Latest news for  (OTC:LTSH) Stock

Wall Street is poised to close the week in the red, with all major indices trading in negative territory at midday in New York, as broader sentiment remains weak following a temporary tech outage caused by a cloud software update from CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) that led to widespread disruptions <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39858714/crowdstrike-shares-trim-heavy-losses-as-microsoft-announces-resolution-of-global-te">across several sectors worldwide.</a>
The S&amp;P 500 index is down 0.6% as of 12:50 p.m. ET, extending its weekly decline to 1.8%, marking its worst week since April.
The tech-heavy Nasdaq 100 is underperforming the broader market, down 1%, reflecting general weakness in the technology sector and bringing its weekly loss to 3.9%, also the worst in three months.
The Dow Jones is also affected by Friday&#8217;s weak sentiment, down 0.9%, though it still maintains in marginally positive territory for the week.
The small caps of the Russell 2000 index are down only 0.4%, poised to secure another week of relatively better performance compared to large caps.
Treasury yields are rising by a few basis points across the curve, with long-dated bonds — as tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) — breaking a two-week streak of gains. The dollar ticked higher by 0.1%, while gold fell by 0.4%.
Among commodities, oil is down 1.8%, with WTI light crude falling to $80 a barrel, its lowest level in a month.
In cryptocurrencies, Bitcoin (CRYPO: BTC) bulls are charging back, with the largest cryptocurrency rallying 3.9%, returning to $66,000, its highest level in a month.
Friday&#8217;s Performance In Major US Averages, ETFs
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,280.98</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,509.25</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>40,283.08</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,514.70</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071924&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.6% lower to $549.53.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell by 1% to $402.82.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) fell 0.8% to $475.87.</li>
<li>Sector-wise, the Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)&nbsp;outperformed, up by 0.4%, while the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 1.3%.</li>
</ul>
<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>
<ul>
<li>Shares of Crowdstrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) tumbled 11%, slightly trimming heavier pre-market losses. Industry peers like SentinelOne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/S#NASDAQ">S</a>) and Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), rose 8% and 2.5% respectively. </li>
<li>Hawaiian Electric Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) rallied over 30% on reports following a report suggesting the company reached a settlement plan over last year&#8217;s Maui wildfires.</li>
<li>Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) plummeted 11% on weaker-than-expected outlook on net interest income, despite reporting stronger-than-expected results last quarter. The company also announced it will no longer serve as the financial agent for the U.S. Treasury Direct Express Prepaid Debit Card program.</li>
<li>Other stocks reacting to company earnings were Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) down 1.1%, Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) up 8%, PPG Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) down 3.7%, Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>), up 8%, American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), down 3.4%, Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) up 3.3%, The Travelers Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) down over 7%, Halliburton Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>), Huntington Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>), up 2.3%. </li>
<li>Crypto-linked stocks like Microstrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) rose 11.8%, 9.5% and 9.4%, respectively, as Bitcoin rallied. </li>
</ul>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39862630/goldman-sachs-turns-bearish-on-chipmakers-advises-to-hedge-through-put-options-chin">Goldman Sachs Turns Bearish On Chipmakers, Advises To Hedge Through Put Options: China Remains &#8216;A Major Risk For The Sector&#8217;</a></li>
</ul>
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iShares Trust Barclays 20+ Year Treasury Bond Fund

Wall Street Eye Worst Week In 3 Months As Tech Sector Falters; Oil Falls, Bitcoin Hits 1-Month Peak: What's Driving Market Friday?

