MFA Financial, Inc. 8.875% Senior Notes due 2029 Stock (NYSE: MFAN)

Latest news for MFA Financial, Inc. 8.875% Senior Notes due 2029 (NYSE:MFAN) Stock

MFA Financial, Inc. 8.875% Senior Notes due 2029

Media company Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) agreed to a merger with Skydance Media to form "New Paramount," <a href="https://www.benzinga.com/general/entertainment/24/07/39658163/paramount-board-endorses-merger-with-skydance-media-as-david-ellison-nears-acquisition-of-m">valuing the combined company at $28 billion</a>.
Here's a look at what analysts are saying and how Paramount Non-Executive Chairwoman Shari Redstone sees the deal playing out.
What Happened: After months of negotiation, Paramount and Skydance have come to a merger agreement to combined the media entities.
The merger agreement comes with a 48% premium for Paramount Class B stock and a 28% premium over the Paramount Class A stock price based on a date of July 1, 2024. Class A shareholders will receive $23 per share and Class B shareholders will receive $15 per share or one share in the new company.
Skydance investors will receive 317 million newly issued shares in New Paramount, which values Skydance at $4.75 billion.
The Ellison Family and RedBird Capital Partners, who lead the Skydance Investor Group, are investing $2.4 billion in cash to acquire National Amusements, $4.5 billion for stock and cash consideration for Paramount Class A and Class B shares and $1.5 billion to add to Paramount's balance sheet.
The merger is expected to be completed in the first half of 2025.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39663814/why-is-paramount-global-stock-surging-in-mondays-premarket-session">Why Is Paramount Global Stock Surging In Monday&#8217;s Premarket Session?</a>
What Analysts Are Saying: A revised merger between Skydance and Paramount since negotiations began is viewed as a "better sequel" by Rosenblatt analyst Barton Crockett.
The analyst, who upgraded shares from Sell to Buy in March, said the new leadership comes with high hopes, strong sector expertise and "bountiful capital."
"It's not clear yet if the ending will be fully satisfying, giving meaningful secular pressures," Crockett said.
Crockett, who has a $14 price target, said the deal is likely to proceed with National Amusements approving the merger. The deal will need regulatory approval, which Crockett does not see as problematic.
"The main question is a 45-day go shop period."
Crockett said Barry Diller, Apollo Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>), Edgar Bronfman Jr., Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and Byron Allen are all interested parties in acquiring Paramount.
"We don't see any of these parties really able or interested in outbidding the Ellison/Redbird group backing Skydance."
After the merger, Skydance is expected to own 70% of the equity and all of the voting A shares, with the public owning 30% of the equity with non-voting B shares.
Crockett said the merger is "not a breakup."
"Skydance seems to be playing for boosting earnings at Paramount, not a breakup. That will be tricky, given the secular pressures in TV and movies and competition in streaming."
Crockett highlighted the Skydance group bringing in media executives with management talent (Jeff Shell, Jeff Zucker).
LightShed Partners analyst Rich Greenfield said the "most telling paragraph" from the merger agreement is one that mentions the 100-year-old legacy of the media company.
"It also preserves American jobs, fosters continued innovation and secures a prosperous future for the creative community at Paramount, while protecting the legacy that viewers across the globe know and love," the merger agreement said.
Greenfield said all signs point to a "dramatic investment" in Paramount+ from the merger, that could help the streaming platform compete globally.
The Paramount Future: Controlling Paramount shareholder Redstone issued a letter to Paramount employees to share excitement for the future, as shared by Deadline.
"Our success is because of you, what you have done individually, and even more importantly, as a team," Redstone told employees.
Redstone told employees that her father Sumner Redstone brought together a group of best assets in media, news and entertainment to form the existing media company today.
"While people often debated whether content or distribution ruled the day, my father was governed in all of his decision by his belief that content was indeed king."
The controlling shareholder said this remains more important today with a "cluttered marketplace."
Redstone praised the Paramount+ streaming platform as one of the fastest-growing streaming services in the marketplace and CBS being the number one broadcast network for 16 years.
"It has been our responsibility to work with leadership to make changes in order to maintain our competitive position and fuel growth, thinking of both the near and longer term."
Redstone said the Skydance investor group has a "clear strategic vision for the future" and resources to continue building Paramount's competitive advantages.
The letter comes with uncertainty for employees with the company likely to see new executives bring cost cuts plan and a focus on key growth items.
PARA Price Action: Paramount shares are down 1% on Monday to $11.67 after trading higher in pre-market trading. Paramount stock is down 20% year-to-date in 2024.
Read Next:
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<li><a href="https://www.benzinga.com/general/sports/24/07/39652518/disney-ceo-bob-iger-nears-purchase-of-womens-soccer-club-could-set-record-for-priciest-womens-spor">Disney CEO Bob Iger Nears Purchase Of Women&#8217;s Soccer Club, Could Set Record For Priciest Women&#8217;s Sports Team</a></li>
</ul>

