Tidal ETF Trust II YieldMax MSFT Option Income Strategy ETF (ARCA: MSFO)

Latest news for Tidal ETF Trust II YieldMax MSFT Option Income Strategy ETF (ARCA:MSFO)

Technology

The Fund is an actively managed exchange-traded fund (ETF) that seeks current income while maintaining the opportunity for exposure to the share price (i.e., the price returns) of the common stock of Microsoft Corporation (MSFT), subject to a limit on potential investment gains. The Fund will seek to employ its investment strategy as it relates to MSFT regardless of whether there are periods of adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.

First American Government Obligations Fund

YieldMax MSFT Option Income Strategy ETF

Tidal ETF Trust II YieldMax MSFT Option Income Strategy ETF

Frontline plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRO#NYSE">FRO</a>) is set to release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/FRO/earnings">opening bell on Friday, Aug. 30</a>.
Analysts expect the Limassol, Cyprus-based company to report quarterly earnings at 67 cents per share, down from 94 cents per share in the year-ago period. Frontline projects to report quarterly revenue of $382.32 million for the quarter, down from $512.76 million in the year-ago quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 29, Frontline reported a fourth-quarter fiscal 2023 revenue decline of 21.8% year-over-year to $415 million, beating the consensus of $270.06 million.
Frontline shares fell 0.1% to close at $23.32 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/FRO/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/587f78ce77f9dd000126ef08/jonathan-chappell">Evercore ISI Group analyst Jonathan Chappell </a>maintained an Outperform rating and cut the price target from $33 to $32 on July 23. This analyst has an accuracy rate of 74%.</li>
<li>Jefferies analyst Omar Nokta maintained a Buy rating on May 30. This analyst has an accuracy rate of 75%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6034e7a4ef623a0001529ca1/samuel-bland">JP Morgan analyst Samuel Bland</a> maintained a Neutral rating and lowered the price target from $23 to $22.3 on March 1. This analyst has an accuracy rate of 79%.</li>
<li>Deutsche Bank analyst Amit Mehrotra upgraded the stock from Hold to Buy with a price target of $26 on Jan. 9. This analyst has an accuracy rate of 76%.</li>
</ul>
Considering buying FRO stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="513" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/30021221/image-307-1024x513.png" alt="" class="wp-image-522229" style="width:639px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/30021221/image-307-1024x513.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/30021221/image-307-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/30021221/image-307-768x385.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/30021221/image-307.png 1350w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/24/08/40624754/top-2-materials-stocks-that-are-ticking-portfolio-bombs">Top 2 Materials Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>

Earnings

News

Price Target

Markets

Analyst Ratings

Trading Ideas

Top Wall Street Forecasters Revamp Frontline Price Expectations Ahead Of Q2 Earnings

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) to report quarterly earnings at 17 cents per share on revenue of $3.91 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. JinkoSolar shares gained 1.4% to $18.36 in after-hours trading.</li>
<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) reported better-than-expected earnings for its second quarter, while <a href="https://www.benzinga.com/news/earnings/24/08/40639307/lululemon-q2-earnings-revenue-miss-eps-beat-comps-up-2-strength-in-international-soft-guidance">sales missed estimates</a>. The company also issued FY24 revenue guidance, which is below estimates. Lululemon shares gained 4.2% to $270.00 in the after-hours trading session.</li>
<li>Analysts are expecting MINISO Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) to post quarterly earnings at 28 cents per share on revenue of $565.46 million. The company will release earnings before the markets open. MINISO Group shares gained 1.7% to $16.60 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40639181/ulta-beauty-stock-drops-after-worse-than-expected-q2-results-lower-fy-guidance">reported</a> weaker-than-expected results for its second quarter and cut its FY24 guidance. Ulta Beauty shares fell 7.1% to $341.50 in the after-hours trading session.</li>
<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40638741/dell-q2-earnings-revenue-beat-eps-beat-accelerating-ai-momentum-and-more">reported</a> stronger-than-expected results for its second quarter. The company reported second-quarter revenue of $25.03 billion, beating the consensus estimate of $24.14 billion. Dell shares gained 3.3% to $114.40 in the after-hours trading session.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/24/08/40624754/top-2-materials-stocks-that-are-ticking-portfolio-bombs">Top 2 Materials Stocks That Are Ticking Portfolio Bombs</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

DELL

LULU

MNSO

ULTA

Dell, Lululemon And 3 Stocks To Watch Heading Into Friday

Elon Musk&#8216;s spacecraft manufacturing company SpaceX said late on Thursday that it is yet to zero in on the next opportunity to launch the all-civilian <a href="https://www.benzinga.com/topic/polaris-dawn">Polaris Dawn mission</a> after multiple delays earlier this week.
What Happened: &#8220;Once teams identify the next best opportunity for launch and return of the Polaris Dawn mission, we'll provide an update,&#8221; the company said in a post on X while adding that both the Falcon 9 launch vehicle and the Dragon spacecraft which will take part in the mission are healthy.
SpaceX said that the latest weather forecasts continue to be unfavorable for the mission&#8217;s safe return from space.
Unlike a mission to the International Space Station (ISS) which provides the option to delay the return of astronauts if required, the Polars Dawn mission cannot extend its time in orbit. Hence, they need to ensure that the weather forecast during return is &#8220;as favorable as possible&#8221; before launch, mission commander and Shift4 Payments CEO Jared Isaacman said.
&#8220;The crew remains in quarantine, staying productive, keeping fit, and ready to launch within approximately 30 hours of receiving a favorable forecast,&#8221; Isaacman said in a post on X.
&#8220;Space exploration demands patience, resilience, and teamwork.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is an historic mission: &#8211; Furthest distance that astronauts will travel from Earth in over half a century! &#8211; First spacewalk by private individuals! Everything possible must be done to ensure astronaut safety. <a href="https://t.co/7GAXWiReDz">https://t.co/7GAXWiReDz</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1829297836988706976?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote>
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Multiple Delays: The Polaris Dawn mission was initially <a href="https://www.benzinga.com/news/24/08/40501311/spacex-delays-launch-of-private-human-spaceflight-mission-polaris-dawn-program-founder-jared-isaacma">slated to launch on Monday</a> but has been postponed multiple times since owing to a<a href="https://www.benzinga.com/news/24/08/40569255/spacex-postpones-landmark-polaris-dawn-mission-launch-to-wednesday-after-identifying-helium-leak-elo"> helium leak</a> and <a href="https://www.benzinga.com/news/24/08/40592730/spacexs-first-commercial-spacewalk-delayed-by-unfavorable-weather-elon-musk-led-company-has-no-new-d">unfavorable weather forecast.</a> Musk said on Thursday that SpaceX is prioritizing crew safety given the increased risk associated with the mission. 
The Federal Aviation Administration (FAA) on Wednesday also temporarily grounded SpaceX's Falcon 9 rocket after a rocket booster that supported a&nbsp;<a href="https://www.benzinga.com/topic/starlink" target="_blank" rel="noreferrer noopener">Starlink mission</a>&nbsp;earlier in the day failed to land upright on a droneship at sea and exploded upon returning to Earth, leaving the launch timeline for the Polaris mission further in doubt. 
About Polaris: Polaris Dawn is the first of up to three human spaceflight missions planned under the Polaris program founded by Isaacman.
SpaceX&#8217;s Dragon spacecraft and the all-civilian Polaris Crew composed of four including its mission commander <a href="https://www.benzinga.com/sec/insider-trades/0001805608/jared-isaacman" target="_blank" rel="noreferrer noopener">Isaacman</a>, Kidd Poteet, Sarah Gillis, and Anna Menon will spend up to five days in orbit. While Isaacman and Poteet work together at Shift4, Gillis and Menon are SpaceX engineers.
The key objective of the mission is to&nbsp;<a href="https://www.benzinga.com/news/24/08/40437487/elon-musk-says-polaris-dawn-mission-will-be-epic-as-spacex-gears-up-for-its-first-spacewalk" target="_blank" rel="noreferrer noopener">conduct a spacewalk</a>&nbsp;nearly 435 miles above the Earth — marking the first-ever spacewalk by a commercial company. While space agency NASA routinely conducts extravehicular activities, no private player has attempted it before, making this a landmark mission for SpaceX and commercial spaceflight companies.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/government/24/08/40596240/us-says-public-ev-chargers-doubled-after-biden-took-over-white-house-from-trump-but-data-shows-that" target="_blank" rel="noreferrer noopener">US Says Public EV Chargers Doubled After Biden Took Over White House From Trump, But Data Shows That Most Are Privately Owned</a></li>
</ul>
Photo courtesy: Polaris Dawn