Needham analyst Charles Shi reiterated a Buy rating on Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/TSM/analyst-ratings" rel="noreferrer noopener">price target of $210</a>.
Shi said Taiwan Semiconductor reported <a target="_blank" href="https://www.benzinga.com/news/24/07/39842530/whats-going-on-with-nvidia-and-amd-stocks-on-thursday" rel="noreferrer noopener">fiscal 2024 second-quarter</a> results, with revenue of $20.82 billion and earnings per ADS of $1.48, beating consensus estimates on both the top and bottom lines.
Taiwan Semiconductor&#8217;s performance can be attributed to strong demand for both the 3nm and 5nm nodes, which contributed 15% and 35% of total wafer revenue for the quarter, respectively, as per the analyst.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39857131/ai-chip-stocks-nvidia-amd-taiwan-semi-saw-a-selloff-this-week-whats-going-on" rel="noreferrer noopener">AI Chip Stocks Nvidia, AMD, Taiwan Semi Saw A Selloff This Week &#8211; What&#8217;s Going On?</a>
The financial result was partially offset by seasonal weakness in smartphone sales, which decreased 1% sequentially, he noted.
The quarter&#8217;s gross margin of 53.2% was slightly below consensus due to margin dilution from the N3 ramp.
Shi highlighted Taiwan Semiconductor&#8217;s fiscal 2024 third-quarter guidance, which included midpoint revenue of $22.80 billion, gross margin of 54.5%, and operating margin of 43.5%, all above consensus estimates.
The analyst said the upbeat guidance is mainly due to the continued rise in AI-related demand and seasonal smartphone demand for both 3nm and 5nm.
Additionally, Taiwan Semiconductor raised its fiscal 2024 revenue guidance from &#8220;low- to mid-20s %&#8221; to &#8220;slightly above mid-20s %&#8221;, which is mainly within market expectations, Shi noted.
Shi now expects third-quarter revenue of $22.80 billion (prior $23.5 billion) and earnings per ADS of $1.77 (prior $1.78).
The analyst foresees fiscal 2024 revenue of $87.89 billion (prior $88.13 billion) and earnings per ADS of $6.62 (prior $6.53).
He anticipates fiscal 2025 revenue of $110.00 billion and earnings per ADS of $8.45 (prior $8.44).
Price Action: TSM shares traded lower by 3.50% at $165.82 at the last check on Friday.
Photo by Jack Hong via Shutterstock

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Taiwan Semiconductor Sees Boost from 3nm and 5nm Nodes, Analyst Highlights Q3 Outlook

