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The Fund seeks to track the investment results of the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index (the Underlying Index). The Underlying Index is a subset of the Bloomberg U.S. Convertibles: Cash Pay Bonds Index, the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index

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Alaunos Therapeutics shares are trading lower after the company announced a 1-for-10 reverse stock split.

Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) reported better-than-expected second-quarter <a href="https://www.benzinga.com/general/biotech/24/07/39813647/johnson-johnsons-q2-earnings-revenue-and-profit-beat-on-strong-pharma-sales-annual-profit-outlook">earnings on Wednesday</a>.
The company posted adjusted EPS of $2.82, up 10.2% year-over-year, beating the consensus of $2.70. The pharma giant reported sales of $22.45 billion, up 4.3% year-over-year, beating the consensus of $22.31 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
"With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth," said Joaquin Duato, Chairman and CEO.
Johnson &amp; Johnson raised fiscal year 2024 operational sales guidance to $89.2 billion-$89.6 billion versus prior guidance of $88.7 billion-$89.1 billion.
The company said it expects fiscal year 2024 adjusted EPS guidance of $9.97–$10.07, down from prior guidance of $10.57–$10.72 versus the consensus of $10.01, to reflect the impact of recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.
Johnson &amp; Johnson shares gained 0.1% to trade at $156.72 on Thursday.
These analysts made changes to their price targets on Johnson &amp; Johnson following the announcement.
<ul>
<li>Morgan Stanley analyst Terence Flynn maintained Johnson &amp; Johnson with an Equal-Weight rating and boosted the price target from $167 to $169.</li>
<li>TD Cowen analyst Joshua Jennings maintained the stock with a Buy rating, while cutting the price target from $195 to $185.</li>
<li>RBC Capital analyst Shagun Singh reiterated Johnson &amp; Johnson with an Outperform rating and maintained a price target of $175.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39837919/podcastone-and-2-other-stocks-under-2-insiders-are-buying">PodcastOne And 2 Other Stocks Under $2 Insiders Are Buying</a></li>
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These Analysts Revise Their Forecasts On Johnson & Johnson After Q2 Results

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TWFG

TWFG IPO Shares Open For Trade At $22/Share; IPO Priced At $17/Share

KITT

Nauticus Robotics shares are trading higher after the company announced the completion and invoicing of Phase I in its transformative four-phase contract with Brazil's largest offshore oil & gas operator.

<a href="https://www.washingtonpost.com/politics/2024/07/18/obama-says-biden-must-consider-viability/">https://www.washingtonpost.com/politics/2024/07/18/obama-says-biden-must-consider-viability/</a>
The former president, hugely influential in the party, has told associates that Biden's path to victory has significantly shrunk.

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'Obama Tells Allies Biden Needs To Seriously Consider His Viability' - Washington Post

Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) shares are trading lower on Thursday. The company is expected to release quarterly earnings next week on July 24.
What To Know: For the 2024 fiscal year second quarter, analyst estimates revenue of $2.93 billion and EPS of 32 cents per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Some stocks in the restaurant and fast food space may also be under pressure following <a href="https://www.benzinga.com/news/earnings/24/07/39834307/dominos-pizza-suspends-1-100-global-net-store-outlook-after-q2-earnings-stock-tumbles">mixed quarterly results</a> from Domino&#8217;s Pizza (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>)
Analyst Changes: Multiple analyst have covered the company&#8217;s stock over the last three days.
<ul>
<li>On Tuesday, Piper Sandler analyst Brian Mullan maintained Chipotle Mexican Grill with a Neutral and lowered the price target from&nbsp;$61.4&nbsp;to&nbsp;$60.</li>
<li>On Wednesday, Citigroup analyst Jon Tower maintained Chipotle Mexican Grill with a Buy and raised the price target from&nbsp;$67.38&nbsp;to&nbsp;$71.</li>
</ul>
Chipotle stock is trading below its 50 day moving average of $62.59. In addition, the stock is trading in the middle of its 52 week range of $35.37 to $69.26. In terms of session volume, the stock is trading at about 9.33 million. It is well below its average of approximately 16.16 million. 
See Also: <a href="https://www.benzinga.com/insights/options/24/07/39841311/cava-groups-options-a-look-at-what-the-big-money-is-thinking">Cava Group&#8217;s Options: A Look at What the Big Money is Thinking</a>
CMG Price Action: At the time of publication, Chipotle stock is trading 4.4% lower at $52.86, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Photo via Shutterstock.

Movers

What's Going On With Chipotle Mexican Grill Stock Thursday?