SPACE

Tech

Polaris Dawn's All-Civilian Crew Continues In Quarantine As SpaceX Delays Launch: 'Space Exploration Demands Patience...,' Says Jared Isaacman

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) CEO Pat Gelsinger acknowledged investor concerns following a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40633329/us-stocks-rally-dow-jones-achieves-record-highs-as-gdp-outperforms-nvidia-falls-whats-driv">significant drop in the company&#8217;s stock price</a>.
What Happened: Gelsinger said the company is working diligently to address these concerns. He made these remarks during a fireside chat at Deutsche Bank&#8217;s technology conference in Dana Point, California, CNBC <a href="https://www.cnbc.com/2024/08/29/intel-intc-gelsinger-skepticism-activist-layoffs.html">reported</a> on Thursday.
"We respect some of the skepticism we've received from the market," Gelsinger said. "We believe we're up for the challenge."
Intel&#8217;s stock plummeted 26% after a disappointing quarterly earnings report earlier this month, marking its worst day on Wall Street in over 50 years. The stock is down over 57% this year, trading near its lowest in more than a decade.
Gelsinger noted that Intel is facing challenges in its server business due to artificial intelligence-driven weaknesses but remains optimistic about the future. He highlighted the upcoming launch of Lunar Lake, which he described as &#8220;the most compelling AI PC product ever.&#8221;
Intel has engaged advisors, including Morgan Stanley, to fend off activist investor scrutiny. Gelsinger did not address the recent departure of board member Lip-Bu Tan, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/08/40624703/nvidia-to-rally-over-31-here-are-10-top-analyst-forecasts-for-thursday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVIDIA To Rally Over 31%? Here Are 10 Top Analyst Forecasts For Thursday</a>
Earlier this month, Intel announced <a href="https://www.benzinga.com/news/24/08/40298684/intel-postpones-annual-innovation-event-amid-layoffs-and-cpu-bug-controversy">layoffs of 15,000 employees</a> and potential portfolio cuts. Gelsinger believes these efforts will yield positive results, citing &#8220;signals&#8221; from external foundry customers.
In the latest quarter, Intel reported a net loss of $1.61 billion, compared to a net income of $1.48 billion in the same period last year, with <a href="https://www.benzinga.com/markets/equities/24/08/40134853/intels-earnings-disappoint-analyst-points-to-operational-missteps">revenue missing estimates</a>.
Why It Matters: Intel&#8217;s recent struggles are part of a broader context in the semiconductor industry. The departure of board member Tan was a significant event, as he left after <a href="https://www.benzinga.com/markets/equities/24/08/40593141/intel-board-member-lip-bu-tan-reportedly-left-after-disputes-with-ceo-and-other-directors-over-c">disagreements with CEO Gelsinger</a> and other directors over the company&#8217;s direction. 
Tan, a semiconductor industry veteran, had joined Intel to help <a href="https://www.benzinga.com/markets/equities/24/08/40593141/intel-board-member-lip-bu-tan-reportedly-left-after-disputes-with-ceo-and-other-directors-over-c">restore its status</a> as a leading global chipmaker. 
Moreover, Intel&#8217;s job cuts come at a time when the company is competing for <a href="https://www.benzinga.com/government/24/08/40622868/intel-faces-scrutiny-over-job-cuts-while-competing-for-20b-us-chip-subsidy">a $20 billion U.S. chip subsidy</a> aimed at creating thousands of manufacturing and construction jobs. This has drawn scrutiny from lawmakers, especially since the U.S. strategy aims to reduce dependence on Asian semiconductor technology.
Additionally, Intel&#8217;s challenges are set against the backdrop of strong performance by competitors like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). Nvidia recently reported better-than-expected second-quarter earnings, which has further highlighted the <a href="https://www.benzinga.com/news/earnings/24/08/40614118/nvidia-leads-semiconductor-stocks-lower-following-q2-earnings-what-investors-need-to-know">competitive pressures Intel faces</a>. 
Nvidia&#8217;s stock surge has also turned many of its <a href="https://www.benzinga.com/news/24/08/40573254/nvidias-stock-surge-turns-employees-into-millionaires-cutting-churn-to-record-low-report">employees into millionaires</a>, reducing employee churn to record lows. The chip designer is known for its demanding work environment, where employees slog up to seven days a week, with work hours stretching until 2 a.m.
Price Action: Intel&#8217;s stock closed at $20.13 on Thursday, up 2.65% for the day. After hours, it edged up by 0.50%. Despite this, the stock has declined by 57.89% year to date. In contrast, Nvidia has seen a substantial rise this year, with a year-to-date gain of 144.11%, and is currently trading at $117.59, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

INTC

NVDA

Intel CEO Pat Gelsinger Says He Respects Market 'Skepticism' Even As Rival Nvidia Shot Up 144% This Year: 'We're Up For The Challenge'

