Direxion Daily S&P 500 High Beta Bull 3X Shares (ARCA: HIBL)

Latest news for Direxion Daily S&P 500 High Beta Bull 3X Shares (ARCA:HIBL)

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The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments that track the index and other financial instruments that provide daily leveraged exposure to the index or to ETFs that track the index. The index provider selects 100 securities from the S&P 500 ® Index that have exhibited the highest sensitivity to market movements, or “beta,” over the past 12 months based on the securities’ daily price changes. It is non-diversified.

Direxion Daily S&P 500® High Beta Bull 3X Shares

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

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Hiblocks

Paul Christopher, the head of global investment strategy at Wells Fargo, has projected a significant upswing in the stock market, comparable to the boom seen in 1995.
What Happened: Christopher&#8217;s forecast draws on similarities between the current market conditions and those of 1995, a year that saw the S&amp;P 500 reach 77 all-time highs. He suggests that the combination of falling inflation and a stable economy, supported by the Commerce Department&#8217;s estimate of a 2.8% year-over-year GDP growth in Q2, could create a similar market climate, Business Insider <a href="https://www.businessinsider.com/stock-market-outlook-fed-rate-cuts-bull-market-economy-inflation-2024-8">reported</a> on Friday.
Christopher&#8217;s prediction is largely dependent on the Federal Reserve&#8217;s proactive approach. He expects a 50-basis-point rate cut in September, with additional cuts by the end of the year. He believes these steps could facilitate a soft landing for the economy.
Since the Fed began increasing interest rates in March 2022 to control inflation, the market has been closely monitoring potential rate cuts. Nevertheless, inflation has significantly decreased from its peak in the summer of 2022, with the Bureau of Labor Statistics reporting a 2.9% year-over-year increase in July.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40330107/donald-trump-says-elon-musk-has-not-been-feeling-so-well-lately-sparking-speculation-heres-what-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Says Elon Musk Has Not Been &#8216;Feeling So Well Lately,&#8217; Sparking Speculation: Here&#8217;s What Tesla CEO Replied</a>
Despite anticipating more market volatility due to geopolitical tensions and the presidential election, Christopher sees potential for significant investor gains, particularly if the Fed eases policy appropriately. He also suggests that lower short-term interest rates could especially benefit financial and tech stocks.
Why It Matters: Investors are taking a cautious approach despite a potential <a href="https://www.benzinga.com/news/earnings/24/08/40391260/s-p-500-eyes-6th-straight-win-but-investor-sentiment-remains-cautious-ahead-of-data-deluge-walmart-">six-session winning streak </a>for the S&amp;P 500. Key data on the job market, consumer spending, and manufacturing activity could influence the trading direction.
Furthermore, the Russell 2000 is poised for its <a href="https://www.benzinga.com/markets/equities/24/08/40401329/russell-2000-set-for-strongest-session-in-a-month-as-us-economy-defies-recession-fears-small-cap">strongest session in a month,</a> driven by renewed confidence in the U.S. economy&#8217;s resilience after recession fears unsettled markets earlier this month.
Lastly, <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40393687/retail-sales-soar-in-july-weekly-jobless-claims-undercut-expectations-traders-lea">July&#8217;s retail sales soared</a> by 1% month-over-month, significantly exceeding expectations, while initial jobless claims for the previous week were lower than anticipated, easing labor market concerns.
Price Action: On Thursday, the&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, closed 1.71% higher while the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) closed 2.53% higher, according to <a href="https://pro.benzinga.com">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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Economics

General

US Stocks In Line For Boom Like 1995 As Soft Landing Appears On The Horizon, Says Expert

