Latest news for McRae Industries (OTC:MCRAA) Stock

McRae Industries

McRae Industries Inc operates in the footwear industry. Its principal lines of business are manufacturing and selling military combat boots and importing and selling western and work boots. It operates through the Western and Lifestyle Segments. The Western and Lifestyle segment, which is the key revenue driver, includes western, ladies fashion, and children's footwear products under the Dan Post, Dingo, and Laredo Western Boots brand names.

MCRAE INDUS INC A by McRae Industries, Inc.

McRae Industries Inc

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Longeveron shares are trading lower after the company announced a $9.0 million registered direct offering of 2.2 million shares of its common stock at $4.025 per share.

<a href="https://www.politico.eu/article/microsoft-signs-antitrust-truce-with-ovhcloud/#:~:text=Microsoft%20reached%20an%20agreement%20today,with%20knowledge%20of%20the%20negotiations" title="https://www.politico.eu/article/microsoft-signs-antitrust-truce-with-ovhcloud/#:~:text=Microsoft%20reached%20an%20agreement%20today,with%20knowledge%20of%20the%20negotiations">https://www.politico.eu/article/microsoft-signs-antitrust-truce-with-ovhcloud/#:~:text=Microsoft%20reached%20an%20agreement%20today,with%20knowledge%20of%20the%20negotiations</a>

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'Microsoft signs antitrust truce with OVHcloud' - POLITICO

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White House Says Have Been Monitoring Threats From Iran When It Comes To Former Administration

Wells Fargo analyst Steven Shaw maintains Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Overweight and raises the price target from $90 to $100.

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Wells Fargo Maintains Overweight on Pinnacle Finl Partners, Raises Price Target to $100

GE Vernova shares are trading lower following turbine blade damage at the  Vineyard Wind Offshore Wind Farm.

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Teamsters Says Waste Management Teamsters Overwhelmingly Ratify New Contract; New 5-Year Collective Bargaining Agreement Covers More Than 200 Drivers, Mechanics, & Machine Operators; Waste Management Workers Secure Substantial Pay Raise, Improved Health Care Benefits, Increased Pension Contributions

Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) reported better-than-expected <a href="https://www.benzinga.com/news/earnings/24/07/39815191/synchrony-financial-reports-higher-q2-net-interest-income-and-shareholder-returns-drives-positive-o">second-quarter results on Wednesday</a>.
The company posted quarterly net interest income of $4.405 billion, beating the consensus of $4.287 billion. The company reported EPS of $1.55, above the consensus of $1.3, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Loan receivables rose 8% to $102.3 billion, and purchase volume declined 1% to $46.8 billion. Interest and fees on loans increased 10% year over year to $5.3 billion, led by increased average loan receivables.
For FY24, Synchrony said it expects EPS of $7.60 – $7.80 versus $7.25 consensus; this includes the late fee rule implementation date of October 1, 2024, the impact of PPPC primarily in 3Q'24 and 4Q'24, and $1.96 Pets Best gain on sale in 1Q'24.
Synchrony shares fell 0.7% to trade at $51.84 on Thursday.
These analysts made changes to their price targets on Synchrony following the announcement.
<ul>
<li>B of A Securities analyst Mihir Bhatia maintained Synchrony Finl with a Neutral rating, while raising the price target from $51 to $56.</li>
<li>BMO Capital analyst James Fotheringham maintained the stock with a Market Perform rating, while cutting the price target from $42 to $41.</li>
<li>RBC Capital analyst Jon Arfstrom maintained Synchrony with a Sector Perform rating, while increasing the price target from $50 to $55.</li>
<li>Goldman Sachs analyst Alex Scott maintained the stock with a Buy rating and raised the price target from $49 to $56.</li>
<li>Barclays analyst Terry Ma maintained Synchrony with an Equal-Weight rating, while increasing the price target from $46 to $49.</li>
</ul>
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These Analysts Revise Their Forecasts On Synchrony Financial Following Q2 Results

RDZN

Roadzen shares are trading lower. The company announced the CEO and Chairman agreed to exchange $3.5 million of short-term debt for equity.

