Short interest for Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares gives investors a sense of the degree to which investors are betting on the decline of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's stock. Short interest data is updated every two weeks.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (ARCA:DRIP), Short Interest Report

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares

Oil And Gas Stocks Tank With Record Supply Fueling Sector Sell Off: This Inverse ETF (DRIP) Offers A 200% Return

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Direxion Daily S&amp;P Oil &amp; Gas Exp &amp; Prod Bear 2X Shares (ARCA: DRIP) was rising about 4.5% Tuesday after data released by the Bureau of Labor Statistics showed the Consumer Price Index (CPI) eased to an annual rate of 3.1% in November, 

Oil And Gas Prices Fall As Production Floods The Market: This 2X Leveraged ETF Tracks The Sector To The Downside

Direxion Daily S&amp;P Oil &amp; Gas Exp &amp; Prod Bear 2X Shares (ARCA: DRIP) was rising about 2.5% Monday ahead of Thursday’s OPEC+ oil policy meeting, which was originally scheduled to take place on Sunday.

News

Politics

Global

General

UTEN

Paramilitary group Hezbollah has been relatively quiet since the start of the Hamas-Israel war 28 days ago.

Israel-Hamas War, Day 28: Hezbollah And Houthis Get Vocal, Blinken Presses For Pause In Fighting

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

WIIM

HOLX

Hologic shares are trading higher after the company reported better-than-expected Q2 earnings and narrowed its guidance.

Palomar Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLMR#NASDAQ">PLMR</a>) reported quarterly earnings of $1.09 per share which beat the analyst consensus estimate of $0.94 by 15.96 percent. This is a 36.25 percent increase over earnings of $0.80 per share from the same period last year. The company reported $107.866 million in sales this quarter. This is a 29.58 percent increase over sales of $83.241 million the same period last year.

Earnings

Earnings Beats

PLMR

Palomar Hldgs Q1 2024 Adj EPS $1.09 Beats $0.94 Estimate, Sales $107.866M Up From $83.241M YoY

EXPE

Expedia Group shares are trading lower after the company lowered its full-year guidance.

Stem (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) reported quarterly losses of $(0.46) per share which missed the analyst consensus estimate of $(0.21) by 119.05 percent. This is a 58.62 percent decrease over losses of $(0.29) per share from the same period last year. The company reported quarterly sales of $25.47 million which missed the analyst consensus estimate of $57.11 million by 55.40 percent. This is a 62.21 percent decrease over sales of $67.41 million the same period last year.

Earnings Misses

STEM

Stem Q1 EPS $(0.46) Misses $(0.21) Estimate, Sales $25.47M Miss $57.11M Estimate

Guidance

FIVN

Five9 Expects Q2 Revenue Of $244M-$245M (Est $248.02M), Adj EPS Of $0.42-$0.44 (Est $0.44)

CLFD

Clearfield shares are trading higher after the company reported better-than-expected Q2 results and increased its repurchase authorization.

Buybacks

Board Of Directors Increased Share Repurchase Program Authorization From $40M To $65M

