Latest news for Catena Media (OTC:CTTMF) Stock

Catena Media PLC is a European company engaged in performance marketing and lead generation on the Internet. Catena Media is active within the iGaming and Financial Services industries. The group operates in the following segments: Casino and Sports. The group attracts end-users and generates revenue by using three primary online marketing methodologies, namely, Generating organic traffic by search engine optimization (SEO), including acquisitions; Paid media by using pay-per-click (PPC) media channels; and Providing website users a slimmed-down version of content through subscriptions.

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Stocks That Hit 52-Week Lows On Friday

Catena Media PLC

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has reportedly given the green light for the use of Samsung Electronics Co Ltd.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) fourth-generation high bandwidth memory (HBM3) chips in its <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">AI processors for the Chinese market</a>.
What Happened: This marks the first time that Nvidia has approved the use of Samsung&#8217;s HBM3 chips. However, the chips will initially be used in a less advanced Nvidia graphics processing unit (GPU), the H20, which is specifically designed for the Chinese market to comply with U.S. export controls, Reuters reported, citing three people briefed on the matter.
It remains unclear whether Nvidia will extend the use of Samsung&#8217;s HBM3 chips to its other AI processors. The chips are also yet to meet Nvidia&#8217;s standards for fifth-generation HBM3E chips, with testing ongoing.
According to the report, Samsung could start supplying HBM3 for Nvidia&#8217;s H20 processor as early as August. The H20 is the most advanced of the three GPUs Nvidia has developed for the Chinese market following the U.S. tightening export restrictions in 2023. These restrictions aim to impede supercomputing and AI advancements that could benefit the Chinese military.
The approval comes at a time when there is a significant demand for advanced GPUs due to the generative AI boom. Nvidia&#8217;s net income has surged to over $23.6 billion, reflecting the soaring demand for these chips.
With HBM3 chips also facing a shortage, Nvidia&#8217;s approval of Samsung&#8217;s chips is seen as a move to diversify its supplier base. This is especially important as the current leader in the field, SK Hynix, plans to increase its HBM3E production and reduce HBM3 production, according to the report.
Samsung and Nvidia did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: Nvidia&#8217;s approval of Samsung&#8217;s HBM3 chips is a significant development in the context of ongoing U.S. export restrictions on advanced semiconductors to China.
In response to these restrictions, Nvidia is reportedly developing new versions of its AI chips <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">specifically for the Chinese market</a>. Nvidia is working on a new AI chip, named &#8220;B20,&#8221; in collaboration with Inspur, a major distribution partner in China.
Additionally, the Chinese government has been urging its tech giants to <a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a">reduce their reliance on foreign-made chips</a>, including those from Nvidia. China has advised companies like Alibaba and Baidu to increase their purchase of domestic AI chips.
Despite U.S. restrictions, companies like Alphabet Inc.&#8217;s Google and Microsoft Corp. have been providing Chinese firms access to Nvidia&#8217;s AI chips through <a href="https://www.benzinga.com/news/24/07/39822184/google-and-microsoft-provide-nvidia-chip-access-to-chinese-firms-despite-u-s-restrictions-report">data centers outside China</a>. This move highlights the ongoing demand for Nvidia&#8217;s technology in China.
Furthermore, Nvidia&#8217;s market value has been soaring, driven by the increasing demand for AI chips. A prominent tech investor predicted that Nvidia <a href="https://www.benzinga.com/markets/equities/24/07/39765205/nvidia-could-be-worth-nearly-50-trillion-in-a-decade-says-early-tesla-amazon-investor-nearly-2x-">could achieve a market capitalization</a> of nearly $50 trillion within the next decade.
Price Action: Nvidia&#8217;s stock closed at $122.59 on Tuesday, down 0.77% from the previous day. In after-hours trading, the stock further declined by 1.62%. Year to date, the stock has experienced an increase of 154.49%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Q2 Earnings Highlights: Revenue Beat, EPS Miss, Robotaxi Update, 2024 Growth Rate To Be &#8216;Notably Lower&#8217; Than 2023</a></li>
</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Global

Tech

NVDA

SSNLF

Nvidia Greenlights Samsung's High Bandwidth Memory Chips For AI Chips In China: Report

Macro Economic Events

Econ #s

Economics

France Services Purchasing Managers Index Preliminary For July 50.7 Vs. 49.7 Est.; 49.6 Prior

France Manufacturing Purchasing Managers Index Preliminary For July 44.1 Vs. 45.8 Est.; 45.4 Prior

