First Trust SSI Strategic Convertible Securities ETF (NASDAQ: FCVT)

Latest news for First Trust SSI Strategic Convertible Securities ETF (NASDAQ:FCVT)

First Trust SSI Strategic Convertible Securities ETF

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80 percent of its net assets (including investment borrowings) in a portfolio of U.S. and non-U.S. convertible securities (described below). In general, convertible securities combine the investment characteristics of bonds and common stocks and typically consist of debt securities or preferred securities that may be converted or exchanged within a specified period of time (typically for the entire life of the security) into a certain amount of common stock or other equity security (such equity securities referred to as underlying securities) of the same or a different issuer (and/or the cash equivalent thereof). A convertible security is designed to provide current income and also the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases (if any) in the market price of the underlying equity security. Accordingly, these equity-linked instruments offer the potential for equity market participation along with, in light of their bond-like characteristics, potential mitigated downside risk (which is generally the risk that a security may suffer a decline in value) in periods of equity market declines.

Wells Fargo & Co., Class A, Series L, Conv. Pfd.

'bank of America Corp.0.0725 Preferred Series 'l' Convert'

Apollo Global Management Preferred Stock 07/26 6.75

Renowned economist and Ford School Professor Justin Wolfers has weighed in on the <a href="https://www.benzinga.com/markets/equities/24/08/40176966/japan-markets-us-futures-recover-after-historic-plunge-supported-amid-strong-service-sector-and-">current market turbulence</a>, attributing significant volatility to fears of insider knowledge and recent Federal Reserve decisions.
 What Happened: Wolfers took to social media platform X, to discuss the recent market volatility. He highlighted the impact of insider knowledge on market shifts, quoting a post by statistician Nate Silver that suggested a possible shift in the vice-presidential odds.
Silver&#8217;s post included a screenshot showing the probability of Minnesota Governor Tim Walz as the Democratic Vice Presidential nominee at 59%, compared to Pennsylvania Governor Josh Shapiro at 40%. 
Silver commented, &#8220;IDK if somebody knows something or if somebody thinks they know something. With VP stuff, usually the latter. But big shift here.&#8221;
Wolfers underscored the impact of this on markets, saying, &#8220;In these markets it&#8217;s enough if someone fears that someone else knows something. No-one wants to bet against an informed insider, so even a small bet can lead prices to shift sharply.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In these markets it&#39;s enough if someone fears that someone else knows something. No-one wants to bet against an informed insider, so even a small bet can lead prices to shift sharply. <a href="https://t.co/CQLjYn4CXh">https://t.co/CQLjYn4CXh</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1820593291286446229?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Wolfers in another post pointed out that the recent market meltdown was due to the Federal Reserve&#8217;s decision not to cut rates, despite a substantial fall in the 10-year bond yield.
&#8220;The market meltdown came because the Fed didn&#8217;t cut rates by a quarter point last week. But the 10-year bond yield has since fallen by more than a quarter point, a bigger easing than you typically get from a Fed rate cut,&#8221; Wolfers wrote. 
Wolfers highlighted an article by Harvard professor Jason Furman in The Wall Street Journal, where Furman criticized Federal Reserve Chairman Jerome Powell for not cutting the federal funds rate at the last Federal Open Market Committee meeting. Furman noted that the subsequent monthly jobs report showed signs of economic weakness.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Worth noting: The market meltdown came because the Fed didn&#39;t cut rates by a quarter point last week. But the 10-year bond yield has since fallen by more than a quarter point, a bigger easing than you typically get from a Fed rate cut.<a href="https://t.co/6VJbFI69xz">https://t.co/6VJbFI69xz</a> by <a href="https://twitter.com/jasonfurman?ref_src=twsrc%5Etfw">@jasonfurman</a> <a href="https://t.co/r7ettl6RFx">pic.twitter.com/r7ettl6RFx</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1820599007309373814?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152028/bitcoin-falls-below-53k-mark-as-global-financial-markets-continue-to-bleed-peter-schiff-wa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Falls Below $53K Mark As Global Financial Markets Continue To Bleed — Peter Schiff Warns Ominously: &#8216;You Guys Are Whistling Past A Crypto Graveyard&#8217;</a>
Why It Matters: The market&#8217;s reaction to the potential Democratic VP nominee is significant, especially as Vice President Kamala Harris is in <a href="https://www.benzinga.com/news/24/08/40151780/kamala-harris-nears-decision-on-running-mate-josh-shapiro-mark-kelly-and-tim-walz-interviewed">the final stages of selecting her running mate</a>.
Adding to the market&#8217;s volatility, former President Donald Trump recently <a href="https://www.benzinga.com/markets/asia/24/08/40154197/trump-says-kamala-doesnt-have-a-clue-biden-is-sound-asleep-as-stock-markets-crash-globally-i-told-yo">criticized the current U.S. leadership</a> for the global stock market sell-off, attributing it to &#8220;inept U.S. Leadership&#8221; and singling out Harris and President Joe Biden. 
He expressed his views on his social media platform, Truth Social, stating, &#8220;Stock markets crashing. I told you so!!! Kamala doesn&#8217;t have a clue. Biden is sound asleep.&#8221;
Moreover, the Federal Reserve&#8217;s potential rate cut in September is another factor influencing market dynamics. Speculative bets on interest rates have intensified, driven by recent U.S. economic data. 
The unemployment rate unexpectedly increased from 4.1% to 4.3% in July, reaching its <a href="https://www.benzinga.com/markets/equities/24/08/40172320/market-bets-on-feds-next-move-is-50-basis-point-cut-in-september-a-done-deal">highest level since October 2021</a>, while job additions slowed significantly. These indicators have exacerbated fears of a manufacturing contraction, as reflected in the latest ISM Manufacturing PMI for July.
Federal Reserve Chair Powell had hinted at a potential rate cut, stating, &#8220;I would think that a rate cut could be on the table at the September meeting.&#8221; This has led to further speculation and market movements.
Wolfers also recently expressed skepticism about <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40168341/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol">Trump&#8217;s plan to pay off the U.S.&#8217;s $35 trillion debt</a> load using Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). Wolfers responded to a post by another renowned economist, Scott Linsiome, highlighting Trump&#8217;s plan. Wolfers stated, &#8220;That&#8217;s not how crypto works.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a></li>
</ul>
Image made via AI on MidJourney
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

