Latest news for Mader Gr (OTC:MADGF) Stock

Mader Group Ltd is a maintenance services company that supplies tradespeople to resource industry customers. It provides specialized contract labour for the maintenance of heavy mobile equipment in the resources industry. The services provided include maintenance labour, field support, shutdown teams for overhauls, maintenance workshops, training of maintenance teams, and a range of other ancillary services. Its geographical segments include Australia, the United States, and others, of which the majority of the revenue comes from Australia.

Mader Group Ltd

Piper Sandler analyst Clarke Jeffries reiterates Bentley Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BSY#NASDAQ">BSY</a>) with a Overweight and maintains $63 price target.

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Piper Sandler Reiterates Overweight on Bentley Systems, Maintains $63 Price Target

The Congressional El Salvador Caucus urged the Joe Biden administration to ease El Salvador's travel advisory to Level 1 from the current Level 3.
What Happened: Led by Rep. Matt Gaetz (R-Fla.) and Rep. Vicente Gonzalez (D-Texas), the bipartisan caucus sent a letter to Secretary of State Anthony Blinken, requesting the government to ease the advisory to the lowest Level 1, which corresponds to "Exercise Normal Precautions."&nbsp;
Currently, the advisory is set to Level 3, or "Reconsider Travel." the second-highest rating.&nbsp;
The letter noted El Salvador's marked improvement in law and order under President Nayib Bukele's regime and called it the "safest" country in the Western Hemisphere.
"Since 2015, El Salvador's homicide rate has been steadily declining, from a high of 104 per 100,000 inhabitants to 2.4 in 2024. This homicide rate is less than nearly every major city in the United States," the letter read.
For the curious, Gaetz established the Congressional El Salvador Caucus in July, following a congressional trip to El Salvador to attend President Bukele&#8217;s second inauguration.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40209165/trumps-son-eric-posts-crypto-cliffhanger-says-big-announcement-incoming-are-we-getting-a-m">Trump&#8217;s Son Eric Posts Crypto Cliffhanger, Says &#8216;Big Announcement&#8217; Incoming — Are We Getting A Memecoin For &#8216;Real&#8217; This Time?</a>
Why It Matters: El Salvador, led by Bukele, has doubled down on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ever since adopting the world's largest digital currency as a legal tender in 2021.
Just two weeks into his second term, the president <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39355769/el-salvadors-president-bukele-proposes-bitcoin-bank-to-attract-billions">proposed the establishment of a Bitcoin bank</a>, to diversify financing options for borrowers.
Similarly, Gaetz, a Republican, is well-known for his support for the world&#8217;s largest cryptocurrency. In June, he proposed a bill that would allow individual federal <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39487764/congressman-matt-gaetz-introduces-bill-to-allow-federal-tax-payments-in-bitcoin">income tax payments to be made in Bitcoin</a>.
A big critic of the Federal Reserve, Gaetz also cosponsored a bill <a href="https://www.benzinga.com/news/24/05/38887597/marjorie-taylor-greene-ally-thomas-massie-introduces-end-the-fed-bill-to-abolish-the-us-central-bank">aimed at abolishing the central bank</a>.
Price Action: At the time of writing, Bitcoin was exchanging hands at 56,764.63, up 1.83% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

Matt Gaetz Who Proposed Bill To Collect Federal Income Taxes In Bitcoin Now Wants Blinken To Downgrade US Travel Advisory To El Salvador

The <a href="https://www.benzinga.com/markets/asia/24/08/40154219/what-investors-should-know-about-yen-carry-trade-unwinding-that-is-sending-global-markets-into-a-tai">unwinding of the yen carry trades roiled the global markets </a>on Monday although sanity returned, helping a rebound. Even as analysts sound caution regarding further unwinding that could happen over time and prolong the sell-off, a new threat is likely to aggravate matters further.
Yen Out, Yuan In: Chinese yuan carry trades are on the cusp of being unwound as positioning in the yen is not extreme, according to Citigroup, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-08-07/carry-trade-out-of-danger-zone-but-watch-yuan-citi-quants-say">said</a> in a report. The yen and yuan carry trades are still crowded compared to many of their targets, with the latter standing out, Citi&#8217;s quantitative strategists Dirk Willer and Alex Saunders said in a note to clients, the report said.
Carry trade is a strategy through which people take advantage of the low interest rates prevailing in a country and borrow capital to invest in high-yielding assets elsewhere. 
There are &#8220;more positioning worries on the funding side of the carry trade, and in particular the yuan, rather than on the long carry side,&#8221; the strategists reportedly said. They noted that the yuan was &#8220;swept up in the popular Trump trades, where the threat of tariffs was supposed to lead toward higher dollar-yuan,&#8221; they added.
&#8220;Overall, positioning in carry is not clean yet, but it is below the danger levels that we monitor,&#8221; the strategists said.
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks">Best Chinese Stocks</a>
Why It&#8217;s Important: The Bank of Japan&#8217;s ultra-loose monetary policy helped the rampant build-up of yen carry trades. As the Japanese currency strengthened amid two rate hikes by the central bank this year and the weakening of the U.S. economy, traders were forced to cover their positions by selling assets purchased using yen-funded loans.
The yuan has weakened 1.42% against the dollar so far this year, while it has strengthened 1.23% since the start of July. The USD-CNY pair is not allowed to float freely like most other major currencies and the exchange rate is controlled by the People&#8217;s Bank of China. The central bank fixes the starting level each day at around 9:15 am Beijing time and the yuan will be allowed to trade in a 2% range around the fix.
The recent strengthening of the yuan should be a welcome development for the PBoC, as it might provide leeway for the bank to lower rates in order to kickstart domestic growth, the Bloomberg report said.
The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) edged down 0.15% to $40.56, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/asia/24/07/39704967/chinese-etf-market-explodes-with-5x-increase-in-inflows-over-3-years-despite-some-ceasing-operations">Chinese ETF Market Explodes With 5X Increase In Inflows Over 3 Years Despite Some Ceasing Operations In US</a></li>
</ul>
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Forex

