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In a rarely seen legal battle unfolding in a DEA courtroom in Arlington, Virginia, the future of two key psychedelic research compounds, DOI and DOC, hangs in the balance. The DEA's move to classify the substances as <a href="https://www.benzinga.com/topic/federal-schedule-i">Schedule I</a> drugs <a href="https://www.benzinga.com/markets/cannabis/24/07/39975673/dea-faces-backlash-over-psychedelics-ban-proposal-from-student-advocacy-group">has sparked fierce resistance</a> from researchers, neuroscientists and drug policy reform advocates, who argue that such a decision could cripple promising scientific studies.
In late 2023, the <a href="https://www.benzinga.com/markets/cannabis/24/08/40613739/dea-schedules-hearing-on-proposed-ban-of-psychedelics-doi-doc-amid-researchers-concerns">DEA renewed its push</a> to classify DOI and DOC as Schedule I substances, following a previous attempt that was paused in the spring of 2022. While the agency had <a href="https://www.benzinga.com/markets/cannabis/22/08/28654017/deas-latest-proposal-for-psychedelics-banning-gets-archived">withdrawn its original proposal</a>, it signaled intentions to approach the issue with greater strength. Now, the dispute has escalated to an <a href="https://www.benzinga.com/markets/cannabis/24/08/40613739/dea-schedules-hearing-on-proposed-ban-of-psychedelics-doi-doc-amid-researchers-concerns">in-person hearing</a>, the first of its kind since the 1980s when MDMA was added to Schedule I, with many viewing it as a rematch. 
As Psychedelic Alpha <a href="http://reported">reported</a>, the case has attracted little public attention despite the consequences it may have on research. The petitioners, Students for Sensible Drug Policy (SSDP) and neuroscientist Raul Ramos are represented by attorneys Brett Phelps and Robert Rush, who aim to highlight the implications for psychedelic research and public health.
<h3 class="wp-block-heading">Research At Risk</h3>
Opponents of the DEA's proposed scheduling argue that it would severely limit vital research. DOI, in particular, plays a key role in <a href="https://www.benzinga.com/markets/cannabis/24/10/41581443/psychedelic-drug-doi-pinpoints-anxiety-circuits-avoiding-hallucinogenic-effects-study-finds">serotonin-related studies</a>, with scientists relying on it for breakthroughs in medicine. While it faces fewer restrictions as a research chemical, it would be classified as a controlled substance under the federal analogue act if used for human consumption.
David Nichols, a leading figure in serotonin and psychedelic research, testified that classifying DOI as Schedule I &#8220;would be a disaster for public health.&#8221; He and his son Charles Nichols have made major discoveries, including DOI&#8217;s anti-inflammatory properties, which could have broad medical applications beyond psychiatry.
Charles Nichols became interested in DOI after Hurricane Katrina destroyed his lab's supply of chemicals. His father recommended DOI as a substitute, leading to important findings about its anti-inflammatory effects. These discoveries underscore the value of DOI for research, and scheduling it could put an end to promising studies. While <a href="https://www.benzinga.com/topic/psychedelics-research">psychedelics research</a> has focused on mental health, DOI's broader potential could be lost if it is scheduled.
<h3 class="wp-block-heading">Broader Drug Policy Concerns</h3>
While the hearing focuses on the research impact of scheduling DOI and DOC, it also raises broader questions about drug criminalization and the DEA's authority. Alaina Jaster, a neuroscientist at Wayne State University, testified for SSDP and Raul Ramos. A vocal critic of drug criminalization, Jaster shared how her family's struggles with addiction shaped her belief that &#8220;no drug should be criminalized.&#8221; Her testimony highlighted the human cost of the War on Drugs and how such policies often worsen public health issues.
<h3 class="wp-block-heading">The Government&#8217;s Weak Case Against DOI And DOC</h3>
The DEA's case for scheduling DOI and DOC appears flimsy. Their key witness, pharmacologist Theresa Carbonaro, struggled under cross-examination. When asked about law enforcement encounters with DOI or DOC in the past five years, Carbonaro admitted there were none, despite the DEA&#8217;s claim that the drugs were being abused. Her vague explanation—that a lack of evidence doesn&#8217;t rule out abuse—raised doubts about the case&#8217;s credibility.
The DEA&#8217;s report also relied heavily on internet forum posts from sites like Reddit and Erowid, which Carbonaro suggested pointed to emerging abuse trends. However, she couldn't verify the authenticity of these posts or show they were credible evidence of abuse. When asked if any use of DOI or DOC could be considered abuse, Carbonaro answered affirmatively, citing the FDA&#8217;s definition, which limits &#8220;abuse&#8221; to non-medical use of approved substances.
<h3 class="wp-block-heading">What's Next?</h3>
As the hearing enters its second week, SSDP and Ramos&#8217; legal team remain optimistic. Co-counsel Phelps expressed confidence in their evidence and expert witnesses. The hearing is set to conclude by week's end, but the final decision on scheduling DOI and DOC will take several more weeks. Administrative Law Judge Paul Soeffing will review the testimony before submitting his recommendation to the DEA's Chief ALJ, John Mulrooney II, for a final ruling.
Cover image made with AI