At the recent Benzinga Cannabis Capital Conference, Jonathan Black, CEO of Cheech and Chong&#8217;s Global Holdings, highlighted the transformation in <a href="https://www.benzinga.com/markets/cannabis/24/03/37595637/exclusive-tommy-chong-on-cheech-and-chongs-sxsw-premiere-cannabis-legalization-the-perils-of-inf">cannabis retail experiences</a>. Black shared insights during a side interview before his panel discussion, emphasizing the importance of learning from each event. 
&#8220;I always look for something to learn,&#8221; he said, praising the diverse perspectives that Benzinga events bring together.
Cheech and Chong&#8217;s dispensaries are recognized for creating more than just transactions; they aim to craft memorable experiences. While Black credits his team for their efforts, he noted the detailed attention to the ambiance of their stores. 
&#8220;We have designed the look and feel to resonate with the legacy of 52 years,&#8221; Black explained. This includes everything from store design to minor details like themed wallpaper, all contributing to an engaging and welcoming atmosphere that echoes the iconic duo&#8217;s filmography.
<h3 class="wp-block-heading">Strategic Partnerships And Community Impact</h3>
Another focus of the conversation was the partnership with Dreams Dispensary in New Mexico, which has bolstered the company&#8217;s community presence.
Black values personal relationships and operational knowledge when choosing partners, highlighting the synergy between Cheech and Chong&#8217;s and Dreams Dispensary&#8217;s values and experiences. This collaboration boosts market competition and supports community engagement through job creation and social interactions.
Looking towards the future, Black discussed the long-term goals for their locations in New Mexico, emphasizing community and connectivity. 
The dispensaries leverage a social media platform created by the company to foster community interaction, which plays a crucial role in their strategy to enhance customer loyalty and local engagement.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Jonathan Black &#x7C; Cheech and Chong" width="500" height="281" src="https://www.youtube.com/embed/tGwHDD228AM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<hr class="wp-block-separator has-alpha-channel-opacity" />
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors, and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
Now Read: <a href="https://www.benzinga.com/markets/cannabis/24/05/38597432/new-tax-rules-in-cannabis-what-are-the-consequences-dea-rescheduling">New Tax Rules In Cannabis: What Are The Consequences DEA Rescheduling?</a>
Photo: s_bukley on Shutterstock

Cannabis

Events

Cheech And Chong Brand CEO Talks Cannabis Retail Expansion And Designs That 'Resonate With The Legacy Of 52 Years'

AXT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXTI#NASDAQ">AXTI</a>) reported quarterly losses of $(0.05) per share which beat the analyst consensus estimate of $(0.09) by 44.44 percent. This is a 37.5 percent increase over losses of $(0.08) per share from the same period last year. The company reported quarterly sales of $22.688 million which beat the analyst consensus estimate of $21.564 million by 5.21 percent. This is a 16.92 percent increase over sales of $19.405 million the same period last year.

AXTI

AXT Q1 2024 GAAP EPS $(0.05) Beats $(0.09) Estimate, Sales $22.688M Beat $21.564M Estimate

QIAGEN &nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QGEN#NYSE">QGEN</a>, Frankfurt Prime Standard: QIA)))) today announced the availability of QCI Secondary Analysis, a cloud-based software-as-a-services (SaaS) solution enabling high-throughput secondary analysis for use with any clinical next-generation sequencing (NGS) data.