Economics

Federal Reserve

Markets

$BTC

Economist Justin Wolfers Weighs In On Market Meltdown And Fast Changing Democratic VP Nominee Odds: 'Even A Small Bet Can Lead Prices To Shift Sharply'

Business Highlights
Mobile
As of&nbsp;June 30th, 2024, Chunghwa Telecom had 13.42 million mobile subscribers, representing a 4.5% year-over-year increase. In the second quarter, total mobile service revenue increased by 3.5% to&nbsp;NT$ 16.73 billion, while mobile post-paid ARPU excluding IoT SIMs grew 2.0% year over year to&nbsp;NT$ 556.
Fixed Broadband/HiNet
As of&nbsp;June 30th, 2024, the number of broadband subscribers slightly increased by 0.6% to 4.41 million. The number of HiNet broadband subscribers increased by 1.3% to 3.72 million. In the second quarter, total fixed broadband revenue grew 4.4% year over year to&nbsp;NT$ 11.39 billion, while ARPU increased 2.0% to&nbsp;NT$ 790.
Fixed line
As of&nbsp;June 30th, 2024, the number of fixed-line subscribers was 9.02 million.

Earnings

As Of June 30, Chunghwa Telecom Had 13.42M Mobile Subscribers (Up By 4.5% YoY), 4.41M Broadband Subscribers (Up By 0.6% YoY), 9.02M Fixed-Line Subscribers

Some <a href="https://www.benzinga.com/markets/equities/24/08/40176966/japan-markets-us-futures-recover-after-historic-plunge-supported-amid-strong-service-sector-and-">sanity has returned to the market </a>after Monday&#8217;s swoon but a report said on Tuesday that investors should brace for more shakeouts in the coming days.
<h2 class="wp-block-heading">Protracted Unwinding</h2>
Market participants are worried about an extended sell-off and a contagion effect on other assets, primarily due to fears that the unwinding of yen carry trades will continue, said Reuters in a report. Zhe Shen, head of diversifying strategies at TIFF Investment Management, said, &#8220;We expect the sell-off to continue for maybe a few more days as usually these&#8230; trades are pretty large,&#8221; Reuters reported.
Shen reportedly thinks people are biding their time to offload more of their financial assets. &#8220;People said &#8216;wait, we&#8217;re losing too much money from unwinding. Let&#8217;s just hold and we&#8217;ll unwind some more tomorrow.'&#8221;
Complete unwinding of the yen carry traders will take days and this will potentially extend the market rout, the market strategist said.
Ulf Lindahl, CEO of institutional investors advisory firm Currency Research Associates, shared the sentiment. &#8220;There&#8217;s tons and tons of yen carry trades that still have to be closed out,&#8221; he told Reuters.
Hedge fund PivotalPath said the most affected by the unwinding are global macroquantitative and managed futures, as they have short exposure to the Japanese currency, the report said. The firm estimates that the yen&#8217;s strength in August may have inflicted a l1.5%-2.5% loss for those funds&#8217; indexes, it added.
See Also:<a href="https://www.benzinga.com/money/best-penny-stocks"> Best Penny Stocks</a>
<h2 class="wp-block-heading">Not Regular Correction</h2>
The report also said some money managers have already been reducing risk in the past few days and hedge funds started unwinding two weeks back when the equity market began falling. In late July, Morgan Stanley said macro hedge funds could sell $110 billion in the coming weeks if markets further deteriorated.
Kathy Jones, chief fixed income strategist at Schwab, however, told Reuters that the actual size of the positions and how much hedged may be tough to gauge. There could be derivates involved, prompting a &#8220;pretty sizeable reaction.&#8221;
The Nasdaq 100&#8217;s fall below its record high of 18,647.45 on July 10 is seen as a challenge for a &#8221; quick and sustainable bounce back.&#8221;
Lindahl reportedly said most haven&#8217;t unwound anything, thinking it is a regular correction. &#8220;This is a serious thing, it's not just the regular correction. You don&#8217;t have gap openings for 4% or 5% in major indexes, and then they recover. There&#8217;s a serious collapse that&#8217;s coming,&#8221; he said.
The Nasdaq 100 on Monday opened at 17,444.40, down 5.40% from the previous session&#8217;s closing price. Although the index was deep in the red throughout the session, it cut its losses, rising as high as 18,169.49, before settling off this level at $17,895.15.
Also, the Japanese market, which kickstarted the global sell-off has rebounded and ended Tuesday&#8217;s session up 10.23% at 34,675.46.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, ended Monday&#8217;s session down 2.91% at $517.38, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40178601/global-market-crash-sparks-reflection-on-jeff-bezos-2000-dotcom-comments-after-amazons-80-plunge">Global Market Crash Sparks Reflection On Jeff Bezos&#8217; 2000 Dotcom Comments After Amazon&#8217;s 80% Plunge: &#8216;We&#8217;re A Company That Wants To Be Weighed, And Over Time We Will Be&#8217;</a></li>
</ul>
Image via Unsplash