Cannabis

Government

News

Psychedelics

DEA's Case For Scheduling Psychedelics Challenged In Landmark Hearing

Financial giants have made a conspicuous bullish move on Reddit. Our analysis of options history for Reddit (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) revealed 16 unusual trades.
Delving into the details, we found 43% of traders were bullish, while 37% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $55,700, and 14 were calls, valued at $748,243.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $60.0 to $170.0 for Reddit over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Reddit's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Reddit's substantial trades, within a strike price spectrum from $60.0 to $170.0 over the preceding 30 days.
<h3>Reddit Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732119384_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RDDT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$23.6</td>
<td>$21.15</td>
<td>$23.0</td>
<td>$135.00</td>
<td>$230.0K</td>
<td>334</td>
<td align="right">100</td>
</tr>
<tr>
<td>RDDT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$14.35</td>
<td>$14.3</td>
<td>$14.33</td>
<td>$130.00</td>
<td>$113.2K</td>
<td>1.6K</td>
<td align="right">0</td>
</tr>
<tr>
<td>RDDT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$54.4</td>
<td>$53.3</td>
<td>$53.3</td>
<td>$80.00</td>
<td>$53.3K</td>
<td>2.6K</td>
<td align="right">20</td>
</tr>
<tr>
<td>RDDT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$59.5</td>
<td>$58.45</td>
<td>$59.5</td>
<td>$95.00</td>
<td>$47.6K</td>
<td>208</td>
<td align="right">0</td>
</tr>
<tr>
<td>RDDT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$79.5</td>
<td>$79.5</td>
<td>$79.5</td>
<td>$60.00</td>
<td>$39.7K</td>
<td>602</td>
<td align="right">3</td>
</tr>
</tbody>
</table>

<h3>About Reddit</h3>
Reddit Inc is engaged in providing internet content. The company provides online services that include gaming, sports, business, crypto, television and others.
After a thorough review of the options trading surrounding Reddit, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Reddit</h3>
<ul>
<li>With a volume of 2,445,583, the price of RDDT is down -2.3% at $134.0. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 125 days.</li>
</ul>
<h3>Professional Analyst Ratings for Reddit</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $106.0.
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&#x2A; Maintaining their stance, an analyst from Needham continues to hold a Buy rating for Reddit, targeting a price of $120. 
&#x2A; An analyst from Loop Capital persists with their Buy rating on Reddit, maintaining a target price of $120. 
&#x2A; An analyst from Roth MKM persists with their Buy rating on Reddit, maintaining a target price of $116. 
&#x2A; An analyst from Roth MKM has decided to maintain their Buy rating on Reddit, which currently sits at a price target of $89. 
&#x2A; An analyst from Bernstein persists with their Underperform rating on Reddit, maintaining a target price of $85. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Reddit, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

RDDT

Spotlight on Reddit: Analyzing the Surge in Options Activity

RBC Capital analyst Mike Dahl maintains AZEK Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZEK#NYSE">AZEK</a>) with a Outperform and raises the price target from $46 to $50.

