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Crescent Capital BDC, Inc. 5.00% Notes due 2026

The Federal Reserve is anticipated to maintain its current interest rates, but a potential rate cut in September is on the horizon. This is due to favorable changes in U.S. <a href="https://www.benzinga.com/news/earnings/24/07/39993819/tech-stocks-slide-on-earnings-us-economy-flexes-muscles-small-cap-rally-continues-this-week-in-the-">inflation and a softening labor market</a>.
What Happened: The Federal Open Market Committee is expected to keep the benchmark interest rate at 5.25% to 5.50% when it concludes its two-day meeting on Wednesday, <a href="https://www.ft.com/content/5cda73be-e155-40ea-8b5c-c4dabd8b9c1e">reported</a> the Financial Times. However, the meeting is likely to serve as a platform for signaling a potential shift in monetary policy as early as September.
"The Fed is moving closer to a rate cut, and its communications this week should reflect that," said Brian Sack, the former head of the New York Fed's Markets Group.
Officials have been given the leeway to consider rate cuts due to clear evidence that inflation is being brought under control. Consumer price growth has significantly slowed in recent months, allaying concerns that arose earlier this year. 
The labor market, previously a significant contributor to inflationary pressures, has also entered a new phase, with hiring slowing down and resulting in slower wage growth.
These developments have led to a rise in layoffs, pushing the three-month average unemployment rate up by 0.43 percentage points, just short of the 0.50% <a href="https://www.benzinga.com/news/24/06/39393497/jerome-powell-playing-with-fire-says-recession-rule-creator-claudia-sahm-about-feds-inaction-on-inte">trigger for the Sahm Rule</a>, which marks the beginning of a recession.
The Fed is keen on maintaining a healthy labor market and acknowledges that keeping the policy rate too high for too long could jeopardize this.
Some economists believe the Fed might be risking a misstep by postponing a rate cut until September, considering the current economic slowdown. "Although it might already be too late to fend off a recession by cutting rates, dawdling now unnecessarily increases the risk," said former New York Fed president Bill Dudley according to the report.
See Also: <a href="https://www.benzinga.com/news/24/07/39997008/janet-yellen-rejects-economist-roubinis-and-trump-era-officials-claims-of-manipulation-in-treasuries?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Janet Yellen Rejects Economist Roubini&#8217;s And Trump-Era Official&#8217;s Claims Of &#8216;Manipulation&#8217; In Treasuries: &#8216;We Have Never, Ever Discussed Anything Of The Sort&#8217;</a>
Fed Chair Jerome Powell and other officials are expected to address these developments directly on Wednesday during the press conference. 
Economists anticipate the Fed to acknowledge the progress made in inflation and the risks posed by the softening labor market. The Fed is also expected to affirm its confidence in its ability to manage inflation and its readiness to lower rates.
Peter Hooper, Vice-Chair of Research at Deutsche Bank, considers it wise for the central bank to hold off on starting its easing cycle until September, according to the report.
Ellen Meade, a former senior adviser to the Fed's board of governors and now a Duke University scholar, suggested that Powell likely believes he can&#8217;t secure the necessary consensus to proceed until September. "Given what they experienced with inflation picking up at the beginning of the year, they're probably leaning into that second risk," she said.
Why It Matters: The Fed&#8217;s potential decision to cut rates in September comes amid a global economic landscape that is also seeing shifts. For instance, the People&#8217;s Bank of China (PBOC) recently <a href="https://www.benzinga.com/news/24/07/39949372/chinas-central-bank-surprises-markets-with-second-lending-operation-this-week-fed-likely-to-hold-rat">executed an unscheduled lending operation</a> at significantly lower rates, indicating a potential increase in monetary stimulus to support the economy. This move followed the bank&#8217;s decision to cut several benchmark lending rates just days after a key leadership meeting that outlined major reforms.
Earlier in July, New York Federal Reserve President John Williams hinted at a potential interest rate cut in the coming months, suggesting that the Fed might be closer to this decision than previously thought. He indicated that a rate cut could be on the cards if the recent slowdown in inflation persists, reported The Wall Street Journal. This was in line with <a href="https://www.benzinga.com/news/24/07/39812270/jerome-powells-top-advisor-hints-at-feds-potential-rate-cut-plans-all-moving-in-the-right-direction">hints at potential rate cut plans</a> by the Fed&#8217;s top advisor.
Meanwhile, Federal Reserve Governor Lisa Cook has emphasized the <a href="https://www.benzinga.com/news/24/07/39721845/federal-reserves-lisa-cook-foresees-swift-response-to-unemployment-surge-following-jerome-powells-te">central bank&#8217;s readiness</a> to act if the unemployment rate surges, despite the current 4.10% unemployment rate indicating a robust labor market. She noted that the situation could change rapidly, necessitating a responsive approach.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39990869/wall-street-enjoys-late-week-rally-on-benign-inflation-data-dow-jones-eyes-best-session-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street Enjoys Late-Week Rally On Benign Inflation Data, Dow Jones Eyes Best Session Of 2024, Tech Unwinding Stalls</a></li>
</ul>
Photo courtesy: Federal Reserve
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

