Latest news for New Providence Acq (NASDAQ:NPABW) Stock

New Providence Acquisition Corp II is a blank check company formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more businesses.

New Providence Acquisition Corp. II - Warrant

New Providence Acquisition Corp II

The facilities, reportedly functioning as fronts for the distribution of cannabis other substances were shut down early Wednesday in what officials describe as one of the largest busts seen by New York Police Dept. (NYPD) and Sheriff&#8217;s Office recently.
The raid comes as part of city-wide clean-up operation, known as <a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs">Operation Padlock</a>, which has been underway since May of this year.
It is believed that the total illicit cannabis selling shops functioning in <a href="https://www.benzinga.com/topic/new-york-cannabis">NYC</a> amounts to 3600. On ABC7&#8217;s Eyewitness, NYPD chief of patrol John Chell <a href="https://abc7ny.com/post/2-bronx-businesses-raided-nypd-new-york-city/15064172/">said</a> &#8220;we&#8217;ve shut down 18 percent of those stores in six weeks.&#8221;
Authorities raided a location on East Tremont Avenue where the NYPD uncovered 176 pounds of cannabis flower, 0.6 pounds of THC vape products and psilocybin mushroom edibles. The cannabis flower was hidden in various places including in compartments under a couch, covered by ceiling tiles, in filing cabinets, in luggage bags and some in plain view.
Chell said that the bust came after the police responded to a community complaint about a deli that ended up being a cover for an illegal drug distribution center.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/05/38875243/nyc-mayor-adams-on-the-weed-warpath-6m-in-fines-75-closures-4000-illicit-shop-violations-in-firs"> NYC Mayor Adams On The Weed Warpath: $6M In Fines, 75 Closures, 4000 Illicit Shop Violations In First Week Of &#8216;Operation Padlock To Protect&#8217;</a>
&#8220;Behind the back door it was like the Cesar&#8217;s palace of illegal marijuana, vapes, psychedelic mushrooms&#8230;&#8221;
&#8220;These are all mushroom bars, cereal milk, white chocolate, birthday cake, different flavors,&#8221; explained Lt. Francesca Rosa from the NYC Sheriff&#8217;s Office. &#8220;All of these products are unregulated, unlicensed, this location is unlicensed, they should not have any of this product here.&#8221;
Just blocks away, another establishment on East Tremont Avenue was allegedly functioning as a front for illicit cannabis storage and distribution.
Two workers were arrested during the raid. 
While NYC authorities are moving aggressively to close down unlicensed cannabis shops, the legal cannabis market has been limping along at a disappointedly <a href="https://www.benzinga.com/markets/cannabis/24/07/39777553/is-the-worst-over-for-new-yorks-beleaguered-weed-market-sales-projections-optimistic-though-cann">slow</a> rhythm. As a result, the gap between issued licenses and operational dispensaries continues to <a href="https://www.benzinga.com/markets/cannabis/24/07/39694320/licensed-but-closed-new-yorks-cannabis-dream-faces-bureaucratic-nightmare">widen</a>.
Out of 1,117 licenses issued by the Office of Cannabis Management (OCM), only about 141 dispensaries are operational. This is due mainly to bureaucratic and legal struggles. Additionally, the state&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/04/38230512/its-a-green-day-in-new-york-137-cannabis-licenses-granted-new-jersey-still-in-the-lead">social equity</a> licenses, meant to support those affected by past drug laws and impacted communities, lack sufficient funding and logistical support.
<ul>
<li>Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/06/39322748/unlicensed-cannabis-sellers-fight-back-suing-nyc-for-unconstitutional-crackdowns"> Unlicensed Cannabis Sellers Fight Back, Suing NYC For &#8216;Unconstitutional&#8217; Crackdowns</a></li>
</ul>

Cannabis

Government

News

Regulations

Markets

NYC Cops Raid Two Bronx Cannabis Operations, One Was Like 'The Cesar's Palace Of Illegal Marijuana'

The Company is a closed-end, registered fund that will trade on the New York Stock Exchange under the ticker &quot;PDCC.&quot; The offering is expected to close on&nbsp;July 19, 2024, subject to customary closing conditions.
The Company intends to use the proceeds from the capital raised to build a diversified portfolio of senior secured U.S. corporate loans through investments in equity tranches of collateralized loan obligations (CLOs).

