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HC Wainwright &amp; Co. analyst Andrew Fein initiates coverage on Palvella Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PVLA#NASDAQ">PVLA</a>) with a Buy rating and announces Price Target of $38.

News

Price Target

Initiation

Analyst Ratings

PVLA

HC Wainwright & Co. Initiates Coverage On Palvella Therapeutics with Buy Rating, Announces Price Target of $38

Raymond James analyst C. Gregory Peters downgrades Hagerty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HGTY#NYSE">HGTY</a>) from Market Perform to Underperform.

Downgrades

HGTY

Raymond James Downgrades Hagerty to Underperform

Needham analyst Chris Pierce maintains ACV Auctions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACVA#NASDAQ">ACVA</a>) with a Buy and raises the price target from $26 to $28.

ACVA

Needham Maintains Buy on ACV Auctions, Raises Price Target to $28

Raymond James analyst Aaron Kessler upgrades EverQuote (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVER#NASDAQ">EVER</a>) from Outperform to Strong Buy and maintains the price target from $35 to $35.

Upgrades

EVER

Raymond James Upgrades EverQuote to Strong Buy, Maintains Price Target to $35

Raymond James analyst C. Gregory Peters upgrades Progressive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) from Market Perform to Outperform and announces $305 price target.

Raymond James Upgrades Progressive to Outperform, Announces $305 Price Target

Reported Earlier, Nippon Steel Extends Estimated Time To Close US Steel Merger Agreement To Q1 Of Calendar Year 2025 From Previously Expected Q3 Or Q4 Of Calendar Year 2024

Over the next three years, the GDTC plans to continue its expansion, focusing on advancing AI/ML capabilities and developing innovative digital solutions to boost operational efficiency and customer engagement.&nbsp;

Kimberly-Clark Increases Its Commitment To India Through Its Global Digital Technology Center In Bengaluru

In a recent survey conducted by&nbsp;Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZCAR#NASDAQ">ZCAR</a>), India's leading car-sharing marketplace, reported a remarkable 43% year-on-year growth in bookings for November, driven primarily by a surge in demand during the wedding season. This year's wedding season in India has been the strongest in recent years, emerging as one of the biggest contributors to this growth. With the assumption of a similar growth trend as the upcoming holiday season approaches, Zoomcar recognizes the importance of broadening and diversifying its booking channels to capture greater market potential and has revamped its website booking experience to provide a seamless and user-friendly booking experience, matching the convenience of its mobile app.
 &nbsp;

ZCAR

Zoomcar Reports 43% Booking Surge, Revamps Website Ahead of Holiday Rush

NIO Reveals Repurchase Right Notification For 0.50% Convertible Senior Notes Due 2027

BYD Co Ltd&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) contractor Jinjiang Group on Thursday said that the Brazilian authority&#8217;s portrayal of its employees working at the Chinese EV giant&#8217;s factory in Brazil as &#8220;enslaved&#8221; is &#8220;completely inconsistent with facts.&#8221;
What Happened: Jinjiang said that their workers were unjustly labeled as enslaved, making them feel insulted.
"Being unjustly labeled as ‘enslaved' has made our employees feel that their dignity has been insulted and their human rights violated, seriously hurting the dignity of the Chinese people. We have signed a joint letter to express our true feelings," Jinjiang said on Weibo, as translated by Reuters news agency.
Lin Yunfei, general manager of branding and public relations at BYD, also reposted the statement. Yunfei also alleged that the allegations are an attempt by &#8220;foreign forces&#8221; to smear Chinese brands and the country.
"In the matter of smearing Chinese brands, smearing China, and attempting to undermine the friendship between China and Brazil, we have seen how relevant foreign forces maliciously associate and deliberately smear," Yunfei said in a post on Weibo.
BYD did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Why It Matters: Brazilian authorities said on Monday that they have <a href="https://www.benzinga.com/government/regulations/24/12/42667814/brazil-authorities-halt-work-at-byd-factory-site-after-workers-found-in-slavery-like-conditions">halted the construction of the plant that BYD&nbsp;is building in Salvador</a>, Bahia after finding workers living and working in conditions analogous to "slavery."
Authorities ordered that the construction of the factory in Bahia be stopped after rescuing 163 people working at the site, according to a statement by the Labor Prosecutor's Office (MPT).
The authorities shut down the workers' lodgings and communicated the same to both BYD and construction firm Jinjiang Construction Brazil Ltd, one of the contractors hired by the company to carry out the construction, it added.
The MPT also noted that the conditions constituted "forced labor." If a worker were to terminate their employment contract after six months, they would leave the country without any pay for their work since the company deducted their airfare to and from Brazil, in addition to other costs, the statement said.
BYD was planning to start production at the factory in Brazil in 2025. 
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 Next:
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</ul>
Photo courtesy: Shutterstock

