crypto-community-scoffs-pack-up-your-bags-sell-everything" target="_blank" rel="noreferrer noopener">revealed owning Bitcoin</a>&nbsp;and called it a &#8220;clear winner.&#8221;
However, since his bullish take, the apex cryptocurrency, which was approaching $100,000, has pulled back to $92,000.
For the uninitiated, the &#8220;Inverse Cramer&#8221; phenomenon hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer&#8217;s predictions being a profitable strategy.
Price Action: At the time of writing, Bitcoin was trading at $92,420.98, down 1.98% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.  Photo by s_bukley on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>

Jim Cramer Says Bitcoin And Ethereum 'Deserve A Spot In Your Portfolio' As Hedge Against Rising US Debt: 'I've Liked Crypto For A Very Long Time'

On Tuesday, Sen. Warren (D-Mass.) criticized the funding approach of the Trump transition team, suggesting it was a scheme for insiders to profit.
What Happened: Warren took to X to express her concerns about the Trump transition team&#8217;s reliance on private donors. She stated, &#8220;The reliance on private donors to fund the transition is nothing more than a ploy for well-connected Trump insiders to line their pockets while pretending to save taxpayers money.&#8221; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The reliance on private donors to fund the transition is nothing more than a ploy for well-connected Trump insiders to line their pockets while pretending to save taxpayers money.
&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1861562024926339348?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
After a delay, Trump's transition team signed a key agreement with the Biden White House to facilitate the transfer of power, enabling access to federal agencies and ensuring safeguards for non-public information. However, the team opted out of a General Services Administration agreement, citing its existing ethics plan, which sparked criticism from Warren, who warned of "serious gaps between the Trump transition&#8217;s ethics agreement and the letter of the law." The White House prioritized stability despite the incomplete agreements, including one with the Department of Justice for security clearances, <a href="https://www.npr.org/2024/11/26/nx-s1-5206864/trump-transition-agreement">reported</a> NPR.
See Also: <a href="https://www.benzinga.com/news/legal/24/11/42163528/gop-takeover-and-trumps-return-vs-chuck-schumers-last-ditch-cannabis-banking-reform-push?itm_source=parsely-api" target="_blank" rel="noopener">GOP Takeover, Trump&#8217;s Return Vs. Chuck Schumer&#8217;s Last-Ditch Cannabis Banking Reform Push</a>
Why It Matters: This post follows Warren&#8217;s earlier accusations that the Trump transition team was &#8220;<a href="https://www.benzinga.com/24/11/41890244/elizabeth-warren-says-trump-and-his-transition-team-are-already-crossing-legal-boundaries-i-would-know-because-i-wrote-the-law">already breaking the law</a>&#8221; by not signing a series of transition agreements with the Biden administration.
The transition process is a crucial period for any incoming administration. It is during this time that the incoming president and his team are expected to prevent conflicts of interest and sign an ethics agreement. Warren, who claims to have written the law on this matter, has been vocal about her concerns regarding the Trump team&#8217;s handling of the transition.
Despite Warren&#8217;s concerns, President Joe Biden has assured a <a href="https://www.benzinga.com/news/24/11/41948486/biden-pledges-smooth-transition-to-trump-in-white-house-meeting">smooth transition</a> of power to President-elect Donald Trump.
Photo by Rich Koele on Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Elizabeth Warren Slams Trump Transition Funding Strategy Involving Private Donors, Calls It Ploy For 'Insiders To Line Their Pockets'

