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<ul>
<li>On June 1, 2020, Emergent announced a $628 million contract with the U.S. government to produce COVID-19 vaccines.</li>
<li>The company started producing vaccine materials for Johnson &amp; Johnson and AstraZeneca at its Baltimore facility in late 2020.&nbsp;</li>
<li>In March 2021, the facility accidentally contaminated Johnson &amp; Johnson vaccine doses with AstraZeneca ingredients.&nbsp;</li>
<li>By April 2021, the FDA halted production at the site, citing quality issues, contamination risks, and poor training.</li>
<li>Following the contamination crisis, Emergent stock price dropped by over 60% by November 2021, erasing over half the company&#8217;s market value in just months.</li>
<li>Shortly after, shareholders filed multiple lawsuits against Emergent, claiming the company misrepresented its vaccine production capabilities and hid serious quality issues.</li>
<li>Emergent BioSolutions recently agreed to pay a $40 million settlement to investors to resolve the lawsuits. Affected investors can now <a href="https://11thestate.com/cases/emergent-investor-settlement">file a claim</a> to receive the payout.</li>
</ul>
<h2 class="wp-block-heading has-medium-font-size">Overview</h2>
Emergent BioSolutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EBS#NYSE">EBS</a>)&nbsp;secured over $1 billion in government and pharmaceutical contracts during the COVID-19 pandemic. However, in March 2021, workers at its Baltimore facility mistakenly mixed Johnson &amp; Johnson and AstraZeneca vaccine ingredients, contaminating up to 15 million J&amp;J doses and forcing AstraZeneca to discard tens of millions more. This error delayed J&amp;J's vaccine rollout and disrupted global distribution, causing Emergent stock to drop by over 50% by November 2021. Following these events, a group of shareholders sued Emergent, and recently, Emergent agreed to pay a $40 million settlement to all affected investors.
<h3 class="wp-block-heading has-medium-font-size">How It All Started: Manufacturing Failures&nbsp;</h3>
In the wake of the COVID-19 pandemic, Emergent BioSolutions <a href="https://www.globenewswire.com/news-release/2020/06/11/2046894/0/en/Emergent-BioSolutions-Signs-Agreement-to-be-U-S-Manufacturing-Partner-for-AstraZeneca-s-COVID-19-Vaccine-Candidate.html#:~:text=Development%20services%20will,public%20health%20emergencies.">positioned</a> its Bayview facility as a critical vaccine production asset. In March 2020, the company secured over $1 billion in contracts with Johnson &amp; Johnson and AstraZeneca, including a substantial government Operation Warp Speed contract.
On April 30, 2020, CEO Robert Kramer declared during an earnings call that the company had &#8220;proven manufacturing capabilities&#8221; and was prepared to scale up quickly to meet the demands of vaccine production.&nbsp;
In July 2020, following the AstraZeneca agreement, Emergent further bolstered its claims in a press release, with Kramer declaring, &#8220;Emergent is driven by our desire to advance solutions that will make an impact on this pandemic&#8220;.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="113" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/20162558/image_2024-11-20_20-25-24-1024x113.png" alt="" class="wp-image-3463" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/20162558/image_2024-11-20_20-25-24-1024x113.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/20162558/image_2024-11-20_20-25-24-300x33.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/20162558/image_2024-11-20_20-25-24-768x85.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/11/20162558/image_2024-11-20_20-25-24.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The company&#8217;s CDMO business unit head, Syed T. Husain, added that &#8220;Emergent stands ready alongside leading innovators to rapidly deploy our CDMO services to help meet the substantial demand for a vaccine.&#8220;
By early 2021, Emergent shares were trading above $90, fueled by high expectations for the company's role in vaccine production.&nbsp;
However, despite positive public messaging, internal audits and inspections in the summer of 2020 uncovered serious issues at Emergent BioSolutions' manufacturing facilities.&nbsp;
Reports highlighted poor staff training, equipment failures, and inadequate quality control measures, revealing long-standing problems within the company&#8217;s operations. One audit found that &#8220;the flow of workers and materials through the plant was not adequately controlled to prevent mix-ups or contamination.&#8221; Another audit discovered that a manager had &#8220;knowingly deviated&#8221; from standard procedures.
After that, in November 2020, AstraZeneca representatives visiting Emergent&#8217;s Bayview facility raised concerns about poor oversight and GMP compliance.&nbsp;
Emergent&#8217;s VP of Manufacturing acknowledged these issues, mentioning trash buildup in hallways and lapses in GMP standards. An external consultant also warned that the facility was &#8220;NON-CGMP compliant&#8221; and at regulatory risk, but production still continued.
<h3 class="wp-block-heading has-medium-font-size">Contamination Crisis at Emergent's Facility</h3>
In March 2021, a major contamination incident at Emergent's Baltimore facility revealed significant oversight failures. Millions of Johnson &amp; Johnson vaccine doses were mixed with AstraZeneca ingredients, an issue initially detected by Johnson &amp; Johnson's lab in the Netherlands, not Emergent. 
The contamination forced the disposal of tens of millions of AstraZeneca doses and delayed the delivery of approximately 100 million Johnson &amp; Johnson doses during a critical phase of the pandemic.&nbsp;
Following this disclosure, Emergent issued a press release, stating that their &#8220;quality control systems worked as designed&#8221; and that discarding a batch of bulk drug substance &#8220;occasionally happens during vaccine manufacturing.&#8221;&nbsp;
However, that same day the Associated Press released FDA documents obtained through FOIA requests, revealing a history of quality control issues at Emergent&#8217;s facilities dating back to 2017.
FDA leaders reported that the company &#8220;hired a lot of individuals not as familiar with vaccine manufacturing that did not have adequate training.&#8221;&nbsp;
Inspectors found several issues at Emergent's facility, including mismanaged waste, peeling paint, and cluttered equipment. They also discovered that some quality checks were removed from vaccines before an FDA visit in February 2021.&nbsp;
Later, it came to light that Emergent had been forced to destroy vaccine materials equivalent to nearly 400 million doses — much more than the previously reported 85 million.
The situation worsened on November 4, 2021, when Emergent announced that the Department of Health and Human Services had cancelled its $628 million contract, requiring the company to reverse $86 million in Q3 2021 revenue and reduce its contract backlog by $180 million.
The impact on investors was clear as Emergent's stock price dropped by over 60%, from more than $120 in early 2021 to below $45 by November 2021.
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeIIZlLXwwooy_Zuo42Ez05mIVStfl0HOwUqkb9SlYYDcrmYOLAsAZF0seiSDHOA3ONme9YjpCgNgGOq0vGoQc-apf2vdPLSufxtKjA92BHR-VPz2Bk12OYqeUoyRBv-UZ97kKnZU0RrwHGwCBSKGT8671r?key=KYxIxnLygQzR6Mc3yd4O5SaK" alt="" style="width:624px" /></figure>
These disclosures and the sharp drop in stock price led shareholders to file multiple lawsuits against Emergent, accusing the company of misrepresenting its vaccine production capabilities and concealing serious quality issues.
<h3 class="wp-block-heading has-medium-font-size">Resolving The Case</h3>
After three years of legal proceedings, in September 2024, Emergent agreed to pay $40 million to settle the lawsuit from shareholders. If you invested in Emergent, you may be eligible to <a href="https://11thestate.com/cases/emergent-investor-settlement">file for a portion</a> of the settlement to recover your losses.
As of now, Emergent BioSolutions has made significant progress in its recovery, securing a $50 million settlement with Johnson &amp; Johnson and driving a broader transformation under CEO Joe Papa. In Q3 2024, the company saw a 9% revenue increase to $293.8 million and secured vital government contracts, including a $250 million order to produce vaccines for anthrax, botulism, and smallpox. It also sold its Camden facility for $30 million to streamline operations. However, its stock remains far below previous highs, trading at $8 in November 2024 — a 93.6% decline from its $125 peak in 2021, showing that there is still a long road ahead for a recovery.