Maryland has introduced a new <a href="https://www.benzinga.com/news/23/04/31626694/buying-a-tesla-rivian-or-ford-ev-find-out-if-they-qualify-for-federal-tax-credits">rebate program</a> to encourage the installation of electric vehicle (EV) chargers, offering up to $5,000 per charger.
What Happened: Maryland has launched its FY25 Electric Vehicle Supply Equipment Rebate Program, providing significant incentives for residents and businesses to install EV chargers.
The program offers rebates for the purchase and installation of eligible EV chargers at homes and businesses. Rebates are issued on a first-come, first-served basis, with limited funding available.
Applicants are reimbursed for expenses incurred post-project completion.
See Also: <a href="https://www.benzinga.com/news/24/08/40306075/tesla-cybertruck-lead-engineer-confirms-rear-wheel-drive-variant-of-stainless-steel-truck-has-not-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Cybertruck Lead Engineer Confirms Rear-Wheel Drive Variant Of Stainless Steel Truck Has Not Been Canceled</a>
Maryland Energy Administration director Paul G. Pinsky stated, "By increasing the number of charging stations across the state, this program is reducing reliance on fossil fuels, improving air quality, and creating a cleaner, healthier environment for future generations."
Applications can be submitted electronically or by mail. Residential applicants can request a secure email link to submit their application. Complete applications with required documentation must be received within six months of project completion.
Detailed application instructions are available on the FY25 EVSE Rebate Program website. The Maryland Energy Administration advises reading the Funding Opportunity Announcement thoroughly before applying.
<h3 class="wp-block-heading">The Incentives</h3>
<ul>
<li>Residential installations: Up to 50% of installation costs, capped at $700 per charger per resident.</li>
<li>Commercial Installations: Up to 50% of installation costs, capped at $5,000 per charger. Each application is limited to a rebate of $125,000 in FY25.</li>
</ul>
Eligible installation costs include charger equipment, labor, and permits. Maintenance costs, taxes, shipping, credit card charges, and electricity are not eligible.
The project must be located in Maryland and safety certified. It must be new and should be installed by a licensed electrician.
<h3 class="wp-block-heading">How To Apply</h3>
Eligible users can apply for Maryland's EV charger rebate online as well as by mail.
The Maryland Energy Administration has detailed instructions on this process on <a href="https://energy.maryland.gov/transportation/pages/incentives_evserebate.aspx">its</a> website.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/08/40277885/tesla-offers-3-years-of-fsd-premium-connectivity-and-free-supercharging-for-5-000-but-is-it-worth-it" target="_blank" rel="noreferrer noopener">Tesla Offers 3 Years Of FSD, Premium Connectivity, And Free Supercharging For $5,000, But Is It Worth It?</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Government

Tech

Maryland Opens Up EV Charger Rebate Program, Offering Incentives Of Up To $5K Per Charger: Here's How To Apply

Madison Square Garden Entertainment Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGE#NYSE">MSGE</a>) is expected to release earnings results for its fiscal fourth quarter, before the<a href="https://www.benzinga.com/quote/MSGE/earnings"> opening bell on Friday, Aug. 16.</a>
Analysts expect the New York-based company to report a quarterly loss at 52 cents per share, versus a year-ago loss of 47 cents per share. Madison Square Garden Entertainment is projected to report quarterly revenue of $169.61 million, compared to $147.94 million a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
On May 10, Madison Square Garden Entertainment said third-quarter revenue rose 13% year-over-year to $228.3 million, beating the analyst consensus of $227.6 million.
Madison Square Garden Entertainment shares gained 2.4% to close at $38.66 on Thursday.
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/MSGE/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5a281c52adcfa70001367bf2/david-karnovsky">JP Morgan analyst David Karnovsky </a>maintained a Neutral rating and cut the price target from $38 to $36 on Nov. 8, 2023. This analyst has an accuracy rate of 66%.</li>
<li>Morgan Stanley analyst Benjamin Swinburne maintained an Equal-Weight rating and slashed the price target from $40 to $36 on Sept. 1, 2023. This analyst has an accuracy rate of 76%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e4d2942ece4e600011f27af/curry-baker">Guggenheim analyst Curry Baker </a>maintained a Buy rating and boosted the price target from $41 to $43 on Aug. 23, 2023. This analyst has an accuracy rate of 60%.</li>
<li>B of A Securities analyst Peter Henderson initiated coverage on the stock with a Buy rating and a price target of $41 on Aug. 22, 2023. This analyst has an accuracy rate of 65%.</li>
</ul>
Considering buying MSGE stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="562" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16012657/image-1-43-1024x562.png" alt="" class="wp-image-498058" style="width:572px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16012657/image-1-43-1024x562.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16012657/image-1-43-300x165.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16012657/image-1-43-768x421.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16012657/image-1-43.png 1212w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Earnings

