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In a recent development, President Joe Biden has rebuffed growing calls from within his party to end his re-election bid. 
What Happened: During the Fourth of July celebrations, Biden addressed doubts about his stamina and mental acuity to continue his campaign, Reuters reported. His performance at a June 27 debate with Republican rival Donald Trump has led to increased scrutiny of his appearances.
Despite the growing calls for his withdrawal, Biden reiterated his commitment to stay in the race. As he mingled with guests, a voice called out for him to &#8220;Keep up the fight.&#8221; 
Biden responded, &#8220;You got me, man. I&#8217;m not going anywhere.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39638455/obama-era-official-says-democrats-discussing-how-to-replace-biden-full-scale-panic-behind-the-scenes?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Obama-Era Official Says Democrats Discussing &#8216;How&#8217; To Replace Biden: &#8216;Full-Scale Panic&#8217; Behind The Scenes</a>
Why It Matters: The clamor for Biden to step aside has been escalating, with significant Democratic donor Abigail Disney, granddaughter of Walt Disney, announcing she will halt donations to the Democratic Party until he does so. A recent poll showed<a href="https://www.benzinga.com/news/24/07/39628794/biden-vs-trump-new-poll-shows-president-still-very-much-in-race-despite-debate-fiasco-but-final-outc"> Biden and Trump</a> at an even 40% support each, marking an improvement for Biden from a previous poll.
However, behind the scenes, Democrats are reportedly in a state of<a href="https://www.benzinga.com/news/24/07/39638455/obama-era-official-says-democrats-discussing-how-to-replace-biden-full-scale-panic-behind-the-scenes"> &#8220;full-scale panic,&#8221; </a>with discussions focused on how to replace Biden, according to former Obama administration official, Van Jones.
If Biden were to drop out, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c">Vice President Kamala Harris </a>is seen as the leading contender to replace him in the Nov. 5 election. The odds of Harris replacing Biden as the Democratic nominee surged dramatically on a cryptocurrency-based prediction market, as reported by Polymarket.
Read Next: <a href="https://www.benzinga.com/news/24/07/39611028/nikki-haley-reminds-george-stephanopoulos-of-her-prophecy-that-joe-biden-isnt-going-to-finish-his-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nikki Haley Reminds George Stephanopoulos Of Her Prophecy That Joe Biden Isn&#8217;t Going To Finish His Term: &#8216;Believe Me Now&#8230;?&#8217;</a>
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>

News

Politics

General

'I'm Not Going Anywhere:' Biden Rebuffs Calls For Withdrawal From Presidential Election During Fourth Of July Celebrations

With U.S. stock futures trading higher on Friday morning, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Arkhouse Management and Brigade Capital Management increased their offer to buy Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) to $24.80 per share up from the previous bid of $24 per share, the Wall Street Journal reported. Macy&#8217;s shares gained 1.2% to $18.14 in the after-hours trading session.</li>
<li>Pendopharm signed an exclusive distribution agreement with Ascendis Pharma A/S (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>) for TransCon&#x2122; PTH in Canada. Ascendis Pharma shares fell 1.5% to close at $134.18 on Wednesday.</li>
<li>LGI Homes, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGIH#NASDAQ">LGIH</a>) said it closed 571 homes in June. The company announced plans to release financial results for the second quarter before the opening bell on Tuesday, July 30. LGI Homes shares gained 0.3% to $88.61 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Telefonaktiebolaget LM Ericsson (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIC#NASDAQ">ERIC</a>) said it will record a non-cash impairment charge of SEK 11.4 billion during the second quarter, primarily related to Vonage&#8217;s current portfolio. Ericsson shares fell 0.2% to $6.18 in the after-hours trading session.</li>
<li>GFL Environmental Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFL#NYSE">GFL</a>) declared a cash dividend of $0.014 for each outstanding subordinate voting share and multiple voting shares of the Company for the second quarter. GFL Environmental shares gained 0.7% to $39.40 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/07/39617741/top-3-health-care-stocks-that-may-crash-this-quarter">Top 3 Health Care Stocks That May Crash This Quarter</a>