Entertainment

Movers

Trading Ideas

PARA

PARAA

Sony Group Corporation American Depositary Shares

SONY

Paramount Analysts Size Up Merger: Skydance Aims For Earnings, 'Not A Breakup,' Redstone Says Content Is King

Has Received Overwhelmingly Supportive Feedback about Call for Leadership Change
Responds to Company's Adoption of Shareholder-Unfriendly "Poison Pill"
Reiterates Measures Necessary to Improve Performance
Letter is available at <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4206212-1&amp;h=1913012252&amp;u=https%3A%2F%2Fstrongersouthwest.com%2F&amp;a=StrongerSouthwest.com">StrongerSouthwest.com</a>
WEST PALM BEACH, Fla., July 8, 2024 /PRNewswire/ -- Elliott Investment Management L.P. (and its affiliates, "Elliott"), today sent a letter to the Board of Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) (the "Company" or "Southwest") summarizing the feedback received and key events that have occurred since the publication last month of Elliott's initial letter and presentation calling for leadership change.

News

Management

Elliott Sends Letter To The Board Of Southwest Airlines; Has Received Supportive Feedback About Call For Leadership Change; Responds To Co's Adoption Of Shareholder-Unfriendly "Poison Pill"; Reiterates Measures Necessary To Improve Performance

WIIM

SLRN

ACELYRIN shares are trading higher after Wells Fargo upgraded the stock from Equal-Weight to Overweight and maintained its $13 price target.

NMRA

Neumora Therapeutics shares are trading higher after Mizuho initiated coverage on the stock with an Outperform rating and announced a $20 price target.

Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) shares are trading lower today. The company disclosed a definitive agreement to acquire Grayson Mill Energy&#8217;s <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39663117/devon-energy-announces-strategic-acquisition-in-the-williston-basin-and-expands-share-repurchase-a" rel="noreferrer noopener">Williston Basin business for $5 billion</a>.
The acquisition price comprises $3.25 billion in cash and $1.75 billion in stock. The acquisition includes 500 gross locations and 300 high-quality refrac candidates, extending Devon&#8217;s inventory life in the basin to up to 10 years with three operated rigs.
The deal, subject to customary conditions and price adjustments, is expected to close by the end of the third&nbsp;quarter of 2024 and become effective on June 1, 2024.
Outlook: The transaction is anticipated to immediately accretive to Devon&#8217;s key per-share financial metrics, including earnings, cash flow, free cash flow, and net asset value.
Post-deal closure, the company expects oil production to average 375,000 barrels of oil per day, with total production averaging 765,000 barrels of oil equivalent (Boe) daily across its diversified asset portfolio.
The transaction significantly enhances Devon&#8217;s position in the Williston Basin, adding 307,000 net acres (70% working interest).
Production from these properties is expected to remain around 100,000 Boe per day (55% oil) in 2025.
With increased scale, Devon anticipates up to $50 million in annual cash flow savings from operational <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">efficiencies and marketing synergies</a>.
The transaction supports Devon&#8217;s strong investment-grade credit ratings, targeting a net debt-to-EBITDAX ratio of about 1.0 times at closing. Devon plans to allocate up to 30% of annual free cash flow to reduce $2.5 billion in debt over the next two years.
Share Repurchase &amp; Dividend: Given the transaction&#8217;s positive impact on free cash flow, Devon&#8217;s board of directors has increased its share repurchase authorization by 67% to $5 billion through mid-year 2026.
Additionally, the company anticipates the acquisition to enhance its dividend payout starting in 2025 and beyond.
As of the end of the first quarter of FY24, Devon&#8217;s cash, cash equivalents, and <a target="_blank" href="https://www.benzinga.com//node/38564057" rel="noreferrer noopener">restricted cash were $1.15 billion.</a>
Devon anticipates reporting results for the second quarter of <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">2024&nbsp;on August 6, 2024</a>.
Investors can gain exposure to the stock via&nbsp;Invesco Energy Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXE#NYSE">PXE</a>) and Invesco S&amp;P 500 Equal Weight Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPG#NYSE">RSPG</a>).
Price Action: DVN shares are down 2.78% at $45.72 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Equities

