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Under normal market conditions, the Fund invests at least 80 percent of its assets in the component securities of the FTSE Taiwan Capped Index and in depositary receipts representing such securities. The FTSE Taiwan Capped Index is a free float-adjusted market capitalization weighted index maintained and calculated by FTSE Russell with a capping methodology applied quarterly to issuer weights so that no single issuer of a component exceeds 25 percent of the FTSE Taiwan Capped Index weight, and all issuers with weights above 5 percent do not cumulatively exceed 50 percent of the FTSE Taiwan Capped Indexs weight. The FTSE Taiwan Capped Index is based on the FTSE Taiwan Index and is designed to measure the performance of Taiwanese large- and mid-capitalization stocks. FTSE Russell determines eligible securities for the FTSE Taiwan Capped Index based on measures such as the companys place of incorporation, listing country, investor protection regulations present in the country of incorporation, tax domicile, location of headquarters/factors of production and currency of denomination. 

Taiwan Semiconductor Manufacturing Co. Ltd.

Franklin FTSE Taiwan ETF

News

FFWM

First Foundation Says Ceo Scott F. Kavanaugh Retires, Appoints Thomas C. Shafer As Successor

HC Wainwright &amp; Co. analyst Douglas Tsao reiterates Protagonist Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTGX#NASDAQ">PTGX</a>) with a Buy and maintains $50 price target.

Price Target

Reiteration

Analyst Ratings

PTGX

HC Wainwright & Co. Reiterates Buy on Protagonist Therapeutics, Maintains $50 Price Target

Buckle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKE#NYSE">BKE</a>) reported quarterly earnings of $0.88 per share which beat the analyst consensus estimate of $0.84 by 4.76 percent. This is a 15.38 percent decrease over earnings of $1.04 per share from the same period last year. The company reported quarterly sales of $293.62 million which beat the analyst consensus estimate of $286.02 million by 2.66 percent. This is a 3.24 percent decrease over sales of $303.46 million the same period last year.

Buckle Q3 EPS $0.88 Beats $0.84 Estimate, Sales $293.62M Beat $286.02M Estimate

HC Wainwright &amp; Co. analyst Robert Burns reiterates Zymeworks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZYME#NASDAQ">ZYME</a>) with a Neutral and maintains $12 price target.