Media

MCHI

Move Over Yen, Yuan Carry Trades Could Be Next Ticking Bomb, Warns Strategists: 'But It's Below The Danger Levels We Monitor'

Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) anticipates a decrease in bookings from U.S. customers, attributing the downturn to global events and new regulations in California.
What Happened: During the earnings call, Airbnb forecasted a &#8220;sequential moderation&#8221; in nights and experiences booked for the upcoming quarter. The company points to shorter booking lead times and signs of waning demand from U.S. guests.
Despite Latin America and Asia Pacific being Airbnb&#8217;s fastest-growing regions, CFO Ellie Mertz highlighted a global trend of shorter booking lead times. Mertz attributed this to various factors, including the new COVID variant and the war in Israel.
In North America, Mertz identified several factors contributing to the slowdown, including regulatory hurdles in California. The state&#8217;s &#8220;Honest Pricing Law&#8221;, which requires businesses to include all mandatory fees in their pricing, came into effect on July 1. 
&#8220;We think that&#8217;s been a little bit of a headwind to our California business,&#8221; Mertz said.
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40189669/jamie-dimon-confident-in-economy-as-markets-retreat-were-going-to-get-through-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jamie Dimon Confident In Economy As Markets Retreat: &#8216;We&#8217;re Going To Get Through It&#8217;</a>
Why It Matters: Airbnb <a href="https://www.benzinga.com/news/earnings/24/08/40203008/airbnb-shares-fall-after-mixed-q2-results-eps-miss-revenue-beats">reported quarterly sales</a> of $2.748 billion, which beat the analyst consensus estimate of $2.738 billion and represents a 10.63% increase over sales from the same period last year. However, its quarterly GAAP earnings of 86 cents per share missed the analyst consensus estimate by 6.52%. 
Amazon Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) also reported a lower <a href="https://www.benzinga.com/markets/equities/24/08/40121567/amazon-says-trump-assassination-attempt-and-paris-olympics-responsible-for-lower-q3-revenue-fore">third-quarter revenue forecast</a>, which the company attributed to the ongoing Paris Olympics and the recent assassination attempt on former President Donald Trump.
Moreover, <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40129796/job-creation-tumbles-in-july-higher-unemployment-strengthens-case-for-interest-ra">job creation slowed in July</a>, signaling cooling labor market conditions and strengthening the case for imminent interest rate cuts as early as next month.
However, despite a higher unemployment rate in April, a Goldman Sachs analyst noted that a<a href="https://www.benzinga.com/general/topics/24/06/39296109/consumer-outlook-healthy-as-labor-demand-points-to-wage-growth-goldman-sachs"> surplus of 1.6 million jobs</a> in the U.S. is expected to result in higher wages and greater consumer spending, indicating a healthy consumer outlook for 2024.
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40203305/should-fed-make-an-emergency-cut-before-september-meeting-no-not-even-close-analy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Should Fed Make An Emergency Cut Before September Meeting? &#8216;No, Not Even Close,&#8217; Analyst Says</a></li>
</ul>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Travel

Economics

General

ABNB

AMZN

After Amazon Blamed Trump And Olympics, Airbnb Paints Similar Grim Picture Of Falling Consumer Demand, But Says It Is Due To Israel War And New California Law