Markets

General

Emergent's Vaccine Production Failure: Contamination Scandal, Investor Backlash, and $40M Settlement

EQUA Specialty Risk Partners, a Canadian-owned insurance brokerage, is taking on one of the cannabis industry's most pervasive challenges: stigma. Through education, advocacy and innovative risk management strategies, EQUA seeks to transform how <a href="http://benzinga.com/cannabis">cannabis</a> businesses access insurance.&nbsp;
In an exclusive conversation with Benzinga, Loretta Eldridge, EQUA's director of marketing, communications and strategic partnerships, and Matt Jardine, cannabis client executive, spoke about the company's mission to create insurance solutions without stigma.
<h3 class="wp-block-heading">Uncovering The Impact Of Stigma On Canada&#8217;s Cannabis Operators</h3>
EQUA was founded in 2020 as a specialty brokerage for complex commercial risks. Initially focusing on industries like construction and technology, the company ventured into cannabis after Eldridge, a lifelong cannabis advocate and former director of marketing at Ample Organics, joined the team. &#8220;I&#8217;m transparently a lifelong consumer, a medical patient. I am really dedicated to the cannabis community because it is my community,&#8221; Eldridge said.
The shift began when Eldridge continued attending cannabis events and noticed a pressing need for insurance solutions. Business owners approached her with urgent requests for help. &#8220;It got to the point where in one of those conversations a woman I was chatting to started to get emotional. The one woman said, &#8216;I met you for a reason today. I need help,'&#8221; Eldridge recalled.
These interactions prompted two years of in-depth research involving nearly 60 industry leaders across 20 sub-sectors. What the EQUA team found was alarming. Canadian cannabis operators faced inflated premiums, limited market capacity and policies riddled with exclusions.
Jardine elaborated on the practical impacts of stigma, particularly for cultivators and processors. &#8220;You could have a neighboring risk that&#8217;s a greenhouse and they would have completely different premiums for the exact same size facilities&#8230; We have coined that the cannabis surcharge,&#8221; he noted.
<h3 class="wp-block-heading">EQUA's Strategy: Education, Collaboration &amp; Customized Solutions</h3>
However, EQUA has taken a proactive approach to dismantle these barriers, rooted in education and collaboration. Eldridge highlighted the importance of connecting cannabis operators directly with underwriters to dismantle biases. "We invite underwriters to tour facilities, see the stringent security measures and understand the hyper-regulated nature of the industry," she explained. These efforts have led to the entry of new insurance markets, gradually alleviating stigma.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
Customization lies at the heart of EQUA&#8217;s strategy. By deeply understanding each client&#8217;s unique needs, they tailor insurance packages accordingly. Jardine shared an example where EQUA reduced a client's stock coverage to align with actual inventory needs, saving thousands of dollars. "We personalize every policy, ensuring it matches the operator's specific requirements and eliminates unnecessary costs," Jardine said.
<h3 class="wp-block-heading">U.S. Laws Limit Cannabis Insurance Access Globally</h3>
Limited global insurance capacity due to <a href="https://www.benzinga.com/markets/cannabis/24/11/42093641/dea-is-compromised-doj-should-replace-it-in-cannabis-rescheduling-claims-joint-motion">U.S. federal illegality</a> further complicates problems, leaving Canadian businesses with fewer competitive options. This limits market capacity and sustains high premiums. Eldridge described the situation as a funnel, with stigma and legal barriers narrowing options at every level.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40900626/legal-medical-cannabis-could-save-us-healthcare-29b-annually-new-study-finds">Legal Medical Cannabis Could Save US Healthcare $29B Annually, New Study Finds</a>
She also emphasized the importance of global outreach: &#8220;We don&#8217;t have to just go to the United States, we educate and engage with underwriters wherever those underwriters are legally allowed to offer these services to Canadian businesses.&#8221;
<h3 class="wp-block-heading">‘Cannabis Surcharge' Also Hits Ancillary Companies</h3>
And the challenges don't stop at plant-touching businesses. Eldridge pointed out that <a href="https://www.benzinga.com/markets/cannabis/23/09/34985762/exclusive-unlocking-potential-of-ancillary-companies-in-cannabis-industry">ancillary companies</a>, such as equipment manufacturers and technology providers, also face inflated premiums simply for serving cannabis clients. EQUA's role, she explained, includes educating underwriters to separate perceived risks from actual risks and advocating for fairer practices across the supply chain.
<h3 class="wp-block-heading">Overcoming Canada's Complex Cannabis Regulations</h3>
Moreover, navigating Canada's fragmented regulatory landscape is another area where EQUA&#8217;s tailored solutions provide critical support. Each province imposes unique insurance requirements, from product recall policies to liability limits. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40591338/canadas-cannabis-growth-slowed-due-to-federal-gov-inaction-key-industry-leader-says">Canada&#8217;s Cannabis Growth Slowed Due To Federal Gov Inaction, Key Industry Leader Says</a>
Jardine noted that non-compliance can void policies, making EQUA's role in reviewing agreements and ensuring alignment indispensable for multi-province cannabis operators.
<h3 class="wp-block-heading">EQUA's Vision For Industry Transformation</h3>
When asked about their views on the future evolution of cannabis insurance, Eldridge expressed optimism. "The industry is waking up and wanting to support these companies because it's the right thing to do," she said. Jardine echoed this sentiment, predicting that increased competition and nuanced underwriting will lead to fairer premiums within the next two years.&nbsp;&nbsp;
With its focus on advocacy, education and tailored solutions, EQUA is reshaping how insurance is perceived in the cannabis industry. As Eldridge put it, "We're just at the beginning of the precipice of change and we're proud to be leading the charge."&nbsp;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42130221/the-best-and-worst-performing-states-for-cannabis-sales-in-2024-ytd-winners-and-losers">Best And Worst Performing States For Cannabis Sales In 2024: YTD Winners &amp; Losers</a></li>
</ul>
Image courtesy of EQUA.