Reported Earlier, Germany GfK Consumer Climate For August -18.4 Vs. -21.1 Est.; -21.6 (Revised) Prior

HHH now expects &quot;when-issued&quot; trading of Seaport Entertainment common stock to begin on July 29, 2024, on NYSE American under the symbol &quot;SEG WI.&quot; The &quot;when-issued&quot; trading market is a market for the yet-to-be-issued shares of Seaport Entertainment common stock that will be distributed to holders of HHH common stock on the Distribution Date. &quot;Regular-way&quot; trading of Seaport Entertainment common stock is expected to begin on NYSE American on August 1, 2024, under the symbol &quot;SEG.&quot;

Reported Earlier, Seaport Entertainment Group To Trade On NYSE American Post-Spinoff, Announces Howard Hughes Holdings

General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) will release its financial results for the second quarter, before the opening bell on <a href="https://www.benzinga.com/quote/GD/earnings">Wednesday, July 24</a>.
Analysts expect the Reston, Virginia-based company to report quarterly earnings at $3.27 per share, up from $2.7 per share in the year-ago period. General Dynamics is expected to post revenue of $11.44 billion, compared to $10.15 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The company's business unit, Bath Iron Works, last month, clinched a contract to provide planning yard services for its DDG 51 guided-missile destroyer ships.
General Dynamics shares gained 1.1% to close at $294.46 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/GD/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst Kristine Liwag maintained an Equal-Weight rating and raised the price target from $271 to $293 on July 15. This analyst has an accuracy rate of 68%.</li>
<li>Baird analyst Peter Arment maintained an Outperform rating with a price target of $345 on July 2. This analyst has an accuracy rate of 84%.</li>
<li>Argus Research analyst John Eade maintained a Buy rating and boosted the price target from $290 to $310 on April 29. This analyst has an accuracy rate of 75%.</li>
<li>Jefferies analyst Sheila Kahyaoglu upgraded the stock from Hold to Buy and increased the price target from $305 to $335 on April 29. This analyst has an accuracy rate of 70%.</li>
<li>Citigroup analyst Jason Gursky maintained a Buy rating and boosted the price target from $300 to $320 on April 25. This analyst has an accuracy rate of 75%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39906781/top-4-real-estate-stocks-which-could-rescue-your-portfolio-in-q3">Top 4 Real Estate Stocks Which Could Rescue Your Portfolio In Q3</a></li>
</ul>

Earnings

Price Target

Pre-Market Outlook

Analyst Ratings

General Dynamics Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

This new license supplements Hamamatsu&#39;s existing license to Adeia&#39;s DBI&reg;&nbsp;wafer-to-wafer hybrid bonding and ZiBond&reg;&nbsp;wafer-to-wafer direct bonding technologies and follows from a prior development license between the parties that included a DBI Ultra&reg;&nbsp;die-to-wafer hybrid bonding technology transfer.

ADEA

Reported Earlier, Adeia And Hamamatsu Photonics Enters Long-Term Hybrid Bonding License Agreement

The shares are expected to begin trading on the Nasdaq Global Select Market on July 24, 2024 under the symbol &quot;OS.&quot; The offering is expected to close on July 25, 2024, subject to customary closing conditions.

IPOs

Reported Earlier, OneStream Prices Initial Public Offering Of 24.5M Common Shares At $20/Share

AZTR

Reported Earlier, Azitra Prices $10M Public Offering Of 6,665,000 Common Shares And Class A Warrants At $1.50

Offerings

CSTM

Constellium Announced The Commencement Of A Proposed Private Offering Of About €300M Of Euro Denominated Senior Unsecured Notes Due 2032 And $350M Of U.S. Dollar Denominated Senior Unsecured Notes Due 2032

Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>), today unveiled its UltraFORCE&reg; 380-HDc imaging system at the Farnborough International Air Show. The new long-range airborne surveillance solution is not subject to International Traffic in Arms Regulations (ITAR), easing shipment and freedom of movement to customers outside the United States.