Teva Pharmaceutical Industries Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) announced on Thursday topline results from its Phase 3 SPACE study evaluating the efficacy of Ajovy (fremanezumab) for the prevention of episodic migraine in children and adolescent <a href="https://www.benzinga.com/pressreleases/24/07/b39836911/teva-announces-first-phase-3-evidence-of-efficacy-and-safety-of-an-anti-cgrp-monoclonal-antibody-i" target="_blank" rel="noreferrer noopener">patients aged 6-17</a>.
The trial met its primary endpoint with Ajovy achieving a statistically significant superior efficacy over 12 weeks of treatment compared to placebo.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/38620437/newly-listed-migraine-focused-aeon-biopharma-stock-plunges-on-friday-read-here-why" rel="noreferrer noopener">Newly Listed Migraine-Focused AEON Biopharma Stock Plunges On Friday &#8211; Read Here Why</a>.
Safety data was consistent with that observed in adult populations, with no emergent safety signals.
Full data from the SPACE study will be presented at a medical meeting later this year.
In September 2018, the FDA <a target="_blank" href="https://ir.tevapharm.com/news-and-events/press-releases/press-release-details/2018/Teva-Announces-US-Approval-of-AJOVY-fremanezumab-vfrm-Injection-the-First-and-Only-Anti-CGRP-Treatment-with-Both-Quarterly-and-Monthly-Dosing-for-the-Preventive-Treatment-of-Migraine-in-Adults/default.aspx" rel="noreferrer noopener">approved</a> Ajovy as the first and only anti-CGRP treatment with both quarterly and monthly dosing for the preventive treatment of migraine in adults.
&#8220;The SPACE data supports our ambitions to bring the proven benefits of Ajovy to children and adolescent patients who have fewer treatment options available to them. I am pleased to see that Ajovy is continuing to demonstrate its efficacy and safety in different migraine populations, including pediatric patients,&#8221; said Eric Hughes, executive vice president, Global R&amp;D and chief medical officer, at Teva Pharmaceuticals.
The SPACE data are the first Phase 3 trial evidence of safety and efficacy of an anti-CGRP monoclonal antibody for migraine in a pediatric population.
The results have particular significance given the lack of preventive migraine treatments approved for use in children and adolescent populations.
Migraines are common among children, with an overall estimated prevalence of 7.7%.
The prevalence increases from 5% among children aged 5 to 10 years to approximately 15% among adolescents.
Last year, a federal judge in Massachusetts overturned a $176.5 million jury verdict against&nbsp;Eli Lilly&nbsp;And Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>). The verdict favored&nbsp;Teva Pharmaceutical and found that Lilly&#8217;s migraine drug, Emgality, infringed upon three patents related to <a target="_blank" href="https://www.benzinga.com/general/biotech/23/09/34939949/migraine-medication-battle-eli-lilly-prevails-in-patent-infringement-case-against-teva" rel="noreferrer noopener">Teva&#8217;s rival drug, Ajovy</a>.
In April, AbbVie Inc&nbsp;(NYSE: ABBV)&nbsp;released an interim analysis of an ongoing Phase 3, open-label 156-week extension study evaluating the long-term safety and tolerability of oral atogepant for the prevention of migraine in participants with&nbsp;<a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/04/38226078/whats-going-on-abbvie-stock-on-friday" rel="noreferrer noopener">chronic or episodic migraine</a>.&nbsp;
TEVA Price Action: TEVA stock is up 0.49% at $16.46 at last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/general/biotech/24/07/39838054/novartis-q2-earnings-revenue-and-eps-beat-raises-2024-profit-forecast-on-strong-demand-for-key-dr" target="_blank" rel="noreferrer noopener">Novartis&#8217; Q2 Earnings: Revenue And EPS Beat, Raises 2024 Profit Forecast On Strong Demand For Key Drugs</a>.</li>
</ul>
Photo: Andrii Medvediuk via Shutterstock

Biotech

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TEVA

Teva's Migraine Treatment Found Effective For Children As Young As 6

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 200 points on Thursday.
The Dow traded down 0.61% to 40,947.68 while the NASDAQ fell 1.22% to 17,776.55. The S&amp;P 500 also fell, dropping, 0.79% to 5,544.08.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39835740/top-3-health-care-stocks-which-could-rescue-your-portfolio-in-july">Top 3 Health Care Stocks Which Could Rescue Your Portfolio In July</a>
Leading and Lagging Sectors Energy shares jumped by 0.7% on Thursday.
In trading on Thursday, information technology shares fell by 0.8%.
Top Headline
U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>CommScope Holding Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COMM#NASDAQ">COMM</a>) shares shot up 15% to $1.9693. Amphenol announced plans to acquire mobile networks businesses from CommScope.</li>
<li>Shares of Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) got a boost, surging 79% to $4.0391. Silo Pharma said it has entered into a Device and CMC Development Master Plan with Resyca BV, a medical technology provider.</li>
<li>Chuy&#8217;s Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHUY#NASDAQ">CHUY</a>) shares were also up, gaining 48% to $37.35 after Darden Restaurants announced it will acquire the company.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Agenus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGEN#NASDAQ">AGEN</a>) shares dropped 56% to $7.80 after the company announced the FDA discouraged an accelerated approval pathway at the end-of-Phase 2 meeting.</li>
<li>Shares of Leslie&#8217;s, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LESL#NASDAQ">LESL</a>) were down 36% to $2.6299 after the company reported preliminary financial results for the third quarter and cut its full-year guidance. Multiple analysts also lowered price targets on the stock Thursday morning.</li>
<li>Torrid Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NYSE">CURV</a>) was down, falling 18% to $7.05 after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and maintained its $5 price target.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/news/24/07/39835744/nvidia-electronic-arts-and-2-other-stocks-insiders-are-selling">Nvidia, Electronic Arts And 2 Other Stocks Insiders Are Selling</a>
Commodities In commodity news, oil traded down 0.8% to $82.19 while gold traded up 0.4% at $2,469.40.
Silver traded down 0.1% to $30.36 on Thursday, while copper fell 2.6% to $4.2920.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.27%, Germany's DAX rose 0.01% and France's CAC 40 rose 0.68%. Spain's IBEX 35 Index rose 0.58%, while London's FTSE 100 rose 0.45%.
Construction output in the Eurozone fell 2.4% year-over-year in May compared to a revised 1.5% decline in the prior month. Passenger car registrations in the European Union climbed 4.3% year-over-year to 1.1 million units in June.
Regular pay in the U.K., excluding bonus payment, rose 5.7% year-over-year to GBP 643/week during the three months to May, while the unemployment rate came in unchanged at 4.4% from March to May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 dipping 2.36%, Hong Kong's Hang Seng Index gaining 0.22%, China's Shanghai Composite Index gaining 0.48% and India's S&amp;P BSE Sensex climbing 0.78%.
Hong Kong&#8217;s unemployment rate came in unchanged at 3% during the three months ending June. Japan reported a trade surplus of JPY 224.04 billion in June, compared to market views for a deficit of JPY 240 billion.
Economics
<ul>
<li>U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000.</li>
<li>The Philadelphia Fed Manufacturing Index rose to 13.9 in July, recording the strongest level in three months, versus 1.3 in June.</li>
<li>The EIA said U.S. natural gas stocks rose by 10 billion cubic feet in the week ended July 12, compared to market estimates of a 28 billion cubic feet gain.</li>
</ul>
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Eurozone

