Latest news for WM Tech (NASDAQ:MAPSW) Stock

WM Technology Inc is a technology and software infrastructure provider to the cannabis industry. It comprises B2C platform Weedmaps, and B2B software WM Business. Its revenues are derived primarily from monthly subscriptions to Weedmaps for Business, featured and deal listings and other WM Ad solutions. The Weedmaps for Business subscriptions generally have one-month terms that automatically renew unless notice of cancellation is provided in advance. Featured and deal listings and other WM Ad solutions are offered as add-on products to the Weedmaps for Business subscriptions. Featured and deal listings provide customers with premium placement ad solutions and discount and promotion pricing tools. Other WM Ad solutions include banner ads and promotion tiles on our marketplace ads.

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Cannabis

News

MAPS

MAPSW

Weedmaps reveals New York&#39;s cannabis shopper trends, highlighting products, age preferences and high spending amid legal market expansion.

Who Are New York&#39;s Cannabis Shoppers? Weedmaps Reveals Fresh Data Amid Legal Market Expansion

WM Technology Inc

JP Morgan analyst Michael Mueller maintains Rexford Industrial Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REXR#NYSE">REXR</a>) with a Neutral and raises the price target from $47 to $52.

Price Target

Analyst Ratings

REXR

JP Morgan Maintains Neutral on Rexford Industrial Realty, Raises Price Target to $52

Skechers U.S.A., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) will release its second quarter financial results, after the <a href="https://www.benzinga.com/quote/skx/earnings">closing bell on Thursday, July 25</a>.
Analysts expect the Manhattan Beach, California-based company to report quarterly earnings at 95 cents per share, down from 98 cents per share in the year-ago period. Skechers is expected to post revenue of $2.23 billion, compared to $2.01 billion a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Skechers recently filed a lawsuit against LL Bean accusing the company of illegally copying its shoe designs.
Skechers shares fell 1.7% to close at $64.02 on Wednesday.
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/SKX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst Alex Straton upgraded the stock from Equal-Weight to Overweight and raised the price target from $60 to $80 on July 23. This analyst has an accuracy rate of 71%.</li>
<li>TD Cowen analyst John Kernan maintained a Buy rating and increased the price target from $77 to $79 on July 22. This analyst has an accuracy rate of 68%.</li>
<li>Deutsche Bank analyst Krisztina Katai reinstated a Buy rating with a price target of $82 on June 13. This analyst has an accuracy rate of 62%.</li>
<li>Stifel analyst Jim Duffy maintained a Buy rating and boosted the price target from $74 to $81 on May 28. This analyst has an accuracy rate of 74%.</li>
<li>Wedbush analyst Tom Nikic reiterated an Outperform rating with a price target of $76 on May 17. This analyst has an accuracy rate of 66%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39932485/jim-cramer-calls-axsome-a-double-or-nothing-stock-says-sap-is-incredible">Jim Cramer Calls Axsome A &#8216;Double Or Nothing Stock,&#8217; Says SAP Is &#8216;Incredible</a>&#8216;</li>
</ul>

Earnings

Markets

Trading Ideas

Skechers Gears Up For Q2 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Kroger And Albertsons Agree To Delay Deal For September Trial; Colorado Judge Temporarily Halts $25B Merger As Colorado AG Sues To Block It