IPOs

Pearl Diver Credit Company Reports Pricing Of Its Upsized IPO Of 2.2M Shares At $20 Per Share

Former President Donald Trump previously tried to ban TikTok, but had a reversal of opinion on the Chinese-owned app as a potential <a href="https://www.benzinga.com/markets/equities/24/06/39470496/joe-bidens-tiktok-ban-could-adversely-impact-oracles-revenue-and-profit-tech-giant-warns">U.S. ban is nearing.</a>
What Happened: In a recent interview, Trump said that big technology companies like Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)- owned Facebook and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)-owned Google and YouTube have become too big and too powerful, something that <a href="https://www.benzinga.com/topic/tiktok">supports having TikTok</a> around for competition.
"I think they're having a huge negative impact on especially young people," Trump said of big technology companies in an interview with <a href="https://www.bloomberg.com/features/2024-trump-interview-transcript/?embedded-checkout=true&amp;sref=TBDibEcD">Bloomberg</a>.
Trump said TikTok is "very powerful."
Asked about a reversal on wanting to ban TikTok, Trump shares his opinion on the need for competition to big technology companies.
"I'm for TikTok because you need competition. If you don't have TikTok, you have Facebook and Instagram, and that's, you know, that's Zuckerberg."
Trump recalled Meta Platforms CEO Mark Zuckerberg banning him from Facebook and Instagram in the interview.
"I went from being No. 1 to having nobody."
Trump had a two-year ban from Facebook and Instagram after the Jan. 6, 2021, attack on the U.S. Capitol over concerns of civil unrest. Trump <a href="https://www.benzinga.com/news/23/02/30848473/trumps-back-on-facebook-and-instagram-for-real">was welcomed back</a> to the platforms in 2023 and recently saw all restrictions lifted.
The former president has also been welcomed back on social media platform X, formerly known as Twitter. While Trump prefers to post on his own social media platform Truth Social, which is owned by Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), he often uses Facebook to communicate with his followers.
Read Also: <a href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu">Meta Removes &#8216;Heightened Penalties&#8217; On Donald Trump&#8217;s Accounts A Day After Ex-President Threatens To Put Mark Zuckerberg In Jail</a>
Why It's Important: Trump <a href="https://www.benzinga.com/news/24/03/37572294/donald-trump-is-against-tiktok-ban-because-it-would-help-facebook-and-zuckerschmuck-double-their-bus">previously said he</a> is against a ban on TikTok in the U.S. as it could prove advantageous to Facebook and Zuckerberg.
"If you get rid of TikTok, Facebook and Zuckerschmuck will double their business," Trump previously said.
Trump said he doesn't want Facebook to do better as he alleged the company cheated in the 2020 election.
"They are a true Enemy of the People!"
Trump has shown strong opposition to Zuckerberg in recent months. The former president specifically named Zuckerberg as an "election fraudster" who he could<a href="https://www.benzinga.com/news/24/07/39723781/trump-threatens-to-jail-metas-mark-zuckerberg-and-election-fraudsters-if-re-elected-dont-do-it-be-ca"> put in prison</a> if he is elected to the White House.
"They have no shame! All I can say is that if I'm elected President, we will pursue Election Fraudsters at levels never seen before, and they will be sent to prison for long periods of time."
Trump's negativity towards Zuckerberg dates <a href="https://www.benzinga.com/general/social-media/24/04/38152630/if-you-invested-1-000-in-meta-platforms-stock-when-donald-trump-said-facebook-was-always-ant">back several years</a> with the former president accusing Facebook of always being "anti-Trump."
In April, Congress and President Joe Biden signed legislation to force a sale of the U.S. arm of ByteDance-owned TikTok or see the app banned in America.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/04/38368049/trump-reverses-tiktok-ban-stance-accuses-biden-of-favoring-zuckerbergs-meta-doing-it-to-help-faceboo">Trump Reverses TikTok Ban Stance, Accuses Biden Of Favoring Zuckerberg&#8217;s Meta: &#8216;Doing It To Help Facebook Friends Get Richer&#8217;</a></li>
</ul>
Photos: Shutterstock

Social Media

Politics

GOOG

GOOGL

Trump 'For TikTok,' Competition To Mark Zuckerberg: 'If You Don't Have TikTok, You Have Facebook And Instagram'

This expansion will add 1.3 million premium seats annually to mainline fleet,&nbsp;providing guests with even more opportunities to upgrade to a premium experience.