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Regulations

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Interview

Insurance

EXCLUSIVE: How EQUA Tackles Stigma In Cannabis Insurance With Tailored Solutions

With President-elect Donald Trump gearing up to extend his signature tax policies, one big question looms: who wins with these cuts? Spoiler alert – it's not your average Joe. If you're <a href="https://www.benzinga.com/personal-finance/24/10/41193824/are-you-rich-enough-to-be-in-the-top-1-heres-both-the-income-and-net-worth-you-need-to-rank-amon">pulling in $450,000 or more a year</a>, congratulations, you've officially entered the winner's circle of potential tax breaks.&nbsp;
But let's break it down: who benefits the most, who barely feels a thing and what does this all mean for America's bottom line?
Don't Miss:
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<li><a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.</li>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
<li><a href="https://www.benzinga.com/money/cd-valet-growth">CD Popularity Soars: Over 50 Million Americans Embrace Safe Savings with 5–10% Annual Growth</a></li>
</ul>
Big Money, Bigger Breaks
You&#8217;re in luck if your annual income sits at $450,000 or higher. This puts you squarely in the <a href="https://www.benzinga.com/personal-finance/24/10/41465234/are-you-among-the-top-5-of-earners-heres-the-income-you-need">top 5% of earners in the U.S</a>. and you're primed to receive the lion's share of the benefits from extending the 2017 Tax Cuts and Jobs Act (TCJA). High earners in this range could see their after-tax income increase by about 3.2%.
Things get even rosier for the ultrarich. If you're among the top 1% (earning $1 million or more), you're looking at an average tax cut of $70,000 by 2027. And for the elite 0.1% – those raking in $5 million or more – the benefits skyrocket to an average cut of nearly $280,000 or about 3% of after-tax income.
In short, the higher your income, the sweeter your tax break.
See Also: Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a>
The Middle Class Gets Crumbs
Now, let's talk about <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">middle-income households</a> earning between $65,000 and $116,000 annually. On average, this group might see a modest tax cut of around $1,000, representing a 1.3% bump in after-tax income, according to the Tax Policy Center. While any tax relief is welcome, it's clear these breaks don't pack the same punch for the middle class as they do for high earners.
But not everyone in this bracket will benefit. The TPC reports around 13% of middle-income households could see their taxes go up if these provisions are extended. The disparity here underscores one of the main criticisms of Trump's tax policies: they disproportionately favor the wealthy, leaving middle-income families feeling like an afterthought.
What's the Catch?
Extending the TCJA isn't cheap – it's projected to cost the U.S. government about $5 trillion over the next decade. Proponents argue that lower taxes spur economic growth, but critics warn that the plan could worsen income inequality and balloon the federal deficit.
The modest tax relief might feel like a drop in the bucket for many middle-class families already grappling with rising costs for essentials like housing, health care and education. Meanwhile, the ultra-wealthy continue to bank substantial savings, further widening the gap between the haves and the have-nots.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
The Bottom Line
If you're making $450,000 or more annually, Trump's tax cuts could mean a significant boost to your bottom line. For everyone else, the benefits are smaller; you could sometimes even pay more.
As debates over the future of the TCJA unfold, it's worth considering not just the financial impact but also the broader social implications. Are these tax breaks driving growth or leaving too many Americans behind?
Understanding where you fall in this financial reshuffle is crucial. Whether counting your blessings – or bracing for a higher bill – staying informed is the best way to prepare for what's next in U.S. tax policy. And don't forget: <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">consulting a financial advisor</a> can help you navigate the potential changes and ensure you're making the most of any opportunities – or avoiding costly pitfalls.
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<li><a href="https://www.benzinga.com/money/advisor-adv-warren-buffett">Warren Buffett Flipped His Neighbor's $67,000 Life Savings Into A $50 Million Fortune — This Would Be Worth Over $500 Million Today</a></li>
</ul>