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Buybacks

PowerShares ETF Trust Dynamic Energy Exploration & Production Port

RSPG

Devon Energy Drills Down On Growth: $5B Deal Expands Williston Basin Presence

Nikola Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) shares are trading higher Monday, and the stock gained more than 10% during Friday's session. Here's a <a href="https://www.benzinga.com/news/24/07/39617703/nikola-stock-is-moving-wednesday-whats-going-on">look at what's going on</a>.
What To Know:
Electric vehicle stocks drove higher last week after several companies reported better-than-expected second-quarter vehicle delivery figures. Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock rallied <a href="https://www.benzinga.com/markets/equities/24/07/39664913/tesla-rally-loses-steam-whats-going-on-with-ev-makers-stock-in-premarket-trading">more than 30%</a> last week, driving much of the action.&nbsp;
Nikola reported it wholesaled 72 Class 8 hydrogen fuel cells trucks in the second quarter, above the company's own estimate.&nbsp;
Read Next:<a href="https://www.benzinga.com/news/24/07/39648950/whats-going-on-with-arm-holdings-stock"> What&#8217;s Going On With Arm Holdings Stock?</a>
"We have maintained our 2024 momentum with solid wholesale numbers, new customers such as <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4203791-1&amp;h=3075177907&amp;u=https%3A%2F%2Fwww.nikolamotor.com%2Fwalmart-canada-becomes-the-first-major-retailer-in-canada-to-introduce-a-hydrogen-fuel-cell-electric-semi-truck&amp;a=Walmart+Canada">Walmart Canada</a>, and repeat customers like 4GEN and <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4203791-1&amp;h=3188742623&amp;u=https%3A%2F%2Fwww.nikolamotor.com%2Fimc-unveils-design-of-its-50-nikola-hydrogen-fuel-cell-electric-trucks-at-grand-opening-of-sustainable-facility&amp;a=IMC">IMC</a>, purchasing vehicles through our dealer network," said Steve Girsky, CEO of Nikola.
Nikola effected a 1-for-30 reverse stock split at the end of June which sent the stock spiraling to all-time lows. The stock has gained more than 20% over the past five days, but remains down by 30% over the past month.&nbsp;
<h2 class="wp-block-heading">Should I Sell My NKLA Stock? </h2>
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Nikola have decreased by 77.74% in the past year. An investor who bought shares of Nikola at the beginning of the year would take a loss of $15.14 per share if they sold it today. The stock has fallen 33.68% over the past month, meaning an investor who bought shares on June1 would see a capital loss of $6.05.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Nikola stock currently has an RSI of 47.63, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out <a href="https://pro.benzinga.com/">Benzinga PRO. Try it for free.</a> 
NKLA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Nikola shares are up 12.9% at $10.15 at the time of publication Monday.
Read Also:
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<li><a href="https://www.benzinga.com/news/24/07/39650853/whats-going-on-with-palantir-stock">What&#8217;s Going On With Palantir Stock?</a></li>
</ul>
Image: Courtesy of Nikola Corporation&nbsp;

NKLA

TSLA

What's Going On With Nikola Stock?