ARK Invest&#8217;s multiomics analyst, Nemo&nbsp;M Despot, and the firm&#8217;s leader, Cathie Wood, have hinted at a revolutionary <a href="https://www.benzinga.com/startups/23/11/35624083/ai-could-revolutionize-cancer-care-by-detecting-high-risk-tumors-more-accurately">approach to healthcare</a>, leveraging multiomics, artificial intelligence, and big data.
What Happened: On Thursday, Despot, a multiomics analyst at&nbsp;ARK Invest, took to X, formerly Twitter, and shared his vision for the future of healthcare. 
He expressed his interest in exploring the intersection&nbsp;of multiomics, engineering, big data, and AI to transform healthcare.
Multiomics refers to the integration and analysis of data from multiple &#8220;omics&#8221; fields (like genomics, proteomics, and metabolomics) that study different aspects of biological systems.&nbsp;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40568404/google-chrome-to-trigger-vibrations-on-your-smartphone-when-you-do-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Chrome To Trigger Vibrations On Your Smartphone When You Do This</a>
Following Despot&#8217;s post, Wood shared her anticipation for the innovative research that Despot is developing. 
She noted the potential of this convergence to diagnose cancer at&nbsp;or before stage 1 and&nbsp;to&nbsp;reverse or cure many diseases.
&#8220;Innovation solves problems,&#8221; ARK Invest&#8217;s Wood said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Looking forward to sharing the brilliant research that <a href="https://twitter.com/NMDespotARK?ref_src=twsrc%5Etfw">@NMDespotARK</a> is evolving on the convergence between multiomics and AI. That convergence will help diagnose cancer in or before Stage 1 and reverse or cure many diseases. Innovation solves problems. <a href="https://t.co/pi5w2ihxtl">https://t.co/pi5w2ihxtl</a>
&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1829187010713497817?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote>
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Why It Matters: The healthcare industry has been witnessing a surge in the application of AI and big data in recent years. 
Earlier this year in June,&nbsp;ChatGPT-parent OpenAI and Color Health&nbsp;developed <a href="https://www.benzinga.com/markets/equities/24/06/39359502/openai-and-color-health-develop-ai-driven-cancer-care-solutions-report">AI-driven cancer care solutions</a>, integrating AI models into healthcare applications.
Last year in July, it was reported that a new AI technology had been developed that could <a href="https://www.benzinga.com/news/23/07/33308770/artificial-intelligence-might-be-the-miracle-cure-to-cancer-as-new-ai-technology-interprets-brain-ca">interpret brain cancer&#8217;s genome</a> in real-time during surgery, accelerating the future of brain tumor treatment.
Image via Ark Invest
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/08/40568877/nvidia-backed-sustainable-metal-cloud-introduces-tech-to-cut-ai-data-center-energy-use-by-50?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia-Backed Sustainable Metal Cloud Introduces Tech To Cut AI Data Center Energy Use By 50%</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Health Care

ARK Invest's Multiomics Analyst And Cathie Wood Tease Future Of Healthcare: 'Innovation Solves Problems'

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Retail Sales (MoM) Preliminary For July 0.0% Vs. 0.3% Est.; 0.5% Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Industrial Production (MoM) Preliminary For July 2.8% Vs. 3.6% Est.; -4.2% Prior

Reported Earlier, Japan Tokyo Core Consumer Price Index (YoY) For August 2.4% Vs. 2.2% Est.; 2.2% Prior

Jim Cramer expressed optimism about Lululemon Athletica Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) and Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) in a recent post on X.
What Happened: The host of CNBC&#8217;s &#8220;Mad Money,&#8221; Cramer, <a href="https://x.com/jimcramer/status/1829259624278847750">stated</a> on Thursday that he thinks Lululemon may have hit rock bottom. He stated, &#8220;Thinking Lulu may have bottomed and i am loving Dell here.&#8221;
Cramer's comments come as investors closely watch market trends and company performances. 
Lululemon recently reported its <a href="https://www.benzinga.com/news/earnings/24/08/40639307/lululemon-q2-earnings-revenue-miss-eps-beat-comps-up-2-strength-in-international-soft-guidance">second-quarter financial results</a>, revealing a revenue miss but an earnings beat. The company posted revenue of $2.371 billion, falling short of the consensus estimate of $2.409 billion. 
However, earnings per share were $3.15, surpassing the expected $2.94. The athleisure brand saw a 7% year-over-year increase in total revenue and a 2% rise in comparable sales. Notably, international revenue surged by 29% year-over-year, while America&#8217;s net revenue grew by 1%.
Meanwhile, Dell also released its <a href="https://www.benzinga.com/news/earnings/24/08/40638741/dell-q2-earnings-revenue-beat-eps-beat-accelerating-ai-momentum-and-more">second-quarter earnings</a>, reporting a revenue of $25.03 billion, which exceeded the consensus estimate of $24.14 billion. The tech giant&#8217;s adjusted earnings per share were $1.89, beating the analyst estimates of $1.71. 
Dell&#8217;s total revenue increased by 9% year-over-year, with its Infrastructure Solutions Group seeing a 38% rise in revenue to $11.6 billion. However, the Client Solutions Group&#8217;s revenue dipped by 4% year-over-year to $12.4 billion.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40591572/bitcoin-ethereum-dogecoin-tank-as-over-heated-longs-get-wiped-out-analyst-says-take-a-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Tank As Over-Heated Longs Get Wiped Out: Analyst Says Take A Stock Of This Before Turning Optimistic On King Crypto</a>
Why It Matters: The broader market context also plays a role in Cramer&#8217;s optimism. On the same day, Wall Street experienced a rally, with the Dow Jones reaching record highs as the U.S. economy grew by 3% in the second quarter, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40633329/us-stocks-rally-dow-jones-achieves-record-highs-as-gdp-outperforms-nvidia-falls-whats-driv">surpassing earlier estimates</a>. 
This positive economic data contributed to a risk-on sentiment among traders, despite some mixed earnings reports from major tech companies like NVIDIA Corp.
Price Action: Lululemon closed at $259.01 on Thursday, marking a slight increase of 0.07% for the day. After hours, the stock surged by 4.24%. However, the stock has declined by 48.75% year to date.
Meanwhile, Dell finished the day at $110.74, down 0.74%. In after-hours trading, Dell&#8217;s stock isurged 3.30%. Year to date, Dell&#8217;s shares have risen by 48.07%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Binance And Coinbase, Gary Gensler-Led SEC Set To Lock Horns With Crypto Exchange Kraken</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Jim Cramer Says Lululemon 'May Have Bottomed' After Nearly 50% Drop This Year, Strongly Confident About Dell As Stock Surges Over 3% In After-Hours Trading

El Salvador President Nayib Bukele, under whose administration Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was adopted as the legal tender, said that the leading cryptocurrency hasn't witnessed widespread adoption as expected.
What happened: In an <a href="https://time.com/7015636/president-nayib-bukele-interview/">interview </a>with Time Magazine, Bukele admitted that he expected the results to be better but it was up to the public to embrace it.
"We have never forced anyone to adopt it. We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin," Bukele remarked. "If they do not want to use it, this is a free country."
Despite the slow pace of adoption, the president said that the initiative improved the country's branding, spurred investments, and boosted tourism.&nbsp;
He went on to say that Bitcoin offered financial inclusion and profit to the country, citing how a $135 million investment turned into $400 million for the government.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40603686/donald-trumps-pro-bitcoin-stance-influenced-ethereum-etf-approval-analyst-posits">Donald Trump&#8217;s Pro-Bitcoin Stance Influenced Ethereum ETF Approval, Analyst Posits</a>
Bukele also drew attention to <a href="https://www.benzinga.com/topic/bitcoin-etfs">Wall Street's embrace of Bitcoin</a>, something that seemed unimaginable not very long ago. He noted how Bitcoin has emerged as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40179714/trumps-bitcoin-stockpile-plan-would-have-positive-impact-on-crypto-prices-but-would-leave-">topic of discussion</a> in the U.S. presidential election cycle.
&#8220;I wouldn&#8217;t consider it a resounding success. Still, I do believe that the positive outcomes outweigh the negative,&#8221; Bukele said.
Why It Matters: El Salvador has doubled down on Bitcoin ever since adopting the world's largest digital currency as a legal tender in 2021. The country has adopted a plan <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37763988/pro-bitcoin-president-nayib-bukele-says-el-salvador-will-purchase-btc-daily-until-king-cry">to buy one Bitcoin every day</a>, until it becomes unaffordable with fiat currencies.
Part of the grand strategy includes setting up a geothermal energy-powered <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40330518/nayib-bukeles-bitcoin-city-project-in-el-salvador-attracts-1-6b-investment-from-turkey-bas">"Bitcoin City,"</a> a <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39355769/el-salvadors-president-bukele-proposes-bitcoin-bank-to-attract-billions">Bitcoin bank</a>, and a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40500085/bitcoin-training-for-civil-servants-on-the-cards-in-nayib-bukele-led-el-salvador">training and education program</a> for government officials and the general public.&nbsp;
Price Action: As of this writing, Bitcoin was exchanging hands at $58,973.49, down 0.33% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn't Been A 'Resounding Success'  — 'We Have Never Forced Anyone To Adopt It'