Commodities

AGEN

CHUY

COMM

CURV

LESL

SILO

Dow Dips 250 Points; US Weekly Jobless Claims Surge

Silo Pharma shares are trading higher after the company announced it entered into a Device and CMC Development Master Plan with Resyca BV.

Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is trading higher Thursday after the Wall Street Journal <a href="https://www.wsj.com/business/deals/meta-in-talks-to-buy-stake-in-eyewear-giant-essilorluxottica-3afc69d2?mod=hp_lead_pos5">reported</a> that it plans to acquire a 5% stake in <a href="https://www.benzinga.com/topic/smart-glasses">eyewear company EssilorLuxottica</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ESLOY#OTC">ESLOY</a>).
What Happened: EssilorLuxottica, Meta&#8217;s partner for the <a href="https://www.benzinga.com/general/entertainment/23/09/34964097/watch-mark-zuckerberg-unveils-metas-ai-smart-glasses-that-can-decode-anything-youre-looking">Ray-Ban smart glasses</a>, with an investment value of about 4.5 billion euros ($5 billion), based on EssilorLuxottica's market value.
The Ray-Ban Meta smart glasses, introduced last year, can take calls, play some music, help do live streams, and even search for things that you look at.
Sales of the latest Ray-Ban Meta smart glasses have surpassed expectations. Meta aims to leverage this momentum to develop more devices in collaboration with EssilorLuxottica.
In June, CEO Mark Zuckerberg teased the company's upcoming "full holographic" glasses, an <a href="https://www.benzinga.com/news/24/06/39562120/mark-zuckerberg-says-meta-set-to-unveil-full-holographic-glasses-every-person-who-ive-shown-it-to-so">internal project dubbed&nbsp;Orion</a>.
Also Read: <a href="https://www.benzinga.com/news/24/07/39762765/apple-vision-pro-sales-fall-short-iphone-16-camera-upgrades-and-more-this-week-in-appleverse">Apple Vision Pro Sales Fall Short, iPhone 16 Camera Upgrades And More: This Week In Appleverse</a>
The <a href="https://www.benzinga.com/news/24/03/38001115/meta-ray-ban-smart-glasses-ready-to-get-ai-upgrade-expect-these-new-features-soon">third generation of Ray-Ban Meta glasses</a>, expected to feature a small screen display, is anticipated for the 2025 holiday season.
The Ray-Ban brand's popularity is important for the success of wearable tech. Additionally, EssilorLuxottica also owns LensCrafters, so having a stake helps in introducing the Ray-Ban Meta to users requiring prescription lenses.
The partnership between Meta and EssilorLuxottica began with the first-generation Ray-Ban Stories in 2021. Although the initial device struggled, the second-generation Ray-Ban Meta glasses, released in September, have performed significantly better, featuring improved cameras and AI technology.
Zuckerberg noted in April that the market for such devices is developing faster than expected.
EssilorLuxottica recently announced a<a href="https://www.wsj.com/business/deals/essilorluxottica-to-buy-supreme-brand-from-vf-for-1-5-billion-2092167b"> $1.5 billion deal for the Supreme brand</a> and acquired an 80% stake in Germany's Heidelberg Engineering, further expanding its portfolio.
Meta stock has gained more than 50% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOX#NYSE">VOX</a>) and Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)
Price Action: META shares are trading higher by 1.31% at $468.02 at last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ESLOY

What's Going On With Meta Platforms Shares On Thursday?

Action sports company Thrill One Sports &amp; Entertainment announced a partnership Thursday with Monster Energy, one of the most well-known <a href="https://www.benzinga.com/topic/energy-drinks">energy drink brands globally.</a>
What Happened: Thrill One Sports &amp; Entertainment is the owner of <a href="https://www.benzinga.com/sports">several sports brands</a> including Nitro Circus, Nitrocross and Street League Skateboarding.
The sports company is partnering with Monster Energy, a unit of Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>). The multiyear partnership will include exclusive energy drink sponsorship, innovative event experiences, and branding opportunities for the two companies. Grassroots engagement and community-building will also be a big focus of the partnership.
The newly announced partnership comes after Monster Energy has already been a partner of Street League Skateboarding.
Monster Energy will serve as the exclusive energy drink partner of Thrill One Sports &amp; Entertainment and be prominently featured at events, including the next Nitro Circus event on July 26 in Milwaukee, Wisconsin.
"Monster Energy has been a cornerstone of the global action sports community, and we are excited to expand our partnership across all Thrill One properties," Thrill One Sports &amp; Entertainment CEO Matt Cohn said.
Read Also: <a href="https://www.benzinga.com/general/sports/24/05/38965042/anheuser-busch-inbevs-kona-big-wave-partners-with-street-league-skateboarding-for-fans-who-live-an">Anheuser-Busch InBev&#8217;s Kona Big Wave Partners With Street League Skateboarding: For &#8216;Fans Who Live And Breathe The Aloha Spirit&#8217;</a>
Why It's Important: The two companies said there are synergies across the partnership with multiple Monster Energy athletes already competing in several Thrill One events.
The partnership will see Monster Energy play a role in local team engagements with prizes and giveaways to connect fans with athletes and the leagues.
"Together, we aim to deliver genuine, authentic experiences globally and push the boundaries of what's possible in action sports," Cohn said.
For Monster Energy, the partnership could also bring more fans to the energy drink brand<a href="https://www.benzinga.com/news/22/08/28404040/pepsi-cozied-up-to-celsius-whats-next-for-coca-colamonster-access-to-alcohol-via-the-backdoor"> partially owned by</a> The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>). Thrill One has over 40 million followers across its various channels and brand pages.
"Monster Energy's deep-rooted commitment to action sports on a global scale aligns perfects with Thrill One's vision and international presence," Monster Energy SVP of Sports Marketing Mitch Covington said.
Monster Energy is a key partner across many action sports including NASCAR, MMA and BMX.
The company said Monster Energy is "more than a drink" and a way of life for athletes, sports, bands and fans.
Read Next: 
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</ul>
Photo via Shutterstock.

