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Morgan Stanley analyst Toni Kaplan upgrades KinderCare Learning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLC#NYSE">KLC</a>) from Equal-Weight to Overweight and announces $30 price target.

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Morgan Stanley Upgrades KinderCare Learning to Overweight, Announces $30 Price Target

Cassava Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>, "Cassava", the "Company"))), a clinical-stage biotechnology company focused on developing a novel, investigational treatment for Alzheimer's disease (AD) dementia, today announced that the topline results from the Phase 3 ReThink-ALZ study of simufilam in mild-to-moderate AD did not meet each of the pre-specified co-primary, secondary and exploratory biomarker endpoints. The co-primary endpoints were the change in cognition and function from baseline to the end of the double-blind treatment period at week 52, assessed by the ADAS-COG12 and ADCS-ADL scales, comparing simufilam to placebo. Simufilam continued to demonstrate an overall favorable safety profile. The Company will hold a webcast today at 8 AM ET.
"The results are disappointing for patients and their families who are living with this disease and physicians who have been looking for novel treatment options. We took careful measures to enroll patients with mild-to-moderate AD. Despite that, the loss of cognition in the placebo group was less pronounced than was previously reported in other placebo-controlled studies in AD. We are working to understand this better," said Rick Barry, President and Chief Executive Officer. "A result like this has implications on our second Phase 3 trial,&nbsp;ReFocus-ALZ. We have made the difficult decision to discontinue ReFocus-ALZ, given the nature of today's reported results. The complete 52-week dataset will be available from the study along with a large portion of 76-week data. We intend to report detailed analyses of both studies in the future. We will also be discontinuing the Open Label Extension study."
Mr. Barry continued, "We have a special gratitude for the patients and their families and caregivers who participated in our clinical program for AD. We are also immensely grateful to our employees, study investigators and site coordinators, as well as our other partners, for their commitment to this program. We hope the information we have gathered can ultimately be used to benefit ongoing research in AD."
The table below provides a high-level summary of the co-primary endpoints data. Topline analysis of the mild and moderate sub-groups, likewise, did not demonstrate statistical significance at week 52.
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Co-Primary Endpoint Data&#x2A;</td>
<td>Simufilam 100 mg BID N= 403</td>
<td>Placebo BID N=401</td>
<td>Delta</td>
<td>P-value</td>
</tr>
<tr>
<td colspan="5">Co-Primary Endpoints LS means change from baseline to the end of the double-blind treatment period</td>
</tr>
<tr>
<td>ADAS-COG12 (SE)</td>
<td>2.8 ( 0.36)</td>
<td>3.2 ( 0.36)</td>