Equities

Pre-Market Outlook

Markets

Trading Ideas

ASND

ERIC

LGIH

Macy's, Ascendis Pharma And 3 Stocks To Watch Heading Into Friday

Shytoshi Kusama, the mysterious lead developer behind the Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) project made a public appearance for the first time, although they masked their real self with what looked like a Batman-styled mask.
What Happened: Lucie, Shiba Inu's marketing lead, posted an image on X, showing Kusama in a customary bow to an attendee at the IVS Crypto 2024, Japan's largest cryptocurrency conference.&nbsp;
<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">Our humble king BatBoshi <a href="https://twitter.com/ShytoshiKusama?ref_src=twsrc%5Etfw">@ShytoshiKusama</a> Happy to see all the excitement of japanese community I personally thank you to <a href="https://twitter.com/riri_shibarmy?ref_src=twsrc%5Etfw">@riri_shibarmy</a> who went above all provide with photo and video evidence. <a href="https://t.co/anwKilFKQk">pic.twitter.com/anwKilFKQk</a>
&mdash; 
</blockquote></div></figure>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$SHIB

Shiba Inu Lead Developer Shytoshi Kusama Appears In Japan In Batman-Like Avatar: 'Our Humble King BatBoshi'

<ul>
<li>In&nbsp;Q2&nbsp;2024,&nbsp;EMEA ADV&nbsp;hit a record 5.8 million contracts, up&nbsp;28%&nbsp;from&nbsp;Q2&nbsp;2023.&nbsp;Foreign exchange and interest rate products reached new records in&nbsp;Q2&nbsp;2024, growing&nbsp;27%&nbsp;and&nbsp;26%&nbsp;respectively year on year. Commodities in the region also saw record quarterly ADV, with energy, metals and agricultural products up&nbsp;54%,&nbsp;45%&nbsp;and&nbsp;33%&nbsp;respectively, compared to the same period in 2023.&nbsp;</li>
<li>APAC ADV stood at 1.7 million contracts in&nbsp;Q2&nbsp;2024.&nbsp;The region saw strong quarterly ADV performance in metals, up&nbsp;62%, while agricultural products ADV was up&nbsp;14%&nbsp;year over year.</li>
<li>LatAm ADV stood at 182,000 contracts in&nbsp;Q2&nbsp;2024, up&nbsp;8%&nbsp;compared to&nbsp;Q2&nbsp;2023. Metals and foreign exchange products both hit a record quarterly ADV in the region in&nbsp;Q2&nbsp;2024, up&nbsp;84%&nbsp;and&nbsp;41%&nbsp;respectively year over year.</li>
<li>Canada ADV stood at 162,000 contracts in&nbsp;Q2&nbsp;2024, up&nbsp;11%&nbsp;compared to&nbsp;Q2&nbsp;2023. This was a result of strong growth in energy and interest rate products, up&nbsp;32%&nbsp;and&nbsp;14%&nbsp;year over year.&nbsp;</li>
</ul>

CME Group International Average Daily Volume (ADV) For Q2 Reached 7.8M Contracts (+23% YoY), EMEA 5.8M (+28%), APAC 1.7M (+9%), LatAm 182K (+8%)

WKHS

Reported Wednesday, Workhorse Group Regains Nasdaq Compliance With Minimum Bid Price Following 1-For-20 Reverse Stock Split

