Latest news for Ecofibre (OTC:EOFBF) Stock

Ecofibre Ltd through its subsidiaries is engaged in three business lines including Ananda Health, Ananda Food and Hemp Black. Amanda Health includes Production and sale of hemp related nutraceutical products focused on the US. Ananda Food includes Production and sale of hemp related food products in Australia. Hemp Black includes the development of hemp related fibre products globally.

Ecofibre Ltd

Truist Securities analyst Joel Fishbein maintains Qualys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QLYS#NASDAQ">QLYS</a>) with a Hold and lowers the price target from $165 to $130.

News

Price Target

Analyst Ratings

QLYS

Truist Securities Maintains Hold on Qualys, Lowers Price Target to $130

Truist Securities analyst Jailendra Singh maintains Progyny (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>) with a Buy and lowers the price target from $37 to $33.

PGNY

Truist Securities Maintains Buy on Progyny, Lowers Price Target to $33

Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) reported mixed results for its <a href="https://www.benzinga.com/news/earnings/24/08/40191713/hyatt-reports-mixed-q2-results-with-record-fee-revenue-exceeds-earnings-estimates">second quarter on Tuesday.</a>
The company posted second-quarter 2024 sales of $1.703 billion, missing the consensus estimate of $1.705 billion. Net room growth was approximately 4.6% year-over-year.Comparable system-wide hotels' RevPAR increased by 4.7%, and comparable system-wide all-inclusive resorts' Net Package RevPAR increased by 3% YoY.
Adjusted EPS of $1.53 beats the analyst consensus of $1.17.
"System-wide RevPAR grew by 4.7% and net rooms growth was 4.6%, generating record gross fee revenue of $275 million in the quarter. Our pipeline reached a new record of 130,000 rooms, up 9% year-over-year, reflecting strong developer interest in our brands. We saw continued growth of the World of Hyatt loyalty program, with membership increasing by 21% year-over-year to a record 48 million members," commented Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt.
The company expects to grow net rooms by 5.5% – 6%. It expects comparable system-wide hotels RevPAR to increase 3% to 4% on a constant currency basis. The company's full-year Adjusted EBITDA is projected between $1.135 billion and $1.175 billion; it expects net income of $1.055 billion -$1.115 billion and Free cash flow of $560 million-$610 million.
Hyatt shares fell 1.4% to close at $132.02 on Tuesday.
These analysts made changes to their price targets on Hyatt following earnings announcement.
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/66028c10cad84c000181fdb4/ben-chaiken">Mizuho analyst Ben Chaiken</a> maintained Hyatt Hotels with an Outperform and lowered the price target from $204 to $200.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="518" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17-1024x518.png" alt="" class="wp-image-481759" style="width:559px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17-1024x518.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17-300x152.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17-768x388.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17-1536x777.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091133/image-1-17.png 1635w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f777c00bd99100018a435b/chad-beynon">Macquarie analyst Chad Beynon</a> maintained Hyatt with an Outperform and cut the price target from $168 to $164.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="486" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33-1024x486.png" alt="" class="wp-image-481773" style="width:514px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33-1024x486.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33-300x142.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33-768x364.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33-1536x729.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07091425/image-33.png 1720w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40194186/top-4-materials-stocks-which-could-rescue-your-portfolio-this-month">Top 4 Materials Stocks Which Could Rescue Your Portfolio This Month</a></li>
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Earnings

Trading Ideas

Hyatt Hotels Analysts Cut Their Forecasts Following Q2 Results

Guidance

CORRECTION: BlackLine Sees Q3 Adj. EPS $0.49-$0.52 Vs $0.55 Est.; Revenue $162M-$164M Vs $158.205M Est.

WIIM

MUFG

SMFG

Sony Group Corporation American Depositary Shares

SONY

Shares of US-listed Japanese stocks are trading higher after the Nikkei rebounded following its recent drop.

