Embrace Change Acquisition Corp - Rights Stock (NASDAQ: EMCGR)

Latest news for Embrace Change Acquisition Corp - Rights (NASDAQ:EMCGR) Stock

Embrace Change Acquisition Corp - Rights

Benchmark analyst Subash Chandra reiterates Magnolia Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGY#NYSE">MGY</a>) with a Hold.

News

Reiteration

Analyst Ratings

Benchmark Reiterates Hold on Magnolia Oil & Gas

WIIM

Foot Locker shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $24 to $18.

Mercedes-Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are in talks with the Serbian government to invest in lithium-processing and <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) battery production</a>.
Both companies&#8217; involvement would focus on developing EV battery output and processing facilities. 
The car companies, already partners in a battery joint venture, aim to build on the line of Rio Tinto Plc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) $2.4 billion investment in a Serbian mine.
These discussions mark progress in reviving the project that Serbia halted two years ago after local protests, reported <a href="https://www.bloomberg.com/news/articles/2024-07-18/mercedes-stellantis-in-talks-to-back-serbia-s-lithium-ambitions?srnd=industries-v2&amp;sref=TBDibEcD">Bloomberg</a>.
The Serbian government has emphasized the need for a comprehensive lithium industry rather than merely exporting raw materials. 
As the European Union depends entirely on imports for battery production, it is keen on developing its own EV supply chain to reduce reliance on Asia. 
Despite potential advancements in European battery production, the industry remains heavily dependent on China&#8217;s raw materials and processing capabilities.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39820627/starbucks-and-mercedes-benz-rev-up-ev-charging-along-i-5-a-green-drive-from-canada-to-mexico">Starbucks and Mercedes-Benz Rev Up EV Charging Along I-5: A Green Drive from Canada to Mexico</a>
An overall slowdown in EV adoption has delayed several battery manufacturing projects. Both Mercedes and Stellantis have paused two out of three planned battery plants in Europe, originally budgeted at €7 billion ($7.7 billion), due to lower-than-expected vehicle demand.
Serbia&#8217;s President Aleksandar Vucic announced that Serbia will sign a framework agreement with the European Union on mineral raw materials. 
The agreement aims to establish a processing industry and battery production in Serbia, ensuring that produced materials and EVs qualify for sale in the EU without additional taxes.
Management from both the automakers may sign letters of intent to further develop Serbia's lithium industry, boosting the country&#8217;s economic growth and technological advancements.
Price Action: STLA shares are trading higher by 3.20% at $20.99 in premarket at last check Thursday.
Read Next: 
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

General

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

STLA

Mercedes-Benz, Stellantis Consider Major Investment In Serbian Lithium Project

Jefferies analyst Suneet Kamath maintains Principal Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>) with a Hold and raises the price target from $73 to $76.

Price Target

Jefferies Maintains Hold on Principal Finl Gr, Raises Price Target to $76

PNFP

Pinnacle Financial Partners shares are trading lower after Piper Sandler downgraded the stock from Overweight to Neutral despite raising its price target from $95 to $98.

Jefferies analyst Suneet Kamath maintains MetLife (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>) with a Buy and raises the price target from $83 to $86.

Jefferies Maintains Buy on MetLife, Raises Price Target to $86

e.l.f. Beauty shares are trading higher after Baird upgraded the stock from Neutral to Outperform and raised its price target from $210 to $230.

Benchmark analyst Todd Brooks reiterates Chuy's Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHUY#NASDAQ">CHUY</a>) with a Buy and maintains $41 price target.

CHUY

Benchmark Reiterates Buy on Chuy's Holdings, Maintains $41 Price Target

BMO Capital analyst James Fotheringham maintains Synchrony Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) with a Market Perform and lowers the price target from $42 to $41.

BMO Capital Maintains Market Perform on Synchrony Finl, Lowers Price Target to $41

DOCS

Doximity shares are trading lower after Wells Fargo downgraded the stock from Equal-Weight to Underweight and lowered its price target from $27 to $19.

Jefferies analyst Suneet Kamath maintains Brighthouse Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHF#NASDAQ">BHF</a>) with a Buy and raises the price target from $54 to $59.

Brighthouse Financial, Inc. - Common Stock

Jefferies Maintains Buy on Brighthouse Finl, Raises Price Target to $59

BMO Capital analyst Kostas Biliouris maintains 4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>) with a Outperform and lowers the price target from $63 to $40.

FDMT

BMO Capital Maintains Outperform on 4D Molecular Therapeutics, Lowers Price Target to $40

Benchmark analyst Daniel Kurnos reiterates Airbnb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) with a Buy and maintains $190 price target.