Good Morning Traders! In today&#39;s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.
We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market&#39;s pulse to optimize your trading gains. Now, let&#39;s dive into the stock analysis:
<h3>SPDR S&amp;P 500 ETF Trust</h3>
The SPY&nbsp;(ARCA: SPY) is currently trading near our level of 540.07. For bullish traders, we are looking for an initial move up to 541.49. If the price holds strong above 541.49, buyers may drive the price to our resistance level of 542.93. Sustaining above 542.93 could result in a further move up to 544.04. Our bullish target for SPY on the day is 545.24.
Should 540.07 fail to hold as support, we anticipate the bears testing 539.18. If sellers maintain pressure, a further decline to 538.30 is expected. A break below 538.30 with significant selling could see the price reaching a strong support level at 537.20. In an aggressive sell-off, our bearish target for the day is 536.31.
<h3>Invesco QQQ Trust Series 1 </h3>
The Q&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) are currently trading around our critical level of 460.55. Bullish momentum needs to see buyers sustain above 460.55. If this support holds firm, the next target is 462.14. Continued strength could push the price towards 463.56. Should the bullish sentiment remain strong, a test of 465.93 is likely. Our high target for the bulls today is 467.60.
If 460.55 does not hold during regular trading hours, we expect bears to drive the price down to 458.83. Further weakness could lead to a test of 457.55. Persistent selling may push the price lower to 456.23. If this level fails to act as strong support, we look for a drop to our bearish target of 455.29.
<h3>Apple Inc.</h3>
Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is currently trading around our level of 216.70. For bullish traders, holding 216.70 as support is crucial. If this level holds, we look for an advance to 218.08. Continued bullish activity could drive the price up to 219.19. Should the bulls maintain control, a further push to 220.29 is anticipated as our high bull target for the day.
Should 216.70 fail to act as support, a test of 215.25 is expected. If selling continues, the price may drop to 214.07. Persistent selling pressure could see a decline to 212.44. If this level is breached, our low bear target for Apple is 211.12.
<h3>Microsoft Corp.</h3>
Microsoft&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) is currently trading around our level of 426.00. For bulls, it is vital to maintain strength above 426.00. If this level holds, we expect a move up to 427.36. Continued support above this level could drive the price higher to 428.48. Sustained bullish momentum could see the price reaching our high bull target for Microsoft at 429.25.
If 426.00 does not hold as support, we look for the bears to test 425.16. A break below this level could see further selling down to 423.81. Continued downward pressure might push the price to 422.84. Our bearish target for the day is 421.62.
<h3>NVIDIA Corporation</h3>
NVIDIA (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) is currently trading near our key level of 113.68. Bulls need to push the price up to 114.29 and hold this as support. A successful hold could lead to a rally to 115.15. Continued buying pressure might result in a further move up to 115.83. Our high bull target for NVIDIA today is 116.61.
If 113.68 fails as support, bears are expected to test 112.54. Breaking this level could see the price drop to 111.70. Should the selling pressure persist, we anticipate a test of 110.73. On heavy selling, our low bear target for the day is 109.86.
<h3>Alphabet Inc Class A</h3>
Alphabet (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) is currently trading around 171.14. For the bulls, holding 172.28 as support is crucial. If this level holds, we anticipate a move up to 174.01. Continued bullish momentum could drive the price to our high bull target of 175.12.
Should 171.14 fail to hold as support, we expect the bears to drive the price down to 169.34. A break below this level could see further decline to 167.04. On heavy selling pressure, our bearish target for the day is 165.41.
<h3>Meta Platforms Inc</h3>
Meta&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) is currently trading around 462.20. Bulls need to maintain strength above 464.57 and hold this level as support. If successful, we expect the price to move up to 465.81. Continued buying pressure could drive the price higher to 468.38. Our high bull target for Meta is 470.28.
If 462.20 does not hold as support, we expect bears to drive the price down to 458.59. Further selling could lead to a test of 455.87. Persistent downward pressure might push the price to our low bear target of 453.45.
<h3>Tesla Inc.</h3>
Tesla&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is currently trading near our key level of 211.53. To the upside, bulls need to push the price to 213.88. Continued buying could result in a rally to 216.31. If the broader market is bullish today, Tesla may test higher levels at 217.78. In a strong bull rally, our high bull target for Tesla is 219.39.
Should 211.53 fail to hold as support, we expect a test of 209.51. Continued selling could bring 206.71 into play. If this level breaks, our low bear target for Tesla is 204.33.
Final Word: Today&#39;s session will be heavily influenced by the premarket economic data releases. At 8:30 AM ET, key reports include the Q2 Advance Annualized GDP and GDP Price Index, along with Initial and Continuing Jobless Claims. These releases will be pivotal for market direction.
Additionally, at the same time, we will see the Core PCE Price Index, Preliminary Durable Goods Orders, and Preliminary Capital Goods Orders for June. Investors should pay close attention to these numbers as they provide insight into economic health and inflation trends.
Later in the afternoon, at 1 PM ET, the Treasury will conduct a 7-Year Note Auction, which can also impact market sentiment. Given the range of significant data being released, traders should be prepared for potential volatility. Stay vigilant, trade carefully, and good luck!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day&mdash;hours before it&#39;s published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.
For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at <a href="https://marketclubhouse.club/7Days/" title="https://marketclubhouse.club/7Days/">https://marketclubhouse.club/7Days/</a> where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: <a href="https://www.youtube.com/@MarketClubhouse" title="https://www.youtube.com/@MarketClubhouse">https://www.youtube.com/@MarketClubhouse</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