Price Target

Analyst Ratings

MSGE

Madison Square Garden Gears Up For Q4 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Kim Dotcom, the founder of the once-popular file-sharing website Megaupload, lost his 12-year battle against extradition from New Zealand to the U.S. After the ruling, Dotcom compared his situation to former President Donald Trump. Dotcom said Trump and he share a common experience of persecution by the Department of Justice (DOJ) under President Joe Biden.
What Happened: Dotcom is facing charges in the U.S. for copyright infringement, money laundering, and racketeering. The announcement of his surrender to the U.S. for trial was made on Friday by New Zealand&#8217;s Justice Minister, Paul Goldsmith. This marks a significant milestone in this long-standing legal battle. However, the date for the extradition has not been set yet, AP News<a href="https://apnews.com/article/kim-dotcom-extradition-megaupload-us-zealand-goldsmith-134eea926502d4965af68fd7701f33f3"> reported</a> on Friday. 
Despite this setback, Dotcom remains defiant. His legal team is preparing for a judicial review, where a New Zealand judge will evaluate Goldsmith&#8217;s decision.
In a post on X on Friday, Dotcom alleged that the DOJ has been unjustly targeting him and Trump.
&#8220;Trump and I have one thing in common: We have both been persecuted by Joe Biden's corrupt DOJ puppets. In my case Biden appointed his personal lawyer as a DOJ prosecutor to bring a novel criminal copyright case against me for his Hollywood donors,&#8221; he wrote while attaching the white paper of the case.
Benzinga could not independently verify Dotcom&#8217;s claims about the lawyers Ira Rothken and Robert Amsterdam.
The White House did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga's</a> request for comment.
<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">Trump and I have one thing in common: We have both been persecuted by Joe Biden's corrupt DOJ puppets. In my case Biden appointed his personal lawyer as a DOJ prosecutor to bring a novel criminal copyright case against me for his Hollywood donors. Details: <a href="https://t.co/3X6XEAt6ni">https://t.co/3X6XEAt6ni</a>
&mdash; Kim Dotcom (@KimDotcom) <a href="https://twitter.com/KimDotcom/status/1824213059872886845?ref_src=twsrc%5Etfw">August 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/08/40329136/kamala-harriss-campaign-slams-elon-musks-interview-with-ex-president-he-is-using-his-purchased-platf?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris&#8217;s Campaign Slams Elon Musk&#8217;s Interview With Ex-President: &#8216;He Is Using His Purchased Platform &#8230; To Spread Trump&#8217;s Unhinged And Hateful Agenda&#8217;</a>
Why It Matters: Dotcom, the founder of the now-defunct file-sharing site Megaupload, has been embroiled in a lengthy legal battle over copyright infringement allegations. 
The Finnish-German millionaire and his legal team have argued that it was the users of the site, not its founders, who chose to pirate material. However, prosecutors have painted a different picture, describing the men as the architects of a vast criminal enterprise. The Department of Justice has called it the largest criminal copyright case in U.S. history.
Two of Dotcom&#8217;s former business partners, Mathias Ortmann and Bram van der Kolk, pleaded guilty to charges against them in a New Zealand court in June 2023 and were sentenced to two and a half years in jail. In exchange, U.S. efforts to extradite them were dropped.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image by William Stadtwald Demchick via Wikimedia Commons
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>

Megaupload Founder Kim Dotcom Compares Himself With Trump After Losing Extradition Battle To US: 'We Have Both Been Persecuted By Joe Biden's Corrupt DOJ Puppets'