ABNB

Benchmark Reiterates Buy on Airbnb, Maintains $190 Price Target

BMO Capital analyst Fadi Chamoun maintains CAE (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CAE#TSX">CAE</a>) with a Outperformer and lowers the price target from C$34 to C$33.

TSX:CAE

BMO Capital Maintains Outperformer on CAE, Lowers Price Target to C$33

Jefferies analyst Trevor Williams maintains Corpay (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPAY#NYSE">CPAY</a>) with a Buy and raises the price target from $295 to $350.

CPAY

Jefferies Maintains Buy on Corpay, Raises Price Target to $350

BMO Capital analyst Fadi Chamoun maintains Air Canada (TSX:<a class="ticker" href="https://www.benzinga.com/stock/AC#TSX">AC</a>) with a Outperform and lowers the price target from C$32 to C$30.

TSX:AC

BMO Capital Maintains Outperform on Air Canada, Lowers Price Target to C$30

The European Central Bank (ECB) kept its key interest rates unchanged at its July meeting, <a href="https://www.benzinga.com/markets/eurozone">aligning with market expectations.</a>
The Governing Council did not provide specific guidance on future policy, stating they were &#8220;not pre-committing to a particular rate path,&#8221; slightly chilling market expectations which are heavily betting on a September rate cut.
The deposit rate remains at 3.75%, the refinancing rate at 4.25%, and the marginal lending rate at 4.5%. These rates were previously reduced by 25 basis points during the June meeting, marking the first rate cut by the ECB since 2019.
Domestic Price Pressures, Services Inflation Remain Elevated
Although some measures of underlying inflation ticked up in May due to one-off factors, most metrics were either stable or edged down in June. The inflationary impact of high wage growth has been mitigated by profits, and monetary policy continues to keep financing conditions restrictive, according to Frankfurt. 
However, &#8220;domestic inflation remains high. Wages are still rising at an elevated rate, making up for the past period of high inflation,&#8221; ECB President Christine Lagarde stated.
Services inflation is considered elevated, and headline inflation is likely to stay above the ECB&#8217;s target well into next year.
Meeting By Meeting, Data-Dependent Approach
&#8220;The risks to economic growth are tilted to the downside. A weaker world economy or an escalation in trade tensions between major economies would weigh on euro area growth,&#8221; Lagarde said. 
The ECB remains determined to ensure that inflation returns to its 2% medium-term target in a timely manner. European policymakers stated they will keep policy rates sufficiently restrictive for as long as necessary to achieve this goal, following a data-dependent and meeting-by-meeting approach.
Market Reactions
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), held broadly steady against the U.S. dollar at 1.0930. 
European equity markets rose Thursday, with the broader Euro STOXX 50 Index, as tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), rose 0.7%. France was the top performer among major European countries, with the CAC 40 index, as monitored through the iShares MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), rising 0.9%. 
Read now: 
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<li><a href="https://www.benzinga.com/real-estate/reit/24/07/39816656/fed-rate-cut-expectations-drop-mortgage-rates-to-4-month-lows-surge-in-new-applications-refinanc">Fed Rate Cut Expectations Drop Mortgage Rates To 4-Month Lows: Surge In New Applications, Refinance Demand</a></li>
</ul>
Photo: Shutterstock

Macro Economic Events

Eurozone

Econ #s

Economics

European Central Bank Holds Interest Rates Unchanged, Keeps Markets Guessing On September Rate Cut

