Fidelity Preferred Securities & Income ETF (BATS: FPFD)

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Normally investing at least 80 percent of the fund's assets in preferred securities and other income-producing securities. Normally investing in all types of preferred securities and other income-producing securities such as contingent convertible securities and corporate hybrid securities. Normally investing primarily in securities rated at least BB by Standard & Poor's (S&P), Ba by Moody's Investors Service (Moody's), comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by Fidelity Management & Research Company LLC (FMR) to be of comparable quality. Securities rated below BBB by S&P and below Baa3 by Moodys are less than investment-grade quality (also referred to as high yield debt securities or junk bonds). Investing in securities of domestic and foreign issuers. Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. Concentrating investments in securities of issuers principally engaged in the business activities of the industries in the financial services sector.

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FIDELITY PREFERRED SECURITIES AND INCOME ETF

Fidelity Preferred Securities & Income ETF

Mark Zuckerberg, the CEO of Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), is turning to the public for fashion advice. The tech mogul <a href="https://www.benzinga.com/news/24/07/39876926/elon-musk-says-its-high-time-for-an-ai-fashion-show-shares-video-of-mark-zuckerberg-in-a-reptile-sui">recently posted AI-generated images</a> of himself in various outfits and asked his followers to vote for their favorite look.
What Happened: Zuckerberg, known for his casual attire, is now experimenting with his style. The images, created using Meta AI, depict him in different outfits, including one with oversized gold chains, another resembling a member of NSYNC, a third as a streetwear designer, and the last as a &#8220;video game character&#8221; in a blue cap and vest.
Meta CEO <a href="https://www.threads.net/@zuck/post/C9xxwZZyx5B/">posted</a> these photos on his Elon Musk&#8216;s X rival social media platform Threads.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="549" height="592" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24034550/image-39.png" alt="" class="wp-image-453243" style="width:340px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24034550/image-39.png 549w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24034550/image-39-278x300.png 278w" sizes="(max-width: 549px) 100vw, 549px" /></figure>
The outfit experiment coincides with the launch of <a href="https://www.benzinga.com/tech/24/07/39915337/mark-zuckerberg-takes-aim-at-elon-musk-sam-altman-with-big-ai-aspirations-through-metas-latest-llama">Meta&#8217;s latest AI model</a>, Llama 3.1, which allows users to create AI-generated images based on their selfies. The internet&#8217;s favorite image was the one with Zuckerberg wearing large gold chains, which won 33% of the vote.
See Also: <a href="https://www.benzinga.com/news/24/07/39875506/crowdstrikes-faulty-microsoft-windows-update-gets-slammed-by-us-cybersecurity-official-was-a-huge-de?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crowdstrike&#8217;s Faulty Microsoft Windows Update Gets Slammed By US Cybersecurity Official: &#8216;Was A Huge Deal…&#8217;</a>
Aside from his fashion choices, Zuckerberg may also be venturing into <a href="https://www.benzinga.com/24/07/39867045/metas-34-year-to-date-surge-and-a-5-stake-in-essilorluxottica-transform-ray-ban-smart-glasses-and-re">the streetwear business</a>. Meta has acquired about 5% of Ray-Ban&#8216;s parent company EssilorLuxottica, <a href="https://www.wsj.com/business/deals/meta-in-talks-to-buy-stake-in-eyewear-giant-essilorluxottica-3afc69d2">according</a> to The Wall Street Journal, which recently announced its acquisition of the popular Gen Z streetwear brand Supreme.
Why It Matters: Zuckerberg&#8217;s recent fashion experiment is in line with <a href="https://www.benzinga.com/tech/24/07/39915337/mark-zuckerberg-takes-aim-at-elon-musk-sam-altman-with-big-ai-aspirations-through-metas-latest-llama">Meta&#8217;s broader AI aspirations</a>. The company&#8217;s latest AI model, Llama 3.1, is part of Meta&#8217;s ambitious AI plans, which aim to compete with other tech giants in the AI space, including Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Musk&#8217;s xAI.
Meta&#8217;s AI technology has also been a point of contention with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with Meta&#8217;s CTO Andrew Bosworth making a cheeky remark about Apple&#8217;s privacy stance in response to Apple&#8217;s <a href="https://www.benzinga.com/news/24/07/39704663/after-cupertinos-refusal-to-integrate-llama-into-apple-intelligence-metas-cto-makes-cheeky-remark-sa">refusal to integrate Llama</a> into its suite of AI features.
Meta&#8217;s AI ambitions are part of its broader strategy to dominate the <a href="https://www.benzinga.com/news/24/04/38372183/meta-takes-a-leaf-out-of-googles-playbook-aims-to-make-quest-os-the-android-of-mixed-reality">mixed-reality space</a>, with the company opening up its Quest operating system to third-party hardware manufacturers to create a new ecosystem of mixed-reality devices.
Read Next: <a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a>
Photo courtesy: Flickr
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

