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Metal Sky Star Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

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Metal Sky Star Acquisition Corp

Jefferies analyst John Hecht maintains LendingClub (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) with a Buy and raises the price target from $11 to $12.

News

Price Target

Analyst Ratings

Jefferies Maintains Buy on LendingClub, Raises Price Target to $12

Contracts

KSCP

Knightscope Expands Contracts For University Clients; Financial Terms Not Disclosed

Economist Peter Schiff has recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39658172/peter-schiff-says-smart-money-is-selling-and-dumb-money-is-buying-it-through-etfs-they-set">criticized Bitcoin exchange-traded funds (ETFs)</a>.
While seasoned investors are selling their Bitcoin holdings in the spot market, less experienced investors are buying through ETFs, Schiff suggested. 
This could potentially set investors up for financial loss.
On Sunday, Schiff used his platform on X (formerly Twitter) to share his views on Bitcoin ETF investors. He noted a trend where &#8220;smart money&#8221; is exiting the Bitcoin market while &#8220;dumb money&#8221; is entering through ETFs.
Schiff's tweet implied that experienced Bitcoin holders are selling off their assets, leaving ETF investors with potentially depreciating investments.
<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">Based on the trading patters and ETF inflows, it looks like the smart money is selling <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in the spot market while the dumb money is buying it through ETFs. Congratulations to the Bitcoin whales for pulling this off. They set up <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETF</a> investors to be the bag holders.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1810015650191970392?ref_src=twsrc%5Etfw">July 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Schiff tweeted that based on trading patterns and ETF inflows, it looks like the &#8220;smart money&#8221; is selling Bitcoin in the spot market while the &#8220;dumb money&#8221; is buying it through ETFs. He congratulated the Bitcoin whales for pulling this off, stating they have set up Bitcoin ETF investors to be the bag holders.
Schiff's concerns are rooted in recent Bitcoin market trends and the potential for significant sell-offs, particularly from Mt. Gox, a Tokyo-based cryptocurrency exchange.
<h3 class="wp-block-heading">Market Trends and Predictions</h3>
Last week, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39655101/peter-schiff-says-bitcoin-etf-buyers-hodling-amid-king-cryptos-plunge-but-warns-muc">Schiff pointed out</a> that 70% of those who purchased Bitcoin ETFs are facing losses when Bitcoin trades at the $54,000 level. He predicted that if Bitcoin's price falls below $38,000, all Bitcoin ETF investors would likely incur losses. This could trigger widespread selling, as ETF holders might panic and offload their assets.
Despite Bitcoin experiencing one of its largest market crashes, the 11 U.S.-listed spot Bitcoin ETFs still saw net outflows amounting to $143 million last Friday. Schiff remains vocal about his belief that Bitcoin's bear market is ongoing, forecasting further declines for the cryptocurrency.
According to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;stqiqq&#x2A;_gcl_au&#x2A;NTQ1OTUwOTIuMTcxODE0MjQ0Mg..&#x2A;_ga&#x2A;MzAxNjE3NjIuMTcwMjU4NTI2MA..&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyMTI2NDgyNS45MDkuMS4xNzIxMjcwNjk3LjAuMC4w">Benzinga Pro data</a>, Bitcoin was valued at $54,694.25 at the time of writing, down 5.64% over the past 24 hours.
<h3 class="wp-block-heading">The Bigger Picture and Where To Learn More</h3>
The debate over Bitcoin ETFs and their viability as an investment tool highlights broader discussions in the digital asset space. As investors and market analysts weigh the benefits and risks of such financial instruments, events like<a href="https://www.benzinga.com/events/digital-assets/"> Benzinga's Future of Digital Assets</a> become crucial.
Scheduled for November in New York City, this event aims to bring together digital asset innovators, industry leaders, and institutional investors for a day of extensive networking and discussion. Participants will have opportunities to engage with top executives through exclusive roundtables and speaker office hours, fostering in-depth conversations about the future of digital assets.
As the digital asset market continues to evolve, such gatherings provide a platform for addressing pressing questions and exploring new investment strategies. While Schiff's warnings about Bitcoin ETFs spark controversy, they also underscore the importance of informed decision-making in the rapidly changing world of digital finance.
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</ul>
Photo via Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Events

Bitcoin ETFs Under Fire: Economist Predicts Trouble Ahead

B. Riley Securities analyst Lucas Pipes maintains Alcoa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) with a Neutral and raises the price target from $39 to $43.