This turnkey service supports all QIAGEN QIAseq panels and seamlessly integrates with QCI Interpret, QIAGEN's clinical variant interpretation and reporting software, to deliver highly scalable and customizable Sample to Insight workflows for oncology and inherited disease applications.
Typically, sequencing data is processed in three phases: After the signals registered by the NGS device have initially been translated into digital information (primary analysis), the DNA fragments encoded must be merged into a connected sequence and analyzed for variants in relation to a human reference genome (secondary analysis). In the third and final step (tertiary analysis), the identified variants are interpreted in the context of a specific clinical picture.
"Our goal is to empower molecular testing labs, regardless of size, budget, and experience, to leverage the power of comprehensive genomic information to advance precision medicine in every setting," said Jonathan Sheldon, Senior Vice President of QIAGEN Digital Insights. "Due to NGS adoption barriers, including complexity and cost, a vast majority of small- to mid-size molecular laboratories rely on limited single-gene tests or choose to outsource sample testing for more comprehensive NGS analysis. However, with the launch of our new NGS secondary analysis software, we are making NGS testing more accessible to decentralized labs."
"QCI Secondary Analysis is particularly valuable for labs looking to start running NGS-based tests because it's a turnkey solution with easy-to-use features for the everyday lab technician," said Can Koşukcu, Senior Bioinformatics Application Scientist of DiagnoSeq, an early-access customer of QCI Secondary Analysis. "With the availability of this new solution, QIAGEN has simplified the whole bioinformatics pipeline, providing an integrated workflow that minimizes resource investment and maximizes productivity."
Expanding on the QIAGEN Clinical Insights (QCI) portfolio, QCI Secondary Analysis is designed to streamline analysis from a range of assay types, enabling labs to process more sequencing data without extensive time and resource investment. The turnkey solution is deployed on the QIAGEN Clinical Cloud, a secure cloud environment ensuring the highest degree of isolation and data protection, including compliance with ISO 27001, General Data Protect Regulation (GDPR), and the Health Insurance Portability and Accountability Act (HIPPA) requirements.
While QCI Secondary Analysis is a plug-in-play solution that can support any panel, NGS instrument or software, the true value of this new offering is how it complements QIAGEN's Sample to Insight portfolio. QCI Secondary Analysis is validated for use for all QIAseq panels, can be used with LightSpeed Clinical, a new software module within QIAGEN CLC Genomics Workbench Premium that enables ultra-fast NGS analysis, and directly integrates with QCI Interpret, QIAGEN's variant interpretation and reporting platform that has been trusted to analyze and interpret more than 3.5 million NGS patient test cases worldwide.
QIAGEN Digital Insights solutions are used by national precision medicine programs worldwide to process over 850,000 clinical samples per year. They enable researchers and clinicians to access advanced tools for data processing and interpretation, empowering them to make well-informed decisions that lead to improved research results. QDI offers automated workflows, scalability, and efficient turnaround times, as well as solutions tailored to fit any lab, database, API, service, or workflow application.
More information on QIAGEN's Sample to Insight solutions and the new QCI Secondary Analysis service can be found <a href="https://www.globenewswire.com/Tracker?data=0hNgv00J9zlTgslNt3N08xU7sjI63bXhslLLWIQy5xlvVLhPIsLXG_NA3jMoY0HQ_FDzfhXb9EDvNZQ-YilncXZ5uiKDP0UVFXcDnyiuODvxyG7156QN-qfkSvFpIO9-">here</a>.