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has announced plans to implement design changes aimed at preventing future mid-air cabin panel blowouts.
What Happened: Boeing intends to make design alterations to prevent mid-air cabin panel blowouts, such as the one that occurred on an Alaska Airlines <a href="https://www.benzinga.com/markets/equities/24/01/36526743/over-170-boeing-737-max-9s-grounded-as-alaska-air-passengers-recall-terrifying-incident">737 MAX 9 flight in January</a>, Reuters reported on Wednesday.
This incident led to a series of repercussions for Boeing, including a temporary grounding of the MAX 9, a halt on production expansion by the Federal Aviation Administration (FAA,) a criminal investigation, and the departure of several key executives.
Boeing&#8217;s senior vice president for quality, Elizabeth Lund, revealed the company&#8217;s plans for design changes during a National Transportation Safety Board (NTSB) hearing. 
&#8220;They are working on some design changes that will allow the door plug to not be closed if there&#8217;s any issue until it&#8217;s firmly secured,&#8221; Lund said.
The NTSB hearings are also addressing other critical issues, including 737 manufacturing and inspections, safety and quality management systems, and FAA oversight.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That Not How Crypto Works&#8217;</a>
Why It Matters: The recent incident has put Boeing under significant scrutiny, with the NTSB raising questions about the company&#8217;s safety practices and the FAA&#8217;s oversight of Boeing. The FAA&#8217;s oversight of Boeing has also come under fire, with the agency admitting to being &#8220;too hands off&#8221; before the accident, according to the report.
Boeing&#8217;s stock has been experiencing turbulence, with a <a href="https://www.benzinga.com/news/earnings/24/07/40066164/boeings-q2-earnings-huge-revenue-decline-lower-deliveries-names-former-aerospace-industries-associa">15% revenue decline</a> reported in the second quarter of 2024. However, analysts have expressed optimism about the company&#8217;s future, with Goldman Sachs predicting a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40168743/boeing-poised-for-free-cash-flow-surge-post-2024-optimism-fueled-by-production-and-">free cash flow surge</a> post-2024, driven by production and a new CEO.
Despite these challenges, Boeing is making significant changes, including the appointment of a new CEO, Kelly Ortberg, and a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40110266/boeings-turning-point-analysts-raise-price-forecasts-highlighting-ceo-change-and-an">predicted delivery growth</a> in the near future.
Price Action: Boeing stock closed at $165.04, down 1.19% for the on Tuesday. In after-hours trading, the stock declined a further 0.27%. Year to date, Boeing has experienced a significant drop of 34.45%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/08/40154197/trump-says-kamala-doesnt-have-a-clue-biden-is-sound-asleep-as-stock-markets-crash-globally-i-told-yo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says &#8216;Kamala Doesn&#8217;t Have A Clue. Biden Is Sound Asleep&#8217; As Stock Markets Crash Globally: &#8216;I Told You So!!!&#8217;</a></li>
</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Boeing Says It Has A Design Change That Will Prevent Plane Doors From Flying Out Mid-Air Like What Happened On Alaska Airlines Flight

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Tuesday reiterated the company&#8217;s intent to make its latest offering- the Cybertruck- <a href="https://www.benzinga.com/news/24/08/40145263/tesla-investor-sawyer-merritt-says-this-can-help-ev-giant-reduce-their-own-costs-between-15-30-elon">more affordable</a> in the future.
What Happened: &#8220;It&#8217;s a great truck,&#8221; Musk wrote on social media platform X. &#8220;We need to make it more affordable in the years to come.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's a great truck. We need to make it more affordable in the years to come.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1820789422217945404?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Tesla started delivering the Cybertruck late in November last year. 
The vehicle pricing starts at $79,990 for the all-wheel drive version and $99,990 for the more premium Cyberbeast version.
A lower-priced rear-wheel drive version of the truck will be&nbsp;<a href="https://www.benzinga.com/news/24/04/38130429/new-cybertruck-orders-will-only-be-delivered-in-2025-says-tesla-website" target="_blank" rel="noreferrer noopener">available in 2025</a>, as per the company website, starting at $60,990.
However, during Cybertruck&#8217;s unveil in November 2019, the company said that the entry-level version of the truck would start <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36039263/did-tesla-overpromise-and-underdeliver-with-the-cybertruck">at just $39,900 </a>and the premium variant at $69,900. 
Why It Matters: Tesla is currently ramping up production of the Cybertruck with the aim of delivering 250,000 units, starting in 2025. 
According to Kelley Blue Book estimates, Tesla sold 8,755 Cybertrucks in the second quarter in the U.S., and<a href="https://www.benzinga.com/news/24/05/38783121/tesla-cybertrucks-are-filling-up-in-used-car-markets-but-would-you-pay-these-steep-prices" target="_blank" rel="noreferrer noopener"> just 2,803 in the first quarter</a>.&nbsp;
Cybertruck&nbsp;<a href="https://www.benzinga.com/news/24/07/39876213/tesla-confirms-it-aims-to-start-selling-cybertruck-in-canada-this-year-pre-orders-open-for-150" target="_blank" rel="noreferrer noopener">production is on track</a>&nbsp;to achieve profitability by the end of the year, Tesla said during its second-quarter earnings.
The company also said that it has started testing its prototype Cybertruck produced with in-house "dry" cathode 4680 cells in July. Once it goes into production, the use of in-house dry cathode 4680 cells would enable major cost reduction, it added. 
The launch of production Cybertrucks with dry cathode 4680 cells is expected in Q4, Tesla's Vice President of Vehicle Engineering&nbsp;Lars Moravy&nbsp;said last month.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40182315/lucids-partnership-with-aston-martin-unaffected-by-delays-in-british-carmakers-ev-timeline-were-soli" target="_blank" rel="noreferrer noopener">Lucid's Partnership With Aston Martin Unaffected By Delays In British Carmaker's EV Timeline: ‘We're Solid As A Rock,' Says CEO Peter Rawlinson</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

TSLA

Tesla CEO Elon Musk Reiterates Need To Make Cybertruck Cheaper: 'It's A Great Truck. We Need To Make It More Affordable'

