Latest news for Magnum Goldcorp (OTC:MGIDF) Stock

Magnum Goldcorp Inc is mainly engaged in the acquisition and exploration of mineral resource properties. The company holds an interest in LH Gold property located in the Slocan Mining Division of Southeastern British Columbia.

MAGNUM GOLDCORP INC by Magnum Goldcorp Inc.

Magnum Goldcorp Inc

SPGC

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

The months of August and September arrive as the S&amp;P 500 and other market indexes are near all-time highs. But, investors could be in for a rough two months if history is indicative<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39776800/s-p-500-prints-new-record-highs-ahead-of-powell-speech-russell-2000-rally-continues-trump-"> of future results</a>.
What Happened: The trading week will end in July and bring with it several key events including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40016926/markets-brace-for-crucial-interest-rate-shake-up-what-to-expect-from-federal-reserv">the July FOMC meeting,</a> July unemployment figures and earnings reports from several Magnificent 7 members.
On Thursday, August starts and brings with it the worst two-month stretch annually for investors based on past results.
Freedom Capital Markets Chief Global Strategist Jay Woods shared the tidbit in a weekly newsletter.
"Thursday kicks off the beginning of the worst two months — August &amp; September — that the market has performed over the last 20 years," Woods <a href="https://jaywoods.substack.com/">writes</a>. &nbsp;
In the past 20 years, the S&amp;P 500, which is tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), is down an average of 0.4% during August and September. The S&amp;P 500 was up 10 years and down 10 years for the two-month stretch, making it a near coin-flip on whether the index is positive.
The S&amp;P 500 is down three straight years for the two-month stretch with 2020 the last time the index was positive for August and September.
This could be good news for investors as the 2024 year shares something in common with 2020 with both being <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/12/36416440/why-buy-stocks-in-a-presidential-election-year-history-has-a-crazy-stat-for-you">presidential election years.</a>
The S&amp;P 500 Index is often up in presidential election years and during the August and September stretch the last five times was up an average of 0.05%.
While this is a minimal return, it represents a potential positive to get investors through the roughest stretch of the investing year.
Non-presidential election year 2019 was flat in the August and September stretch.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39846454/exclusive-market-strategist-jay-woods-says-rotation-in-small-caps-is-just-starting-rus">EXCLUSIVE: Market Strategist Jay Woods Says &#8216;Rotation In Small Caps Is Just Starting&#8217;: Russell 2000 Within 8% Of All Times, &#8216;Easy Upside Target&#8217;</a>
Why It's Important: A <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34182214/s-p-500-seasonality-the-chart-that-sends-shivers-down-spines-in-september-but-with-">previous report showed</a> that September is the worst month of the year for the S&amp;P 500, dating back to 1928.
From 1928 through 2022, the S&amp;P 500 was only positive in September 44% of the time. The average return of the S&amp;P 500 for September in the stretch was down 1.2%.
Another potential positive for the S&amp;P 500 along with it being an election year is the current momentum heading into September. Depending on what happens in August, September could start with the S&amp;P 500 up double-digits year-to-date.
In years when the S&amp;P 500 is up 10% to 20% year-to-date through August, the S&amp;P 500 is up an average of 0.77% based on the previous report.
The<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1"> Benzinga Pro chart </a>below shows the past two August and September and their dips for investors.
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="997" height="509" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93.png" alt="" class="wp-image-463455" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93-768x392.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Armed with 2024 being a presidential election year and the S&amp;P 500 up double digits, investors could escape the August and September period with a positive gain, but past history shows that the next two months could be rough.
SPY Price Action: The SPDR S&amp;P 500 ETF Trust closed at $544.76 on Monday with two full days left before August starts. The SPY has traded between $408.91 and $565.16 over the past year and is up 14.5% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/07/39848044/exclusive-financials-looking-favorable-after-jpmorgan-earnings-market-strategist-jay-woods-says-">EXCLUSIVE: Financials &#8216;Looking Favorable&#8217; After JPMorgan Earnings — Market Strategist Jay Woods Says Sector &#8216;Just Joining The Party&#8217;</a></li>
</ul>
Photo: Northallertonman via Shutterstock