Equities

General

Strategist Warns 'There's A Serious Collapse That's Coming' After Monday's Global Market Crash: 'Tons And Tons Of Yen Carry Trades…Have To Be Closed Out'

A2Z Smart Technologies Corp. (&quot;A2Z&quot;) (&quot;Company&quot;), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZ#NASDAQ">AZ</a>)($AZ)( FRA - WKN: A3CSQ), a global leader in innovative technology solutions, announced today the first deployment of its new generation Cust2Mate 3.0 smart shopping carts at Franprix in Paris, France. Franprix is a leading grocery chain that operates over 600 stores in France.

A2Z Smart Technologies Unveils Cust2Mate 3.0 Smart Shopping Carts at Franprix in Paris

Chunghwa Telecom Q2 EPS $0.04 Down From $0.42 YoY, Sales $1.67B Down From $1.74B YoY

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) had a <a href="https://www.benzinga.com/news/earnings/24/08/40172453/palantir-q2-earnings-revenue-beat-eps-beat-customer-count-up-41-driven-by-strength-in-us-commercial">&#8220;game changer&#8221; quarter</a>, according to Wedbush Securities analyst Dan Ives, who said that the AI revolution has officially started, making Palantir a top player in the field.
What Happened: Ives took X to express his thoughts on Palantir&#8217;s recent performance. He wrote, &#8220;This was a game changer quarter for the Messi of AI Palantir to prove its AIP solution is monetizing AI and the AI revolution has begun. This is one of the best barometers of AI demand globally as use cases are exploding for Palantir. One of best pure play AI names in the market.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This was a game changer quarter for the Messi of AI Palantir to prove its AIP solution is monetizing AI and the AI revolution has begun. This is one of the best barometers of AI demand globally as use cases are exploding for Palantir. One of best pure play AI names in market &#x1f402;&#x1f525;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1820567214237585686?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Palantir CEO, Alex Karp, also <a href="https://www.benzinga.com/markets/equities/24/08/40177915/palantir-ceo-alex-karp-warns-of-severe-violent-interactions-in-middle-east-reaffirms-support-for">warned of potential conflicts in the Middle East</a>. This warning came after Palantir&#8217;s second-quarter earnings report, which showed a 27% year-over-year increase in total revenue, driven by a 41% rise in customer count, particularly in the U.S. commercial sector.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a>
Why It Matters: Palantir reported <a href="https://www.benzinga.com/news/earnings/24/08/40172453/palantir-q2-earnings-revenue-beat-eps-beat-customer-count-up-41-driven-by-strength-in-us-commercial">second-quarter earnings</a> on Monday, posting a revenue of $678.13 million, surpassing the consensus estimate of $652.1 million.
The company&#8217;s revenue surge was driven by a 55% growth in U.S. commercial revenue and a 23% rise in government revenue.
Cathie Wood&#8217;s Ark Invest also showed confidence in Palantir by making <a href="https://www.benzinga.com/markets/equities/24/08/40177308/cathie-wood-led-ark-invest-went-shopping-for-amd-tesla-amazon-coinbase-robinhood-meta-and-palant">significant trades in the company&#8217;s shares</a> amid a market downturn.
Price Action: Palantir closed at $24.09 on Monday, down 2.63% for the day. However, in after-hours trading, the stock surged by 12.16%. Year to date, Palantir stock has gained 45.30%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</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>

Analyst Color

Analyst Ratings

Tech

PLTR

Palantir's 'Game Changer Quarter' Proves AI Monetization On Global Demand, Says Tech Bull: 'Use Cases Are Exploding' For Messi Of AI