News

Economics

Federal Reserve

Federal Reserve 'Moving Closer To A Rate Cut' Amid Softening Economy And Inflation Trends: Report

Pivotal Research analyst Jeffrey Wlodarczak maintains Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) with a Buy and raises the price target from $400 to $435.

Price Target

Analyst Ratings

CHTR

Pivotal Research Maintains Buy on Charter Communications, Raises Price Target to $435

Guggenheim analyst Raymond McDonough upgrades Akamai Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) from Neutral to Buy and announces $128 price target.

Upgrades

AKAM

Guggenheim Upgrades Akamai Techs to Buy, Announces $128 Price Target

Piper Sandler analyst Patrick Moley downgrades Charles Schwab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) from Overweight to Neutral and lowers the price target from $80 to $64.

Downgrades

SCHW

Piper Sandler Downgrades Charles Schwab to Neutral, Lowers Price Target to $64

Guggenheim analyst John Difucci downgrades Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) from Buy to Neutral.

FTNT

Guggenheim Downgrades Fortinet to Neutral

In a recent address to the farming community, Argentine President Javier Milei reiterated his commitment to abolishing export taxes. However, the farming sector, a key pillar of the Argentine economy, is growing increasingly frustrated with the slow <a href="https://www.benzinga.com/markets/latin-america/24/07/39668991/the-impact-of-milei-as-a-country-brand-in-argentina">pace of change under Milei&#8217;s leadership</a>.
What Happened: President Milei, a libertarian, made this announcement at the annual La Rural convention in Buenos Aires. He promised to remove the export taxes and other barriers that have been hampering the agricultural industry, <a href="https://apnews.com/article/argentina-meat-milei-agriculture-libertarian-economy-inflation-af09fd6b0208d35a7637d759587e66a8?ref=biztoc.com">reported</a> the Associated Press on Monday.
Despite the president&#8217;s assurances, the farming community, which played a significant role in Milei&#8217;s rise to power, continues to face challenges such as stringent currency controls, high export taxes, and an uncompetitive exchange rate.
Although the agricultural sector, which contributes around 20% of Argentina&#8217;s GDP, is &#8220;hopeful but realistic&#8221; under Milei&#8217;s leadership, Nicolás Pino, the head of the Argentine Rural Society, said that patience is wearing thin.
See Also: <a href="https://www.benzinga.com/news/24/07/39996908/trump-vs-harris-new-poll-shows-ex-president-leading-democratic-candidate-by-a-narrow-margin-but-vice?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: New Poll Shows Ex-President Leading Democratic Candidate By A Narrow Margin, But Vice President&#8217;s Favorability Is Faring Better Than Biden</a>
Why It Matters: Milei, known for his pro-Bitcoin stance, has been a controversial figure since taking office. His unconventional style and rhetoric have garnered global attention, with some <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39504249/argentinian-president-javier-milei-advocates-for-bitcoin-opening-doors-to-digital-currency">praising his free-market approach</a> and others expressing concern about the impact on the Argentine economy.
Despite his promises to unleash the free market and end state intervention, Milei has recently implemented measures that contradict his libertarian principles. This has led to frustration among farmers, who are now stockpiling billions of dollars worth of exportable grain and soybeans due to reduced export competitiveness.
Argentina&#8217;s <a href="https://www.benzinga.com/news/24/05/39040141/javier-milei-cozying-up-to-tim-cook-mark-zuckerberg-and-other-tech-titans-as-he-seeks-to-build-hype">economy is also facing challenges</a>, with a drop in local demand and extreme austerity measures impacting beef consumption. The farming community, which has historically been a significant contributor to the country&#8217;s economy, is now looking to Milei for solutions, according to the report.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40001605/anthony-scaramucci-says-donald-trumps-verbal-sparring-with-kamala-harris-a-mistake-adds-vice-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Donald Trump&#8217;s Verbal Sparring With Kamala Harris A Mistake, Adds Vice President Can &#8216;Shock The World&#8217; In Terms Of Skillset And Capability</a></li>
</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Argentine President Javier Milei Reaffirms Commitment To Abolish Export Taxes In Address To Farmers, But Frustration Grows Over Slow Reform Pace Amid Economic Challenges