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) whales have been quietly accumulating the cryptocurrency over the past month, despite the market&#8217;s recent downturn. 
What Happened: Bitcoin whales have moved nearly $23 billion worth of BTC to &#8220;permanent holder addresses&#8221; in the last 30 days, observed. Ki Young Ju, the founder, and CEO of CryptoQuant. He added that this recent spike in demand for Bitcoin among long-term holders is a sign of the King Crypto being in an &#8220;accumulation phase.&#8221;
&#8220;I&#8217;m pretty sure something is happening behind the scenes. 404,448 #Bitcoin have moved to permanent holder addresses over the past 30 days, and it&#8217;s clearly accumulation,&#8221; he wrote. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;m pretty sure something is happening behind the scenes. 404,448 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> have moved to permanent holder addresses over the past 30 days, and it&#39;s clearly accumulation. We&#39;ll know within a year. <a href="https://t.co/Ip0jow2pGN">https://t.co/Ip0jow2pGN</a> <a href="https://t.co/OOxuWcyxJu">pic.twitter.com/OOxuWcyxJu</a>
&mdash; Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1820926833325457760?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Young Ju wrote, &#8220;Within a year, some entities — whether they&#8217;re TradFi institutions, companies, governments, or others—will announce that they&#8217;ve acquired #Bitcoin in Q3 2024. And retail investors will regret not buying it because they were worried about the German govt selling, Mt. Gox, or whatever macroeconomic shit was going on.&#8221;</figcaption></figure>
He predicted that various entities, including traditional financial institutions, companies, and governments, will publicly disclose their Bitcoin acquisitions in the third quarter of 2024.
Additionally, Ju highlighted other bullish indicators, such as the near-end of miner capitulation, a stable hash rate, and reduced selling pressure from long-term Bitcoin holders.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> On-chain Data Summary: Bullish • Hashrate Recovery: Miner capitulation is nearly over, with hashrate nearing ATH. U.S. mining costs are ~$43K per BTC, so hashrate likely stable unless prices dip below this. • Whale Accumulation: Significant BTC inflows into custody…
&mdash; Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1820882769913983106?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Despite the recent market slump, which saw Bitcoin prices briefly drop to $49,800 on Monday, the cryptocurrency has since recovered by 14% to reach $56,703 on Wednesday.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That&#8217;s Not How Crypto Works&#8217;</a>
Why It Matters: The recent accumulation of Bitcoin by whales comes amid significant market volatility, driven by unexpected global financial events. On Tuesday, Jim Bianco of Bianco Research attributed a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40203958/what-really-caused-bitcoin-ethereum-to-crash-analyst-has-answers">major market downturn</a> to the Bank of Japan&#8217;s surprise interest rate hike on Jul. 31. This decision led to a massive unwinding of the yen carry trade, causing ripple effects across international markets.
Despite the market turbulence, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40199294/wall-street-rebounds-after-selloff-vix-falls-dollar-surges-against-yen-whats-driving-marke">U.S. stock markets rebounded strongly on Tuesday</a>, with the S&amp;P 500 and Nasdaq 100 both climbing over 2%. This recovery was driven by investor confidence in the U.S. economy&#8217;s resilience.
However, some experts remain cautious. Crypto trader Altcoin Sherpa predicted that Bitcoin might find its bottom in the $40,000s, suggesting further market <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40198662/bitcoin-could-only-bottom-in-the-40-000s-trader-warns">volatility and potential liquidations</a>. Additionally, the crypto market is <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40195446/bitcoin-ethereum-face-random-walk-risk-expert-warns-what-does-that-mean">facing increased unpredictability</a>, described as a &#8220;random walk&#8221; by BloFin Academy.
Price Action: Bitcoin is trading at $56,726.50, reflecting a gain of 1.20% in the last 24 hours. Over the past month, Bitcoin has increased 1.52%. Year to date, the King Crypto has surged by 28.42%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40146331/benzinga-bulls-and-bears-tesla-microsoft-intel-crowdstrike-and-crypto-trader-says-dogecoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla, Microsoft, Intel, CrowdStrike And Crypto Trader Says Dogecoin&#8217;s Bull Run Has &#8216;Not Even Begun Yet&#8217;</a></li>
</ul>
Image Via Pixabay 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Bitcoin Whales Reportedly Accumulate Nearly $23B Worth Of BTC In A Month: 'Something Is Happening Behind The Scenes'