Seven out of the top <a href="https://www.benzinga.com/markets/equities/24/06/39566020/s-p-500-ends-first-half-shy-of-all-time-highs-here-are-the-leaders-and-laggards-and-5-stocks-tha">10 best-performing S&amp;P 500 stocks </a>over the past year belonged to the tech sector. There are no prizes for guessing that Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) are part of the elite list but what could catch most by surprise is a non-tech company topping the list.
Leading S&amp;P 500 Leaderboard: Irving, Texas-based utility company Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) has gained over 250% over the past year and is the best-performing S&amp;P 500 company in terms of returns.
Artificial Intelligence stalwart Nvidia, which is riding on the momentum set in motion by the technology, and AI server manufacturer Super Micro took the second and third positions, respectively, with gains of 239% and 203%, respectively.
<figure class="wp-block-image size-large wp-duotone-unset-1"><img loading="lazy" decoding="async" width="1024" height="410" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9-1024x410.png" alt="" class="wp-image-420615" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9-1024x410.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9-300x120.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9-768x308.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9-1536x615.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05024431/image-9.png 1867w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Benzinga Pro</figcaption></figure>
The buoyancy continued this year. So far in 2024, Vistra, a relatively new addition to the S&amp;P 500 Index, added 138%, although underperforming Super Micro (+197%) and Nvidia (+159%).
See Also: <a href="https://www.benzinga.com/money/best-utility-stocks">Best Utility Stocks Right Now</a>
Not Cramer&#8217;s Favorite: Despite its outperformance, Vistra has not cut ice with CNBC Mad Money host Jim Cramer. In the Lightning Round segment of his show on CNBC that was aired in mid-June, he said that <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39355507/jim-cramer-says-hes-going-to-have-to-wait-on-sofi-but-recommends-this-great-little-indus">Vistra is a momentum stock.</a>
&#8220;Momentum stocks can't really withstand that kind of drop,&#8221; he said, referring to the pullback seen in the stock from a high of $107.24 reached on May 28.
That said, the stock picker does see some positives &#8220;I do think that it's the sweet spot of the energy, energy market,&#8221; he said, adding that he preferred Constellation Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>) over Vistra.
A week later, while reviewing the S&amp;P 500 Index&#8217;s performance for the first half and stocks that contributed to the upside, Cramer was slightly more optimistic. Vistra&#8217;s upside was due to the enormous power requirement of all new data centers that are currently being built, he said.
He added that the company is unique as it has several nuclear power plants, which are currently the only way to get reliable clean energy at scale.
Outlook: Vistra is an integrated retail electricity and power generation company providing power to customers, businesses, and communities from California to Maine. This Fortune 500 company serves 20 states and the District of Columbia.
Vistra is also one of the largest competitive power generators in the U.S., with a capacity of approximately 37,000 megawatts powered by a diverse portfolio of natural gas, nuclear, solar, and battery energy storage facilities.
Vistra also owns and operates the 750-MW/3,000-MWh energy storage system in Moss Landing, California.
The company&#8217;s first-quarter results released in early May showed that ongoing operations adjusted EBITDA came in at $813 million, nearly 50% year-over-year improvement. As Cramer suggested, the data center opportunity could have an augmenting effect on the top line.
The average analysts&#8217; price target for Vistra, according to data compiled by TipRanks, is $108.17, and this suggests scope for about 18% upside.
The Texan company is a regular dividend payer, with the most recent quarterly dividend amounting to 21.75 cents. 
Vistra closed Wednesday&#8217;s session up 4.58% at $91.72, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data</a>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/esg/24/06/39548257/utility-stocks-outperform-2-standouts-deliver-impressive-returns-in-2024">Utility Stocks Outperform: 2 Standouts Deliver Impressive Returns In 2024</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

NVDA

SMCI

Jim Cramer Shuns This Stock, But It Has Left Nvidia, Super Micro Biting The Dust On One-Year Returns

Mr. Pierson joined Forward, having most recently served as Chief Financial Officer of MV Transportation, one of the nation&#39;s largest privately owned passenger transportation contracting companies in North America. Prior to joining MV Transportation, Mr. Pierson held various senior leadership positions, including Executive Vice President and Chief Financial Officer of Ecobat Technologies and YRC Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YRCW#NASDAQ">YRCW</a>).
Mr. Faught joins Forward, having most recently served as Chief Financial Officer of EVO Transportation. Prior to this role, Mr. Faught served as Chief Accounting Officer at Yellow Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YELL#NASDAQ">YELL</a>).