ZYME

HC Wainwright & Co. Reiterates Neutral on Zymeworks, Maintains $12 Price Target

<ul>
<li>On Thursday, November 21, U.S. markets closed higher, with the Dow climbing 461 points, the S&amp;P 500 adding 32 points, and the Nasdaq edging up by 6 points. Salesforce led the Dow with solid gains, while Nvidia advanced on strong earnings despite tempered growth projections. Alphabet faced a sharp decline following antitrust pressures from the Justice Department.</li>
<li>According to economic data, U.S. existing home sales rose by 3.5% in October to an annualized 3.96 million. The Philadelphia Fed Manufacturing Index dropped to -5.5 in November, missing market expectations of 8. Initial jobless claims fell by 6,000 to 213,000 for the week ending November 16.</li>
<li>Most S&amp;P 500 sectors rose Thursday, led by utilities, financials, and consumer staples, while consumer discretionary and communication services lagged.</li>
<li>The Dow Jones Industrial Average was up 1.06% and closed at 43,870.35, the S&amp;P 500 gained 0.53% to 5,948.70, and the Nasdaq Composite rose 0.03% to finish at 18,972.42.</li>
</ul>
Asia Markets Today
<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 gained 0.84% and ended the session at 38,321.00, led by gains in the Gas &amp; Water, Transportation Equipment, and Banking sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 gained 0.85% and ended the day at 8,393.80, led by gains in the Energy, Utilities and Healthcare sectors.</li>
<li>India&#8217;s Nifty 50 rose 2.25% to 23,875.70, and Nifty 500 gained 1.79%, closing at 22,210.40, led by gains in the Real Estate, Technology, and Public Sector Undertakings sectors.</li>
<li>China&#8217;s Shanghai Composite declined 3.06% to close at 3,267.19, and the Shenzhen CSI 300 fell 3.10%, finishing the day at 3,865.70.</li>
<li>Hong Kong&#8217;s Hang Seng fell 1.89% and closed the session at 19,229.97.</li>
</ul>
Eurozone at 06:00 AM ET
<ul>
<li>The European STOXX 50 index was down 0.25%.</li>
<li>Germany&#8217;s DAX slid 0.03%.</li>
<li>France&#8217;s CAC declined 0.19%.</li>
<li>FTSE 100 index traded higher by 0.74%</li>
</ul>
Commodities at 06:00 AM ET
<ul>
<li>Crude Oil WTI was trading higher by 0.06% at $70.14/bbl, and Brent was up 0.09% at $74.27/bbl.</li>
<li>Oil prices gained this week as Ukraine tensions escalated, raising concerns over supply disruptions, and Chinese imports showed signs of increasing.</li>
<li>Natural Gas rose 0.45% to $3.351.</li>
<li>Gold was trading higher by 0.78% at $2,672.45, Silver was up 0.35% to $31.115, and Copper fell 0.83% to $4.1210.</li>
</ul>
U.S. Futures at 06:00 AM ET
Dow futures declined 0.17%, S&amp;P 500 futures were down 0.28% and Nasdaq 100 futures fell 0.40%.
Forex at 06:00 AM ET
The U.S. dollar index gained 0.33% to 107.32, the USD/JPY was down 0.08% to 154.39, and the USD/AUD rose 0.17% to 1.5387. The dollar hit a 13-month high.
Image via Shutterstock

Asia

Emerging Markets

Eurozone

Futures

Commodities

Forex

Markets

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

PowerShares DBmmodity Index Optimum Yield Diversified Fund

EEMA

FLAX

CurrencyShares British Pound Sterling Trust

IEMG

IEUR

KraneShares Trust KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KDIV

SPEM

USDU

PowerShares DB US Dollar Index Bullish Fund

Asia Mixed, Europe Mostly In Red; Dollar Hits 13-Month High - Global Markets Today While US Slept

Tapestry Announces Agreements For $2B Accelerated Share Repurchase Program; Final Settlement Is Expected To Occur By Q1 FY26 Ending September 27, 2025

This approval is based on objective response rate (ORR) and median duration of response (DOR) results from the Phase 2 LITESPARK-004 trial and is the 17th approval of WELIREG for these patients globally.

Merck Says National Medical Products Administration in China Has Approved WELIREG (Belzutifan), For Treatment Of Adult Patients With Von Hippel-Lindau Disease

Telsey Advisory Group analyst Dana Telsey maintains Waldencast (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WALD#NASDAQ">WALD</a>) with a Outperform and maintains $6 price target.

WALD

Telsey Advisory Group Maintains Outperform on Waldencast, Maintains $6 Price Target

Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia Corp are together recalling over 208,000 electrified vehicles in the U.S. citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
What Happened: The recall population includes 145,235 Hyundai vehicles and 62,872 vehicles from its sister company Kia. 
The integrated charging control unit in the vehicles may become damaged and stop charging the battery, resulting in a loss of drive power, the U.S. auto safety regulator said. A loss of drive power may increase the risk of a crash, it added. 
The vehicles included in the recall are certain IONIQ 5, IONIQ 6, Genesis GV60, Genesis GV70 Electrified, Genesis G80 Electrified, <a href="https://www.benzinga.com/news/24/04/38246262/need-a-new-ev-deal-kia-offers-dealers-cash-to-make-room-for-2024-models">and Kia EV6</a>. 
Why It Matters: As for a solution, the company&#8217;s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. 
The company is not aware of any crashes, injuries, fatalities, or fires due to the issue in the U.S.
Earlier this month, Hyundai promoted  Jose Munoz, its U.S. chief and global COO, to<a href="https://www.benzinga.com/tech/24/11/42004380/hyundai-gears-up-for-trumps-return-to-white-house-elevates-us-chief-jose-munoz-to-co-ceo-appoints-former-us-diplomat-to-manage-external-affairs"> the position of co-CEO </a>as part of its strategic preparation for potential challenges that could arise under a second Trump administration.
A second Trump presidency is expected to have a significant impact on the automotive industry, and on EVs in particular with the president-elect promising to impose higher tariffs on imports into the U.S. and vowing to remove incentives for the manufacturing of EVs. 
However, Munoz said in an interview with CNBC on Thursday that the company continues to be optimistic about the future of electric vehicles, <a href="https://www.benzinga.com/24/11/42132485/hyundais-incoming-ceo-is-steadfast-on-evs-says-tesla-ceo-elon-musks-proximity-to-trump-will-be-good-for-industry">irrespective of incentives</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>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42058338/byd-makes-a-million-nevs-in-less-than-2-months" target="_blank" rel="noreferrer noopener">BYD Makes A Million NEVs In Less Than 2 Months After Beating Tesla For The First Time Since 2022 In Quarterly Revenue</a></li>
</ul>
Image via Hyundai

Equities

Tech

General

HYMTF

Hyundai, Kia Recall Over 208,000 Electrified Vehicles In US: Here's More

Telsey Advisory Group analyst Dana Telsey maintains Ross Stores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) with a Market Perform and maintains $175 price target.

ROST

Telsey Advisory Group Maintains Market Perform on Ross Stores, Maintains $175 Price Target

AIFU

AIX Says Ning Li Has Been Appointed As Co-chief Executive Officer And Executive Director Of The Board, Effective Immediately

Telsey Advisory Group analyst Dana Telsey maintains Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) with a Market Perform and maintains $26 price target.

Telsey Advisory Group Maintains Market Perform on Gap, Maintains $26 Price Target

PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) disclosed a deal to acquire the remaining 50% stake in Sabra Dipping Company, LLC, and PepsiCo-Strauss Fresh Dips &amp; Spreads International GmbH<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42132599/pepsico-to-acquire-full-ownership-of-sabra-and-obela" rel="noreferrer noopener"> for an undisclosed amount</a>.
This acquisition will make PepsiCo the sole owner of the companies behind Sabra and Obela products.
Sabra and Obela, 50/50 joint ventures between PepsiCo and Strauss Group, focus on refrigerated dips and spreads.
PepsiCo, active in the fresh dips market for over 15 years, helped establish Sabra and Obela, with Sabra now leading the U.S. hummus market with $400 million in retail sales.
This acquisition supports PepsiCo&#8217;s goal to innovate and meet rising consumer demand for healthier options.
The transactions, pending customary closing conditions, are expected to finalize by the end of 2024.
Steven Williams, Chief Executive Officer, PepsiCo Foods North America, said, &#8221;As we evolve our food portfolio and bring people more choices for more occasions, our aim is to meet the growing demand for positive choices and on-the-go options.&#8221;
&#8220;Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the U.S. and&nbsp;Canada. We are grateful to the Strauss Group for our long and successful partnership and look forward to this next chapter for the Sabra and Obela brands, as well as the PepsiCo food portfolio.&#8221;
As of September 7, PepsiCo&#8217;s cash and equivalents <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41225048/pepsico-adjusts-2024-revenue-expectations-after-mixed-q3-performance-and-global-challenges" rel="noreferrer noopener">stood at $7.3 billion</a>.
Price Action: PEP shares are up 0.07% at $160.46 premarket at the last check Friday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42111285/jim-cramer-says-this-food-and-beverage-manufacturer-goes-lower-its-just-become-just-too-darn-hard" target="_blank" rel="noreferrer noopener">Jim Cramer Predicts Pepsi Goes Lower: &#8216;It&#8217;s Just Become Too Darn Hard&#8217;</a></li>
</ul>

