Latest news for Janel (OTC:JANL) Stock

Janel Corp is a holding company. The company's operating segments include Logistics Services, Manufacturing, and Life Sciences. The logistics Services segment is a full-service provider of cargo transportation logistics management services, including freight forwarding via air, ocean, and land-based carriers, customs brokerage services, warehousing, and distribution services. The Manufacturing segment is engaged in manufacturing and distributing industrial mixing equipment and apparatus for specific applications within various industries. The Life Sciences segment manufactures and distributes monoclonal and polyclonal antibodies, diagnostic reagents, and other immunoreagents for biomedical research. It generates maximum revenue from the Logistics Services segment.

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JANL

RBCN

Rubicon Technology Inc (NASDAQ: RBCN) shares are trading higher Tuesday after the company announced that it entered into a definitive stock purchase and sale agreement with Janel Corporation (Pink: JANL).&lt;/

Why Rubicon Technology Stock Is Soaring Today

Janel Corp

PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) today announced its agreement to acquire the remaining 50% interest in Sabra Dipping Company, LLC (Sabra) and PepsiCo-Strauss Fresh Dips &amp; Spreads International GmbH (Obela) and become the sole owner of these companies, which make Sabra and Obela products.
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Sabra and Obela are currently 50/50 joint ventures that had been formed between PepsiCo and Strauss Group to manufacture, distribute, and sell refrigerated dips and spreads. The Sabra joint venture is based in New York and operates in the U.S. and Canada. The Obela joint venture is based in Geneva and operates in Australia, New Zealand and Mexico.
PepsiCo has focused on the fresh dips category for over 15 years, forming Sabra and Obela as 50/50 joint ventures with the Strauss Group in 2008 and 2012, respectively. Sabra has become a leading hummus brand with nearly $400MM in retail sales in the U.S. This transaction will enable PepsiCo to continue to transform its portfolio and drive accelerated innovation to develop more products that meet the growing demand for positive choices from North American consumers.

News

PepsiCo Secures Full Ownership of Sabra and Obela with 50% Buyout

Piper Sandler analyst Brent Bracelin maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Overweight and raises the price target from $70 to $90.

Price Target

Analyst Ratings

PCOR

Piper Sandler Maintains Overweight on Procore Technologies, Raises Price Target to $90

Shares of Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) nosedived by 6.2% to $148.11 per share in premarket, despite closing 16% higher at $158.02 apiece on Thursday. Technical analysis points towards a bullish trend, with the stock trading at overbought levels.
What Happened: Reddit&#8217;s shareholder, Advance Magazine Publishers Inc. plans to sell as much as $1.2 billion of the company&#8217;s stake, <a href="https://www.bloomberg.com/news/articles/2024-11-21/advance-magazine-said-to-seek-1-2-billion-in-reddit-share-sale">reported</a> Bloomberg on Friday morning. The company is said to be offering 7.8 million shares in between the range of $145.38-$148.54 each.
Advance Magazine Publishers is an arm of the Newhouse family publishing empire that owns Conde Nast. The company seeks to establish a credit facility using Reddit&#8217;s stake, while buying derivatives on Reddit&#8217;s shares, which allow it to indirectly maintain an ownership stake, reported Bloomberg.
Apart from this, Reddit faced an outage <a href="https://www.benzinga.com/24/11/42118134/reddit-resolves-another-outage-after-morning-disruptions-impact-72000-users">on Wednesday and Thursday</a> this week. This outage stems from an HTTP error, as per TechCrunch. The platform was able to resolve the issue later.
Also read: <a href="https://www.benzinga.com/24/11/42118134/reddit-resolves-another-outage-after-morning-disruptions-impact-72000-users">Reddit Suffers Second Disruption In Two Days</a>
Why It Matters: Technical analysis points towards strong support for the RDDT stock.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="276" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1024x276.png" alt="" class="wp-image-660516" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1024x276.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-300x81.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-768x207.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final-1536x414.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033719/Reddit-Technical-final.png 1737w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Thursday&#8217;s closing price of $158.02 sits above its eight, 20, and 50-day simple moving averages, signaling a bullish trend. However, the stock's distance from its 100-day moving average of $75.59 suggests potential selling opportunities with the relative strength index of 79.18 indicating overbought conditions.
While RDDT stock could face volatility, if the stake sale report holds true its recent upgrade from Piper Sandler citing strong user growth metrics, makes it attractive in the longer term.
According to <a href="https://www.benzinga.com/quote/RDDT/analyst-ratings">Benzinga pro data</a>, Reddit has a consensus price target of $92.84 based on the ratings of 19 analysts. The high is $150 per share issued by Piper Sandler on Nov. 19 and the low is $54 apiece issued by New Street Research on March 26, 2024.
The average price target of $118.33 between Piper Sandler, Bernstein, and Citigroup implies a 19.28% downside for Reddit.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="374" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-1024x374.png" alt="" class="wp-image-660511" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-1024x374.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-300x110.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings-768x280.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22033546/reddit-analyst-ratings.png 1071w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read next: <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">Donald Trump&#8217;s DOGE Initiative To Have &#8216;Marginal Impact&#8217; Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures</a>
Image via Shutterstock