General

AAPL

GOOGL

MSFT

NVDA

TSLA

Market Clubhouse Morning Memo - July 25th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

<a href="https://www.workday.com/">Workday, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>), a leading provider of solutions to help organizations manage their&nbsp;<a href="https://www.workday.com/en-us/products/human-capital-management/overview.html">people</a> and&nbsp;<a href="https://www.workday.com/en-us/products/financial-management/overview.html">money</a>, and <a href="https://www.kainos.com/">Kainos&nbsp;Group plc</a> (KNOS), a global digital technology provider,&nbsp;today announced an expanded strategic partnership to jointly advance the development and distribution of purpose-built apps for Workday customers through <a href="https://investor.workday.com/2024-06-05-Workday-Announces-Built-on-Workday-to-Help-Partners-Build,-Manage,-and-Distribute-Finance-and-HCM-Apps-to-Workday-Customers">Built on Workday</a>.
&nbsp;
Unveiled by Workday in June 2024, Built on Workday enables Workday partners to easily build, launch, and centrally manage apps on the trusted Workday platform. This provides partners with opportunities to accelerate and scale their app development while addressing customers' evolving business, industry, and regional challenges.

WDAY

Kainos And Workday Expand Strategic Partnership To Jointly Advance The Development And Distribution Of Purpose-Built Apps For Workday Customers Through Built On Workday