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GOOGL

Mark Zuckerberg Turns To Public For Fashion Advice On AI-Generated Outfits, Showcases Meta's Latest AI Model Llama 3.1

WAFU

Wah Fu Education Group Limited Announced Its Entry Into The Fields Of Educational AI And Informatization

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) has committed to a new multiyear investment of $5 billion into its autonomous driving technology unit Waymo, company CFO Ruth Porat said on Tuesday. 
What Happened: The new round of funding, Porat said during the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter earnings call</a>, is consistent with recent annual investment levels and will enable the company to &#8220;continue to build the world&#8217;s leading autonomous driving technology company.&#8221;
&#8220;Alphabet has committed up to $5B to Waymo. We are grateful for their immense vote of confidence in our team and recognizing the amazing progress we've made with our technology, product, and commercialization efforts, Waymo co-CEO Tekedra N Mawakana wrote in a post on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Alphabet has committed up to $5B to <a href="https://twitter.com/Waymo?ref_src=twsrc%5Etfw">@Waymo</a>. We are grateful for their immense vote of confidence in our team and recognizing the amazing progress we've made with our technology, product, and commercialization efforts.
&mdash; Tekedra N Mawakana (@TechTekedra) <a href="https://twitter.com/TechTekedra/status/1815858655092433175?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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More details on the investment will be revealed in the company&#8217;s 10-Q form which is yet to be filed, Porat said. 
Elon Musk Responds: Tesla CEO Elon Musk laughed at Alphabet&#8217;s new investment into Waymo on social media platform X with a short, &#8220;Waymo money.&#8221; 
The CEO was seemingly making a jibe at how the venture is costing the parent company way more money, owing to its significant cash burn. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Waymo money &#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815860868762198228?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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Musk&#8217;s Tesla is also trying to achieve vehicle autonomy with its full self-driving (FSD) driver assistance software. However, the technology is still in the development phase and requires active driver supervision. 
The company also intends to unveil a dedicated Robotaxi product later this year. 
Why It Matters: &#8220;In Other Bets (segment), I&#8217;m really pleased with the progress Waymo is making, a real leader in space and getting rave reviews from users,&#8221; Alphabet CEO Sundar Pichai said on Tuesday. Waymo is currently delivering well over 50,000 paid trips per week to customers, he added.
Anyone in San Francisco and Phoenix can currently download the Waymo One app and <a href="https://www.benzinga.com/news/24/06/39494723/waymo-autonomous-rides-now-available-to-everyone-in-san-francisco-heres-how-you-can-enjoy-driverless">hail an autonomous ride</a> in an all-electric Jaguar I-PACE.
In <a href="https://www.benzinga.com/news/24/03/37688183/alphabets-waymo-is-coming-to-teslas-backyard-with-driverless-rides-later-this-year">Los Angeles</a>, Waymo offers rides to select individuals who signed up to ride with the company and joined its waitlist. The company also recently started operations in Austin, Texas, where it provides autonomous rides to its employees.
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 More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39923738/tesla-reiterates-new-electric-vehicles-on-track-for-2025-but-ceo-elon-musk-refuses-to-divulge-detail">Tesla Reiterates New Electric Vehicles On Track For 2025, But CEO Elon Musk Refuses To Divulge Details: &#8216;We&#8217;re Going To Make Great Products&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Alphabet Commits To Another $5B Investment In Waymo: Tesla CEO Elon Musk Takes Jibe At Cash Burn In Unit