Disney Says It May Need To Pay $5B More For Hulu Stake

In a market landscape clouded by <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40199294/wall-street-rebounds-after-selloff-vix-falls-dollar-surges-against-yen-whats-driving-marke">recession fears, sell-offs and rebounds</a>, Macquarie has identified 10 Asian stocks it believes are primed for a comeback. 
Amidst the turmoil of declining global markets, these stocks have weathered the impact of the recent drawdown and are now positioned as <a href="https://www.benzinga.com/markets/asia">top buying opportunities</a>.
Macquarie&#8217;s list of &#8220;highest conviction&#8221; stocks includes semiconductor giants:
<ul>
<li>Taiwan Semiconductor Manufacturing Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>)</li>
<li>SK Hynix Inc (OTCPK: HXSCF) (OTCPK: HXSCL) and </li>
<li>Alchip Technologies Ltd (OTCPK: ALCPF).</li>
</ul>
These companies reflect a bullish stance on the technology sector despite current concerns surrounding Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), <a href="https://www.cnbc.com/2024/08/07/macquarie-names-10-asia-stocks-that-have-borne-the-brunt-of-sell-off.html">reported</a> CNBC.
Other notable names include: 
<ul>
<li>Hitachi Ltd (OTCPK: HTHIF) (OTCPK: HTHIY)</li>
<li>NEC Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NIPNF#OTC">NIPNF</a>)</li>
<li>Wiwynn Corp. </li>
<li>Sugi Holdings Co Ltd </li>
<li>Daiichi</li>
<li>Sankyo Co Ltd (OTCPK:DSKYF) (OTCPK:DSNKY), and </li>
<li>HD Hyundai Electric. </li>
</ul>
These selections underscore Macquarie&#8217;s confidence in Asia&#8217;s ability to weather global market challenges.
According to Macquarie equity strategists led by Peter Williamson, &#8220;As stock pickers, we focus on a basket of stocks that we believe will emerge from the current drawdown, and which will present a buying opportunity for investors as this bout of volatility subsides.&#8221;
Read Also: <a href="https://www.benzinga.com/news/24/08/40169330/nvidia-microsoft-apple-amazon-erase-1-1-trillion-in-monday-sell-off-bubble-burst-or-market-correctio">Nvidia, Microsoft, Apple, Amazon Erase $1.1 Trillion In Monday Sell-Off: Bubble Burst Or Market Correction?</a>
Why These Stocks? They maintain robust fundamental growth drivers, making them compelling choices for long-term investors, the strategists say.
These companies can withstand emerging macro uncertainties, such as a recession or the unwinding of the Japanese yen carry trade. 
The week opened with Japan&#8217;s stock market <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">taking a nosedive of over 12%</a> on Monday before rebounding slightly. The S&amp;P 500 too, experienced its worst single-day performance in nearly two years, plummeting 3% in one day.
The technology and banking sectors saw significant declines as investors scrambled.
Macquarie&#8217;s strategy reflects a calculated gamble on the resilience and potential growth of Asian markets. 
While market volatility persists, Macquarie&#8217;s conviction in these stocks provides a potential pathway to profits for savvy investors.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/asia/24/08/40215270/japans-nikkei-lifts-asia-europe-gains-crude-oil-and-dollar-advance-global-markets-today-while-us-sle">Japan&#8217;s Nikkei Lifts Asia, Europe Gains; Crude Oil And Dollar Advance &#8211; Global Markets Today While US Slept</a></li>
</ul>

Analyst Color

Asia

Equities

Long Ideas

Global

Markets

ALCPF

DSKYF

DSNKY

HTHIF

HTHIY

HXSCF

HXSCL

NIPNF

NVDA

Recession-Resilient Asian Stock Picks: TSMC, SK Hynix Among This Analyst's Top 10