Esteemed economist&nbsp;Peter Schiff&nbsp;on Tuesday used the <a href="https://www.benzinga.com/news/24/08/40199482/disney-shares-rise-on-report-of-streaming-price-increase">latest price surge</a> of Walt Disney Company&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) Disney+ and Hulu to criticize the Federal Reserve&#8217;s inflation management strategy.
What Happened: Schiff took to X, formerly Twitter, and sarcastically expressed gratitude towards Jerome Powell, the Federal Reserve chair, for bringing inflation &#8220;close enough to 2%&#8221; to initiate interest rate cuts in September. 
He insinuated that if inflation were still hovering around 5%, Disney might have implemented a 50% price hike. 
He ended the post by saying &#8220;Thanks Powell&#8221; which suggests he is mockingly criticizing the Fed chair for not taking adequate measures to control inflation. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40157139/nvdl-soxl-and-other-chip-etfs-suffer-major-blow-in-premarket-amid-global-market-bloodbath?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVDL, SOXL And Other Chip ETFs Suffer Major Blow In Premarket Amid Global Market &#8216;Bloodbath&#8217;</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Disney?src=hash&amp;ref_src=twsrc%5Etfw">#Disney</a> is raising prices on its basic Disney+ and Hulu plans by 25%. It&#39;s a good thing the <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw">#Fed</a> has gotten <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> close enough to 2% to start cutting interest rates in Sept. Maybe if inflation were still closer to 5%, Disney would have raised prices by 50%. Thanks, <a href="https://twitter.com/hashtag/Powell?src=hash&amp;ref_src=twsrc%5Etfw">#Powell</a>.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820907385742852235?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
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Starting Oct. 17, the prices for individual monthly and annual plans for Disney+, Hulu, and ESPN+ will increase. Disney+ with ads will now be priced at $9.99 per month, reflecting a 25% increase. 
The ad-free version will go up by 14% to $15.99 per month, and the Disney+ and Hulu bundle with ads will see a 10% hike to $10.99 per month.
Why It Matters: Schiff&#8217;s criticism&nbsp;of the Federal Reserve&#8217;s handling&nbsp;of inflation is not new. Last month, he&nbsp;criticized the Fed&#8217;s role in inflation and advocated for a return to the <a href="https://www.benzinga.com/news/24/07/39742415/bitcoin-critic-peter-schiff-slams-federal-reserves-inflation-handling-backs-return-to-gold-standard">gold standard as a solution</a> to the inflation issue.
&#8220;Powell warned Congress that eliminating the #Fed risked high future #inflation. But inflation was much higher after the Fed was established than before,&#8221; he stated at the time.
During the same month, Schiff also warned of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39951461/markets-are-sounding-an-alarm-peter-schiff-warns-federal-reserve-should-cut-rates-b">potential market crash</a>, highlighting the rise of safe-haven currencies and the fall of commodity currencies.
Photo Courtesy: Wikimedia Commons
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

Peter Schiff Takes A Brutal Dig At Fed, Illustrates Real US Inflation Using Disney+ Price Hikes: 'Thanks, Powell'

European pharmacy chain, Rossmann, has decided to stop buying electric vehicles (EVs) from Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) due to CEO Elon Musk&#8217;s support for Donald Trump.
What Happened: The Germany-based company has made this decision effective immediately. The company&#8217;s spokesperson, Raoul Rossmann, stated that the contradiction between Musk&#8217;s political support and the environmental values represented by Tesla&#8217;s products led to this decision, CNBC <a href="https://www.cnbc.com/2024/08/06/elon-musks-trump-support-pushes-a-corporate-customer-away-from-tesla.html">reported</a> on Wednesday. 
"Trump has repeatedly described climate change as a hoax &#8211; this attitude is in stark contrast to Tesla's mission to contribute to environmental protection through the production of electric cars,&#8221; Rossmann said.
Although Rossmann&#8217;s annual EV purchases are around 180, with only 38 being Teslas, this decision highlights the potential global repercussions of Musk&#8217;s political choices on Tesla&#8217;s business.
Musk publicly endorsed Trump last month and announced his contribution to a pro-Trump group, America PAC, which he helped establish. He is also scheduled to interview the former president.
See Also: <a href="https://www.benzinga.com/news/24/08/40179186/youtuber-gifts-trump-a-tesla-cybertruck-with-custom-wrap-of-his-pennsylvania-rally-shooting-incident?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">YouTuber Gifts Trump A Tesla Cybertruck With Custom Wrap Of His Pennsylvania Rally Shooting Incident: &#8216;That&#8217;s An Elon. That Is Beautiful,&#8217; Says Former President</a>
Why It Matters: Musk&#8217;s endorsement of Trump is not a blanket approval of all his views, as he<a href="https://www.benzinga.com/news/24/08/40145805/elon-musk-says-his-endorsement-of-trump-doesnt-mean-he-agrees-with-everything-ex-president-is-saying"> clarified in a conversation</a> with Lex Fridman. Trump has also <a href="https://www.benzinga.com/news/24/08/40154264/trump-says-electric-cars-are-fantastic-after-tesla-ceo-elon-musks-endorsement-i-have-to-be-you-know">expressed his support for electric cars</a>, alleging that the Democratic Party wants to replace gas cars with EVs. 
The two are <a href="https://www.benzinga.com/general/social-media/24/08/40200731/donald-trump-elon-musk-set-for-monday-interview-will-the-talk-be-on-x-or-truth-social">scheduled for an interview</a> on Monday, Aug. 12, less than three months ahead of the 2024 presidential election.
Price Action: Tesla was trading 2.77% lower at $195.08 in the after-hours market after closing at $200.64 on Tuesday, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
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Images via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tesla Loses This Major European Customer After Elon Musk Endorses Trump For President