Price Target

Analyst Ratings

AZEK

RBC Capital Maintains Outperform on AZEK Co, Raises Price Target to $50

Deep-pocketed investors have adopted a bullish approach towards Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CVX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 62% leaning bullish and 0% bearish. Among these notable options, 3 are puts, totaling $189,400, and 5 are calls, amounting to $276,320.
<h3>What's The Price Target?</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $130.0 to $160.0 for Chevron during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $130.0 to $160.0 in the last 30 days. 
<h3>Chevron Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732119379_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$11.7</td>
<td>$11.55</td>
<td>$11.6</td>
<td>$155.00</td>
<td>$104.4K</td>
<td>728</td>
<td align="right">310</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$8.55</td>
<td>$8.45</td>
<td>$8.55</td>
<td>$160.00</td>
<td>$96.6K</td>
<td>1.4K</td>
<td align="right">113</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$8.6</td>
<td>$8.5</td>
<td>$8.55</td>
<td>$160.00</td>
<td>$85.5K</td>
<td>1.4K</td>
<td align="right">213</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$6.7</td>
<td>$6.65</td>
<td>$6.65</td>
<td>$160.00</td>
<td>$47.8K</td>
<td>483</td>
<td align="right">72</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/19/25</td>
<td>$34.95</td>
<td>$33.75</td>
<td>$34.95</td>
<td>$130.00</td>
<td>$38.4K</td>
<td>47</td>
<td align="right">0</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.
<h3>Current Position of Chevron</h3>
<ul>
<li>With a trading volume of 1,028,937, the price of CVX is up by 0.3%, reaching $160.08.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 72 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Chevron</h3>
Over the past month, 4 industry analysts have shared their insights on this stock, proposing an average target price of $174.5.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from RBC Capital has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $175. 
&#x2A; Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Chevron, targeting a price of $174. 
&#x2A; An analyst from UBS has decided to maintain their Buy rating on Chevron, which currently sits at a price target of $194. 
&#x2A; An analyst from Truist Securities persists with their Hold rating on Chevron, maintaining a target price of $155. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Chevron, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Chevron Options Trading: A Deep Dive into Market Sentiment

Deep-pocketed investors have adopted a bullish approach towards Unity Software (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in U usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Unity Software. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 53% leaning bullish and 26% bearish. Among these notable options, 2 are puts, totaling $156,280, and 13 are calls, amounting to $595,173.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $19.0 to $35.0 for Unity Software during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Unity Software's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Unity Software's whale activity within a strike price range from $19.0 to $35.0 in the last 30 days. 
<h3>Unity Software Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732119374_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>U</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$4.25</td>
<td>$4.2</td>
<td>$4.2</td>
<td>$24.00</td>
<td>$119.2K</td>
<td>289</td>
<td>278</td>
</tr>
<tr>
<td>U</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$3.4</td>
<td>$2.78</td>
<td>$3.3</td>
<td>$24.00</td>
<td>$99.0K</td>
<td>386</td>
<td>302</td>
</tr>
<tr>
<td>U</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$1.26</td>
<td>$1.17</td>
<td>$1.26</td>
<td>$25.00</td>
<td>$57.9K</td>
<td>6.8K</td>
<td>575</td>
</tr>
<tr>
<td>U</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$1.01</td>
<td>$0.67</td>
<td>$1.01</td>
<td>$35.00</td>
<td>$49.9K</td>
<td>0</td>
<td>495</td>
</tr>
<tr>
<td>U</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/22/24</td>
<td>$0.46</td>
<td>$0.31</td>
<td>$0.31</td>
<td>$21.50</td>
<td>$46.5K</td>
<td>499</td>
<td>1.5K</td>
</tr>
</tbody>
</table>