The crypto community has been voicing diverse opinions following Kamala Harris&#8216;s choice of Tim Walz (D-Minn.) as her running mate.
What Happened: While neither Harris nor Walz has publicly shared their perspective on cryptocurrencies such as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), some investors are hopeful for them to do so sooner.
&#8220;This is an opportunity for them, but the window is closing fast. At this point we need to see words and action. Silence is complicity,&#8221; wrote a crypto investor Ryan Sean Adams.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The official democrat ticket announced.<a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a> and <a href="https://twitter.com/Tim_Walz?ref_src=twsrc%5Etfw">@Tim_Walz</a> Neither have taken a public position on crypto. This is an opportunity for them, but the window is closing fast. At this point we need to see words and action. Silence is complicity. <a href="https://t.co/tPNIP6YNDa">pic.twitter.com/tPNIP6YNDa</a>
&mdash; RYAN SΞAN ADAMS &#8211; rsa.eth &#x1f984; (@RyanSAdams) <a href="https://twitter.com/RyanSAdams/status/1820853751722262763?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Some crypto enthusiasts have pointed to Walz&#8217;s regulatory history. According to the American Association of Retired Persons, Walz was instrumental in the implementation of a law in Minnesota to bolster the regulation of cryptocurrency kiosks, aimed at mitigating crypto theft.
However, not all are hopeful about Walz&#8217;s regulatory approach. Investor Erik Finman labeled Walz as the &#8220;WORST pick for Bitcoin,&#8221; alleging that Walz does not acknowledge cryptocurrency as a valid form of payment. 
Benzinga could not independently confirm Finman&#8217;s claims. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tim Walz is the WORST pick for Bitcoin. He &quot;Believes that the US government should implement stricter regulations around cryptocurrency use&quot; AND &quot;Doesn't support the idea of classifying crypto as a legal form of payment&quot; Bitcoiners. You only have once choice: Trump
&mdash; ERIK FINMAN (@erikfinman) <a href="https://twitter.com/erikfinman/status/1820823899631759826?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Editorial director of The Digital Commonwealth, Darren Parkin, also highlighted that Walz is &#8220;a stickler for regulation,&#8221; keeping the inference hanging in the air.
Governor Walz&#8217;s campaign has yet to respond to Benzinga&#8217;s queries.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tim Walz hasn&#39;t yet nailed his colours to the mast in terms of Bitcoin and crypto in general. However, he&#39;s a stickler for regulation. Make of that what you will. <a href="https://t.co/FmJi0qc80b">pic.twitter.com/FmJi0qc80b</a>
&mdash; Darren Parkin (@EditorParkin) <a href="https://twitter.com/EditorParkin/status/1820820862955561256?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40171503/bitcoin-ethereum-dogecoin-see-bloodbath-liquidations-cross-1b-25-in-10-days-happened-45-ti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin See Bloodbath, Liquidations Cross $1B: -25% In 10 Days Happened 45 Times Since 2015—What&#8217;s Next?</a>
Why It Matters: Billionaire entrepreneur Mark Cuban <a href="https://www.benzinga.com/news/24/08/40215813/mark-cuban-says-kamala-harris-vp-pick-tim-walz-can-sit-at-the-kitchen-table-and-make-you-feel-like-y">expressed his belief </a>that Walz could experience a rise in popularity similar to Harris, as voters grow weary of party ideologues.
The Official Monetary and Financial Institutions Forum (OMFIF) had earlier suggested that Harris and the Democratic Party <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40129171/kamala-harris-must-address-crypto-to-compete-with-trumps-pro-bitcoin-agenda-think-tank-war">must urgently develop</a> a comprehensive crypto agenda to compete with Republicans, particularly former President Donald Trump, who has a pro-Bitcoin stance.
However, some industry experts remain skeptical about Harris' recent outreach to the cryptocurrency community. Grant Cardone, CEO of Cardone Capital, dismissed them as political maneuvering, stating that<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40170207/harris-vs-trump-on-crypto-experts-question-each-candidates-take-on-bitcoin"> Harris has had no shift</a> toward the crypto industry.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40212841/matt-gaetz-who-proposed-bill-to-collect-federal-income-taxes-in-bitcoin-now-wants-blinken-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Matt Gaetz Who Proposed Bill To Collect Federal Income Taxes In Bitcoin Now Wants Blinken To Downgrade US &nbsp;Travel Advisory To El Salvador</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Flickr/ MN Senate DFL