Solera Announces That Its Roadnet Anywhere Solution Is Being Implemented By Iron Mountain, A Global Leader In Storage And Information Management Services

Macro Economic Events

Econ #s

Economics

Eurozone Services Purchasing Managers Index Preliminary For July 51.9 Vs. 52.9 Est.; 52.8 Prior

HCOB Eurozone Composite Purchasing Managers Index Preliminary For July 50.1 Vs. 51.1 Est.; 50.9 Prior

Eurozone Manufacturing Purchasing Managers Index Preliminary For July 45.6 Vs. 46.0 Est.; 45.8 Prior

Ge Aerospace Announced That Following Eva Air's Recent Deal To Purchase Four Boeing 787-10 Dreamliner Aircraft, The Airline Has Placed An Order For Genx Engines To Power Their New Aircraft

Josh Shapiro (D-Pa.) Sen. Mark Kelly (D-Ariz.) and Roy Cooper (D-N.C.) are leading the race to become Vice President Kamala Harris&#8217;s running mate, as per Democratic mega-donors.
What Happened: These three candidates have garnered support from influential Wall Street and Hollywood donors and are currently under scrutiny by Eric Holder, former attorney-general under Barack Obama, Financial Times <a href="https://www.ft.com/content/be6fda7e-6ec5-494a-a8ea-fa57a7a1c9f5">reported</a> on Wednesday. Wall Street favors Shapiro and Cooper, while Hollywood donors lean towards Kelly.
Other potential candidates include Kentucky Governor Andy Beshear and Illinois Governor JB Pritzker. However, Shapiro, Kelly, and Cooper have personal ties with Harris, which could influence the decision.
Why It Matters: The selection of Harris&#8217;s running mate is crucial in the wake of Joe Biden&#8217;s withdrawal from the presidential race. Shapiro, a former state attorney, is popular among Wall Street donors who believe his influence could help Harris secure Pennsylvania, a key swing state. Kelly, a war veteran and former NASA pilot, is admired for his personal story and popularity in another swing state, Arizona.
See Also: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
However, there are concerns about Shapiro&#8217;s lack of government experience. Kelly would need to give up his Senate seat to become vice president, potentially costing the Democrats a vital seat in the Senate.
Harris has secured enough delegates to <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39919247/who-will-kamala-harris-pick-for-vice-president-crypto-bettors-have-4-favorites-for-democra">win the party&#8217;s nomination</a>, setting up a head-to-head battle against former President Donald Trump in the 2024 election.
A <a href="https://www.benzinga.com/general/politics/24/07/39914544/trump-vs-harris-former-president-has-9-point-lead-over-vp-bidens-decision-to-step-aside-for-harr">recent poll shows</a> Trump gaining on Harris after the Republican National Convention (RNC). Harris had gained key endorsements to be the presidential nominee for the Democratic Party after President Biden announced his withdrawal from the race.
In her first campaign rally since replacing President Joe Biden, Harris took a marginal lead over Republican rival Donald Trump, according to a <a href="https://www.benzinga.com/news/24/07/39921743/donald-trump-wants-to-take-our-country-backward-says-kamala-harris-in-first-campaign-speech-poll-sho">Reuters/Ipsos opinion poll</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39873597/anthony-scaramucci-says-if-democrats-win-they-can-extinguish-large-elements-of-trumpism-but-youre-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says If Democrats Win, They Can &#8216;Extinguish Large Elements Of Trumpism&#8217; But &#8216;You&#8217;re Not Going To Be Able To Do It If You Don&#8217;t&#8230;&#8217;</a></li>
</ul>
Photo 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>