Warner Bros Discovery Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) shares are trading higher after reports of a significant restructuring that could <a href="https://www.benzinga.com/topic/streaming">separate its digital streaming</a> and studio businesses from its traditional television networks.
What Happened: The David Zaslav-led entertainment company looks to bolster its struggling share price and manage its substantial debt load of $39 billion. 
According to the <a href="https://www.ft.com/content/be716ec2-1c02-467c-94af-7c8ef9ae1963">Financial Times</a>, Zaslav — who, as CEO, enjoyed a 27% increase <a href="https://www.benzinga.com/markets/equities/24/04/38338904/warner-bros-discovery-ceos-pay-soars-in-2023-amid-industry-challenges">in pay for 2023</a> and angered fans by <a href="https://www.indiewire.com/news/business/david-zaslav-took-courage-cancel-completed-movies-batgirl-coyote-vs-acme-1234930539/">canceling</a> movies already in post-production — is eager to sell assets.
A spin-off Warner Bros. studio and the Max streaming service into a new company is also being discussed. This company would be largely free of the group&#8217;s current debt. 
The media giant has not yet hired an investment bank to advise the process. 
Also, informal talks with advisors to rival media companies have taken place to gauge interest in potential mergers and acquisitions. 
Previous considerations included combinations with Comcast Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) NBCUniversal and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), the latter of which has recently <a href="https://www.benzinga.com/general/entertainment/24/07/39658163/paramount-board-endorses-merger-with-skydance-media-as-david-ellison-nears-acquisition-of-m">merged with David Ellison's Skydance</a>.
Also Read: <a href="https://www.benzinga.com/general/gaming/24/07/39717603/warner-bros-subsidiary-postpones-suicide-squad-kill-the-justice-league-season-2-at-last-minute">Warner Bros. Subsidiary Postpones Suicide Squad: Kill The Justice League Season 2 At Last Minute</a>
Why It Matters: A company split could have severe repercussions for bondholders, Bank of America analysts say. 
A similar move by rival Lionsgate led to a creditor revolt.
A strategic spin-off could leave the more mature television assets with the bulk of the debt, while the growing streaming and studio business would have greater financial flexibility.
WBD&#8217;s shares have plummeted nearly 70% since AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) spun off Warner Bros and merged it with Discovery two years ago.
The company has faced declining advertising revenue, high streaming development costs, the COVID-19 pandemic, Hollywood strikes, and costly failures. 
Despite cost-cutting measures and debt repayments, the stock dropped 10% in February.
BofA analyst Jessica Reif Ehrlich recently suggested that WBD&#8217;s current structure is ineffective and recommended exploring asset sales, restructuring, and mergers. 
Warner Bros stock has lost over 34% in the last 12 months. Investors can gain exposure to the stock via Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and Vanguard Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOX#NYSE">VOX</a>).
Price Action: WBD shares are trading higher by 7.45% at $8.950 in premarket at last check Thursday.
Read Next: 
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<li><a href="https://www.benzinga.com/general/gaming/24/06/39236107/warner-bros-discoverys-200m-loss-inside-the-turbulent-saga-of-suicide-squad-kill-the-justice-leagu">Warner Bros. Discovery&#8217;s $200M Loss: Inside The Turbulent Saga of Suicide Squad: Kill The Justice League</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Asset Sales

CMCSA

PARA

Warner Bros Discovery Shares Are Surging Thursday As CEO Considers Asset Sales, Spinoff

The 30-patient study is designed to measure the efficacy of applying NEXGEL's hydrogel during laser hair removal in eliminating harmful particles or plume during treatments
Several states have already either instituted or are considering surgical plume protection mandates as a requirement to contain the toxic byproduct of laser procedures
LANGHORNE, Pa., July 18, 2024 (GLOBE NEWSWIRE) -- NEXGEL, Inc. ("NEXGEL" or the "Company") (NASDAQ:<a href="https://www.benzinga.com/stock/NXGL#NASDAQ">NXGL</a>), a leading provider of medical and over-the-counter (OTC) products including ultra-gentle, high-water-content hydrogels for healthcare and consumer applications, and Innovative Optics US dba Vanalay, a leading supplier of safety products and personal protective equipment for medical, surgical and aesthetic healthcare facilities globally, today announced initiating an institutional review board (IRB) study funded entirely by Innovative Optics US dba Vanalay in accordance with the FDA, on the benefits of hydrogel application during laser hair removal.

Biotech

NXGL

NEXGEL And Innovative Optics US Initiate IRB Study In Accordance With FDA Of Hydrogel Application During Laser Hair Removal

XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) shares are trading lower in the<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> premarket session on Thursday.</a>
Chinese stocks are plunging amidst reports indicating the Biden administration&#8217;s contemplation of imposing chip sale restrictions on China, intensifying <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821315/ai-earthquake-semiconductors-suffer-worst-selloff-in-years-on-stricter-us-chip-expo" rel="noreferrer noopener">geopolitical tensions between the U.S. and China.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, XPEV stock has lost over 39% in the past year. Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Kensho Smart Mobility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAIL#NYSE">HAIL</a>).
Meanwhile, Volkswagen AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>)(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLKAF#OTC">VLKAF</a>) technology partnership with XPeng is progressing, with reports indicating that hundreds of Volkswagen engineers have commenced work at Xpeng&#8217;s Guangzhou campus, enhancing their collaboration in electric vehicle technology.
The collaboration between the two sides spans a broad spectrum of areas, marking an unprecedented depth in their cooperation, <a target="_blank" href="https://cnevpost.com/2024/07/18/vw-engineers-begun-working-at-xpeng-offices/" rel="noreferrer noopener">reported </a>CnEV Post.
On July 26, 2023, Volkswagen disclosed its plan to invest approximately $700 million in acquiring <a target="_blank" href="https://www.benzinga.com/news/23/07/33394052/xpeng-volkswagen-ev-collaboration-whats-going-on" rel="noreferrer noopener">around 4.99% of XPeng.</a>
Both companies intend to collaborate on developing two Volkswagen-branded EV models utilizing Xpeng&#8217;s G9 platform, specifically targeting China&#8217;s mid-size car segment.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl" rel="noreferrer noopener">Trump-Vance Administration Will Be &#8216;Terrible&#8217; For Tesla, Says Bear: Elon Musk &#8216;Has Completely Alienated Most Of His Buying Base&#8217;</a>
Volkswagen announced on April 11 that it plans to manufacture two Volkswagen-branded models co-developed with Xpeng in Hefei. The first model, a mid-size SUV, is <a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38288608/why-xpeng-shares-are-rising-today" rel="noreferrer noopener">scheduled to begin production in 2026.</a>
The partnership exemplifies a foreign carmaker harnessing technology from a Chinese counterpart in the EV era, a trend that several other automakers have also embraced since then, CnEV Post added.
Recently, XPeng&#8217;s &nbsp;G6 model made its U.K. debut at the Goodwood Festival of Speed 2024, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39736342/why-teslas-chinese-rival-xpeng-shares-are-gaining-today" rel="noreferrer noopener">which showcases its latest SUV model.</a>
XPeng announced that the G6 will be available for ordering in the U.K. later this year.
Price Action: XPEV shares are trading lower by 0.93% to $8.53 premarket at last check Thursday.
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:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39820384/tesla-investor-elon-musk-fan-ron-baron-launches-new-fund-focused-on-spacex-xai" target="_blank" rel="noreferrer noopener">Tesla Investor, Elon Musk Fan Ron Baron Launches New Fund Focused On SpaceX, xAI</a></li>
</ul>

Equities

Markets

Movers

Media

HAIL

VLKAF

VWAGY

XPEV

What's Going On With Chinese EV Maker XPeng Shares On Thursday?

Press Releases

Embrace Change Acquisition Corp. Receives Nasdaq Notice Regarding Late Form 10-Q Filing

Embrace Change Acquisition Corp. Receives Delisting Notice from Nasdaq and Plans to Request Hearing

EMCG

EMCGR

EMCGU

EMCGW

Embrace Change Acquisition Corp. (the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMCG#NASDAQ">EMCG</a>), a special purpose acquisition company, today announced that on June 24, 2024, it received a Staff Delisting Determination (the &quot;StaffEmbrace Change Acquisition Corp. (the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMCG#NASDAQ">EMCG</a>), a special purpose acquisition company, today announced that on June 24, 2024, it received a Staff Delisting Determination (the &quot;Staff Determination&quot;) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (&quot;Nasdaq&quot;), notifying the Company of its noncompliance with Nasdaq&#39;s continued listing requirements and that unless appealed and their determination reversed, the Company&#39;s securities will be delisted from Nasdaq. 
&nbsp;

The Staff Determination was issued due to the Company&#39;s failure to comply with the following Nasdaq&#39;s continued listing requirements:

1. Listing Rule 5450(a)(2), which requires a minimum of 400 total shareholders; 
 
2. Listing Rule 5250(c)(1), due to the Company&#39;s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and its Quarterly Report on Form 10-Q for the period ended March 31, 2024.

According to the Staff Determination, unless the Company requests an appeal of the Staff Determination, trading of the Company&#39;s securities will be suspended at the opening of business on July 3, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company&#39;s securities from listing and registration on Nasdaq.

The Company intends to timely request a hearing before a Nasdaq Hearings Panel (the &quot;Panel&quot;) to appeal the Staff Determination. This request will stay the suspension of the Company&#39;s securities and the filing of the Form 25-NSE at least pending the Panel&#39;s decision. The Company plans to present its plan to regain compliance with the applicable listing requirements and to request continued listing pending its return to compliance.

Jingyu Wang, Chief Executive Officer of the Company, stated, &quot;We are committed to addressing the issues raised by Nasdaq and maintaining our listing. We are actively working to increase our total shareholder count and expedite the completion of our overdue financial reports. We believe that appealing this determination and presenting our compliance plan to the Panel is in the best interests of our company and our shareholders.&quot;

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Embrace Change Acquisition Corp - Rights

News

Latest news for Embrace Change Acquisition Corp - Rights (NASDAQ:EMCGR) Stock

Wednesday, June 26, 2024