<td>-0.39 ( 0.50)</td>
<td>P=0.43</td>
</tr>
<tr>
<td>ADCS-ADL (SE)</td>
<td>-3.3 ( 0.44)</td>
<td>-3.8 ( 0.44)</td>
<td>0.51 ( 0.61)</td>
<td>P=0.40</td>
</tr>
<tr>
<td colspan="5">&#x2A;Based on the intent-to-treat population BID = twice daily ADAS-COG12 = The Alzheimer's Disease Assessment Scale – Cognitive Subscale (a lower number represents less cognitive impairment) ADCS-ADL = Alzheimer's Disease Cooperative Study – Activities of Daily Living (a higher number represents less functional impairment)</td>
</tr>
</tbody>
</table>
</figure>
The table below provides a high-level summary of the patient demographic and safety data. Simufilam continued to demonstrate an overall favorable safety profile.
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Metrics for Simufilam and Placebo</td>
<td>Simufilam 100 mg BID</td>
<td>Placebo BID</td>
</tr>
<tr>
<td colspan="3">Baseline&#x2A;</td>
</tr>
<tr>
<td>Age, mean (SD), in years</td>
<td>73.7 7.9</td>
<td>74.3 7.6</td>
</tr>
<tr>
<td>Sex, n (%) female</td>
<td>225 (55.8%)</td>
<td>222 (55.4%)</td>
</tr>
<tr>
<td>MMSE Score (No.%,)</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>21-27</td>
<td>244 (60.5%)</td>
<td>250 (62.3%)</td>
</tr>
<tr>
<td>16-20</td>
<td>155 (38.5%)</td>
<td>146 (36.4%)</td>
</tr>
<tr>
<td>Race/Ethnicity</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>White</td>
<td>366 (90.8%)</td>
<td>376 (93.8%)</td>
</tr>
<tr>
<td>Black</td>
<td>20 (5.0%)</td>
<td>18 (4.5%)</td>
</tr>
<tr>
<td>Asian</td>
<td>8 (2.0%)</td>
<td>2 (0.5%)</td>
</tr>
<tr>
<td>Other</td>
<td>9 (2.2%)</td>
<td>5 (1.0%)</td>
</tr>
<tr>
<td colspan="3">Safety&#x2A;&#x2A;</td>
</tr>
<tr>
<td>Any Adverse Event (AE)</td>
<td>284 (71.2%)</td>
<td>269 (67.6%)</td>
</tr>
<tr>
<td>Serious AEs</td>
<td>52 (13.0%)</td>
<td>36 (9.0%)</td>
</tr>
<tr>
<td>Death</td>
<td>1 (0.3%)</td>
<td>3 (0.8%)</td>
</tr>
<tr>
<td>AEs leading to discontinuation from the study</td>
<td>26 (6.5%)</td>
<td>17 (4.3%)</td>
</tr>
<tr>
<td>Most Frequent AEs</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>1: COVID-19</td>
<td>32 (8.0%)</td>
<td>36 (9.0%)</td>
</tr>
<tr>
<td>2: Urinary Tract Infection</td>
<td>31 (7.8%)</td>
<td>29 (7.3%)</td>
</tr>
<tr>
<td>3: Fall</td>
<td>30 (7.5%)</td>
<td>30 (7.5%)</td>
</tr>
<tr>
<td>4: Dizziness</td>
<td>21 (5.3%)</td>
<td>1 (0.3%)</td>
</tr>
<tr>
<td>5: Headache</td>
<td>18 (4.5%)</td>
<td>11 (2.8%)</td>
</tr>
<tr>
<td colspan="3">&#x2A;Based on the intent-to-treat population &#x2A;&#x2A;Based on the safety population BID = twice daily AD = Alzheimer's disease MMSE = Mini-Mental State Examination</td>
</tr>
</tbody>
</table>
</figure>
 Cassava will continue to review all of the data and evaluate next steps. We plan to share the detailed results at a future medical meeting.
Eric Schoen, Chief Financial Officer at Cassava commented, "We remain focused on the interests of Cassava shareholders and are committed to enhancing shareholder value. Cassava is well-capitalized with approximately $149.0 million in cash and cash equivalents as of the end of the third quarter of 2024."