Equifax Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>) shares are surging today after the company reported better-than-expected <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39825369/equifax-delivers-strong-second-quarter-2024-revenue-growth-of-9-led-by-workforce-solutions-non-mor" rel="noreferrer noopener">second-quarter FY24 financial results</a>.
Revenue grew 9% Y/Y to $1.43 billion, beating the consensus of $1.42 billion. Despite a 13% decline in USIS mortgage credit inquiries, U.S. mortgage revenue grew by 4% Y/Y in the second quarter.
In the second quarter, Workforce Solutions saw a 5% Y/Y increase in overall revenue, led by a 12% growth in non-mortgage revenue, particularly in Verification Services, where Government and Talent Solutions led with a 20% increase. However, mortgage revenue declined by 12% in the quarter.
Adjusted EBITDA margin declined to 32.0% from 32.7% a year ago. Adjusted&nbsp;EPS&nbsp;of $1.82&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">surpassed the street view of&nbsp;$1.73</a>.
In the second quarter, there was significant new product innovation leveraging the new EFX Cloud, with a 12.5% increase in the new product Vitality Index.
Additionally, 89% of new models and scores were developed using Artificial Intelligence and Machine Learning.
Outlook: Equifax revised guidance for FY24 revenue to $5.69 billion-$5.75 billion (from $5.67 billion-$5.77 billion) vs. $5.72 billion and adjusted EPS of $7.22-$7.47&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38301661/equifax-delivers-first-quarter-2024-revenue-growth-of-7-to-1-389-billion-amid-challenging-mortgage" rel="noreferrer noopener">(from $7.20-$7.50 earlier)</a> vs&nbsp;an estimate of $7.38.
For the third quarter, Equifax sees&nbsp;adjusted&nbsp;EPS&nbsp;of $1.75-$1.85&nbsp;(vs. street view of&nbsp;$2.01) and revenue of $1.425 billion-$1.445 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">(vs.&nbsp;consensus of $1.45 billion)</a>.
Mark W. Begor, Equifax Chief Executive Officer, said, &#8220;While Equifax continues to execute well against its EFX2026 strategic priorities, our 2024 guidance reflects an expectation of a decline of about 11% in our 2024 U.S. mortgage credit inquiries, which is consistent with the current run-rates, and compares to down 34% in 2023.&#8221;
&#8220;Adjusted EBITDA and Adjusted EPS continue to benefit from organic revenue growth and the additional cost savings from Cloud spending reduction plans.&#8221;
Also, BofA Securities maintained a Buy rating on the stock and raised its <a target="_blank" href="https://www.benzinga.com/quote/EFX/analyst-ratings" rel="noreferrer noopener">price target from $255 to $286</a>.
Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDFF#NASDAQ">FDFF</a>) and VanEck ETF Trust VanEck Morningstar Wide Moat Growth ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MGRO#BATS">MGRO</a>).
Price Action: EFX shares are up 5% at $272.27 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Why Professional Services Company Equifax Shares Are Surging Today

VIGL

Vigil Neuroscience shares are trading lower. The company announced an update following a Type C Meeting with the U.S. Food and Drug Administration to its clinical development strategy for its IGNITE clinical trial evaluating iluzanebart in people with adult-onset leukoencephalopathy with axonal spheroids and pigmented glia.