<h3>About Unity Software</h3>
Unity Software Inc provides a software platform for creating and operating interactive, real-time 3D content. The platform can be used to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The business is spread across the United States, Greater China, EMEA, APAC, and Other Americas, of which key revenue is derived from the EMEA region. The products are used in the gaming industry, architecture and construction sector, animation industry, and designing sector.
Following our analysis of the options activities associated with Unity Software, we pivot to a closer look at the company's own performance.
<h3>Current Position of Unity Software</h3>
<ul>
<li>Currently trading with a volume of 8,862,640, the U's price is up by 9.19%, now at $21.62. </li>
<li>RSI readings suggest the stock is currently may be approaching overbought.</li>
<li>Anticipated earnings release is in 96 days.</li>
</ul>
<h3>Expert Opinions on Unity Software</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $19.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Barclays has decided to maintain their Equal-Weight rating on Unity Software, which currently sits at a price target of $18. 
&#x2A; Consistent in their evaluation, an analyst from Needham keeps a Buy rating on Unity Software with a target price of $26. 
&#x2A; An analyst from Macquarie has decided to maintain their Underperform rating on Unity Software, which currently sits at a price target of $16. 
&#x2A; An analyst from Wells Fargo downgraded its action to Equal-Weight with a price target of $20. 
&#x2A; An analyst from Benchmark persists with their Sell rating on Unity Software, maintaining a target price of $15. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Unity Software options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Market Whales and Their Recent Bets on Unity Software Options

Errol Musk, the father of billionaire entrepreneur Elon Musk, recently spoke about his son's new role in Donald Trump's administration, where Elon Musk and Vivek Ramaswamy were <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">appointed to lead the newly formed</a> "Department of Government Efficiency" (DOGE). The planned presidential advisory commission aims to reduce waste, cut bureaucracy and improve efficiency across federal agencies.
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<ul>
<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">You can still get 4,000 of its pre-IPO shares for with $1,000 for just $0.25/share</a></li>
<li>With over 7.8K investors including Meta, Google, And Amazon Execs — this AI Startup's valuation has skyrocketed from $5 million to $85 million in just three years. <a href="https://www.benzinga.com/money/rad-ai-2">Be an early investor with just $1,000 for only $0.50/share today before the offer closes in the next few days</a>!</li>
</ul>
In an <a href="https://www.youtube.com/watch?v=-Oa8Xe-htBA">interview</a>, Errol Musk gave insight into how he feels about Elon's new position. He expressed mixed emotions, mostly around the potential impact on Elon's commitments to his many companies, including Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), SpaceX and X. According to Errol, having Elon in a government role is exciting but also brings some real concerns about his time.
<h2 class="wp-block-heading">Balancing Act for Elon Musk</h2>
Errol Musk acknowledged that Elon's new government role is significant but noted that Elon already has a lot on his plate. With his existing leadership positions, taking on a government role adds even more to an already busy schedule.
"Elon has a tremendous task on his hands," Errol said. "He has a couple hundred thousand employees and a lot of very serious things going on in his life, so he has to be available for all that he started … [he] can&#8217;t just walk away from things."
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
He added, "To have him sit in an office somewhere in Washington, waiting and twiddling his thumbs – no, no. He has to be called upon on a sort of consultancy basis." Errol made it clear that he's not entirely comfortable with Elon having to dedicate a lot of time to government work if it comes at the expense of his businesses. It would be a "big concern" if he had to step away from the board meetings and other company responsibilities to go to the government.
<h2 class="wp-block-heading">Why Elon Is Well-Suited for Government Efficiency</h2>
Errol Musk also praised his son's ability to improve efficiency, citing his experience in turning struggling businesses into highly productive and profitable entities. He highlighted Elon's <a href="https://www.benzinga.com/news/24/11/41698648/elon-musks-x-reportedly-hit-with-new-wave-of-layoffs-engineering-department-faces-major-cuts-amid-un">drastic staff cuts at X</a> after its acquisition, reducing the workforce from 8,500 employees to about 1,000 while still making the platform run better than before.
See Also: This rooftop wind turbine is taking on a market projected to reach over $900 billion by 2032 —<a href="https://www.benzinga.com/money/halcium"> With already over 40,000 users signing up to purchase, here's a chance to be an early investor today!</a>
"I can't think of anyone more suited to a role like this than Elon," Errol said. "He's always been frugal. As a young boy, he wanted to do things as cheaply, better and quicker than anyone else."
He suggested that <a href="https://www.benzinga.com/news/24/05/39039546/hr-expert-urges-elon-musk-to-revamp-management-practices-amid-criticism-of-teslas-hiring-and-firing">Elon's management style</a> could translate well into eliminating unnecessary expenses and improving productivity in government agencies. "People whose lives are being wasted in jobs that have no real productivity might be released into more productive employment and I think that's a very good thing," Errol added.
Read Next:
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<li>‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a></li>
<li>This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai-2"> here's how there's a limited time opportunity to invest at $1,000 for only $0.50/share before it closes in a few days.</a></li>
</ul>