Equities

Markets

Tech

General

RDDT

Reddit Tumbles 7% In Premarket Amid Advance's Stake Sale Announcement: Technicals Show Strong Support, But Selling Pressure Persists At Overbought Levels

Piper Sandler analyst Arvind Ramnani assumes PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) with a Neutral rating and announces Price Target of $88.

Initiation

PYPL

Piper Sandler Assumes PayPal Holdings at Neutral, Announces Price Target of $88

Outlook
For the fourth quarter of 2024, Sunlands currently expects net revenues to be between RMB450 million to RMB470 million, which would represent a decrease of 13.2% to 16.9% year-over-year.

Guidance

Sunlands Technology Expects Q4 Net Revenue Of RMB450M-RMB470M, Down By 13.2%-16.9% YoY

Earnings

Sunlands Technology Q3 EPS $1.86 Up From $1.31 YoY, Sales $70.00M Down From $71.91M YoY

South Korean automaker Hyundai Motor Co&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) incoming CEO Jose Munoz is optimistic about the future of electric vehicles despite fears of EV tariffs and incentives getting dropped or reduced under the upcoming Donald Trump presidency.
What Happened: Hyundai decided to make a big investment in America during the previous Trump administration before the introduction of the Inflation Reduction Act (IRA) which provides incentives for the manufacturing of electric vehicles in the U.S., Munoz said in an <a href="https://www.youtube.com/watch?v=1E3zF6S2JaQ">interview </a>with CNBC. 
&#8220;The fact that Elon Musk is so close to Trump is probably good for electric vehicles, not bad. We are not planning our business based on incentives. We want to produce really great vehicles with great features,&#8221; he said. Munoz&#8217;s appointment as co-CEO of Hyundai will be <a href="https://www.benzinga.com/tech/24/11/42004380/hyundai-gears-up-for-trumps-return-to-white-house-elevates-us-chief-jose-munoz-to-co-ceo-appoints-former-us-diplomat-to-manage-external-affairs">effective from January. </a>
Why It Matters: In November 2023, Hyundai announced that it would <a href="https://www.benzinga.com/news/23/11/35768916/hyundai-announces-25-wage-hike-for-alabama-and-georgia-production-team-amid-labour-unrest">invest $12.6 billion in EV and battery manufacturing facilities in Georgia</a>, making it its largest investment outside South Korea. The first electric vehicle rolled off the assembly line in Georgia in October. 
Earlier this week, the company unveiled its Ioniq 9 three-row SUV which will roll out in the U.S. early next year. The Ioniq 9 will be up against other 3-row SUVs from rival automakers including Lucid Motors and General Motors and will be manufactured in Georgia. 
Hyundai now aims to have a lineup of 23 EV models by 2030.
Meanwhile, Wedbush analyst Dan Ives said Trump&#8217;s plan to get rid of consumer tax credits for EVs is actually not positive for Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Eliminating the EV tax credit could pose a major challenge to the United States&#8217; EV transition. However, Musk, a prominent supporter of Trump, has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">reportedly expressed his support </a>to Trump's team for ending the EV tax credit.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42058338/byd-makes-a-million-nevs-in-less-than-2-months" target="_blank" rel="noreferrer noopener">BYD Makes A Million NEVs In Less Than 2 Months After Beating Tesla For The First Time Since 2022 In Quarterly Revenue</a></li>
</ul>
Image via Flickr

HYMTF

TSLA

Tesla CEO Elon Musk's Proximity To Trump Will Benefit EV Industry, Says Incoming Hyundai CEO As He Shrugs Off Potential Tariff Threats