SAVA

Cassava Sciences Halts Alzheimer's Drug Trials After Phase 3 Results

Are you tired of the endless political drama? Maybe you're feeling like it's time for a real change, far from all the noise. How about this – a move to an idyllic Italian village where homes cost as little as one dollar? It sounds almost too good to be true, but Ollolai, a charming spot in Sardinia, Italy, is doing just that. They're welcoming frustrated Americans with open arms, offering a chance to swap out the tension of modern politics for the simple pleasures of small-town Italian life.
Don't Miss:
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<li>This Jeff Bezos-backed startup will allow you to <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a></li>
<li>Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a></li>
</ul>
This picturesque village has seen its population shrink drastically over the past decades. To breathe new life into the community, the local authorities devised a bold idea: sell abandoned, rundown homes for a mere €1 or $1. However, these homes need some love and renovation. For anyone willing to work, this is <a href="https://www.benzinga.com/markets/24/10/41149295/real-estate-in-italy-is-a-goldmine-for-investors-california-resident-snags-6-bedroom-2-kitchen-home">an amazing opportunity</a> to build a dream European escape from the ground up.
With its cobbled streets, historic stone houses and an air of tranquillity, Ollolai is a <a href="https://www.benzinga.com/news/24/01/36759767/you-might-be-eligible-to-buy-a-house-in-croatia-for-13-cents">hidden gem</a> just waiting for people to discover its charm and immerse in a different way of life – one where neighbors know each other, the air is clean and the food comes straight from local farms. It's a chance to live slowly and meaningfully, to enjoy simple pleasures like a morning espresso on a sunny terrace or an evening stroll with views of the rolling hills.
Trending: Invest in $20+ trillion home equity market today across cities like Austin, Miami, and Los Angeles through a <a href="https://www.benzinga.com/money/nada-cityfunds">unique 5-year term fund targeting a 14-20% IRR with minimums as low as $2,500</a>
<h2 class="wp-block-heading">Why Now?</h2>
Although the village has been selling <a href="https://www.benzinga.com/real-estate/24/05/39028524/a-look-at-japans-reverse-housing-crisis-where-millions-of-homes-sit-vacant">abandoned houses</a> for years, the push to attract American buyers has intensified in the wake of recent election results in the United States. Feeling disillusioned by the political situation? Ollolai's mayor, Francesco Columbu, told CNN that Americans are the perfect fit for the village's revival. To sweeten the deal, the village offers a fast-track process specifically for U.S. buyers, making securing your slice of Italian paradise easier than ever.
Not only are €1 houses available, but there are also move-in-ready homes for those who prefer a simpler transition. Prices for these homes are more substantial, reaching up to €100,000, but they come with the benefit of being ready for immediate living – no renovation required.
See Also: Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a>
<h2 class="wp-block-heading">What to Expect in Ollolai</h2>
<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">Ollolai, Italy: Hundreds of abandoned homes selling for just one euro. The stone-built dwellings need major renovations. Reporter <a href="https://twitter.com/hughwhitfeld?ref_src=twsrc%5Etfw">@HughWhitfeld</a>​. Cameraman @7_Cannon. <a href="https://twitter.com/hashtag/Ollolai?src=hash&amp;ref_src=twsrc%5Etfw">#Ollolai</a> <a href="https://twitter.com/hashtag/7News?src=hash&amp;ref_src=twsrc%5Etfw">#7News</a> <a href="https://t.co/eHGdGwYGHl">pic.twitter.com/eHGdGwYGHl</a>
&mdash; 7NEWS Sydney (@7NewsSydney) <a href="https://twitter.com/7NewsSydney/status/973892751317233665?ref_src=twsrc%5Etfw">March 14, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Life in Ollolai is peaceful and connected to nature. The village is located in a largely untouched region, offering clear air, scenic landscapes and a chance to unplug. Per CNN, many of the houses available for sale are old farmers' and shepherds' dwellings made of local granite, giving them a rustic charm that's hard to find anywhere else. Some are even fully furnished, with modern amenities while retaining their traditional style.
Read Next:
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<li>These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a></li>
<li>Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a></li>
</ul>

Real Estate

'Start Building Your European Escape' – Italian Village Offers $1 Homes For Americans Frustrated By Election Results

RKLB: 17% &#x7C; <a href="https://www.benzinga.com//node/42160144">Rocket Lab Secures $23.9M Grant to Boost Semiconductor Production in New Mexico</a>
&nbsp;
BBWI: 15% &#x7C; <a href="https://www.benzinga.com//node/42159985">Bath &amp; Body Works Q3 2024 Adj. EPS $0.49 Beats $0.47 Estimate, Sales $1.610B Beat $1.579B Estimate</a>
&nbsp;
MARA: 6% &#x7C; <a href="https://www.benzinga.com//node/42159675">Barclays Initiates Coverage On MARA Holdings with Equal-Weight Rating, Announces Price Target of $27</a>

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HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Rhythm Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYTM#NASDAQ">RYTM</a>) with a Buy and maintains $69 price target.