Piper Sandler analyst Charles Neivert initiates coverage on Lithium Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>) with a Neutral rating and announces Price Target of $3.9.

Initiation

Piper Sandler Initiates Coverage On Lithium Americas with Neutral Rating, Announces Price Target of $3.9

Piper Sandler analyst Nathan Race downgrades 1st Source (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRCE#NASDAQ">SRCE</a>) from Overweight to Neutral and raises the price target from $60 to $67.5.

SRCE

Piper Sandler Downgrades 1st Source to Neutral, Raises Price Target to $67.5

Piper Sandler analyst Joseph Catanzaro downgrades Iovance Biotherapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOVA#NASDAQ">IOVA</a>) from Overweight to Neutral and lowers the price target from $19 to $10.

IOVA

Piper Sandler Downgrades Iovance Biotherapeutics to Neutral, Lowers Price Target to $10

Piper Sandler analyst Stephen Scouten downgrades Capital City Bank Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCBG#NASDAQ">CCBG</a>) from Overweight to Neutral and raises the price target from $30 to $34.

CCBG

Piper Sandler Downgrades Capital City Bank Group to Neutral, Raises Price Target to $34

Nutex Health Inc. (&quot;Nutex Health&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUTX#NASDAQ">NUTX</a>), a physician-led, technology-enabled integrated healthcare delivery system comprised of 21 state-of-the-art micro hospitals in 9 states and primary care-centric, risk-bearing physician networks, announced today that it has received formal notice from The&nbsp;Nasdaq Stock Market LLC (&quot;Nasdaq&quot;) indicating that the Company has regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market as required by the Hearing Panel&#39;s&nbsp;June 14, 2024&nbsp;decision, as previously disclosed in the Company&#39;s Current Report on Form 8-K filed on&nbsp;June 18, 2024.
The Nasdaq staff made this determination of compliance after the closing bid price of the Company&#39;s common stock traded above&nbsp;$1.00&nbsp;per share from&nbsp;July 3, 2024, the date of the Company&#39;s 1:10 reverse stock split, to&nbsp;July 23, 2024. Accordingly, Nasdaq has determined that the Company has regained compliance with Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

Government

Regulations

NUTX

Nutex Health Regains Nasdaq Compliance Following Reverse Stock Split

Deutsche Bank analyst Scott Deuschle downgrades General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) from Buy to Hold and maintains the price target from $320 to $320.