China is Apple, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Achilles&#8217; heel from the margin perspective and three businesses drove much of the Services business&#8217; upside,10-Q filing by the tech giant for its <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">fiscal year third quarter </a>showed,
Discounting Dents Margins: Greater China&#8217;s operating margin for Apple was at a near decade-low, thanks to iPhone discounting and a weaker yuan, said Morgan Stanley analyst Erik Woodring in a note released Monday. The analyst noted that Greater China &#8211; a collective name for mainland China, Hong Kong, Taiwan, and Macau, fetched Apple&#8217;s operating profit of $5.56 billion in the June quarter, a 10% year-over-year decline. This was significantly bigger than the 3% drop (in constant currency) seen in Greater China revenue, he added.
The analyst&#8217;s number-crunching suggests the Greater China margin was 37.8%, a 310 basis-point sequential decline and 160 basis-point year-over-year decline. Some of the weakness is attributable to the yen but the most significant factor was the likely iPhone discounting, he said.
Delving into the driving force behind the steep discounting, the analyst said it may have to do with the competitive market. Also, Apple&#8217;s company-level gross margins are at or near all-time highs, giving the management the flexibility to optimize for gross profit dollar growth in China, not gross margins.
Apple undoubtedly is increasingly vulnerable in China with nimble domestic players alluring customers with pricing. Estimates by market researcher Canalys <a href="https://www.canalys.com/newsroom/the-global-smartphone-market-Q2-2024">show</a> that Apple shipped 45.6 million units in the June quarter, marking 6% year-over-year growth. This was among the slowest growth rates among the major global smartphone manufacturers. Most Chinese makers reported a double-digit growth rate, led by Xiaomi Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>). Apple&#8217;s smartphone market share slipped a percentage point year-over-year.
See Also:&nbsp;<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Apple Stock</a>
Strength Behind Services Strength: Woodring noted that advertising, App Store and Cloud drove Services growth in the June quarter, supporting near-record Services gross margins. These three accounted for 70% of the Apple Service segment revenue, he said.
Apple reported that in June, its services revenue was $24.21 billion, marking a record performance. The segment saw its revenue rise 14.4% year-over-year and 1.42% quarter-over-quarter.
For the September quarter, Morgan Stanley estimates <a href="https://www.benzinga.com/markets/equities/24/08/40125039/apple-cracks-down-on-tencent-and-bytedance-over-30-app-store-fees-threatens-to-reject-essential-">App Store,</a> Apple TV+, iCloud and Advertising to be the drivers of the Services revenue growth, helping to support a third straight quarter of 74%+ Service gross margins.
Apple ended Tuesday&#8217;s session down 0.97% to $207.23, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40147237/warren-crushed-apple-says-jim-cramer-as-buffett-cuts-stake-in-tech-giant-by-nearly-">&#8216;Warren Crushed Apple&#8217; Says Jim Cramer As Buffett Cuts Stake In Tech Giant By Nearly Half: Here&#8217;s How Much Dividend Income Berkshire Forgoes</a></li>
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AAPL

XIACF

Apple's Margins Hit Near Decade-Low In China Due To Discounting, Weaker Yuan, Says Analyst: Competitive Pressure Or Management's Deliberate Plan?

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pega.com%2F%3Futm_source%3Demd%26utm_medium%3Dpr%26utm_content%3DPega-EU-Service-Boundary&amp;esheet=54105233&amp;newsitemid=20240807743080&amp;lan=en-US&amp;anchor=Pegasystems+Inc.&amp;index=1&amp;md5=0a695e06f48a0b4d9a2059940c940e13">Pegasystems Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEGA#NASDAQ">PEGA</a>), the leading enterprise AI decisioning and workflow automation platform provider, today announced it is expanding its relationship with&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.aws.com%2F&amp;esheet=54105233&amp;newsitemid=20240807743080&amp;lan=en-US&amp;anchor=Amazon+Web+Services&amp;index=2&amp;md5=435232f5442c90486f3edfeaeb0eec55">Amazon Web Services</a>&nbsp;(AWS). Pega is among the initial companies to reveal it will leverage the recently announced&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Faws.amazon.com%2Fblogs%2Fsecurity%2Faws-digital-sovereignty-pledge-announcing-a-new-independent-sovereign-cloud-in-europe%2F&amp;esheet=54105233&amp;newsitemid=20240807743080&amp;lan=en-US&amp;anchor=AWS+European+Sovereign+Cloud&amp;index=3&amp;md5=6af9bfec32f29ece8c958acc0c95d9f0">AWS European Sovereign Cloud</a>&nbsp;to deliver the Pega EU Service Boundary &ndash; a solution that will help customers meet their most stringent digital sovereignty goals within the European Union (EU). The Pega EU Service Boundary is set to launch alongside the AWS European Sovereign Cloud at the end of 2025.
The new offering will provide a commitment from Pega to store and process data within the EU, under the control of and supported by EU staff, to provide the flexibility of Pega Cloud, while addressing stringent digital sovereignty requirements from clients in public sector and highly regulated industries. By combining&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.pega.com%2Fproducts%2Fcloud&amp;esheet=54105233&amp;newsitemid=20240807743080&amp;lan=en-US&amp;anchor=Pega+Cloud&amp;index=4&amp;md5=c026c747e6573f9830f0b9d2a72be7d9">Pega Cloud</a>&#39;s already stringent approach to data isolation, access controls, and process with the AWS European Sovereign Cloud, Pega will provide further digital sovereignty assurances at all layers of the service, from Pega&#39;s platform and supporting technologies, all the way to the supporting infrastructure.