Biotech

QGEN

QIAGEN Enhances Bioinformatics Workflows With New Secondary Analysis Solution For Oncology And Inherited Disease Applications

COHU

Cohu Expects Q2 Sales Of $105M +/- $6M, Est $108.11M

<a href="https://www.globenewswire.com/Tracker?data=arNncyU0hD4c9TTCSBMQgdSz_Ig0_KBwJKP8RlHobSHOuGG7UYBv2lHeBYKuI-ngfg3LFODt7Ue9bihrcjiQrw==">Trupanion</a>, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRUP#NASDAQ">TRUP</a>), a leading provider of medical insurance for cats and dogs, today announced that its Board of Directors has unanimously approved the appointment of Margi Tooth to Chief Executive Officer, effective August 1, 2024. Tooth's appointment to CEO marks the culmination of a multi-year, board-led process. Tooth will also continue as President and hold the dual titles of CEO and President. Additionally, Tooth is anticipated to be appointed to Trupanion's Board of Directors during its July meeting. Trupanion's founder and outgoing CEO Darryl Rawlings will continue to serve in the role of Chair of the Board, in which capacity he will continue to oversee the Company's board of directors. &nbsp;
Tooth holds nearly two decades of experience as a growth-oriented leader within the pet insurance category. Her tenure includes over seven years with the UK's largest pet insurance provider, during which time the category saw tremendous growth, reaching approximately 25% penetration.
Tooth's appointment to CEO follows a proven career at Trupanion, spanning over a decade in leadership positions of increasing responsibility including Chief Marketing Officer, Chief Revenue Officer and as of January of 2021, President. During her time at Trupanion, Tooth has played a pivotal role in the company's growth and success, overseeing the execution of its strategic plan which includes diversifying into new channels, products, and geographies, while ensuring that the core Trupanion product, designed with the heart of the veterinary community in mind, remains front and center. Under her leadership, Trupanion has achieved significant milestones, including surpassing $1 billion in revenue, reaching over 1 million subscription pets, and paying out nearly $3 billion in veterinary invoices. Additionally, Tooth's leadership has led to improving operational efficiency through targeted overhauls in several departments.
Ms. Tooth's extensive experience, including serving as President of Trupanion since 2021, coupled with her deep understanding of the pet insurance industry, strongly positions her to lead Trupanion into its next phase of growth in its global underpenetrated markets, while staying aligned with the needs of veterinarians and pet owners.
Darryl Rawlings stated, "There is no one I trust greater than Margi to lead Trupanion as CEO. During Margi's tenure, Trupanion has experienced significant growth, with revenue increasing from less than $100 million to over $1 billion. Her impact, however, extends well beyond the numbers. In the last 18 months, Margi has assumed oversight of every department at Trupanion and started to overhaul key operational areas to drive improved efficiency and performance. Margi brings exceptional passion, dedication, and knowledge to the role and she embodies the heart and spirit of Trupanion. It has been my honor and privilege to serve as a resource to her over the past decade and I look forward to serving our shareholders as Chair of the Board."
Murray Low, Trupanion's Lead Independent Director, stated, "Today's announcement reflects our confidence in Margi's proven leadership. With this move, we enable a smooth transition to a proven executive in Margi, while maintaining ongoing board-level leadership from Darryl. The unanimous support from the Board and appointment ahead of our original timeline underscores our trust in her abilities. We're eager to see her continue Trupanion's success."
Margi Tooth stated, "It's an honor to lead Trupanion as CEO. Our mission to support pet parents is my daily motivation and it resonates deeply with me. I'm proud to lead our equally passionate team in serving our members, and the veterinary community, paying out nearly $2 million in veterinary invoices daily. Yet still, with less than 5% of pets in North America and Continental Europe covered by pet medical insurance today, there's so much more to be done to ensure pets receive the care they deserve and veterinarians can practice the medicine for which they've trained. I'm excited to lead Trupanion in this journey, and am forever grateful for the support and mentoring from Darryl, and the Board, and I look forward to our partnership moving forward."
Rawlings once again confirmed his commitment to serve as Chair of the Board until 2035, if amenable to shareholders. In addition to serving as Chair of the Board, Rawlings will enter into a consulting agreement with Trupanion to provide services related to the development of the Company's food initiative.