Deutsche Bank Downgrades General Dynamics to Hold, Maintains Price Target to $320

Shares of Pitney Bowes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBI#NYSE">PBI</a>) shares rose sharply in today's pre-market trading following a report indicating that the company has sold a part of its <a href="https://www.benzinga.com/quote/PBI/news">e-commerce business to Stord</a>.
Pitney Bowes shares jumped 12.5% to $7.58 in pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Cognition Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGTX#NASDAQ">CGTX</a>) gained 46% to $3.45 in pre-market trading after the company announced that it will host an investor presentation to discuss results from its phase 2 SHINE study of CT1812 on Monday July 29, 2024.</li>
<li>Longeveron Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGVN#NASDAQ">LGVN</a>) shares climbed 36.3% to $4.69 in pre-market trading after the company disclosed study results from CLEAR MIND Phase 2a clinical trial of Lomecel-B in mild Alzheimer&#8217;s disease.</li>
<li>Planet Image International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YIBO#NASDAQ">YIBO</a>) rose 35.7% to $3.99 in pre-market trading after jumping around 56% on Friday.</li>
<li>DDC Enterprise Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDC#NYSE">DDC</a>) shares gained 22.7% to $0.76 in pre-market trading after gaining 6% on Friday.</li>
<li>BurgerFi International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BFI#NASDAQ">BFI</a>) gained 22.1% to $0.5133 in pre-market trading. BurgerFi shares jumped 97% on Friday after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.</li>
<li>Tivic Health Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIVC#NASDAQ">TIVC</a>) shares gained 19.4% to $0.5395 in pre-market trading after gaining 11% on Friday.</li>
<li>Ambipar Emergency Response (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMBI#NYSE">AMBI</a>) gained 15.5% to $5.34 in pre-market trading after jumping 29% on Friday.</li>
<li>TransCode Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNAZ#NASDAQ">RNAZ</a>) shares gained 14.1% to $0.3371 in pre-market trading. TransCode Therapeutics 13G filing showed 3i, LP reported a 9.9% stake in the company, as of July 23.</li>
<li>Anavex Life Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVXL#NASDAQ">AVXL</a>) gained 11.4% to $7.51 in pre-market trading. Anavex Life Sciences presented comprehensive results from the Phase IIb/III study showing that blarcamesine, once daily orally, significantly slowed clinical decline in people with early Alzheimer&#8217;s disease.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>vTv Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTVT#NASDAQ">VTVT</a>) shares fell 37.4% to $13.28 in pre-market trading after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program which includes the ongoing CATT1 phase 3 trial in type 1 diabetes.</li>
<li>CERo Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) shares declined 34% to $0.1690 in pre-market trading after gaining 6% on Friday.</li>
<li>LuxUrban Hotels Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUXH#NASDAQ">LUXH</a>) shares fell 22.1% to $0.1488 in pre-market trading after the company priced its $1.74 million public offering of 11,573,333 common shares at 15 cents per share.</li>
<li>Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) shares fell 19.6% to $1.48 in pre-market trading.</li>
<li>Globavend Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GVH#NASDAQ">GVH</a>) shares declined 13.1% to $0.63 in pre-market trading after surging 24% on Friday.</li>
<li>Phio Pharmaceuticals Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHIO#NASDAQ">PHIO</a>) fell 12.6% to $3.53 in pre-market trading. Phio Pharmaceuticals recently announced exercise of warrants for $3.1 million gross proceeds.</li>
<li>INVO Bioscience, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INVO#NASDAQ">INVO</a>) shares fell 11.6% to $0.7250 in pre-market trading after jumping 11% on Friday.</li>
<li>NuZee Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUZE#NASDAQ">NUZE</a>) fell 9.7% to $3.40 in pre-market trading after surging around 25% on Friday.</li>
<li>EZCORP, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EZPW#NASDAQ">EZPW</a>) shares dipped 8.8% to $9.41 in pre-market trading.</li>
<li>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) shares fell 6.6% to $98.29 in pre-market trading. A jury ordered Abbott to pay $495 million in compensation and damages in a baby-formula verdict, the Wall Street Journal reported.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39984123/jim-cramer-is-mystified-by-five-below-predicts-crowdstrike-is-going-to-bottom-here">Jim Cramer Is &#8216;Mystified&#8217; By Five Below, Predicts CrowdStrike &#8216;Is Going To Bottom Here</a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39984123/jim-cramer-is-mystified-by-five-below-predicts-crowdstrike-is-going-to-bottom-here">&#8216;</a></li>
</ul>

Pre-Market Outlook

Markets

Movers

Trading Ideas

AMBI

AVXL

CERO

CGTX

EZPW

INVO

LGVN

LUXH

NUZE

PHIO

RNAZ

TIVC

VTVT

YIBO

Why Pitney Bowes Shares Are Trading Higher By Over 12%; Here Are 20 Stocks Moving Premarket

Deutsche Bank analyst Scott Deuschle upgrades Northrop Grumman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) from Hold to Buy and raises the price target from $474 to $575.