Personal Finance

Are You Rich Enough To Benefit From Trump's Tax Breaks? Here's How Much You'd Need To Be Part Of The Top 5%

Cryptocurrency Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) has soared in value in recent days, driven by companies filing to launch Solana ETFs, the continued strength of meme coins, and optimism <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42139601/solana-hits-264-record-high-as-etf-filings-regulatory-optimism-drive-market-momentum">for the crypto sector.</a>
On Nov. 21, Solana hit an all-time high, which comes years after the cryptocurrency was nearly left for dead and investors fled after former FTX CEO Sam Bankman-Fried was arrested.
Here&#8217;s a look back at the fall of FTX and Bankman-Fried&#8217;s arrest, which may have been a good starting point to buy Solana.
What Happened: Solana's<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42122387/solana-soars-10-reaches-new-all-time-high-market-cap-what-is-going-on"> all-time high</a> comes with meme cryptocurrencies once again surging in popularity and optimism that ETFs based on the fourth-largest crypto could be approved similarly to 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>) ETFs.
With a market capitalization of $121.0 billion, Solana ranks fourth trailing only Bitcoin, Ethereum and stablecoin Tether.
While Solana now trades over $200 a coin, the crypto was one of many that fell on previous news surrounding FTX, including the company's bankruptcy and the arrest of founder Sam Bankman-Fried.
On Dec. 12, 2022, Bankman-Fried was arrested in the Bahamas after criminal charges were announced against him by U.S. prosecutors.
He was later <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35581805/ex-ftx-ceo-sam-bankman-fried-found-guilty-on-all-criminal-fraud-charges-faces-up-to-115-ye">found guilty</a> on seven counts of criminal fraud in November 2023. The announcement of the verdict initially caused a decline in the prices of&nbsp;<a href="http://benzinga.com/markets/cryptocurrency/23/11/35583286/bitcoin-ethereum-dogecoin-tumble-after-sam-bankman-fried-found-guilty-on-all-charges-analy" target="_blank" rel="noreferrer noopener">several major cryptocurrencies</a>.
Among the charges against the former FTX CEO were wire fraud, securities fraud, commodities fraud, money laundering and conspiracy to commit wire fraud.
The former FTX CEO <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37988324/sam-bankman-fried-sentenced-to-25-years-judge-points-to-ambition-political-manipulation">was sentenced to</a> 25 years in prison in March 2024.
Read Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41908812/if-you-invested-100-in-dogecoin-when-the-meme-coin-launched-heres-how-much-youd-have-today"> If You Invested $100 In Dogecoin When The Meme Coin Launched, Here&#8217;s How Much You&#8217;d Have Today</a>
Investing $1,000 in Solana:&nbsp;The bankruptcy of FTX and arrest of Bankman-Fried were among the top negative headlines for the cryptocurrency sector over the last year.
Solana is one of many cryptocurrencies that saw high volatility around those events. The cryptocurrency was also linked closely to FTX, given the cryptocurrency platform&#8217;s&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29685871/ftx-is-dead-solana-is-not-sol-sees-positive-volatility-as-community-concurs-sam-bankman-fr" target="_blank" rel="noreferrer noopener">former large position</a>&nbsp;in the coin and Bankman-Fried once telling a user on Twitter, now known as X, that&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/21/11/24160231/ftx-founder-sam-bankman-fried-may-have-had-one-of-the-best-2021-crypto-callouts-how-much-s" target="_blank" rel="noreferrer noopener">he would buy</a>&nbsp;all the Solana coins he could at $3 each.
For an investor in Solana, the arrest of Bankman-Fried could have been an ideal entry point, considering the cryptocurrency's price drop and subsequent rebound following the event.
On Dec. 12, 2022, Solana traded as high as $13.46. A $1,000 investment in the coin at its daily high could have acquired 74.29 SOL. The $1,000 investment would be worth $18,924.63 today. This represents a potential return of 1,792.5% over the past nearly two years.
For comparison, the S&amp;P 500 ETF Trust, which tracks the S&amp;P 500 stock market index, is up only 49.2% over the same time period.
While it remains to be seen if Solana can continue moving higher, investors who recognized that Bankman-Fried&#8217;s arrest and trial would be short-term bearish for cryptocurrency would have been pleasantly rewarded.
Read Next: 
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<li><a href="https://www.benzinga.com/general/education/24/11/42125880/if-you-bought-1-worth-of-bitcoin-at-launch-heres-how-much-youd-have-today-2">If You Bought $1 Worth Of Bitcoin At Launch, Here&#8217;s How Much You&#8217;d Have Today</a></li>
</ul>
This article was previously published by Benzinga and has been updated.
Photo: Skorzewiak/Shutterstock.com

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

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$SOL

If You Invested $1,000 In Solana When Sam Bankman-Fried Was Arrested, Here's How Much You'd Have Today