Large Cap

PepsiCo Strengthens Hold On US Hummus Market with Sabra & Obela Buyout

<a href="https://ec.europa.eu/commission/presscorner/detail/en/mex_24_6024" title="https://ec.europa.eu/commission/presscorner/detail/en/mex_24_6024">https://ec.europa.eu/commission/presscorner/detail/en/mex_24_6024</a>

Legal

AAPL

European Commission Closed Antitrust Investigation Into Apple's Rules For Developers Of e-Book/Audiobook Apps

Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) shares soared by 14.02% on Friday during pre-market hours, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, following the release of its third-quarter earnings report after Thursday&#8217;s market close. The retailer exceeded Wall Street expectations, leading to a positive revision in its annual sales outlook.
The <a href="https://www.benzinga.com/news/earnings/24/11/42125007/gap-stock-soars-on-better-than-expected-q3-results-raised-fy-guidance-details">company reported earning</a>s of 72 cents per share, surpassing the analyst consensus of 57 cents. Revenue for the quarter reached $3.82 billion, slightly above the anticipated $3.81 billion and marking an increase from last year&#8217;s $3.76 billion for the same period.
See Also: <a href="https://www.benzinga.com/24/11/42053687/peter-schiff-pokes-fun-at-microstrategys-bitcoin-buying-spree-michael-saylor-is-gonna-need-a-bigger-plan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Pokes Fun Of MicroStrategy&#8217;s Bitcoin Purchase: &#8216;Michael Saylor Is Gonna Need A Bigger Plan&#8217;</a>
Net sales rose by 2% compared to the previous year, with comparable sales increasing by 1%. The operating margin improved to 9.3%, up 270 basis points from the prior year.
Looking ahead, Gap has adjusted its full-year projections, now expecting net sales to rise between 1.5% and 2%. The company also anticipates a&nbsp;gross margin growth of 220&nbsp;basis points and an operating income margin in the mid-to-high 60% range. This optimistic outlook has contributed to the stock&#8217;s recent rally.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/42102769/floki-beats-dogecoin-shiba-inu-with-double-digit-gains-after-coinbase-listing-announcement?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Floki Beats Dogecoin, Shiba Inu With Double-Digit Gains After Coinbase Listing Announcement</a></li>
</ul>
Image by Raysonho via Wikimedia Commons

Pre-Market Outlook

GAP Stock Surges 14% In Friday Pre-Market After Boosting Sales Forecast

Needham analyst Matt Dezort reiterates Fortinet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) with a Hold.