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HC Wainwright & Co. Reiterates Buy on Rhythm Pharmaceuticals, Maintains $69 Price Target

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has been described as the &#8220;Bitcoin magnet,&#8221; attracting billions of dollars in global capital <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42138209/microstrategy-trading-at-insane-256-premium-to-bitcoin-holdings-research-shows">through its unprecedented Bitcoin</a> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury strategy. 
What Happened: Bernstein's report on Monday highlights MicroStrategy's role in mainstreaming Bitcoin on Wall Street, projecting the company could hold 4% of the global Bitcoin supply by 2033, up from 1.7% today.
However, skeptics, including popular analyst &#8216;Kryptokrates,&#8217; caution that the strategy comes with significant risks, raising questions about its long-term viability.
Bernstein lauded MicroStrategy's innovative model, which <a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now">leverages convertible debt</a> and equity raises to amass Bitcoin.
The firm's current holdings of ~300,000 BTC are valued at $32 billion, acquired at an average cost of ~$49,900 per Bitcoin. 
Bernstein projects MicroStrategy could increase its holdings to 4% of the world's Bitcoin by 2033, assuming Bitcoin reaches $1 million per coin.
"MicroStrategy's Bitcoin treasury model is unprecedented," Bernstein noted. "A company on an insatiable path to attract billions in global capital to invest in Bitcoin."
MicroStrategy has raised more than $7 billion in convertible debt, with a long-term plan to secure $42 billion in capital by 2027. 
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42138209/microstrategy-trading-at-insane-256-premium-to-bitcoin-holdings-research-shows">Its approach</a> involves adding Bitcoin to the balance sheet, increasing stock volatility and using convertible debt to enable low-cost capital raises.
Bernstein sees this strategy as <a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now">sustainable</a> under favorable market conditions, raising its price target for the stock to $600, a 42% upside from its current $421.88.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42145634/cboe-to-launch-cash-settled-bitcoin-index-options">Cboe To Launch Cash-Settled Bitcoin Index Options</a>
Institutional Appeal vs. Retail Risks
While Bernstein remains bullish, critics like Kryptokrates argue that MicroStrategy's financial engineering introduces systemic risks.
"Saylor created the perfect financial perpetual motion machine. It works until it doesn't. The question isn't if, but when,&#8221; the analyst <a href="https://x.com/Kryptokrates/status/1860381306103746766">tweeted</a>.
Kryptokrates outlined several potential vulnerabilities:
<ol>
<li>Market Risk: "A Bitcoin price collapse could trigger a systemic failure."</li>
<li>Leverage Concerns: "MicroStrategy's total debt is ~$3 billion—a massive bet on ‘number go up.'"</li>
<li>Regulatory Pressure: "Any regulatory crackdown could disrupt the model."</li>
<li>Retail Investor Risk: "Small investors think they're ‘buying Bitcoin exposure' but are actually buying systemic risk."</li>
</ol>
Kryptokrates also flagged warning signs such as increasing convertible note issuances and more aggressive Bitcoin buying, suggesting heightened financial risk as the company scales.
Bernstein emphasized the appeal of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">MicroStrategy's strategy</a> for institutional investors, citing high liquidity, Bitcoin exposure, and regulatory compliance.
Kryptokrates, however, noted that retail investors might misunderstand the risks, tweeting, "Nothing is free in finance. Leverage works both ways. Always check the fine print."
The best-case scenario, according to Bernstein, sees MicroStrategy continuing to capitalize on Bitcoin's price appreciation, reaching $1 million per coin by 2033. 
However, Kryptokrates offered a stark contrast: "Worst case—Bitcoin crashes, notes demand repayment, share price collapses, system fails."
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42143918/strike-ceo-jack-mallers-bitcoin-is-the-best-performing-asset-in-the-history-of-mankind">Strike CEO Jack Mallers: &#8216;Bitcoin Is The Best Performing Asset In The History Of Mankind&#8217;</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

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MSTR

MicroStrategy Is The 'Bitcoin Magnet,' Says Bernstein, But Not Everybody's Sold: 'Nothing Is Free In Finance,' Says One Analyst

Trading Halt: Halted at 7:25:00 a.m. ET - Trading Halt: Halt News Pending

HC Wainwright &amp; Co. analyst Mitchell Kapoor reiterates Neurogene (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NGNE#NASDAQ">NGNE</a>) with a Buy and maintains $55 price target.