PEGA

Pegasystems to Use AWS European Sovereign Cloud, Enhancing Data Control for EU Clients

Mohamed El-Erian, the chief economic adviser at Allianz, has advised the Federal Reserve to postpone a <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40203305/should-fed-make-an-emergency-cut-before-september-meeting-no-not-even-close-analy">rate cut</a> until September. He also emphasized the significance of the upcoming Jackson Hole symposium for Fed Chair Jerome Powell to regain control of the narrative.
What Happened: El-Erian, in a post on X, highlighted the ongoing debate over the Fed&#8217;s policy and suggested that the focus should shift to the opportunity Powell has at the Jackson Hole symposium to steer the narrative and provide forward policy guidance. 
&#8220;It needs to go beyond this and also focus on the opportunity Chair Powell has at Jackson Hall to regain control of the narrative and anchor forward policy guidance,&#8221; El-Erian wrote.
El-Erian recommended &#8220;As to the next rate cut, the Fed definitely should wait for September IMO. An inter-meetings cut would carry a very high risk of being counterproductive.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The ongoing debate on Fed policy is focused on whether the Fed should cut inter-meetings or in September, and by how much. It needs to go beyond this and also focus on the opportunity Chair Powell has at Jackson Hall to regain control of the narrative and anchor forward policy…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1820886884467249473?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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El-Erian attached his Financial Times opinion piece, where he outlined the key issues that the Fed should address during the summer to ensure the economic well-being of the U.S. and global financial stability. 
These issues include the Fed&#8217;s recent forecasting inaccuracies, the need for a more forward-looking policy, the urgency of a review of the 2020 revisions to the Fed&#8217;s monetary policy framework, and the appropriate inflation target and neutral interest rates, according to El-Erian.
He also suggested that the Fed should consider appointing outside experts to its top policymaking committee, put more emphasis on the risk of damaging the real economy, and be more open about the risks of the current U.S. fiscal outlook.
Why It Matters: On Sunday, El-Erian noted that the probability of a 50-basis-point cut by the Federal Reserve in September <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40154562/fed-may-be-bullied-into-50-bps-cut-in-september-says-mohamed-el-erian-as-global-mar">had surged to 80%</a>, reflecting traders&#8217; expectations of a more aggressive rate cut cycle. This was driven by a global market meltdown, with Asian markets falling into correction territory.
On Tuesday, speculation about an emergency rate cut before the September meeting was fueled by comments from Chicago Fed President Austan Goolsbee. However, the probability of <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40203305/should-fed-make-an-emergency-cut-before-september-meeting-no-not-even-close-analy">such a cut dropped sharply</a> from 58% to 14% within a day.
Additionally, the <a href="https://www.benzinga.com/markets/forex/24/08/40199820/investors-should-blame-bank-of-japan-for-major-selloff-economist-says">recent market turmoil</a> has been partly attributed to the Bank of Japan&#8217;s actions. The unwinding of the Japanese Yen carry trade led to significant losses in global markets, including the largest drop in Japan&#8217;s Nikkei 225 index in decades.
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</ul>
Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Federal Reserve

Mohamed El-Erian Cautions Inter-Meeting Rate Cut Has High Risk Of Being 'Counterproductive,' Says Jerome Powell Has Opportunity At Jackson Hole To 'Regain Control Of The Narrative'

Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) is expected to release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/LYFT/earnings">opening bell on Wednesday, Aug. 7.</a>
Analysts expect the San Francisco, California-based company to report quarterly earnings at 19 cents per share, up from 16 cents per share in the year-ago quarter. Lyft is projected to report quarterly revenue of $1.39 billion, compared to $1.02 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 25, Lyft and Payfare reported the long term extension of Lyft Direct Program.
Lyft shares gained 3.8% to close at $10.97 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/LYFT/analyst-ratings">analysts have rated the company </a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/topic/brian-nowak">Morgan Stanley analyst Brian Nowak</a> maintained an Equal-Weight rating and raised the price target from $17 to $18 on June 7. This analyst has an accuracy rate of 71%.</li>
<li>Goldman Sachs analyst Eric Sheridan maintained a Neutral rating and boosted the price target from $19 to $21 on June 7. This analyst has an accuracy rate of 78%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ecd4830bd9910001845462/brad-erickson">RBC Capital analyst Brad Erickson</a> reiterated an Outperform rating with a price target of $24 on June 7. This analyst has an accuracy rate of 65%.</li>
<li>Wedbush analyst Scott Devitt maintained a Neutral rating and boosted the price target from $18 to $19 on June 7. This analyst has an accuracy rate of 80%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5975f4d935f48b0001d47f0b/ross-sandler">Barclays analyst Ross Sandler</a> maintained an Equal-Weight rating and increased the price target from $17 to $20 on May 8. This analyst has an accuracy rate of 70%.</li>
</ul>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="407" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25-1024x407.png" alt="" class="wp-image-480788" style="width:677px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25-1024x407.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25-300x119.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25-768x305.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25-1536x610.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/07030805/image-25.png 1852w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Earnings

Pre-Market Outlook

Trading Ideas

LYFT

Lyft Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

American EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will recall 1.7 million vehicles in China because of concerns that the front trunk may open when driving, obstructing the driver's view and increasing the risk of a crash, China's market regulator said on Tuesday.
What Happened:&nbsp;As per the notice published on China&#8217;s State Administration for Market Regulation website, the recall involves some imported Model S and X vehicles and also some Model 3 and Y vehicles produced in China.
Once the customer has opened the front trunk, the hood latch assembly may fail to detect that it is unlocked, thereby preventing driver notification. This may cause the trunk to open when driving and increase the risks of a crash, the notice read.
As for a solution, the company will issue an over-the-air update which will enable the vehicle to identify if the front trunk is locked and issue warnings in case it is not. 
Why It Matters: Tesla recalled <a href="https://www.benzinga.com/news/24/07/40031872/tesla-recalls-over-1-8m-vehicles-over-concerns-of-unlatched-hood-opening-when-driving">more than 1.8 million vehicles in late July</a> in the U.S. over similar concerns of the hood opening when driving. The company released an over-the-air software update aimed at fixing the issue at no cost to the customer in its home country as well.
In June, Tesla also issued a recall for <a href="https://www.benzinga.com/news/24/06/39330373/tesla-recalls-nearly-6-000-imported-evs-in-china-to-fix-faulty-seat-belt-warnings-via-software-updat">nearly 6000 vehicles in China</a> owing to a lack of seat belt warnings. The recall then involved a total of 5,836 vehicles, including imported Model 3, S, and X vehicles.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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</ul>
Photo via Shutterstock