Management

FWRD

YELL

YRCW

Reported Wednesday, Forward Air Appoints Jamie Pierson As Permanent CFO And James Faught As Chief Accounting Officer

<a href="https://www.globenewswire.com/Tracker?data=rWvSldAWMPiWvrOmuCi5W1QO7jqVCF1jo0yk4KP5imtNDEajAP1zBfmfVyp4A7KnhrkhaTfvirZ6s-oiWCEPda0bFw6k-3DR0eVfiLuonOU=" target="_blank">Consolidated Water Co. Ltd.</a>&nbsp;(NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported that its property and equipment sustained no damage after Hurricane Beryl passed approximately 40 miles south of the Cayman Islands early Thursday morning. 
&nbsp;
&quot;Fortunately, Grand Cayman was spared the kind of damage that this storm caused to other islands in the Caribbean,&quot; stated Consolidated Water CEO, Rick McTaggart. &quot;There have been reports of flooding and wave damage to properties, particularly on the south side of Grand Cayman which is outside our retail water service area. Our dedicated and experienced operations staff ensured that we continued to supply water to our retail customers throughout the storm and I am very grateful for their efforts. The Cayman Islands National Emergency Operations Centre issued an &lsquo;all clear&#39; for the Islands yesterday afternoon and the hurricane has since moved away from the area. We have resumed normal operations.&quot;
Given the hurricane&#39;s current projected path, the company does not expect it to have any impact on its other operations.

CWCO

Consolidated Water Resumes Normal Operations After Hurricane Beryl Spares Grand Cayman, Reports No Damage to Facilities

CSTM

Reported Wednesday, Constellium's Sierre And Chippis Facilities Halt Operations Due To Severe Rhone River Flooding

TBLT

Reported Wednesday, ToughBuilt Industries Receives Nasdaq Staff Determination Letter, Requests Hearing To Address Delisting Issues

KRNL

Reported Wednesday, Kernel Group Extends Period To Consummate Initial Business Combination To August 5, 2024