On Thursday, major U.S. indices had a mixed performance. The Dow Jones Industrial Average rose by 0.6% to close at 41,335.05, while the S&amp;P 500 remained nearly unchanged at 5,591.96. Meanwhile, the Nasdaq slipped 0.2% to end at 17,516.43.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>)
Lululemon closed the day with a slight increase of 0.07% at $259.01, with an intraday high and low of $263.35 and $258.28 respectively. The company reported second-quarter revenue of $2.371 billion, <a href="https://www.benzinga.com/news/earnings/24/08/40639373/marvell-technology-stock-climbs-on-q2-strong-q3-guidance">missing the consensus estimate</a> but reported earnings of $3.15 per share, beating analyst estimates. 
Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>)
Dollar General shares plummeted 32.15% to close at $84.03 after the company reported disappointing <a href="https://www.benzinga.com/news/earnings/24/08/40623595/dollar-general-q2-earnings-earnings-miss-slashed-outlook-and-shrinking-margins">second-quarter earnings</a> and revised its fiscal year 2024 outlook downwards. The company reported a 0.5% increase in same-store sales, but operating profit declined by 20.6%. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40590258/gop-congress-member-nancy-mace-they-havent-done-anything-slams-dnc-cannabis-inaction-calls-out-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">GOP Congress Member Nancy Mace: &#8216;They Haven&#8217;t Done Anything,&#8217; Slams DNC Cannabis Inaction, Calls Out Republican Reluctance</a>
Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>)
Dell shares slipped 0.74% to $110.74. The company reported second-quarter revenue of $25.03 billion, <a href="https://www.benzinga.com/news/earnings/24/08/40638741/dell-q2-earnings-revenue-beat-eps-beat-accelerating-ai-momentum-and-more">beating the consensus estimate</a>, and adjusted earnings of $1.89 per share, also surpassing analyst estimates. 
Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>)
Marvell Technology shares climbed 2.05% to $69.84. The company reported quarterly GAAP earnings of 30 cents per share, in-line with the analyst consensus estimate, and <a href="https://www.benzinga.com/news/earnings/24/08/40639373/marvell-technology-stock-climbs-on-q2-strong-q3-guidance">quarterly sales of $1.27 billion</a>, beating the analyst consensus estimate. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares rose slightly by 0.26% to $206.28. Elon Musk and Tesla <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40643895/elon-musk-and-tesla-triumph-in-dogecoin-insider-trading-lawsuit-judge-says-investors-cant-">successfully dismissed a federal lawsuit</a> accusing them of defrauding investors through insider trading and manipulating Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>). 
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Photo by Phongphan on Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

$DOGE

MRVL

TSLA

Lululemon, Dollar General, Dell, Marvell Technology, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Allianz Chief Economic Advisor Mohamed El-Erian stressed the Federal Reserve&#8217;s and NVIDIA Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) substantial impact on market dynamics, in a post on X on Thursday.
What Happened: El-Erian highlighted the long-standing market adage, &#8220;Don&#8217;t fight the Fed,&#8221; suggesting it should now be expanded to include Nvidia. He stated, &#8220;Whatever Nvidia does greatly impacts markets &#8212; just like the Fed.&#8221;
This statement underscores the pivotal role Nvidia plays in current market movements, akin to the Federal Reserve&#8217;s influence. El-Erian&#8217;s comments reflect growing market sentiment about Nvidia&#8217;s substantial impact on financial markets.
&#8220;Market chatter these days suggests expanding it to &#8220;don&#8217;t fight the Fed and, at least for now, don&#8217;t fight Nvidia,&#8221; he wrote.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;Don&#39;t fight the Fed&quot; has long been a mantra in financial markets. Market chatter these days suggests expanding it to &quot;don&#39;t fight the Fed and, at least for now, don&#39;t fight Nvidia&quot;! Whatever Nvidia does greatly impacts markets &#8212; just like the Fed.<a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/investing?src=hash&amp;ref_src=twsrc%5Etfw">#investing</a> <a href="https://twitter.com/hashtag/investors?src=hash&amp;ref_src=twsrc%5Etfw">#investors</a>…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1828892171107504196?ref_src=twsrc%5Etfw">August 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/08/40624703/nvidia-to-rally-over-31-here-are-10-top-analyst-forecasts-for-thursday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVIDIA To Rally Over 31%? Here Are 10 Top Analyst Forecasts For Thursday</a>
Why It Matters: El-Erian&#8217;s warning comes at a critical juncture for the markets. On the same day, the <a href="https://www.benzinga.com/news/earnings/24/08/40621553/wall-street-on-track-for-relief-rally-with-nvidia-earnings-in-rearview-mirror-strategist-says-near-">Nasdaq and S&amp;P 500 futures</a> were showing resilience despite Nvidia&#8217;s recent stock dip. Nvidia&#8217;s shares fell following its second-quarter earnings report, which, despite beating expectations, raised concerns about the sustainability of the AI rally.
Adding to the market&#8217;s complexity, traders are adjusting their expectations for the Federal Reserve&#8217;s next moves. An upward revision of the U.S. GDP growth to 3% in the second quarter has led to a <a href="https://www.benzinga.com/news/large-cap/24/08/40639345/traders-scale-back-bets-on-50-basis-point-september-rate-cut-ahead-of-fridays-key-fed-inflation-ga">reevaluation of a potential 50-basis-point rate cut</a> in September. 
The market is now keenly awaiting the release of the <a href="https://www.benzinga.com/news/large-cap/24/08/40639345/traders-scale-back-bets-on-50-basis-point-september-rate-cut-ahead-of-fridays-key-fed-inflation-ga">Personal Consumption Expenditure (PCE) price index</a> report– scheduled for&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40624107/traders-brace-for-feds-favorite-inflation-report-friday-july-price-pressures-expect" target="_blank" rel="noreferrer noopener">8:30 a.m. ET</a>&nbsp;Friday, the Fed&#8217;s preferred inflation gauge, which could significantly influence future monetary policy.
Moreover, the U.S. economy&#8217;s robust performance, with an annualized <a href="https://www.benzinga.com/government/24/08/40624663/us-economy-expands-by-3-in-q2-surpasses-earlier-estimates-jobless-claims-little-moved-last-week">growth rate of 3% in the second quarter</a>, underscores its resilience amid high interest rates. This is the eighth consecutive quarter of growth, highlighting the economy&#8217;s strength despite ongoing challenges.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40592769/bitcoin-whales-tesla-microstrategy-and-marathon-rack-up-paper-losses-in-millions-as-king-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Whales Tesla, MicroStrategy And Marathon Rack Up Paper Losses In Millions As King Crypto Crashed: What You Should Know</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Federal Reserve