U.S. stocks were higher, with the Dow Jones index surging around 200 points on Monday.
Shares of Corning Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) rose sharply during Monday's session after the company increased its second-quarter <a href="https://www.benzinga.com/markets/equities/24/07/39665128/why-apples-glass-supplier-corning-shares-are-jumping-premarket-today">core sales guidance</a>.
The company said it now projects core sales to be approximately $3.6 billion (vs. consensus of $3.41 billion), an increase from the previous guidance of $3.4 billion. Core EPS is expected to reach the high end of, or slightly exceed, the management's guided range of $0.42 to $0.46 (vs. estimate of $0.45).
Corning shares jumped 9.4% to $42.05 on Monday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Morphic Holding, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MORF#NASDAQ">MORF</a>) shares gained 75% to $55.72 after Eli Lilly agreed to buy the company for $57 per share in cash.</li>
<li>Nikola Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) shares climbed 18.5% to $10.65.</li>
<li>Grifols, S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRFS#NASDAQ">GRFS</a>) rose 17.2% to $8.24 after Brookfield confirmed it held exploratory discussions with certain shareholders of the company in relation to a potential joint offer for Grifols&#8217; shares.</li>
<li>Pulse Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLSE#NASDAQ">PLSE</a>) jumped 17.2% to $14.13 after the company announced it received the Breakthrough Device Designation from the FDA for its Cardiac Surgery System for the ablation of cardiac tissue for the treatment of atrial fibrillation.</li>
<li>Newegg Commerce, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NEGG#NASDAQ">NEGG</a>) gained 16% to $1.23. Newegg Commerce said the Presale for its tenth annual FantasTech Sales event is now live.</li>
<li>NANO Nuclear Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>) shares rose 12.3% to $31.89 after surging 20% on Friday.</li>
<li>IDEAYA Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDYA#NASDAQ">IDYA</a>) shares climbed 12.1% to $38.41 after the company announced interim Phase 2 monotherapy expansion data for IDE397 in MTAP-deletion urothelial and lung cancer. Additionally, Mizuho initiated coverage on the stock with an Outperform rating.</li>
<li>Absci Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABSI#NASDAQ">ABSI</a>) rose 12% to $3.55.</li>
<li>SolarEdge Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) gained 11.3% to $27.88 after B of A Securities upgraded the stock from Underperform to Neutral.</li>
<li>Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) rose 11% to $1.08.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) gained 6.5% to $902.31.</li>
<li>Fluence Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) gained 6.2% to $17.61.</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) climbed 4.7% to $3.06 after the company reported second-quarter production and deliveries.</li>
<li>Tandem Diabetes Care, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNDM#NASDAQ">TNDM</a>) rose 4.7% to $42.33.</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) climbed 4.6% to $21.41. Paramount Global and Skydance Media inked a definitive agreement to create a new entity, "New Paramount," in a $28 billion merger deal.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) rose 3.8% to $33.26. Intel has bypassed Vietnam for a substantial investment project, citing insufficient investment incentives.</li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) gained 3.8% to $15.35.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39665755/wall-streets-most-accurate-analysts-say-buy-these-3-utilities-stocks-delivering-high-div">Wall Street&#8217;s Most Accurate Analysts Say Buy These 3 Utilities Stocks Delivering High-Dividend Yields</a>

Intraday Update

Markets

ABSI

FLNC

GRFS

IDYA

INTC

LCID

MORF

NEGG

PLSE

PSNY

RIVN

SEDG

SMCI

TNDM

Corning Increases Sales Forecast, Joins Morphic Holding, Lucid Group And Other Big Stocks Moving Higher On Monday