Mark Zuckerberg-led Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Thursday announced new efforts to combat the growing <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32920991/woman-falls-for-crypto-scammer-on-tinder-loses-entire-401-k-savings-of-100-000">threat of &#8220;pig butchering&#8221; scams</a>, which have cost Americans billions of dollars each year.
What Happened: Pig butchering scams typically involve scammers building fake online relationships with victims before convincing them to invest in fraudulent investment schemes, often involving cryptocurrency.
These scams take months to develop, with scammers using dating apps, social media platforms, and messaging apps like Telegram and WhatsApp <a href="https://www.benzinga.com/news/24/07/39991479/ferrari-executive-targeted-by-deepfake-scam-report">to lure in victims</a>.
The U.S. Institute of Peace estimates that up to 300,000 individuals were coerced into participating in scams globally by these criminal organizations, resulting in about $64 billion in stolen funds annually as of 2023.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle">Meta Confirms Layoffs Across Instagram, WhatsApp And Reality Labs Amid Strategic Reshuffle</a>
According to Meta, the tech giant has taken down more than 2 million scam-related accounts this year and will begin flagging potential scam messages across its platforms, including Facebook, Instagram, and WhatsApp.
Meta is sharing information with international law enforcement to help identify and shut down criminal networks behind these scams.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Pig butchering scams are a growing issue, with the FBI reporting nearly $12.5 billion in losses from online fraud in 2023 alone, marking a 22% increase from the previous year.
In May 2024, Meta, Match Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), the owner of Tinder and Hinge, and several cryptocurrency firms formed a coalition.
Known as the &#8220;Tech Against Scams&#8221; coalition, these companies committed to exchanging information about scammers and improving user education.
However, that doesn't mean Zuckerberg's Meta has not faced criticism for its role in Fraud cases.
Earlier this year, South Korea&#8217;s antitrust regulator examined the possibility of <a href="https://www.benzinga.com/news/24/03/37554106/facebook-and-instagrams-marketplace-practices-under-ftc-radar-in-south-korea-for-user-safety-slip-up">sanctions against Meta</a> over alleged failures in consumer protection on its online marketplaces.
In December 2022, Zuckerberg faced a lawsuit for his platform&#8217;s involvement in a <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33981694/facebook-faces-expulsion-from-thailand-for-failing-to-crack-down-on-scams">marijuana investment scam</a>.
Some anti-scam advocates believe tech companies&#8217; efforts to combat pig butchering are insufficient and delayed.
Jake Sims, co-founder of Operation Shamrock, a global coalition dedicated to tackling scams and the criminal networks behind them, stated that merely warning users and occasionally removing accounts doesn&#8217;t address the full scope of the criminal activity involved.
&#8220;After three years of Meta's awareness of this problem on their platforms, the situation is getting worse, not better,&#8221; Sims <a href="https://www.nbcnews.com/tech/security/meta-removes-2-million-accounts-related-pig-butchering-scams-rcna181025">told</a> NBC News.
Price Action: Meta&#8217;s shares fell by 0.43% on Thursday, closing at $563.09, and dropped an additional 0.34% in after-hours trading, reaching $561.18 as of this writing, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42053801/alphabets-life-sciences-firm-verily-to-become-a-standalone-entity-disconnect-from-google">Alphabet's Life Sciences Firm Verily To Become A Standalone Entity, Disconnect From Google</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Meta

Social Media

MTCH

Mark Zuckerberg's Meta Cracks Down On $64B 'Pig Butchering' Scams Involving Dating Apps, Social Media And Crypto Investing

Macro Economic Events

Econ #s

Economics

Germany Services Purchasing Managers Index Preliminary For November 49.4 Vs. 51.8 Est.; 51.6 Prior

<h3>Companies Reporting Before The Bell</h3>
• Dynagas LNG Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLNG#NYSE">DLNG</a>) is estimated to report quarterly earnings at $0.28 per share on revenue of $38.34 million. 
• Pyxis Tankers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PXS#NASDAQ">PXS</a>) is projected to report earnings for its third quarter. 
• Global Blue Gr Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GB#NYSE">GB</a>) is expected to report quarterly earnings at $0.07 per share on revenue of $135.94 million. 
• ZKH Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZKH#NYSE">ZKH</a>) is likely to report earnings for its third quarter. 
• IES Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IESC#NASDAQ">IESC</a>) is projected to report earnings for its fourth quarter. 
• Addex Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) is projected to report earnings for its third quarter. 
• Sunlands Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STG#NYSE">STG</a>) is expected to report earnings for its third quarter. 
• Destination XL Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXLG#NASDAQ">DXLG</a>) is estimated to report quarterly earnings at $0.03 per share on revenue of $113.46 million. 
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ADXN