PropertyGuru Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGRU#NYSE">PGRU</a>) ("PropertyGuru" or the "Company"), Southeast Asia's leading1 property technology ("PropTech") company, today announced that it has entered into an agreement and plan of merger (the "Merger Agreement") with affiliates of BPEA Private Equity Fund VIII Limited ("EQT Private Capital Asia"), part of EQT AB, a purpose-driven global investment organization, pursuant to which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction (the "Merger") that values PropertyGuru at an equity value of approximately USD 1.1 billion. PropertyGuru's Board of Directors, acting upon the recommendation of a special committee (the "Special Committee") of PropertyGuru's Board of Directors, has unanimously approved and resolved to recommend approval of the Merger by PropertyGuru's shareholders. The Special Committee negotiated the terms of the Merger Agreement with assistance of financial and legal advisors.
Under the terms of the Merger Agreement, at the effective time of the Merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded shares) will be cancelled and converted automatically into the right to receive an amount in cash equal to USD 6.70 per share, without interest.
The merger consideration represents a 52% premium to PropertyGuru's closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the Company's 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.
Major shareholders, TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, "TPG") and Epsilon Asia Holdings II Pte. Ltd., an entity managed by global investment fund KKR ("KKR"), which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the Company and EQT Private Capital Asia in support of the Merger.
Transaction Details
The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by PropertyGuru's shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.
Upon completion of the transaction, PropertyGuru's shares will no longer trade on the New York Stock Exchange, and PropertyGuru will become a private company. PropertyGuru's headquarters will remain in Singapore.

PGRU

PropertyGuru to Be Acquired by EQT Private Capital in $1.1B All-Cash Deal, Will Stop Trading on NYSE

The restructuring of Elliott Management has led to a significant exodus of its senior employees, with at least nine former staffers launching their funds since 2021.
Why It Matters: The changes at Elliott Management have led to the firm&#8217;s ex-employees opting to start their funds. This development is indicative of the broader trend of institutionalization within the hedge-fund industry, as the largest firms are emulating their private equity counterparts, <a href="https://www.businessinsider.com/why-elliott-alums-are-launching-their-own-funds-2024-8">reported</a> Business Insider on Friday, citing sources.
This shift has been attributed to the firm&#8217;s increasing bureaucracy, which has altered the once flexible and merit-driven environment. The changes have prompted some long-time investors to seek more freedom by starting their firms.
This shift has prompted some veteran investors to venture out on their own. &#8220;The changes haven&#8217;t been in place for that long, but the firm is different now,&#8221; said a former investor, according to the report. &#8220;It&#8217;s rigid.&#8221;
These changes at Elliott have been attributed to the establishment of an investment committee in 2020. This committee, comprising young partners Jesse Cohn, Gordon Singer, and Jonathan Pollock, has transformed the firm into a more structured but also bureaucratic and political environment, according to the report.
As a result of these changes, several former and current employees have noted a shift in the firm&#8217;s culture, leading to a more rigid and less merit-driven environment.
These changes have been particularly impactful given Elliott&#8217;s reputation as a unique and flexible workplace. The departure of key talent and the subsequent launch of their funds is a significant development in the hedge-fund industry.
For instance, Mark Wills, the founder of Cisu Capital Partners, is the latest Elliott alum to start his firm. Wills, who spent over a decade at Elliott, is part of a growing cohort of ex-Elliott employees who have launched their funds with different strategies, backers, and philosophies.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40402896/donald-trump-now-10-points-behind-vice-president-kamala-harris-in-the-election-odds-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Now 10 Points Behind Vice President Kamala Harris In The Election Odds, Prediction Market Data Shows</a>
These changes have also led to the departure of senior talent to various leadership positions across industries. For example, Sebastien de La Riviere, a former portfolio manager at Elliott, is now the co-founder and chief investment officer of A5 Capital, the family office of Alex Algard, the founder of Whitepages.
Despite the exodus of long-tenured portfolio managers, Elliott&#8217;s investment headcount has grown alongside its assets. The firm reported a 27% increase in its investment headcount from the end of 2020 to May 2024, coinciding with a rise in assets from just over $45 billion to $69.7 billion.
However, several former employees argue that the additional people brought in are not in line with the firm&#8217;s previous mold. &#8220;For every cowboy investor they lost, they gained three bureaucrats,&#8221; said a former investor, according to the report.
Elliott did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The evolution of Elliott has broader implications for the hedge fund industry. The firm&#8217;s recent activities highlight its ongoing influence. For instance, <a href="https://www.benzinga.com/news/24/08/40404117/arm-holdings-shares-surge-after-elliott-management-increases-position">Elliott increased its position</a> in ARM Holdings, signaling strong institutional confidence and driving ARM&#8217;s shares higher.
Additionally, Elliott has <a href="https://www.benzinga.com/trading-ideas/24/08/40402011/elliott-management-raises-stakes-on-online-dating-e-commerce-airline-bets-what-investors-should-kno">raised stakes in various sectors</a>, including online dating, e-commerce, and airlines. The firm has targeted companies like Match Group Inc. and American Airlines Group Inc., indicating a strategic diversification of its portfolio.
Elliott has also <a href="https://www.benzinga.com/markets/equities/24/06/39244142/elliott-management-reportedly-builds-2b-stake-in-southwest-airlines-plans-to-push-for-change">leveraged its $2 billion stake</a> in Southwest Airlines to nominate ten independent candidates for Southwest&#8217;s Board, aiming to drive significant changes within the airline.
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</ul>
Image created using artificial intelligence via MidJourney.
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>