Startups

TSLA

Elon Musk's Father Says It Would Be 'A Big Concern' If Elon Had To Step Away From Board Meetings At His Companies To 'Go To Government'

BMO Capital analyst Tamy Chen maintains George Weston (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WN#TSX">WN</a>) with a Market Perform and raises the price target from C$220 to C$221.5.

TSX:WN

BMO Capital Maintains Market Perform on George Weston, Raises Price Target to C$221.5

BMO Capital analyst Ben Pham maintains TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) with a Market Perform and raises the price target from $66 to $70.

BMO Capital Maintains Market Perform on TC Energy, Raises Price Target to $70

QCOM

Qualcomm CEO Says PC-Chip Sales Exceeding Expectations

RBC Capital analyst Steven Shemesh maintains Valvoline (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VVV#NYSE">VVV</a>) with a Outperform and lowers the price target from $52 to $46.

RBC Capital Maintains Outperform on Valvoline, Lowers Price Target to $46

<a href="https://www.bnnbloomberg.ca/business/international/2024/11/20/jj-merck-cut-jobs-in-china-as-local-competition-takes-toll/#:~:text=Both%20US%20drug%20giants%20have,diabetes%20unit%2C%20the%20people%20said.">https://www.bnnbloomberg.ca/business/international/2024/11/20/jj-merck-cut-jobs-in-china-as-local-competition-takes-toll/#:~:text=Both%20US%20drug%20giants%20have,diabetes%20unit%2C%20the%20people%20said.</a>
Johnson &amp; Johnson and Merck &amp; Co. are cutting jobs in China, as they face growing competition from domestic rivals resulting from Beijing's campaign to drive down medical costs.
Both US drug giants have laid off employees in China in recent days, according to people familiar with the matter who asked not to be identified discussing internal matters. The J&amp;J cuts mainly impacted a division that sells products used in surgery, while Merck scaled back in its diabetes unit, the people said.&nbsp;
Chinese media outlets, which were first to report the redundancies, cited the J&amp;J layoffs to be as much as a fifth of its mainland workforce. J&amp;J employs nearly 10,000 people across some 90 cities in China, according to its website.&nbsp;
J&amp;J "has recently implemented organizational changes to optimise our business operations" in the country, a company spokesperson told Bloomberg in an email. J&amp;J remains committed to the "critical and growing" China market, the spokesperson added.&nbsp;
Merck didn't immediately reply to a request for comment outside regular business hours.&nbsp;
Multinational drug and medical device makers are grappling with narrower profit margins in China, largely due to the country's system of having companies bid to supply drugs and devices to public hospitals — known as volume-based procurement (VBP). The program has seen global pharmaceutical companies lose hospital contracts for their top off-patent drugs and devices to cheaper local suppliers, essentially putting their sales team out of work in those categories.
The layoffs add to turmoil in the pharmaceutical market in China. Once seen as a big market opportunity for global drugmakers to expand, they've come under regulatory pressure on multiple fronts. AstraZeneca, which has seen China revenue growth slow due in part to losing hospital contracts for its off-patent medicines, is facing a criminal investigation into allegedly illegal sales practices which has ensnared its China chief.&nbsp;
In a recent earnings call, J&amp;J executives acknowledged a "disproportionate impact from VBP" thanks to its being the largest medtech company in China. The layoffs are the first major round of redundancies affecting the company's surgery division, a person familiar with the matter said, though layoffs in other departments have been ongoing for some time.&nbsp;
Meanwhile, Merck is set to face off against local suppliers for generic versions of two major diabetes drugs – Januvia and Janumet – in the latest round of VBP tender submissions.&nbsp;

Management

Reported Earlier, "J&J, Merck Cut Jobs in China As Local Competition Takes Toll" - BNN Bloomberg

RBC Capital analyst Steven Shemesh maintains Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) with a Outperform and raises the price target from $92 to $96.