DLNG

DXLG

IESC

Earnings Scheduled For November 22, 2024

Germany Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 43.1 Est.; 43.0 Prior

France Services Purchasing Managers Index Preliminary For November 45.7 Vs. 49.0 Est.; 49.2 Prior

France Manufacturing Purchasing Managers Index Preliminary For November 43.2 Vs. 44.6 Est.; 44.5 Prior

Buybacks

STNE

Reported Earlier, StoneCo Announces R$2B Repurchase Plan, Replacing Previous Buyback Program

BENF

Reported Earlier, Beneficient Highlights TEFFI Impact: $126M Equity Gain, $3M Grants, And $5B Financing Capacity

Huawei Technologies Co. is reportedly set to release its most advanced domestically made chip in the Mate 70 series, amid ongoing U.S. sanctions.
What Happened: The new chip will power select models in Huawei's Mate 70 lineup, which is expected to launch next week, <a href="https://www.wsj.com/tech/huaweis-chip-advances-threaten-apple-in-china-165a1e9e?mod=tech_lead_story">reported</a> the Wall Street Journal, citing people familiar with the matter.
The launch comes as Huawei continues to increase its market share in China, where it has seen a rise in consumer demand.
In the third quarter of this year, Huawei's market share in China grew to 15.3% from 8.6% last year, positioning it as a significant competitor to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in the high-end smartphone market.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41017367/huawei-riding-high-on-trifold-success-launches-revolutionary-laptop-powered-by-homegrown-chips-softw">Huawei, Riding High On Trifold Success, Launches Revolutionary Laptop Powered By Homegrown Chips, Software — China Ready To Break Free From US Tech Dependence?</a>
The new chips, produced by Semiconductor Manufacturing International Corporation or SMIC, leverage advanced technologies to improve performance and power efficiency, allowing Huawei to compete more effectively with Apple's offerings.
&#8220;The Mate 70 will continue to put more pressure on Apple in China,&#8221; said IDC vice president Bryan Ma, according to the report.
Although Huawei's chips still lag behind Apple's in terms of power efficiency, he noted that the difference may not be significant as long as users can get through the day without worrying about charging, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This development coincides with an earlier report that suggested Huawei plans to begin <a href="https://www.benzinga.com/news/24/11/42105518/huawei-to-reportedly-take-on-nvidia-with-mass-production-of-new-ai-chips-by-2025-amid-us-restrictions">mass production of its new AI chip</a>, the Ascend 910C, in early 2025, despite facing major challenges from U.S. trade restrictions.
In May earlier this year, the Joe Biden administration <a href="https://www.benzinga.com/markets/asia/24/05/38682654/biden-administration-tightens-grip-on-chinas-huawei-revokes-key-export-licenses-from-us-chipmakers">canceled export licenses</a> for leading U.S. semiconductor companies such as Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), blocking them from providing essential chips to Huawei.
During the same month, a report from Counterpoint Research suggested that <a href="https://www.benzinga.com/news/24/05/39107001/after-apple-huawei-takes-on-samsung-in-race-to-become-worlds-top-foldable-phone-maker-report">Huawei surpassed</a> Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) in global foldable smartphone shipments for the first quarter of 2024.
Last month, U.S. lawmakers called on the Department of Commerce to take stronger measures against Huawei&#8217;s reported efforts to evade sanctions by using a <a href="https://www.benzinga.com/markets/asia/24/10/41368844/us-lawmakers-demand-tougher-action-on-huaweis-secretive-chip-network">covert network of semiconductor facilities</a>.
Price Action: At the time of writing, Apple shares increased by 0.02% to $228.56 in after-hours trading, following a 0.21% decline to $228.52 during Thursday's regular session, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40953906/huaweis-2-800-tri-fold-mate-xt-sparks-frustration-as-limited-stock-fails-to-meet-demand">Huawei&#8217;s $2,800 Tri-Fold Mate XT Sparks Frustration As Limited Stock Fails To Meet Demand</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

Media

AAPL

INTC

QCOM

SSNLF

Apple Faces New Challenge As Huawei Advances Domestic Chip Tech In Mate 70 Series Amid US Sanctions: Report

Abacus intends to use net proceeds of the primary portion of the offering for its operations, including the purchase of life settlement policies, to support its overall business strategy, for working capital purposes, and for general corporate purposes, which may include funding previously announced and future acquisitions and repayment and refinancing of its indebtedness. Abacus will receive no proceeds from the secondary portion of the offering.