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 (ARCA: SPY) is currently trading around our level of 553.66. For the bulls, we need to see an initial push higher to 555.11. If the price maintains strength above 555.11, we expect buyers to drive the price up to our support level of 556.27. If 556.27 holds during regular trading hours, we anticipate a further push to 557.44. Our highest bullish target for the day is 558.32.
Conversely, if 553.66 fails to hold as support, we expect the bears to challenge the 552.50 level. Should sellers be active, the next level to watch is 551.33. A significant breakdown here could see a drop to our robust support at 550.45. In a session dominated by strong selling, our lowest bear target for the day is 549.67.
<h3>Invesco QQQ Trust Series 1 </h3>
The QQQs (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) are trading around our key level of 495.35. For bullish momentum, we want to see buyers sustain levels above 495.35. If this level holds firm, the next target is 498.37 as a solid support. Continued buying strength could propel the price towards 501.07. In a strong auction, we might see a test of the 504.44 level. The highest bull target for today is 506.68.
If 495.35 struggles to hold during regular trading hours, the bears are likely to drive the price down to 493.60. Weakness at this level could lead to a further decline to 491.82. Persistent selling pressure might test the 488.96 level. If this support breaks, we anticipate the bears pushing down to our low bear target of 486.10.
<h3>Apple Inc.</h3>
Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is currently trading around 226.90. For the bulls, it&#39;s crucial to maintain this level as support. A successful hold could see a rally towards 227.82. Continued bullish momentum might drive the price to 229.03. If the bulls maintain control, we could see a push to our high bull target of 230.25 for the day.
Should 226.90 fail to hold as support during regular trading hours, we expect a test of 226.08. Further selling pressure could bring the price down to 225.31. Continued downside momentum might see the price targeting 223.87. If this level fails, our low bear target for the day is 222.96.
<h3>Microsoft Corp.</h3>
Microsoft&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) is trading around our level of 468.61. For bullish action, we need the price to hold above 468.61 and rally towards 469.28, establishing it as support. A strong hold here could lead to a rally targeting 469.94. If buying momentum continues, we might see the price reach our high bull target of 470.77.
If 468.61 cannot be maintained as support, the bears will likely test the 467.65 level. A break here could see further decline to 466.44. Sustained bearish pressure might drive the price down to 464.70. Our lowest bear target for Microsoft is 463.27.
<h3>NVIDIA Corporation </h3>
NVIDIA&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) is trading around our key level of 125.21. For bullish momentum, we want to see the price push up to 126.84, reclaiming it as support. Continued buying could propel the price towards 128.10. A robust rally might see the price reaching 129.53. Our high bull target for the day is 131.42.
If 125.21 fails to hold as support, we expect the bears to test 123.41. A breakdown here could lead to a drop to 121.97. Further weakness might drive the price to 120.27. Our low bear target for the day is 119.44.
<h3>Alphabet Inc Class A</h3>
Alphabet&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) is trading around 189.57. For bullish action, we need this level to hold as support and see the price push to 190.41. Continued bullish momentum might drive the auction to our high bull target of 191.45.
If 189.57 fails to hold as support during regular trading hours, the bears will likely push the price down to 188.73. A breakdown here could see further decline to 187.47. In case of heavy selling, our low bear target for Alphabet is 186.68.
<h3>Meta Platforms Inc</h3>
Meta&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) is trading around 541.79. For the bulls, it is crucial to hold this level as support and see the price rally towards 548.44. A strong upward movement could target 553.05. Continued bullish momentum might push the auction to our high bull target of 559.29.
If 541.79 fails to hold as support, we expect the bears to drive the price down to 537.68. Further selling pressure could bring the price to 531.03. If this level is broken, our low bear target for Meta is 526.29.
<h3>Tesla Inc.</h3>
Tesla&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is trading around 248.37. For a bullish outlook, we need to see the price rise to 250.25. Continued buying could drive the price towards 252.38. If there is a broader market rally, we might see Tesla testing 254.28. A strong bullish session could see the price reaching our high bull target of 256.34.
If 248.37 cannot hold as support, we expect a test of 246.16. Continued selling pressure might drive the price down to 243.98. If sellers are active and this level breaks, our low bear target for Tesla is 242.49.
Final Word: Today&#39;s session is light on economic data. At 11 AM ET, we have the New York Fed Survey of Consumer Expectations. At 11:30 AM, the Treasury will hold a 3 and 6 Month Bill Auction, which could give some insight into the government&#39;s short-term funding needs. Later, at 3 PM ET, the Consumer Credit for May will be released, providing a look into consumer borrowing trends which can impact market sentiment. Given the lack of significant data, most trading is expected to be positional ahead of more impactful news, data releases, and key speakers later in the week. This calm before the storm can offer strategic opportunities for traders to position themselves favorably. Trade cautiously, manage your risks wisely, and stay prepared for any sudden market moves. Good luck and trade safely!
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