'Don't Fight Nvidia' Or The Fed, Says Mohamed El-Erian, Urges Investors To Recognize Dual Influence On Market Dynamics

Jimmy Donaldson, popularly known as, MrBeast, is currently embroiled in a series of controversies. To help him navigate these troubled waters, he has reportedly enlisted the services of renowned attorney, Alex Spiro.
What Happened: Donaldson has been criticized for alleged poor health and safety conditions on his sets, negative feedback from former employees, and questions surrounding his company&#8217;s culture, <a href="https://www.businessinsider.in/thelife/news/mrbeast-is-in-a-tough-spot-but-pr-experts-say-an-aggressive-super-lawyer-isnt-the-fix-he-needs-/articleshow/112902135.cms">reported</a> Business Insider.
The YouTube star has also ended his professional relationship with childhood friend Ava Tyson due to&nbsp;<a href="https://www.benzinga.com/news/24/07/39948979/mrbeast-co-host-ava-tyson-resigns-amid-grooming-controversy-popular-youtuber-says-i-am-disgusted-and">allegations of inappropriate conversations</a> with young fans.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40568404/google-chrome-to-trigger-vibrations-on-your-smartphone-when-you-do-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Chrome To Trigger Vibrations On Your Smartphone When You Do This</a>
Donaldson&#8217;s reputation suffered another blow&nbsp;when The New York Times&nbsp;<a href="https://www.nytimes.com/2024/08/02/style/mrbeast-beast-games-competition-show.html">reported</a> on the conditions&nbsp;of his upcoming Amazon show,&nbsp;&#8220;Beast Games.&#8221; 
The report suggested injuries, hospitalizations, and limited access to food, water, and medicine on set. In response, Donaldson has pledged to improve the internal culture and has appointed an HR officer.
Amid these controversies, Donaldson has sought the help of Spiro, a high-profile attorney charging $2,000 per hour, known for <a href="https://www.benzinga.com/news/24/02/36993934/wework-founder-adam-neumann-enlists-musks-lawyer-in-fight-to-buy-company-back-the-latest-in-penny-st">representing clients</a> like Elon Musk and Alec Baldwin, the report noted.
However, crisis management experts caution that this may not be the best approach to regain trust from fans.
PR experts recommend that Donaldson should acknowledge his mistakes and apologize, particularly to his young fans. 
They suggest that legal action might be perceived as an attempt to suppress critics rather than taking responsibility for the issues raised, the report stated.
MrBeast&#8217;s team did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Donaldson has been a prominent figure on YouTube. Last month, he celebrated a record number of subscribers with a&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/07/39720279/mrbeast-celebrates-youtube-record-with-new-video-featuring-50-content-creators-competing-fo">$1 million giveaway</a>&nbsp;to other content creators.
The YouTuber currently enjoys a massive following of more than 312 million subscribers, and on X, formerly Twitter, he has over 31 million followers.
Moreover, MrBeast has also faced criticism and public backlash for his involvement in various charitable projects, such as <a href="https://www.benzinga.com/real-estate/24/07/39648927/mrbeast-fires-back-not-just-gonna-stand-by-and-do-nothing-as-he-builds-100-homes-despite-criticism-a">building 100 houses for needy</a> families.
Photo via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/general/entertainment/24/08/40568015/directv-and-disney-talking-over-flexible-netflix-like-channel-packages-but-fallout-from-fai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">DirecTV And Disney Talking Over Flexible Netflix-Like Channel Packages, But Fallout From Failed Talks Could Cause ESPN Blackout Next Week</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

MrBeast Hires Attorney Known For Representing Elon Musk, Alec Baldwin Amid Poor Set Safety Allegations, Criticism From Ex-Employees — A Good Move?

Mark Cuban recently shared a post on X highlighting Donald Trump&#8217;s commitment to revitalizing the auto industry and bringing back jobs to Michigan through the taxation of foreign nations.
What Happened: On Thursday, Cuban posted about Trump&#8217;s commitment to bring back the car industry to Michigan. The ex-president was quoted by Cuban as having said, &#8220;We&#8217;re going to bring back jobs, we&#8217;re going to bring back factories and make Michigan very successful again. And we can do that very easily through the TAXATION OF FOREIGN NATIONS.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Trump said this at his speech today in Michigan "&quot;We&#39;re going to bring back the car industry,&quot; Trump said in our interview. &quot;We&#39;re not going to let it disappear. We&#39;re going to bring back jobs, we&#39;re going to bring back factories and make Michigan very successful again. And we…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1829344987798003920?ref_src=twsrc%5Etfw">August 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Trump visited a site near a General Motors electric vehicle facility on Thursday, <a href="https://www.detroitnews.com/story/opinion/columnists/kaitlyn-buss/2024/08/29/buss-trump-promises-free-ivf-for-all/75001859007/">reported</a> The Detroit News. There the former president warned UAW autoworkers about the short-lived nature of their recent contract wins, predicting that traditional auto companies would struggle to compete with Chinese electric car manufacturers.
Cuban expressed his concern in a separate post about the impact Trump&#8217;s tariffs would have on prices for consumers. He cited the example of Walmart and its importation of &#8220;billions and billions of goods.&#8221; The post was in response to an X user who highlighted Trump&#8217;s plan to increase tariffs on imports.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A tariff is a tax imposed on foreign-made goods, paid by the IMPORTING BUSINESS (Walmart would be an example) to its home country&#39;s government. (USA) As an example , Walmart imports billions and billions of goods. If there is a 10 pct tariff, Walmart pays the US government…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1829347171600089408?ref_src=twsrc%5Etfw">August 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He asked, &#8220;If there is a 10 pct tariff, Walmart pays the US government 10pcf on those billions, and guess who they pass that cost on to ?&#8221;
See Also: <a href="https://www.benzinga.com/news/24/08/40619332/after-endorsing-trump-for-president-elon-musk-now-hires-republican-strategist-signaling-a-deeper-div?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Endorsing Trump For President, Elon Musk Now Hires Republican Strategist, Signaling A Deeper Dive Into Politics</a>
Why It Matters: Trump&#8217;s proposed strategy of increasing tariffs to protect domestic industries has been a contentious topic. Former Obama administration economic adviser Betsey Stevenson criticized J.D. Vance for <a href="https://www.benzinga.com/news/24/08/40643613/jd-vance-slammed-by-ex-obama-advisor-for-spewing-frustrating-lies-on-tariffs-stresses-need-for-fact">spreading misinformation</a> about the effects of tariffs on consumer prices.
Goldman Sachs&#8217; chief economist Jan Hatzius also <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach">expressed concerns</a> about Trump&#8217;s tariff proposals, warning that they could trigger a trade war and increase inflation across the U.S.
Furthermore, Nobel laureate and economist Paul Krugman <a href="https://www.benzinga.com/news/24/07/39630382/paul-krugman-says-trump-tariffs-will-hurt-80-of-americans-benefit-only-the-top-1-burden-would-fall-o">argued</a> that Trump&#8217;s tariffs would primarily harm consumers, with 80% of Americans bearing the brunt of the policy.
Image via Shutterstock
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Mark Cuban Wants Someone To Explain To Him How Trump 'Would Tax A Foreign Nation'