Sports

MNST

Thrill One Sports Partners With Monster Energy For Nitro Circus, Nitrocross, Street League Skateboarding: 'Push The Boundaries Of What's Possible In Action Sports'

Whales with a lot of money to spend have taken a noticeably bearish stance on British American Tobacco.
Looking at options history for British American Tobacco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTI#NYSE">BTI</a>) we detected 9 trades.
If we consider the specifics of each trade, it is accurate to state that 11% of the investors opened trades with bullish expectations and 88% with bearish.
From the overall spotted trades, 7 are puts, for a total amount of $252,279 and 2, calls, for a total amount of $109,000.
<h3>Predicted Price Range</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $35.0 for British American Tobacco over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for British American Tobacco options trades today is 930.0 with a total volume of 1,591.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for British American Tobacco's big money trades within a strike price range of $30.0 to $35.0 over the last 30 days.
<h3>British American Tobacco Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721318515_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</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 style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BTI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$4.3</td>
<td>$4.2</td>
<td>$4.2</td>
<td>$30.00</td>
<td>$84.0K</td>
<td>2.7K</td>
<td style="text-align: right;">202</td>
</tr>
<tr>
<td>BTI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$0.6</td>
<td>$0.55</td>
<td>$0.6</td>
<td>$33.00</td>
<td>$80.7K</td>
<td>420</td>
<td style="text-align: right;">35</td>
</tr>
<tr>
<td>BTI</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$7.2</td>
<td>$3.0</td>
<td>$5.9</td>
<td>$35.00</td>
<td>$29.5K</td>
<td>1</td>
<td style="text-align: right;">30</td>
</tr>
<tr>
<td>BTI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$5.7</td>
<td>$5.1</td>
<td>$5.7</td>
<td>$35.00</td>
<td>$28.5K</td>
<td>1</td>
<td style="text-align: right;">250</td>
</tr>
<tr>
<td>BTI</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$5.7</td>
<td>$5.1</td>
<td>$5.7</td>
<td>$35.00</td>
<td>$28.5K</td>
<td>1</td>
<td style="text-align: right;">200</td>
</tr>
</tbody>
</table>

<h3>About British American Tobacco</h3>
The second largest tobacco company by volume, British American Tobacco sold 555 billion cigarettes in 2023. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the us. In next-generation products, the company has the Vuse brand in vaping, Glo in hated tobacco, and Velo in modern oral tobacco. The company also owns a 25.5% stake in ITC limited, the largest Indian cigarette company.
Following our analysis of the options activities associated with British American Tobacco, we pivot to a closer look at the company's own performance.
<h3>Where Is British American Tobacco Standing Right Now?</h3>
<ul>
<li>With a volume of 3,288,650, the price of BTI is up 1.74% at $33.27. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 12 days.</li>
</ul>
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 British American Tobacco, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

British American Tobacco Options Trading: A Deep Dive into Market Sentiment

Financial giants have made a conspicuous bullish move on Corning. Our analysis of options history for Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) revealed 8 unusual trades.
Delving into the details, we found 75% of traders were bullish, while 25% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $215,470, and 6 were calls, valued at $434,915.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $35.0 to $60.0 for Corning during the past quarter. 
<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 Corning's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Corning's substantial trades, within a strike price spectrum from $35.0 to $60.0 over the preceding 30 days.
<h3>Corning 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721318510_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>GLW</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$3.0</td>
<td>$2.95</td>
<td>$3.0</td>
<td>$47.00</td>
<td>$181.2K</td>
<td>1.0K</td>
<td>0</td>
</tr>
<tr>
<td>GLW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.15</td>
<td>$1.05</td>
<td>$1.25</td>
<td>$47.00</td>
<td>$109.3K</td>
<td>10.6K</td>
<td>2.8K</td>
</tr>
<tr>
<td>GLW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.25</td>
<td>$1.15</td>
<td>$1.25</td>
<td>$47.00</td>
<td>$107.8K</td>
<td>10.6K</td>
<td>2.8K</td>
</tr>
<tr>
<td>GLW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.2</td>
<td>$1.1</td>
<td>$1.2</td>
<td>$47.00</td>
<td>$71.5K</td>
<td>10.6K</td>
<td>2.8K</td>
</tr>
<tr>
<td>GLW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$1.15</td>
<td>$1.05</td>
<td>$1.2</td>
<td>$47.00</td>
<td>$70.0K</td>
<td>10.6K</td>
<td>2.8K</td>
</tr>
</tbody>
</table>