<h4>Key Takeaways:</h4>
<ul>
<li>Sichuan Biokin has been using proceeds from generic drug sales to develop novel oncology drugs, but government procurement policies in China have slowed its revenue stream while R&amp;D spending is on the rise</li>
<li>The company has put six ADCs into around 60 clinical trials of which nine are at the Phase Three stage</li>
</ul>
By Molly Wen
Sichuan Biokin Pharmaceutical Co. Ltd.&nbsp;is dipping into multiple funding pools to keep the cash flowing for its work on next-generation cancer therapies.
The developer of antibody-drug conjugates (ADCs), likened to &ldquo;biological missiles&rdquo; against cancer, has been a stellar performer on Shanghai&rsquo;s Nasdaq-like STAR Market since it went public there in early 2023. Just over a year later the company is aiming to secure a capital top-up through a secondary&nbsp;<a href="https://www1.hkexnews.hk/app/sehk/2024/106606/documents/sehk24071001002.pdf">listing</a>&nbsp;in Hong Kong.
Sichuan Biokin started out in1996 as a producer of complex generic drugs and traditional Chinese medicines. But in 2010 it pivoted towards the innovative drug business, using its revenue from established products to fund research into specialized cancer therapies. The work has yet to yield a commercial product but last year the company enlisted a powerful multinational partner to develop one of its drug candidates for the treatment of solid tumors.
Bristol Myers Squibb&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmy#NYSE">BMY</a>) agreed with Sichuan Biokin&rsquo;s wholly owned subsidiary SystImmune last December to jointly develop the bispecific drug BL-B01D1 in the United States, delivering a vote of confidence in the Chinese company&rsquo;s R&amp;D ability.&nbsp; Under the agreement, Sichuan Biokin kept control of the drug within China while BSM gained the independent right to develop and launch the product in other overseas markets.
The conjugate directs a highly targeted dose of chemotherapy at specific receptors involved in the growth and spread of cancer cells. The receptors in this case, EGFR and HER3, are implicated in various tumors originating in layers of the skin. The drug could go on to have broad market use as a precisely calibrated weapon against cancer, having been entered into more than 20 clinical trials, with seven advancing to Phase Three as standalone treatments for conditions such as breast cancer and non-small cell carcinoma.
BSM paid $800 million upfront for rights to the drug and agreed to disburse further near-term contingent sums of up to $500 million. The Sichuan Biokin subsidiary stands to gain up to an additional $7.1 billion in milestone and other payments, adding up to as much as $8.4 billion for the overall deal. This would make it the most valuable tie-up for a single product in the global ADC sector to date.&nbsp;
By the end of 2023, the company&rsquo;s cash and cash equivalents had shrunk to just 392 million yuan ($53.9 million), 609 million yuan less than a year earlier. But in March this year the BSM downpayment of $800 million provided a big liquidity boost, taking the firm&rsquo;s cash balance to 5.87 billion yuan at the end of May.
However, spending has accelerated as the company steps up the pace of research and testing. The bill for R&amp;D rose from 280 million yuan in 2021 to 380 million yuan a year later and 750 million yuan in 2023. In the first four months of this year, R&amp;D spending climbed 56% to 330 million yuan.
<h4>Slowing revenue stream</h4>
Meanwhile, the money coming in from generic drug sales, the company&rsquo;s main source of revenue, has been falling. In the three years from 2021 to 2023, annual sales slipped from 790 million yuan to 700 million yuan and 560 million yuan. This left the company with annual losses of 107 million yuan, 282 million yuan and 780 million yuan, blamed on price pressure from bulk government purchases for China&rsquo;s drugs procurement program. As a result, gross margin has slipped from 73.2% in 2021 to 54.8% in 2023.
Balancing the equation of rising R&amp;D and falling revenue from existing products has clearly been a challenge. When financing for the pharmaceutical industry started to dry up, the company set its sights on the IPO market. In January 2023, a flotation on the STAR Market at an issue price of 24.7 yuan per share raised 990 million yuan. The share price rose more than 160% in the first month after the IPO and hit a record high of 215.7 yuan in mid-June this year, pushing the firm&rsquo;s market cap beyond 70 billion yuan. Although the stock price has dipped lately, the company still ranks second in market value among innovative drug firms listed on the STAR Market.
Sichuan Biokin doubled down on its IPO strategy on July 10 when it filed for a Hong Kong listing, saying the funds would be spent on boosting research and manufacturing capability outside of mainland China. According to the preliminary prospectus, six ADC drug pipelines including BL-B01D1 have reached clinical trial stages, amounting to 60 trials in total. Moreover, the company has developed a platform for multi-specific antibody drugs and four pipelines for GNC multi-specific antibody drugs.
ADCs have been one of hottest areas of cancer research since 2020, with many multinationals eager to get in on the act. The conjugates combine the targeting ability of monoclonal antibody drugs with the cancer-killing properties of cytotoxic compounds. Scientific studies have described the treatments as &ldquo;biological missiles&rdquo;, attracting investor interest in developers such as Sichuan Biokin, with its several ADC pipelines.
With the STAR Market listing, Sichuan Biokin&rsquo;s price-to-earnings (P/E) ratio stands at about 14.7 times, much higher than the 5.9 times for&nbsp;HBM&nbsp;Holdings&nbsp;(2142.HK), an industry peer that has yet to launch a commercial drug but makes a profit from its licensing business.
However, Sichuan Biokin faces downside risks from its heavy reliance on one-off licensing revenue. The high-profile BSM partnership promises to keep revenues rolling in, but investors should pay close attention to the company&rsquo;s R&amp;D record, given the high failure rate for experimental drugs.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Asia

Biotech

Sichuan Biokin Chases Hong Kong Listing After BSM Drug Deal

JP Morgan analyst Jimmy Bhullar maintains RenaissanceRe Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNR#NYSE">RNR</a>) with a Neutral and raises the price target from $265 to $267.