Elon Musk and his electric vehicle company, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), have successfully dismissed a federal lawsuit accusing them of defrauding investors through insider trading and manipulating the meme cryptocurrency&nbsp;Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>).
What Happened: As reported by Reuters, the decision was delivered on Thursday night by U.S. District Judge Alvin Hellerstein in Manhattan. Investors had accused Musk of exploiting Twitter (Now X) posts, a 2021 appearance on NBC&#8217;s &#8220;Saturday Night Live&#8221;, and other publicity stunts to trade profitably at their expense through several DOGE wallets controlled by him or Tesla.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40643394/trump-said-plan-to-make-us-crypto-capital-of-the-planet-would-come-by-afternoon-crypto-com">Trump Said Plan To Make US &#8216;Crypto Capital&#8217; Of The Planet Would Come By Afternoon: Crypto Community Awaits</a>
Investors also claimed Musk intentionally inflated DOGE&#8217;s price by over 36,000% in two years before letting it crash, with he and Tesla often timing trades to coincide with Musk&#8217;s public statements and activities concerning the memecoin.
Judge Hellerstein stated that no reasonable investor could rely on the tweets to pursue a securities fraud claim. He also found it &#8220;not possible to understand&#8221; the investors&#8217; market manipulation and insider trading allegations. The lawsuit was dismissed with prejudice, preventing it from being filed again. The investors had initially sought $258 billion and had revised their complaint four times in two years.
Why It Matters: Over the years, DOGE&#8217;s price movement <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38678022/heres-how-much-1-000-invested-in-dogecoin-would-be-worth-if-you-invested-when-elon-musk-fi">has become increasingly linked to social posts and endorsements</a> by Musk, as well as developments around companies owned by him.
Earlier this month, Musk<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40453739/elon-musk-sends-dogecoin-spiking-with-ai-generated-image-says-willing-to-serve-in-governme"> posted an AI-generated image referencing the cryptocurrency </a>through his X account, which caused it to spike.
Musk reaffirmed his affinity for the meme coin in an appearance on the X Takeover podcast last month,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018603/elon-musk-has-a-soft-spot-for-dogecoin-warns-followers-if-you-see-me-pumping-crypto-its-no" target="_blank" rel="noreferrer noopener">saying that he has got a soft spot for Dogecoin&nbsp;</a>because of his fondness toward dogs and memes.
Price Action: At the time of writing, DOGE was little changed, trading at $0.1002 after a 0.13% drop in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Shares of Tesla closed 0.26% higher at $206.28 during Thursday&#8217;s regular trading session.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Elon Musk And Tesla Triumph In Dogecoin Insider Trading Lawsuit, Judge Says Investors Can't Rely On Tweets To Pursue Securities Fraud Claim

Dollar General (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) announced disappointing second-quarter earnings on Thursday, attributing the results to financially constrained <a href="https://www.benzinga.com/news/earnings/24/08/40623595/dollar-general-q2-earnings-earnings-miss-slashed-outlook-and-shrinking-margins">lower-income consumers</a>.
What Happened: The discount retailer revealed that its core customers, primarily households earning less than $35,000 annually, are feeling more financially pressured than six months ago. CEO Todd Vasos noted that higher prices, softer employment levels, and increased borrowing costs have negatively impacted these consumers.
"The majority of them state that they feel worse off financially than they were six months ago as higher prices, softer employment levels and increased borrowing costs have negatively impacted low-income consumer incentive," he said.
Dollar General reported a 0.5% increase in same-store sales for the quarter ending Aug. 2, falling short of both its own and Wall Street&#8217;s expectations. The growth was driven solely by consumables like food, rather than discretionary items.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Binance And Coinbase, Gary Gensler-Led SEC Set To Lock Horns With Crypto Exchange Kraken</a>
Shares of Dollar General plummeted over 30% following the earnings release. Net sales rose by 4.2% year-over-year to $10.2 billion, while operating profit fell 20.6% to $550 million, partly due to <a href="https://www.benzinga.com/news/earnings/24/08/40623595/dollar-general-q2-earnings-earnings-miss-slashed-outlook-and-shrinking-margins">markdowns and inventory losses</a>.
In contrast, competitors Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) reported strong sales growth in their <a href="https://www.benzinga.com/markets/equities/24/08/40486532/whats-happening-with-walmart-stock-following-targets-strong-q2-results">latest quarters</a>. Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), another rival, is set to report earnings next week.
Why It Matters: The earnings miss by Dollar General underscores a broader trend of cautious consumer spending amid persistent inflation. Even household names like J M Smucker Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJM#NYSE">SJM</a>) have warned of reduced consumer spending, affecting <a href="https://www.benzinga.com/markets/equities/24/08/40634810/inflation-is-eating-into-sales-of-companies-across-the-board-even-this-household-food-name">sales across various sectors</a>.
Additionally, economic data has shown a mixed outlook. UBS Global Wealth Management recently increased the probability of a U.S. recession to 25%, citing softening job growth and unsettling unemployment data. Despite this, the firm still anticipates a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40574036/ubs-raises-us-recession-probability-to-25-amid-cloudy-economic-outlook">soft landing for the economy</a>, driven by consumer spending, albeit with a &#8220;cloudy&#8221; economic outlook.
Moreover, traders have scaled back their bets on a significant rate cut by the Federal Reserve, following an upward revision of U.S. GDP growth in <a href="https://www.benzinga.com/news/large-cap/24/08/40639345/traders-scale-back-bets-on-50-basis-point-september-rate-cut-ahead-of-fridays-key-fed-inflation-ga">the second quarter</a>. This adjustment comes as the market eagerly awaits the release of the Personal Consumption Expenditure (PCE) price index, the Fed's preferred inflation gauge.
Initial jobless claims totaled 231,000 for the week ending Aug. 24, down from the upwardly revised 233,000 the previous week and <a href="https://www.benzinga.com/government/24/08/40624663/us-economy-expands-by-3-in-q2-surpasses-earlier-estimates-jobless-claims-little-moved-last-week">slightly below the expected 232,000</a>.
Price Action: Dollar General&#8217;s stock closed at $84.03 on Thursday, down 32.15% for the day. In after-hours trading, the stock slightly recovered by 0.083%. Year to date, the stock has declined by 40.16%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40591572/bitcoin-ethereum-dogecoin-tank-as-over-heated-longs-get-wiped-out-analyst-says-take-a-stoc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Tank As Over-Heated Longs Get Wiped Out: Analyst Says Take A Stock Of This Before Turning Optimistic On King Crypto</a></li>
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

DLTR

Dollar General Says Majority Of People Who Shop There 'Feel Worse Off Financially' Compared With 6 Months Ago Amid Price Hikes, Softer Employment Levels