RBC Capital Maintains Outperform on Walmart, Raises Price Target to $96

Susquehanna analyst Christopher Rolland maintains Qualcomm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) with a Positive and lowers the price target from $230 to $210.

Susquehanna Maintains Positive on Qualcomm, Lowers Price Target to $210

<a href="https://news.bloomberglaw.com/antitrust/cvs-cigna-unitedhealth-sue-to-block-ftc-case-on-insulin-costs">https://news.bloomberglaw.com/antitrust/cvs-cigna-unitedhealth-sue-to-block-ftc-case-on-insulin-costs</a>
&nbsp;

Legal

Reported November 19, 2024 "CVS, Cigna, UnitedHealth Sue To Nix FTC Case On Insulin Cost" - Bloomberg Law

Global-E Online Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLBE#NASDAQ">GLBE</a>) shares are trading higher after the company reported third-quarter&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42084644/global-e-reports-third-quarter-2024-results" rel="noreferrer noopener">results and raised its FY24 outlook</a>.
Sales grew&nbsp;32%&nbsp;year over year to&nbsp;$176&nbsp;million, beating the analyst consensus estimate of&nbsp;$169.16 million.
Gross Merchandise Value (GMV) rose&nbsp;35%&nbsp;Y/Y to&nbsp;$1.13&nbsp;billion in the quarter. The company reported $82.6&nbsp;million in service fees and $93.4&nbsp;million in fulfillment services revenue&nbsp;in the quarter.
Non-GAAP gross profit increased&nbsp;to&nbsp;$82.3&nbsp;million (+39% Y/Y), and non-GAAP gross margin expanded 240&nbsp;basis points Y/Y to 46.8%.
Adjusted EBITDA rose to $31.1&nbsp;million from $22.1&nbsp;million a year ago. The company&#8217;s operating loss narrowed to&nbsp;$21.0 million from $35.6 million.
Loss per share was&nbsp;$0.13,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus loss of&nbsp;$0.15.</a>
Outlook: For the fourth quarter, Global-e Online projects GMV of $1.615 billion – $1.685 billion and revenue of $243 million and <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">$255 million vs. $246.27 million estimate</a>.
The company raised its FY24 revenue guidance to $732.9 million &nbsp;&#8211;&nbsp;$744.9 million (from $710 million – $750 million), vs. the consensus <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40368862/why-is-marketing-solutions-provider-global-e-onlines-stock-diving-today" rel="noreferrer noopener">of $730.72 million</a>.
Founder and CEO Amir Schlachet said, &#8220;We report today the results of another very strong quarter, with growth of GMV accelerating to 35% year over year and many new merchants going live ahead of the holiday season, including the iconic luxury department store Harrods.&#8221;
&#8220;Given the successful merchant launches in the recent months, combined with our new bookings for this year which are at an all-time high, we believe that this strong growth momentum will continue.&#8221;
Investors can gain exposure to the stock via&nbsp;Amplify ETF Trust Amplify BlueStar Israel Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITEQ#NYSE">ITEQ</a>) and The Alger ETF Trust Alger AI Enablers &amp; Adopters ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALAI#NYSE">ALAI</a>).
Price Action: GLBE shares are&nbsp;up 12.9% at $48.28 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42088621" target="_blank" rel="noreferrer noopener">TJX Companies Q3 Earnings: Revenue And EPS Beat, Comp Sales Growth, Dim Q4 Profit Outlook</a></li>
</ul>

Earnings

Equities

Large Cap

Guidance

Movers

The Alger ETF Trust Alger AI Enablers & Adopters ETF

ALAI

GLBE

ITEQ

Global-E Soars: Q3 Sales Surge 32%, FY24 Outlook Raised Amid GMV Boom

<a href="https://www.cmegroup.com/education/events/econoday/2024/11/feed635421.html" title="https://www.cmegroup.com/education/events/econoday/2024/11/feed635421.html">https://www.cmegroup.com/education/events/econoday/2024/11/feed635421.html</a>