Politics

General

Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported a<a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l"> second-quarter top-line beat </a>while the earnings per share trailed expectations and the stock plunged sharply in the after-hours session, reacting to the mixed results and the management commentary on the earnings call. Most market watchers were quick to point out the bad quality of the results and here&#8217;s a compilation of reactions from X, a social media platform Tesla CEO Elon Musk owns.
Black Blames Margins: Fund Manager and Tesla investor Gary Black did not attach much significance to the earnings miss. He noted that excluding a restructuring charge amounting to $622 million or 14 cents per share, the adjusted earnings would have been 66 cents per share compared to the 62-cent per share consensus estimate. The restructuring charge is related to the 10% job cuts the company announced in the second quarter.
The Future Fund LLC Managing Partner was disappointed with the second-quarter auto gross margin, excluding regulatory credits, which came in at 14.6%, trailing the 16.2% consensus estimate. &#8220;We believe TSLA's weak AH stock price is more a function of disappointing auto gross margins ex-reg credits than the reported Adj EPS miss,&#8221; he said.
Among the other negatives were:
<ul>
<li>forecast for 2024 volume growth rate that is now expected to be notably lower than the 38% growth achieved in 2023 versus the Street forecast of a marginal drop</li>
<li>Second-quarter free cash flow at $1.3 billion, much lower than the $1.9 billion consensus</li>
<li>Regulatory credits at $890 million vs. the $450 million consensus, potentially inflating adjusted earnings per share by 10 cents</li>
</ul>
Tesla bear Gordon Johnson also raised questions about the quality of earnings. Over 50% of Tesla&#8217;s operating income came from one-time zero-emission vehicle credit sales, he said. &#8220;The rate-buy-downs appear to be ABSOLUTELY crushing $TSLA&#8217;s auto margins,&#8221; he said, referring to the ultra-low financing terms the company has made available for customers.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-tesla-stock">How To Buy Tesla Stock</a>
Tesla Valuation Questioned: An options data analyst decried the year-over-year declines seen in most P&amp;L items, barring energy and other services revenue as well as the total revenue, which was up a mere 2% and gross profit, which rose 1%. &#8220;$This last column is so impressively bad, no wonder Elon has to constantly make things up,&#8221; he said.
&#8220;This company isn&#8217;t even worth $20/share on what it&#8217;s actually doing,&#8221; he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> this last column is so impressively bad, no wonder Elon has to constantly make things up, this company isn&#39;t even worth $20/share on what its actually doing. <a href="https://t.co/StnmATQ0iG">pic.twitter.com/StnmATQ0iG</a>
&mdash; jbulltard (@jbulltard1) <a href="https://twitter.com/jbulltard1/status/1815842532217217333?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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<a href="https://x.com/jbulltard1/status/1815842532217217333/photo/1"></a>
Stanphyl Capital&#8217;s Mark Spiegel, a Tesla bear, noted that despite 55% of Tesla&#8217;s operating income coming from emission credit sales, the overall operating margin was only 6.3%. This is among the worst in the industry, he said.
&#8220;This is bubble-fraud a car company that should sell at 4x earnings,&#8221; he added. 
Based on the second-quarter results, the annualized GAAP earnings per share run-rate is $1.68 per share, Spiegel said, adding that automakers with similar or better margins and better growth rates currently sell for around 5 times earnings. &#8220;That makes bubble-fraud Tesla worth around $8.40/share,&#8221; he said.
Tesla shares are currently trading at a trailing P/E multiple of 63 and a forward P/E multiple of 99, according to Yahoo Finance&#8217;s database.
Most Telling Catalyst: New Street Research&#8217;s Pierre Ferragu said he does not see the robotaxi unveil or progress as a catalyst. &#8220;It is 1,000 Optimus droids doing useful things in the factories next year,&#8221; he said. The company has<a href="https://www.benzinga.com/news/24/07/39785823/elon-musk-confirms-delay-in-tesla-robotaxi-unveil-due-to-important-design-change-but-stays-mum-on-ne"> pushed back the robotaxi unveil event </a>from the originally communicated schedule of Aug. 8 to Oct. 10.
Making sense of Musk&#8217;s comments to his question on the call about the mode of robotaxi deployment, Ferragu said the company will likely get the service to unsupervised high-reliability autonomy, deploy, mainly sell, in high volumes in the order of millions, and then potentially look to turn the service on.
Tesla ended Tuesday&#8217;s session down 2.04% at $246.38 and fell an incremental 7.76% to $227.25&nbsp;in the after-hours, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39922189/elon-musk-talks-robotaxi-delay-nvidia-clusters-and-mexican-gigafactory-postponement-amid-tariff-">Elon Musk Talks Robotaxi Delay, Nvidia Clusters, And Mexican Gigafactory Postponement Amid Tariff Worries If Trump Wins — Tesla Falls Almost 8% After-Hours</a></li>
</ul>
Photo courtesy: Shutterstock