SARK

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

UBXG

ELAB

TSLQ

<h3 class="wp-block-heading">Portfolio Armor's Top Ten Names</h3>
Portfolio Armor's top ten names have, on average, outperformed the market significantly since December of 2022. Since then, we have full,&nbsp;<a href="https://portfolioarmor.com/performance-top-names" target="_blank" rel="noreferrer noopener">6-month performance data</a>&nbsp;on 74 weekly top names cohorts. On average, our top names have returned 18.57% over the next 6 months, versus 12.72% for the&nbsp;SPDR S&amp;P 500 Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
<h3 class="wp-block-heading">Tesla Wasn't A Top Name For Most Of This Year</h3>
Since recent price performance is one of the factors Portfolio Armor's security selection algorithm uses,&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) didn't appear as a top name for most of this year, but we've had some success trading it earlier this year using other signals:
<ol>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA 9.19%↑</a>). Entered at a net debit of $1.63 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-evs/comment/76235063" target="_blank" rel="noreferrer noopener">4/8/2024</a>; exited at net credit of $4.74 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-evs/comment/76235063" target="_blank" rel="noreferrer noopener">11/8/2024</a>.&nbsp;Profit: 191%.</li>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA -0.61%↓</a>). Entered at a net credit of $1.50 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-being-tactical-about" target="_blank" rel="noreferrer noopener">7/11/2024</a>; options expired worthless on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-being-tactical-about/comment/62626094" target="_blank" rel="noreferrer noopener">7/19/2024</a>.&nbsp;Profit: 150%.</li>
<li>Call spread on&nbsp;Tesla&nbsp;(<a href="https://substack.com/discover/stocks/TSLA" target="_blank" rel="noreferrer noopener">TSLA 8.44%↑</a>). Entered at a net debit of $0.83 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-time-to-bet-on-boeing" target="_blank" rel="noreferrer noopener">10/14/2024</a>; exited at a net credit of $2.96 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-time-to-bet-on-boeing/comment/73926543" target="_blank" rel="noreferrer noopener">10/24/2024</a>.&nbsp;Profit: 196%.</li>
</ol>
<h3 class="wp-block-heading">One Of Our Post-Election Trump Trades</h3>
Tesla was one of four post-election Trump trades included in this post earlier this month. 
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria"><img loading="lazy" decoding="async" width="925" height="806" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria.jpg" alt="" class="wp-image-3651" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria.jpg 925w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria-300x261.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104137/Euphoria-768x669.jpg 768w" sizes="(max-width: 925px) 100vw, 925px" /></a></figure>
All four names in that post had two things in common: they had been a Portfolio Armor top ten name the night before, and they stood to benefit from Trump's reelection.
For example, one of the four was&nbsp;Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) which should benefit from loser crypto regulation under Trump. We exited half of that trade on Monday.
<ol>
<li>Calls on&nbsp;Robinhood Markets&nbsp;(<a href="https://admin.substack.com/discover/stocks/HOOD" target="_blank" rel="noreferrer noopener">HOOD -0.95%↓</a>). Bought for $1.70 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria" target="_blank" rel="noreferrer noopener">11/12/2024</a>; sold (half) for $6 on&nbsp;<a href="https://portfolioarmor.substack.com/p/trade-alert-euphoria/comment/78815933" target="_blank" rel="noreferrer noopener">11/25/2024</a>.&nbsp;Profit: 253%.</li>
</ol>
The logic behind Tesla being a Trump trade was pretty simple: Tesla (and SpaceX) have been targets of lawfare by the Biden Administration, and under Trump, all that should go away. Elon Musk has gone from a Trump supporter to practically part of the Trump family. President Trump's niece Kai calls him "Uncle Elon"; when President Trump went to the UFC this month with his two oldest sons as part of his entourage, it was Elon Musk who sat next to him at cage side.
<figure class="wp-block-image aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="583" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-1024x583.jpg" alt="" class="wp-image-3652" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-1024x583.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-300x171.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon-768x437.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104349/Trump-and-Elon.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Our Number One Name Now</h3>
As of Monday's close, Tesla was Portfolio Armor's #1 name again, so we're going to place another bullish options bet on it today. In addition to Tesla, we're going to place bullish bets on three other stocks in our current top ten:
<ul>
<li>A picks &amp; shovels play on AI.</li>
<li>An insurance company powered by AI.</li>
<li>A consumer finance company that should benefit from lower rates.</li>
</ul>
In each case, we'll be using call spreads expiring 4-to-6 months out, and we'll be aiming for price targets slightly lower than those suggested by the current at-the-market straddle (i.e. the current range expected by the options market).
We'll be aiming for gains of 200% to 400% if we're right, and if we're wrong, our max loss on each trade will be 100%.
If you&#8217;d like a heads up when we place those trades, feel free to subscribe to our trading Substack/occasional email list below.&nbsp;
And as a reminder, if you are concerned about downside risk, you can download our iPhone hedging app by clicking on the QR code below or aiming your iPhone camera at it.
<figure class="wp-block-image size-full"><a href="https://contributor.benzinga.com/?attachment_id=3653"><img loading="lazy" decoding="async" width="200" height="197" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104503/QR-Code-7.jpg" alt="" class="wp-image-3653" /></a></figure>
If you&#8217;d like to stay in touch
You can scan for optimal hedges for individual securities, find our current top ten names, and&nbsp;create hedged portfolios&nbsp;on&nbsp;<a href="https://portfolioarmor.com/">our website</a>.&nbsp;You can also follow Portfolio Armor on X&nbsp;<a href="https://twitter.com/portfolioarmor">here</a>, or become a free subscriber to our trading Substack using the link below (we&#8217;re using that for our occasional emails now).
<figure class="wp-block-image aligncenter size-full"><a href="https://portfolioarmor.substack.com/"><img loading="lazy" decoding="async" width="602" height="418" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7.jpg" alt="" class="wp-image-3654" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7.jpg 602w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/26104648/Widget-7-300x208.jpg 300w" sizes="(max-width: 602px) 100vw, 602px" /></a></figure>