YouTuber Adin Ross on Monday streamed an interview with Republican Presidential candidate Donald Trump and <a href="https://www.benzinga.com/news/24/08/40154264/trump-says-electric-cars-are-fantastic-after-tesla-ceo-elon-musks-endorsement-i-have-to-be-you-know">gifted him </a>a Tesla Cybertruck wrapped with an image of him standing with his fist raised after the shooting incident at his rally in Pennsylvania last month.
What Happened: &#8220;That&#8217;s an Elon. That is beautiful,&#8221; Trump said when he saw the Cybertruck. The stainless steel truck was wrapped in an image of Trump and the American flag and features the words &#8220;Make America Great Again&#8221; on the hood.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f525;&#x1f525;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1820558416160448691?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Talking about Tesla Inc. CEO Elon Musk during the stream, Trump said, &#8220;Elon is a great guy, yeah. He&#8217;s really a fantastic person.&#8221; Trump also added that the billionaire entrepreneur is &#8220;truly a genius&#8221; with his work in underground tunnels aimed at resolving traffic and reusable rockets.
Trump, however, also slammed EVs in the interview, alleging that electric vehicles don&#8217;t travel very far, have a high price point, and rely heavily on China for manufacturing. The Democratic Party, he said, is trying to implement an &#8220;EV mandate,&#8221; taking the choice of buying gas vehicles or hybrids away from American consumers. 
Complete electrification, Trump said, &#8220;is essentially never going to work.&#8221;
&#8220;In my opinion, it&#8217;ll never work because you&#8217;re always going to have a weight problem. You&#8217;re always going to have- it&#8217;s never going to be the same kind of a thing where you can drive for two days without stopping. It&#8217;s just not going to happen,&#8221; Trump said. 
Several figures from the Democratic Party, including President&nbsp;Joe Biden&nbsp;and Transporation Secretary&nbsp;Pete Buttigieg&nbsp;have previously refuted this claim from Republicans, reiterating that their party is&nbsp;<a href="https://www.benzinga.com/news/24/07/39870306/biden-claps-back-after-trumps-ev-mandate-comments-at-rnc-what-the-hell-was-he-talking-about" target="_blank" rel="noreferrer noopener">not mandating EVs</a>&nbsp;but only supporting the industry in a bid to offer the choice for customers to buy an EV if they want to.
Why It Matters: Musk officially endorsed Trump in July after the shooting incident at a rally in Pennsylvania. The former President, however, is seeking the <a href="https://www.benzinga.com/news/24/07/40031325/former-tesla-exec-says-biden-administrations-treatment-of-ev-giant-was-pretty-fair-despite-musks-all" target="_blank" rel="noreferrer noopener">elimination of subsidies for electric vehicles.</a>
But Musk said during the company's second-quarter earnings in late July that the impact of the elimination of subsidies <a href="https://www.benzinga.com/news/24/07/39934750/trump-presidency-and-ira-cut-would-be-devastating-for-competitors-says-elon-musk-long-term-probably" target="_blank" rel="noreferrer noopener">would only be limited for Tesla</a> but &#8220;devastating&#8221; for its competitors. The elimination of EV subsidies would probably help Tesla in the long term, he added.
Last week, Musk told Lex Fridman in a podcast published on Friday, that he discussed the idea of a "government deficiency commission" with Trump in case the former president <a href="https://www.benzinga.com/markets/equities/24/06/39562285/jim-cramer-says-trumps-return-to-white-house-could-be-good-for-your-portfolio-hate-him-or-like-h" target="_blank" rel="noreferrer noopener">reclaims the White House</a>. The CEO also expressed his willingness to be a part of it.
While Musk did not detail the purpose of the commission,&nbsp;<a href="https://www.benzinga.com/news/24/08/40145592/elon-musk-says-he-spoke-to-donald-trump-about-government-deficiency-commission-tesla-ceo-expresses-i" target="_blank" rel="noreferrer noopener">he hinted</a>&nbsp;that it might be aimed at removing an &#8220;accumulation of laws and regulations&#8221; that prevents key development projects.
In his first joint rally with his vice presidential pick&nbsp;JD Vance&nbsp;in Atlanta on Saturday, Trump also softened his criticism for EVs, terming them as &#8220;fantastic&#8221; and said he is all for electric cars. 
&#8220;I'm for electric cars. I have to be, you know, because Elon endorsed me very strongly. So I have no choice," Trump said. 
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/analyst-ratings/analyst-color/24/08/40158092/chinese-ev-makers-spent-up-to-29-of-q1-revenue-on-r-d-leaving-elon-musks-tesla-in-t">Chinese EV Makers Spent Up To 29% Of Q1 Revenue On R&amp;D, Leaving Elon Musk&#8217;s Tesla In The Rearview Mirror, But Rivian And Lucid Spent Even More</a></li>
</ul>
Photo via Shutterstock

Politics

TSLA

YouTuber Gifts Trump A Tesla Cybertruck With Custom Wrap Of His Pennsylvania Rally Shooting Incident: 'That's An Elon. That Is Beautiful,' Says Former President

United Microelectronics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>, TWSE: 2303)))) (&quot;UMC&quot;), today reported unaudited net sales for the month of July 2024.
Revenues for July 2024
<table cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
Period
</td>
<td colspan="1" rowspan="1">
2024
</td>
<td colspan="1" rowspan="1">
2023
</td>
<td colspan="1" rowspan="1">
Y/Y Change
</td>
<td colspan="1" rowspan="1">
Y/Y (%)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
July
</td>
<td colspan="1" rowspan="1">
20,896,877
</td>
<td colspan="1" rowspan="1">
19,063,918
</td>
<td colspan="1" rowspan="1">
1,832,959
</td>
<td colspan="1" rowspan="1">
9.61%
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Jan.-July
</td>
<td colspan="1" rowspan="1">
132,328,266
</td>
<td colspan="1" rowspan="1">
129,569,773
</td>
<td colspan="1" rowspan="1">
2,758,493
</td>
<td colspan="1" rowspan="1">
2.13%
</td>
</tr>
</tbody>
</table>