FTNT

Needham Reiterates Hold on Fortinet

As the U.S. dollar scaled a fresh 52-week high on Friday morning at 108.071 level, former Goldman Sachs FX strategist and senior fellow at Brookings Institution, Robin Brooks said in an X (formerly Twitter) post that, &#8220;Markets initially got this wrong, driving stocks up sharply right after Nov. 5.&#8221;
He added that &#8220;the prospect of tariffs isn&#8217;t obviously good for equities, while it&#8217;s clearly good for the Dollar. More Dollar strength is coming.&#8221;
<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 Dollar (lhs) is now clearly outperforming S&amp;P 500 (rhs). Markets initially got this wrong, driving stocks up sharply right after Nov. 5. But the prospect of tariffs isn&#39;t obviously good for equities, while it&#39;s clearly good for the Dollar. More Dollar strength is coming&#8230; <a href="https://t.co/GEZr0IaDh8">pic.twitter.com/GEZr0IaDh8</a>
&mdash; Robin Brooks (@robin_j_brooks) <a href="https://twitter.com/robin_j_brooks/status/1859894280149717359?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Also read: <a href="https://www.benzinga.com/24/11/42088394/economist-gordon-johnson-slams-federal-reserve-for-asset-owner-centric-policies-says-fed-needs-to-focus-on-the-real-economy-over-stock-markets" target="_blank" rel="noreferrer noopener">Gordon Johnson Slams Federal Reserve For Asset-Owner Centric Policies, Says Jerome Powell Needs To Focus On ‘Real Economy': ‘…The Stock Market Will Be Fine'</a>
What Happened: A chart shared by Brooks compared the S&amp;P 500 Index and the Dollar Index during President-elect Donald Trump&#8217;s victory in 2016 and 2024. Measuring the performance of both indices from the day of the election on Nov. 5, the Dollar Index has risen by approximately 3.5%, outperforming the S&amp;P 500 Index, which advanced 2.9%.
Why It Matters: An <a href="https://www.benzinga.com/24/11/41939162/us-treasuries-edge-up-as-trumps-proposed-policies-possible-rate-cut-may-rekindle-inflation-fears-all-eyes-on-federal-reserves-next-steps">increase in tariffs</a> reduces the demand for imported goods and lifts domestic prices above the free trade price, gradually stoking inflation. This results in monetary tightening affecting the equities in the long run.
However, higher tariffs are positive for the domestic currency as its supply decreases and more money flows into the economy.
What Are Other Analysts Saying: Now that the Dollar Index has surpassed its previous 52-week high of 107.07, &#8220;a break of it may let <a href="https://www.benzinga.com/24/11/42103600/us-dollar-may-test-10860-level-as-geopolitical-tensions-cautious-fed-rhetoric-and-solid-us-economic-data-may-push-the-greenback-higher-says-expert">it test 108.60 </a>while 105.10 acting as a support,&#8221; said Kunal Sodhani, vice president of the global trading center at Shinhan Bank.
According to him, &#8220;the ongoing geopolitical tensions in the Middle East combined with the strong U.S. economic data and the Federal Reserve's cautious rhetoric on interest rate cuts, may push the U.S. Dollar to new highs&#8221;
As of Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) had gained 25.60% year-to-date, while the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) saw a 25.43% increase, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. Despite these strong returns, both ETFs were slightly down in pre-market trading on Friday.
Meanwhile, the <a href="https://www.benzinga.com/24/11/42133364/us-stocks-on-edge-but-likely-to-end-the-week-in-the-green-trumps-treasury-pick-in-focus-expert-says-case-for-fed-pause-in-december-getting-stronger">futures show a decline across major indices</a>: Nasdaq 100 down 0.51%, S&amp;P 500 down 0.40%, Dow Jones down 0.29%, and R2K down 0.08%.
Read next: <a href="https://www.benzinga.com/24/11/42103600/us-dollar-may-test-10860-level-as-geopolitical-tensions-cautious-fed-rhetoric-and-solid-us-economic-data-may-push-the-greenback-higher-says-expert">Dollar Upside On The Cards Amid Geopolitical Tensions, Cautious Fed And Solid US Economic Data, Says Expert</a>
Image via Wikimedia Commons

Macro Economic Events

Economics

Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: 'Prospects Of Tariffs Not Good For Equities'

Needham analyst Laura Martin downgrades Innovid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTV#NYSE">CTV</a>) from Buy to Hold and maintains the price target from $3 to $3.

Downgrades

Needham Downgrades Innovid to Hold, Maintains Price Target to $3

Financial guidance and long-term targets The macro and microeconomic environment in which Global Blue operates remains highly favorable. The travel industry is experiencing positive trends, particularly in the high-end segment, and Global Blue has made significant progress in implementing strategic initiatives to further penetrate the market. In parallel, Global Blue has continued to outperform in the luxury market, driven by its unique exposure to affluent and high-net-worth international shoppers. That said, considering the recent luxury market slowdown and taking into account the Group's decision to accelerate €5 million of investments (fixed costs) in future growth initiatives (expansion into new countries, adaptation of Japan's business model and Hospitality Gateway), we have adapted our FY24/25 Adjusted EBITDA guidance to €185 million - $205 million.
Long-term targets include 8-12% revenue growth, &gt;50% drop-through, and a net leverage ratio of &lt;2.5x.

Guidance

Global Blue Expects FY24/25 Adj EBITDA Of €185M-€205M (Prior More Than €200M)

Needham analyst Mike Cikos reiterates N-able (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NABL#NYSE">NABL</a>) with a Buy and maintains $16.5 price target.

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