Keir Starmer-led Labour Party has bagged a historic win in the 2024 U.K. General Elections over the outgoing Prime Minister Rishi Sunak-led Conservative Party. However, influential economist Mohamed El-Erian has a note of caution for established parties.
What Happened: On Friday, El-Erian took to X, formerly Twitter, to share his analysis of the U.K. General Elections. He pointed out two main takeaways from the election results.
&#8220;First, and foremost, a huge #LabourParty victory as voter support for the #Conservatives collapsed, including several former cabinet members losing their seats,&#8221; he wrote.
&#8220;Second, within this historic result for Labour, a note of caution to the big established parties in Britain and elsewhere as demonstrated by the low voter turnout (down some 7 percentage points), the support gained by several small parties, and the impact of some independent candidates.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The two main takeaways from the <a href="https://twitter.com/hashtag/UK?src=hash&amp;ref_src=twsrc%5Etfw">#UK</a> <a href="https://twitter.com/hashtag/GeneralElections?src=hash&amp;ref_src=twsrc%5Etfw">#GeneralElections</a> so far: First, and foremost, a huge <a href="https://twitter.com/hashtag/LabourParty?src=hash&amp;ref_src=twsrc%5Etfw">#LabourParty</a> victory as voter support for the <a href="https://twitter.com/hashtag/Conservatives?src=hash&amp;ref_src=twsrc%5Etfw">#Conservatives</a> collapsed, including several former cabinet members losing their seats. Second, within this historic result for Labour, a note of…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1809097041114493038?ref_src=twsrc%5Etfw">July 5, 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/24/06/39566942/mark-cuban-asked-chatgpt-to-analyze-first-trump-biden-debate-and-judge-the-duos-communication-skills?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Asked ChatGPT To Analyze First Trump-Biden Debate And Judge The Duo&#8217;s Communication Skills, Professionalism — Here Is What The Bot Said</a>
The Labour Party emerged victorious on Friday, signalling a change in power after more than ten years of Conservative governance. The electorate has not only handed the party a resounding win but also the monumental task of revitalizing a stagnant economy and a disillusioned nation.
Starmer, the leader of the Labour Party, is set to officially take on the role of Prime Minister later today. This development comes less than five years after the party experienced its most significant defeat in nearly a century. Starmer will take the reins at 10 Downing Street mere hours after Thursday&#8217;s votes are counted, replacing Conservative leader Sunak.
In his victory speech, Starmer acknowledged the magnitude of the mandate, stating, &#8220;A mandate like this comes with a great responsibility.&#8221; 
He underscored his government&#8217;s commitment to prioritizing &#8220;country first, party second.&#8221;
Sunak said &#8220;sorry&#8221; as he accepted responsibility for the Conservative Party&#8217;s defeat, expressing regret to the hard-working Conservative candidates who lost in the election.
Why It Matters: Before the elections, European stocks and currencies, including the British Pound, experienced a surge, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39636949/british-pound-european-stocks-surge-ahead-of-uk-election-results-bitcoin-plummets-w">indicating no signs of risk aversion</a> despite the ongoing UK legislative elections.
The Labour Party was anticipated to secure a landslide victory, ending 14 consecutive years of Conservative leadership. The party led by about 20 percentage points against the Tories heading into the elections. A nationwide exit poll showed that Starmer was likely to become the prime minister.
This victory is expected to bring about significant changes in the UK&#8217;s political landscape and economy.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39594060/trump-win-in-2024-would-lead-to-stronger-growth-and-higher-inflation-expert-predict?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Win In 2024 Would Lead To &#8216;Stronger Growth And Higher Inflation,&#8217; Expert Predicts Fed To Factor In &nbsp;Rate Cut Plans</a></li>
</ul>
Photo courtesy: Flickr
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Global

Keir Starmer To Become UK Prime Minister As Labour Wins Big Over Rishi Sunak's Conservatives — Mohamed El-Erian Shares Two Key Takeaways

TMTG&#39;s streaming service is designed to host news shows and networks, religious channels, and additional family-friendly content that has been cancelled or is at risk of cancellation. The technology acquisition announced today will be financed at closing through TMTG&#39;s issuance of up to 5,100,000 shares of its common stock, which shares shall be subject to certain trading restrictions, and&nbsp;$17.5 million&nbsp;that are expected to be paid over a period of three years.

Reported Wednesday, Trump Media & Technology Announces Perpetual Licensing Agreement For Streaming Technology And Long-Term Equity Financing