Management

TRUP

Trupanion's Margi Tooth Appointed Chief Executive Officer Effective August 1, 2024

AMGN

Amgen shares are trading higher after the company reported better-than-expected Q1 financial results. Also, the company announced a $50 million milestone payment from Royalty Pharma.

ASND

Ascendis Pharma Q1 Sales €95.894M Beat €79.492M Estimate

<ul>
<li>Collaboration will result in BCG manufacture at large scale for use in combination with ANKTIVA&#xAE;, ImmunityBio's recently approved treatment for non-muscle invasive bladder cancer (NMIBC)</li>
<li>Serum Institute of India (SII) will manufacture both standard BCG ("sBCG") and next-generation recombinant BCG ("iBCG"), creating a long-term solution to chronic BCG supply shortage issues</li>
<li>Standard BCG (sBCG) from the Serum Institute is currently administered in number of countries worldwide for treatment of NMIBC</li>
<li>Recombinant BCG (iBCG) has demonstrated potent immunogenicity with CD8+ and CD4+ stimulation and improved safety compared to standard BCG in clinical trials across Europe.</li>
<li>Collaboration will help to ensure availability of BCG for all approved indications that benefit from ANKTIVA's triangle offense of natural killer cells, T cells, and memory T cells</li>
<li>Global clinical trials planned to study standard of care ANKTIVA plus BCG with globally available sBCG and iBCG from Serum Institute, the QUILT BCG randomized clinical trial</li>
</ul>
ImmunityBio, Inc. ((<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;,%20url=https%3A%2F%2Fwww.nasdaq.com%2Fmarket-activity%2Fstocks%2Fibrx&amp;,%20esheet=53971559&amp;,%20newsitemid=20240502530543&amp;,%20lan=en-US&amp;,%20anchor=NASDAQ%3A+IBRX&amp;,%20index=1&amp;,%20NASDAQ:%3Ca%20class=">IBRX</a>), has signed an exclusive global arrangement with the Serum Institute of India, the world's largest manufacturer of vaccines by number of doses produced, to supply ImmunityBio with Bacillus Calmette-Guerin (BCG). The agreement covers the manufacturing of standard BCG (sBCG) that is currently approved for use outside the U.S., as well as a next-generation recombinant BCG (iBCG) undergoing testing, intended for use in combination with ImmunityBio's ANKTIVA (nogapendekin alfa inbakicept-pmln) for currently approved and potential future indications, subject to regulatory approvals.
"We are pleased to partner with the Serum Institute of India so that the power of its large-scale, world-class, GMP manufacturing capacity can be used to address the issue of BCG shortage, which affects thousands of bladder cancer patients annually," said Patrick Soon-Shiong, M.D., Executive Chairman and Global Chief Scientific and Medical Officer at ImmunityBio. "We are especially proud to be partnering with Dr. Cyrus Poonawalla, the Institute's Chairman and founder and someone who has made such a positive impact on global health."
The arrangement will result in additional supplies of the current standard sBCG immediately for trials. At the same time, the two companies will work to accelerate the ongoing Phase 2 clinical trials of iBCG currently being conducted in Europe which has so far demonstrated safety advantageous over standard BCG as well as enhanced immunogenicity in driving both CD8+ and CD4 T cells.
The collaboration between SII and ImmunityBio comes on the heels of the FDA's approval of ANKTIVA for the treatment of non-muscle invasive bladder cancer with carcinoma in situ (CIS). Increasing the available supply of BCG is intended to address shortages for the combination therapy with ANKTIVA.
"The collaboration between Serum Institute of India and ImmunityBio will undoubtedly transform the way we approach cancer treatment. It will improve global access to BCG and at the same time—the unique therapy is the key to achieve a complete solution for bladder cancer. We are truly excited to witness the incredible impact this collaboration will have on improving patient outcomes and saving countless lives," said Mr. Adar C. Poonawalla, CEO, Serum Institute of India.
Originally used as a tuberculosis vaccine, BCG administered via intravesical instillation (delivery to the bladder via a catheter) has been the standard of care for patients with non-muscle invasive bladder cancer since 1977. BCG is a benign bacterium that induces an immune response in the bladder in proximity to the cancer cells, leading to clearance of the cancer in many patients.
BCG is one of the most widely used vaccines worldwide and has been given to more than 4 billion individuals with astonishing safety records. However, because BCG is a biologic drug that uses benign bacteria it is more complicated to make than many other types of drugs. SII is the largest manufacturer of BCG vaccine across the world, while Merck &amp; Co. based in New Jersey currently is the only manufacturer of BCG (TICE&#xAE; BCG) in the U.S.
"The scale and quality of vaccines that the Serum Institute manufacturers is unparalleled and we are honored to partner with Dr. Poonawalla and his leadership team on this important initiative," said Richard Adcock, President and CEO of ImmunityBio. "By providing another option for BCG, we believe more NMIBC patients will be able to benefit from this proven treatment as both a monotherapy and a combination therapy with ANKTIVA."
ImmunityBio plans to conduct clinical trials to study recombinant BCG (iBCG) and sBCG manufactured by Serum Institute in combination with ANKTIVA for the treatment of different types of bladder and other cancers. Supply of BCG is expected to be available once the protocol for the trial has been authorized by the FDA. ImmunityBio plans to submit the protocol to the FDA and to global regulatory bodies in the next 30 days.
"The opportunity to initiate a trial of an immunogenic recombinant BCG, which has already demonstrated enhanced safety compared to standard BCG in Phase 1/2 studies, is exciting. We look forward to exploring ANKTIVA in combination with BCG in non-muscle invasive bladder cancer (NMIBC) and across other tumor types. With our ability to overcome immune evasion of the tumor to BCG when BCG is given alone, and by converting a MHC- negative cold tumor to a MHC+ positive hot tumor with the combination of ANKTIVA with BCG, we will now further expand the development of our therapeutic cancer vaccine with BCG," said Dr. Soon-Shiong.
For investigators interested in participating in clinical trials or to learn more information, please email <a href="mailto:QuiltBCG@ImmunityBio.com">QuiltBCG@ImmunityBio.com</a>

Contracts

IBRX

ImmunityBio, Serum Institute Of India Agree On An Exclusive Arrangement For Global Supply Of Bacillus Calmette-Guerin Across All Cancer Types

Universal Electronics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UEIC#NASDAQ">UEIC</a>) reported quarterly losses of $(0.19) per share which beat the analyst consensus estimate of $(0.24) by 20.83 percent. This is a 32.14 percent increase over losses of $(0.28) per share from the same period last year. The company reported quarterly sales of $91.900 million which beat the analyst consensus estimate of $90.737 million by 1.28 percent. This is a 15.22 percent decrease over sales of $108.400 million the same period last year.