Broad U.S. Equity ETFs

Education

Bad News Ahead For Investors? August, September Are Worst Two Months Over Past 20 Years — But 2024 Could Be Different

Verano Holdings Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTCQX">VRNOF</a>) announced Monday that it wiil acquire significant assets from The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>) (FSE: 3LP). The acquisition, strategic to expanding its national footprint, includes one of Cannabist&#8217;s Virginia licenses, along with associated operations including all of Arizona operations.
<h3 class="wp-block-heading">Expanding Operations In Virginia And Arizona</h3>
The acquisition in <a href="http://benzinga.com/topic/virginia-cannabis">Virginia</a> encompasses a cultivation and production facility plus six dispensaries, positioning Verano as the exclusive cannabis operator for Health Service Area 5, which includes populated areas like Virginia Beach and Norfolk. The deal is poised at $90 million, with payment structured as $20 million cash, $40 million in Class A subordinate voting shares and a $30 million promissory note.
Meanwhile, Verano will add one cultivation facility, one production facility and two dispensaries in <a href="http://benzinga.com/topic/arizona-cannabis">Arizona</a>, boosting its total cultivation space in the state to 90,000 square feet. This expansion, costing $15 million payable in cash, increases Verano's presence to eight dispensaries across Arizona.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40024424/ex-police-officer-turned-cannabis-ceo-calls-for-federal-marijuana-de-scheduling-in-letter-to-har">Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden</a>
<h3 class="wp-block-heading">Verano, Cannabist Execs Discuss Strategic Acquisition</h3>
&#8220;Today&#8217;s agreement further diversifies Verano's portfolio, which, since the company's inception, has remained focused on expanding our business into limited-license markets to scale both our wholesale and retail operations,&#8221; <a href="https://www.globenewswire.com/news-release/2024/07/29/2920498/0/en/Verano-Enters-into-Agreements-with-The-Cannabist-Company-to-Acquire-One-of-Its-Virginia-Licenses-and-Associated-Operations-and-Its-Arizona-Operations.html">stated</a> George Archos, Verano&#8217;s chairman and CEO, in a press release. &#8220;This opportunity greatly increases Verano's growth trajectory as we gain access to the coveted market of Virginia ahead of an adult use program and deepens our footprint in Arizona.&#8221;
From The Cannabist Company&#8217;s perspective, the deal allows it to optimize the company&#8217;s operations while focusing on remaining assets in Virginia and preparing for future endeavors. &#8220;We are pleased to have reached an agreement and look forward to welcoming Verano to the robust Virginia market,&#8221; stated David Hart, CEO of The Cannabist Company. "We are so proud of what our Eastern Virginia and Arizona teams have accomplished and look forward to seeing the Verano team support their continued successes.&#8221;
<h3 class="wp-block-heading">Verano Expands Footprint Across 14 States</h3>
Subject to regulatory approvals, this deal promises to strategically position Verano ahead of <a href="https://www.benzinga.com/markets/cannabis/24/04/38275122/exclusive-florida-on-cusp-of-adult-use-legalization-cannabis-sales-boom-ceo-tells-benzinga-confe">Virginia's anticipated adult-use cannabis program</a> and expand its operational scale in Arizona. With this acquisition, Verano's operational footprint will span 14 states with 15 cultivation sites and 150 dispensaries, marking important growth of its national cannabis market influence.
VRNOF Price Action At market close on Monday, VRNOF&#8217;s shares traded at $3.95 per share.
Related News
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39806043/cannabis-stocks-canadian-companies-outperformed-american-counterparts-last-week">Cannabis Stocks: Canadian Companies Outperformed American Counterparts Last Week</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39586847/federal-court-dismisses-marijuana-companies-lawsuit-against-government-prohibition">Federal Court Dismisses Marijuana Companies&#8217; Lawsuit Against Government Prohibition</a></li>
</ul>
Image generated with AI tools.
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Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