NGNE

HC Wainwright & Co. Reiterates Buy on Neurogene, Maintains $55 Price Target

A recent report revealed the environmental violations at Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&#8217;s Austin and Freemont plants amid Elon Musk being announced as the co-head of a new Department of Government Efficiency, dubbed &#8220;DOGE,&#8221; aimed at reducing regulations.
What Happened:&nbsp;According to the Journal, Tesla&#8217;s Austin facility has been releasing toxic pollutants due to malfunctioning equipment, such as a giant casting furnace door that failed to close properly. This issue led to increased emissions and hazardous working conditions, The Wall Street Journal <a href="https://www.wsj.com/business/autos/elon-musk-tesla-environment-1263cd60">reported</a>&nbsp;on Monday.
Emails obtained by the Journal from Texas regulators and interviews with former employees reveal that Tesla was aware of these problems but opted for temporary solutions to maintain production speed. Employees reportedly feared job loss if they highlighted environmental concerns.
The Journal also uncovered that Tesla&#8217;s Fremont, Calif., plant has received numerous air pollution violation warnings&nbsp;over the past five years, second only to a Chevron refinery in California.
See Also:&nbsp;<a href="https://www.benzinga.com/general/social-media/24/11/42155884/economist-slams-doges-simplistic-approach-to-government-spending-questions-super-bowl-ad-criticism?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Economist Slams DOGE: Tells Elon Musk-Led Initiative To &#8216;Do Your Legal Job Well&#8217; Amid Super Bowl Ad Spend</a>
As Musk assumes his new role, his stance on deregulation raises questions about the future of environmental regulations affecting his companies. 
Tesla and Musk have not responded to <a href="https://pro.benzinga.com">Benzinga</a>&#8216;s requests for comment on these issues.
Why It Matters: The&nbsp;DOGE department, <a href="https://www.benzinga.com/news/24/11/41998717/elon-musk-and-vivek-ramaswamy-are-looking-for-high-iq-small-government-revolutionaries-who-are-willing-to-put-in-80-hours-at-doge">co-led by Musk and&nbsp;Vivek Ramaswamy,</a> aims to reduce federal inefficiencies under President-elect&nbsp;Donald Trump. This initiative seeks high-IQ individuals to work extensively to streamline government operations and reduce bureaucracy.
A month before the announcement, Musk described the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41220500/elon-musk-says-potential-doge-department-under-a-trump-administration-will-be-a-garbage-co">potential&nbsp;DOGE department</a>&nbsp;as a &#8220;garbage collection of rules that don&#8217;t make sense.&#8221; His approach to efficiency has been evident in his companies, though it has sometimes led to conflicts with unions.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/11/42153039/bizarro-world-people-are-really-confused-by-elon-musk-praising-argentinas-javier-milei-slashing-import-taxes?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Bizarro World&#8217; – People Are Really Confused By Elon Musk Praising Argentina&#8217;s Javier Milei Slashing Import Taxes</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.
Image via Shutterstock

Government

Regulations

Tech

General

TSLA

Tesla Faces Environmental Violations As Elon Musk's 'DOGE' Prepares For 'Garbage Collection Of Rules That Don't Make Sense:' Report

Wells Fargo analyst Sam Reid initiates coverage on CSW Industrials (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSWI#NASDAQ">CSWI</a>) with a Equal-Weight rating and announces Price Target of $425.