United Microelectronics Reported July 2024 Net Sales Growth Of 9.61% YoY

In a recent development, TikTok has decided to eliminate a contentious rewards feature that was under scrutiny for encouraging excessive screen time, particularly among young users. This decision was made in response to concerns raised by the European Union&#8217;s executive commission.
What Happened: This marks the first outcome of an investigation under the EU&#8217;s Digital Services Act. The Act, effective since February, governs large digital platforms to ensure a &#8220;safe and accountable online environment,&#8221; AP News <a href="https://apnews.com/article/tiktok-digital-services-act-screen-time-f3c635bd7d46e37c12f6411f8e641ade?taid=66b1ade0ed43280001c0df31&amp;utm_campaign=trueAnthem_manual&amp;utm_medium=trueAnthem&amp;utm_source=twitte">reported</a> on Tuesday.
Despite agreeing to the withdrawal, TikTok did not concede to violating the Digital Services Act. The European Commission has deemed the withdrawal as legally binding, sending a &#8220;clear message to the entire social media industry,&#8221; as stated by Margrethe Vestager, European Commission for Digital Affairs.
See Also: <a href="https://www.benzinga.com/news/24/08/40145058/elon-musk-says-real-time-data-from-x-tesla-cars-and-optimus-robots-in-future-will-make-grok-best-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Real-Time Data From X, Tesla Cars, And Optimus Robots In Future Will Make Grok &#8216;Best AI System In The World&#8217;</a>
The case revolves around TikTok Lite, a version of the app launched in Spain and France. The app enabled users to accumulate points for various activities, which could be converted into Amazon vouchers and PayPal gift cards. The rewards were limited to users aged 18 and above, with a daily limit on video-watching time to earn rewards.
This resolution does not affect an ongoing investigation into TikTok concerning the protection of minors, advertising transparency, data access for researchers, and risks of &#8220;behavioral addiction&#8221; and harmful content.
TikTok has yet to respond to Benzinga&#8217;s queries.
Why It Matters: TikTok&#8217;s decision comes in the <a href="https://www.benzinga.com/news/24/05/39116664/tiktok-halts-european-expansion-to-focus-on-us-e-commerce">wake of its halted expansion</a> into major European markets earlier this year, as it shifted focus to the U.S. amidst regulatory challenges. This move was aimed at strengthening ByteDance&#8217;s position in the U.S., which boasts 170 million monthly users, to counter a potential ban in the region.
Furthermore, TikTok and its <a href="https://www.benzinga.com/general/social-media/24/06/39424409/tiktok-argues-us-could-have-considered-alternatives-to-banning-app">parent company ByteDance Ltd.</a> have been arguing that the U.S. could have considered lighter alternatives to banning the app to address national security concerns. This ongoing battle with U.S. regulations adds another layer of complexity to TikTok&#8217;s global operations.
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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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Social Media

TikTok Axes Reward System After EU Investigation Reveals App Encourages Excessive Screen Time

On Monday, Palantir Technologies Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) released its <a href="https://www.benzinga.com/news/earnings/24/08/40172453/palantir-q2-earnings-revenue-beat-eps-beat-customer-count-up-41-driven-by-strength-in-us-commercial">second-quarter financial results</a>, after which the CTO of the company spoke about the importance of foundational technologies for enterprise AI.
What Happened:&nbsp;During the earnings call, Palantir CTO Shyam Sankar, underscored the company&#8217;s long-term investments in foundational technologies for enterprise AI. 
&#8220;Our customers have been ahead&nbsp;of investors and markets. Customers&nbsp;choose us not because we&#8217;re&nbsp;delivering proofs of concepts but&nbsp;because we deliver proof, years&nbsp;of foundational investments in our&nbsp;infrastructure,&#8221; he stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40145058/elon-musk-says-real-time-data-from-x-tesla-cars-and-optimus-robots-in-future-will-make-grok-best-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Real-Time Data From X, Tesla Cars, And Optimus Robots In Future Will Make Grok &#8216;Best AI System In The World&#8217;</a>
Sankar also highlighted the company&#8217;s unique investment in creating a product pipeline&nbsp;to harvest economic value from AI.
He said, &#8220;The journey to production, as&nbsp;the market is now discovering,&nbsp;is fraught and requires a&nbsp;foundational set of technologies that&nbsp;we have uniquely invested in.&#8221;
Sankar further explained that the company&#8217;s success is due to its hands-on approach, stating, &#8220;We didn&#8217;t build those technologies&nbsp;eating berries in San Francisco.&nbsp;We had to be on&nbsp;the factory floor, in the&nbsp;foxhole, eating pain with our customers, seeing the secret truths&nbsp;of what does and doesn&#8217;t&nbsp;work and metabolizing it into&nbsp;product.&#8221;
The CTO concluded by stating that their&nbsp;platforms have become the fastest&nbsp;place for their&nbsp;customers to develop, refine, and&nbsp;manage not only their models&nbsp;but integrated offerings that deliver&nbsp;business impact.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last year in May, Palantir CEO Alex Karp also spoke about the <a href="https://www.benzinga.com/news/23/05/32279079/palantir-ceo-says-tech-similar-to-chatgpt-is-one-that-will-raise-ships-and-sink-ships">importance of large language models</a>. He stated that the LLM revolution was one that &#8220;will raise ships and sink ships.&#8221;
Palantir&#8217;s second-quarter earnings report revealed a 27% year-over-year increase in total revenue, with commercial revenue growing 33% year-over-year, driven by a 55% year-over-year increase in U.S. commercial revenue. Government revenue climbed 23% year-over-year.
During this year&#8217;s Q2 earnings call, Karp also <a href="https://www.benzinga.com/markets/equities/24/08/40177915/palantir-ceo-alex-karp-warns-of-severe-violent-interactions-in-middle-east-reaffirms-support-for">issued a stark warning</a> about potential conflicts in the Middle East, emphasizing the company's commitment to supporting U.S. interests in the region.
Price Action: Palantir ended Monday&#8217;s trading session at $24.09, a decrease of 2.63% for the day. However, in after-hours trading, the stock jumped 12.16% reaching $27.02, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Photo Courtesy: Flickr.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Palantir CTO Shyam Sankar Highlights Praises Company's Hands-On Approach In Harvesting Economic Value Of AI: 'We Didn't Build Those Technologies Eating Berries in San Francisco'