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Market Clubhouse Morning Memo - July 8th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

Truist Securities analyst Brandon King maintains Cullen/Frost Bankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFR#NYSE">CFR</a>) with a Hold and lowers the price target from $115 to $102.

Price Target

Analyst Ratings

Truist Securities Maintains Hold on Cullen/Frost Bankers, Lowers Price Target to $102

Truist Securities analyst Brandon King maintains Cadence Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CADE#NYSE">CADE</a>) with a Buy and lowers the price target from $33 to $31.

CADE

Truist Securities Maintains Buy on Cadence Bank, Lowers Price Target to $31

Hurricane Beryl is <a href="https://www.benzinga.com/news/24/07/39587521/pete-buttigieg-hurricane-beryl-is-proving-to-be-a-highly-destructive-storm">forecast to weaken </a>into a tropical storm after making landfall early Monday near Matagorda, Texas, a coastal town about 55 miles southwest of the oil and gas hub of Houston.
The storm led to the closure of oil ports, hundreds of flight cancellations and thousands of homes in the state without power. But it&#8217;s expected to weaken further into a tropical depression on Tuesday as it moves inland, the U.S. National Hurricane Center (NHC) said.
The hurricane pummeled Jamaica, Grenada and St. Vincent and the Grenadines last week, causing at least 11 deaths and destroying buildings and power lines, Reuters reported.
Also Read: <a href="https://www.benzinga.com/news/24/07/39581491/whats-going-on-with-cruise-stocks-as-category-4-hurricane-beryl-churns-in-the-caribbean">What&#8217;s Going On With Cruise Stocks As Category 4 Hurricane Beryl Churns In the Caribbean?</a>
It is expected to make its way over eastern parts of the state on Monday before moving into the Lower Mississippi Valley into the Ohio Valley on Tuesday and Wednesday, the NHC said. 
Some oil producers, including Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), had evacuated personnel from their Gulf of Mexico offshore production platforms ahead of the storm.
About 490,000 homes and businesses in Texas lost power, according to PowerOutage.us data, as Beryl wreaked havoc on the state&#8217;s utilities, Reuters reported. Texas-based electric utility CenterPoint said in an email on Sunday that it was &#8220;closely monitoring the situation and making preparations.&#8221;
Beryl hits Texas&#8217; energy infrastructure three years after the state&#8217;s grid faltered got slammed with wintry weather in 2021, the Texas Tribune<a href="https://www.texastribune.org/2021/06/07/texas-ercot-power-grid-legislature/"> reported</a>.
Price Action: Houston-based oil producers and utilities declined in Monday&#8217;s early-morning trading. Shell declined 0.25% to $73.07, while Chevron dipped 0.69% to $153.25 and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) slipped 1.15% to $112.06.
Houston-based Centerpoint Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNP#NYSE">CNP</a>) remained unchanged at $30.49.
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</ul>
Image: Unsplash

SHEL

Hurricane Beryl Expected To Weaken To Tropical Storm As It Hits Texas

<a href="https://scr.zacks.com/files/News/2024/Zacks_SCR_Research_07082024_REVB_Sorensen.pdf" title="https://scr.zacks.com/files/News/2024/Zacks_SCR_Research_07082024_REVB_Sorensen.pdf">https://scr.zacks.com/files/News/2024/Zacks_SCR_Research_07082024_REVB_Sorensen.pdf</a>

REVB

Watching Revelation Biosciences; Zacks Small-Cap Research Gives Stock $12.40 Price Valuation

American Tower's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>) short percent of float has risen 15.13% since its last report. The company recently reported that it has 5.56 million shares sold short, which is 1.37% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>American Tower Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720448121_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for American Tower has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing American Tower's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, American Tower's peer group average for short interest as a percentage of float is 4.34%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About American Tower?