<h3>About Corning</h3>
Corning is a leader in materials science, specializing in the production of glass, ceramics, and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.
<h3>Where Is Corning Standing Right Now?</h3>
<ul>
<li>With a trading volume of 2,169,635, the price of GLW is down by -1.96%, reaching $44.94.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 12 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Corning</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 $42.6.
<ul>
<li>Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for Corning, targeting a price of $45. </li>
<li>Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Corning, targeting a price of $39. </li>
<li>Maintaining their stance, an analyst from Deutsche Bank continues to hold a Hold rating for Corning, targeting a price of $46. </li>
<li>Consistent in their evaluation, an analyst from Deutsche Bank keeps a Hold rating on Corning with a target price of $39. </li>
<li>An analyst from UBS persists with their Neutral rating on Corning, maintaining a target price of $44. </li>
</ul>
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 Corning options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Check Out What Whales Are Doing With GLW

High-rolling investors have positioned themselves bearish on Sea (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SE#NYSE">SE</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in SE often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Sea. This is not a typical pattern.
The sentiment among these major traders is split, with 20% bullish and 30% bearish. Among all the options we identified, there was one put, amounting to $25,480, and 9 calls, totaling $2,032,508.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $70.0 to $80.0 for Sea over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</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 Sea'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 Sea's whale activity within a strike price range from $70.0 to $80.0 in the last 30 days. 
<h3>Sea Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721318505_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</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 style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>SE</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>09/20/24</td>
<td>$5.15</td>
<td>$5.05</td>
<td>$5.1</td>
<td>$70.00</td>
<td>$1.7M</td>
<td>3.9K</td>
<td style="text-align: right;">79</td>
</tr>
<tr>
<td>SE</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$14.3</td>
<td>$13.8</td>
<td>$14.0</td>
<td>$80.00</td>
<td>$42.0K</td>
<td>2.9K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>SE</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$13.35</td>
<td>$13.0</td>
<td>$13.0</td>
<td>$80.00</td>
<td>$32.5K</td>
<td>2.9K</td>
<td style="text-align: right;">100</td>
</tr>
<tr>
<td>SE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$5.35</td>
<td>$5.3</td>
<td>$5.35</td>
<td>$70.00</td>
<td>$32.1K</td>
<td>3.9K</td>
<td style="text-align: right;">8</td>
</tr>
<tr>
<td>SE</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$6.0</td>
<td>$5.9</td>
<td>$5.9</td>
<td>$70.00</td>
<td>$30.0K</td>
<td>1.0K</td>
<td style="text-align: right;">3</td>
</tr>
</tbody>
</table>

<h3>About Sea</h3>
Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value and number of transactions. Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce, which is now the main growth driver. Shopee is a hybrid C2C and B2C marketplace platform operating in eight core markets. Indonesia accounts for 35% of GMV, with the rest split mainly among Taiwan, Vietnam, Thailand, Malaysia, and the Philippines. For Garena, Free Fire was the most downloaded game in January 2022 and accounted for 74% of gaming revenue in 2021. Sea's third business, SeaMoney, provides mostly credit lending.
<h3>Sea's Current Market Status</h3>
<ul>
<li>With a trading volume of 960,873, the price of SE is down by -2.24%, reaching $68.08.</li>
<li>Current RSI values indicate that the stock is may be oversold.</li>
<li>Next earnings report is scheduled for 26 days from now.</li>
</ul>
<h3>Expert Opinions on Sea</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $76.5.
<ul>
<li>An analyst from DBS Bank downgraded its action to Hold with a price target of $75. </li>
<li>An analyst from JP Morgan has revised its rating downward to Neutral, adjusting the price target to $78. </li>
</ul>
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 Sea, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Behind the Scenes of Sea's Latest Options Trends

Ratings for AGCO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGCO#NYSE">AGCO</a>) were provided by 8 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $126.25, a high estimate of $145.00, and a low estimate of $108.00. Highlighting a 11.45% decrease, the current average has fallen from the previous average price target of $142.57. 
<img src="https://www.benzinga.com/files/images/story/2024/1721318497_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
The standing of AGCO among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Adam Seiden</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$110.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Jerry Revich</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$112.00</td>
<td>$127.00</td>
</tr>
<tr>
<td>Ann Duignan</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$130.00</td>
<td>$135.00</td>
</tr>
<tr>
<td>Kyle Menges</td>
<td>Citigroup</td>
<td>Announces</td>
<td>Neutral</td>
<td>$108.00</td>
<td>-</td>
</tr>
<tr>
<td>Kristen Owen</td>
<td>Oppenheimer</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$133.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Tami Zakaria</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$135.00</td>
<td>$150.00</td>
</tr>
<tr>
<td>Jamie Cook</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$137.00</td>
<td>$142.00</td>
</tr>
<tr>
<td>Kristen Owen</td>
<td>Oppenheimer</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$145.00</td>
<td>$154.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to AGCO. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of AGCO compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for AGCO's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
For valuable insights into AGCO's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/AGCO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on AGCO analyst ratings.</a>
<h2>Delving into AGCO's Background</h2>
Agco is a global manufacturer of agricultural equipment. The company has five core brands: Fendt, Massey Ferguson, Challenger, Valtra, and GSI. Unlike its competitors, Agco's product line extends beyond self-propelled equipment and implements to grain handling systems and livestock management solutions. Its products are available through a global dealer network, which includes about 3,100 dealer and distribution locations. Agco offers retail and wholesale financing to customers through its joint venture with Rabobank, a European food- and agriculture-focused bank.
<h3>Financial Milestones: AGCO's Journey</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Growth: AGCO's revenue growth over a period of 3 months has faced challenges. As of 31 March, 2024, the company experienced a revenue decline of approximately -12.14%. This indicates a decrease in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Industrials sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 5.74%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): AGCO's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 3.57% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): AGCO's ROA stands out, surpassing industry averages. With an impressive ROA of 1.35%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: AGCO's debt-to-equity ratio is below the industry average at 0.81, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AGCO