Shares of Selective Insurance Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIGI#NASDAQ">SIGI</a>) fell sharply during Friday's session following <a href="https://www.benzinga.com/quote/SIGI/earnings">weak quarterly results.</a>
Selective Insurance reported quarterly losses of $1.10 per share which missed the analyst consensus estimate of $1.49 per share. The company reported quarterly sales of $1.196 billion which missed the analyst consensus estimate of $1.204 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Selective Insurance Group shares dipped 14.8% to $85.40 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Augmedix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUGX#NASDAQ">AUGX</a>) shares jumped 148.8% to $2.28 after the company announced it will be acquired by Commure.</li>
<li>60 Degrees Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SXTP#NASDAQ">SXTP</a>) climbed 85.7% to $0.4566 after the company signed clinical trial agreements with three planned trial sites for the Tafenoquine Babesiosis study.</li>
<li>Virpax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRPX#NASDAQ">VRPX</a>) shares gained 70% to $2.36. Maxim Group analyst Naz Rahman upgraded Virpax Pharmaceuticals from Hold to Buy and announced a price target of $3.</li>
<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) gained 51.3% to $3.98 after gaining over 12% on Thursday.</li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) shares rose 36.1% to $17.35 following a report suggesting the company reached a settlement plan over the Maui wildfires.</li>
<li>Autonomix Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMIX#NASDAQ">AMIX</a>) gained 34% to $1.83.</li>
<li>Permianville Royalty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVL#NYSE">PVL</a>) rose 22.7% to $1.4601. Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.011000 per unit, payable on Aug. 14, 2024 to unitholders of record on July 31, 2024.</li>
<li>Power REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PW#NYSE">PW</a>) surged 15.4% to $0.9808.</li>
<li>NaaS Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAAS#NASDAQ">NAAS</a>) shares gained 14.1% to $9.23 after jumping 53% on Thursday.</li>
<li>Antelope Enterprise Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHL#NASDAQ">AEHL</a>) climbed 13.6% to $4.1001.</li>
<li>Golden Sun Health Technology Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSUN#NASDAQ">GSUN</a>) gained 13.6% to $7.75.</li>
<li>MoneyLion Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ML#NYSE">ML</a>) gained 11.6% to $71.21. MoneyLion will release its financial results for the second quarter of 2024 on Tuesday, Aug. 6, 2024.</li>
<li>HIVE Digital Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>) gained 9.8% to $4.02. B. Riley Securities analyst Lucas Piper initiated coverage on HIVE Digital Technologies with a Buy rating and announced a price target of $6.</li>
<li>Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) rose 8.3% to $450.52 after the company reported better-than-expected second-quarter financial results.</li>
<li>Torrid Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NASDAQ">CURV</a>) gained 7.7% to $8.00.</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) rose 7.2% to $76.16 following upbeat quarterly results.</li>
<li>Kuke Music Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KUKE#NASDAQ">KUKE</a>) gained 6.7% to $1.28.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>SunPower Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>) shares dipped 45.8% to $0.82. SunPower shares dipped 40% on Thursday following the company's announcement of a significant operational pause and a subsequent analyst downgrade.</li>
<li>Hyzon Motors Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>) shares fell 42% to $0.1648 after the company reported pricing of $4.5 million registered direct offering.</li>
<li>Nauticus Robotics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) fell 30.5% to $0.0896 after the company announced a 1-for-36 reverse stock split.</li>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) declined 26% to $2.57 as the company announced a $2.1 million registered direct offering priced at-the-market under Nasdaq rules.</li>
<li>Salarius Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRX#NASDAQ">SLRX</a>) shares dipped 23.1% to $1.86 after jumping 59% on Thursday. Salarius Pharmaceuticals was recently notified by MD Anderson Cancer Center of a Grade 4 adverse event in the Seclidemstat clinical trial.</li>
<li>TRxADE HEALTH, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDS#NASDAQ">MEDS</a>) fell 19.6% to $16.80.</li>
<li>Onconetix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONCO#NASDAQ">ONCO</a>) fell 18.1% to $0.1787 after gaining over 46% on Thursday.</li>
<li>Crown LNG Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGBS#NASDAQ">CGBS</a>) dipped 16.7% to $1.4995.</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares fell 16% to $2.4550 after the company announced the commencement of a $200 million public offering of its common stock.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) dipped 15.7% to $0.0477.</li>
<li>Scholastic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHL#NASDAQ">SCHL</a>) fell 15.4% to $30.94 following weaker-than-expected fourth-quarter results.</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares declined 15.4% to $2.47 after the company announced the commencement of a $200 million public offering of its common stock.</li>
<li>Corsair Gaming, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSR#NASDAQ">CRSR</a>) dipped 14.3% to $8.32 after the company reported preliminary financial results below estimates. Also, Baird maintained a Neutral rating on the stock and lowered its price target from $14 to $10.</li>
<li>American Rebel Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AREB#NASDAQ">AREB</a>) fell 13.9% to $0.6298.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) fell 13.6% to $58.00.</li>
<li>Comerica Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) dipped 13.4% to $48.81 following second-quarter results.</li>
<li>Wipro Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) fell 11.4% to $6.11 following first-quarter results.</li>
<li>AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) dipped 10.6% to $65.51 following weak quarterly sales.</li>
<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) shares fell 10.1% to $308.48 after the company suffered major outage impacting businesses around the world.</li>
<li>Joby Aviation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) dipped 8.3% to $6.39.</li>
<li>Autoliv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>) fell 8.1% to $99.82 following downbeat quarterly results.</li>
<li>The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) declined 5.6% to $208.32 following weak quarterly sales.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) fell 5.5% to $32.90.</li>
<li>Visteon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VC#NASDAQ">VC</a>) dipped 5% to $107.85.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/news/24/07/39859847/netflix-to-rally-more-than-10-here-are-10-top-analyst-forecasts-for-friday">Netflix To Rally More Than 10%? Here Are 10 Top Analyst Forecasts For Friday</a></li>
</ul>

Intraday Update

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GSUN

HIVE

HYZN

INTC

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KITT

KUKE

MEDS

NAAS

ONCO

PLUG

SCHL

SERV

SIGI

SILO

SLNA

SLRX

SPWR

SXTP

VRPX

Why Selective Insurance Group Shares Are Trading Lower By Around 15%? Here Are Other Stocks Moving In Friday's Mid-Day Session

<a href="https://x.com/RepNancyMace/status/1814336275467448695" title="https://x.com/RepNancyMace/status/1814336275467448695">https://x.com/RepNancyMace/status/1814336275467448695</a>

MSFT

Rep. Nancy Mace Post On X, "We've requested briefings from @CrowdStrike, @Microsoft and @CISACyber. We're also trying to determine the breadth of impact, especially across the federal government at this time. Cybersecurity and tech subcommittee on Oversight. Stay tuned."

