DT Cloud Acquisition Corporation - Right Stock (NASDAQ: DYCQR)

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DT Cloud Acquisition Corporation - Right

Susquehanna analyst Anthony Butler upgrades PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) from Neutral to Positive and maintains the price target from $71 to $71.

News

Upgrades

Price Target

Analyst Ratings

PYPL

Susquehanna Upgrades PayPal Holdings to Positive, Maintains Price Target to $71

Private software company CDK Global is reportedly looking to get car dealerships back online on its dealer management system (DMS) by July 4th, days after cyberattacks against the company <a href="https://www.benzinga.com/etfs/sector-etfs/24/06/39437150/cyberattacks-stall-car-dealerships-dealers-react-to-inexcusable-outages-with-no-end-in-sight">left U.S. dealers in a fix.</a> 
What Happened: All dealer connections are expected to be live on the DMS by late Wednesday, June 3, or early Morning Thursday, June 4, <a href="https://www.theverge.com/2024/7/1/24190283/cdk-global-car-dealership-outage-cleared-up">reported</a> The Verge, citing CDK Global spokesperson Lisa Finney.
The personnel behind the cyberattack are reportedly linked to a group called BlackSuit.
&#8220;We are continuing our phased approach to the restoration process and are rapidly bringing dealers live on the Dealer Management System (DMS),&#8221; Finney said.
The company is working on restoring the system in a phased manner, the spokesperson reportedly said, while adding that its customer care channels have also been restored to ensure assistance to customers.
Additionally, the report says CDK Global has already brought two small groups of dealers and one large publicly traded dealer group back live on its DMS.
CDK did not immediately respond to Benzinga&#8216;s request for comment.
Why It Matters: CDK Global was hit by two cyberattacks on June 19th and June 20th, causing it to shut down its systems. This affected nearly 15,000 car dealerships in the U.S. that rely on CDK Global&#8217;s software for various operations, including managing deal records, scheduling services, and storing critical customer information.
The outage forced some of the dealers to even <a href="https://www.benzinga.com/etfs/sector-etfs/24/06/39437150/cyberattacks-stall-car-dealerships-dealers-react-to-inexcusable-outages-with-no-end-in-sight">resort to manual methods</a>.
CDK Global was <a href="https://www.benzinga.com/top-stories/24/06/39402461/car-dealership-data-provider-suffers-cyber-incident-actively-investigates">acquired</a> by Brookfield Business Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBU#NYSE">BBU</a>) in 2022 for more than $8 billion.
Earlier in June, another automotive-related company, Advance Auto Parts (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>), announced it was <a href="https://www.benzinga.com/news/24/06/39208037/snowflake-hit-with-data-breach-whats-going-on">investigating</a> a potential data attack connected to Snowflake (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39588763/tesla-appoints-former-mercedes-manager-as-head-of-production-at-giga-berlin-following-major-global-r" target="_blank" rel="noreferrer noopener">Tesla Appoints Former Mercedes Manager As Head Of Production At Giga Berlin Following Major Global Reorganization: Report</a></li>
</ul>
Photo via Shutterstock

Tech

Media

SNOW

CDK Global Aims To Restore Car Dealership Systems After Massive Outage Impacted 15,000 Clients Following Cyberattacks

HC Wainwright &amp; Co. analyst Raghuram Selvaraju maintains Gain Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GANX#NASDAQ">GANX</a>) with a Buy and lowers the price target from $9 to $8.

GANX

HC Wainwright & Co. Maintains Buy on Gain Therapeutics, Lowers Price Target to $8

HC Wainwright &amp; Co. analyst Vernon Bernardino reiterates Geovax Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOVX#NASDAQ">GOVX</a>) with a Buy and maintains $8 price target.

Reiteration

GOVX

HC Wainwright & Co. Reiterates Buy on Geovax Labs, Maintains $8 Price Target

Contracts

General

BEEM

Beam Global Announced Q2 New Orders Of $10.6M, Up 128% Year-Over-Year, In Europe, Beam Global Shipped Its First EV ARC Systems To Cyprus For The UK Ministry Of Defense

To address this need, Immuron is developing IMM-529 as an adjunctive therapy in combination with standard of care antibiotics for the prevention and/or treatment of recurrent CDI.
IMM-529 antibodies targeting C. diff may help to clear CDI infection and promote a quicker re-establishment of normal gut flora, providing an attractive oral preventative for recurrent CDI.