Roper Techs's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NYSE">ROP</a>) short percent of float has fallen 3.05% since its last report. The company recently reported that it has 1.35 million shares sold short, which is 1.27% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.23 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Roper Techs Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720448116_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Roper Techs has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Roper Techs's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Roper Techs's peer group average for short interest as a percentage of float is 3.89%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Roper Techs?

Truist Securities analyst Brandon King maintains BOK Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOKF#NASDAQ">BOKF</a>) with a Hold and lowers the price target from $97 to $94.

BOKF

Truist Securities Maintains Hold on BOK Financial, Lowers Price Target to $94

Broadridge Financial Soln's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BR#NYSE">BR</a>) short percent of float has risen 34.15% since its last report. The company recently reported that it has 1.70 million shares sold short, which is 1.65% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.38 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Broadridge Financial Soln Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720448111_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Broadridge Financial Soln has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Broadridge Financial Soln's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Broadridge Financial Soln's peer group average for short interest as a percentage of float is 5.82%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(BR) - Analyzing Broadridge Financial Soln's Short Interest

Truist Securities analyst Brandon King maintains Banc of California (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BANC#NYSE">BANC</a>) with a Hold and lowers the price target from $15 to $13.

BANC

Truist Securities Maintains Hold on Banc of California, Lowers Price Target to $13

Maxeon Solar Technologies, Ltd. - Ordinary Shares

MAXN

Maxeon Solar Technologies 13G Filing Shows Wellington Management Group LLP Reported A 10.38% Stake In The Co As Of June 28, 2024

In a recent interview with Bloomberg&#8217;s Sonali Basak, labor economist Teresa Ghilarducci highlighted the severe shortcomings of America&#8217;s retirement system, particularly the Social Security deficit. Ghilarducci offered a provocative yet insightful calculation: "If Elon Musk paid for Social Security just on his salary for the entire year and some of his capital gains were taxed to fund Social Security — just one person — it would save 1/20 of the deficit in Social Security."
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This statement underscores the significant impact that high earners could have on Social Security&#8217;s sustainability. Ghilarducci elaborated on the potential benefits of expanding this concept to a broader group of wealthy individuals.
"Imagine broadening that out to maybe 20,000 other people," she suggested. "This is not very much, you don&#8217;t have to raise the tax rate to any perceptible amount, but just helping share in the funding of Social Security, we could solve that problem overnight."
The crux of Ghilarducci&#8217;s argument is that seemingly modest contributions from the wealthiest Americans could greatly alleviate the <a href="https://www.benzinga.com/personal-finance/24/05/38943129/social-security-fears-go-viral-should-you-claim-early-like-dave-ramsey-says">financial strains on Social Security</a>. This, in turn, would address a more pervasive issue: the cultural and psychological impact of an underfunded retirement system on average Americans.
"The problem with not funding Social Security and not having an actual report to say &#8216;Hey, it&#8217;s funded for the next 25 years&#8217; is it depresses the savings rates of ordinary Americans," she noted. "We&#8217;re finding out in surveys that people are saying, &#8216;I&#8217;m not saving for retirement, I&#8217;m not building wealth, because Social Security won&#8217;t be there.&#8217; The worst cultural norm that you could flame that would reduce the savings rate is fatalism."
Trending: Warren Buffett flipped his neighbor's $67,000 life savings into a $50 million fortune —<a href="https://www.benzinga.com/money/advisor-adv-warren-buffett"> How much is that worth today?</a>
Ghilarducci pointed out that this sense of fatalism is detrimental to the broader economy. When individuals believe that Social Security will not be there for them, they are less likely to save for their own retirement, exacerbating <a href="https://www.benzinga.com/real-estate/24/06/39274689/amid-rising-costs-financial-strain-becomes-americas-chief-anxiety">financial insecurity</a> in their later years. This interconnected problem highlights the urgent need for policy reforms that ensure the long-term viability of Social Security.
According to Ghilarducci, not dealing with Social Security "is inducing a fatalism that is suppressing the savings rate, which actually suppresses the motive for people to save for their own retirement. So it&#8217;s interconnected."
This interview with Ghilarducci emphasizes a pressing need for a better approach to funding Social Security. While she shares the impact that wealthy individuals could have on the system, her insights call for a societal shift toward shared responsibility in securing the financial future of all Americans.
For those concerned about their retirement savings and the future of Social Security, it&#8217;s crucial to stay informed and engaged with these discussions. Consulting with a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> can provide personalized advice tailored to your specific situation, ensuring that your investments align with your long-term objectives. By adopting strategies that maximize growth potential and remaining proactive about retirement planning, individuals can better navigate the uncertainties of the current retirement system.
Read Next:
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<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
</ul>