Masayoshi Son&#8216;s SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) is reportedly in talks with banks to secure loans for energy-related projects. The projects are estimated to be worth up to $10 billion.
What Happened: A person with direct knowledge of the matter said that the group could raise the required capital through bank loans and by involving other investors, The Verge <a href="https://www.theverge.com/2024/7/4/24192305/softbank-is-trying-to-borrow-10-billion-for-ai-related-projects">reported</a> via The Information, on Thursday.
SoftBank has yet to respond to the queries sent by Benzinga.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39588200/bill-gates-hired-steve-ballmer-as-the-first-business-manager-at-microsoft-and-now-is-behind-him-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Hired Steve Ballmer As The First Business Manager At Microsoft And Now Is Behind Him On The Bi</a>
Why It Matters: The rapid advancement in technology, especially in generative artificial intelligence, has led to a surge in energy demand and data center investments. Last month, SoftBank&#8217;s founder, Son, announced that the group would be expanding its power generation business, primarily in the U.S., to cater to global generative AI projects. 
This move aligns with SoftBank&#8217;s <a href="https://www.benzinga.com/news/24/06/39517522/after-missing-nvidia-rally-masayoshi-son-is-giving-ai-investment-another-try-softbank-is-reportedly">recent investments in AI,</a> including a reported significant investment in the Jeff Bezos-backed AI startup Perplexity AI.
Furthermore, SoftBank has considered setting up a special-purpose company to <a href="https://www.benzinga.com/news/24/06/39549728/masayoshi-sons-softbank-to-raise-1-86b-through-bond-issuance-for-ai-investment-and-debt-repayment">buy chips from Nvidia</a> using borrowed funds. This company would then lease the chips back to SoftBank, according to the same source. This strategy comes on the heels of SoftBank&#8217;s announcement to raise $1.86 billion through bond issuance for AI investment and debt repayment.
Price Action: On Wednesday, SoftBank stock closed at $33.35 in the OTC, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/07/39611275/cathie-woods-ark-invest-sells-tesla-shares-worth-14-5m-amid-rally-driven-by-q2-delivery-numbers-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Ark Invest Sells Tesla Shares Worth $14.5M Amid Rally Driven By Q2 Delivery Numbers, Picks</a>
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>

SFTBY

Masayoshi Son's SoftBank Negotiates $10B Energy Project Funding With Banks: Report

IPOs

EHGO

Reported Wednesday, Eshallgo Closes $5M Initial Public Offering At $4/Share, Shares Begin Trading On Nasdaq

Tesla Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) expansion plans for its gigafactory in Germany have reportedly <a href="https://www.benzinga.com/news/24/05/38891146/teslas-german-factory-expansion-gets-local-councils-nod-despite-protests">received approval</a> from environmental authorities.
What Happened: The environmental authorities in the German state of Brandenburg, where Tesla&#8217;s gigafactory is located, have given the green light to the company&#8217;s expansion plans, Reuters reported. 
The approval allows Tesla to create an asphalted logistics area for new vehicles, stairwells on its pressing plant, and an access guard, the report said. 
The approval is key to the EV giant&#8217;s aim of doubling the plant's capacity for battery production to 100 gigawatt hours and car production to 1 million units annually.
German Chancellor Olaf Scholz <a href="https://www.benzinga.com/news/24/03/38001324/german-chancellor-olaf-scholz-calls-arson-attack-on-teslas-giga-berlin-a-terrorist-act-wants-ev-gian">came out in support</a> of Tesla&#8217;s Berlin gigafactory expansion earlier amid protests by environmentalists and local residents. He expressed his desire for Tesla to develop in Brandenburg in the same way Ford did in Cologne.
Why It Matters: Environmentalists and locals have voiced against the proposed expansion. In May, several protestors attempted to storm the company's factory and even injured several police officers in the ensuing clash. Several protestors were taken into police custody&nbsp;<a href="https://www.benzinga.com/news/24/05/38774207/elon-musk-says-tesla-was-the-only-car-company-attacked-after-16-protesters-were-taken-into-custody-i" target="_blank" rel="noreferrer noopener">over the incident</a>.
In March, an arson attack on the factory caused a power outage and halted production for about a week. Far-left activist organization&nbsp;Vulkan Group&nbsp;claimed the attack and said it was&nbsp;<a href="https://www.benzinga.com/news/24/03/37528386/tesla-senior-exec-fires-back-after-arson-attack-warns-of-green-capitalism-says-ev-giant-creates-most" target="_blank" rel="noreferrer noopener">spurred by environmental concerns.</a>
As per Tesla&#8217;s first quarter report, the German factory currently has an installed annual vehicle capacity of 375,000 Model Y vehicles in addition to millions of battery cells.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39639542/palantir-chair-peter-thiel-praises-elon-musks-risk-taking-ability-regrets-not-investing-in-tesla-the">Palantir Chair Peter Thiel Praises Elon Musk&#8217;s Risk-Taking Ability, Regrets Not Investing In Tesla: &#8216;There&#8217;s Something About Risk He Knows That We Don&#8217;t&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla

TSLA

Tesla's Giga Berlin Expansion Gets Environmental Authority Approval After Chancellor Scholz Voiced Aim For Brandenburg To Become European Hub For Elon Musk's Company

Reported Wednesday, LGI Homes Closed 571 Homes In June 2024 And 1,655 In Q2; As Of June 30, 2024, The Company Had 128 Active Selling Communities

<ul>
<li>Non-cash impairment of&nbsp;SEK 11.4 billion&nbsp;to be recorded in the&nbsp;second quarter&nbsp;2024, relating to the impairment of intangibles mainly attributed to the Vonage acquisition</li>
<li>Reflects lower anticipated market growth in some of Vonage&#39;s current portfolio</li>
<li>The Ericsson strategy to build a new source of monetization for the telecom industry remains. Vonage is positioned at the center of digitalizing enterprises and society through the development of the Global Network Platform for network APIs; 12 partnerships with leading service providers have already been announced, with Singtel and Telstra added in&nbsp;Q2</li>
</ul>

Reported Wednesday, Ericsson To Record SEK 11.4B Non-Cash Impairment Charge In Q2 2024, Largely Attributed To Vonage Acquisition

The&nbsp;Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum bid price requirement for maintaining the listing of its common stock on the NASDAQ Capital Market and to make the bid price more attractive to investors.

Stock Split

IONM

Reported Wednesday, Assure Holdings Announced 18-To-1 Reverse Stock Split Effective July 9, 2024 To Maintain NASDAQ Compliance

CIBC today announced a split (the &quot;CDR Split&quot;) of its Nvidia Canadian Depositary Receipts (CAD Hedged) (&quot;Nvidia CDRs&quot;), as indicated in the table below.
<table border="0" cellpadding="1" cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
Cboe Canada
			Ticker Symbol
</td>
<td colspan="1" rowspan="1">
CDR Series
</td>
<td colspan="1" rowspan="1">
Closing Price
(July 2, 2024)
</td>
<td colspan="1" rowspan="1">
Forward Split
			Ratio
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
NVDA
</td>
<td colspan="1" rowspan="1">
Nvidia Canadian Depositary Receipts (CAD Hedged)
</td>
<td colspan="1" rowspan="1">
$115.70
</td>
<td colspan="1" rowspan="1">
4-for-1
</td>
</tr>
</tbody>
</table>
The CDR Split will take effect by way of a subdivision of all Nvidia CDRs that are outstanding after the close of trading on&nbsp;July 9, 2024, each outstanding Nvidia CDR automatically being split into the number of post-split Nvidia CDRs as indicated in the table above.
The Nvidia CDRs will begin trading on a split-adjusted basis on&nbsp;July 10, 2024.
CIBC confirms that the product of the CDR Ratio for the Nvidia CDRs and the number of Nvidia CDRs outstanding will be unchanged by the CDR Split. Accordingly, the CDR Split is not expected to have any economic impact on the value of investors&#39; Nvidia CDR positions.
CIBC has obtained an opinion from Torys LLP that the CDR Split would not have any material adverse consequences under Canadian federal income tax laws to holders of Nvidia CDRs resident in&nbsp;Canada.
Previously, the Nvidia CDRs were subject to a ratio adjustment event effective&nbsp;June 10, 2024&nbsp;related to the ten-for-one split of the common stock of Nvidia Corporation, as outlined in the Final Announcement of Ratio Adjustment for Ten-to-One Stock Split, found&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4204944-1&amp;h=71959773&amp;u=https%3A%2F%2Fcdr.cibc.com%2F%23%2FcorporateActions&amp;a=here" target="_blank">here</a>.