New Teledyne FLIR Imaging System Enhances Global Surveillance with Easier Exportation

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) to report quarterly earnings at 57 cents per share on revenue of $29.92 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. AT&amp;T shares fell 0.2% to $18.18 in after-hours trading.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">reported weaker-than-expected earnings</a> for its second quarter, while sales topped estimates. The company reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, down 5% and 14% year-over-year, respectively. Tesla shares fell 7.8% to $227.25 in the after-hours trading session.</li>
<li>Analysts are expecting International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) to post quarterly earnings at $2.19 per share on revenue of $15.62 billion. The company will release earnings after the markets close. IBM shares fell 0.4% to $183.33 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>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>) <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">reported upbeat earnings</a> and sales results for its second quarter on Tuesday. The company also announced a cash dividend of 20 cents per share to be paid on Sept.16 to shareholders of record as of Sept. 9. Alphabet shares slipped 2.2% to $177.83 in the after-hours trading session.</li>
<li>Analysts expect GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) to post quarterly earnings at 73 cents per share on revenue of $8.26 billion before the opening bell. GE Vernova shares rose 0.3% to $171.00 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39906781/top-4-real-estate-stocks-which-could-rescue-your-portfolio-in-q3">Top 4 Real Estate Stocks Which Could Rescue Your Portfolio In Q3</a></li>
</ul>
Photo via Shutterstock

GOOG

GOOGL

TSLA

Tesla, AT&T And 3 Stocks To Watch Heading Into Wednesday

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk said on Tuesday that most of the engineering of its <a href="https://www.benzinga.com/news/24/02/37356873/elon-musk-says-upcoming-tesla-roadster-to-debut-with-spacex-tech-for-speed-boost-there-will-never-be">upcoming second-generation Roadster</a> is completed and the company intends to start production in 2025.
What Happened: While most of the engineering is complete, there are some more updates the company intends to make on the vehicle, Musk added.
&#8220;It will be something special. Like the whole thing might be,&#8221; the CEO said about the vehicle during the company&#8217;s second-quarter earnings call. 
The new Roadster is the successor to Tesla&#8217;s first EV &#8211; the <a href="https://www.benzinga.com/news/23/07/33147963/from-mistakes-to-milestones-how-tesla-revived-the-roadster-and-why-its-a-big-deal-for-musk">limited-production first-generation Roadster</a> &#8211; produced between 2008 and 2012.
In February, Musk said that the upcoming Tesla Roadster can accelerate from 0 to 60 mph in less than 1 second, lower than the company's initial estimate of 1.9 seconds. Tesla's Model S Plaid, meanwhile, can achieve the same speed in 2.1 seconds.
"It would also obviously be ridiculous for the Roadster to achieve simply the same 0-60mph time as Model S, even though it is a 2-door fully performance-oriented vehicle," Musk later explained on X, formerly Twitter.
Why It Matters: <a href="https://www.benzinga.com/news/24/05/38817313/tesla-ceo-elon-musk-says-making-new-roadster-only-as-fast-as-model-s-plaid-would-be-ridiculous">The new Roadster</a>, Musk said earlier this year, is expected to be unveiled by the end of 2024 after the completion of production design with deliveries slated to start in 2025. The vehicle relies on a collaboration between Musk's two companies- Tesla and rocket manufacturer SpaceX- to provide incredible performance, he added. 
The new generation Roadster prototype was showcased at the end of the event dedicated to unveiling the Tesla Semi on November 16, 2017. The vehicle, Tesla then said, would be available starting in 2020 priced around $200,000.
However, the production timeline for the vehicle has been pushed several times since.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39903020/gms-cruise-abandons-pedal-less-origin-autonomous-vehicle-pivots-to-next-generation-chevrolet-bolt-in">GM&#8217;s Cruise Abandons Pedal-less Origin Autonomous Vehicle, Pivots To Next-Generation Chevrolet Bolt Instead</a></li>
</ul>
Photo courtesy: Shutterstock

SPACE

New Tesla Roadster Will Be 'Something Special,' Says CEO Elon Musk: Production To Commence In 2025