Leading cryptocurrencies seesawed Thursday as former President Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40643394/trump-said-plan-to-make-us-crypto-capital-of-the-planet-would-come-by-afternoon-crypto-com">teased a plan</a> to make the U.S. the "crypto capital of the planet."
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.10%</td>
<td>$59,203.54</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.10%</td>
<td>$2,525.93</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.12%</td>
<td>$0.1004</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin rallied above $61,000 in early trading hours, only to reverse sharply to $59,000 later in the day.&nbsp;&nbsp;
Ethereum also soared nearly to $2,600, only to later retrace to the early $2,500s and consolidate.
The rally followed Trump's X post early morning, where he unveiled a "plan" to <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40643394/trump-said-plan-to-make-us-crypto-capital-of-the-planet-would-come-by-afternoon-crypto-com">make the U.S. the "crypto capital of the planet</a>."&nbsp;
In the past 24 hours, 43,890 traders were liquidated, with total liquidations at $118.52 million. Long liquidations made up 68% of the total.
Bitcoin's Open Interest rose marginally by 0.35% in the last 24 hours to $30.75 billion.&nbsp;
The market remained in "Fear" as of this writing, according to the Cryptocurrency Fear &amp; Greed Index, implying a strong selling pressure.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>MultiversX (EGLD)</td>
<td>+4.85%</td>
<td>$29.51</td>
</tr>
<tr>
<td>Flare (FLR)</td>
<td>+4.75%</td>
<td>$0.01614</td>
</tr>
<tr>
<td>Ronin (RON)</td>
<td>+4.44%</td>
<td>$1.67</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $2.08 trillion, following a marginal increase of 0.05% in the last 24 hours.
Stocks were a mixed bag on Thursday. The Dow Jones Industrial Average climbed 243.63 points, or 0.59%, to close at a record high of 41,335.05. The broad-based index S&amp;P 500 ended marginally below the flatline at 5,591.96, while the tech-heavy Nasdaq Composite dipped 0.23% to end at 17,516.43.
&nbsp;AI behemoth NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) plunged 6.38% during Thursday's trading after reporting <a href="https://www.benzinga.com/news/earnings/24/08/40613050/nvidia-q2-earnings-guidance-top-street-view-as-ai-fuels-record-data-center-revenue-gross-margin-fal">better-than-expected second-quarter results</a>.
On the macroeconomic front, the <a href="https://www.benzinga.com/government/24/08/40624663/us-economy-expands-by-3-in-q2-surpasses-earlier-estimates-jobless-claims-little-moved-last-week">U.S. economy grew 3% in the second quarter</a>, a significant expansion from the 1.4% growth seen in the first quarter.&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: &nbsp;Widely followed cryptocurrency analyst Rekt Capital noted that Bitcoin was in the process of filling the CME gap &#8211; differences in price between the closing price on a given trading day and the opening price on the following trading day.
"Reclaim $60600 as support and the CME Gap will likely be filled in its entirety," the analyst emphasized.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is already in the process of filling this new CME Gap Reclaim $60600 as support and the CME Gap will likely be filled in its entirety<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/M0tCekIHC0">https://t.co/M0tCekIHC0</a> <a href="https://t.co/aPmYY4cbIA">pic.twitter.com/aPmYY4cbIA</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1829217607653720345?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another cryptocurrency trader, Hardy noted how the U.S. trading session imparted a "curveball" to Bitcoin's trajectory after bullish European sessions.&nbsp;
&#8220;Now the big question: will the bulls defend the 58K/59K support,&#8221; the trader commented, adding that they would continue to hold and even add more if King Crypto dips further.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> UPDATE US session threw a curveball with that rejection,was eyeing a CME gap fill before any pullback. Now the big question: will the bulls defend the 58K/59K support? Still holding LONG. Ready to add if we dip lower. Watching closely for bull div confirmations. Stay… <a href="https://t.co/lmRii9aizt">https://t.co/lmRii9aizt</a> <a href="https://t.co/aL3QUGkDJW">pic.twitter.com/aL3QUGkDJW</a>
&mdash; Hardy (@Degen_Hardy) <a href="https://twitter.com/Degen_Hardy/status/1829319266086326560?ref_src=twsrc%5Etfw">August 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Igor Faun on Shutterstock
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Movers

$ETH

Bitcoin, Ethereum, Dogecoin Remain Choppy — Trader Says 'Still Holding Long, Ready To Add ' If King Crypto Dips Lower

Former Obama administration economic adviser Betsey Stevenson criticized Republican vice presidential nominee J.D. Vance on Thursday for spreading misinformation about the effects of tariffs on consumer prices.
What Happened: Stevenson, who served on 44th U.S.&nbsp;President Barack Obama&#8216;s Council of Economic Advisers and as chief economist at the Department of Labor, took to social media to rebuke Vance&#8217;s claims that tariffs on Chinese goods led to lower prices for Americans.
&#8220;The frustrating point about Vance&#8217;s lie is that policymakers need to know the true effects of policy and make decisions based on facts and preferences,&#8221; Stevenson <a href="https://x.com/BetseyStevenson/status/1829178057799967110">wrote</a> on X, formerly known as Twitter.
The University of Michigan economist&#8217;s comments came in response to a video clip of Vance stating, &#8220;Our corrupt leadership said if you put tariffs on China, prices will go up. Instead, Donald Trump did that, manufacturing came back and prices went down for American citizens.&#8221;
Stevenson cited former White House Council of Economic Advisers Chair Jared Bernstein&#8216;s explanation of tariff economics, emphasizing the importance of understanding their actual impact.
&#8220;As @econjared46 honestly acknowledges tariffs raise prices to shift consumption toward domestic producers,&#8221; Stevenson noted.
Bernstein had earlier clarified the purpose of tariffs, stating, &#8220;The point of such tariffs is to raise the price of imports so consumers will buy domestic products. If they don&#8217;t change relative prices, they don&#8217;t &#8216;work.'&#8221;
See Also: <a href="https://www.benzinga.com/news/earnings/24/08/40596411/nasdaq-s-p-500-futures-flatline-as-traders-await-earnings-report-from-ai-barometer-nvidia-fund-mana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street On Wait-and-Watch Mode Ahead Of Nvidia Earnings</a>
Why It Matters: The criticism from Stevenson comes amid a series of controversial statements and actions by Vance. Recently, Vance appeared on NBC&#8217;s "Meet the Press" to defend former <a href="https://www.benzinga.com/personal-finance/24/08/40628997/jd-vance-rejects-claim-that-trumps-tariffs-would-be-a-tax-on-americans-disagrees-tariffs-cost-am">President Trump&#8217;s tariff policies</a>, arguing against claims that these tariffs amounted to a heavy tax on American consumers. 
Vance rejected the notion that tariffs cost Americans nearly $80 billion in new taxes, asserting that the real targets were foreign importers who <a href="https://www.benzinga.com/personal-finance/24/08/40628997/jd-vance-rejects-claim-that-trumps-tariffs-would-be-a-tax-on-americans-disagrees-tariffs-cost-am">rely on cheap labor</a> to undercut U.S. workers.
Furthermore, Vance has been vocal about his opposition to the <a href="https://www.benzinga.com/news/24/08/40591746/jd-vance-lashes-out-at-kamala-harris-for-allowing-chinese-battery-plant-in-michigan-she-wants-to-pay">establishment of a Chinese battery plant</a> in Michigan, attributing the decision to Democratic policies and Vice President Kamala Harris. He linked this to the Inflation Reduction Act (IRA), which Harris supported, accusing her of enabling Chinese companies to access clean-energy companies.
Adding to the controversy, Vance recently made headlines with a bold claim that owning a new car costs every American $50,000 a year, blaming Vice President Harris for the <a href="https://www.benzinga.com/personal-finance/24/08/40482592/jd-vance-shocks-with-claim-that-owning-a-new-car-costs-every-american-50-000-a-year">increase in costs</a>. This statement quickly became a trending topic, drawing mixed reactions on social media.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