Alaska Airlines To Begin Rolling Out Additional First Class And Premium Class Seating Across More Than 200 Of Its Aircraft

Governor Ron DeSantis went there at the<a href="https://www.benzinga.com/topic/rnc"> Republican National Convention</a> (RNC) in Milwaukee on Wednesday: He used his platform to rail against Florida's upcoming vote to <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">legalize recreational marijuana</a> telling his comrades that if weed is legalized, people will be able to possess practically limitless amounts of the stuff.    
"It gives you a limitless constitutional right to possess and smoke. I think it's up to like, what, 40 joints, is that the three ounces would be 40? More than that, 80 joints. Something like that," he said. 
In fact, he noted that if the cannabis legalization ballot wins, marijuana rights will surpass the constitutional guarantees of the First and Second Amendments concerning free speech and gun ownership, respectively. And that&#8217;s a statement he&#8217;s already made in the past.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39492507/desantis-says-cannabis-legalization-amendment-will-protect-weed-rights-better-than-1st-2nd-amend">DeSantis Says Cannabis Legalization Amendment Will Protect Weed Rights Better Than 1st, 2nd Amendments Protect Free Speech, Gun Rights</a>
<h2 class="wp-block-heading">Counting Joints</h2>
The language in the legalization initiative, known as Amendment 3, would allow people to possess three ounces of flower or five grams of concentrate, which translates to roughly 27 joints per ounce according to the Governor's math.
"I think you're going to see people, you will be able to bring 20 joints to an elementary school. Is that really going to be good for the state of Florida? I don't think so," DeSantis <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a">said</a> in June.
The governor has issued similar warnings about the dangers of cannabis legalization, but the number of joints he references seems to increase with each tirade, noted Florida Politics, which first <a href="https://floridapolitics.com/archives/684696-ron-desantis-now-says-weed-legalization-would-let-people-have-80-joints-at-a-time/">reported</a> this story from the RNC.
<h2 class="wp-block-heading">Smoky Restaurants</h2>
DeSantis went on to paint a scenario of unchecked public weed consumption, including in private businesses such as restaurants, which he claimed would be difficult to regulate due to the amendment&#8217;s broad language.
"I think you're talking about going downtown somewhere, going to restaurants, all this —you are going to see this. And law enforcement's not going to want to police it at all," he said. "I've had some restaurant guys [say], ‘Well, I won't let them use it in my restaurant,&#8217;" DeSantis continued. "Well, I'm not sure you're going to be able to do that, given how broad it is."
DeSantis also repeated a <a href="https://www.benzinga.com/markets/cannabis/24/06/39346531/desantis-cant-get-past-the-odor-of-weed-to-smell-the-flowers-specifically-430m-annually-in-canna">complaint</a> that seems to have become the bane of his existence: the smell.
"You go to places like Denver. It smells like marijuana," he told the crowd. "It's not been good for quality of life. So that's just the reality. We've seen in in practice in a lot of places. It hasn't delivered what they said it would deliver."
During his speech, DeSantis also linked marijuana legalization with another initiative, Amendment 2, on expanding abortion access. He called on Florida Republicans assembled in Milwaukee to oppose both measures in order to maintain conservative values. 
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39760907/ron-desantis-floridas-gop-and-hemp-industry-pile-on-to-defeat-marijuana-legalization">Ron DeSantis, Florida&#8217;s GOP And Hemp Industry Pile On To Defeat Marijuana Legalization</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://en.wikipedia.org/wiki/Ron_DeSantis#/media/File:Ron_DeSantis-crop.jpg" target="_blank" rel="noreferrer noopener">Wikimedia Commons&nbsp;</a>and&nbsp;<a href="https://www.pexels.com/photo/close-up-photo-of-cannabis-plant-7667883/" target="_blank" rel="noreferrer noopener">Kindel Media</a>&nbsp;on Pexels

Events

LASE

Ron DeSantis Blasts Florida's Cannabis Legalization Ballot At RNC: It Would Allow '80 Joints' A Day, Affecting Free Speech And Gun Rights

Earnings

TIRX

TIAN RUIXIANG Holdings Reports FY23 EPS Of $(3.87) Vs $(9.03) Last Year; Revenue Decrease By 8.0% To $1.2M

Wells Fargo analyst Mike Mayo maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Overweight and raises the price target from $91 to $98.