HOOD

Our Number One Name: Tesla

Key Takeaways:
<ul>
<li>Starbucks is considering bringing in partners to its China operation, as same-store sales in its second-largest market plunge during a bloody local coffee price war</li>
<li>The coffee giant has faced multiple challenges in China, from severe restrictions during the pandemic to growing consumer caution and fierce competition.</li>
</ul>
By Xiao Lin
In rocky waters, you often need more than one paddle to steady your boat. That seems to be the case for&nbsp;Starbucks Corp.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbux#NASDAQ">SBUX</a>), as the world&rsquo;s largest coffee chain explores potential partnerships in China, its second largest market after only the U.S.
In a statement to the media, the Seattle-based firm said it is working to find the best path back to growth in China, which includes exploring strategic partnerships &mdash; moves aimed at navigating increasing challenges in a country that was once its fastest growing market. Such partnerships, often with local companies, were initially the norm for most restaurant operators when they started to enter the unfamiliar Chinese market in the 1990s.
&ldquo;We are fully committed to our business and partners, and to growing in China,&rdquo; Starbucks said in a statement to numerous media, after Bloomberg reported last Thursday the company had informally gauged interest from prospective investors, including local private equity firms. &ldquo;We are working to find the best path to growth, which includes exploring strategic partnerships.&rdquo;
In addition to global private equity, Starbucks might also consider a sale of part of its China operation to Chinese conglomerates or other local companies with experience in the industry, the Bloomberg report said.
Starbucks&rsquo; shares edged up slightly after its announcement last Thursday. The stock is roughly flat over the past 12 months, and still trades at an elevated price-to-earnings (P/E) ratio of 31 &ndash; ahead of a 25 for&nbsp;McDonald&rsquo;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mcd#NYSE">MCD</a>) and 21 for&nbsp;Yum China&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yumc#NYSE">YUMC</a>), operator of KFC and Pizza Hut restaurants in China.
When Starbucks opened its first store in Beijing in 1999, it found itself not only facing a more regulated environment than it was used to, but also the equally big challenge of selling to a tea-drinking culture where Nestl&eacute; instant coffee defined most people&rsquo;s understanding of its signature product. It formed a series of joint ventures with local partners to better find its way in the market, but later bought all of them out.
Fast forward to the present, where, with over 7,500 stores, the company is now grappling with more frugal consumers and intense competition from local rivals, prompting it to consider a return to partnerships to weather difficult times. Such partners not only offer more resources, but can also help spread the risk of owning such a large operation worth billions of dollars.
If Starbucks&rsquo; China U-turn sounds familiar, it&rsquo;s because it&rsquo;s not the first major foreign chain to change tack midway through its China story. In 2017, after nearly three decades in the country, McDonald&rsquo;s (MCD.N) sold a majority 52% stake in its China and Hong Kong operations to a consortium led by state-owned conglomerate Citic and American investment firm&nbsp;Carlyle&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cg#NYSE">CG</a>), after sales started declining and a food scandal dragged down its global sales.
<h3>Coffee Greenfield</h3>
When Starbucks opened its first store in Beijing&rsquo;s Guomao area 25 years ago, it did so through a joint venture with Beijing Mei Da Coffee Co. out of necessity, since wholly owned foreign restaurants weren&rsquo;t allowed at that time. The store offered cappuccinos for about 19 yuan, or $2.60, which was about 5% of the monthly average per capita income at that time. It later established two more joint ventures: one with Maxim&rsquo;s to run stores in Hong Kong and South China&rsquo;s Guangdong province, and another with Taiwan&rsquo;s Uni-President to run stores in Shanghai and nearby regions.