JP Morgan Maintains Neutral on RenaissanceRe Holdings, Raises Price Target to $267

JP Morgan analyst Michael Rehaut maintains PulteGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>) with a Overweight and raises the price target from $141 to $152.

JP Morgan Maintains Overweight on PulteGroup, Raises Price Target to $152

American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) reported second-quarter 2024 financial results and <a href="https://www.benzinga.com//node/39953729" target="_blank" rel="noreferrer noopener">lowered its 2024 EPS outlook.</a>
The airline reported second quarter total operating revenue growth of 2% year-over-year to $14.334 billion, missing the consensus of $14.36 billion.
The adjusted operating margin stood at 9.7% in the second quarter, compared to 15.4% a year ago. Operating expenses increased by 8.9% year over year to $12.95 billion.
The company reported an adjusted EPS of $1.09, down from $1.92 a year ago and <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">above the consensus $1.05.</a>
In the second quarter, the company generated an operating cash flow of ~$1.1 billion and a free cash flow of ~$850 million.
American Airlines ended the quarter with ~$11.7 billion of total liquidity and reduced its total debt by nearly $680 million in the second quarter. The company is now more than&nbsp;$13 billion, or approximately&nbsp;87%, toward its goal of reducing total debt&nbsp;by&nbsp;$15 billion&nbsp;by the end of 2025.
Revenue passenger miles increased 8.5%, Available seat miles (ASM) was up 8%, and passenger load factor for the quarter was 86.6% compared to 86.2% in the same quarter last year. Total revenue per available seat miles&nbsp;for the quarter declined 5.6%.
The average aircraft fuel price, including related taxes (dollars per gallon), rose 3.3% YoY to $2.70, and the operating cost per ASM increased 0.8%.
&#8220;American has a fleet, network and product built to deliver results, but during the second quarter, we did not perform to our initial expectations due to our prior sales and distribution strategy and an imbalance of domestic supply and demand,&#8221; commented American&#8217;s CEO&nbsp;Robert Isom.
Third-quarter Guidance: American Airlines expects adjusted EPS to be ~breakeven and adjusted operating margin of ~ 2% to 4%.
Total capacity is expected to increase by 2% to 4%, TRASM to decline by 2.5% to 4.5%, and CASM-ex to increase by 1% to 3%.
2024 Guidance: American now expects an adjusted EPS of $0.70 to $1.30 (prior $2.25 to $3.25) <a href="https://www.benzinga.com/calendars/guidance">versus the consensus of $1.81. It expects 2024 operating margin of 3.5% to 5.5%.</a>
Price Action: AAL shares are trading higher by 2.41% at $10.42 at the last check Thursday.
Photo via Shutterstock

Equities

Guidance

Movers

American Airlines Q2 Earnings: Mixed Performance Amid Cost Pressures, Lowers Annual Profit Outlook