News

Retail Sales

CBSTF

VRNOF

$105M Deal: Verano To Acquire Cannabist Co.'s Operations In Virginia And Arizona

Douglas Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLOW#NYSE">PLOW</a>) reported quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $0.66 by 68.18 percent. This is unchanged from the same period last year. The company reported quarterly sales of $199.902 million which beat the analyst consensus estimate of $182.767 million by 9.38 percent. This is a 3.55 percent decrease over sales of $207.267 million the same period last year.

Earnings

Earnings Beats

PLOW

Douglas Dynamics Q2 2024 Adj. EPS $1.11 Beats $0.66 Estimate, Sales $199.902M Beat $182.767M Estimate

Among the largest companies to report quarterly earnings <a href="https://www.benzinga.com/earnings">during the trading week</a> is Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with investors and analysts eyeing continued growth of Cloud and artificial intelligence efforts.
Earnings Estimates: Analysts expect Microsoft to report fourth-quarter revenue of $64.36 billion according to data <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>
The company reported revenue of $56.19 billion in last year's fourth quarter. Microsoft has beaten analysts' estimates for revenue in eight of the past 10 quarters, including five straight quarters.
Analysts expect the company to report fourth-quarter earnings per share of $2.93 compared to $2.69 in last year's fourth quarter. The company has beaten analysts' estimates for earnings per share in nine of the past 10 quarters, including seven straight quarters.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39961573/microsofts-progressive-stance-paves-way-for-unionized-gaming-workforce">Microsoft&#8217;s Progressive Stance Paves Way for Unionized Gaming Workforce</a>
What Analysts Are Saying: The ongoing AI Revolution and Microsoft's growth from the sector is one of the key items Wedbush analyst Dan Ives will be watching when the company reports.
"Microsoft and Nvidia are the two best barometers in technology on the pace of AI adoption globally," Ives said.
The analyst maintained an Outperform rating and $550 price target in a new investor note.
Ives said channel checks show a potential "robust" quarter for Microsoft with the company "in the driver's seat" of the AI tidal wave. The analyst said cloud deal flow for Azure is seeing strong momentum.
"The most important metric will be Azure growth with the Street's bogey of 30%, which we believe is beatable in our view given the high level of deal activity during the quarter from core MSFT enterprise customers on the cloud."
The next three years could see over 70% of the Microsoft installed base on AI-driven functionality for enterprise and commercial, the analyst added.
"We strongly view this as Microsoft's ‘iPhone Moment' with AI set to change the cloud growth trajectory in Redmond the next few years and recent checks giving further confidence in this dynamic."
Ives estimates Copilot deployments for Microsoft customers could add $25 billion to the company's top-line revenue in fiscal 2025.
"We believe the stock still has yet to fully price in what we view as the next wave of cloud and AI growth coming to Redmond as AI enterprise use cases catalyze more budget dollars to AI in 2024/2025."
Ives said Microsoft is starting to hit the "next gear of growth" with artificial intelligence the story going forward.
Here are other <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">analyst ratings for Microsoft</a> and their price targets in the month of July:
Piper Sandler: Reiterated an Overweight rating and raised the price target from $465 to $485
TD Cowen: Maintained a Buy rating and raised the price target from $470 to $495
Bank of America: Maintained a Buy rating and raised the price target from $480 to $510
Mizuho: Maintained an Outperform and raised the price target from $450 to $480
BMO Capital: Maintained an Outperform rating and raised the price target from $465 to $500
Argus Research: Maintained a Buy rating and raised the price target from $475 to $526
Key Items to Watch: Microsoft has been in the news a lot recently related to an outage caused by CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) that <a href="https://www.benzinga.com/news/24/07/39861744/microsoft-outage-what-states-services-companies-saw-the-blue-screen-of-death">took down computers</a> running Windows.
While the Microsoft Outage won't likely have a key impact on customer churn, analysts could look to ask the company how it is moving forward from the key event.
While AI and Cloud get the headlines, the company's gaming division led by Xbox could also be a key item for investors to watch. Microsoft has made several gaming-related acquisitions in recent years and has a reported new console coming out in the next couple of years.
With the full fiscal year in the books, Microsoft could provide guidance for the next fiscal year. 
MSFT Price Action: Microsoft shares are up 0.34% to $426.73 Monday at market close versus a 52-week trading range of $309.45 to $468.35. Microsoft stock is up 14% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/07/39888849/microsoft-responds-to-ftcs-criticism-about-xbox-game-pass-asserting-it-is-wrong-to-call-this-a-deg">Microsoft Responds To FTC&#8217;s Criticism About Xbox Game Pass, Asserting &#8216;It Is Wrong To Call This A Degraded Version&#8217;</a></li>
</ul>
Photo: Volodymyr Kyrylyuk on Shutterstock