IMRN

Immuron Files A Pre-Investigational New Drug Application With FDA For IMM-529

Modine Expands EVantage Portfolio With Advanced Cabin Climate System For Electric Vehicles

Evercore ISI Group analyst Elizabeth Anderson initiates coverage on Waystar Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WAY#NASDAQ">WAY</a>) with a Outperform rating and announces Price Target of $25.

Initiation

Evercore ISI Group Initiates Coverage On Waystar Holding with Outperform Rating, Announces Price Target of $25

Four major Japanese property and casualty insurers are reportedly preparing to sell approximately 500 billion yen ($3.1 billion) worth of shares in Honda Motor Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), signaling an accelerated trend of unwinding cross-shareholding practices.
Tokio Marine Holdings, Sompo Holdings, and two units of MS&amp;AD Insurance Group Holdings will collectively sell their stakes in Honda, reported Reuters.
Additional financial institutions are also expected to reduce their Honda holdings, bringing the total sale to around 500 billion yen, the report added.
Honda is poised to formally authorize the insurers to proceed with the sale. The automaker has already committed to repurchasing up to 300 billion yen of its shares within the current fiscal year to mitigate the impact of the insurers&#8217; sell-off.
The insurers, including MS&amp;AD units Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, have previously pledged to eliminate all cross-shareholding arrangements.
As of March, Honda was among the top five companies involved in cross-shareholding with these insurers, except for Aioi Nissay Dowa Insurance.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39434019/honda-faces-union-busting-allegations-at-indiana-plant-updated" rel="noreferrer noopener">Honda Faces Union-Busting Allegations At Indiana Plant</a>
The planned sale underscores a broader trend in Japan to unwind cross-shareholding practices, which have been criticized for fostering poor corporate governance by shielding management from shareholder scrutiny.
Collectively, the four insurers held over 300 billion yen in Honda shares as of March, with Tokio Marine holding 161 billion yen, Sompo Japan holding 81 billion, Mitsui Sumitomo holding 73 billion, and Aioi Nissay holding 2.8 billion, according to securities filings, which the report noted.
These insurers collectively held around 9 trillion yen in cross-shareholdings, with other significant holdings in companies such as Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Shin-Etsu Chemical Co. Ltd., and Itochu Corp.
In December, Japan&#8217;s Financial Services Agency issued a business improvement order to the four insurers after discovering they had colluded to fix corporate insurance fees.
The regulator mandated the reduction of cross-shareholdings, further pressing the insurers to unwind these financial entanglements.
Price Action: HMC shares closed higher by 1.92% at $32.86 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/06/39310256/hondas-new-commercial-use-mini-ev-to-hit-japans-streets-in-october-details" target="_blank" rel="noreferrer noopener">Honda&#8217;s New Commercial-Use Mini-EV To Hit Japan&#8217;s Streets In October: Details</a></li>
</ul>