Hedge Funds

Elliott Management Alums Spawn Their Offshoots Amid 'Rigid' Changes And Increased Bureaucracy At $70B Hedge Fund: Report

Generation Income (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIPR#NASDAQ">GIPR</a>) reported quarterly earnings of $0.03 per share which beat the analyst consensus estimate of $0.02 by 50 percent. The company reported quarterly sales of $2.259 million which beat the analyst consensus estimate of $2.250 million by 0.40 percent. This is a 69.98 percent increase over sales of $1.329 million the same period last year.

Earnings Beats

GIPR

Generation Income Q2 2024 FFO $0.03 Beats $0.02 Estimate, Sales $2.259M Beat $2.250M Estimate

<ul>
<li>Net income per common share on fully diluted basis was $0.21, including $0.08 of gain on redemption of preferred shares, compared to $0.10 for the prior year. Net income per common share on basic basis was $0.57, including $0.23 gain on redemption of preferred shares, compared to $0.32 for the prior year.</li>
<li>Consolidated net sales (revenue) increased 17% to a record $27.5 million compared to $23.5 million in the prior year primarily due to the increase in marketing and sales initiatives in our hearing protection and enhancement segment.&nbsp;</li>
</ul>

AXIL

AXIL Brands FY24 EPS $0.21 Up From $0.10 YoY; Revenue $27.498M Up From $23.521M YoY

&nbsp;Quest Diagnostics&nbsp;Incorporated&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>) (the &quot;Company&quot;), a leader in diagnostic information services, today announced the pricing of a public offering of&nbsp;$400 million&nbsp;aggregate principal amount of its&nbsp;4.600%&nbsp;senior notes due 2027 (the &quot;2027 notes&quot;),&nbsp;$600 million&nbsp;aggregate principal amount of its&nbsp;4.625%&nbsp;senior notes due 2029 (the &quot;2029 notes&quot;) and&nbsp;$850 million&nbsp;aggregate principal amount of its&nbsp;5.000%&nbsp;senior notes due 2034 (the &quot;2034 notes,&quot; and together with the 2027 notes and the 2029 notes, the &quot;notes&quot;) under Quest Diagnostics&#39; shelf registration statement.&nbsp;

Reported Earlier, Quest Diagnostics Prices $1.85B Senior Notes Due 2027, 2029, And 2034

Reported Earlier, Lotus Robotics Powers Lynk&Co's First All-Electric Sedan With Advanced Intelligent Driving Solutions