Initiation

CSWI

Wells Fargo Initiates Coverage On CSW Industrials with Equal-Weight Rating, Announces Price Target of $425

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella acknowledged the need for a fundamental cultural shift in the company&#8217;s approach to cybersecurity, following a series of high-profile security incidents that prompted him to take a <a href="https://www.benzinga.com/markets/equities/24/10/41540407/satya-nadellas-salary-rose-63-to-79-1m-but-heres-why-the-microsoft-ceo-is-taking-a-5m-pay-cut">voluntary $5 million reduction in his cash incentive</a>.
What Happened: &#8220;That&#8217;s what will be culture change,&#8221; Nadella told Wired in a recent <a href="https://www.wired.com/story/at-age-50-microsoft-is-an-ai-giant-an-open-source-lover-and-bad-as-it-ever-was/">interview</a>, emphasizing that the transformation wouldn&#8217;t involve internal blame. &#8220;This is not about a witch hunt internally at Microsoft.&#8221;
The call for change comes after several significant security challenges in 2023-2024. The U.S. Department of Homeland Security criticized Microsoft&#8217;s security systems as inadequate in March, particularly noting vulnerabilities to <a href="https://www.benzinga.com/news/23/07/33441264/ron-wyden-accuses-microsoft-of-negligence-in-recent-cybersecurity-breach">China-based hacking group Storm-0588</a>. 
The company also <a href="https://www.benzinga.com/news/24/04/38214476/russian-government-linked-hackers-stole-federal-email-correspondence-with-microsoft-cisa">faced a system compromise</a> by the Russian group Midnight Blizzard, affecting corporate email accounts, and dealt with a <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand">global IT outage stemming</a> from a CrowdStrike update issue.
Nadella&#8217;s promise, and Microsoft&#8217;s security troubles that precede them, are reminiscent of what happened more than 20 years ago &#8211; back in 2002, after a series of security lapses, Bill Gates <a href="https://www.microsoft.com/en-us/security/blog/2022/01/21/celebrating-20-years-of-trustworthy-computing/">sent</a> a famous memo to all Microsoft employees to launch an initiative called &#8220;Trustworthy Computing.&#8221;
See Also: <a href="https://www.benzinga.com/24/11/42156013/bluesky-adds-millions-of-users-as-elon-musks-social-media-platform-faces-exodus-post-trump-win-here-are-a-few-starter-packs-to-help-you-get-going-on-latest-x-rival">Bluesky Adds Millions Of Users As Elon Musk&#8217;s X Faces Exodus Post Trump Victory: Here Are A Few Starter Packs To Help You Level Up On The Platform</a>
Why It Matters: Brad Smith, Microsoft&#8217;s vice chair and president, formally accepted responsibility for these <a href="https://www.benzinga.com/government/24/06/39312639/microsoft-under-fire-president-brad-smith-to-testify-on-security-lapses-after-major-cyberattacks">security flaws in a June</a> statement to the Department of Homeland Security. The acknowledgment came as Microsoft continued to expand its artificial intelligence initiatives, with Nadella noting that AI development was &#8220;doubling every six months or so.&#8221;
Despite these challenges, Microsoft&#8217;s market value has exceeded $3 trillion, and Nadella&#8217;s total compensation rose 63% to $79.1 million in fiscal 2024, primarily due to stock awards. However, <a href="https://www.benzinga.com/markets/equities/24/10/41540407/satya-nadellas-salary-rose-63-to-79-1m-but-heres-why-the-microsoft-ceo-is-taking-a-5m-pay-cut">demonstrating personal accountability</a>, he requested a reduction in his cash incentive to $5.2 million from an eligible $10.7 million following the cybersecurity incidents.
The security concerns emerge as Microsoft maintains its leadership in generative AI, with over 85% of Fortune 500 companies using its AI tools. JPMorgan analyst Mark Murphy emphasized the company&#8217;s unique position in AI innovation, noting its success in infusing AI across both <a href="https://www.benzinga.com/24/11/42088290/microsoft-defies-the-ai-plateau-pushing-boundaries-with-new-scaling-laws">application and infrastructure stacks</a>.
Nadella highlighted that &#8220;perverse incentives&#8221; often lead companies to prioritize product development over securing existing products, suggesting a need to rebalance these priorities as part of the cultural transformation.
Read Next: 
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<li><a href="https://www.benzinga.com/news/global/24/11/42156160/palantir-price-target-raised-to-75-by-dan-ives-amid-288-ytd-surge-analyst-calls-2025-a-primetime-year-for-ai">Palantir Price Target Raised To $75 By Dan Ives Amid 288% YTD Surge: Analyst Calls 2025 A &#8216;Primetime&#8217; Year For AI</a></li>
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Microsoft CEO Satya Nadella. Photo by WEF on Flickr
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.