Pennsylvania Governor Josh Shapiro (D) said that both his administration and lawmakers would &#8220;come back and continue to fight&#8221; for legalization, referring to the exclusion of cannabis reform in the <a href="https://www.benzinga.com/markets/cannabis/24/07/39776331/these-two-cannabis-stocks-face-setback-following-pennsylvania-budget-approval-what-you-need-to-k">recently signed budget legislation</a>.
During a <a href="https://www.facebook.com/watch/?v=1479628103436767">press conference</a>, Shapiro reflected on the compromises made in the budget, emphasizing his continued belief in the reform&#8217;s potential benefits. 
Shapiro&#8217;s initial <a href="https://www.benzinga.com/markets/cannabis/24/02/36982547/pa-gov-wants-cannabis-legalized-its-time-to-catch-up-with-other-states-and-earn-250m-in-revenue-">budget proposal</a> in February included cannabis legalization, highlighting the revenue potential as neighboring states move ahead with the reform. He pointed out the financial opportunities, stating, &#8220;We're losing out on an industry that, once fully implemented, would bring in more than $250 million in annual revenue.&#8221;
<h4 class="wp-block-heading">Lawmaker On Legalization Efforts</h4>
However, the path to legalization faces internal disagreements among Pennsylvania Democrats regarding the regulatory framework. Rep. Dan Frankel, a staunch advocate for marijuana legalization, acknowledged the lack of consensus on whether to adopt a traditional private model or a <a href="https://www.benzinga.com/markets/cannabis/24/04/38448103/state-run-vs-private-pennsylvania-debates-transition-of-liquor-store-model-to-cannabis-distribut">state-controlled system</a> comparable to the alcohol industry.
Frankel noted that cannabis reform was not a focal point in the recent budget negotiations, expressing doubts about advancing legalization this year due to limited session days. Nevertheless, he remained optimistic about future discussions and Republican engagement on the matter.
Senate president pro tempore Kim Ward criticized the governor&#8217;s involvement. &#8220;It's a lot of show, but not a lot of ‘go,' as far as I'm concerned.&#8221; 
<h4 class="wp-block-heading">Industry And Advocacy Group Weigh In</h4>
Meredith Buettner Schneider, executive director of the Pennsylvania Cannabis Coalition, expressed hope for legislative progress this fall. She emphasized the importance of the governor&#8217;s involvement. &#8220;[Shapiro] coming to the table over the next couple months would be really critical to getting something done.&#8221;
Amid legislative efforts, the Pennsylvania legislature inadvertently omitted medical marijuana dispensaries from a section providing tax relief for the cannabis industry in the budget bill. This error underscores the complex and often contentious nature of cannabis policy reform.
<h4 class="wp-block-heading">Projections And Future Outlook</h4>
A recent <a href="https://s43720.pcdn.co/wp-content/uploads/2024/06/FTI-PA-Adult-Use-Market-Economic-Impacts-06.17.2461.pdf">report</a> commissioned by activists projected that Pennsylvania could see up to $2.8 billion in adult-use marijuana sales in the first year of legalization, generating significant tax revenue and job creation. Sens. Sharif Street and Dan Laughlin stressed the importance of bipartisan cooperation to pass a legalization bill, advocating for the <a href="https://www.benzinga.com/markets/cannabis/24/01/36620822/feds-finally-release-documents-confirming-recommendation-to-reschedule-cannabis-based-on-accepte">federal government&#8217;s proposed cannabis rescheduling rule</a> to be implemented swiftly.
In light of regional legalization dynamics and increasing public support, Pennsylvania&#8217;s journey toward marijuana reform continues to unfold. Lawmakers and advocates say they&#8217;re determined to achieve a consensus that balances regulatory considerations, economic opportunities and <a href="https://www.benzinga.com/markets/cannabis/24/07/39708899/no-cannabis-legalization-in-pennsylvania-without-our-support-says-black-caucus-urging-for-restor">social equity</a>.
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Cannabis

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Gov Josh Shapiro Says He'll Push For Marijuana Legalization In Pennsylvania Despite Setbacks