Price Target

Analyst Ratings

Wells Fargo Maintains Overweight on State Street, Raises Price Target to $98

Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) shares are trading higher Wednesday. Capital One aims to acquire Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), which reported better-than-expected <a href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details">second-quarter results after the bell.</a> 
The Details: Discover shares are trading higher after the company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly Net Interest Income (NII) of $3.524 billion.
Additionally, Capital One announced a <a href="https://www.benzinga.com/pressreleases/24/07/b39815404/capital-one-announces-five-year-265-billion-community-benefits-plan-in-connection-with-discover-ac">community benefits plan</a> Wednesday that commits more than $265 billion in lending, investment and philanthropy over five years as part of its <a href="https://www.benzinga.com/m-a/24/02/37204534/capital-one-set-to-acquire-discover-in-landmark-35-3b-deal">proposed acquisition</a> of Discover. 
Capital One said the plan is twice as large as any other community commitment developed in connection with a bank acquisition and demonstrates that the combination of Capital One and Discover will create an opportunity to provide more lending, investment, and services to underserved communities than the institutions would undertake on a stand-alone basis.
Read Next:<a href="https://www.benzinga.com/news/24/07/39796841/lucids-stock-drives-higher-on-2025-model-year-updates-whats-going-on"> Lucid&#8217;s Stock Drives Higher On 2025 Model Year Updates: What&#8217;s Going On?</a>
&#8220;Our commitments to financial inclusion and well-being are core to who we are as a company,&#8221; said Richard Fairbank, CEO of Capital One.&nbsp;
&#8220;That comes to life in our product portfolio, which serves the full spectrum of American consumers, and in the investments we make in our communities. We have a long history of developing innovative ways to serve these core constituencies, and we are committed to ensuring, through this community benefits plan, that our acquisition of Discover builds on our history of positive impact.&#8221;&nbsp;
COF Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Capital One shares are up 3.16% after-hours at $154.20 at the time of publication Wednesday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39805320/what-happened-with-canopy-growth-stock-today">What Happened With Canopy Growth Stock Today?</a></li>
</ul>
Image: Shutterstock

After-Hours Center

Movers

Why Capital One Stock Is Climbing

Opko Health Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPK#NASDAQ">OPK</a>) shares are trading higher after-hours Wednesday. The company announced it entered into a $250 million non-dilutive note purchase <a href="https://www.benzinga.com/pressreleases/24/07/g39825467/opko-health-and-healthcare-royalty-enter-into-250-million-note-purchase-agreement-secured-by-ngenl">agreement with HealthCare Royalty (HCRx). </a>
The Details: Opko said the purchase agreement is secured by its profit share payments from Pfizer received pursuant to its license agreement relating to NGENLA, a once-weekly treatment to treat pediatric growth hormone deficiency. 
The $250 million note issued under the Note Purchase Agreement bears interest at the 3-month Secured Overnight Financing Rate (SOFR) subject to a 4% per annum floor, plus 7.5% per annum. The note has a final maturity date of July 2044 with the first four years requiring interest-only payments.
Read Next:<a href="https://www.benzinga.com/news/24/07/39796841/lucids-stock-drives-higher-on-2025-model-year-updates-whats-going-on"> Lucid&#8217;s Stock Drives Higher On 2025 Model Year Updates: What&#8217;s Going On?</a>
&#8220;This transaction with HCRx allows OPKO to retain a significant portion of NGENLA&#8217;s profit share payments in the near term and provides upside over the long term. It also permits OPKO to maintain the full benefit of the $100 million of remaining potential milestone payments from Pfizer,&#8221; said Phillip Frost, M.D., CEO of Opko.
&#8220;Additionally, it provides non-dilutive capital and financial flexibility to advance our research and development activities including our multispecific antibody programs, as well as potentially to repurchase shares of our common stock and convertible notes."
OPK Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Opko Health shares are up 7.07% after-hours at $1.52 at the time of publication Wednesday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39805320/what-happened-with-canopy-growth-stock-today">What Happened With Canopy Growth Stock Today?</a></li>
</ul>
Image: Shutterstock