Personal Finance

Labor Economist Says If Elon Musk Paid For Social Security On His Salary For An Entire Year, It Would Save 1/20 Of Its Deficit

SYLA Technologies Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYT#NASDAQ">SYT</a>) ("SYLA" or "the Company"), operator of the largest membership real estate crowdfunding platform in Japan, Rimawari-kun, published a quarterly investor update for 2nd quarter 2024.
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="2">Key Highlights &nbsp;</td>
</tr>
<tr>
<td colspan="2">Real Estate</td>
</tr>
<tr>
<td>•</td>
<td>Sale of SYFORME SUMIYOSHI II</td>
</tr>
<tr>
<td>•</td>
<td>Excellent Business Award (by Japan Association of Home Suppliers) for SYFORME MOTOMACHI-CHUKAGAI (ZEH-M&#x2A;1 Oriented certified)</td>
</tr>
<tr>
<td>&#x2A;1ZEH-M: net Zero Energy House Mansion</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>•</td>
<td>Completion of the first office building SYLA TOYOCHO</td>
</tr>
<tr>
<td>•</td>
<td>Launched the first joint real estate project with CUMICA</td>
</tr>
<tr>
<td>•</td>
<td>ietty (Online AI rental brokerage service) membership surpassed 400,000</td>
</tr>
<tr>
<td colspan="2">Rimawari-kun (Real Estate Crowdfunding)</td>
</tr>
<tr>
<td>•</td>
<td>7 projects commenced fund raising during 2Q</td>
</tr>
<tr>
<td>•</td>
<td>10 projects originated during 2Q</td>
</tr>
</tbody>
</table>
</figure>
 &nbsp;
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Key Metrics</td>
<td>Mar-24</td>
<td>Jun-24</td>
</tr>
<tr>
<td>Real Estate</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Constructed Buildings, cumulative (#)</td>
<td>84</td>
<td>85</td>
</tr>
<tr>
<td>Managed Buildings (#)</td>
<td>77</td>
<td>78</td>
</tr>
<tr>
<td>Managed Units (#)</td>
<td>3,382</td>
<td>3,420</td>
</tr>
<tr>
<td>Occupancy Rate (%)</td>
<td>99.7%</td>
<td>99.8%</td>
</tr>
<tr>
<td>ietty Membership (#)</td>
<td>400,573</td>
<td>408,555</td>
</tr>
<tr>
<td>Rimawari-kun (Crowdfunding)</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>Membership (#)</td>
<td>279,606</td>
<td>279,838</td>
</tr>
<tr>
<td>Projects Originated, cumulative (#)</td>
<td>71</td>
<td>81</td>
</tr>
<tr>
<td>GMV&#x2A;2 (million JPY)</td>
<td>6,844</td>
<td>7,594</td>
</tr>
<tr>
<td colspan="3">&#x2A;2GMV: Gross merchandise value</td>
</tr>
</tbody>
</table>
</figure>
 &nbsp;