Pentagon Says First F-35 Of New Deliveries Accepted On Friday

Despite recent layoffs in its Reality Labs division, Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is moving forward with ambitious plans for its virtual reality (VR) and <a href="https://www.benzinga.com/topic/arvr">augmented reality (AR) hardware. </a>
<a href="https://www.theinformation.com/articles/reality-comes-to-metas-reality-labs">According</a> to The Information, the company aims to release the Quest 4 in 2026, followed by a higher-end headset in 2027.
See Also: <a href="https://www.benzinga.com/general/gaming/24/04/38342816/meta-quest-2-price-permanently-cut-in-half-concerns-linger-about-long-term-support">Meta Quest 2 Price Permanently Cut In Half, Concerns Linger About Long-Term Support</a>
<h3 class="wp-block-heading">Quest 4 And High-End Headset Timelines</h3>
For the first time, specific timelines for these upcoming devices have surfaced. The Quest 4 is expected to come in two versions, internally referred to as &#8220;Pismo Low&#8221; and &#8220;Pismo High.&#8221; This bifurcation suggests Meta&#8217;s strategy to cater to both budget-conscious consumers and those seeking a premium VR experience.
The 2027 release, codenamed &#8220;La Jolla,&#8221; aims to position itself as a direct competitor to the <a href="https://www.benzinga.com/news/24/07/39747111/apples-vision-pro-struggles-to-find-its-killer-app-to-justify-3-500-price-tag-just-not-quite-hit-the">Apple Vision Pro.</a>
<h3 class="wp-block-heading">AR Glasses And Design Challenges</h3>
Meta&#8217;s ambitions aren&#8217;t limited to VR headsets. The company is also planning to launch a pair of AR glasses featuring a genuine display. 
However, The Information&#8217;s report indicates that these glasses might face significant design hurdles. Unlike the lightweight Ray-Ban Meta smart glasses, the new AR glasses are expected to weigh around 70 grams and have a &#8220;bulky design&#8221; due to the integrated display.
This design challenge is a familiar one in the AR industry. Achieving a balance between wearability, battery life, and display performance remains a tough nut to crack. The report suggests that due to their bulkiness, these glasses may not carry the Ray-Ban branding, as Ray-Ban&#8217;s parent company, EssilorLuxottica, reportedly disapproves of the design.
Many companies have faced similar challenges in miniaturizing displays to create comfortable, stylish, and functional AR glasses. This difficulty has often been a significant barrier to widespread consumer adoption.
Read Next: 
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<li><a href="https://www.benzinga.com/general/gaming/23/06/32935115/xbox-stays-clear-of-vr-is-the-market-too-small-to-gamble-on">Xbox Stays Clear Of VR: Is the Market Too Small To Gamble On?</a></li>
</ul>
Photo Shutterstock

Gaming

General

Meta Moves Ahead With Quest 4 VR Headset Despite Layoffs, Sets Release Date: Report

Although U.S. stocks closed lower on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Adverum Biotechnologies</h3>
<ul>
<li>The Trade: Adverum Biotechnologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADVM#NASDAQ">ADVM</a>) 10% owner Braden Michael Leonard <a href="https://www.benzinga.com/quote/ADVM/analyst-ratings">acquired a total of 216,264 shares</a> at an average price of $8.26. To acquire these shares, it cost around $1.79 million.</li>
<li>What's Happening: On July 17, Adverum Biotechnologies released data from its ongoing LUNA Phase 2 trial for Ixo-vec in patients with wet age-related macular degeneration (AMD).</li>
<li>What Adverum Biotechnologies Does: Adverum Biotechnologies Inc is a U.S.-based clinical-stage gene therapy company.</li>
</ul>
<h3 class="wp-block-heading">Appian</h3>
<ul>
<li>The Trade: Appian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPN#NASDAQ">APPN</a>) 10% owner Colin T. Moran acquired a total of 300,000 shares at &lt;/em&gt;&lt;/a&gt; an average price of $35.40. To acquire these shares, it cost around $10.6 million.</li>
<li>What's Happening: Appian will release financial results for the second quarter, before the opening bell on Thursday, Aug. 1.</li>
<li>What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.</li>
</ul>
<h3 class="wp-block-heading">American Strategic Investment</h3>
<ul>
<li>The Trade: American Strategic Investment Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYC#NYSE">NYC</a>) 10% owner New York City Advisors, LLC <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 125,864 shares</a> at an average price of $10.98. To acquire these shares, it cost around $1.38 million.</li>
<li>What's Happening: On May 10, the company posted downbeat quarterly sales.</li>
<li>What American Strategic Investment Does: American Strategic Investment Co is an externally managed company that currently owns a portfolio of commercial real estate located within the five boroughs of New York City, majorly Manhattan.</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39859847/netflix-to-rally-more-than-10-here-are-10-top-analyst-forecasts-for-friday">Netflix To Rally More Than 10%? Here Are 10 Top Analyst Forecasts For Friday</a></li>
</ul>