The CNN Money Fear and Greed index showed a further decline in the overall market sentiment, with the index moving to the &#8220;Extreme Fear&#8221; zone on Monday.
U.S. stocks settled lower on Monday, with the Dow Jones index tumbling over 1,000 points during the session to record its worst day in around two years.
On the economic data front, the ISM services PMI climbed to 51.4 in July from 48.8 in April and also topped market expectations of 51. The S&amp;P Global composite PMI was revised lower to 54.3 in July versus the preliminary reading of 55.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares dipped 6.4% on Monday, bringing its plunge from its 52-week high level to around 29%. Shares of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) declined 4.8% during Monday's session after Warren Buffett's Berkshire Hathaway slashed its stake in the company in half.
All sectors on the S&amp;P 500 index closed on a negative note, with information technology, communication services, and consumer discretionary stocks recording the biggest losses on Monday.
The Dow Jones closed lower by around 1,034 points to 38,703.27 on Monday. The S&amp;P 500 fell 3% to close at 5,186.33, while the Nasdaq Composite dipped 3.43% to close at 16,200.08 during Monday's session.
Investors are awaiting earnings results from Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), and Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 19.1, the index moved to the &#8220;Extreme Fear&#8221; zone on Monday, versus a prior reading of 26.9.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Trading Ideas

AAPL

NVDA

UBER

WYNN

Dow Records Worst Day In Around 2 Years, Mag 7 Stocks Lose $650B In Market Capitalization: Greed Index Moves To 'Extreme Fear' Zone

Allego (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLG#NYSE">ALLG</a>), a leading pan-European electric vehicle network, announces the grant of a &euro;20 million loan from the European Bank for Reconstruction and Development (EBRD) as part of the CROSS-E project co-funded by the European Union. This financial support will support Allego&#39;s strong development of EV-charging infrastructure inside Poland as part of the company&#39;s ongoing Eastern European expansion project.
Electric vehicle adoption in Poland, which ranks among the lowest in Europe in terms of EV charging penetration, can only be fostered through a robust and fully functional EV charging infrastructure. This initiative promotes the broad availability of efficient and dependable electric mobility throughout the continent as part of the European Union&#39;s efforts to decarbonize road transportation.
Allego is set to deploy more than 200 light and heavy-duty vehicles (LDV /HDV) EV recharging points across over 50 strategic locations in Poland. This effort will include installing and integrating these recharging points into the existing Allego network. Additionally, Allego will provide comprehensive maintenance and operational support for these facilities, enhancing the user experience with smart charging and efficient billing systems. The project in Poland is co-funded by the EU&#39;s Connecting Europe Facility (CEF) program, supporting European transport infrastructure projects along the TEN-T Network and in Urban Nodes.

Government

Regulations

ALLG

Allego Secures €20M Loan to Boost EV Charging Network in Poland

Global <a href="https://www.benzinga.com/news/earnings/24/08/40157665/nasdaq-r2k-futures-tumble-over-4-vix-spikes-over-100-bitcoin-plunges-hard-as-global-sell-off-deepen">equity markets, commodities, and cryptocurrencies all crashed</a> on Black Monday 2.0, and investors are worried about the unabated sell-off. Against this backdrop, social media tapped into sagacious comments from Amazon founder Jeff Bezos in the aftermath of the 2000 dotcom bubble burst to draw some encouragement.
What Happened: When Amazon shares were annihilated along with the other tech stocks in 2000, Bezos strived to calm the agitated shareholders through his letter to them. Excerpts of the letter that Bloomberg journalist Jon Erlichman shared showed the billionaire reeling off Amazon&#8217;s achievements in fiscal year 2000. &#8220;Our shares are down more than 80% from when I wrote you last year. Nevertheless, by almost any measure, Amazon.com the company is in a stronger position now than at any time in its past,&#8221; he said.
To substantiate his claim, he noted that Amazon&#8217;s customer count increased from 14 million to 20 million between 1999 and 2000, sales climbed from over 68% to $2.76 billion, pro forma operating loss narrowed by 6% and average spend per customer rose 19%, among other things.
Bezos tapped into the wisdom of Benjamin Graham, who is widely called the father of value investing. The Amazon founder quoting Graham said the stock market is like a voting machine in the short term and a weighing machine in the long term, 
&#8220;Clearly there was a lot of voting going on in the boom year of '99—and much less weighing,&#8221; Bezos said. 
&#8220;We're a company that wants to be weighed, and over time, we will be—over the long term, all companies are. In the meantime, we have our heads down working to build heavier and heavier company,&#8221; he added.
See Also:<a href="https://www.benzinga.com/money/best-depression-stocks"> Best Depression Stocks</a>
Why It&#8217;s Important: On Monday, Amazon shares fell a little over 4%, less than what most of its mega-cap tech peers lost. Bezos is not part of the active management team of Amazon now and serves as chairman of the board, and the e-commerce giant is led by his successor Andy Jassy. 
True to what Bezos said, Amazon has now grown as a heavier company. The second-quarter results released last week showed <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">the top line growing to $147.98 billion</a> and earnings coming in at $1.26 per share. Apart from the core e-commerce business, the company has diversified its operations to include a thriving cloud computing business called AWS, giving it exposure to the hot-and-happening artificial intelligence technology.
From the post-dotcom bubble burst bottom of a split-adjusted 30 cents per share (split-adjusted price), the stock has risen to $161.02, a gain of about 54,000%.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, ended Monday&#8217;s session down 2.91% at $517.38, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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</ul>
Photo courtesy: Shutterstock