Peeling Back The Layers: Exploring AGCO Through Analyst Insights

The U.S. Department of Justice is intensifying its stance that <a href="https://www.benzinga.com/topic/medical-cannabis">medical marijuana</a> users who own firearms pose a threat to public safety, increase the risk of suicide and are more prone to committing crimes to support their &#8220;drug habit.&#8221; This position underpins the <a href="https://www.benzinga.com/markets/cannabis/24/05/38681854/cannabis-and-guns-this-vet-chose-the-latter-but-he-shouldnt-have-to-now-hes-going-to-federal-cou">federal prohibition on gun ownership</a> by cannabis users.
Lawyers for Florida medical-marijuana patients and the Biden administration filed briefs last week at the 11th U.S. Circuit Court of Appeals, <a href="https://www.clickorlando.com/news/2024/07/17/supreme-court-ruling-refuels-guns-pot-legal-fight-in-florida/">reported</a> ClickOrlando.com. The dispute pits Florida's medical-marijuana patients against the Biden administration, with differing interpretations of the Supreme Court&#8217;s ruling in the case known as "<a href="https://www.benzinga.com/news/24/06/39444199/courts-ruling-on-us-vs-rahimi-could-pave-way-for-hunter-bidens-legal-defense-i-would-certainly-think">United States v. Rahimi</a>." That case involved a provision of a <a href="https://www.benzinga.com/news/24/06/39283527/hunter-biden-juror-criticizes-defense-strategy-including-naomis-testimony-i-thought-it-was-a-mistake" target="_blank" rel="noreferrer noopener">federal gun-control law</a> that prohibits individuals under domestic violence restraining orders from owning firearms.
In the wake of a Supreme Court <a href="https://www.benzinga.com/markets/cannabis/24/07/39609241/gun-rights-for-cannabis-users-remain-in-limbo-supreme-court-sends-case-back-to-lower-court-for-f">decision in late June</a>, which returned a pivotal case regarding gun rights for marijuana users to a lower court, legal battles continue over whether federal laws barring medical marijuana patients from buying and owning firearms should stand. The DOJ <a href="https://www.benzinga.com/markets/cannabis/22/11/29594415/medical-marijuana-patients-dont-have-gun-rights-federal-court-rules-on-nikki-frieds-second-amend" target="_blank" rel="noreferrer noopener">has long equated marijuana users </a>with being mentally ill and deemed unfit to safely own and operate firearms.
Nikki Fried, former Florida Agriculture Commissioner and now chair of the Florida Democratic Party, initiated the lawsuit in 2022 on behalf of several patients. Fried, who <a href="https://www.benzinga.com/markets/cannabis/22/04/26718116/feds-say-nope-to-guns-and-dope-florida-agriculture-commissioner-says-medical-marijuana-cardholde">announced the lawsuits</a> at Miami's Benzinga <a href="https://www.benzinga.com/events/cannabis-conference/">Cannabis Capital Conference</a>, is no longer involved and her Republican successor has opted out.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39609241/gun-rights-for-cannabis-users-remain-in-limbo-supreme-court-sends-case-back-to-lower-court-for-f">Gun Rights For Cannabis Users Remain In Limbo: Supreme Court Sends Case Back To Lower Court For Further Review</a>
<h2 class="wp-block-heading">What Do The Attorneys Say?</h2>
Attorneys for Florida medical marijuana patients argue that their clients, who use medical marijuana legally under state law but illegally under federal law, should not be compared to those involved in the Rahimi case. They contend there&#8217;s no historical basis for disarming non-violent medical-marijuana users. However, the DOJ is maintaining that the Rahimi ruling supports existing restrictions, suggesting that preventing all drug users from possessing guns aligns with longstanding principles of public safety.
Although the case brought by Fried was initially dismissed by <a href="https://www.benzinga.com/markets/cannabis/22/11/29594415/medical-marijuana-patients-dont-have-gun-rights-federal-court-rules-on-nikki-frieds-second-amend?_gl=1&#x2A;18n221o&#x2A;_gcl_au&#x2A;NTUzMDcwNTg1LjE3MjEwMDQ4OTM.&#x2A;_ga&#x2A;MTkwMzMyNTYzNy4xNzEzMjI4Nzcw&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyMTI0MzA1NS41MTMuMS4xNzIxMjQ1NDgxLjAuMC4w">U.S. District Judge Allen Winsor</a>, it was resurrected on appeal. The ongoing legal proceedings seek to overturn the dismissal and reevaluate the regulations that ban medical-marijuana users from possessing guns, arguing these laws are overly broad and not justified by the risks presented.
<h2 class="wp-block-heading">Hunter Biden Case</h2>
Following Hunter Biden's <a href="https://www.benzinga.com/news/24/06/39275377/hunter-biden-convicted-on-federal-gun-charges" target="_blank" rel="noreferrer noopener">conviction</a> in June on three felony gun charges related to buying a firearm while using crack cocaine, several Republican congressmen <a href="https://www.benzinga.com/markets/cannabis/24/06/39283967/gop-congressman-on-hunter-biden-conviction-millions-of-marijuana-users-own-guns-and-none-of-them">challenged the conviction</a> for reasons connected to cannabis. &#8220;There are millions of marijuana users who own guns in this country, and none of them should be in jail for purchasing or possessing a firearm against current laws,&#8221; wrote Rep. Thomas Massie (R-KY) at the time on his X platform.
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/01/36707365/ron-desantis-calls-federal-restrictions-on-gun-rights-for-medical-marijuana-patients-unconstitut">Ron DeSantis Calls Federal Restrictions On Gun Rights For Medical Marijuana Patients Unconstitutional</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://www.pexels.com/@pixabay/" target="_blank" rel="noreferrer noopener">Pixabay</a>,&nbsp;<a href="https://www.pexels.com/@alesiakozik/" target="_blank" rel="noreferrer noopener">Alesia Kozik</a>,&nbsp;<a href="https://www.pexels.com/@ekaterina-bolovtsova/" target="_blank" rel="noreferrer noopener">EKATERINA BOLOVTSOVA</a> via Pexels<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