The <a href="https://www.benzinga.com/markets/equities/24/08/40406284/nasdaq-100-sees-best-6-day-rally-since-late-2022-as-traders-ride-bull-market-wave-tech-stocks-on">equity market has been on a tear </a>and what is more remarkable is its strong rebound from the mayhem seen on Aug. 5. Former White House Communications Director Anthony Scaramucci on Thursday commented about the strong comeback by the market, delving into the potential reasons thereof.
What Happened: The Nasdaq Composite and the S&amp;P 500 Index ended higher for a sixth straight session on Thursday, with earnings, slowing inflation, and evidence of the economy averting a hard landing driving traders to dip further into equities. The Aug. 5 market collapse was engendered by fears concerning growth and the unwinding of the yen carry trades, and the one-day sell-off dragged the major indices down by over 2.5% each.
Since the crash, the three averages have made decent gains. The Nasdaq Composite, S&amp;P 500 and the Dow Industrials have gained 8.6%, 6.9% and 4,8%, respectively, from Aug. 5. 
On Thursday, they rallied on the back of a decline in weekly jobless claims, a smaller-than-expected contraction in manufacturing activity in New York and Philadelphia and a robust retail sales reading.
The S&amp;P 500 Index, a measure of broader market performance, is now perched at a three-week high.
See Also: <a href="https://www.benzinga.com/money/best-growth-stocks">Best Growth Stocks</a>
Harris Connection? Scaramucci said the market&#8217;s rebound toward all-time highs may have to do with Democratic Presidential candidate Kamal Harris&#8217; rising poll numbers. Polling analytics website FiveThirtyEight&#8217;s compilation of results from nationwide polls shows that Harris now led Republican candidate Donald Trump by 46.3%-43.5%.
&#8220;Investors are relieved America won't have to live under an unstable wannabe autocrat,&#8221; the entrepreneur and founder of SkyBridge Capital said. 
In a separate post, Scarmucci said, &#8220;Trump psychologically is coming to grips with losing this election. He is growing darker as a result of it. Will be a rough 81 days.&#8221;
Harris has yet to announce her economic agenda and hasn&#8217;t made public the potential policy she will likely pursue if she makes it to the White House. The vice president is due to deliver a major economic speech in North Carolina on Friday.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, ended Thursday&#8217;s session up 1.71% to $553.07, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image Via Shutterstock

Politics

Anthony Scaramucci Says Kamala Harris' Poll Numbers Are Driving Market Higher, Predicts 'Rough 81 Days' Ahead For Trump

Project design will begin immediately after contract execution, while construction is estimated to start in the second half of 2025 with substantial completion expected in 2030. Parsons Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSN#NYSE">PSN</a>) will serve as Tutor Perini&#39;s design subcontractor

Contracts

Reported Earlier, Tutor Perini Secures $1.66B Contract To Build Six Rail Stations And Elevated Guideway In Honolulu