Analyst Color

Earnings

Equities

Markets

TSLA

'Bubble-Fraud Tesla Worth Around $8.40 Per Share:' Stock Valuation Under Scrutiny As EV Maker Gets Sizeable Profit From One-Time ZEV Credit

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, with the index moving to the &#8220;Neutral&#8221; zone on Tuesday.
U.S. stocks closed slightly lower on Tuesday, ahead of earnings reports from big technology companies.
Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) reported better-than-expected second-quarter results and raised its guidance. GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) reported upbeat second-quarter earnings and raised its FY24 outlook. General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) reported better-than-expected second-quarter earnings and raised its guidance.
After the closing bell, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reported weaker-than-expected earnings for its second quarter, while sales topped estimates. Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) reported upbeat earnings and sales results for its second quarter on Tuesday.
On the economic data front, the composite manufacturing index in the US Fifth District fell to -17 in July compared to a reading of -10 in June. Existing home sales declined by 5.4% from the prior month to an annualized rate of 3.89 million units for June.
Most sectors on the S&amp;P 500 closed on a negative note, with energy, utilities and consumer staples stocks recording the biggest losses on Tuesday. However, materials and financial stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 57 points to 40,358.09 on Tuesday. The S&amp;P 500 fell 0.16% at 5,555.74, while the Nasdaq Composite fell 0.06% at 17,997.35 during Tuesday's session.
Investors are awaiting earnings results from AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) and GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 55, the index moved to the &#8220;Neutral&#8221; zone on Tuesday, versus a prior reading of 56.7.
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.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39906781/top-4-real-estate-stocks-which-could-rescue-your-portfolio-in-q3">Top 4 Real Estate Stocks Which Could Rescue Your Portfolio In Q3</a></li>
</ul>

Pre-Market Outlook

Trading Ideas

US Stocks End Lower As Investor Optimism Decreases Ahead Of Big Tech Earnings

HCOB Germany Services Purchasing Managers Index Preliminary For July 52.0 Vs. 53.2 Est.; 53.1 Prior

HCOB Germany Manufacturing Purchasing Managers Index Preliminary For July 42.6 Vs. 44.1 Est.; 43.5 Prior