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Justice Dept. Argues Medical Marijuana Users Owning Guns Pose Public Safety Risk In Florida Case

In the latest quarter, 6 analysts provided ratings for Fluor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>), showcasing a mix of bullish and bearish perspectives.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $49.33, a high estimate of $57.00, and a low estimate of $45.00. This upward trend is evident, with the current average reflecting a 12.63% increase from the previous average price target of $43.80.
<img src="https://www.benzinga.com/files/images/story/2024/1721318490_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A clear picture of Fluor's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Adam Seiden</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$45.00</td>
<td>$39.00</td>
</tr>
<tr>
<td>Sangita Jain</td>
<td>Keybanc</td>
<td>Announces</td>
<td>Overweight</td>
<td>$57.00</td>
<td>-</td>
</tr>
<tr>
<td>Jamie Cook</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$54.00</td>
<td>$47.00</td>
</tr>
<tr>
<td>Jamie Cook</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$47.00</td>
<td>$46.00</td>
</tr>
<tr>
<td>Andrew Wittmann</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$46.00</td>
<td>$42.00</td>
</tr>
<tr>
<td>Andrew Kaplowitz</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$47.00</td>
<td>$45.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Fluor. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Fluor compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Fluor's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Fluor's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/FLR/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fluor analyst ratings.</a>
<h2>Unveiling the Story Behind Fluor</h2>
Fluor is one of the largest global providers of engineering, procurement, construction, fabrication, operations, and maintenance services. The firm serves a wide range of end markets including oil and gas, chemicals, mining, metals, and transportation. The company's business is organized into three core segments: urban solutions, mission solutions, and energy solutions. Fluor generated $15.5 billion in revenue in 2023.
<h3>A Deep Dive into Fluor's Financials</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Revenue Challenges: Fluor's revenue growth over 3 months faced difficulties. As of 31 March, 2024, the company experienced a decline of approximately -0.48%. This indicates a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: Fluor's net margin excels beyond industry benchmarks, reaching 1.58%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 3.03%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Fluor's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 0.86%, the company showcases efficient use of assets and strong financial health.
Debt Management: Fluor's debt-to-equity ratio is below the industry average. With a ratio of 0.59, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: What Are They?</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What Analysts Are Saying About Fluor Stock

<ul>
<li>Microsoft has recently disbanded its diversity, equity, and inclusion (DEI) team due to &quot;changing business needs&quot;.</li>
<li>The company has previously invested $150 million in DEI.</li>
<li>Microsoft&#39;s stock has experienced volatility, but has a year-to-date growth of 17%</li>
</ul>
Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) has recently disbanded its diversity, equity, and inclusion (DEI) team. This information was revealed through a leaked email from the DEI team leader, who mentioned &quot;changing business needs&quot; as the reason for the decision.
The move has sparked controversy within the company, with significant internal criticism and concerns that the company is retreating from its commitment to a diverse and inclusive workplace.
They have historically supported DEI initiatives, investing up to $150 million in programs promoting racial allyship and addressing privilege among its non-black employees.
This makes the current rollback particularly notable, especially in a year where the company has already laid off around 10,000 employees as part of routine cuts at the financial year&#39;s end.
Microsoft isn&#39;t alone, as other major tech companies like Google, Meta, and Zoom have also scaled back some of their DEI efforts that were intensified during the Black Lives Matter protests.
This industry-wide reduction in DEI initiatives raises questions about the long-term priorities of these tech giants regarding workplace diversity.
Despite these cutbacks, a Microsoft spokesperson assured stakeholders that the company&#39;s commitment to diversity and inclusion &quot;remains strong and unchanged.&quot; However, the optics of reducing the DEI team amid broader layoffs might suggest otherwise to critics and employees.
From a financial perspective, the company&#39;s stock has shown volatility due to internal changes and broader market dynamics. After reaching a record high of $468 on July 5th, the stock declined by 5.3%.
This downturn was evident on a recent trading day when the stock opened lower and closed over 1% down. Such movements often reflect investor sentiment and reactions to company decisions.
Looking ahead, technical analysis suggests that if the decline continues, a significant support level at $430, created from the high of March 2024, could stabilize the price.
If the stock holds and then gains bullish momentum, the next psychological barrier and target for the stock price is $500, which would require strong momentum to surpass.
<img alt="msft_2024-07-18_16-35-36_11a8d_1.png" src="https://www.benzinga.com/files/u517520/msft_2024-07-18_16-35-36_11a8d_1.png" style="height:308px; width:624px" />
As Microsoft navigates these financial and organizational changes, the market will closely watch how these affect its long-term growth, which has been robust with a year-to-date growth of 17%.
Additionally, Wednesday&#39;s trading closed with an indecision bar, a technical signal that sometimes precedes a reversal. If a bullish trend takes hold, Microsoft&#39;s ability to surpass its previous high could indicate its resilience in both market and workplace strategies.
After the closing bell on Wednesday, July 17, the stock closed at $443.52, trading down by 1.33%.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Tech

MSFT

Microsoft's Surprising DEI Shift Amidst A Year Of Unprecedented Changes, A 17% Year-To-Date Gain, And Promises Of Continued Workplace Diversity