Regulations

Tech

BYDDY

BYD Contractor Denies Allegations Of 'Slavery-Like' Working Conditions At Factory Site In Brazil

The CNN Money Fear and Greed index showed a further easing in the fear level, while the index remained in the &#8220;Fear&#8221; zone on Tuesday.
U.S. stocks settled higher on Tuesday, with the S&amp;P 500 jumping over 1% on Christmas Eve. Shares of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained more than 7%, while Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) edged higher by 0.4% during the session.
The New York Stock Exchange closed early Tuesday for Christmas Eve and was also shut on Wednesday for Christmas Day.
On the economic data front, the U.S. Redbook index increased 5.9% year-over-year in the latest week, following a prior reading of a 4.8% gain. The composite manufacturing index in the U.S. Fifth District increased to -10 in December compared to a reading of -14 in the previous month.
All sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, financial, and information technology stocks recording the biggest gains on Tuesday.
The Dow Jones closed higher by around 390 points to 43,297.03 on Tuesday. The S&amp;P 500 rose 1.10% to 6,040.04, while the Nasdaq Composite surged 1.35% at 20,031.13 during Tuesday's session.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 34, the index remained in the &#8220;Fear&#8221; zone on Tuesday, versus a prior reading of 29.6.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42669200/wall-streets-most-accurate-analysts-give-their-take-on-3-utilities-stocks-with-over-4-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Utilities Stocks With Over 4% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Long Ideas

Pre-Market Outlook

Markets

Trading Ideas

NVDA

TSLA

S&P 500 Surges Over 1% As Santa Rally Kicks Off, Tesla, Nvidia Gain: Greed Index Remains In 'Fear' Zone

With U.S. stock futures trading slightly higher this morning on Thursday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>iHuman Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IH#NYSE">IH</a>) reported net income of RMB25.1 million ($3.6 million) for the third quarter, down from RMB51.9 million in the year-ago period. Its revenues fell 8.4% to RMB239.4 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. iHuman shares gained 1.1% to close at $1.7589 on Tuesday.</li>
<li>Color Star Technology Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADD#NASDAQ">ADD</a>) shares rose sharply in pre-market trading after the company announced a prominent member of the UAE&#8217;s royal family, has joined the company as an independent director. Color Star Technology shares climbed 125.9% to $4.88 in the pre-market trading session.</li>
<li>Health In Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIT#NYSE">HIT</a>) announced the closing of its IPO of 2,300,000 shares of its Class A common stock at a price of $4.00 per share. Health In Tech shares gained 7.8% to close at $5.50 on Tuesday.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares jumped more than 7% on Tuesday. The company's CEO Elon Musk on Monday said that the EV company could exceed the value of all transport companies with the exception of his rocket manufacturing company SpaceX. Tesla shares climbed 7.4% to close at $462.28 on Tuesday.</li>
<li>Toyota Motor Corp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) Toyota and Lexus brand vehicle sales in North America <a href="https://www.benzinga.com/24/12/42680141/toyota-lexus-vehicle-sales-rose-over-4-in-november-in-north-america-thanks-to-black-friday-shoppers">increased 4.1% year-over-year</a> to 241,662 units in November even as production in the region was more or less flat as compared to the corresponding period last year. Toyota shares jumped 9% to $197.70 in the pre-market trading session.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/24/12/42669200/wall-streets-most-accurate-analysts-give-their-take-on-3-utilities-stocks-with-over-4-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Utilities Stocks With Over 4% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla, Toyota And 3 Stocks To Watch Heading Into Thursday

Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) is reportedly close to merging its South Korean operations with E-Mart Inc. in a deal valued at approximately $4 billion. This strategic move aims to bolster their position in South Korea&#8217;s competitive online retail market.
What Happened: The potential joint venture would combine the e-commerce assets of both companies, creating a stronger entity to challenge local competitors like Naver Corp. and Coupang Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>). Discussions are ongoing, and while an announcement could come as soon as this week, finalizing the agreement may take longer, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-26/alibaba-is-said-to-near-4-billion-deal-with-korea-s-e-mart">reported</a> on Thursday.
The merger comes as Alibaba seeks to expand its international presence amid slowing growth in its core Chinese market. Meanwhile, E-Mart has been actively growing its e-commerce segment, notably acquiring a controlling interest in eBay Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) South Korean marketplace in 2021 for roughly $3 billion.
Neither Alibaba nor E-Mart has commented on the matter yet to <a href="https://pro.benzinga.com">Benzinga</a>.
See Also: <a href="https://www.benzinga.com/24/12/42664623/cathie-wood-led-ark-invests-monday-moves-dumps-tesla-palantir-stock-adds-amazon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood-Led Ark Invest&#8217;s Monday Moves: Dumps Tesla, Palantir Stock, Adds Amazon</a>
This development occurs against a backdrop of declining consumer confidence in South Korea, impacted by political instability following President Yoon Suk Yeol&#8217;s&nbsp;declaration of martial law and&nbsp;subsequent impeachment.
Why It Matters: The potential merger between Alibaba and E-Mart is part of Alibaba&#8217;s broader strategy to refocus on its core e-commerce operations. Earlier this year,&nbsp;<a href="https://www.benzinga.com/news/24/02/36912036/alibaba-plans-to-sell-off-grocery-and-retail-assets-doubles-down-on-e-commerce-core">Alibaba announced plans</a>&nbsp;to divest several consumer sector assets, including its grocery business Freshippo and retailer RT-Mart. This move aligns with the company&#8217;s strategic pivot under Chairman Joe Tsai and CEO Eddie Wu, aiming to shed non-essential and unprofitable units.
Moreover, Alibaba&#8217;s recent investment of $71.4 million in South Korean apparel brand Ably Corp has turned it into the country&#8217;s first unicorn of 2024, highlighting Alibaba&#8217;s growing interest in the South Korean market. This investment valued <a href="https://www.benzinga.com/24/12/42260627/south-korea-gets-its-first-unicorn-of-2024-as-china-based-alibaba-invests-714m-in-ably-corp">Ably at over $1 billion</a>, marking a significant increase from its previous valuation.
Read Next: 
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<li><a href="https://www.benzinga.com/news/global/24/12/42638862/kiyosaki-warns-of-global-financial-crisis-protect-your-wealth-by-investing-in-real-assets?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Warns Of Global Financial Crisis: &#8216;Invest In Real Assets To Protect Your Wealth by Investing in Real Assets&#8217;</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.
Image via Shutterstock

General

BABA

CPNG

EBAY

Alibaba Nears $4B E-Commerce Merger With South Korea's E-Mart: Report

Peter Thiel, former CEO of PayPal, once shared his perspective on the evolving role of artificial intelligence and its potential impact on math skills.
What Happened: In April, earlier this year, speaking on the &#8220;Conversations with Tyler&#8221; podcast, Thiel suggested that AI&#8217;s rise could reduce the emphasis on math proficiency, as AI systems can solve complex mathematical problems.
The billionaire expressed concerns about Silicon Valley&#8217;s heavy focus on math, describing it as an unstable trend. He questioned the link between math skills and other fields, such as neurosurgery, and proposed that AI could lead to a societal transformation.&nbsp;
See Also: <a href="https://www.benzinga.com/24/12/42666738/how-apples-upcoming-smart-doorbell-compares-to-amazons-ring?itm_source=parsely-api">How Apple&#8217;s Upcoming Smart Doorbell Compares To Amazon&#8217;s Ring</a>
Thiel likened this potential change to the impact of IBM&#8217;s Deep Blue defeating chess champion Garry Kasparov in 1997, which altered perceptions of chess skills.
&#8220;Isn&#8217;t that what&#8217;s going to happen to math and isn&#8217;t that a long overdue rebalancing of our society,&#8221; he stated.
His remarks suggest a possible rebalancing in society, where math may no longer be the primary measure of ability.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Peter Thiel on Political Theology &#x7C; Conversations with Tyler" width="500" height="281" src="https://www.youtube.com/embed/vfbndRTlsg4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
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: The integration of AI into everyday tasks is already underway.
Acquired by Alphabet Inc.&#8217;s subsidiary Google a year ago, Photomath already helps users <a href="https://www.benzinga.com/24/03/37475397/solve-math-problems-easily-at-home-with-googles-ai-a-step-by-step-guide-to-using-photomath">solve complex math problems</a>, from basic arithmetic to advanced calculus.
Earlier this year, Alibaba Group Holding Ltd also made strides in AI with its Qwen2-Math models. These models reportedly <a href="https://www.benzinga.com/news/24/08/40311463/alibabas-new-math-ai-models-outshine-us-counterparts-report">outperformed U.S. counterparts</a> in mathematical tasks.
Last year in March, OpenAI&#8217;s ChatGPT, with the Wolfram plug-in, scored 96% on the U.K. A-level math exam, a key benchmark for university admissions. In comparison, ChatGPT alone scored just 43%.
Experts also remain skeptical that AI will replace mathematicians in the near future, according to a June 2023 <a href="https://www.scmp.com/video/technology/3223174/ai-better-maths-mathematicians">report</a> by the South China Morning Post.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>. &nbsp;
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<li><a href="https://www.benzinga.com/tech/24/12/42677587/tech-toys-and-tesla-the-ultimate-santa-tech-wishlist-from-magnificent-7-companies?itm_source=parsely-api">Tech, Toys, And Tesla: The Ultimate Santa Tech Wishlist From Magnificent 7 Companies</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: Wikimedia