Chris Bakke, the <a href="https://www.benzinga.com/news/23/09/34187105/tesla-taps-into-x-for-hiring-and-so-do-these-companies-elon-musk-finds-it-cool">product lead at</a> X, formerly Twitter, has announced his exit from Tesla and SpaceX CEO Elon Musk&#8217;s social media company.
What Happened: On Thursday, Bakke took to X, and revealed this development saying, &#8220;My last day was a week ago, so feel free to stop asking me to look at broken things with your account.&#8221;
While he did not provide any reason behind this decision, Bakke said that he has no immediate plans for his next career move. &#8220;For the first time in my career, I have no plans for what&#8217;s next.&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40332493/apples-thinner-iphone-17-air-with-sleeker-design-could-be-a-game-changer-says-promi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Thinner iPhone 17 &#8216;Air&#8217; With Sleeker Design Could Be A Game-Changer, Says Prominent Tech Bull: Here&#8217;s Why</a>
The former product lead has been a significant contributor to the success of two businesses on the X over the past four years. His first venture, Laskie, a job-matching platform, was the first to be acquired under Musk&#8217;s ownership last year.
Laskie then led to his second venture, XHiring, a competitor to Microsoft&#8217;s LinkedIn. According to Bakke, XHiring has amassed over one million <a href="https://www.benzinga.com/news/23/09/34354404/you-can-now-apply-for-jobs-on-x-with-this-feature-two-weeks-after-musk-called-linkedin-cringe">active jobs from top employers</a>.
<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">An update: I&#39;ve decided to leave <a href="https://twitter.com/X?ref_src=twsrc%5Etfw">@X</a> &#8211; you know &#8211; the company, not the platform. My last day was a week ago, so feel free to stop asking me to look at broken things with your account. Over the last 4 years, I&#39;ve been fortunate to build two incredible businesses on this…
&mdash; Chris Bakke (@ChrisJBakke) <a href="https://twitter.com/ChrisJBakke/status/1824206578746265856?ref_src=twsrc%5Etfw">August 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Bakke did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: This departure comes amidst a series of unsettling events at X. 
Earlier in June, X CEO Linda Yaccarino reportedly left employees in the <a href="https://www.benzinga.com/news/24/06/39304750/linda-yaccarino-reportedly-leaves-staff-in-dark-over-delayed-promotions-who-is-the-grim-reaper-that">dark about delayed promotions</a> and failed revenue targets, leading to speculation about potential layoffs. 
This was followed by a significant reshuffling of the leadership team by Yaccarino who was <a href="https://www.benzinga.com/news/24/07/39660279/linda-yaccarino-feels-the-heat-as-elon-musk-builds-pressure-amid-xs-plummeting-ad-revenue-report">reportedly under pressure</a> from Musk to reduce costs and boost sales.
Meanwhile, X is currently facing a $20 million lawsuit from <a href="https://www.benzinga.com/news/24/08/40298641/elon-musks-x-faces-20m-lawsuit-from-ex-twitter-board-member-omid-kordestani-over-unpaid-shares">former Twitter board</a> member Omid Kordestani over unpaid shares. 
The platform also won a <a href="https://www.benzinga.com/news/24/07/39702644/elon-musks-x-corp-wins-500m-severance-lawsuit-judge-rules-laid-off-twitter-employees-claims-not-cove">$500 million severance lawsuit</a> after the claims of laid-off Twitter employees were determined not to fall under ERISA coverage.
These events, coupled with Bakke&#8217;s departure, could potentially impact the company&#8217;s future direction and performance.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40393092/as-googles-parent-alphabet-appeals-against-dojs-antitrust-ruling-to-avoid-potential?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Google&#8217;s Parent Alphabet Appeals Against DOJ&#8217;s Antitrust Ruling To Avoid Potential Breakup, Expert Says &#8216;Consumers Aren&#8217;t Going To Search On Bing Over Apple&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Product Lead At Elon Musk's X, Known For Building LinkedIn Rival, Decides To Part Ways With Platform

Reported Earlier, UL Solutions Raises Alarm Over Unauthorized UL Mark On Wi-Fi Smoke Detector Sold By Jinlankeji Co. Ltd

Siyata Mobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) reported quarterly sales of $1.890 which missed the analyst consensus estimate of $3.000 million by 100.00 percent. This is a 100.00 percent decrease over sales of $2.711 million the same period last year.

SYTA

Siyata Mobile Q2 Sales $1.890 Miss $3.000M Estimate; Net Loss $12.92M Down From $2.33M YoY

Bitdeer Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) ("Bitdeer" or the "Company"), a world-leading technology company for blockchain and high-performance computing, today announced the pricing of its underwritten public offering (the "Offering") of US$150,000,000 aggregate principal amount of 8.50% convertible senior notes due 2029 (the "Notes"). The sale of the Notes is expected to close on August 20, 2024, subject to customary closing conditions. The Company also granted the underwriters in the Offering a 30-day option to purchase up to an additional US$22,500,000 aggregate principal amount of Notes on the same terms and conditions, solely to cover over-allotments.
Bitdeer estimates that the net proceeds from the Offering will be approximately US$144.5 million (or approximately US$166.3 million if the underwriters exercise their over-allotment option in full), after deducting the underwriters' discounts and commissions and estimated offering expenses payable by Bitdeer.
The Company intends to use the net proceeds from the Offering for datacenter expansion, ASIC based mining rig development as well as working capital and other general corporate purposes.