Long Ideas

Insider Trades

ADVM

APPN

More Than $10M Bet On Appian? Check Out These 3 Stocks Insiders Are Buying

Northern Irish golf sensation Rory McIlroy has weathered a few missed putts lately. According to the Daily Mail, after a brief foray into divorce proceedings, McIlroy and his wife of seven years, Erica Stoll, have opted for reconciliation. This decision inadvertently exposed the golfer&#8217;s unexpected windfall in Florida's real estate market.
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The couple&#8217;s Jupiter, Florida mansion, purchased for $11 million in 2012, has doubled in value to an estimated $22 million. The appreciation came during a tumultuous period for the McIlroys, culminating in a divorce filing on the eve of the PGA Championship in May, only to be dramatically withdrawn weeks later.
"There have been rumors about my personal life recently, which is unfortunate," McIlroy told The Guardian last month. "Over the past weeks, Erica and I have realized that our best future was as a family together."
The personal drama played out against McIlroy&#8217;s professional challenges, including a heartbreaking near-miss at the U.S. Open in Pinehurst. The golfer held a two-shot lead with four holes to play before stumbling to a second-place finish behind Bryson DeChambeau.
The 13,000-square-foot <a href="https://www.benzinga.com/general/24/06/39332812/they-broke-up-in-1989-but-now-his-ex-girlfriend-is-inheriting-his-1-million-retirement-account-after">residence — </a>on 2.4 acres of land — boasts nine bedrooms and ten bathrooms. Beyond its sheer size, the mansion has a luxury infinity pool, a games room, a tennis court, a home theater, and a recording studio. The property includes a state-of-the-art gym and a six-car garage. Its value has surged alongside the broader luxury real estate market in South Florida, a trend accelerated by the pandemic&#8217;s reshuffling of living preferences.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: 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.</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
McIlroy&#8217;s <a href="https://www.benzinga.com/personal-finance/24/07/39694555/28-year-old-making-500-000-a-year-explains-to-dave-ramsey-his-fianc-es-rich-parents-want-him-to-">prenuptial agreement,</a> signed in 2017, reportedly allows him to retain ownership of the property and his golf fortune. The golfer&#8217;s attorney, Thomas Sasser, previously represented Tiger Woods in his 2010 divorce. Given Florida&#8217;s equitable distribution laws and the prenuptial agreement, legal experts suggested that McIlroy&#8217;s estimated $87 million in career earnings might not be seriously impacted if they were to get divorced. However, this isn&#8217;t the first time McIlroy&#8217;s personal life has crossed with his professional career. His past relationships, including those with childhood sweetheart Holly Sweeney and tennis star Caroline Wozniacki, ended abruptly, sometimes coinciding with major tournaments.
As McIlroy returns to competition at the Scottish Open, the golfer&#8217;s resilience, evident in his return to the links after the U.S. Open disappointment, seems to extend beyond the fairways. "I&#8217;ve shown my resilience over and over again in the last 17 years," McIlroy said in a recent statement, "and I will again." 
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<li>Gen Z and Millennial millionaires couldn't care less for stocks and bonds —<a href="https://www.benzinga.com/money/gen-z-and-millennial-millionaires-investments-adv"> Here's what they're buying instead.</a></li>
<li>General Motors and other leaders revealed to be<a href="https://www.benzinga.com/money/energyx"> investing in this revolutionary lithium start-up — allowing easy entry by launching at just $9.50 per share.</a></li>
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Real Estate

Rory McIlroy's Prenup Terms Allows Him To Keep His $22 Million Mansion Even Though Home Value Doubled Since 2017

<a href="https://www.businessinsider.com/tesla-production-lines-impacted-microsoft-crowdstrike-it-outage-2024-7" title="https://www.businessinsider.com/tesla-production-lines-impacted-microsoft-crowdstrike-it-outage-2024-7">https://www.businessinsider.com/tesla-production-lines-impacted-microsoft-crowdstrike-it-outage-2024-7</a>

TSLA

'Tesla halted some of its production lines due to the Microsoft-CrowdStrike outage' - Insider

Truist Securities analyst Michael Ciarmoli maintains Hexcel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HXL#NYSE">HXL</a>) with a Buy and lowers the price target from $81 to $78.