Reported Earlier, Abacus Life Prices $100M Public Offering Of 12.5M Common Shares At $8 Per Share

President-elect Donald Trump&#8216;s <a href="https://www.msn.com/en-us/money/news/trumps-doge-with-musk-at-the-helm-riddled-with-conflicts-of-interest-says-clinton-era-official-robert-reich/ar-AA1u3Joj">appointed DOGE</a> or the Department of Government Efficiency could potentially save $50–100 billion annually, according to Congressional Budget Office (CBO) analyses, said Mario Georgiou, CFA and executive director, head of investments at InCred Global Wealth U.K.
What Happened: Georgiou said that DOGE &#8220;tasked with cutting wasteful spending, could play a role in improving fiscal discipline, but the scale of potential savings is expected to be modest.&#8221;
The U.S. federal budget deficit could reach $1.7 trillion in 2024, entailing mandatory spending on Social Security and Medicare, which accounts for over 60% of expenditures, Georgiou said. &#8220;Even if the DOGE achieves its objectives, potential savings are estimated at $50–100 billion annually, according to Congressional Budget Office analyses, which would have only a marginal impact compared to total federal outlays of approximately $6.7 trillion in 2024,&#8221; he added.
However, Tesla Inc. and SpaceX CEO Elon Musk <a href="https://www.benzinga.com/news/24/11/42069803/elon-musks-doge-job-applications-require-x-premium-subscription">who will co-lead DOGE</a> with Republican politician Vivek Ramaswamy had called for &#8220;at least $2 trillion&#8221; in budget cuts last month while speaking at a rally in New York.
On Wednesday, Musk and Ramaswamy outlined their vision for DOGE, &#8220;The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions, and cost savings,&#8221; the duo wrote in a <a href="https://www.wsj.com/opinion/musk-and-ramaswamy-the-doge-plan-to-reform-government-supreme-court-guidance-end-executive-power-grab-fa51c020">WSJ</a> opinion piece on Nov. 20.
Why It Matters: In their opinion piece, the duo said &#8220;DOGE will help end federal overspending by aiming $500 billion-plus in annual federal expenditures that are unauthorized by Congress or being used in ways that Congress never intended.&#8221;
Musk and Ramaswamy aimed a few expenditure programs along with $300 million provided to the other &#8220;progressive groups.&#8221; They mentioned $535 million allotted to the Corporation for Public Broadcasting and $1.5 billion in grants to Planned Parenthood annually.
Discretionary spending—where most inefficiencies and &#8220;waste&#8221; are typically identified, &#8220;constitutes a smaller portion of the budget and offers limited opportunities for impactful cuts​​,&#8221; Georgiou added.
Musk and Ramaswamy highlighted that several federal contracts have gone unexamined for years. They suggested that a temporary suspension of payments would facilitate comprehensive audits, resulting in substantial cost savings.
&#8220;The Pentagon recently failed its seventh consecutive audit, suggesting that the agency's leadership has little idea how its annual budget of more than $800 billion is spent.&#8221;
Also read: <a href="https://www.benzinga.com/markets/equities/24/11/42105450/elon-musk-says-amazon-founder-jeff-bezos-urged-tesla-spacex-investors-to-dump-stakes-predicting-trumps-loss">Elon Musk Says Amazon Founder Jeff Bezos Urged Tesla, SpaceX Investors To Dump Stakes, Predicting Trump&#8217;s Loss</a>
&#8220;We are focused on delivering cost savings for taxpayers,&#8221; the duo said in their piece.
Musk and Ramaswamy swiftly defended their stance on cutting the budgets of a few entitlement programs. &#8220;Critics claim that we can't meaningfully close the federal deficit without aiming for entitlement programs like Medicare and Medicaid, which require Congress to shrink. But this deflects attention from the sheer magnitude of waste, fraud, and abuse that nearly all taxpayers wish to end,&#8221; they added.
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Meritage also announced that its Board of Directors has approved a $250 million increase to the Company's share repurchase authorization. This increase combined with $15 million in systematic buybacks on a quarter to date basis brings the Company's total authorized share repurchase program to $334 million as of November 21, 2024.

Reported Earlier, Meritage Homes Declares $0.75 Dividend And Expands Share Buyback By $250M

Total Revenue was ¥18.9 billion for the fiscal year ended June 30, 2024, from ¥17.4 billion for the fiscal year ended June 30, 2023.
The major revenue component, Real Estate Sales, increased to ¥18.5 billion from ¥17.1 billion, 8.1% year over year, in the fiscal year ended June 30, 2024.