Offerings

BTDR

Bitdeer Technologies Raises $150M Via Convertible Notes Offering For Datacenter Expansion, ASIC Based Mining Rig Development

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, but the index remained in the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks settled higher on Thursday, with the S&amp;P 500 recording gains for the sixth consecutive session. The index is now down around 2% from its record after gaining more than 3% this week.
On the economic data front, U.S. retail sales gained 1% month-over-month in July versus a revised 0.2% decline in June and higher than market estimates of a 0.3% gain. U.S. initial jobless claims declined by 7,000 to 227,000 in the week ending August 10, versus market estimates of 235,000. The NY Empire State Manufacturing Index rose to -4.7 in August, notching the highest level in six months.
Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) reported downbeat sales for its fiscal first quarter. Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) announced strong second-quarter results and raised full-year guidance. Shares of Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) rose 6.8% during Thursday&#8217;s session following better-than-expected quarterly earnings.
Most sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, information technology, and materials stocks recording the biggest gains on Thursday. However, real estate and utilities stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 555 points to 40,563.06 on Thursday. The S&amp;P 500 rose 1.61% to 5,543.22, while the Nasdaq Composite gained 2.34% at 17,594.50 during Thursday's session.
Investors are awaiting earnings results from Madison Square Garden Entertainment Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGE#NYSE">MSGE</a>), CI&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CINT#NYSE">CINT</a>), and Flowers Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 32.9, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 27.6.
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:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40394036/jim-cramer-recommends-buying-clorox-ceo-has-done-remarkable-job">Jim Cramer Recommends Buying Clorox: &#8216;CEO Has Done Remarkable Job&#8217;</a></li>
</ul>

Pre-Market Outlook

BABA

CINT

CSCO

Dow Jumps Over 550 Points Following Retail Sales Data: Greed Index Remains In 'Fear' Zone

Lazydays (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GORV#NASDAQ">GORV</a>) reported quarterly losses of $(1.42) per share which missed the analyst consensus estimate of $(0.24) by 491.67 percent. This is a 1114.29 percent decrease over earnings of $0.14 per share from the same period last year. The company reported quarterly sales of $238.694 million which missed the analyst consensus estimate of $303.800 million by 21.43 percent. This is a 22.60 percent decrease over sales of $308.380 million the same period last year.

Earnings Misses

GORV

Lazydays Q2 2024 Adj. EPS $(1.42) Misses $(0.24) Estimate, Sales $238.694M Miss $303.800M Estimate

Macro Economic Events

Econ #s

U.K. Retail Sales (MoM) For July 0.5% Vs. 0.6% Est.; -0.9% (Revised) Prior

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Madison Square Garden Entertainment Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGE#NYSE">MSGE</a>) to report a quarterly loss at $2.27 per share on revenue of $271.32 million before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Madison Square Garden shares gained 3.5% to $40.00 in after-hours trading.</li>
<li>Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40406069/applied-materials-q3-earnings-revenue-beat-eps-beat-demand-being-driven-by-race-for-ai-leadership-a">reported better-than-expected results</a> for its third quarter. The company said it anticipates fourth-quarter revenue of $6.53 billion, plus or minus $400 million, versus estimates of $6.91 billion. The company expects fourth-quarter adjusted earnings to be between $2 and $2.36 per share, versus estimates of $2.14 per share. Applied Materials shares fell 3.1% to $205.30 in the after-hours trading session.</li>
<li>Analysts are expecting CI&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CINT#NYSE">CINT</a>) to post quarterly earnings at 6 cents per share on revenue of $99.03 million. The company will release earnings before the markets open. CI&amp;T shares rose 10.4% to $7.45 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here </a>
<ul>
<li>H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40407075/h-r-block-q4-earnings-revenue-beat-eps-beat-strong-guidance-1-5b-buyback-stock-up-9">reported better-than-expected</a> fourth-quarter financial results and increased its quarterly dividend by 17%. H&amp;R Block said it expects full-year 2025 revenue to be in the range of $3.69 billion to $3.75 billion versus estimates of $3.575 billion, per Benzinga Pro. The company sees full-year adjusted earnings in the range of $5.15 to $5.35 per share versus estimates of $4.30 per share. H&amp;R Block shares jumped 10% to $63.23 in the after-hours trading session.</li>
<li>Analysts expect Flowers Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>) to post quarterly earnings at 33 cents per share on revenue of $1.24 billion before the opening bell. Flowers Foods shares gained 1.5% to $22.99 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40394036/jim-cramer-recommends-buying-clorox-ceo-has-done-remarkable-job">Jim Cramer Recommends Buying Clorox: &#8216;CEO Has Done Remarkable Job&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

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