Media

Global Market Crash Sparks Reflection On Jeff Bezos' 2000 Dotcom Comments After Amazon's 80% Plunge: 'We're A Company That Wants To Be Weighed, And Over Time We Will Be'

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) weekend retrace was one of its steepest recent years, with the King Crypto briefly plunging below $50,000.
But away from the noise of sell-offs and bearish pressure, El Salvador continued to purchase and add BTCs to its reserves.
What Happened: El Salvador purchased one BTC on Monday, <a href="https://bitcoin.gob.sv/">according </a>to the mempool space that tracks the country&#8217;s treasury reserves, staying true to its objective of <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37763988/pro-bitcoin-president-nayib-bukele-says-el-salvador-will-purchase-btc-daily-until-king-cry">buying one Bitcoin per day.</a>&nbsp;
At the time of writing, the Central American nation had 5,833.76 Bitcoins in its custody, worth more than $324 million. Seven BTCs were added to the Treasury over the last week and 30 over the month.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40169225/peter-schiff-thinks-bitcoin-will-never-be-a-reserve-asset-but-others-see-the-drop-as-a-tes">Peter Schiff Thinks Bitcoin &#8216;Will Never Be A Reserve Asset,&#8217; But Others See The Drop As A &#8216;Testament To Bitcoin&#8217;s Potential&#8217;</a>
Why It Matters: Just two weeks after Joe Biden's <a href="https://www.benzinga.com/topic/joe-biden">dramatic withdrawal from the race</a>, Harris has surged to the forefront of the Democratic presidential ticket, securing the party's nomination in a "virtual roll call" on Friday.
Notably, the Eastern German state of Saxony <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39817332/by-dumping-50k-seized-bitcoins-at-the-wrong-time-germany-lost-an-amount-worth-more-than-bh">liquidated billions in seized Bitcoin</a> over fears of significant price losses. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001045/german-lawmaker-joana-cotar-calls-50k-bitcoin-sale-by-her-nation-a-monumental-missed-oppor">move was slammed</a> by German lawmaker Joana Cotar, who called it a &#8220;monumental missed opportunity.&#8221; 
El Salvador, led by Nayib Bukele, has doubled down on Bitcoin ever since adopting the world&#8217;s largest digital currency as a legal tender in 2021.
ARK Invest CEO Cathie Wood stated earlier that <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39062709/cathie-wood-el-salvadors-bitcoin-and-ai-push-could-grow-its-gdp-10x-in-5-years">El Salvador's economy could grow dramatically</a> if it continues to embrace Bitcoin.
Price Action: At the time of writing, Bitcoin was trading at $55,623.37, rebounding 2.94% in the last 24 hours following the weekend crash, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Nayib Bukele-Led El Salvador Sticks To 'Buying One Bitcoin A Day' Plan Amid Raging Market Sell-Offs

With U.S. stock futures trading higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) to report quarterly earnings at 31 cents per share on revenue of $10.57 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/">Benzinga Pro</a>. Uber shares gained 2.6% to $60.00 in after-hours trading.</li>
<li>AECOM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACM#NYSE">ACM</a>) reported better-than-expected third-quarter financial results and issued FY24 EPS guidance with the midpoint above estimates. AECOM shares gained 5.60% to $91.50 in the after-hours trading session.</li>
<li>Analysts are expecting Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) to post quarterly earnings at $1.14 per share on revenue of $1.75 billion. The company will release earnings after the markets close. Wynn Resorts shares gained 0.92% to $74.23 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>ZoomInfo Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>) <a href="https://www.benzinga.com/news/24/08/40173882/zoominfo-technologies-q2-earnings-revenue-miss-eps-miss-soft-guidance-cfo-transition-and-more">reported worse-than-expected</a> financial results for the second quarter and announced a management transition. The company announced that CFO Cameron Hyzer will step down from his role. Hyzer will remain in an advisory capacity until Oct. 7 to help facilitate a smooth transition. Graham O'Brien has been named interim CFO, effective Sept. 6. ZoomInfo shares dipped 11.7% to $8.65 in the after-hours trading session.</li>
<li>Analysts expect Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) to post quarterly earnings at $5.54 per share on revenue of $16.68 billion before the opening bell. Caterpillar shares fell 0.1% to $316.50 in after-hours trading.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40165522/top-3-tech-stocks-that-could-surge-this-quarter">Top 3 Tech Stocks That Could Surge This Quarter</a></li>
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Photo courtesy: Shutterstock

Caterpillar, Uber And 3 Stocks To Watch Heading Into Tuesday

<ul>
<li>Phase 3 ABTECT Trial evaluating obefazimod in moderately to severely active ulcerative colitis (UC) surpassed the 600-patient enrollment milestone confirming ABTECT currently on pace to reach full enrollment in early&nbsp;Q1&nbsp;2025</li>
<li>To date, baseline participants baseline characteristics and trial trends in line with observations from Phase 2b trial</li>
</ul>

ABVX

ABTECT Phase 3 Trial Hits 600-Patient Milestone, On Track For Full Enrollment By Early Q1 2025