Imax Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) reported its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39954668/imax-corporation-reports-second-quarter-2024-earnings-results" rel="noreferrer noopener">second-quarter financial results</a> before the bell Thursday. The stock gained after the print. Here&#8217;s a&nbsp;look at the highlights.&nbsp;
The Details:
Imax reported quarterly EPS of $0.18, which quashed the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.07</a>.
The quarterly sales were $88.96 million, down 9% year over year, beating the analyst consensus estimate of $76.01 million.&nbsp;
Content Solutions revenues of&nbsp;$35 million&nbsp;grew by 12% year-on-year, driven by the sale of the commercial and streaming rights of &#8220;The Blue Angels&#8221; documentary.
Technology Products and Services revenues decreased 20% year-on-year to&nbsp;$51 million due to&nbsp;lower box office tied rental revenues and fewer sale and hybrid installations.
The company reported 24 Imax system installations in the quarter, up 20% year over year, and 87 signings for new and upgraded IMAX systems, up 89% year over year.&nbsp;
Rich Gelfond, CEO of IMAX. &#8220;The second quarter offered strong evidence that we are at in inflection point in our business; we are on a tear with system sales activity, our system installations are up significantly, and the slate through 2026 is as strong as we&#8217;ve ever seen.&#8221;
&#8220;Our ongoing strategic network expansion will enable IMAX to fully capitalize on the tremendous film slate over the next several years — featuring new releases from some of our most successful filmmaking partners and studio franchises, as well as a record of at least 14 films shot with IMAX cameras in 2025.&#8221;&nbsp;
Imax raised its Imax system installation guidance to 130 &#8211; 150 for the full year 2024 versus 128 for the full year 2023.
IMAX Price Action: Imax shares are up 9.62% at $19.55 at the last check on Thursday.
Photo via Wikimedia Commons