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

Cryptocurrency

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$BTC

$ETH

Kamala Harris VP Pick Tim Walz Draws Mixed Reactions From Crypto Community

Billionaire investor and PayPal co-founder Peter Thiel played a pivotal role in launching J.D. Vance's venture capital career in 2016.
<a href="https://www.benzinga.com/real-estate/24/07/39908508/jd-vance-backer-and-trump-donor-peter-thiel-has-several-passports-just-like-kevin-oleary-and-former">Thiel</a>, known for his influential presence in Silicon Valley, brought Vance into Mithril Capital Management, a venture capital (VC) firm he founded. The opportunity came shortly after Vance gained national attention for his memoir "Hillbilly Elegy," which portrayed the struggles of the white working class in America's Rust Belt. The memoir's success positioned Vance as a prominent voice in political and social discourse, and Thiel's endorsement further elevated his profile.
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Despite the promising start, Vance's tenure at Mithril was marked by a notable absence. According to former colleagues, <a href="https://www.benzinga.com/news/24/07/39787707/peter-thiels-ties-with-jd-vance-may-influence-palantir-co-founders-position-on-trump-post-vp-selecti">Vance</a> rarely, if ever, appeared in the office. One person who worked at Mithril in 2016 told The Wall Street Journal that they never saw Vance at the office during his time there. Another former colleague recalled sporadic sightings of Vance but noted that his focus seemed to be promoting his book rather than engaging in the day-to-day operations of the VC firm.
Neither person recalled any noteworthy deals Vance worked on while at Mithril.
See Also: Don&#8217;t miss out on the next Nvidia &#8211;<a href="https://www.benzinga.com/money/fundrise-innovation-fund"> you can invest in the future of AI for only $10.</a>
"I don't think he had a long enough career in venture to have demonstrated the successful VC narrative that's being expressed," prominent venture capitalist and Democratic donor David Hornik told The Wall Street Journal.
During his brief stint at Mithril, Vance forged a lasting connection with Thiel, whom he first met at a talk Thiel gave at Yale University in 2011. Vance said Thiel encouraged him to pursue entrepreneurship rather than a career in law.
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According to Politico, Thiel gave Vance $15 million for his 2022 campaign in Ohio—the biggest contribution ever to a single Senate race.
After leaving Mithril in 2017, Vance joined Revolution, an investment firm started by AOL co-founder Steve Case. Former co-workers remember Vance's impact on the firm — he was lead partner or co-lead on 14 deals, including some in defense and artificial intelligence, one person told the Wall Street Journal.
Vance, who eventually served on the Revolution board, also invested in food production startup AppHarvest, which developed indoor farms in Appalachia. Shortly after Vance left Revolution, AppHarvest faced five lawsuits for misleading regulators and investors and eventually filed for bankruptcy in 2023.
Vance left Revolution to co-found Narya, an Ohio-based venture firm. He received significant backing from Thiel.
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Startups

Peter Thiel Launched J.D. Vance's Venture Capital Career, But A Former Colleague Says He Was Rarely In The Office

Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) clocked fiscal second-quarter 2024 revenue growth&nbsp;of 21% year-over-year to $2.05 billion,&nbsp;which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of&nbsp;$2.01 billion</a>.&nbsp;Revenue grew by 25%&nbsp;Y/Y after adjusting for the sale of its logistics businesses.
The stock gained after it reported its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/40215397/shopify-announces-second-quarter-2024-financial-results" rel="noreferrer noopener">quarterly results on Wednesday</a>.
The e-commerce platform company reported adjusted EPS of $0.26, which beat analyst consensus estimate of $0.20. The company reported a net income of $171 million compared to a loss of $(1.31) billion a year ago.
Gross merchandise volume increased 22% year-over-year to $67.2 billion. Gross payments volume came in at $41.1 billion. Merchant solutions revenue increased 19% year-over-year to $1.5 billion.&nbsp;
The gross margin for the quarter was 51.1% compared to 49.3% a year ago, driven primarily by the lack of the dilutive impact of the logistics businesses and changes in pricing plans.
Free cash flow totaled $333 million in the quarter compared to $97 million in the same quarter last year.&nbsp;
&#8220;We drove strong growth in GMV, revenue, and gross profit, all amidst a mixed consumer spend environment, continued to take share and concurrently expanded our free cash flow margin,&#8221; said Jeff Hoffmeister, CFO of Shopify.
Shopify has faced slowing revenue growth in recent quarters. To revive growth, President Harley Finkelstein has committed to substantial marketing investments, even if it affects profit margins, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-07/shopify-s-second-quarter-results-exceed-estimates-shares-rise?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Q3 Outlook: Shopify expects revenue growth of&nbsp;low-to-mid-twenties&nbsp;percentage rate on a Y/Y basis versus a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$2.07 billion consensus</a>.
The company expects the gross margin to be higher by 50 bps sequentially. It projects a free cash flow margin to be similar sequentially.&nbsp;
SHOP Price Action: Shopify shares traded higher by 18.4% at $64.18 premarket at last check Wednesday.
Photo via Shutterstock