B. Riley Securities Maintains Neutral on Alcoa, Raises Price Target to $43

Jefferies analyst Suneet Kamath maintains Voya Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOYA#NYSE">VOYA</a>) with a Hold and raises the price target from $78 to $80.

VOYA

Jefferies Maintains Hold on Voya Financial, Raises Price Target to $80

VLCN

Volcon Regains Nasdaq Compliance

Truist Securities analyst Brandon King maintains Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Buy and raises the price target from $87 to $101.

PNFP

Truist Securities Maintains Buy on Pinnacle Finl Partners, Raises Price Target to $101

Jefferies analyst Suneet Kamath maintains Primerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRI#NYSE">PRI</a>) with a Hold and raises the price target from $239 to $249.

Jefferies Maintains Hold on Primerica, Raises Price Target to $249

Trust Stamp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDAI#NASDAQ">IDAI</a>) announced that it has entered into a Letter of Intent with Qenta Inc. for a strategic alliance to serve a global federated network including crypto, bank, and other financial services companies. The Letter of Intent is non-binding until the definitive transaction documents are executed.

IDAI

Trust Stamp Signs LOI For A Transformative Strategic Alliance With Qenta To Serve A Global Federated Network Including Crypto, Bank, And Other Financial Services Companies

WIIM

10x Genomics shares are trading lower after JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $40 to $20.

Management

ALGT

Allegiant Appoints President Greg Anderson As CEO

Truist Securities analyst Jailendra Singh maintains Hims &amp; Hers Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) with a Hold and raises the price target from $13 to $23.

Hims & Hers Health, Inc. Class A Common Stock

HIMS

Truist Securities Maintains Hold on Hims & Hers Health, Raises Price Target to $23

Hexcel shares are trading lower after the company missed Q2 revenue estimates and lowered its FY24 outlook.