Tech

IMAX

Why Imax Stock Is Soaring On Thursday

Discover economic bellwether J.B. Hunt&rsquo;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jbht#NASDAQ">JBHT</a>) key insights and observations from the Q2 2024 Earnings Call:&nbsp;
<h3>Key Participants:</h3>
<ul>
<li>Shelley Simpson, President and CEO</li>
<li>John Kuhlow, CFO</li>
<li>Spencer Frazier, EVP of Sales and Marketing</li>
<li>Nick Hobbs, COO and President of Contract Services</li>
<li>Darren Field, President of Intermodal</li>
<li>Brad Hicks, President of Highway Services and EVP of People</li>
</ul>
<h3>Segment Performance Drivers:</h3>
Intermodal (JBI):
<ul>
<li>Volume down 1% YoY, driven by a 7% decline in the East, partially offset by a 4% increase in transcon business.</li>
<li>Strong demand out of Southern California, with volumes up double digits.</li>
<li>Margin pressure due to market pressure on yields and capacity investments.</li>
<li>Pricing improvements are critical for margin recovery, but volume and operational efficiency are also important.</li>
</ul>
Dedicated Contract Services (DCS):
<ul>
<li>Sold 325 trucks of new deals in Q2.</li>
<li>Expect fleet count to remain flat for the year despite some visibility to fleet losses.</li>
<li>Start-up costs for new trucks will impact Q3 margins.</li>
<li>Competitive pressure in retail replenishment, but strong pipeline and disciplined underwriting.</li>
</ul>
Final Mile Services (FMS):
<ul>
<li>Progress on profit improvement plan.</li>
<li>Mixed demand for big and bulky products; stable for appliances and exercise equipment, soft for furniture.</li>
<li>Net benefit of $1.1 million from claims settlements in Q2.</li>
<li>Focus on revenue quality and cost discipline.</li>
</ul>
Integrated Capacity Solutions (ICS):
<ul>
<li>Gross revenue declined 21% YoY due to a 25% decline in volume, partially offset by a 5% increase in revenue per load.</li>
<li>Gross margins at 14.8%, highest since Q4 2022.</li>
<li>Challenges integrating BNSF Logistics acquisition, but optimistic about the agent model.</li>
<li>Focus on quality revenue and growing with the right customers.</li>
</ul>
Truckload (JBT):
<ul>
<li>Gross revenue down 12% YoY, driven by a 9% decrease in volume and a 4% decrease in revenue per load.</li>
<li>Focus on attracting the right freight and maintaining high service levels.</li>
<li>Excess trailing capacity in the network; working on improving trailer utilization.</li>
</ul>
<h4>Outlook and Timing of Inflection Points:</h4>
Intermodal:
<ul>
<li>Expect full impact of bid cycle pricing in Q3.</li>
<li>Volume growth is critical for margin improvement.</li>
<li>Long-term pricing improvements will lag volume growth.</li>
</ul>
Dedicated:
<ul>
<li>Start-up costs for new trucks will impact Q3, but margins should improve as these costs moderate</li>
<li>Competitive pressure in retail, but strong pipeline and disciplined approach.</li>
</ul>
Final Mile:
<ul>
<li>Expect some customer churn but anticipate normal seasonal margin patterns.</li>
<li>Continued focus on revenue quality and profitability.</li>
</ul>
ICS:
<ul>
<li>Encouraged by seasonal trends and quality revenue growth.</li>
<li>Need to push more volume through the platform for material improvements.</li>
</ul>
<h4>Specific Products and Inventory Changes:</h4>
Quantum Intermodal Service:
<ul>
<li>Exceeding customer expectations in service performance.</li>
<li>Slower than anticipated volume growth, but long runway for future growth.</li>
</ul>
Walmart Intermodal Assets:
<ul>
<li>Added capacity to the network, not fully reflected in current results.</li>
<li>Significant growth capacity remains, with potential to handle 20% more volume.</li>
</ul>
Mexican Traffic Transition:
<ul>
<li>Successful transition to Ferromex from CPKC.</li>
<li>Some initial customer hesitation, but recovering business as the year progresses.</li>
</ul>
<h4>Insights from Analyst Questions</h4>
Volume Trends:
<ul>
<li>Seasonal patterns returning to pre-pandemic norms.</li>
<li>Encouraged by bid compliance and customer demand trends.</li>
</ul>
Margin Recovery:
<ul>
<li>Pricing improvements are essential for margin recovery.</li>
<li>Volume growth and operational efficiency also critical.</li>
</ul>
Customer Conversations:
<ul>
<li>Engaged in peak season planning with customers.</li>
<li>Customers are better at predicting volumes, leading to improved bid compliance.</li>
</ul>
Market Dynamics:
<ul>
<li>Competitive pressures in retail and truckload markets.</li>
<li>Inflationary cost pressures combined with price declines are unique challenges.</li>
</ul>
Strategic Focus:
<ul>
<li>Long-term investments in people, technology, and capacity.</li>
<li>Focus on best-in-class service and creating value for customers.</li>
</ul>
Overall Sentiment:
<ul>
<li>Optimistic about long-term growth despite current challenges.</li>
<li>Encouraged by signs of market stabilization and improving customer demand.</li>
</ul>
This article was created with assistance from Tornado&rsquo;s AI platform (ai.tornado.com).
For more information, visit <a href="https://tornado.com/?utm_source=benzinga&amp;utm_campaign=Earnings&amp;utm_content=JBHT24Q2_A" style="text-decoration:none;">Tornado.com</a>&nbsp;
All views expressed in this article are the authors&#39; own and do not necessarily reflect the position of Nvstr Financial LLC dba Tornado (&ldquo;Tornado&rdquo;) or its affiliates. This communication is for discussion purposes only. Neither Tornado nor the authors endorse any linked content. Statements herein may not be representative of the typical experience of Tornado customers and are no guarantee of future performance or success. The contents of this article and of tornado.com are not investment advice or a recommendation of a securities transaction or investment strategy. Some Tornado content is prepared with assistance from generative AI technology. This is not an order, solicitation, or offer to buy or sell securities or business interests. Investing in stocks is inherently risky; using margin may increase these risks.
Tornado is a member firm of FINRA and SIPC. Further information can be found at tornado.com/about and on FINRA&rsquo;s BrokerCheck website.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

JBHT

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JP Morgan analyst Brian Cheng maintains Protagonist Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTGX#NASDAQ">PTGX</a>) with a Overweight and raises the price target from $39 to $48.