Movers

Tech

Media

SHOP

Shopify's Q2 Earnings: Revenue And EPS Beat, Gross Merchandise Volume Up 22%, Strong Q3 Outlook And More

Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares are trading slightly higher in the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session on Wednesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, DJT stock has gained over 75% in the past year.
Today, the company announced that it has successfully <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40218837/trump-media-technology-group-announces-successful-launch-of-tv-streaming-on-ios-devices" rel="noreferrer noopener">launched linear TV streaming on iOS devices.</a>
To access TV streaming, iOS users must update the Truth Social app through Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) App Store unless their devices are set to automatically download updates, the company said in a press release.
This feature is supported by TMTG&#8217;s newly developed, custom-built content delivery network.
&#8220;We&#8217;ve hit a big milestone in our TV streaming rollout, with the service now available across the entire Truth Social platform—iOS, Android, and the Web,&#8221; said TMTG CEO Devin Nunes.&nbsp;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40217156/us-stocks-set-to-extend-gains-despite-mixed-earnings-vix-dips-back-toward-pre-sell-off-levels-analy" rel="noreferrer noopener">US Stocks Set To Extend Gains Despite Mixed Earnings, VIX Dips Back Toward Pre-Sell-Off Levels: Analyst Says Pullback Is A &#8216;Growth Scare&#8217; And Not &#8216;Calamity&#8217;</a>
TMTG also aims to release apps for streaming content on home TV sets and introduce enhanced advertising features.
The company plans to broaden its streaming offerings as the rollout progresses, with a focus on news, Christian content, and family-friendly programming.
Going ahead, TMTG expects to gain full control over its tech delivery stack for streaming across private network CDN, which is consistent with the goal of rendering the service uncancellable by Big Tech, the company said.
Yesterday, the company<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40187638/trump-media-technology-group-announces-successful-launch-of-tv-streaming-on-android-devices" rel="noreferrer noopener"> launched linear TV streaming on Android devices.</a>
&#8220;The addition of streaming to Android devices is another step toward our goal of creating an uncancellable home for free speech and family-friendly TV content,&#8221; Nunes added.
Price Action: DJT shares are trading higher by 0.66% to $27.29 premarket at last check Wednesday.
Photo via Shutterstock
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BLDR

Builders FirstSource shares are trading higher after Baird upgraded the stock from Neutral to Outperform and raised its price target from $185 to $190.