Previews

Tech

Trading Ideas

CRWD

MSFT

Microsoft Q4 Earnings Preview: Analyst Says 'Stock Still Has Yet To Fully Price In ... Next Wave Of Cloud And AI Growth'

The decrease was primarily due to lower net interest income and noninterest income.
Preliminary net income was&nbsp;$1.19&nbsp;per fully diluted common share for the&nbsp;fourth quarter&nbsp;of fiscal 2024, a decrease of&nbsp;$0.18&nbsp;as compared to the&nbsp;$1.37&nbsp;per fully diluted common share reported for the same period of the prior fiscal year.
For the full fiscal year 2024, preliminary net income of&nbsp;$50.2 million&nbsp;was an increase of&nbsp;$10.9 million&nbsp;as compared to fiscal 2023, while diluted earnings per share for fiscal 2024 were&nbsp;$4.42, an increase of&nbsp;$0.57&nbsp;as compared to the&nbsp;$3.85&nbsp;per fully diluted common share for fiscal 2023.&nbsp;

Guidance

SMBC

Southern Missouri Bancorp Reports Preliminary Q4 Net Income Of $13.5M, Down 13.0% From Prior Year; EPS $1.19, Est $0.99

Citron Research&nbsp;founder&nbsp;Andrew Left turned himself in to authorities in Los Angeles on Monday to face <a href="https://www.benzinga.com/news/24/07/39985350/short-seller-andrew-left-faces-fraud-charges-accused-of-manipulating-at-least-15-stocks">federal securities fraud charges</a>. 
What Happened: According to a CNBC <a href="https://www.cnbc.com/2024/07/29/andrew-left-citron-capital-securities-fraud-los-angeles.html">report</a>, Left was scheduled to appear before Magistrate Judge Rozella Oliver in a U.S. District Court in L.A. at 4:30 p.m. ET on Monday after he was indicted last week on 19 criminal counts by a grand jury. 
A spokesman for the U.S. Attorney&#8217;s Office reportedly said the activist short seller surrendered Monday afternoon. He is expected to be released after bail terms are set by the judge.
Left&#8217;s lawyer James Spertus told CNBC that prosecutors originally planned to request a $10 million cash deposit for Left&#8217;s bail. The terms of the bail do not appear to be public at the time of writing.
The indictment against Left claims the short seller manipulated stock prices of at least 15 companies over five years, resulting in approximately $16 million in illegal profits. The charges imply Left would make his positions public, set ambitious price targets and then quickly close out those positions once his commentary had caused a given stock to move.
According to <a href="https://www.benzinga.com/news/24/07/39985350/short-seller-andrew-left-faces-fraud-charges-accused-of-manipulating-at-least-15-stocks">reports</a>, Left could face up to 20 years in prison for each of the securities fraud counts and several more years for related charges if found guilty.
Regardless of whether Left is found guilty, the case is likely to have a chilling effect on short sellers moving forward, Left&#8217;s lawyer told CNBC.
"People will stop sharing their research with the market," Spertus said. "It's really bad for the financial markets to have a prosecution like this when the government agrees that the public statements were truthful."
Read Next:
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<li><a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">EXCLUSIVE: Tesla Shorts Were Profitable This Year Until Shareholders Approved Musk&#8217;s Pay Package, Expert Says </a></li>
</ul>
Courtesy: Benzinga