4 analysts have expressed a variety of opinions on Primerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRI#NYSE">PRI</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $250.75, a high estimate of $275.00, and a low estimate of $236.00. Observing a 2.98% increase, the current average has risen from the previous average price target of $243.50. 
<img src="https://www.benzinga.com/files/images/story/2024/1721318456_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
A clear picture of Primerica's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Suneet Kamath</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$249.00</td>
<td>$239.00</td>
</tr>
<tr>
<td>Ryan Krueger</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$275.00</td>
<td>$255.00</td>
</tr>
<tr>
<td>Bob Huang</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$243.00</td>
<td>$245.00</td>
</tr>
<tr>
<td>Suneet Kamath</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Hold</td>
<td>$236.00</td>
<td>$235.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Primerica. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Primerica compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Primerica's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Primerica's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PRI/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Primerica analyst ratings.</a>
<h2>Discovering Primerica: A Closer Look</h2>
Primerica Inc is a provider of financial services to middle-income households in the United States and Canada. The company offers life insurance, mutual funds, annuities, and other financial products, distributed on behalf of third parties. Primerica has three main subsidiaries: Primerica Financial Services, a marketing company; Primerica Life Insurance Company, a principal life insurance underwriting entity; and PFS Investments, which offers investment and savings products, brokerage services, and registered investment advisory. It has four segments Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products. Geogriphically, it derives a majority of its revenue from the US.
<h3>Primerica: Financial Performance Dissected</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Primerica's revenue growth over a period of 3 months has been noteworthy. As of 31 March, 2024, the company achieved a revenue growth rate of approximately 7.65%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Financials sector.
Net Margin: Primerica's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 18.49%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Primerica's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 6.46%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 0.92%, the company showcases effective utilization of assets.
Debt Management: Primerica's debt-to-equity ratio stands notably higher than the industry average, reaching 0.93. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>The Significance of Analyst Ratings Explained</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings For Primerica

iShares Convertible Bond ETF declares monthly distribution of $0.1408

NCV: Continued NAV Destruction Plagues This Fund In The New Fiscal Year

CHY: Beneficial Portfolio Changes, But Still Very Expensive

Bancroft Fund: This 8%-Yielding CEF Provides Some Income, But It's Nothing Special

AVK: The Destructive Distributions Are A Big Concern

ICVT: A Convertible Bond Fund For Those Unsure What Comes Next

iShares Convertible Bond ETF declares monthly distribution of $0.1539

iShares Convertible Bond ETF declares monthly distribution of $0.1563

NFJ: Discount Remains Deep But Not The Most Enticing

CHI: This Convertible Fund Is Greatly Improved, But It Is Still Far Too Expensive

ITGR

PANW

RIVN

SMCI

SNAP

Now that the Federal Reserve has raised interest rates and is on course to do so several times in 2016, fixed income investors are evaluating avenues for coping with higher rates. Rising rates need not chase investors from all bond ETFs. Some have been holding up nicely while others may have been beaten up more than warranted given the ability of those funds to remain sturdy if rates continue to rise.

	&nbsp;

	One of their primary destinations should be convertible bonds.

	&nbsp;

	Convertible bonds earn that moniker because they can be converted into shares of the issuer&#39;s common equity. Convertibles, which are seen as having equity-like traits, have actually outperformed stocks during periods of rising rates as well being the top-performing fixed income asset class in rising rate environments. The embedded conversion option in convertible bonds mutes their sensitivity to higher interest rates.

	&nbsp;

	Today, there are several convertible bond exchange traded funds on the market, including a newly minted, actively managed option. One of those options is the iShares Convertible Bond ETF (BATS: ICVT), <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5962370/getting-active-with-convertible-bonds">which debuted in June</a>.&nbsp;

	&nbsp;

	The obvious reason for considering an ETF such as ICVT in a rising rates environment is the tendency of convertibles, likely because of their correlation to equities, to perform well in the face of higher borrowing costs.

	&nbsp;

	&ldquo;For example, when the Fed raised rates from 1 percent to 5.25 percent from June 2004 to June 2006, traditional bonds returned only 2.9 percent. Convertible bonds outperformed traditional bonds by returning 6.1 percent. Converts outpaced bonds, but still trailed equities which returned 7.5 percent annualized,&rdquo; said iShares Head of Fixed Income Strategy Matt Tucker <a href="https://www.blackrockblog.com/2015/12/22/what-to-know-convertible-bonds">in a recent note</a>.&nbsp;

	&nbsp;

	ICVT&#39;s sector tilt is highly cyclical, which positions the ETF to thrive as rates rise. Over 56 percent of the ETF&#39;s 155 issues hail from the technology or consumer discretionary sectors. Top 10 issues in the ETF include convertibles from Dow component Intel Corp. (NASDAQ: <a class="ticker" href="/stock/intc#NASDAQ">INTC</a>), Priceline Group Inc. (NASDAQ: <a class="ticker" href="/stock/pcln#NASDAQ">PCLN</a>) and Elon Musk&#39;s Tesla Motors Inc. (NASDAQ: <a class="ticker" href="/stock/tsla#NASDAQ">TSLA</a>).

	&nbsp;

	&ldquo;In 2013, the Fed indicated it would begin to reduce its bond purchases and 10-year US Treasury rates increased by 1.3 percent to 3.02 percent. Bonds fell in value and stocks rallied. Traditional bonds had losses of about 2 percent during 2013. The conversion feature helped keep convertible bond returns closer to equities, as they returned 26.4 percent and stocks returned 32.4 percent,&rdquo; adds Tucker.

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iShares Convertible Bond ETF

News

Latest news for iShares Convertible Bond ETF (BATS:ICVT)

Wednesday, December 23, 2015