Markets

MSFT

Satya Nadella Promises 'Culture Change' After Security Lapses Return To Haunt Microsoft 20 Years After Bill Gates Launched A Similar Initiative

Earnings

HTLM

HomesToLife Reported H1 Net Revenue Of $1.99M, Down By 21% YoY, EPS Loss Of $(0.03)

HC Wainwright &amp; Co. analyst Mitchell Kapoor reiterates Oruka Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORKA#NASDAQ">ORKA</a>) with a Buy and maintains $45 price target.

ORKA

HC Wainwright & Co. Reiterates Buy on Oruka Therapeutics, Maintains $45 Price Target

HC Wainwright &amp; Co. analyst Mitchell Kapoor reiterates Halozyme Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>) with a Buy and maintains $68 price target.

HALO

HC Wainwright & Co. Reiterates Buy on Halozyme Therapeutics, Maintains $68 Price Target

Wells Fargo analyst Stephen Baxter downgrades Tenet Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) from Overweight to Equal-Weight and lowers the price target from $205 to $150.

Downgrades

Wells Fargo Downgrades Tenet Healthcare to Equal-Weight, Lowers Price Target to $150

Needham analyst Gil Blum reiterates Cartesian Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNAC#NASDAQ">RNAC</a>) with a Buy and maintains $41 price target.

RNAC

Needham Reiterates Buy on Cartesian Therapeutics, Maintains $41 Price Target

Catalyst Bancorp, Inc. (Nasdaq: "CLST") (the "Company"), the parent company for Catalyst Bank (the "Bank") (<a href="http://www.catalystbank.com/">www.catalystbank.com</a>), announced today that the Board of Directors approved the Company's fifth share repurchase plan.&nbsp;
"It has been over three years since we embarked on our public company journey. We've set ambitious goals to transform ourselves into a consistently strong performing community bank. High among those goals is focusing our mission on serving as catalysts to help local businesses grow – because when they do, they create jobs in our communities. We rebranded as Catalyst Bank to reinforce our commitment," said Joe Zanco, President and Chief Executive Officer of the Company and Bank.
"We have expanded our branch network into the business center of our region, adding locations in Carencro and Lafayette, Louisiana. Although we increased our branch count by two, or 50%, we have held our employee count steady by focusing on enhancing efficiency throughout the Company.&nbsp;
"We have upgraded our systems and now offer some of the very best in banking technology. The systems upgrade reduces non-interest expense over $200,000 annually and also facilitates additional efficiency gains.&nbsp;
"Our collective efforts have resulted in meaningful customer growth, especially in 2024.&nbsp; In fact, loan growth through the third quarter was a record $21 million.&nbsp; As a result of organic customer growth and greater efficiency, our core profitability continues to improve.&nbsp;
"Not everything has gone according to plan since our IPO. At the outset of our journey, we believed there might be opportunities to acquire one or more banks during the first three years following our IPO, which would have allowed us to expand our footprint and enhance profitability more rapidly. Unfortunately, the right opportunities have not presented themselves to date.&nbsp; However, we still have the capital and management depth and expertise to take advantage of desirable opportunities should they present themselves in the near future.&nbsp;
"Today, we announced our fifth share repurchase plan (the "November 2024 Repurchase Plan").&nbsp; Under the November 2024 Repurchase Plan, the Company may purchase up to 215,000 shares, or approximately 5%, of the Company's outstanding common stock. Since the announcement of our first share repurchase plan in January 2023 and through November 22, 2024, the Company has repurchased a total of 972,916 shares of its common stock, or approximately 18% of the common shares originally issued, at an average cost per share of $11.93.
"As we enter the new year, know that we are focused on serving our customers tremendously well, deepening the skills of our employees and enhancing our profitability and shareholder value.&nbsp; What we've achieved since our IPO is the result of the efforts of our dynamic team.&nbsp; Our commitment to growing and further improving our company is stronger than ever."