Federal Reserve

Fed's Cook Says Job Risks Weighted To The Downside, But Have Diminished In Recent Months; Slowing Wage Growth Increases Confidence In Continued Disinflation; Job Market Overall Remains Solid; Recent Weak Growth A Result Of Temporary Strike, Storm Effects; Labor Market Largely Normalized, No Longer A Source Of Inflation; Continued Growth With Slowing Inflation Could Mean Underlying Potential Is Greater Than Thought; Faster Productivity Growth Appears To Have Supported Both Potential And Actual Growth

Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) will report third-quarter earnings on Wednesday. Wall Street expects 15 cents in earnings per share and $896.99 million in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=SNOW" target="_blank" rel="noreferrer noopener"> after market hours</a>.
The stock is down 22.48% over the past year, 31.66% year to date.
Let&#8217;s look at what the charts indicate for Snowflake stock and how the stock currently maps against Wall Street estimates.
Read Also: <a href="https://www.benzinga.com/media/24/11/41941228/att-data-breach-exposes-50-billion-records-hackers-identified-ransom-paid">AT&amp;T Data Breach Exposes 50 Billion Records: Hackers Identified, Ransom Paid</a>
<h2 class="wp-block-heading">Snowflake Technical Setup Ahead Of Q3 Earnings&nbsp;</h2>
Snowflake stock is currently in a strongly bullish trend.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100831/Screenshot-2024-11-20-at-8.35.34-PM.png" alt="" class="wp-image-657079" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100831/Screenshot-2024-11-20-at-8.35.34-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100831/Screenshot-2024-11-20-at-8.35.34-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>
Snowflake stock is currently trading above its five, 20 and 50-day exponential moving averages, signaling buying pressure and potential for continued upward movement.
The stock price also sits above its eight-day simple moving average (SMA) of $127.70, 20-day SMA of $121.68 and 50-day SMA of $117.83, all reinforcing bullish momentum. 
However, the stock is trading below its 200-day SMA of $142.36, presenting a bearish signal in the long term. 
The Moving Average Convergence Divergence (MACD) indicator of 3.26 further supports the bullish outlook. Additionally, the Relative Strength Index (RSI) of 61.61 indicates that SNOW is nearing overbought territory but still has room for upward movement.
<h2 class="wp-block-heading">Snowflake Analysts See 32% Upside</h2>
Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/NFLX/analyst-ratings"> The consensus analyst rating</a> on Snowflake stock stands at a Buy currently with a price target of $171.97. Recent analyst ratings from Rosenblatt, Citigroup and Keybanc set a $171 price target for Snowflake stock, implying 31.77% upside.
SNOW Price Action: Snowflake stock was trading around $129.76 a share, down 0.37%, at the time of publication.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42072808/snowflake-one-of-the-most-compelling-stories-in-software-ahead-of-earnings-analyst">Snowflake &#8216;One Of The Most Compelling Stories In Software&#8217; Ahead Of Earnings: Analyst</a></li>
</ul>

Technicals

Previews

Tech

Trading Ideas

SNOW

Snowflake Q3 Earnings: Will Bullish Charts, Analyst Optimism Offset The 32% YTD Decline?