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk has endorsed Cathie Wood-led ARK Invest&#8216;s $5 trillion valuation forecast for the electric vehicle manufacturer, suggesting it may be conservative. Musk made these remarks during Tesla&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l?itm_source=parsely-api">second-quarter earnings call on Tuesday</a>.
What Happened: During <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">Tesla&#8217;s second-quarter earnings call</a>, Musk said, &#8220;ARK Invest thinks, on the order of $5 trillion, I think they are probably not wrong. And long-term Optimus, I think, it achieves a valuation several times that number.&#8221;
He further estimated potential <a href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to">demand for humanoid robots</a> could exceed 20 billion units globally, covering both consumer and industrial applications. &#8220;There are 8 billion people on earth. So it&#8217;s 8 billion right there. Then you&#8217;ve got all of the industrial uses, which is probably at least as much, if not, way more. So I suspect that the long-term demand for general-purpose humanoid robots is in excess of 20 billion units,&#8221; Musk said.
This alignment between ARK&#8217;s analysis and Musk&#8217;s vision highlights Tesla&#8217;s commitment to diversifying beyond electric vehicles into AI and robotics.
As Tesla continues to develop its humanoid robot, Optimus, with plans for <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot">limited production starting next year</a>, investors and industry watchers will closely monitor whether this bold vision can translate into reality.
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: Earlier this year, Wood, CEO of ARK Invest, reaffirmed her bullish stance on Tesla despite a <a href="https://www.benzinga.com/markets/equities/24/02/36998382/cathie-wood-backs-tesla-despite-sharp-downturn-says-robotaxis-will-help-change-the-landscape-ent">sharp downturn in its stock</a> price. Wood emphasized the transformative potential of autonomous taxi networks, predicting a turnaround driven by these innovations.
In February, Wood reaffirmed her projection that her favorite electric vehicle company could reach $2,000 within five years, noting plans to revise the target. This valuation would imply a market capitalization exceeding $5 trillion for Tesla.&nbsp;
During the second-quarter&nbsp;results, Tesla reported a revenue of $25.5 billion, surpassing Street consensus estimates. However, the company&#8217;s EPS, operating margins, and free cash flow fell short of expectations, leading to a decline in Tesla&#8217;s stock. 
Musk discussed <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">various operational aspects</a>, including a delay in the robotaxi project and the potential postponement of the Mexican Gigafactory due to tariff concerns. 
Gene Munster, a tech analyst at Deepwater Asset Management, highlighted Musk&#8217;s strong conviction regarding vehicle autonomy. Musk stated that those who do not believe in Tesla&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39922671/elon-musks-strong-conviction-highlighted-by-gene-munster-anyone-who-doesnt-believe-that-tesla-wi">ability to solve vehicle autonomy</a> should not hold its stock. 
Price Action: Tesla&#8217;s stock closed at $246.38 on Tuesday, down 2.04% for the day. In after-hours trading, the stock fell further 7.77%. Year to date, the stock has declined 0.82%, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Q2 Earnings Highlights: Revenue Beat, EPS Miss, Robotaxi Update, 2024 Growth Rate To Be &#8216;Notably Lower&#8217; Than 2023</a></li>
</ul>
Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Thinks Cathie Wood-Led Ark Is 'Probably Not Wrong' With Its $5 Trillion Valuation For Tesla, Cites Potential Of Optimus Humanoid Robot

Verastem Oncology, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTM#NASDAQ">VSTM</a>), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today announced the pricing of an underwritten public offering of 13,333,334 shares of its common stock and accompanying warrants to purchase up to 13,333,334 shares of its common stock at a combined offering price to the public of $3.00 per share and accompanying warrant. In lieu of common stock to certain investors, Verastem Oncology offered pre-funded warrants to purchase up to an aggregate of 5,000,000 shares of its common stock and accompanying warrants to purchase up to 5,000,000 shares of its common stock at a combined offering price to the public of $2.999 per pre-funded warrant and accompanying warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The warrants have an exercise price of $3.50 per share, are exercisable immediately and will expire 18 months from the date of issuance.

VSTM

Reported Earlier, Verastem Oncology Prices $55M Public Offering Of 13,333,334 Common Stock, Warrants And Pre-Funded Warrants

Reported Earlier, RTX's Collins Aerospace To Relocate Singapore Plant To Advanced $250M Seletar Aerospace Park Facility

&nbsp;Freebird Airlines has selected Collins Aerospace, an RTX business (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) to add a comprehensive suite of digital solutions enabling the airline to make proactive decisions to improve operations across its A320 fleet of aircraft.

Freebird Airlines Leverages RTX's Ascentia For Proactive Maintenance And Operational Efficiency

Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) reported quarterly earnings of C$0.79 per share which beat the analyst consensus estimate of C$0.69 by 14.49 percent. This is a 35.25 percent decrease over earnings of C$1.22 per share from the same period last year. The company reported quarterly sales of C$3.873 billion which missed the analyst consensus estimate of C$4.020 billion by 3.65 percent. This is a 10.06 percent increase over sales of C$3.519 billion the same period last year.