Gen. Sir Roly Walker, the newly appointed head of the British Army, has unveiled a strategic reform plan to bolster the military&#8217;s capabilities against potential threats from Russia, China, Iran, and North Korea within the next three years.
What Happened: General Walker stressed the urgency to modernize the British army to counter the &#8220;converging geopolitical threats&#8221; from these nations. His reform plan, termed &#8220;a not-war plan,&#8221; aims to create a formidable military force to deter potential adversaries, the Financial Times<a href="https://www.ft.com/content/8a741760-695b-45a2-8bd7-2b779a07fa4d"> reported</a> on Wednesday.
Walker&#8217;s announcement comes in the wake of the U.K. government&#8217;s review of the British military and potential increase in defense spending. He warned of the potential danger from Russia, which is recovering from the war in Ukraine, and highlighted China&#8217;s President Xi Jinping&#8216;s military ambitions for Taiwan by 2027-28, and Iran&#8217;s nuclear capabilities.
"The lesson from history is the Russians don't forget, and they will come back . . . wanting retribution for the support that was given to Ukraine," he told the media.
See Also: <a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">J.D. Vance Venture Capital Background Under Scrutiny: &#8216;It Never Seemed Like He Was Even Working, It Felt&nbsp;Like His Full-Time Job Was The Book&#8217;</a>
Walker&#8217;s reform plan seeks to double the &#8220;lethality&#8221; of the British army within three years and triple it by 2030. This would involve a shift from the &#8220;big army mindset&#8221; to embracing new technologies powered by artificial intelligence-driven software. Walker envisions an &#8220;internet of military things&#8221; to enhance threat detection and response capabilities.
Why It Matters: The reform plan comes at a time when geopolitical tensions are escalating. In April, U.S. Secretary of State<a href="https://www.benzinga.com/news/24/04/38179999/antony-blinken-raises-alarm-over-north-korea-iran-and-chinas-military-aid-to-russia"> Antony Blinken expressed concern</a> over military aid that Russia's defense sector was receiving from North Korea, Iran, and China. 
In June, NATO considered <a href="https://www.benzinga.com/news/24/06/39351207/nato-considers-putting-more-nuclear-weapons-on-standby-amid-rising-threats-from-russia-north-korea-t">deploying additional nuclear weapons</a> in response to threats from Russia and China. The same month, Russia and North Korea <a href="https://www.benzinga.com/markets/asia/24/06/39401882/putin-forges-defense-pact-with-kim-jong-un-elevating-russia-north-korea-alliance-what-it-means-for-u">signed a mutual defense pact</a>, intensifying East-West tensions. 
By July, North Korea had switched from a <a href="https://www.benzinga.com/news/24/07/39689352/kim-jong-uns-north-korea-switches-to-russian-satellite-from-china-for-tv-broadcasts-experts-say-it-s">Chinese to a Russian satellite</a> for its state television broadcasts, symbolizing a strengthening of ties between North Korea and Russia.
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Image by OnePixelStudio 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>

Global

'Lesson From History Is Russians...Will Come Back:' UK Army Chief Unveils Reform Plan To Deal With 'Geopolitical Threats' Of Russia, China, Iran And North Korea

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has reportedly given the green light for the use of Samsung Electronics Co Ltd.&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) fourth-generation high bandwidth memory (HBM3) chips in its <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">AI processors for the Chinese market</a>.
What Happened: This marks the first time that Nvidia has approved the use of Samsung&#8217;s HBM3 chips. However, the chips will initially be used in a less advanced Nvidia graphics processing unit (GPU), the H20, which is specifically designed for the Chinese market to comply with U.S. export controls, Reuters reported, citing three people briefed on the matter.
It remains unclear whether Nvidia will extend the use of Samsung&#8217;s HBM3 chips to its other AI processors. The chips are also yet to meet Nvidia&#8217;s standards for fifth-generation HBM3E chips, with testing ongoing.
According to the report, Samsung could start supplying HBM3 for Nvidia&#8217;s H20 processor as early as August. The H20 is the most advanced of the three GPUs Nvidia has developed for the Chinese market following the U.S. tightening export restrictions in 2023. These restrictions aim to impede supercomputing and AI advancements that could benefit the Chinese military.
The approval comes at a time when there is a significant demand for advanced GPUs due to the generative AI boom. Nvidia&#8217;s net income has surged to over $23.6 billion, reflecting the soaring demand for these chips.
With HBM3 chips also facing a shortage, Nvidia&#8217;s approval of Samsung&#8217;s chips is seen as a move to diversify its supplier base. This is especially important as the current leader in the field, SK Hynix, plans to increase its HBM3E production and reduce HBM3 production, according to the report.
Samsung and Nvidia did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: Nvidia&#8217;s approval of Samsung&#8217;s HBM3 chips is a significant development in the context of ongoing U.S. export restrictions on advanced semiconductors to China.
In response to these restrictions, Nvidia is reportedly developing new versions of its AI chips <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">specifically for the Chinese market</a>. Nvidia is working on a new AI chip, named &#8220;B20,&#8221; in collaboration with Inspur, a major distribution partner in China.
Additionally, the Chinese government has been urging its tech giants to <a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a">reduce their reliance on foreign-made chips</a>, including those from Nvidia. China has advised companies like Alibaba and Baidu to increase their purchase of domestic AI chips.
Despite U.S. restrictions, companies like Alphabet Inc.&#8217;s Google and Microsoft Corp. have been providing Chinese firms access to Nvidia&#8217;s AI chips through <a href="https://www.benzinga.com/news/24/07/39822184/google-and-microsoft-provide-nvidia-chip-access-to-chinese-firms-despite-u-s-restrictions-report">data centers outside China</a>. This move highlights the ongoing demand for Nvidia&#8217;s technology in China.
Furthermore, Nvidia&#8217;s market value has been soaring, driven by the increasing demand for AI chips. A prominent tech investor predicted that Nvidia <a href="https://www.benzinga.com/markets/equities/24/07/39765205/nvidia-could-be-worth-nearly-50-trillion-in-a-decade-says-early-tesla-amazon-investor-nearly-2x-">could achieve a market capitalization</a> of nearly $50 trillion within the next decade.
Price Action: Nvidia&#8217;s stock closed at $122.59 on Tuesday, down 0.77% from the previous day. In after-hours trading, the stock further declined by 1.62%. Year to date, the stock has experienced an increase of 154.49%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