In late 2004, China started allowing foreign restaurant operators to wholly own their local businesses as part of its commitments after joining the World Trade Organization in 2001. Starbucks started acquiring stakes from its local partners, and by 2017 it obtained full control of its entire China operation.
Starbucks had nearly 3,000 stores across China by the end of that year and was opening a new store every 15 hours to serve an increasingly affluent and status-conscious middle class. Its revenue in the China and Asia Pacific region increased by 10% in 2017, following 23% growth the previous year.
Things went well for the next two years, with Starbucks&rsquo; net revenue in China increasing by 38% in 2018 and 19% in 2019, when the country officially became its second largest market. After a difficult year in 2020 when many of its stores were forced to close at the start of the pandemic, Starbucks came roaring back in China in 2021 with 42% revenue growth as the country was able to bring its Covid outbreaks under control.
But things have gotten tough over the last two years, both in China and worldwide. The company&rsquo;s global same-store sales declined 7% in its latest quarter through September, dragged down by a 14% decline in its China operation.
China contributed about 9% of Starbucks&rsquo; total revenues of $36.2 billion in the 12 months through September. In the company&rsquo;s latest earnings call, newly installed CEO Brian R. Niccol told investors he needed to spend more time in China to understand the challenges.
<h4>Struggling Sector</h4>
Starbucks and the catering sector certainly aren&rsquo;t the only ones in China facing difficulty, as a stream of regulatory crackdowns on various sectors over the last few years and a slowing economy that&rsquo;s hurting consumer sentiment take their toll on businesses across the board.
But the food and beverage industry has taken one of the harder hits, following an initial boom in dining out after China reopened in early 2023. More than 1 million restaurants reportedly closed in the first six months of 2024, according to media reports, citing business registry searches.
The coffee sector is taking a harder hit than many of its catering peers as the aggressive&nbsp;Luckin&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lkncy#OTC">LKNCY</a>) and&nbsp;Cotti Coffee&nbsp;engage in a price war by selling much of their premium coffee for just 9.9 yuan, or about $1.40, per cup. Others joining in the coffee war include Yum China with its KCOFFEE sold at its main KFC chain and in adjacent stores. Even e-commerce is getting involved with premium instant coffees like Saturnbird, which are primarily sold on platforms like Alibaba&rsquo;s Taobao at even lower prices.
While the average monthly income in China is now more than 50 times higher than in 1999, a cup of Starbucks cappuccino priced at about 30 yuan can still seem expensive to consumers when they can buy Luckin or Cotti for just a third of the cost. That reality is becoming increasingly clear as consumers become more frugal in the current economic climate.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

LKNCY

SBUX

YUMC

Starbucks Looks For New Friends In Choppy China Coffee Waters

CRRC Corporation Limited goes ex dividend Monday

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CRRC Corp

Hong Kong stocks opened in the red on Friday ahead of the release of&nbsp;<a href="https://www.benzinga.com/news/22/10/29174024/fridays-jobs-number-could-move-markets-what-you-need-to-know-ahead-of-the-september-nonfarm-payrolls" target="_blank">the U.S. monthly jobs data</a>&nbsp;which is likely to be one of the guiding factors for the U.S.&nbsp;Federal Reserve&rsquo;s rate hike path.