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Janel

Rubicon Technology&nbsp;Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBCN#NASDAQ">RBCN</a>) shares are trading higher Tuesday after the company announced that it&nbsp;entered into a definitive stock purchase and sale agreement&nbsp;with Janel Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JANL#OTC">JANL</a>).

Pursuant to the agreement,&nbsp;Janel will commence a cash tender offer to purchase up to&nbsp;45%&nbsp;of the outstanding shares of Rubicon&nbsp;for&nbsp;$20&nbsp;per share. The sale agreement has been unanimously approved by the board of directors of both companies.

The offer is expected to&nbsp;commence within the next 10 business days, with the closing anticipated to be approximately 30 days thereafter.&nbsp;Upon completion of the&nbsp;offer, Rubicon will distribute&nbsp;$11&nbsp;per share in cash&nbsp;to the company&#39;s shareholders.&nbsp;

Rubicon is an advance materials provider specializing in monocrystalline sapphire products for optical systems and expertise extending from the preparation of raw aluminum oxide through sapphire crystal growth and fabrication.

See Also:&nbsp;<a href="https://www.benzinga.com/news/22/07/27951516/benzinga-before-the-bell-and-other-top-financial-stories-tuesday-july-5">Benzinga Before The Bell: Record Inflows In &#39;Short Bitcoin&#39; Funds, Elon Mus&#39;s Trillionaire Possibility, Gmail&#39;s Political Bias And Other Top Financial Stories Tuesday, July 5</a>

RBCN Price Action: Rubicon is making new 52-week highs on Tuesday.

The stock was up 66.8% at $15.15 at press time, according to data from&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks">Benzinga Pro</a>.

Rubicon Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBCN#NASDAQ">RBCN</a>) (&quot;Rubicon&rdquo; or the &ldquo;Company&quot;) announced today that it has entered into a definitive Stock Purchase and Sale Agreement (the &quot;Sale Agreement&quot;) with Janel Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JANL#OTC">JANL</a>) (&quot;Janel&quot;), pursuant to which Janel will commence a cash tender offer to purchase up to 45% of the outstanding shares of Rubicon&#39;s common stock on a fully-diluted basis at a price of $20.00 per share. The offer price represents approximately 120% premium to the Company&#39;s closing stock price on the NASDAQ of $9.10 on July 1, 2022. The Sale Agreement and the transactions contemplated thereby have been unanimously approved by the board of directors of both companies. Janel&#39;s obligation to complete the tender offer, among other things, is subject to the receipt of at least 35% of the outstanding shares of Rubicon&#39;s common stock on a fully-diluted basis.

Upon completion of the tender offer, Rubicon will distribute cash in the amount of $11.00 per share (the &ldquo;Distribution&rdquo;) to the Company&rsquo;s stockholders. Upon closing of the tender offer, two of Rubicon&rsquo;s current directors will resign and Janel will have the right to select two individuals to fill the vacancies created by the resignations.&nbsp; As soon as practicable subsequent to the tender closing and the Distribution, Rubicon intends to commence the process to voluntarily delist from the Nasdaq Stock Market and deregister its securities with the Securities and Exchange Commission.

Bandera Partners LLC, Sententia Capital Management LLC, Poplar Point Capital Management LLC and Aldebaran Capital, LLC, the Company&rsquo;s four largest stockholders, have entered into agreements with Janel respectively committing to tender all of their Rubicon common stock on the same terms as all of Rubicon&rsquo;s other stockholders.

&quot;After careful and thorough analysis, together with the advice of our advisors, the Board has endorsed this transaction as being in the best interest of Rubicon&rsquo;s stockholders,&quot; said Timothy E. Brog, the Company&rsquo;s Chief Executive Officer. &quot;We are pleased that the combined tender offer and subsequent distribution of cash to our stockholders will provide stockholders a significant premium to the current market price, while also enabling investors to retain equity in the Company and participate in its future direction.&quot;

It is anticipated that the tender offer will commence within the next 10 business days, with the closing anticipated to be approximately 30 days thereafter. The closing of the tender offer is subject to customary conditions, as well as the 35% minimum condition. The tender offer is not subject to a financing contingency.

Janel Corporation To Launch A Cash Tender Offer To Acquire A 45% Interest In Rubicon Technology, Inc. At $20/Share; Following The Tender Offer Rubicon Will Distribute Cash Of $11/Share To Its Stockholders

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Tuesday, July 05, 2022

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