Buybacks

CLST

Catalyst Bancorp Announces Fifth Stock Buyback Plan, Targeting 215,000 Shares

Wells Fargo analyst Stephen Baxter downgrades HCA Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) from Equal-Weight to Underweight and lowers the price target from $400 to $320.

Wells Fargo Downgrades HCA Healthcare to Underweight, Lowers Price Target to $320

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Financing

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REPL

Replimune Has Proposed Public Offering Of $125M Of Its Common Stock And Pre-funded Warrants To Purchase Shares, The Underwriter Has A 30-day Option To Purchase Up To An Additional $18.75 Million Of Securities

Smartkem (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTK#NASDAQ">SMTK</a>), positioned to power the next generation of displays using its disruptive organic thin-film transistors (OTFTs), has partnered with AUO, the largest display manufacturer in Taiwan, to jointly develop the world's first advanced rollable, transparent microLED display using Smartkem's technology.
"We believe that collaborating with global display industry leader AUO to develop a novel microLED display puts Smartkem's technology on the frontier of microLED display commercialization. Our unique transistor technology is expected to enable display manufacturers to efficiently produce microLED displays, making mass production commercially viable. Smartkem's technology has the potential to take today's microLED TVs from high end market prices of $100,000 down to mass market prices," stated Ian Jenks, Smartkem Chairman and CEO.
"Because our transistors are processed at such a low temperature compared to other technologies, we are able to pour them directly on top of the microLEDs, completely eliminating the problematic mass transfer and laser welding processes required with other technologies. The key feature that enables the development of this microLED display is our unique low temperature process that allows the use of low-cost, flexible plastic rather than glass. We believe that, if successful, this collaboration will be a significant milestone for Smartkem in its road to commercialization, and for microLED display product development using our technology."
Dr. Wei-Lung Liau, Chief Technology Officer of AUO, commented, "AUO has dedicated years to developing the ultimate MicroLED display technology, forging alliances with ecosystem partners to enable mass production. In this collaboration, AUO has developed groundbreaking technologies that boost the high transparency and free-form in applications of MicroLED. With proprietary materials from Smartkem and the OTFT production process from ITRI, we are collaboratively developing the world's first rollable MicroLED display for potential commercialization with cost advantage. We believe this will create new opportunities for the display industry and continue to expand value chain partner cooperation and influence."
Leading display analyst and DSCC (Display Supply Chain Consultants) CEO, Ross Young, commented, "This is an exciting project that, if successful, will demonstrate the cost effectiveness of Smartkem's technology in the most demanding of MicroLED applications, and could generate substantial market interest."
Smartkem's Disruption to the MicroLED Display Market Smartkem believes it is poised to transform the display industry with a new class of microLED displays that are low-cost, thin, transparent, flexible and lightweight. This is made possible by Smartkem's OTFTs that are processed at an industry comparatively low temperature, enabling them to be processed directly on top of microLEDs in the manufacturing of microLED displays, eliminating the need for mass transfer and laser welding processes required by existing technology. This introduces an entirely new "Chip-First" display architecture to the display market that is not currently possible using other transistor technologies. Additionally, Smartkem's low temperature feature enables processing of Smartkem's OTFTs on a plastic substrate, rather than glass, that is low-cost, thin, transparent, flexible and lightweight.
The project between Smartkem and AUO will commence on January 1, 2025. The collaboration has been awarded a grant from the 2024 Taiwan-UK Research &amp; Development Collaboration, supported by The Taiwanese Ministry of Economic Affairs and Innovate UK, part of UK Research and Innovation (UKRI).
About the 2024 UK-Taiwan Collaborative R&amp;D Initiative The 2024 UK-Taiwan Collaborative R&amp;D Initiative has invested more than £10 million this year to promote bilateral industrial technology research and development cooperation. The nine award-winning projects will promote the joint development of advanced technologies in fields such as electrical information communication, biomedicine, and electromechanical by Taiwan-UK enterprises.

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