Regulations

Tesla Recalls 1.7M Vehicles In China Over Concerns Of Front Trunk Opening When Driving, After Recalling 1.8M Vehicles In US Over Similar Problems: To Fix Issue Via Over-The-Air Software Upgrade

Guidance

Sony Group Corporation American Depositary Shares

SONY

Sony Group Provides Fiscal 2024 Outlook: Expects Sales Of ¥12.61T (Prior ¥12.31T) $79.64B; Adjusted EBITDA Of ¥1.99T (Prior ¥1.93T) ($13.31B), Reiterated Operating Margin Of 10.4%

Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) is set to release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/HOOD/earnings">opening bell on Aug. 7, 2024.</a>
Analysts expect the Menlo Park, California-based company to report quarterly earnings at 15 cents per share, up from 3 cents per share in the year-ago period. Robinhood is projected to report quarterly revenue of $643.34 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Monday, Robinhood announced the suspension of its 24-hour trading service due to a problem at its third-party execution venue.
Robinhood shares gained 4.8% to close at $17.21 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/HOOD/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5df22a3dbffdfc0001d6fa45/christopher-allen">Citigroup analyst Christopher Allen</a> upgraded the stock from Sell to Neutral with a price target of $18 on Aug. 5. This analyst has an accuracy rate of 75%.</li>
<li>Barclays analyst Benjamin Budish maintained an Underweight rating and raised the price target from $18 to $20 on July 10. This analyst has an accuracy rate of 74%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/64a548c0943f950001b31bb8/patrick-moley">Piper Sandler analyst Pattrick Moley</a> maintained a Neutral rating and boosted the price target from $18 to $20 on July 9. This analyst has an accuracy rate of 71%.</li>
<li>JMP Securities analyst Devin Ryan reiterated a Market Outperform with a price target of $30 on June 12. This analyst has an accuracy rate of 78%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/61f3ddfca8bef8000120d89f/john-todaro">Needham analyst John Todaro </a>reiterated a Hold rating on June 6. This analyst has an accuracy rate of 81%.</li>
</ul>
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HOOD

Robinhood Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Earnings Beats

Sony Group Q1 2024 GAAP EPS $1.22 Beats $1.10 Estimate, Sales $19.355B Beat $17.186B Estimate

Sales growth is now expected to be 22% to 28% at CER. Given the current exchange rates versus the Danish krone, sales growth reported in DKK is now expected to be 1 percentage point lower than at CER. The updated sales outlook at CER reflects higher full-year expectations for both operating units. The guidance reflects expectations for sales growth in both North America Operations and International Operations, mainly driven by volume growth of GLP-1-based treatments for Obesity and Diabetes care. Continued pricing pressure within Diabetes and Obesity care is included in the guidance.
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Novo Nordisk 2024 Outlook: Now Expects Sales Growth Of 22%-28% (Prior 19%-27%) And Operating Profit Growth Of 20%-28% (Prior 22%-30%)

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the &#8220;Extreme Fear&#8221; zone on Tuesday.
U.S. stocks settled higher on Tuesday, recovering some losses from the prior three sessions.
On the economic data front, the trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap of $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.
Various megacap tech shares recovered on Tuesday following a sharp decline in the prior session. NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares gained 3.8%, while Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares added 3.9% during the session.
Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40199526/s-p-500-surges-over-2-caterpillar-earnings-beat-estimates">reported better-than-expected</a> second-quarter financial results on Tuesday. Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) reported stronger-than-expected quarterly earnings on Tuesday.
All sectors on the S&amp;P 500 closed on a positive note, with real estate, communication services, and financials stocks recording the biggest gains on Tuesday.
The Dow Jones closed higher by around 294 points to 38,997.66 on Tuesday. The S&amp;P 500 surged 1.04% at 5,240.03, while the Nasdaq Composite climbed 1.03% at 16,366.85 during Monday's session.
Investors are awaiting earnings results from McKesson Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>), The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), and CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 20.9, the index remained in the &#8220;Extreme Fear&#8221; zone on Tuesday, versus a prior reading of 16.4.
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.
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NVDA

Dow Snaps 3-Session Losing Streak As Nvidia, Meta, And Other Tech Stocks Surge: Greed Index Remains In 'Extreme Fear' Zone

Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) reported quarterly earnings of $4.49 per share which missed the analyst consensus estimate of $5.05 by 11.09 percent. This is a 3.94 percent increase over earnings of $4.32 per share from the same period last year. The company reported quarterly sales of $68.060 billion which missed the analyst consensus estimate of $68.654 billion by 0.87 percent. This is a 25.34 percent increase over sales of $54.300 billion the same period last year.

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