Equities

Insurers To Sell $3.1B In Honda Shares In Wake Of Governance Push: Report

The Biden administration has introduced a new rule to <a href="https://www.benzinga.com/markets/equities/24/07/39583371/july-fourth-heat-california-faces-blackout-and-fire-risks-this-week-during-triple-digit-temperat">address excessive heat</a> in the workplace, aiming to protect millions of workers from heat-related illnesses.
What Happened: The proposed rule, if implemented, would safeguard an estimated 36 million U.S. workers from heat-related injuries, making it the first major federal safety standard of its kind, <a href="https://apnews.com/article/biden-heatwave-climate-change-deaths-workplace-osha-b70273c6b266a8e3785da1f52c4d1a79">reported</a> the Associated Press.
The rule would apply to a wide range of workers, including those in agriculture, delivery, construction, landscaping, and indoor workers in warehouses, factories, and kitchens. 
Employers would be required to identify heat hazards, develop emergency response plans, and provide training to employees and supervisors on the signs and symptoms of heat-related illnesses. They would also need to establish rest breaks, provide shade and water, and implement heat acclimatization for new workers.
Penalties for heat-related violations would significantly increase, in line with Occupational Safety and Health Administration (OSHA) rules. The proposed rule is set to be highlighted by President Joe Biden during a briefing on extreme weather.
See Also: <a href="https://www.benzinga.com/news/24/06/39565763/as-trump-prepares-for-comeback-latest-pew-poll-reveals-which-presidential-candidate-rest-of-world-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Trump Prepares For Comeback, Latest Pew Poll Reveals Which Presidential Candidate Rest Of World Prefer</a>
Why It Matters: Despite increased awareness of the risks posed by high temperatures, protections for those routinely exposed to heat have been lacking. An estimated 2,300 people in the U.S. died from heat-related illnesses in 2023, with workers with prolonged exposure being particularly vulnerable.
Heat protection laws in the U.S. have consistently encountered resistance from industry, including chambers of commerce and other business associations. According to the report, critics argue that a universal mandate would pose significant challenges in implementation across diverse industries.
The proposal comes at a time when the U.S. is experiencing extreme heat waves, with temperatures soaring to triple digits in several states. The National Weather Service has issued <a href="https://www.benzinga.com/markets/equities/24/07/39583371/july-fourth-heat-california-faces-blackout-and-fire-risks-this-week-during-triple-digit-temperat">excessive heat warnings</a> and watches for various areas, including the San Fernando Valley, Ventura County, and Bakersfield in California, as well as the Midwest, Ohio Valley, Great Lakes, Northeast, and Mid-Atlantic regions.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563833/trump-campaign-signals-intent-to-withdraw-us-from-paris-climate-accord-again-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report</a>
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>

Government

Regulations

Biden Administration Proposes New Rule To Protect 36M Workers From Heat-Related Injuries

Stifel analyst Paul Matteis initiates coverage on Rapport Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAPP#NASDAQ">RAPP</a>) with a Buy rating and announces Price Target of $35.

RAPP

Stifel Initiates Coverage On Rapport Therapeutics with Buy Rating, Announces Price Target of $35

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell <a href="https://www.benzinga.com/premarket">in premarket trading </a>on Tuesday ahead of the release of the electric vehicle maker&#8217;s quarterly deliveries number.
The company is widely expected to underdeliver relative to the lowered bar but bullish analyst sees the second quarter as a bottom and expects sales to recover in the second half. The consensus estimate, compiled by Bloomberg, puts the number at  439,300 units and the company-compiled consensus is at 437,812 units.
Read Benzinga&#8217;s Preview on the report by <a href="https://www.benzinga.com/markets/equities/24/07/39577584/tesla-stares-at-another-sales-decline-in-q2-did-china-save-the-day-for-the-ev-maker">clicking this link</a>
China tidings that came out ahead of the report were not very encouraging. Data released by the China Passenger Car Association showed Tesla&#8217;s made-in-China sales coming in at 71,007 units in June, CnEVPost <a href="https://cnevpost.com/2024/07/02/tesla-china-sales-jun-2024/#:~:text=Tesla%20China%20sold%2071%2C007%20vehicles%20in%20June%2C%20including%20those%20sold,the%20same%20month%20last%20year.">reported.</a> This marked a 2% month-over-month drop and a steeper 24% plunge from a year ago. Cumulative MIC sales based on the numbers released by CPCA were 205,747 units.
Domestic sales in China for the first two months of the second quarter were 86,636 units.
In premarket trading, Tesla fell 1.32% to $207.10, according to <a href="http://pro.benzinga.con">Benzinga Pro</a> data. The premarket decline comes amid a drop in the major U.S. index futures, which were modestly lower.
See Also: 
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<li><a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla Stock</a></li>
</ul>
Image Created Via Midjourney

Movers

Trading Ideas

TSLA

Tesla Stock Slips In Premarket Ahead Of Q2 Sales Report: What's Going On

Raymond James analyst Frank Louthan downgrades WideOpenWest (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOW#NYSE">WOW</a>) from Market Perform to Underperform.