<table align="center" border="1" cellpadding="1" cellspacing="1" style="width:400px">
	<caption>Hong Kong Stocks Today</caption>
	<thead>
		<tr>
			<th scope="col">Stock</th>
			<th scope="col">Movement</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td>Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;</td>
			<td>-0.9%</td>
		</tr>
		<tr>
			<td>JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>)</td>
			<td>-2.22%</td>
		</tr>
		<tr>
			<td>Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>)</td>
			<td>-1.64%</td>
		</tr>
		<tr>
			<td>Tencent Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</td>
			<td>-1.73%</td>
		</tr>
		<tr>
			<td>Meituan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MPNGF#OTC">MPNGF</a>)</td>
			<td>-0.79%</td>
		</tr>
		<tr>
			<td>Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
			<td>-7.75%</td>
		</tr>
		<tr>
			<td>XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
			<td>-6.74%</td>
		</tr>
		<tr>
			<td>Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
			<td>-15.43%</td>
		</tr>
	</tbody>
</table>

The benchmark Hang Seng Index fell 1% in opening trade. <a href="https://www.benzinga.com/markets/options/22/10/29173153/what-are-whales-doing-with-li-auto">Li Auto shares plunged</a> 15% while EV peers like Nio and Xpeng tanked over 6%. Alibaba shares lost over 1%.

Also Read: <a href="https://www.benzinga.com/money/how-to-buy-chinese-stocks">How To Buy Chinese Stocks</a>

Macro News: The U.N. rights council voted down a Western-led motion to conduct a debate on alleged human rights abuses by China against Uyghurs and other Muslims in Xinjiang, <a href="https://www.reuters.com/world/china/un-body-rejects-historic-debate-chinas-human-rights-record-2022-10-06/">reported </a>Reuters.

China&rsquo;s People&rsquo;s Liberation Army has been deploying more advanced aircraft to the South and East China seas and the Taiwan Strait to protect its territorial integrity&nbsp;<a href="https://www.scmp.com/news/china/military/article/3194999/chinese-series-highlights-pla-pilots-efforts-protect-air?module=lead_hero_story&amp;pgtype=homepage">reported </a>the South China Morning Post, citing expert comments following the release of a documentary series by state broadcaster China Central Television.

Company News: The Biden administration is looking to spare SK Hynix Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCL#OTC">HXSCL</a>) and Samsung Electronics Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) from new restrictions on memory chipmakers in China that intends to thwart Beijing&#39;s technological ambitions, <a href="https://www.reuters.com/technology/exclusive-samsung-sk-hynix-be-spared-brunt-china-memory-chip-crackdown-sources-2022-10-06/">reported </a>Reuters citing sources.

U.S. adds BGI Genomics Co Ltd and CRRC Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRCCY#OTC">CRCCY</a>) to a blacklist that subjects them to an investment ban for Americans, <a href="https://www.reuters.com/business/us-adds-chinas-bgi-genomics-drone-maker-dji-investment-ban-2022-10-07/">reported </a>Reuters.

Top Gainers and Losers: Longfor Group Holdings Limited and Alibaba Health Information Technology Limited are the top losers among Hang Seng constituents having shed over 4% and 3% respectively. Nongfu Spring Co., Ltd. and Galaxy Entertainment Group Limited are the top gainers, having risen over 1% each.

Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were up 0.01% while the Nasdaq futures lost 0.04%. The S&amp;P 500 futures were down 0.04%.

Elsewhere in Asia, Australia&rsquo;s ASX 200 was down 0.52%. Japan&rsquo;s Nikkei 225 lost 0.63% while mainland Chinese markets remained closed for trading. South Korea&rsquo;s Kospi was up 0.12%.

Read Next: <a href="https://www.benzinga.com/markets/asia/22/10/29178893/samsung-announces-32-drop-in-profit-guidance-for-third-quarter-heres-its-sales-forecast">Samsung Shares Slide As Much As 2% On Bleak Q3 Profit View: Here&#39;s Its Sales Forecast</a>

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Friday, October 07, 2022

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