Deutsche Bank Upgrades Northrop Grumman to Buy, Raises Price Target to $575

Guggenheim analyst Joseph Osha maintains Sunnova Energy Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>) with a Buy and raises the price target from $7 to $10.

NOVA

Guggenheim Maintains Buy on Sunnova Energy Intl, Raises Price Target to $10 (Previously Published on 26th July)

Sigma Lithium Corporation (&quot;Sigma Lithium&quot; or the &quot;Company&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGML#NASDAQ">SGML</a>, BVMF: S2GM34, TSXV:<a class="ticker" href="https://www.benzinga.com/stock/SGML#TSXV">SGML</a>), a leading global lithium producer dedicated to powering the next generation of electric vehicles with carbon neutral, socially and environmentally sustainable lithium concentrate, is pleased to announce it signed an inaugural deferred&nbsp;US$ 22.4 million&nbsp;letter of credit for export financing with Banco do Brasil at very low interest rates.
<a href="https://mma.prnewswire.com/media/2469847/Sigma_BB.html" target="_blank"><img alt="Picture 1: Sigma CEO and commercial executives with the Banco do Brasil executives at signing ceremony" src="https://mma.prnewswire.com/media/2469847/Sigma_BB.jpg" /></a>
As Sigma matures as an industrial producer and demonstrates its ability to consistently deliver its Quintuple Zero Green Lithium, it gained access to access low-cost trade finance mechanisms through Banco do Brasil, available to the country&#39;s largest industrial exporters. These agreements enhance Sigma Lithium&#39;s commercial flexibility and market access.
As a result of the lower interest export credit lines, the Company will phase out the existing trade lines in its treasury, thus decreasing the Company&#39;s recurring interest expenses and further improving its competitiveness. &nbsp;

SGML

TSXV:SGML

Sigma Lithium Secures $22.4M Low-Interest Export Financing With Banco do Brasil

Lipella&#39;s Phase 2a trial is a multi-center, dose-ranging study of LP-310, a proprietary liposomal-tacrolimus oral rinse formulation of the company&#39;s lead candidate LP-10 for hemorrhagic cystitis. The trial has enrolled its first patients across multiple research sites nationwide, spanning from Philadelphia to San Francisco, and is actively screening additional subjects with symptomatic Oral Lichen Planus.

LIPO

Lipella Pharmaceuticals Commences Phase 2a Trial For LP-310 In Oral Lichen Planus, Enrolls First Patients

<ul>
<li>After closing of the proposed transaction, Cepton will operate as a privately held indirect subsidiary of Koito in the U.S., with corporate headquarters in San Jose, CA.</li>
</ul>
<ul>
<li>Cepton and Koito have partnered since 2017 to industrialize high-performance lidar solutions for mass-market automotive, smart infrastructure and industrial applications.</li>
</ul>
<ul>
<li>The proposed transaction is poised to accelerate the commercialization of Cepton&#39;s lidar technology through increased financial stability and scalability.</li>
</ul>
<ul>
<li>The integration of Cepton through the proposed transaction is expected to enhance Koito&#39;s capabilities in automotive sensing solutions with strengthened technology advancement, product offerings and market penetration into new verticals.</li>
</ul>
<ul>
<li>The proposed transaction builds on the long-term synergy between Cepton&#39;s innovative spirit and Koito&#39;s engineering heritage, enabling sustainable focus on quality and resilience against industry challenges.</li>
</ul>

CPTN

Cepton To Be Acquired By Koito For $3.17 Per Share In All-Cash Deal, Transitioning To A Privately Held Subsidiary