Downgrades

Raymond James Downgrades WideOpenWest to Underperform

In a bid to fortify long-term support for Ukraine, NATO is set to announce a series of measures, including the establishment of a new post in Kyiv, at an upcoming summit in Washington. This move is aimed at safeguarding Ukraine&#8217;s potential future NATO membership and countering the <a href="https://www.benzinga.com/news/24/04/38063284/nato-proposes-trump-proof-107b-fund-to-sustain-ukraine-military-support">impact of a potential return</a> of former President Donald Trump.
What Happened: The new measures include stationing a senior civilian official in Kyiv, creating a new command in Wiesbaden, Germany, to coordinate military equipment provision and training for Ukrainian troops, and establishing a $40 billion annual financial pledge of military support to Ukraine, <a href="https://www.wsj.com/world/europe/nato-to-establish-new-kyiv-post-for-ukraine-81b4205c?mod=hp_lead_pos4">according</a> to The Wall Street Journal.
These initiatives, which have been in the works for several months, have gained urgency following President Joe Biden&#8216;s recent <a href="https://www.benzinga.com/news/24/06/39562453/us-allies-urge-biden-to-step-down-after-disastrous-debate-performance-important-to-manage-ones-ride">weak debate performance</a> and Trump&#8217;s criticism of U.S. spending on Ukraine.
"A big reason for the change is to Trump-proof the assistance effort to Ukraine," said&nbsp;Ivo Daalder, who served as the U.S. ambassador to NATO from 2009 to 2013. "Rather than having Washington in charge of managing the training and assistance, NATO will be in charge. So even if the U.S. reduces or withdraws support for the effort, it won't be eliminated."
See Also: <a href="https://www.benzinga.com/news/24/06/39566942/mark-cuban-asked-chatgpt-to-analyze-first-trump-biden-debate-and-judge-the-duos-communication-skills?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Asked ChatGPT To Analyze First Trump-Biden Debate And Judge The Duo&#8217;s Communication Skills, Pr</a>
These changes are also seen as a response to the rise of right-wing political parties across Europe. By institutionalizing NATO&#8217;s role in Ukraine, the alliance aims to make military assistance to Ukraine less susceptible to policy shifts among its members.
Trump called Ukrainian President Volodymyr Zelensky &#8220;the greatest salesman ever&#8221; for convincing the U.S. to provide military support to Kyiv. He argued that the conflict in Ukraine posed a greater security challenge for European nations than to the U.S., citing the geographical distance across the ocean.
Why It Matters: The move by NATO to bolster its support for Ukraine comes amid escalating tensions with Russia. In June, NATO was reportedly <a href="https://www.benzinga.com/news/24/06/39351207/nato-considers-putting-more-nuclear-weapons-on-standby-amid-rising-threats-from-russia-north-korea-t">considering deploying additional nuclear weapons</a> in response to the growing threat from Russia and China. This development was seen as a significant escalation in the ongoing conflict between NATO and Russia.
Meanwhile, Russia has <a href="https://www.benzinga.com/news/24/04/38088193/russia-and-nato-are-now-in-direct-confrontation-says-kremlin-as-us-led-alliance-celebrates-75th-anni">accused NATO of direct confrontation</a> following the alliance&#8217;s continued expansion towards Russia&#8217;s borders. This situation was exacerbated by Russia&#8217;s intervention in Ukraine two years ago, aimed at preventing NATO from encroaching further.
Moreover, NATO allies have initiated plans to create a <a href="https://www.benzinga.com/news/24/05/39025588/nato-allies-to-create-drone-wall-amid-rising-russian-provocations">&#8220;drone wall&#8221;</a> along their borders with Russia. This initiative, involving countries like Finland, Norway, Poland, and the Baltic states, aims to counter smuggling and other threats through advanced drone technology.
In April, NATO proposed a <a href="https://www.benzinga.com/news/24/04/38063284/nato-proposes-trump-proof-107b-fund-to-sustain-ukraine-military-support">$107 billion fund</a> to ensure sustained military support for Ukraine. This fund, aimed at making aid to Ukraine more sustainable, is seen as a measure to mitigate potential reductions in U.S. support if Trump were to return to office.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
Photo courtesy: NATO
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>