Health Care

Why Opko Health Shares Are Up After-Hours

Parker Hannifin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PH#NYSE">PH</a>) has outperformed the market over the past 20 years by 5.96% on an annualized basis producing an average annual return of 14.47%. Currently, Parker Hannifin has a market capitalization of $71.72 billion. 
Buying $100 In PH: If an investor had bought $100 of PH stock 20 years ago, it would be worth $1,497.16 today based on a price of $557.94 for PH at the time of writing.
<h3>Parker Hannifin's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721251823_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

$100 Invested In This Stock 20 Years Ago Would Be Worth $1,500 Today

Cintas (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) has outperformed the market over the past 15 years by 13.08% on an annualized basis producing an average annual return of 25.38%. Currently, Cintas has a market capitalization of $73.03 billion. 
Buying $100 In CTAS: If an investor had bought $100 of CTAS stock 15 years ago, it would be worth $3,060.29 today based on a price of $719.78 for CTAS at the time of writing.
<h3>Cintas's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721251818_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

CTAS

Here's How Much $100 Invested In Cintas 15 Years Ago Would Be Worth Today

Scotiabank analyst Tristan Richardson maintains Williams Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>) with a Sector Perform and raises the price target from $40 to $43.

Scotiabank Maintains Sector Perform on Williams Companies, Raises Price Target to $43

Chuy&#8217;s Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHUY#NASDAQ">CHUY</a>) shares are popping in Wednesday&#8217;s after-hours session after the company and Darden Restaurants, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) jointly announced that Darden will <a href="https://www.benzinga.com/pressreleases/24/07/n39825112/darden-restaurants-to-acquire-chuys-holdings-inc-in-approximately-605-million-transaction">acquire Chuy&#8217;s Holdings</a>.
What Happened: Chuy&#8217;s Holdings and Darden&nbsp;entered into a definitive agreement in which Darden will acquire all of Chuy&#8217;s outstanding stock for&nbsp;$37.50&nbsp;per share in cash. The all-cash transaction has an enterprise value of approximately&nbsp;$605 million.&nbsp;
&#8220;Chuy&#8217;s is a differentiated brand within the full-service dining industry with strong performance and growth potential,&#8221; said Rick Cardenas, president&nbsp;and CEO of Darden. &#8220;Based on our criteria for adding a brand to the Darden portfolio, we believe Chuy&#8217;s is an excellent fit that supports our winning strategy.&#8221;
The transaction was unanimously approved by both boards and is expected to be completed in Darden&#8217;s fiscal second quarter. Darn expects the acquisition to be neutral to its net earnings per share for fiscal 2025.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39821442/netflix-q2-earnings-preview-can-ad-supported-growth-new-releases-sustain-investor-h">Netflix Q2 Earnings Preview: Can Ad-Supported Growth, New Releases Sustain Investor Hype?</a>
Chuy&#8217;s owns and operates full-service restaurants serving a distinct menu of authentic, made-from-scratch Tex-Mex-inspired dishes. The restaurant brand will join Darden&#8217;s existing lineup, which includes Olive Garden, LongHorn Steakhouse, Yard House, Ruth&#8217;s Chris Steak House, Cheddar&#8217;s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V&#8217;s and Bahama Breeze.
CHUY Price Action: <a href="https://www.benzinga.com/quote/CHUY">Chuy&#8217;s shares</a> were up 47.41% after hours at $37.25 at the time of publication Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: <a href="https://www.flickr.com/photos/jdhancock/">JD Hancock</a> from Flickr.

Restaurants

CHUY

Chuy's Holdings Stock Soars On Darden Takeover Deal: What You Need To Know

Alaska Air's Operational Update: Says It Reached Tentative Agreement With Mainline Flight Attendants; Voting On The Agreement Is Expected To Conclude By Mid-August

MSOS

The Trump Card: How Would His Second Term Treat Cannabis?