On Monday, bank earnings continued with The Goldman Sachs Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>), also joining the trend of topped&nbsp;profit and revenue estimates on the back of better-than-expected fixed income results and smaller-than-expected loan loss provisions.&nbsp;On&nbsp;Tuesday, Morgan Stanley (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>) and Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) boarded the bank earnings train. Morgan Stanley topped profit and revenue estimates with its second quarter financials on the back of&nbsp;stronger-than-expected trading and investment banking performance. Bank of America also topped estimates with second-quarter revenue and profit that were fueled by rising investment banking and asset management fees.
<h3>Goldman Sachs Justified The High Expectations</h3>
Out of the six biggest banks, &nbsp;Goldman is the most reliant on investment banking and trading to generate revenue and therefore, expectations were high with the rebound in Wall Street activity.&nbsp;&nbsp;For the quarter ended on June 30th,&nbsp;revenue grew 17% to $12.73 billion on the back of core trading, advisory, as well as asset and wealth management operations, surpassing Wall Street&rsquo;s $12.46 billion estimate.&nbsp;Prrofit surged 150%&nbsp;YoY to&nbsp;$3.04 billion, or $8.62 per share; but last year&rsquo;s financials were dragged down by hamstrung by write-downs from commercial real estate and the sale of a consumer business.
Fixed income was one of the highlights with revenue jumping 17% to $3.18 billion, surassping StreetAccount&rsquo;s estimate by $220 million, along with the bank&rsquo;s shrinking exposure to consumer loans as provision for credit losses went down 54% to $282 million, which is quite below StreetAccount&rsquo;s estimate of $435.4 million.&nbsp;On other fronts, Goldman Sachs was mainly in line with estimates. Equities trading rose 7% to $3.17 billion based on strong activity in derivatives.
Asset and wealth management division reported growth of 27% as revenue amounted to $3.88 billion.&nbsp;Platform solutions division reported revenue grew 2% to $669 million on the back of rising credit card balances and deposits.
But the well-known investment banking business disappointed compared to rivals as investment banking fees rose only 21% to $1.73 billion, slightly brlow StreetAccount&rsquo;s $1.8 billion estimate, with growth behind far behind rivals JPMOrgan Chase and Citigroup who have reported rises exceeding 50%. Goldman Sachs attributed the miss to&nbsp;weaker-than-expected advisory fees of $688 million.
<h3>Morgan Stanley Benefited From Rebounding Wall Street Activity</h3>
For the quarter ended on June 30th, Morgan Stanley reported revenue grew&nbsp;12%&nbsp;YoY to&nbsp;$15.02 billion, topping Wall Street&rsquo;s $14.3 billion estimate.
Wealth management revenue grew 2% to $6.79 billion, which was short of $6.88 billion estimate. Equity trading reported growth of 18% as revenue amounted to $3.02 billion, surpassing the StreetAccount estimate by about $330 million. Fixed income trading revenue grew by 16% to $1.99 billion, topping the Wall Street estimate by $130 million.&nbsp;Fueled by rising fixed income underwriting activity, investment banking revenue surged 51% to $1.62 billion, exceeding the estimate by $220 million.
The bottom line surged 41% YoY as profit amounted to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity..
Interest income plunged 17% YoY to $1.79 billion as the rate environment pushed rich clients to continue shifting cash into higher-yielding assets, resulting in lower deposit levels.&nbsp;Earnings amounted to $1.82 a share, surpassing LSEG&rsquo;s estimate of $1.65 a share.
Morgan Stanley investors value the more steady nature of the wealth management business due to its more predictable nature compared to investment banking and trading. However, its usual dynamic got flupped as institutional securities division earn more revenue compared to its wealth management division.
<h3>Bank Of America Promised A&nbsp;NII Rebound</h3>
For the June quarter, Bank of America reported revenue grew less than 1% to $25.54 billion, surpassing LSEG&rsquo;s estimate of $25.22 billion.&nbsp;Profit slipped 6.9% YoY to $6.9 billion, or 83 cents a share,&nbsp;also topping LSEG&rsquo;s estimate of 80 cents.
Investment banking fees rose 29% to $1.56 billion while asset management fees grew 14% to $3.37 billion, and wealth management division reported a 6.3% revenue growth of $5.57 billion.&nbsp;Net interest income contracted 3% to $13.86 billion.
But net interest income fourth quarter guidance of $14.5 billion gave hope of a turnaround this year. Aided by this guidance, shares grew 5.4%.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Goldman Sachs, Morgan Stanley and Bank of America Continued The Strong Trend With Their Second Quarter Financials

AAPL

Apple shares are trading lower amid broader tech weakness and possible uncertainty in the chip space.