Earnings Beats

Earnings Misses

TECK

Teck Resources Q2 2024 Adj EPS C$0.79 Beats C$0.69 Estimate, Sales C$3.873B Miss C$4.020B Estimate

Investment bank Citi upgraded shares of cryptocurrency trading platform, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.
What Happened: Analysts led by Peter Christiansen raised their guidance on the cryptocurrency-linked stock from neutral at $260 to a buy with a target of $345, according to a Bloomberg <a href="https://www.businesstimes.com.sg/companies-markets/banking-finance/coinbase-wins-citi-upgrade-crypto-regulatory-optimism">report </a>Tuesday.
"Shifts in the U.S. Election landscape and the Supreme Court's overturning of the long-standing Chevron precedent has changed our view on Coinbase's regulatory risks," Christiansen wrote.
The analyst added that the upcoming U.S. elections are taking a positive pivot toward the cryptocurrency industry in the wake of President Joe Biden's withdrawal from the presidential race.&nbsp;
&#8220;President Joe Biden's time in office had led many to conclude that the potential for pro-cryptocurrency legislation would fare better under a different administration."
Furthermore, the analyst believes that the Supreme Court&#8217;s decision to remove the Chevron Defence Doctrine, which limits regulators&#8217; power, could benefit Coinbase in its ongoing legal tussle with the SEC.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
Why It Matters: Coinbase is one of the most high-profile cryptocurrency-associated stocks on Wall Street, with a market capitalization of $63.26 billion.
Shares of the company have jumped nearly 70% year-to-date, coinciding with the broader recovery in the cryptocurrency market. This follows a lackluster performance during the 2022-23 bear market when the stock failed to reach $100.
Coinbase was hit by an enforcement action by the SEC on charges of operating an unregistered securities exchange. In response, the cryptocurrency exchange <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39526310/coinbase-sues-sec-and-fdic-over-alleged-attempts-to-stifle-crypto-industry">has also sued federal regulators</a>, accusing them of hindering the industry&#8217;s growth.
Price Action: Shares of Coinbase closed 2.38% lower at $258.83 during Tuesday's regular trading session, 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>. 
Photo by rafapress on Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Tuesday reiterated its plans to start producing <a href="https://www.benzinga.com/news/24/07/39743027/tesla-unveils-new-model-3-variant-with-longer-range-eligible-for-7-500-tax-credit">new electric vehicles</a> in the first half of 2025, putting an end to concerns about an aging lineup. 
What Happened: The new vehicles, Tesla said, also include more affordable models.
The last mass-market vehicle introduced by Tesla was the Model Y crossover SUV, of which the company started deliveries in early 2020. Though Tesla started delivering its stainless steel Cybertruck last year, it is targeted towards more premium EV buyers. 
New Vehicles But On Old Production Lines: The new vehicles, Tesla said, will be produced on the same manufacturing lines as Tesla&#8217;s current lineup. While the move will result in less cost reduction than expected before, it will allow the company to fully utilize its current capacity before investing in new manufacturing lines. Tesla also cited &#8220;uncertain times&#8221; for the decision it deems will allow it to increase vehicle volume in a more capex-efficient manner.
Tesla teased <a href="https://www.benzinga.com/news/24/06/39331612/elon-musk-teases-three-new-vehicles-at-teslas-annual-shareholder-meeting-more-affordable-model-incom">three upcoming vehicles</a> at its annual shareholder meeting in June. While one is expected to be the company&#8217;s dedicated robotaxi product, the other is assumed to be the next-generation roadster, while the third is expected to be a wholly new vehicle of which little is known. 
Musk Refuses Details: Company CEO Elon Musk on Tuesday refused to share more details on the company&#8217;s new vehicles alleging that it might affect near-term sales. 
&#8220;We&#8217;re going to make great products in the future just like we have in the past, end of story,&#8221; Musk said.
Tesla&#8217;s Q2 Earnings: Tesla stock closed down 2% at $246.38 on Tuesday and fell 7.8% after-hours after the company <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">reported adjusted earnings per share </a>of 52 cents, lower than the street consensus estimate of 62 cents. 
Tesla&#8217;s second-quarter revenue rose 2% year-over-year to $25.5 billion, with operating margin dropping to 6.3% from the 9.6% reported for the corresponding period of last year. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a></li>
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Photo courtesy: Shutterstock

Tesla Reiterates New Electric Vehicles On Track For 2025, But CEO Elon Musk Refuses To Divulge Details: 'We're Going To Make Great Products'

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Friday, January 31, 2020