Sarah Johnson, a 32-year-old software engineer who recently moved to Chicago from Los Angeles, thought she was doing everything right. Good job, steady savings, excellent credit score. But she hit a wall when she set out to buy her first home this year.
"I make six figures, and I still can&#8217;t afford a decent place," Johnson told Benzinga. "It&#8217;s like the goal posts keep moving."
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She&#8217;s not alone. A report issued by Realtor.com quantified a trend: The salary needed to buy a median-priced home in the U.S. has nearly doubled since the start of the COVID-19 pandemic.
Until early 2022, the minimum income required for a median-priced home was close to the median household income. There's now a $36,000 gap between what Americans typically earn (about $84,000) and what they need to make (around $120,000) to afford an average home.
"This is how we think about the affordability curve," explains Hannah Jones, a senior economic analyst at Realtor.com. "How do incomes measure up against inventory?"
The answer, for many Americans, is poor.
The shift is most dramatic in coastal cities. In Los Angeles, the income required to buy a median-priced home has skyrocketed from $152,000 in 2016 to $335,000 today. Despite the growth, the median income falls short by $240,000.
Trending: Rory McIlroy&#8217;s mansion in Florida is worth $22 million today, doubling from 2017 —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> here&#8217;s how to get started investing in real estate with just $100</a>
San Diego and San Jose are similar to LA, with median home prices now hovering around $1 million and $1.4 million, respectively. Boston and New York City are seeing their affordability crises unfold on the East Coast.
But it&#8217;s not just the usual suspects feeling the pinch. Kansas City, Missouri, once an affordable area, has seen its housing market transform. In 2016, the median income exceeded the minimum required for a home by $14,000. Today, there&#8217;s a $32,000 deficit.
"It&#8217;s not just about high demand," Jones said. "It&#8217;s also about how these cities manage inventory. Places like DC, which have seen crazy price growth because of limited inventory, showcase how significant these factors are in driving prices up."
See Also: This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.
However, there are pockets of relative stability. Some Texas markets, including Houston, San Antonio, and Dallas, have <a href="https://www.benzinga.com/real-estate/24/05/38970190/housing-affordability-challenges-persist-yet-buyers-market-flourishes-in-texas-and-florida">managed to maintain some balance</a>. Jones attributes that to the size of the markets and their ability to construct new homes, enabling "price growth to be more reasonable relative to incomes."
A few <a href="https://www.benzinga.com/real-estate/24/07/39727958/a-massive-bubble-in-the-housing-market-has-developed-and-it-is-about-to-pop-real-estate-executive-sa">markets even buck the trend entirely</a>. Detroit, Pittsburgh, and Baltimore stand out as examples where median household incomes still surpass the required income for a median-priced home. Those cities, with some of the country&#8217;s least expensive real estate, offer hope for those seeking affordable homeownership.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Metropolitan Area</td>
<td>Year</td>
<td>Median Home Price</td>
<td>Required Income</td>
<td>Median Income</td>
</tr>
<tr>
<td>Los Angeles-Long Beach-Anaheim, CA</td>
<td>2016</td>
<td>$749,900</td>
<td>$151,657</td>
<td>$65,950</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,249,000</td>
<td>$335,296</td>
<td>$95,465</td>
</tr>
<tr>
<td>San Jose-Sunnyvale-Santa Clara, CA</td>
<td>2016</td>
<td>$979,000</td>
<td>$197,990</td>
<td>$110,040</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,441,979</td>
<td>$387,102</td>
<td>$162,005</td>
</tr>
<tr>
<td>San Diego-Chula Vista-Carlsbad, CA</td>
<td>2016</td>
<td>$669,900</td>
<td>$135,478</td>
<td>$70,824</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$1,048,944</td>
<td>$281,591</td>
<td>$107,635</td>
</tr>
<tr>
<td>Boston-Cambridge-Newton, MA-NH</td>
<td>2016</td>
<td>$519,000</td>
<td>$104,961</td>
<td>$82,380</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$879,000</td>
<td>$235,969</td>
<td>$113,214</td>
</tr>
<tr>
<td>New York-Newark-Jersey City, NY-NJ-PA</td>
<td>2016</td>
<td>$449,000</td>
<td>$90,804</td>
<td>$71,897</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$789,000</td>
<td>$211,808</td>
<td>$100,053</td>
</tr>
<tr>
<td>Washington-Arlington-Alexandria, DC-VA-MD-WV</td>
<td>2016</td>
<td>$439,999</td>
<td>$88,984</td>
<td>$95,843</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$632,004</td>
<td>$169,663</td>
<td>$130,503</td>
</tr>
<tr>
<td>Kansas City, MO-KS</td>
<td>2016</td>
<td>$235,000</td>
<td>$47,526</td>
<td>$61,385</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$429,000</td>
<td>$115,166</td>
<td>$83,173</td>
</tr>
</tbody>
</table>
</figure>
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Metropolitan Area</td>
<td>Year</td>
<td>Median Home Price</td>
<td>Required Income</td>
<td>Median Income</td>
</tr>
<tr>
<td>Hartford-East Hartford-Middletown, CT</td>
<td>2016</td>
<td>$274,900</td>
<td>$55,595</td>
<td>$72,559</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$449,900</td>
<td>$120,776</td>
<td>$93,124</td>
</tr>
<tr>
<td>Richmond, VA</td>
<td>2016</td>
<td>$274,950</td>
<td>$55,605</td>
<td>$62,929</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$475,000</td>
<td>$127,515</td>
<td>$91,215</td>
</tr>
<tr>
<td>Milwaukee-Waukesha, WI</td>
<td>2016</td>
<td>$219,900</td>
<td>$44,472</td>
<td>$58,029</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$400,000</td>
<td>$107,381</td>
<td>$77,439</td>
</tr>
<tr>
<td>Houston-The Woodlands-Sugar Land, TX</td>
<td>2016</td>
<td>$329,999</td>
<td>$66,738</td>
<td>$61,708</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$372,900</td>
<td>$100,106</td>
<td>$83,312</td>
</tr>
<tr>
<td>Detroit-Warren-Dearborn, MI</td>
<td>2016</td>
<td>$200,000</td>
<td>$40,447</td>
<td>$56,142</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$275,000</td>
<td>$73,824</td>
<td>$77,369</td>
</tr>
<tr>
<td>San Antonio-New Braunfels, TX</td>
<td>2016</td>
<td>$287,900</td>
<td>$58,224</td>
<td>$56,105</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$349,000</td>
<td>$93,690</td>
<td>$78,499</td>
</tr>
<tr>
<td>Pittsburgh, PA</td>
<td>2016</td>
<td>$166,900</td>
<td>$33,753</td>
<td>$56,063</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$259,900</td>
<td>$69,771</td>
<td>$77,133</td>
</tr>
<tr>
<td>Baltimore-Columbia-Towson, MD</td>
<td>2016</td>
<td>$289,900</td>
<td>$58,628</td>
<td>$76,788</td>
</tr>
<tr>
<td> </td>
<td>2024</td>
<td>$369,900</td>
<td>$99,300</td>
<td>$99,866</td>
</tr>
</tbody>
</table>
</figure>
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<li>Mark Cuban believes &#8220;the next wave of revenue generation is around real estate and entertainment&#8221; —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> this new real estate fund allows you to get started with just $100.</a></li>
<li>This investment company boasts a 35.14% internal rate of return (IRR) for its realized projects, allowing accredited investors to<a href="https://www.benzinga.com/money/bam-capital"> earn passive returns and avoid the headaches of being a landlord.</a></li>
</ul>