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to capture the attention of investors around the world when it reports third-quarter financial results after the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">market closes on Wednesday.</a>
Here's a look at how Benzinga readers feel ahead of the highly anticipated report.
What Happened: Nvidia may have been<a href="https://www.benzinga.com/general/social-media/24/03/37879478/humble-beginnings-like-nvidia-reddit-was-founded-inside-a-restaurant"> founded in a Denny's restaurant</a> with humble beginnings. Today, the company is the most valuable in the world, worth $3.61 trillion.
Benzinga readers think the stock could be heading higher if third-quarter earnings are strong.
Analysts expect the technology giant to report third-quarter revenue of $33.12 billion on Wednesday, Nov. 20&nbsp;<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">after market close.</a>
That's up from $18.12 billion in last year&#8217;s third quarter, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">&nbsp;from Benzinga Pro.</a>
The company has beaten analyst estimates for revenue in eight straight quarters and nine of the last 10 quarters overall.
Analysts expect third-quarter earnings per share of 75 cents. That's up from 40 cents per share in last year&#8217;s third quarter. The company beat analyst estimates for earnings per share in seven straight quarters and eight of the last 10 quarters.
<a href="https://www.benzinga.com/news/earnings/24/08/40613050/nvidia-q2-earnings-guidance-top-street-view-as-ai-fuels-record-data-center-revenue-gross-margin-fal" target="_blank" rel="noreferrer noopener">Guidance from the company</a>&nbsp;calls for third-quarter revenue to be $32.5 billion plus or minus 2%.
"What's your boldest prediction for Nvidia's earnings report on Wednesday?" Benzinga asked readers.
The results were:
<ul>
<li>Meets expectations: 45%</li>
<li>Blowout Beat: 42%</li>
<li>Misses expectations: 13%</li>
</ul>
The majority of Benzinga readers expect the company to meet or beat the estimates from analysts. While more readers expect the company to meet estimates, 42% believe the company will beat estimates Wednesday.
On X, Benzinga <a href="https://x.com/Benzinga/status/1858533756950163533">polled </a>followers with a similar question.
"Will $NVDA beat or miss earnings?" Benzinga asked.
The results were:
<ul>
<li>Beat: 73.8%</li>
<li>Miss: 26.2%</li>
</ul>
A larger majority of Benzinga followers on X expect the company to beat estimates, with the caveat that there was no option for meet and it was strictly guessing a beat or a miss.
Are you buying when the CEOs of the Magnificent 7 are selling?
<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>
What's Next: With the chance of an earnings beat, Benzinga also asked about their expectations for the stock if Nvidia blows out earnings estimates.
"If Nvidia shatters expectations, how high could its stock go by the end of 2024?" Benzinga asked.
The results were:
<ul>
<li>$150 to $180: 55%</li>
<li>$180 to $200: 26%</li>
<li>Above $200: 18%</li>
</ul>
Nvidia shares closed at $147.01 on Tuesday and have traded between $45.01 and $149.76. They are up over 200% year-to-date.
Benzinga readers see the stock hitting new all-time highs if third-quarter results come in ahead of analyst estimates.
If the stock goes higher, Nvidia CEO Jensen Huang would continue to benefit as one of the key shareholders of the stock. Huang's <a href="https://www.benzinga.com/general/education/24/10/41355157/jensen-huang-inches-closer-to-top-10-richest-people-in-the-world-heres-how-much-more-he-needs-h">wealth has soared</a> to $128 billion in 2024, ranking 11th in the world according to <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>.
Huang has added $84.3 billion to his wealth and is around $17 billion away from cracking the top 10 richest people in the world milestone. If shares continue to trade higher to the end of the year, this milestone could be within reach.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/41912771/trump-presidency-magnificent-7-stock-impact-benzinga-readers-pick-tech-titan-at-most-risk-following-2024-election">Trump Presidency Magnificent 7 Stock Impact: Benzinga Readers Pick Tech Titan At Most Risk Following 2024 Election</a></li>
</ul>
The study was conducted by Benzinga from Nov. 19 through Nov. 20, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 146 adults.
Photo: Shutterstock

Exclusives

NVDA

Will Nvidia Deliver A 'Blowout Beat' In Q3? Poll Says Maybe Not, But Over Half See Stock Clearing $150

UBS analyst Douglas Harter downgrades Finance of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOA#NYSE">FOA</a>) from Buy to Neutral and raises the price target from $14 to $24.

Downgrades

UBS Downgrades Finance of America to Neutral, Raises Price Target to $24

Hovde Group analyst David Bishop initiates coverage on Chain Bridge Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBNA#NYSE">CBNA</a>) with a Market Perform rating and announces Price Target of $26.

Initiation

CBNA

Hovde Group Initiates Coverage On Chain Bridge Bancorp with Market Perform Rating, Announces Price Target of $26

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