Truist Securities Maintains Buy on Hexcel, Lowers Price Target to $78

ARM Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) shares are trading higher after Morgan Stanley analyst Lee Simpson upgraded the stock from <a target="_blank" href="https://www.benzinga.com/quote/ARM/analyst-ratings" rel="noreferrer noopener">Equal-Weight to Overweight</a> and raised its price target from $107 to $190.
The upgrade comes as the broader semiconductor sector has seen a selloff this week following Donald Trump&#8217;s <a target="_blank" href="https://www.benzinga.com/government/24/07/39857131/ai-chip-stocks-nvidia-amd-taiwan-semi-saw-a-selloff-this-week-whats-going-on" rel="noreferrer noopener">verbal attack against</a> contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and the U.S.&#8217;s plans to intensify advanced semiconductor sanctions against China.
AI chip stocks led by Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) lost 9% and 18% this week.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39135597/why-is-arm-holdings-stock-trading-higher-on-monday" rel="noreferrer noopener">At the Computex forum</a> in Taipei, Arm CEO Rene Haas said he expects 100 billion Arm devices worldwide to be AI-ready by the end of 2025.
Arm Holdings plans to showcase its AI chip in 2025 and launch it commercially by fall 2025. Parent company Softbank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) aims to invest significantly in data centers using its AI chips and renewable energy.
AMD CFO Jean Hu recently suggested a potential entry into next-generation AI PCs.
Analysts remain optimistic about Arm Holdings, citing strong licensing interest and royalty potential as essential growth factors. They also highlight Arm&#8217;s opportunities in the AI and data center sectors.
Arm Holdings stock rose by 158% over the past 12 months as AI <a target="_blank" href="https://www.benzinga.com/news/24/06/39387100/whats-going-on-with-chipmaker-arm-holdings-stock" rel="noreferrer noopener">integrated into smartphones</a>. The ARM (Acorn RISC Machine) architecture powers 99% of the world&#8217;s smartphone CPU cores. Apple, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is one of Arm&#8217;s major customers.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9.png" alt="" class="wp-image-446149" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Arm&#8217;s clients choose the company over Intel Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) x86 technology primarily for its efficiency and widespread adoption. Arm&#8217;s architecture enables chips to consume less power compared to x86, making it ideal for mobile devices and other power-sensitive applications, CNBC <a target="_blank" href="https://www.cnbc.com/2023/11/09/how-arm-gained-chip-dominance-with-apple-nvidia-amazon-and-qualcomm.html" rel="noreferrer noopener">reported</a> in 2023.
Key clients like Apple, Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) leverage Arm&#8217;s technology to build custom silicon tailored to their specific needs.
ARM Holdings has a consensus price target of&nbsp;$112.17 based on the ratings of&nbsp;25 analysts.
ARM Price Action: Arm shares traded higher by 3.47% at $163.83 at the last check on Friday.
Photo via Wikimedia Commons

Upgrades

AAPL

AMZN

GOOG

GOOGL

NVDA

QCOM

SFTBF

SFTBY

What's Going On With Arm Stock On Friday?

Northcoast Research analyst Ryan Connors downgrades Pentair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) from Buy to Neutral.

Downgrades

Northcoast Research Downgrades Pentair to Neutral

BTIG analyst Thomas Catherwood assumes Apollo Comml Real Est (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARI#NYSE">ARI</a>) with a Neutral rating.

Initiation

BTIG Assumes Apollo Comml Real Est at Neutral

BTIG analyst Sarah Barcomb assumes Claros Mortgage Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMTG#NYSE">CMTG</a>) with a Neutral rating.

CMTG

BTIG Assumes Claros Mortgage Trust at Neutral

Morgan Stanley analyst Michael Phillips maintains Travelers Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) with a Equal-Weight and lowers the price target from $220 to $210.

Morgan Stanley Maintains Equal-Weight on Travelers Companies, Lowers Price Target to $210

BTIG analyst Timothy Hayes assumes Ready Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RC#NYSE">RC</a>) with a Neutral rating.

BTIG Assumes Ready Capital at Neutral

Goldman Sachs analyst Eric Sheridan maintains Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) with a Neutral and raises the price target from $650 to $659.

Goldman Sachs Maintains Neutral on Netflix, Raises Price Target to $659

Goldman Sachs analyst Alex Scott maintains Allstate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) with a Buy and raises the price target from $197 to $199.

Goldman Sachs Maintains Buy on Allstate, Raises Price Target to $199

Goldman Sachs analyst Chris Shibutani maintains Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) with a Neutral and lowers the price target from $160 to $155.

Goldman Sachs Maintains Neutral on Johnson & Johnson, Lowers Price Target to $155

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