Real Estate

Affording A Home Now Requires Double The Salary Thanks To The Pandemic: Check Your City's New Reality

Truist Securities analyst Barry Jonas maintains Everi Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVRI#NYSE">EVRI</a>) with a Hold and lowers the price target from $11 to $10.

EVRI

Truist Securities Maintains Hold on Everi Hldgs, Lowers Price Target to $10

Benchmark analyst Subash Chandra reiterates Magnolia Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGY#NYSE">MGY</a>) with a Hold.

Reiteration

Benchmark Reiterates Hold on Magnolia Oil & Gas

Foot Locker shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $24 to $18.

Mercedes-Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are in talks with the Serbian government to invest in lithium-processing and <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) battery production</a>.
Both companies&#8217; involvement would focus on developing EV battery output and processing facilities. 
The car companies, already partners in a battery joint venture, aim to build on the line of Rio Tinto Plc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) $2.4 billion investment in a Serbian mine.
These discussions mark progress in reviving the project that Serbia halted two years ago after local protests, reported <a href="https://www.bloomberg.com/news/articles/2024-07-18/mercedes-stellantis-in-talks-to-back-serbia-s-lithium-ambitions?srnd=industries-v2&amp;sref=TBDibEcD">Bloomberg</a>.
The Serbian government has emphasized the need for a comprehensive lithium industry rather than merely exporting raw materials. 
As the European Union depends entirely on imports for battery production, it is keen on developing its own EV supply chain to reduce reliance on Asia. 
Despite potential advancements in European battery production, the industry remains heavily dependent on China&#8217;s raw materials and processing capabilities.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39820627/starbucks-and-mercedes-benz-rev-up-ev-charging-along-i-5-a-green-drive-from-canada-to-mexico">Starbucks and Mercedes-Benz Rev Up EV Charging Along I-5: A Green Drive from Canada to Mexico</a>
An overall slowdown in EV adoption has delayed several battery manufacturing projects. Both Mercedes and Stellantis have paused two out of three planned battery plants in Europe, originally budgeted at €7 billion ($7.7 billion), due to lower-than-expected vehicle demand.
Serbia&#8217;s President Aleksandar Vucic announced that Serbia will sign a framework agreement with the European Union on mineral raw materials. 
The agreement aims to establish a processing industry and battery production in Serbia, ensuring that produced materials and EVs qualify for sale in the EU without additional taxes.
Management from both the automakers may sign letters of intent to further develop Serbia's lithium industry, boosting the country&#8217;s economic growth and technological advancements.
Price Action: STLA shares are trading higher by 3.20% at $20.99 in premarket at last check Thursday.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39788586/former-ford-ceo-says-gms-hybrids-will-not-hit-market-for-another-couple-years-getting-mass-adoption">Former Ford CEO Says GM&#8217;s Hybrids Will Not Hit Market For &#8216;Another Couple Years:&#8217; &#8216;Getting Mass Adoption Is Much Harder&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

General

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

STLA

Mercedes-Benz, Stellantis Consider Major Investment In Serbian Lithium Project

Jefferies analyst Suneet Kamath maintains Principal Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>) with a Hold and raises the price target from $73 to $76.

Jefferies Maintains Hold on Principal Finl Gr, Raises Price Target to $76

Pinnacle Financial Partners shares are trading lower after Piper Sandler downgraded the stock from Overweight to Neutral despite raising its price target from $95 to $98.

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Metal Sky Star Acq

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