Editor&#8217;s Note: The article has been corrected to reflect that Reddit&#8217;s earnings were released on Tuesday.
Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) reported impressive second-quarter results on Tuesday, showcasing substantial growth <a href="https://www.benzinga.com/quote/RDDT/earnings">across key metrics</a>.
However, JPMorgan&#8217;s Doug Anmuth maintains a neutral stance, warning investors of potential volatility due to an <a href="https://www.benzinga.com/quote/RDDT/news">upcoming lock-up expiration</a>.
<h2 class="wp-block-heading">Q2 Performance: Reddit Surpasses Expectations</h2>
Reddit&#8217;s second quarter performance dazzled with 91 million daily active users, marking a 51% year-over-year increase. The company reported revenue of $281 million, a 54% rise that exceeded expectations. 
According to Anmuth, &#8220;Reddit reported strong 2Q results w/upside across all key metrics from DAUs to Revenue to EBITDA.&#8221;
The platform&#8217;s robust performance indicates a growing user base and successful monetization efforts. But with shares currently priced at $54.36, Reddit&#8217;s long-term trajectory remains uncertain.
<h2 class="wp-block-heading">Advertising Growth: Mixed Signals</h2>
Reddit&#8217;s advertising business has been a significant growth driver, with performance ads contributing to over half of the revenue surge. The scaled mid-market/SMBs sector experienced more than 50% year-over-year growth. 
However, Anmuth notes, &#8220;The 3Q guide implies some Advertising deceleration&#8230; management believes the ad market is stable despite recently reported challenges.&#8221;
Despite Reddit&#8217;s optimism, there are signs that ad revenue growth might slow in the third quarter. JPMorgan projects a more conservative outlook for third quarter advertising, reflecting a potential deceleration of around 700 basis points.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/08/40209477/cathie-woods-ark-invest-loads-up-on-reddit-as-platform-reports-q2-revenue-increase-also-buys-13-">Cathie Wood&#8217;s Ark Invest Loads Up On Reddit As Platform Reports Q2 Revenue Increase, Also Buys $13.7M Worth Of Nvidia-Rival AMD&#8217;s Stock</a>
<h2 class="wp-block-heading">Lock-Up Expiration: A Potential Hurdle</h2>
Reddit faces potential market turbulence with the lock-up expiration on Aug. 9, allowing insiders to sell their shares.
Anmuth cautions, &#8220;Near-term, we expect increased volatility heading into and around Friday's lock-up expiration, which could put pressure on shares.&#8221;
<h2 class="wp-block-heading">Strategic Moves, Future Outlook</h2>
Reddit&#8217;s strategic initiatives include <a href="https://www.redditinc.com/blog/reddit-acquires-creative-intelligence-platform-memorable-ai-to-further-enhance-advertiser-performance">acquiring </a>Memorable AI for $20 million and launching content partnerships with sports leagues, which could bolster revenue. Yet, Anmuth remains cautious, adjusting Reddit&#8217;s price target to $59 from $67.
As Reddit navigates these challenges, its ability to maintain momentum amid potential volatility will be closely watched by investors and market enthusiasts alike.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40209574/reddit-to-launch-monetization-features-for-developers-ceo-steve-huffman-says-users-can-create-an">Reddit To Launch Monetization Features For Developers, CEO Steve Huffman Says Users Can &#8216;Create And Earn Money On The Platform This Year&#8217;</a></li>
</ul>
Photo: Shutterstock

Social Media

RDDT

Reddit Posts Strong Q2 Results, But JPMorgan Warns Of Volatility Ahead (CORRECTED)

INTR

Inter & Co shares are trading higher after the company reported better-than-expected Q2 financial results.

CORRECTION: Warner Music Group Q3 2024 GAAP EPS $0.27 Beats $0.25 Estimate, Sales $1.554 Miss $1.564B Estimate