California-based <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39743359/exclusive-as-lucid-gears-up-to-take-on-teslas-model-x-analysts-lay-out-the-problems">EV maker</a> Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) said on Monday that it has entered into agreements with an affiliate of its largest shareholder, Saudi Arabia&#8217;s Public Investment Fund, led by Crown Prince Mohammed bin Salman, for a $1.5 billion investment.
What Happened: Lucid Group said that the PIF affiliate will buy $750 million of convertible preferred stock via private placement and provide for a $750 million unsecured delayed draw term loan facility.
The new influx of capital comes as the company is gearing up to start production of its Gravity SUV, its second vehicle after its flagship Lucid Air sedan. 
The company has already started pre-production of the <a href="https://www.benzinga.com/news/24/07/40060405/lucid-commences-pre-production-of-model-x-rival-gravity-suv-not-all-evs-are-born-equal-says-ceo-pete">Gravity SUV</a>, which is expected to start at under $80,000. The premium SUV, expected to rival Tesla&#8217;s Model X SUV in the market, is expected to enter production in late 2024.
The latest capital raise of $1.5 billion from the affiliate of Saudi Arabia&#8217;s sovereign wealth fund will strengthen its liquidity runway at least into the fourth quarter of 2025, the company said.
Why It Matters: Lucid shares, however, closed down 3.9% at $3 on Monday after the company reported <a href="https://www.benzinga.com/news/earnings/24/08/40171836/lucid-q2-earnings-highlights-revenue-beat-eps-miss-1-5-billion-financing-commitment-from-saudi-inve">wider-than-expected losses</a> for the second quarter. The EV maker reported a loss of 29 cents per share on an adjusted basis, wider than the Street consensus estimate of a loss of 27 cents. 
This is despite the company crossing the threshold of 2,000 deliveries per quarter for the first time during the quarter. The company delivered 2,394 vehicles and reported a loss of $112,688 per vehicle delivered, not including overhead costs.
Saudi Arabia&#8217;s PIF has been a long-standing supporter of Lucid, investing several billions into the EV startup. With the latest investment, the PIF has invested about $7.9 billion into the EV maker since 2018.
Price Action: Lucid&#8217;s shares were up 5.67% in after-market hours, after closing down by 3.85% at $3 on Monday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo courtesy: Lucid

LCID

Mohammed Bin Salman-Led Sovereign Fund PIF's Affiliate To Invest $1.5B In EV Maker Lucid

Contracts

ESLT

Elbit Systems Secures $270M Contract To Supply Rocket Artillery For An International Customer

Full Year 2023 Payment of Final and Special Dividend
The Company distributed both a final dividend and a special dividend, each amounting to&nbsp;RMB 509.0 million&nbsp;(approximately&nbsp;US$70.0 million). This translates to a distribution ratio of&nbsp;RMB 1.54&nbsp;(approximately&nbsp;US$0.21&nbsp;or&nbsp;HK$1.65) per share for each dividend, tax inclusive.&nbsp;

Dividends

NOAH

Noah Holdings' New Policy Results In Record RMB 1,018M Dividend Payout

CrowdStrike Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) is facing legal action <a href="https://www.benzinga.com/news/24/07/39915506/delta-air-lines-needs-more-recovery-time-after-crowdstrike-outage-flight-disruptions-to-extend-2-mor">from air travelers</a> affected by a massive global computer outage last month.
What Happened: On Monday, three passengers filed a proposed class action lawsuit against the cybersecurity company in the federal court in Austin, Texas, reported Reuters.
The plaintiffs allege that CrowdStrike was negligent&nbsp;in testing and deploying its&nbsp;software, which led to the outage, affecting air travel, banks, hospitals, and emergency lines worldwide.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40145004/crypto-industry-to-meet-with-white-house-officials-even-as-trump-promises-to-reverse-biden?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Industry To Meet With White House Officials, Even As Trump Promises To Reverse Biden Administration's Crackdown On Bitcoin, Ethereum And Other Cryptocurrencies</a>
The lawsuit claims that the outage forced passengers to incur additional costs for accommodation, meals, and alternative travel. Some even missed work or experienced health issues due to sleeping on airport floors, the report said.
The plaintiffs are seeking compensatory and punitive damages from CrowdStrike.
&#8220;We believe this case lacks merit and we will vigorously defend the company,&#8221; CrowdStrike said in a statement to Reuters.
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Why It Matters: The outage, which affected over 8 million computers, was due to a flawed software update.&nbsp;
Previously, Delta Air Lines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) also expressed its intention to take <a href="https://www.benzinga.com/news/24/07/40047547/delta-seeks-damages-from-microsoft-crowdstrike-after-major-system-outage">legal action against CrowdStrike</a>. Delta CEO, Ed Bastian, publicly criticized Microsoft&#8217;s platform <a href="https://www.benzinga.com/news/24/08/40124678/delta-air-lines-ceo-calls-microsoft-most-fragile-platform-after-crowdstrike-outage-causes-500m-loss">for its &#8220;fragility,&#8221; while</a> praising Apple for its stability.
In response to Delta&#8217;s decision to pursue damages, CrowdStrike claimed that the airline <a href="https://www.benzinga.com/news/24/08/40152392/delta-will-have-to-explain-why-it-didnt-take-responsibility-security-companys-lawyers-fireback-at-te">did not respond to their offer</a> of help during the outage. According to the cybersecurity firm, CrowdStrike CEO George Kurtz personally reached out to Delta&#8217;s CEO but received no response.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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CrowdStrike Hit With Lawsuit Over Global Outage Impacting Air Travel, Plaintiffs Say Cybersecurity Firm Should Pay Compensatory And Punitive Damages