TILT Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTC">TLLTF</a>) is at a critical juncture as it explores divesting its plant-touching business (PTB), which generates 75% of its revenue but continues to struggle with declining margins. Massachusetts operations, contributing two-thirds of revenue, are under pressure from market saturation, while Pennsylvania's wholesale arm faces reduced purchases as vertically integrated operators prioritize in-house products. 
Gross margins across TILT fell from 18% in Q1 to 14% in Q3, reflecting challenges across all divisions. Analyst Pablo Zuanic values the PTB between $20–$30 million, a modest sum given the company's $3 million market cap and heavy debt burden.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Debt Remains A Major Hurdle Despite Positive Cash Flow</h3>
TILT's financial health is constrained by $62 million in net debt, with $12 million due in 2025 and $38 million in 2026, alongside $44 million in lease obligations. However, <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic highlights</a> a positive development: TILT generated $2 million in operating cash flow in Q3 2024. 
<h3 class="wp-block-heading">Jupiter&#8217;s Challenges: A Dual Front</h3>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37083640/jupiter-research-weed-vape-cartridges-mso-brand">Jupiter, TILT's vape subsidiary</a>, is contending with both operational setbacks and broader market shifts. U.S. sales dropped to $9.4 million in Q3 2024, down from $15 million in the same period last year, even after adjusting for the transition of half its sales to a 15% distribution fee model. 
Canadian sales grew 11% to $6.4 million but saw gross margins collapse from 29% to zero. Zuanic calculates that Jupiter's distribution fees could generate $9 million annually at 100% gross margins, with the remaining $53 million in sales yielding 20% margins. This would produce $20 million in gross profit, making Jupiter potentially profitable with $10 million in EBITDA.&nbsp;
However, Zuanic remains cautious about the sustainability of these projections given continued market share erosion. 
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<h3 class="wp-block-heading">Competitive Landscape And CCELL Partnership</h3>
Jupiter's long-standing partnership with CCELL is adapting to shifting market dynamics. CCELL has diversified its production outside China to mitigate geopolitical risks, while also strengthening direct U.S. customer support. Zuanic raises concerns about potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35228569/whos-who-among-cannabis-hardware-vaping-suppliers-zuanic-associates-take-a-deep-div">overlap between CCELL's direct operations and Jupiter's business</a>, warning that structural changes may be necessary to preserve market leadership. 
Consumer preferences are shifting toward all-in-one devices (AIOs), prompting Jupiter to invest in proprietary technologies and bolster its supply chain. Despite these efforts, the company has yet to reverse a five-year trend of declining market share. Zuanic underscores the importance of aligning innovation with operational efficiency to stay competitive. For a deeper dive into his methodology and projections, visit <a href="https://zuanicgroup.com/">Zuanic &amp; Associates' research portal</a>.
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Analyst Color

Market Summary

Financing

Asset Sales

Small Cap

Management

Analyst Ratings

Trading Ideas

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WIIM

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Ratings for Ameren (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEE#NYSE">AEE</a>) were provided by 7 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">3</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Ameren, revealing an average target of $89.71, a high estimate of $97.00, and a low estimate of $85.00. This upward trend is evident, with the current average reflecting a 6.58% increase from the previous average price target of $84.17.
<img src="https://www.benzinga.com/files/images/story/2024/1732305924_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
A comprehensive examination of how financial experts perceive Ameren is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Stephen Byrd</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$86.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Nicholas Campanella</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$88.00</td>
<td>$77.00</td>
</tr>
<tr>
<td>Stephen Byrd</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$81.00</td>
</tr>
<tr>
<td>Neil Kalton</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$96.00</td>
<td>$91.00</td>
</tr>
<tr>
<td>Julien Dumoulin-Smith</td>
<td>Jefferies</td>
<td>Announces</td>
<td>Buy</td>
<td>$97.00</td>
<td>-</td>
</tr>
<tr>
<td>Anthony Crowdell</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Outperform</td>
<td>$89.00</td>
<td>$82.00</td>
</tr>
<tr>
<td>Julien Dumoulin-Smith</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Neutral</td>
<td>$87.00</td>
<td>$86.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Ameren. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Ameren compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Ameren's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Ameren's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/AEE/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Ameren analyst ratings.</a>
<h2>Discovering Ameren: A Closer Look</h2>
Ameren owns rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas in Missouri and Illinois. It serves more than 2.4 million electricity customers and more than 900,000 natural gas customers.
<h3>Ameren: Financial Performance Dissected</h3>
Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.
Positive Revenue Trend: Examining Ameren's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 5.49% as of 30 September, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Utilities sector.
Net Margin: Ameren's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 20.98%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Ameren's ROE excels beyond industry benchmarks, reaching 3.9%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Ameren's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 1.06%, the company showcases efficient use of assets and strong financial health.
Debt Management: Ameren's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 1.54.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cracking The Code: Understanding Analyst Reviews For Ameren

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In the latest quarter, 6 analysts provided ratings for Expand Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXE#NASDAQ">EXE</a>), showcasing a mix of bullish and bearish perspectives.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Expand Energy and provided 12-month price targets. The average target is $97.17, accompanied by a high estimate of $116.00 and a low estimate of $85.00. Surpassing the previous average price target of $91.83, the current average has increased by 5.82%.
<img src="https://www.benzinga.com/files/images/story/2024/1732305763_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A comprehensive examination of how financial experts perceive Expand Energy is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$116.00</td>
<td>$102.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Outperform</td>
<td>$110.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Mike Scialla</td>
<td>Stephens &amp; Co.</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$86.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Mike Scialla</td>
<td>Stephens &amp; Co.</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$85.00</td>
<td>$84.00</td>
</tr>
<tr>
<td>Paul Diamond</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$97.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$89.00</td>
<td>$85.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Expand Energy. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Expand Energy compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for Expand Energy's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
To gain a panoramic view of Expand Energy's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/EXE/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Expand Energy analyst ratings.</a>
<h2>Unveiling the Story Behind Expand Energy</h2>
Expand Energy Corp independent natural gas producer in the United States. It is fueling a more affordable, reliable, and lower-carbon future. The group focused on developing abundant natural gas, oil, and gas liquids to expand energy access.
<h3>Expand Energy: Delving into Financials</h3>
Market Capitalization: Positioned above industry average, the company's market capitalization underscores its superiority in size, indicative of a strong market presence.
Revenue Challenges: Expand Energy's revenue growth over 3 months faced difficulties. As of 30 September, 2024, the company experienced a decline of approximately -57.28%. This indicates a decrease in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Expand Energy's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of -17.65%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Expand Energy's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -1.11%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of -0.84%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: Expand Energy's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.2.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
Breaking: Wall Street's Next Big Mover
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings For Expand Energy