Politics

Global

NATO To 'Trump-Proof' Ukraine Aid After Biden's Weak Debate Performance With $40B Annual Financial Pledge And New Post In Kyiv

Rio Tinto Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) is reportedly in negotiations with workers at its Oyu Tolgoi copper operations in Mongolia to prevent further industrial action.
The move follows a previous strike in May, prompted by a significant wage reduction, reported Reuters.
Notably, changes to Mongolia&#8217;s Labor Law, effective from the beginning of 2022, led Rio Tinto to recalculate employee allowances.
According to the non-governmental organization OT Watch, which is in contact with the mine workers, wages have decreased by up to 80%.
OT Watch Director Sukhgerel Dugersuren told Reuters, &#8220;A request to start negotiations was sent and OT is to reply by July 5, 2024. Another strike is possible if 70% of key demands on wages and 50% of other demands are not met.&#8221;
&#8220;The key demand of workers is to bring wages to similar levels paid for the same type of work performed in other Rio Tinto mines.&#8221;
He added that the workers were being paid a &#8220;miserable $1,596 per month for work far from home&#8221;. According to government data, the average monthly mining salary in Australia is A$10,413 ($6,919), which the report highlighted.
According to OT Watch, during the strike from May 10-17, all open pit and underground mining operations were halted. Workers reported that this stoppage may have caused some structural issues underground.
Rio Tinto commented that, &#8220;The stand-down did not affect mine operations and there was no material impact to mine production.&#8221;
Also Read: <a href="https://www.benzinga.com/news/large-cap/24/06/39155495/rio-tinto-invests-143m-in-low-emission-steel-research-and-development" target="_blank" rel="noreferrer noopener">Rio Tinto Invests $143M in Low-Emission Steel Research And Development</a>
In March last year, Rio Tinto began underground operations at Oyu Tolgoi and scaling up production to reach approximately 500,000 tons of copper annually starting in 2028.
Last month, Rio Tinto stated that Serbia is poised to approve the development of Europe&#8217;s largest lithium mine. The Jadar project, suspended in 2022, could start production by 2028, providing Europe with metal much needed for its&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/06/39357247/rio-tinto-to-initiate-largest-european-lithium-project-by-2028" rel="noreferrer noopener">electric vehicle (EV) industry</a>.
Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and NEOS ETF Trust Mast Global Battery Recycling &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EV#NYSE">EV</a>).
Price Action: RIO shares closed higher by 0.73% at $66.41 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/05/39037153/mining-rivals-join-forces-rio-tinto-bhp-partner-on-electric-truck-trials" target="_blank" rel="noreferrer noopener">Mining Rivals Join Forces: Rio Tinto &amp; BHP Partner On Electric Truck Trials</a></li>
</ul>

Large Cap

Rio Tinto Scrambles to Avoid Repeat Strike at Mongolian Mine: Report

Needham analyst James Ricchiuti maintains Universal Display (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NASDAQ">OLED</a>) with a Buy and raises the price target from $198 to $242.

OLED

Needham Maintains Buy on Universal Display, Raises Price Target to $242

Redburn Atlantic analyst Simon Toyne initiates coverage on GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) with a Neutral rating and announces Price Target of $178.

Redburn Atlantic Initiates Coverage On GE Vernova with Neutral Rating, Announces Price Target of $178

Stifel analyst Mark Kelley initiates coverage on Life360 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIF#NASDAQ">LIF</a>) with a Buy rating and announces Price Target of $37.

Stifel Initiates Coverage On Life360 with Buy Rating, Announces Price Target of $37

Needham analyst Kyle Peterson reiterates SoFi Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) with a Buy and maintains $10 price target.

SOFI

Needham Reiterates Buy on SoFi Techs, Maintains $10 Price Target

B. Riley Securities analyst Josh Nichols initiates coverage on Gauzy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GAUZ#NASDAQ">GAUZ</a>) with a Buy rating and announces Price Target of $21.