UEIC

Universal Electronics Q1 2024 Adj EPS $(0.19) Beats $(0.24) Estimate, Sales $91.900M Beat $90.737M Estimate

Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported Thursday with second-quarter results that outperformed <a href="https://www.benzinga.com/news/earnings/24/05/38580920/will-apple-crack-ai-code-and-spark-investor-optimism-tim-cooks-tech-strategy-in-focus-amid-expected">muted goals.</a> The company announced a massive $110-billion stock buyback program. The shares of this underperforming big tech stock rose about 3.5% following the earnings announcement. 
Apple&#8217;s Key Q2 Numbers: As was widely expected, Cupertino, California-based Apple reported a year-over-year revenue decline. Apple had snapped a four-quarter-long streak of falling revenue in the December quarter. Apple&#8217;s second-quarter earnings per share also fell from one year ago. 
Here&#8217;s how key metrics stacked up against the consensus estimates and prior periods:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Q2&#8217;24 (Actual)</td>
<td>Q2&#8217;24 (Consensus&#x2A;)</td>
<td>Q2&#8217;23</td>
<td>Q1&#8217;24</td>
</tr>
<tr>
<td>Revenue</td>
<td>$90.75B</td>
<td>$90.01B</td>
<td>$94.84B</td>
<td>$119.6B</td>
</tr>
<tr>
<td>Non-GAAP EPS</td>
<td>$1.53</td>
<td>$1.50</td>
<td>$1.52</td>
<td>$2.18</td>
</tr>
<tr>
<td>Gross margin</td>
<td>46.58%</td>
<td>N/A</td>
<td>44.26%</td>
<td>45.88%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">&#x2A;Data from Benzinga Pro.</figcaption></figure>
&#8220;Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,&#8221; said CEO Tim Cook in a statement.
Sales of iPhones and Wearables came in a touch below estimates of several analysts, but Mac and Services revenue beat expectations. 
Commenting on the results, CFO Luca Maestri said: &#8220;Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter.&#8221;
Apple&#8217;s Shareholder Returns: Apple&#8217;s board declared a quarterly cash dividend of 25 cents per share, payable on May 16 to shareholders of record as of May 13. Citing confidence in Apple's future and the value the company sees in the stock, the company said it board has authorized an additional $110 billion for share repurchases.
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock">Everything You Need Yo Know About Apple Stock</a>
Apple&#8217;s Forward Outlook: For the third quarter, which is seasonally weak, the Street forecasts earnings per share of $1.30 and revenue of $82.89 billion. 
&#8220;We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month,&#8221; said Cook.
Key upcoming events that could have a bearing on Apple stock include: 
<ul>
<li>DOJ vs. GOOGL closing arguments</li>
<li>June 10 WWDC </li>
</ul>
Apple Earnings Call Focus: The focus now shifts to the earnings call, which is scheduled for 5 p.m. EDT. Cook will likely shed more light on Cupertino&#8217;s <a href="https://www.benzinga.com/news/24/04/38040467/apple-quietly-unveils-new-ai-model-realm-that-outperforms-openais-gpt-4-despite-being-much-lighter-a">broader AI strategy</a>. This assumes importance because rumors suggest the company is negotiating with both OpenAI and Alphabet to bring AI to its iPhones.
AAPL Stock: Apple closed Thursday&#8217;s regular session up 2.20% at $173.03 and has added an incremental 3.52% to $179.12 in after-hours trading, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> The stock has shed roughly 10% for the year-to-date period compared to the Invesco QQQ ETF&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) 4.38% gain and 6.58% rise by the SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38348747/not-something-steve-jobs-would-probably-do-gurman-says-apple-should-go-against-the-grain-and-low">&#8216;Not Something Steve Jobs Would Probably Do&#8217;: Gurman Says Apple Should Go Against The Grain And Lower iPhone&#8217;s Price Point</a>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Apple Q2 2024 Earnings Call &#x7C; $AAPL" width="500" height="281" src="https://www.youtube.com/embed/UCb008bIdeQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Photo courtesy of Apple.