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Agilent Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) is preparing to release its quarterly earnings on Monday, 2024-11-25. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect Agilent Technologies to report an earnings per share (EPS) of $1.40.
Investors in Agilent Technologies are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Earnings Track Record</h3>
Last quarter the company beat EPS by $0.06, which was followed by a 0.16% increase in the share price the next day.
Here's a look at Agilent Technologies's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.26</td>
<td>1.19</td>
<td>1.22</td>
<td>1.35</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.32</td>
<td>1.22</td>
<td>1.29</td>
<td>1.38</td>
</tr>
<tr>
<td>Price Change %</td>
<td>0.0%</td>
<td>-10.0%</td>
<td>3.0%</td>
<td>9.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1732305703_0.png" alt="eps graph" />
<h3>Market Performance of Agilent Technologies's Stock</h3>
Shares of Agilent Technologies were trading at $132.06 as of November 21. Over the last 52-week period, shares are up 5.86%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Analyst Observations about Agilent Technologies</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on Agilent Technologies.
Analysts have provided Agilent Technologies with 3 ratings, resulting in a consensus rating of Neutral. The average one-year price target stands at $149.0, suggesting a potential 12.83% upside.
<h3>Comparing Ratings Among Industry Peers</h3>
In this analysis, we delve into the analyst ratings and average 1-year price targets of IQVIA Hldgs, Waters and Illumina, three key industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>The prevailing sentiment among analysts is an Outperform trajectory for IQVIA Hldgs, with an average 1-year price target of $261.21, implying a potential 97.8% upside.</li>
<li>The prevailing sentiment among analysts is an Neutral trajectory for Waters, with an average 1-year price target of $370.0, implying a potential 180.18% upside.</li>
<li>For Illumina, analysts project an Neutral trajectory, with an average 1-year price target of $173.56, indicating a potential 31.43% upside.</li>
</ul>
<h3>Summary of Peers Analysis</h3>
The peer analysis summary provides a snapshot of key metrics for IQVIA Hldgs, Waters and Illumina, illuminating their respective standings within the industry. These metrics offer valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Agilent Technologies</td>
<td>Neutral</td>
<td>-5.62%</td>
<td>$855M</td>
<td>4.65%</td>
</tr>
<tr>
<td>IQVIA Hldgs</td>
<td>Outperform</td>
<td>4.28%</td>
<td>$1.38B</td>
<td>4.17%</td>
</tr>
<tr>
<td>Waters</td>
<td>Neutral</td>
<td>4.02%</td>
<td>$438.65M</td>
<td>10.71%</td>
</tr>
<tr>
<td>Illumina</td>
<td>Neutral</td>
<td>-3.49%</td>
<td>$745M</td>
<td>39.60%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Agilent Technologies ranks in the middle among peers for Consensus rating. It is at the bottom for Revenue Growth. For Gross Profit, it is at the top. In terms of Return on Equity, Agilent Technologies is at the bottom compared to its peers.
<h3>Delving into Agilent Technologies's Background</h3>
Originally spun out of Hewlett-Packard in 1999, Agilent has evolved into a leading life science and diagnostic firm. Today, Agilent's measurement technologies serve a broad base of customers with its three operating segments: life science and applied tools, cross lab consisting of consumables and services related to life science and applied tools, and diagnostics and genomics. Over half of its sales are generated from the biopharmaceutical, chemical, and advanced materials end markets, which we view as the stickiest end markets, but it also supports clinical lab, environmental, forensics, food, academic, and government-related organizations. The company is geographically diverse, with operations in the US and China representing the largest country concentrations.
<h3>Agilent Technologies: A Financial Overview</h3>
Market Capitalization: Positioned above industry average, the company's market capitalization underscores its superiority in size, indicative of a strong market presence.
Revenue Growth: Agilent Technologies's revenue growth over a period of 3 months has faced challenges. As of 31 July, 2024, the company experienced a revenue decline of approximately -5.62%. This indicates a decrease in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: Agilent Technologies's net margin excels beyond industry benchmarks, reaching 17.87%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Agilent Technologies's ROE stands out, surpassing industry averages. With an impressive ROE of 4.65%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Agilent Technologies's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 2.58%, the company showcases efficient use of assets and strong financial health.
Debt Management: With a below-average debt-to-equity ratio of 0.5, Agilent Technologies adopts a prudent financial strategy, indicating a balanced approach to debt management.
<a href="https://www.benzinga.com/quote/A/earnings">To track all earnings releases for Agilent Technologies visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