David Arnon held senior leadership and CEO roles within the healthcare insurance industry at Harel Insurance and Clal Insurance, two of the largest insurance groups in Israel

Management

SHLT

SHL Telemedicine Names David Arnon As CEO, Effective August 6, 2024

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertruck customers <a href="https://www.benzinga.com/news/24/07/39927857/tesla-aims-at-profitability-for-cybertruck-by-2024-end-with-production-ramp-and-cost-savings-with-dr">may get access to its full self-driving (FSD)</a> driver assistance technology in August, company CEO Elon Musk said on Sunday.
What Happened: "I think that should be coming out in August," Musk said in response to questions on when Cybertrucks would receive FSD at the X takeover event hosted by Tesla Owners of Silicon Valley in San Luis Obispo, California. The CEO appeared virtually at the 2-day event dedicated to Tesla, EV, and SpaceX enthusiasts. 
The CEO said that FSD should work on the Cybertruck in the next two to four weeks, while also adding that he cannot give an exact timeline. The company has to test the update to make sure of its capabilities before rolling it out, he said. 
Musk had previously said that Tesla would start deploying its full self-driving (FSD) driver assistance technology on its&nbsp;<a href="https://www.benzinga.com/news/24/07/39808526/cybertruck-curiosity-grips-tesla-shareholders-as-elon-musk-led-ev-giant-starts-taking-questions-for" target="_blank" rel="noreferrer noopener">Cybertruck vehicles&nbsp;</a>with version 12.5 of the software. Version 12.5, he then said, will start rolling out in late June.&nbsp;
The company eventually started rolling out FSD version 12.5 last week <a href="https://www.benzinga.com/news/24/07/39900392/teslas-fsd-version-12-5-doesnt-support-sunglasses-yet-contrary-to-elon-musks-word">but Cybertruck owners did not receive access</a> as promised. Cybertruck is now expected to gain access to the technology with future versions of the software.
&#8220;There will be several point releases in quick succession,&#8221; Musk said on Saturday after the company started rolling out version 12.5.1. 
<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">There will be several point releases in quick succession
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1817098125485486191?ref_src=twsrc%5Etfw">July 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters:&nbsp;Tesla is attempting to improve its FSD software to enable vehicles to operate without human intervention. However, it presently requires active driver supervision.
Cybertruck, Tesla&#8217;s latest offering, currently does not have access to FSD. 
In late December, Musk said that the&nbsp;<a href="https://www.benzinga.com/news/24/07/39574027/cybertruck-drivers-list-shortcomings-including-battery-drain-lack-of-fsd-tesla-vows-to-make-it-bette" target="_blank" rel="noreferrer noopener">Cybertruck is the lowest priority</a>&nbsp;for FSD software given its limited number of roads. There are about 5 million other Tesla cars on the road as compared to several hundred Cybertrucks, he then said. 
However, an increasing number of customers have been demanding access to the technology. According to Kelley Blue Book estimates, Tesla sold 8,755 Cybertrucks in the second quarter in the U.S., as&nbsp;<a href="https://www.benzinga.com/news/24/05/38783121/tesla-cybertrucks-are-filling-up-in-used-car-markets-but-would-you-pay-these-steep-prices" target="_blank" rel="noreferrer noopener">compared to just 2,803 in the first quarter</a>.&nbsp;
The company is currently attempting to further ramp up production, aiming to deliver 250,000 units annually starting in 2025. During Tesla&#8217;s second-quarter earnings last week, the company said that Cybertruck <a href="https://www.benzinga.com/news/24/07/39876213/tesla-confirms-it-aims-to-start-selling-cybertruck-in-canada-this-year-pre-orders-open-for-150" target="_blank" rel="noreferrer noopener">production is on track</a> to achieve profitability by the end of the year.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40003845/elon-musks-spacex-resumes-big-launches-three-starlink-missions-over-weekend-placing-67-satellites-in">Elon Musk&#8217;s SpaceX Resumes Big, Launches Three Starlink Missions Over Weekend, Placing 67 Satellites In Low Earth Orbit</a></li>
</ul>
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