Peter Thiel Once Said He Would Bet On The Reversal Of Silicon Valley's Math Bias As AI Continues To Rise: 'Isn't That A Long Overdue Rebalancing Of Our Society'

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) overtook its American rival Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in the fourth quarter of 2023 as the world&#8217;s biggest battery electric vehicle seller. Tesla, however, took back the title in the first quarter of this year and has been holding on to it since.
What Happened: In the last quarter of 2023, BYD sold 526,409 battery electric vehicles, effectively replacing Tesla as the world&#8217;s biggest seller of BEVs. Tesla in that quarter delivered just 484,507 units. 
Tesla regained its position as the world&#8217;s top seller of BEVs in the first quarter after selling 386,810 BEVs, 86,696 units more than BYD. Unlike Tesla which sells only battery electric vehicles, BYD also makes plug-in hybrids. 
Quarterly BEV Sales: Tesla Vs. BYD
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Period</td>
<td>Tesla </td>
<td>BYD</td>
</tr>
<tr>
<td>Q4 2023</td>
<td>484,507</td>
<td>526,409</td>
</tr>
<tr>
<td>Q1 2024</td>
<td>386,810</td>
<td>300,114</td>
</tr>
<tr>
<td>Q2 2024</td>
<td>443,956</td>
<td>426,039</td>
</tr>
<tr>
<td>Q3 2024</td>
<td>462,890</td>
<td>443,426</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Company Disclosures</figcaption></figure>
In Q2 and Q3 this year, Tesla kept its lead ahead of BYD in global BEV deliveries despite hardships. 
In <a href="https://www.benzinga.com/24/12/42259569/chinese-ev-behemoth-and-tesla-rival-byd-marks-68-growth-in-november-sales-on-rising-popularity-of-plug-in-hybrid-evs">October and November</a>, BYD cumulatively sold 387,679 battery-electric vehicles. The company now needs to sell around 112,400 BEVs in December to cross 500,000 BEV sales in a quarter yet again. 
As for Tesla, it is unclear how many vehicles the company has sold thus far this quarter given it only releases sales data at the end of every three months.
For the full year 2023, Tesla delivered 1,808,581 vehicles around the globe. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December. Tesla has not delivered over 500,000 vehicles in a quarter to date, making this an ambitious target. 
Furthermore, according to data from the European Automobile Manufacturers' Association (ACEA), the company is faced with <a href="https://www.benzinga.com/24/12/42571913/tesla-registrations-drop-by-nearly-41-in-november-in-eu-dragging-down-optimism-for-over-500000-ev-deliveries-in-q4">demand challenges in the European Union</a> which might weigh heavily upon the company&#8217;s annual delivery target. 
Financials: 
For the third quarter between July and September, BYD's operating revenue rose 24% to&nbsp;<a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202" target="_blank" rel="noreferrer noopener">201.12 billion yuan ($27.55 billion)</a>, the company said in a filing.
Tesla, meanwhile,&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">reported a total revenue</a>&nbsp;of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped&nbsp;Elon Musk&#8217;s&nbsp;EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
Despite reporting higher revenue than Tesla in the third quarter, BYD&#8217;s net profit continued to trail behind<a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs" target="_blank" rel="noreferrer noopener">&nbsp;Tesla&#8217;s net income of $2.167 billion</a>. The company reported a diluted earnings per share of 4 yuan (55 cents) for the quarter, lower than Tesla&#8217;s adjusted earnings per share of 72 cents.
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>
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</ul>
Photo: Tesla, courtesy Tesla Inc; BYD via Shutterstock