Scotiabank analyst Tristan Richardson maintains Kinder Morgan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) with a Sector Perform and raises the price target from $19 to $21.

Scotiabank Maintains Sector Perform on Kinder Morgan, Raises Price Target to $21

Scotiabank analyst Tristan Richardson maintains Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) with a Sector Outperform and raises the price target from $128 to $142.

TRGP

Scotiabank Maintains Sector Outperform on Targa Resources, Raises Price Target to $142

Alaska Air Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) reported quarterly earnings of $2.55 per share which beat the analyst consensus estimate of $2.39 by 6.69 percent. This is a 15 percent decrease over earnings of $3.00 per share from the same period last year. The company reported quarterly sales of $2.897 billion which missed the analyst consensus estimate of $2.945 billion by 1.62 percent. This is a 2.08 percent increase over sales of $2.838 billion the same period last year.

Earnings Beats

Earnings Misses

Alaska Air Q2 2024 Adj EPS $2.55 Beats $2.39 Estimate, Sales $2.897B Miss $2.945B Estimate

Scotiabank analyst Andres Coello maintains America Movil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMX#NYSE">AMX</a>) with a Sector Perform and lowers the price target from $19 to $18.9.

Scotiabank Maintains Sector Perform on America Movil, Lowers Price Target to $18.9

Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) shares closed slightly higher Wednesday amid a tumultuous trading day <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39823332/nasdaq-100-suffers-worst-day-in-11-months-as-chipmakers-tumble-on-china-curbs-magnificent-">for the semiconductor sector. </a>
<h1 class="wp-block-heading">What To Know</h1>
Semiconductor stocks moved lower Wednesday as investors digested a report about the expansion of export restrictions and ASML Holding NV&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) earnings release and forward guidance. 
ASML shares fell more than 12% on the session after the company reported <a href="https://www.benzinga.com/news/earnings/24/07/39808860/asml-beats-q2-earnings-expectations-with-strong-china-sales-ai-chip-demand">second-quarter numbers</a> that were lower than the same period in the previous year and guided quarterly gross margin in the range of 50% to 51% versus expectations of 51.1%.
Investors also mulled a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-17/us-considers-tougher-trade-rules-against-companies-in-chip-crackdown-on-china">report</a> that the Biden administration is considering imposing the most severe trade restrictions on China if companies continue giving the country access to advanced semiconductor technology.
Additionally, former President Donald Trump said Taiwan should pay the U.S. for its defense, casting more doubt on the stability of the region. 
&#8220;I know the people very well, respect them greatly. They did take about 100% of our chip business. I think, Taiwan should pay us for defense,&#8221; Trump said in the Bloomberg Businessweek interview, published Tuesday.
Read Next:<a href="https://www.benzinga.com/news/24/07/39796841/lucids-stock-drives-higher-on-2025-model-year-updates-whats-going-on"> Lucid&#8217;s Stock Drives Higher On 2025 Model Year Updates: What&#8217;s Going On?</a>
Investors may view Intel as a safer option, compared to peers including Taiwan Semiconductor Manufacturing Company, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which depend on Taiwan for manufacturing. Intel <a href="https://www.intel.com/content/www/us/en/corporate/usa-chipmaking/home.html">said it expects </a>to invest more than $100 billion in the U.S. to expand its manufacturing capacity and capabilities in Arizona, New Mexico, Oregon and Ohio with support from the CHIPS act. 
Intel is set to report its second-quarter results on Aug. 1 after the closing bell. According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, analysts expect the company to report earnings of 10 cents per share and quarterly revenue of $12.948 billion.
<h1 class="wp-block-heading">INTC Stock Prediction 2024</h1>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Intel have an average 1-year price target of $34.86, representing an expected upside of 1.51%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. Four analysts have bearish recommendations on Intel, while one analyst has bullish ratings. The street high price target from Mizuho is $45, while the street low from Rosenblatt is $17.
INTC Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Intel Corporation ended Wednesday's session up 0.35% at $34.46.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39805320/what-happened-with-canopy-growth-stock-today">What Happened With Canopy Growth Stock Today?</a></li>
</ul>
Image: Shutterstock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments

New Providence Acq

News

Latest news for New Providence Acq (NASDAQ:NPABW) Stock