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<h3 class="wp-block-heading">Cannabis Flower Dominates New York Market</h3>



According to Weedmaps, cannabis flower dominates New York&#8217;s market. In Q1 2024, New Yorkers ordered flowers 53% of the time, surpassing the national average of 48%. Edibles also saw higher demand, with New Yorkers ordering them 27% of the time compared to the national average of 18%. In contrast, vape pens were less popular, with only 15% of orders in New York versus the national average of 25%.



<h3 class="wp-block-heading">Age Demographics Show Distinct Preferences</h3>



Diving deeper, age demographics show distinct preferences. Consumers over 50 predominantly ordered edibles, accounting for 54% of their purchases in New York, compared to 45% nationwide. Conversely, consumers under 50 showed a stronger preference for vape pens, with 26% of orders in New York, though this is still lower than the national average of 43%.



<h3 class="wp-block-heading">Newyorkers High Spending And Delivery Trends</h3>



Weedmaps&#8217; <a href="https://www.businesswire.com/news/home/20240612934846/en/Cannabis-Consumer-Preferences-Emerge-in-New-York-as-Weedmaps-Strengthens-Commitment-to-Community-Building" target="_blank" rel="noreferrer noopener">data</a> also highlights the financial commitment of New York&#8217;s <a href="http://benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis</a> shoppers. The Average Order Value (AOV) in New York was $123.16 in Q1 2024, significantly higher than the national average of $80.78. Additionally, New Yorkers purchased an average of 2.35 items per order, surpassing the national average of 2.22 items.



Despite the preference for in-store shopping, delivery remains a significant segment, with 44% of orders in New York opting for delivery, compared to 60% nationally. This suggests a robust demand for convenience and accessibility in the New York market.



For those keen on the latest cannabis market developments in the region, top experts will share insights at the upcoming Benzinga Cannabis Market Spotlight event in New Jersey on June 17th. <a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">this link</a>.



<h3 class="wp-block-heading">Weedmaps&#8217; Community And Culture Initiatives In NY</h3>



Alongside these consumer trends, Weedmaps has been actively involved in community-building in New York by sponsoring local industry events and supporting legacy operators&#8217; transition to the legal market. The company has also partnered with initiatives like On the Revel to foster an inclusive and thriving cannabis culture in the state.



Jackie Gonzalez-Becerra, vice president of revenue at Weedmaps, emphasized the company&#8217;s longstanding commitment. "Weedmaps has been an early and consistent supporter of the New York cannabis community, and a lot of that groundwork is paying off with the momentum we're seeing in the NY market today," she said. "Community and culture are the cornerstones of the cannabis industry and our Weedmaps team is committed to showing up and supporting New York cannabis operators as the state ramps up."



<h3 class="wp-block-heading">NY Rules Home Cultivation And Expands Licensing</h3>



These consumer insights come as <a href="https://www.benzinga.com/markets/cannabis/24/06/39283580/new-york-greenlights-home-cannabis-cultivation-issues-105-new-licenses-what-you-need-to-know" target="_blank" rel="noreferrer noopener">New York approved on Tuesday home cannabis cultivation rules and issued 105 new adult-use licenses</a>, aiming to boost economic growth and develop a robust legal market. Governor Kathy Hochul announced these measures to enhance the state&#8217;s cannabis industry, addressing the <a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs">hurdles</a> in rolling out the legal market.



<figure class="wp-block-image size-full is-resized"><a href="cannabismarketspotlight.com" target="_blank" rel="noreferrer noopener"><img loading="lazy" decoding="async" width="600" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07111514/C.Events-600x250-1-3.png" alt="Promotion of Benzinga's Cannabis Market Spotlight event in New Jersey." class="wp-image-377173" style="width:564px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07111514/C.Events-600x250-1-3.png 600w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/07111514/C.Events-600x250-1-3-300x125.png 300w" sizes="(max-width: 600px) 100vw, 600px" /></a></figure>

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