Tesla Or BYD: Which EV Giant Will Sell More Battery Electric Vehicles In Q4?

Average total MAUs for the quarter were 29.12 million, an increase of 14.8% year-over-year from 25.36 million in the same period last year, primarily due to the effective execution of our user acquisition strategy and ongoing product innovation.

Earnings

iHuman's Q3 MAUs Rose 14.8% YoY To 29.12M

Given its confidence in the Company's business prospects, the board of directors (the "Board") has authorized an extension of the Company's existing share repurchase program, as authorized in December 2021 and extended to remain effective to the end of December 2024, by another twelve months through December 31, 2025.&nbsp;

Buybacks

iHuman Extends Share Buyback Program By Another 12 Months Through End of 2025

iHuman Q3 Adj EPADS $0.07 Down From $0.14 YoY, Sales $34.12M Down From $35.84M YoY

<h3>Companies Reporting Before The Bell</h3>
<h3>Companies Reporting After The Bell</h3>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Scheduled For December 26, 2024

Amid the bustling holiday season, an Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) driver left 80 packages in a wooded area in Lakeville, Massachusetts. This incident occurred because the company faced intense pressure to meet delivery demands.
What Happened: A stressed Amazon driver abandoned 80 packages&nbsp;in a wooded area near&nbsp;Lakeville, Massachusetts, just days before Christmas.&nbsp;A Lakeville police sergeant discovered&nbsp;the&nbsp;packages during a routine patrol&nbsp;early Sunday morning, finding them scattered in three large totes near 63 Bedford Street, NBC News <a href="https://www.nbcnews.com/news/us-news/stressed-amazon-driver-abandons-80-packages-mass-woods-holiday-shippin-rcna185343">reported</a> on Thursday.
The packages were not reported as stolen or missing. The police contacted a nearby&nbsp;Amazon distribution center in Middleborough&nbsp;to facilitate the return of the items. On Monday, the driver confessed to leaving the packages on the roadside Saturday evening "because they were stressed" and intended to inform their manager about the incident.
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42664623/cathie-wood-led-ark-invests-monday-moves-dumps-tesla-palantir-stock-adds-amazon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood-Led Ark Invest&#8217;s Monday Moves: Dumps Tesla, Palantir Stock, Adds Amazon</a>
Lakeville Police Chief Matthew Perkins stated that no criminal charges would be pursued, considering the matter a human resources issue for Amazon. Chief Perkins praised the officers for handling the situation. The driver&#8217;s identity remains undisclosed, and the police department has closed the case without further action.
Amazon has yet to respond to <a href="https://pro.benzinga.com">Benzinga</a>&#8216;s queries.
Why It Matters: The incident highlights the mounting pressure on Amazon during the holiday season, a critical period for retailers. The fourth quarter, which includes Black Friday, Cyber Monday, and Christmas shopping, can account for up to <a href="https://www.benzinga.com/markets/equities/24/12/42676608/will-amazon-dethrone-walmart-this-holiday-season-here-is-what-you-should-know">40% of annual sales </a>for retailers like Amazon and&nbsp;Walmart Inc. This period is a battleground for retail dominance, with consumers seeking both in-store and online bargains.
Additionally, Amazon&#8217;s operations have been<a href="https://www.benzinga.com/news/24/12/42577506/amazon-shares-rise-as-company-says-operations-remain-unaffected-despite-workers-at-seven-us-facilities-going-on-strike-amid-peak-holiday-shopping"> tested by a strike</a> at seven U.S. facilities, part of a broader push for contract negotiations. Despite this, Amazon announced that its operations remain unaffected. The strike has been labeled the "largest" against Amazon by the International Brotherhood of Teamsters.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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