What's Next: Agilent Technologies's Earnings Preview

For the first time in years, the U.S. is witnessing a sustained decline in overdose deaths. Federal data reveals a 14.5% drop in fatalities over 12 months ending June 2024, marking a significant shift after years of grim records. Experts attribute the change to a combination of expanded <a href="https://www.benzinga.com/markets/cannabis/24/06/39470316/un-health-officials-new-report-calls-for-end-to-drug-war-harm-reduction-scientific-approach-to-d">harm reduction</a> efforts, increased accessibility to treatment and changes in the illicit drug supply itself.
<h3 class="wp-block-heading">Drivers Behind Decline In Overdose Deaths </h3>
According to a recent <a href="https://www.nytimes.com/2024/11/21/health/overdose-deaths-decline-drug-supply.html">article</a> in The New York Times, weakened fentanyl potency has played a critical role. Anne Milgram, head of the Drug Enforcement Administration (DEA), <a href="https://www.dea.gov/press-releases/2024/11/15/deas-third-annual-national-family-summit-fentanyl-highlights-progress">announced</a> a decline in fentanyl potency for the first time since 2021. The DEA linked this shift to crackdowns on Mexican cartels and international supply chains.
Another notable factor is evolving drug use behavior. Increasingly, users are smoking or snorting fentanyl to avoid necrotic wounds caused by xylazine, <a href="https://www.benzinga.com/markets/cannabis/23/04/31788751/biden-administration-calls-fentanyl-laced-with-xylazine-emerging-threat-what-now">an animal tranquilizer often mixed with fentanyl</a>. This shift, though not necessarily safer, reflects growing awareness of harm reduction messaging.
<h3 class="wp-block-heading">Combating Overdoses With A Pragmatic Approach</h3>
Harm reduction programs, such as <a href="https://www.benzinga.com/markets/cannabis/23/03/31549189/fda-approves-over-the-counter-sale-of-opioid-reversal-drug-narcan">wider distribution of naloxone</a> (Narcan), fentanyl test strips and syringe exchanges, have further contributed to the decline.
Additionally, more states now prescribe medications to suppress opioid cravings. Programs providing sterile syringes and community education further empower users to <a href="https://www.benzinga.com/markets/cannabis/24/07/39912563/exclusive-this-new-harm-reduction-group-wants-home-testing-kits-available-for-all-drugs">take precautions</a> against <a href="https://www.benzinga.com/markets/cannabis/24/09/40990399/fentanyl-laced-with-toxic-chemical-btmps-raises-alarms-nationwide-experts-warn-of-danger">dangerous adulterants</a>.
<h3 class="wp-block-heading">Racial Disparities In Overdose Deaths Death Rise</h3>
However, while these developments are promising, <a href="https://www.benzinga.com/markets/cannabis/24/11/41829368/overdose-crisis-in-shadows-of-elections-as-black-indigenous-americans-deaths-rise">overdose death rates among Black and Indigenous Americans are still rising</a>. Limited access to public health services in marginalized communities underscores a growing racial disparity.&nbsp;
<ul>
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</ul>
Eastern and Midwestern states have seen sharper declines, possibly due to more seasoned responses to fentanyl. In contrast, overdose deaths are still rising in some Western states where fentanyl arrived later.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41829368/overdose-crisis-in-shadows-of-elections-as-black-indigenous-americans-deaths-rise">Overdose Crisis In Shadows Of Elections As Black, Indigenous Americans Deaths Rise</a>
<h3 class="wp-block-heading">Communities Still Struggling With Ongoing Crisis</h3>
Despite the progress, policymakers caution against complacency as fatalities remain alarmingly high, with overdose deaths exceeding 97,000 in 2024. "There are entire communities that are not seeing that progress. Many families continue to be impacted by it every day," said Dr. Allison Arwady of the Centers for Disease Control and Prevention (CDC), according to The NY Times.
As the U.S. continues to grapple with the overdose crisis, experts stress the need for sustained prevention efforts and addressing systemic disparities in access to treatment and resources.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39912563/exclusive-this-new-harm-reduction-group-wants-home-testing-kits-available-for-all-drugs">EXCLUSIVE: This New Harm Reduction Group Wants Home Testing Kits Available For All Drugs</a></li>
</ul>
Image generated with AI tools.

Health Care

US Overdose Deaths Decline As Fentanyl Potency Weakens, Harm Reduction Expands

Macro Economic Events

Economics

SPDR Dow Jones Industrial Average ETF Trust

Major indexes are higher amid continued momentum.

<a href="https://x.com/saylor/status/1860049786285826307" title="https://x.com/saylor/status/1860049786285826307">https://x.com/saylor/status/1860049786285826307</a>

MARA

MSTR

Watching Shares Of MARA Holdings; MicroStrategy Chairman Michael Saylor Posting On X, "$MARA is a company on the #Bitcoin Standard."

Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42144871/jim-cramer-says-own-bitcoin-thats-a-winner-crypto-community-scoffs-pack-up-your-bags-sell-everything">Jim Cramer suggesting it is &#8220;a winner</a>.&#8221;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>&nbsp;$99,254.71</td>
<td>+0.88%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>&nbsp;$3,281.28</td>
<td>-2.1%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>&nbsp;$253.09</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>&nbsp;$0.3987</td>
<td>+3.7%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>&nbsp;$0.00002463</td>
<td>+0.3%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 47.5% and daily active addresses growing by 27.2%. Transactions greater than $100,000 are up from 13,321 to 18,859 in a single day. Exchanges netflows are down by 4.5%.</li>
<li>Coinglass data reports 113,608 traders were liquidated in the past 24 hours for $340.73 million. Open interest continues to stand at peak levels, $64 billion.</li>
<li>Polymarket <a href="https://polymarket.com/markets/crypto/crypto-prices">data</a> shows there is a 60% chance of Bitcoin touching $100,000 today and an 89% probability of it happening this month.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/42124007/trump-media-trademark-filing-for-truthfi-hints-at-potential-digital-wallets-asset-trading">Trump Media Trademark Filing For &#8216;TruthFi&#8217; Hints At Potential Digital Wallets, Asset Trading</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42136031/charles-schwab-prepares-for-spot-cryptocurrency-trading-under-new-leadership">Charles Schwab Prepares For Spot Cryptocurrency Trading Under New Leadership</a></li>
<li><a href="https://www.benzinga.com/general/social-media/24/11/42142397/trump-medias-truthfi-gamble-tests-bulls-and-bears">Trump Media&#8217;s TruthFi Gamble Tests Bulls And Bears</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42143918/strike-ceo-jack-mallers-bitcoin-is-the-best-performing-asset-in-the-history-of-mankind">Strike CEO Jack Mallers: &#8216;Bitcoin Is The Best Performing Asset In The History Of Mankind&#8217;</a></li>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42139601/solana-hits-264-record-high-as-etf-filings-regulatory-optimism-drive-market-momentum">Solana Hits $264 Record High As ETF Filings, Regulatory Optimism Drive Market Momentum</a></li>
</ul>
Top Gainers:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Stellar (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>)</td>
<td>$0.3194</td>
<td>+28.2%</td>
</tr>
<tr>
<td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td>
<td>$1.42</td>
<td>+20.6%</td>
</tr>
<tr>
<td>Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>)</td>
<td>$0.9647</td>
<td>+19.9%</td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders. 
Altcoin Sherpa <a href="https://x.com/AltcoinSherpa/status/1859959484438970634">quipped</a> "See you guys at $60,000" when Bitcoin failed to break through the psychological barrier.
Crypto trader Seth highlights a "thick and sticky sell wall" as the obstacle.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The menace right now! This is a thick and sticky sell wall. &#x1f972;<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/w25TFe6gev">https://t.co/w25TFe6gev</a> <a href="https://t.co/13uVxevS9T">pic.twitter.com/13uVxevS9T</a>
&mdash; Seth (@seth_fin) <a href="https://twitter.com/seth_fin/status/1860030191172751682?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Dogecoin founder Billy Markus <a href="https://x.com/BillyM2k/status/1860031634218844543">stated</a>, "maybe bitcoin will become a $99,000 stablecoin."
Quinten Francois remains optimistic, stating the Bitcoin bull market has "just started."
<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 bull market just started &#x1f440;&#x1f4a5; <a href="https://t.co/QYfxyaKAeJ">pic.twitter.com/QYfxyaKAeJ</a>
&mdash; Quinten &#x7C; 048.eth (@QuintenFrancois) <a href="https://twitter.com/QuintenFrancois/status/1860034071507976659?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1860037119575458134">explained</a> that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone. 
He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42142159/bitcoin-paying-for-your-mortgage-one-company-enables-it-but-theres-a-catch">Bitcoin Paying For Your Mortgage? One Company Enables It, But There&#8217;s A Catch</a></li>
</ul>
Image: Shutterstock

$ADA

$DOGE

$SHIB

$XLM

$XRP

Bitcoin 'On Brink Of Breaking $100,000,' Dogecoin Up, Ethereum Down: Crypto Community Holds Its Breath As BTC Guns For Milestone

Needham analyst Tom Nikic initiated coverage on Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) with a Buy rating and <a href="https://www.benzinga.com/quote/FL/analyst-ratings" target="_blank" rel="noreferrer noopener">a price forecast of $27</a>.
The analyst writes that Foot Locker is positioned for an earnings recovery in 2025, with improvements expected from a strengthened Nike, Inc partnership, growth in non-Nike brands, recent SG&amp;A investments, and the recovery of merchandise margins.
Despite a current lull post-back-to-school, the analyst expects trends to pick up after Thanksgiving and is encouraged by a recent consumer survey indicating strong holiday interest in sneakers.
Nikic notes that Foot Locker faced challenges due to Nike&#8217;s decision to reduce high-demand product supply but believes Nike&#8217;s shift to increase product allocations to Foot Locker starting in the fourth-quarter of 2024 will drive positive sales growth.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/11/42144102/california-has-the-finest-weed-in-the-world-says-lab-expert-and-how-to-save-its-struggling-market" rel="noreferrer noopener">California Has The Finest Weed In The World, Says Lab Expert, And How To Save Its Struggling Market</a>
Additionally, Foot Locker is benefiting from expanding Hoka and On availability, along with strengthened relationships with brands like Adidas AG, New Balance, Crocs, Inc., and UGG.
The analyst explains that Foot Locker&#8217;s EBIT margin was significantly lower last year compared to pre-COVID levels and is only expected to see modest improvement in FY24 due to aggressive long-term growth investments.
However, as spending tapers off next year, Foot Locker is expected to leverage these investments to expand margins.
Additionally, with merchandise margins still over 300bps below pre-COVID levels, there is further opportunity for gross margin improvement, Nikic adds.
The analyst projects the company to report FY24 revenues of $8.164 billion and earnings per share of $1.61.
Price Action: FL stock is up 1.67% at $22.83 at last check Friday.
Photo by Sorbis via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize" target="_blank" rel="noreferrer noopener">DOJ Targets Google Chrome, Poll Shows 64% Oppose Alphabet Breakup: YouTube Seen As Top Prize</a></li>
</ul>

Equities

Price Target

Initiation

ADDYY

CROX

Foot Locker To Gain From Strengthened Partnership With Nike: Analyst Forecasts Earnings Recovery Next Year

Offerings

Citizens Inc. Files Prospectus For Up To 5M Shares Of Co's Class A Common Stock Under Stock Investment Plan

<a href="https://www.cpsc.gov/Recalls/2023/YETI-Recalls-1-9-Million-Soft-Coolers-and-Gear-Cases-Due-to-Magnet-Ingestion-Hazard" title="https://www.cpsc.gov/Recalls/2023/YETI-Recalls-1-9-Million-Soft-Coolers-and-Gear-Cases-Due-to-Magnet-Ingestion-Hazard">https://www.cpsc.gov/Recalls/2023/YETI-Recalls-1-9-Million-Soft-Coolers-and-Gear-Cases-Due-to-Magnet-Ingestion-Hazard</a>

YETI

'YETI Recalls 1.9 Million Soft Coolers and Gear Cases Due to Magnet Ingestion Hazard' -CPSC

Supreme Court rejects request to stay EPA power plant emissions rule

Harris Or Trump? How The Next President Could Change The Game For Stocks, Taxes, And Inflation

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