Short Sellers

Legal

Short Seller Andrew Left Turns Himself In On Securities Fraud Charges: Report

DA Davidson analyst Peter Winter maintains Customers Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBI#NYSE">CUBI</a>) with a Buy and raises the price target from $71 to $79.

Price Target

Analyst Ratings

CUBI

DA Davidson Maintains Buy on Customers Bancorp, Raises Price Target to $79

Truist Securities analyst William Stein maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Hold and maintains $215 price target.

TSLA

Truist Securities Maintains Hold on Tesla, Maintains $215 Price Target

NCPL

Netcapital FY24 Revenues Decrease By Approximately 42% Y/Y To $4.9M; Loss Per Share Of $(0.41), Were Down From EPS Of $0.63 Last Year

Barrington Research analyst Alexander Paris maintains Affiliated Managers Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMG#NYSE">AMG</a>) with a Outperform and raises the price target from $190 to $210.

Barrington Research Maintains Outperform on Affiliated Managers Group, Raises Price Target to $210

Tigress Financial analyst Ivan Feinseth maintains Travel+Leisure (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNL#NYSE">TNL</a>) with a Buy and raises the price target from $54 to $58.

Tigress Financial Maintains Buy on Travel+Leisure, Raises Price Target to $58

Loop Capital analyst Jeffrey Stevenson initiates coverage on BrightView Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BV#NYSE">BV</a>) with a Buy rating and announces Price Target of $18.

Initiation

Loop Capital Initiates Coverage On BrightView Hldgs with Buy Rating, Announces Price Target of $18

Jefferies analyst Suneet Kamath maintains Brighthouse Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHF#NASDAQ">BHF</a>) with a Buy and raises the price target from $59 to $63.

Brighthouse Financial, Inc. - Common Stock

Jefferies Maintains Buy on Brighthouse Finl, Raises Price Target to $63

Jefferies analyst Suneet Kamath maintains Jackson Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JXN#NYSE">JXN</a>) with a Hold and raises the price target from $73 to $80.

Jefferies Maintains Hold on Jackson Finl, Raises Price Target to $80

Vista Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VGZ#AMEX">VGZ</a>) reported quarterly earnings of $0.13 per share. This is a 1400 percent increase over losses of $(0.01) per share from the same period last year.

Vista Gold Q2 EPS $0.13 Up From $(0.01) YoY

Element Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>) reported quarterly earnings of $0.36 per share which beat the analyst consensus estimate of $0.35 by 2.86 percent. This is a 16.13 percent increase over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $612.70 million which beat the analyst consensus estimate of $606.98 million by 0.94 percent. This is a 4.54 percent increase over sales of $586.10 million the same period last year.

Element Solutions Q2 Adj $0.36 Beats $0.35 Estimate, Sales $612.70M Beat $606.98M Estimate

Sensata Technologies Sees Q3 EPS $0.82-$0.88 Vs $0.94 Est.; Revenue $970M-$1B Vs $1.03B Est.

&quot;Managing our operating costs, our inventory levels, and our portfolio profitability will remain priorities throughout 2024.&quot;

NewMarket Anticipates Continued Strength In Its Petroleum Additives Segment

Jefferies analyst Tycho Peterson maintains Revvity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVTY#NYSE">RVTY</a>) with a Hold and raises the price target from $115 to $125.

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