Equities

Tech

AAPL

Apple Q2 Earnings Beat Muted Forecast On Services, Mac Strength: Installed Base At Fresh Record, Cupertino Announces Massive $110B Buyback

Consolidated Edison Q1 EPS $2.08, Sales $4.280B Miss $4.399B Estimate

Antero Midstream Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AM#NYSE">AM</a>) ("Antero Midstream" or the "Company") today announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMLP#NYSE">SMLP</a>). The transaction closed on May 1, 2024 with an effective date of April 1, 2024. In addition, the Company announced that it has called for redemption all of its outstanding 7.875% Senior Notes due 2026 (the "2026 Notes") for redemption on May 16, 2024 (the "Redemption Date").
Bolt-On Acquisition Highlights and Rationale:
<ul>
<li>Estimated to be over 5% accretive to Free Cash Flow after dividends through 2027</li>
<li>Increases Antero Midstream's 2024 Adjusted EBITDA and Free Cash Flow guidance by $15 million and $10 million, respectively</li>
</ul>
Paul Rady, Chairman and CEO said, "This transaction marks our third highly strategic bolt-on acquisition in Appalachia in the last two years. The compression and high pressure gathering assets are already interconnected with Antero Midstream's low pressure gathering system. As a result of this transaction, Antero Midstream now gathers and compresses substantially all of Antero Resources' production."
Brendan Krueger, CFO of Antero Midstream, said "Importantly, we were able to internally finance this transaction and the anticipated Free Cash Flow after dividends accretion of the acquisition will continue to position Antero Midstream to achieve our 3.0x Leverage target in 2024.&nbsp; As a result, we are well positioned to target incremental return of capital to shareholders this year."
Marcellus Bolt-On Acquisition
Under the terms of the agreement, Antero Midstream acquired the compression and high pressure gas gathering system and associated agreements for $70 million in cash. The assets acquired include two compressor stations and 48 miles of high pressure gas gathering pipelines. The acquired assets are currently connected to Antero Midstream's low pressure gas gathering system and are not expected to require any material capital investment.
2024 Guidance Update
Antero Midstream is increasing its 2024 guidance to reflect the announced acquisition.
The following is a summary of Antero Midstream's updated 2024 guidance ($ in millions):
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="3" rowspan="1">Twelve Months Ended December 31, 2024</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">Change vs. Prior Guidance</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">Low</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">High</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="2" rowspan="1">(At midpoint)</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net Income</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$415</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">$455</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+$10</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Adjusted Net Income</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">470</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">510</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+10</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Adjusted EBITDA</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">1,035</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">1,075</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+15</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Capital Expenditures</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">150</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">170</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">—</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Interest Expense</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">190</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">200</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+5</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Free Cash Flow Before Dividends</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">680</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">720</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+10</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Total Dividends</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">435</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">435</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">—</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Free Cash Flow After Dividends</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">245</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">285</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1">+10</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="4" rowspan="1"> &nbsp;</td>
</tr>
</tbody>
</table>
</figure>
For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Free Cash Flow before and after dividends see "Non-GAAP Financial Measures and Definitions."
Redemption of 2026 Senior Notes
On May 1, 2024, Antero Midstream Corporation called for redemption all $531 million of its outstanding 7.875% Senior Notes due 2026 (CUSIP Nos. 03690E AA6 and U0019E AA3) for redemption on the Redemption Date at a price of 101.969% of the principal thereof, plus accrued and unpaid interest to, but excluding, the Redemption Date.&nbsp; The redemption of the 2026 Notes will be funded with cash on hand and borrowings under Antero Midstream's revolving credit facility.
This press release is neither an offer to sell or a solicitation of an offer to buy the 2026 Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the 2026 Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.&nbsp; This press release shall not constitute a notice of redemption of the 2026 Notes.

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Antero Midstream Announces A Bolt-On Acquisition Of Gathering And Compression Assets In The Marcellus Shale For $70M; Increases 2024 Adjusted EBITDA And Free Cash Flow Guidance By $15M And $10M, Respectively

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