Expectations that the Federal Reserve will soon begin cutting interest rates have driven mortgage rates to their lowest levels in over a year Wednesday, positively impacting both new mortgage applications and <a href="https://www.benzinga.com/money/mortgages">refinancing of existing loans.</a>
The average contract interest rate for 30-year fixed-rate mortgages — with conforming loan balances of $766,550 or less — fell significantly by 27 basis points to 6.55% for the week ending Aug. 2, marking the lowest rate since early May 2023
The decrease of 27 basis points from the rate of 6.82% on July 26 represents the largest weekly drop since July 2022 and reflects sizable reductions in Treasury yields.
The 30-year Treasury yield, a key benchmark for mortgage costs, dropped 34 basis points during the week ending Aug. 2, reaching approximately 4.2%. 
&#8220;Mortgage rates decreased across the board last week&#8230;following dovish communication from the Federal Reserve and a weak jobs report, which added to increased concerns of an economy slowing more rapidly than expected,&#8221; said Joel Kan, the Mortgage Bankers Association&#8217;s vice president and deputy chief economist.
<h3 class="wp-block-heading">Chart: 30-Year Mortgage Rates Drop To Levels Last Seen In May 2023</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15-1024x576.png" alt="" class="wp-image-481621" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07085307/image-1-15.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Demand For Mortgages Jumps, Driven By Lower Interest Rates</h3>
Mortgage applications soared by 6.9% during the week ending Aug. 2, the sharpest increase in nearly two months and fully erasing the cumulative declines in applications from the two prior weeks. 
Applications for a loan to refinance a mortgage, which are more sensitive to weekly changes in interest rates, soared by nearly 16%.&nbsp;The MBA Mortgage Refinance index rose to the highest level in two years. 
Although the Federal Reserve kept the federal funds target unchanged at its July meeting, it hinted at a possible rate cut in September. Market speculation around a Fed rate cut sharply increased as a result of a weaker-than-expected July jobs report.
Commenting on the data, MBA chief economist Mike Fratantoni said: &#8220;The weakness in this report including the slower rate of wage growth and the higher unemployment rate certainly support such a cut, but the next inflation report needs to confirm that price growth is also slowing.
"The market is moving ahead of the Fed, bringing down longer-term rates including those for mortgages, which should lead to both more home purchases and a pickup in refinance activity," he said. 
<h3 class="wp-block-heading">Market Reactions</h3>
Shares of real estate companies surged in premarket trading on Wednesday, with the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) rising by 0.8%, following a 2% gain on Tuesday. The VNQ ETF is on course to reach levels not seen since January 2023.
Top premarket gainers were Howard Hughes Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>), up 14.5%, Peakstone Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKST#NYSE">PKST</a>), up 5.4%, Opendoor Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NYSE">OPEN</a>), up 4.6% and Hudson Pacific Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPP#NYSE">HPP</a>), up 4.4%.
Mortgage-linked stocks as tracked by the iShares Residential and Multisector Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>) are up over 2.5% in the premarket, after rallying 2.7% a day earlier. American Healthcare REIT, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AHR#NYSE">AHR</a>) and Community Healthcare Trust Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHCT#NYSE">CHCT</a>) led gains, up 9.4% and 2.9%, respectively. 
Read now: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40172320/market-bets-on-feds-next-move-is-50-basis-point-cut-in-september-a-done-deal">Market Bets On Fed&#8217;s Next Move: Is 50-Basis-Point Cut In September A Done Deal?</a></li>
</ul>
Photo via Shutterstock.

Macro Economic Events

Mid Cap

REIT

Sector ETFs

Bonds

Small Cap

Treasuries

Econ #s

Economics

ETFs

Real Estate

CHCT

OPEN

PKST

iShares FTSE NAREIT Residential PLUS Capped Index Fund

Mortgage Rates Fall To 15-Month Lows, Boost Homebuyer Demand As Federal Reserve Hints At Rate Cuts

Truist Securities analyst Mark Hughes maintains James River Gr Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JRVR#NASDAQ">JRVR</a>) with a Hold and lowers the price target from $9 to $8.

JRVR

Truist Securities Maintains Hold on James River Gr Hldgs, Lowers Price Target to $8

Management

HEPA

Hepion Pharmaceuticals Announces Interim CEO and CFO John Cavan Departs; Executive Chairman John Brancaccio Appointed As Interim CEO and CFO

Truist Securities analyst Jamie Cook reiterates Jacobs Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/J#NYSE">J</a>) with a Hold and raises the price target from $153 to $158.

Reiteration

Truist Securities Reiterates Hold on Jacobs Solutions, Raises Price Target to $158

Macquarie analyst Chad Beynon maintains Playa Hotels &amp; Resorts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLYA#NASDAQ">PLYA</a>) with a Outperform and maintains $14 price target.

PLYA

Macquarie Maintains Outperform on Playa Hotels & Resorts, Maintains $14 Price Target

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