JD Vance Slammed By Ex-Obama Advisor For Spewing Frustrating' Lies On Tariffs, Stresses Need For Fact-Based Policy

Sen. Ted Cruz (R-Texas) praised Elon Musk&#8217;s acquisition of Twitter, calling it a significant move for free speech, amidst increasing crackdowns by governments.
What Happened: On Thursday, Cruz expressed his views on the recent developments surrounding Musk&#8217;s social media platform, X, formerly known as Twitter. &#8220;People are hungry for the truth worldwide. Elon Musk buying Twitter was the biggest development for free speech in recent history. It is both telling and dangerous when governments try to crack down on that,&#8221; Cruz tweeted.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">People are hungry for the truth worldwide. Elon Musk buying Twitter was the biggest development for free speech in recent history. It is both telling and dangerous when governments try to crack down on that. <a href="https://t.co/1s5Bp7nOw2">https://t.co/1s5Bp7nOw2</a>
&mdash; Ted Cruz (@tedcruz) <a href="https://twitter.com/tedcruz/status/1829306855274750076?ref_src=twsrc%5Etfw">August 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The senator&#8217;s tweet comes in the wake of escalating legal disputes involving Musk&#8217;s platform in Brazil. The Supreme Court of Brazil has <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">imposed a financial freeze</a> on Musk&#8217;s Starlink, a subsidiary of SpaceX, and threatened to suspend X in the country.
See Also: <a href="https://www.benzinga.com/news/24/08/40540066/former-tesla-autopilot-head-and-ex-openai-researcher-says-programming-is-changing-so-fast-that-he-ca?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Autopilot Head And Ex-OpenAI Researcher Says &#8216;Programming Is Changing So Fast&#8217; That He Cannot Think Of Going Back To Coding Without AI</a>
Why It Matters: The legal issues surrounding X have been escalating for some time. The Brazilian Supreme Court has instructed Musk to <a href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we">appoint a legal representative</a> for X in Brazil or face potential suspension of the platform. The court&#8217;s decision was in response to X&#8217;s lack of legal representatives in the country and unpaid fines due to failure to provide certain documents. 
Earlier this year, Musk was <a href="https://www.benzinga.com/news/24/04/38135953/elon-musk-hit-with-obstruction-of-justice-inquiry-after-he-calls-for-impeachment-of-brazils-top-judg">under investigation</a> by the Brazilian Supreme Court for obstructing justice in a social media dispute. The tech billionaire was accused of instigating &#8220;criminal conducts practiced by digital militias&#8221; and &#8220;abuse of economic power.&#8221; 
Furthermore, X has faced warnings from the European Union for <a href="https://www.benzinga.com/news/24/07/39648446/elon-musks-x-faces-eu-penalty-warning-for-failing-to-control-harmful-content">failing to control harmful content</a>. This follows a series of actions by EU regulators against major tech firms. 
Photos courtesy: Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Ted Cruz Says People Hungry For Truth Worldwide — 'Elon Musk Buying Twitter Was The Biggest Development For Free Speech'

The UK&#8217;s medical cannabis market is expanding rapidly, with growth estimated at around 10% per month, <a href="https://www.itv.com/news/2024-08-29/uk-medical-cannabis-market-growing-10-every-month">according to</a> Jon Robson, CEO of Mamedica, a leading medical cannabis clinic.&nbsp;
Despite this impressive growth, access to medical cannabis remains largely confined to illicit channels and a limited private sector, as National Health Service (NHS) prescriptions remain highly restricted.
<h3 class="wp-block-heading">Barriers To NHS Prescriptions</h3>
Since medical marijuana (MMJ) was legalized in the UK in 2018, around 50,000 patients have gained access to these treatments. However, NHS prescriptions are restricted to specific conditions like multiple sclerosis (MS), epilepsy and chemotherapy-induced nausea and vomiting. 
According to NICE guidelines, the NHS requires licensed cannabis products to undergo rigorous clinical trials before they can be prescribed, limiting availability of these treatments. Only three licensed cannabis products are available through the NHS, making it difficult for many patients to obtain them.
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">Market Growth And Illicit Trade Concerns</h3>
The UK&#8217;s medical cannabis market is on a rapid upward trajectory, with projections indicating that patient numbers could surpass 300,000 by 2028, up from the current estimate of around 50,000. This expansion, driven by increasing acceptance and private sector involvement, could result in substantial market opportunities for investors. However, it also presents significant challenges, particularly concerning the illicit trade.
One of the key players in the European cannabis market, Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) is leveraging its strategic expansion in the UK to out price the illegal <a href="https://www.benzinga.com/markets/cannabis/24/06/39442869/2-9b-european-cannabis-market-a-strategic-blueprint-for-cross-border-transportation-logistics">cannabis trade</a>. According to Juan Martinez, head of Curaleaf International, the UK market has massive potential. Over 2 million British adults are believed to be self-medicating with cannabis, yet only 45,000 are registered MMJ patients. This discrepancy is evidence of an untapped market that could grow significantly if regulatory frameworks and public awareness improve.
In<a href="https://www.benzinga.com/topic/uk-cannabis"> the UK</a>, Curaleaf has introduced vapes and gummies, gathering data from over 30,000 patients to tailor their products to medical needs. This approach allows the company to present compelling evidence to regulators, which is crucial in a market where the NHS offers limited access to cannabis-based treatments.
Despite these advancements, the rapid growth of the legal market may inadvertently be fueling the illicit trade. The National Crime Agency (NCA) reported that illegal cannabis seizures at <a href="https://www.benzinga.com/markets/cannabis/24/08/40604161/whats-behind-increased-cannabis-seizures-at-u-k-airports-supply-demand-and-naive-smugglers">UK airports have tripled </a>in under a year, with organized criminal gangs exploiting demand by smuggling cannabis into the UK and selling it at a premium. 
However, Martinez <a href="https://www.benzinga.com/markets/cannabis/24/06/39256203/curaleaf-international-is-beating-illicit-cannabis-prices-in-uk-and-germany-whats-next-for-eu-ex">notes </a>that in the UK, pharmaceutical-grade cannabis through legal channels is priced at £5.50 per gram, compared to £10-15 on the illicit market, making it an attractive option for informed patients.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39256203/curaleaf-international-is-beating-illicit-cannabis-prices-in-uk-and-germany-whats-next-for-eu-ex">Curaleaf International Is Beating Illicit Cannabis Prices In UK And Germany &#8211; What&#8217;s Next For EU Expansion?</a>
<h3 class="wp-block-heading">Need For Further Research</h3>
The Department for Health and Social Care emphasizes the need for more research to give NHS doctors confidence in prescribing cannabis-based medicines. While the NHS funds licensed products, the lack of evidence for unlicensed ones remains a major barrier. As the market grows, there is a rising demand for comprehensive trials and regulatory engagement to expand NHS access to these treatments.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40604161/whats-behind-increased-cannabis-seizures-at-u-k-airports-supply-demand-and-naive-smugglers">What&#8217;s Behind Increased Cannabis Seizures At U.K. Airports? Supply, Demand And Naive Smugglers</a>

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2 Million Brits Are Self Medicating With Cannabis, The  Market Soars 10% Monthly - Will National Health Service Prescriptions Catch Up?

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