In a recent address to the Speaker of the House and Congress on the House Floor, U.S. Rep. John Larson passionately called for immediate action on Social Security reform. Highlighting the program&#8217;s critical importance, Larson described it as the nation's number one anti-poverty initiative for the elderly and children.
Larson began by underscoring the sheer scale of Social Security's impact. "There are now close to 70 million Americans that rely on Social Security," he stated. "Forty percent of whom, for a pension, that is the only benefit that they have." This statistic alone, he argued, underscores the essential role that Social Security plays in providing a safety net in the United States.
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"Imagine that 10,000 baby boomers a day become eligible for Social Security," Larson continued, stressing the urgency of addressing the program's future. He lamented that Congress has not significantly enhanced<a href="https://www.benzinga.com/personal-finance/24/06/39528195/larry-finks-proposal-for-saving-social-security-is-to-attract-more-older-americans-to-work-until"> Social Security</a> in over half a century. "Richard Nixon was the president of the United States the last time Social Security was enhanced," he noted, emphasizing lawmakers&#8217; long-standing neglect of the program.
Larson pointed out the stark reality faced by millions of Americans. "Five million of our fellow citizens get below-poverty-level checks from Social Security," he said, describing the program as "the greatest insurance program in the nation's history." Despite its importance, Congress has failed to enhance and protect it.
Turning his attention to specific figures, Larson detailed the impact of Social Security on the state of Idaho's First District. "There are 219,000 plus Social Security recipients, 170,000 plus who are retirees, 21,000 who get disability. There are 10,000 plus widows, 5,600 spouses, 11,000 children in Idaho who rely on Social Security," he shared. This brings $388 million monthly into the district, funds critical for local economies.
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Larson echoed President Biden's suggestion of lifting the cap on earnings subject to Social Security taxes for high-income individuals. "Why shouldn't everybody pay the same?" he asked, arguing that such a change could significantly enhance the program's sustainability. Lifting the cap on earnings over $400,000 would mean those earning significantly more contribute fairly, according to Larson, ensuring the program's viability and expansion across the country.
Highlighting bipartisan recognition of the issue, Larson noted that even former President Donald Trump has indicated a shift in the Republican platform to protect <a href="https://www.benzinga.com/personal-finance/24/07/39668044/labor-economist-says-if-elon-musk-paid-for-social-security-on-his-salary-for-an-entire-year-it-w">Social Security</a>. However, Larson argued that mere protection is insufficient. "It's not enough to protect Social Security. Congress hasn't done anything in more than 53 years."
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In a call to action, Larson urged citizens to demand that Congress take immediate steps to address Social Security's shortcomings. "What Congress needs to do is not talk about it. It needs to vote," he declared. The failure to act, he warned, would continue to leave millions of Americans, especially the growing number of retirees, without adequate financial support.
<a href="https://www.youtube.com/watch?v=8I7reEEkn5U">Larson concluded his address</a> with a powerful reminder of Social Security's fundamental purpose. "Social Security is the number one anti-poverty program for the elderly, and also the number one anti-poverty program for children," he affirmed. "Citizens in the gallery and across this nation should demand that the United States Congress vote on Social Security and correct something that's gone in disrepair for more than 50 years."
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Personal Finance

Congress Has Not Done Anything In 53 Years About Social Security, Says U.S. Rep. John Larson

KOPN

Kopin shares are trading higher after the company announced that it has achieved the final milestone in the production qualification of its high performance Organic Light Emitting Diode on Silicon display for Collins Aerospace's F-35 Lightning II Helmet Mounted Display System.

TCRT

Alaunos Therapeutics shares are trading lower after the company announced a 1-for-10 reverse stock split.

Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) reported better-than-expected second-quarter <a href="https://www.benzinga.com/general/biotech/24/07/39813647/johnson-johnsons-q2-earnings-revenue-and-profit-beat-on-strong-pharma-sales-annual-profit-outlook">earnings on Wednesday</a>.
The company posted adjusted EPS of $2.82, up 10.2% year-over-year, beating the consensus of $2.70. The pharma giant reported sales of $22.45 billion, up 4.3% year-over-year, beating the consensus of $22.31 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
"With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth," said Joaquin Duato, Chairman and CEO.
Johnson &amp; Johnson raised fiscal year 2024 operational sales guidance to $89.2 billion-$89.6 billion versus prior guidance of $88.7 billion-$89.1 billion.
The company said it expects fiscal year 2024 adjusted EPS guidance of $9.97–$10.07, down from prior guidance of $10.57–$10.72 versus the consensus of $10.01, to reflect the impact of recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.
Johnson &amp; Johnson shares gained 0.1% to trade at $156.72 on Thursday.
These analysts made changes to their price targets on Johnson &amp; Johnson following the announcement.
<ul>
<li>Morgan Stanley analyst Terence Flynn maintained Johnson &amp; Johnson with an Equal-Weight rating and boosted the price target from $167 to $169.</li>
<li>TD Cowen analyst Joshua Jennings maintained the stock with a Buy rating, while cutting the price target from $195 to $185.</li>
<li>RBC Capital analyst Shagun Singh reiterated Johnson &amp; Johnson with an Outperform rating and maintained a price target of $175.</li>
</ul>
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These Analysts Revise Their Forecasts On Johnson & Johnson After Q2 Results

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Google Says VMWare Cloud Foundation On Google Cloud VMWare Engine (GCVE) Is Now Generally Available

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TWFG IPO Shares Open For Trade At $22/Share; IPO Priced At $17/Share

KITT

Nauticus Robotics shares are trading higher after the company announced the completion and invoicing of Phase I in its transformative four-phase contract with Brazil's largest offshore oil & gas operator.

<a href="https://www.washingtonpost.com/politics/2024/07/18/obama-says-biden-must-consider-viability/">https://www.washingtonpost.com/politics/2024/07/18/obama-says-biden-must-consider-viability/</a>
The former president, hugely influential in the party, has told associates that Biden's path to victory has significantly shrunk.

'Obama Tells Allies Biden Needs To Seriously Consider His Viability' - Washington Post