NVDA

SSNLF

Nvidia Greenlights Samsung's High Bandwidth Memory Chips For AI Chips In China: Report

France Services Purchasing Managers Index Preliminary For July 50.7 Vs. 49.7 Est.; 49.6 Prior

France Manufacturing Purchasing Managers Index Preliminary For July 44.1 Vs. 45.8 Est.; 45.4 Prior

Reported Earlier, Germany GfK Consumer Climate For August -18.4 Vs. -21.1 Est.; -21.6 (Revised) Prior

HHH now expects &quot;when-issued&quot; trading of Seaport Entertainment common stock to begin on July 29, 2024, on NYSE American under the symbol &quot;SEG WI.&quot; The &quot;when-issued&quot; trading market is a market for the yet-to-be-issued shares of Seaport Entertainment common stock that will be distributed to holders of HHH common stock on the Distribution Date. &quot;Regular-way&quot; trading of Seaport Entertainment common stock is expected to begin on NYSE American on August 1, 2024, under the symbol &quot;SEG.&quot;

Reported Earlier, Seaport Entertainment Group To Trade On NYSE American Post-Spinoff, Announces Howard Hughes Holdings

General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) will release its financial results for the second quarter, before the opening bell on <a href="https://www.benzinga.com/quote/GD/earnings">Wednesday, July 24</a>.
Analysts expect the Reston, Virginia-based company to report quarterly earnings at $3.27 per share, up from $2.7 per share in the year-ago period. General Dynamics is expected to post revenue of $11.44 billion, compared to $10.15 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The company's business unit, Bath Iron Works, last month, clinched a contract to provide planning yard services for its DDG 51 guided-missile destroyer ships.
General Dynamics shares gained 1.1% to close at $294.46 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/GD/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst Kristine Liwag maintained an Equal-Weight rating and raised the price target from $271 to $293 on July 15. This analyst has an accuracy rate of 68%.</li>
<li>Baird analyst Peter Arment maintained an Outperform rating with a price target of $345 on July 2. This analyst has an accuracy rate of 84%.</li>
<li>Argus Research analyst John Eade maintained a Buy rating and boosted the price target from $290 to $310 on April 29. This analyst has an accuracy rate of 75%.</li>
<li>Jefferies analyst Sheila Kahyaoglu upgraded the stock from Hold to Buy and increased the price target from $305 to $335 on April 29. This analyst has an accuracy rate of 70%.</li>
<li>Citigroup analyst Jason Gursky maintained a Buy rating and boosted the price target from $300 to $320 on April 25. This analyst has an accuracy rate of 75%.</li>
</ul>
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Price Target

Analyst Ratings

General Dynamics Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

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