Latest news for Nippon Shinyaku (OTC:NPPNY) Stock

Nippon Shinyaku Co Ltd is a specialty and generic drug manufacturing company. Nippon's research and development activities include a focus on pharmaceuticals, nutraceuticals, safety and pharmacokinetics of drug seeds, genomic drug discovery, and nucleic acid drugs. The company also develops health food ingredients, preservatives, protein preparations, and spices. Nippon considers merger and acquisition investment as a potential component of its operational growth strategy for expanding its research, development, manufacturing, and marketing capabilities.

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Stocks That Hit 52-Week Highs On Wednesday

NIPPON SHINYAKU UNSP/ADR by Nippon Shinyaku Co. Ltd.

Nippon Shinyaku Co Ltd

Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) co-founder Jack Dorsey has shown great optimism about the potential of the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining chip market, terming it a &#8220;massive opportunity&#8221; for the company.
What Happened: During the Q2 earnings calls Thursday, Dorsey highlighted the current market dominance of Bitmain, the world&#8217;s largest Bitcoin mining chip maker, whose products, according to him, had serious reliability concerns.
&#8220;Bitmain produces mining chips and rigs that fail a lot,&#8221; Dorsey said, citing feedback from the market leader&#8217;s customers.
He further emphasized the technological advantage Block&#8217;s chips possess, stating they have access to a 3-nanometer fab, while Bitmain&#8217;s chips are 6-nanometer. Dorsey believes this technological superiority will enable them to construct a more reliable and configurable product.
Dorsey also underlined that chips developed by Block were open source, allowing miners to tailor them for their own business requirements.
Last but not least, Dorsey expressed confidence in his company&#8217;s ability to become the market leader in Bitcoin mining hardware.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a>
Why It Matters: Dorsey&#8217;s confidence in the Bitcoin mining chip market isn&#8217;t unfounded. His financial technology firm made a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39721727/jack-dorseys-block-makes-historic-bitcoin-mining-chip-sale-to-core-scientific-our-first-mi">historic sale of 3 nanometer (3nm) mining ASICs </a>to leading Bitcoin miner Core Scientific Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>) last month. This was one of the largest Bitcoin mining ASIC deals in the industry in terms of hashrate.
Dorsey, who co-founded Twitter (now called X), has shifted his focus to cryptocurrencies. He co-founded Block (formerly known as Square) and has also served on the board of directors for Bluesky, a decentralized social media platform.
Block reported a 20% year-over-year growth in gross profit in its <a href="https://www.benzinga.com/news/earnings/24/08/40117991/block-shares-rally-on-q2-results-forward-guidance">Q2 financial report</a>. Bitcoin gross profit was $67 million in the second quarter of 2024. The total amount of Bitcoin sold to customers, which Block recognizes as Bitcoin revenue, was $2.61 billion.
Price Action: Shares of Block were up 5% in after-hours trading, after closing 1.99% lower at $59.89 during Thursday's trading session, according to <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>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40118334/marathon-digital-q2-earnings-revenue-miss-hash-rate-up-78-more-than-20k-bitcoin-on-balance">Marathon Digital Q2 Earnings: Revenue Miss, Hash Rate Up 78%, More Than 20K Bitcoin On Balance Sheet And More</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

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

Cryptocurrency

$BTC

Core Scientific, Inc. - Class A Common Stock

CORZ

Jack Dorsey Views Bitcoin Mining Chip Manufacturing As 'Massive Opportunity' For Block: 'We're Going To Take A Majority Of The Market Share'

On Thursday, major U.S. indices closed lower, with the Dow Jones Industrial Average falling 1.2% to 40,347.97, and the S&amp;P 500 decreasing by 1.4% to 5,446.68. The Nasdaq experienced a notable drop of 2.3%, ending at 17,194.15.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)
Amazon&#8217;s stock dipped by 1.56% to close at $184.07. The e-commerce giant reported a 10% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">second-quarter net sales</a>, totaling $148 billion, but fell short of the Street consensus estimate of $148.56 billion. 
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)
Apple&#8217;s shares fell 1.68% to $218.36, despite reporting third-quarter earnings that exceeded expectations and revenue that grew year-over-year. The stock weakness is apparently due to Apple's China and Services performance as well as Mac revenue <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">modestly trailing expectations</a>. 
Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>)
Block&#8217;s shares dropped by 3.20% to $59.90 after the company reported its second-quarter financial results. The Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-centric company reported quarterly earnings of 31 cents per share, <a href="https://www.benzinga.com/news/earnings/24/08/40117991/block-shares-rally-on-q2-results-forward-guidance">missing the analyst consensus estimate</a> of 34 cents by 8.82%. 
Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)
Intel&#8217;s shares plunged 5.50% to $29.05 after the company reported its second-quarter financial results. The company reported <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">quarterly earnings</a> of 2 cents per share, missing the analyst consensus estimate of 10 cents by 80%. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares fell 6.55% to $216.86. The company announced that it has <a href="https://www.benzinga.com/news/24/08/40090803/elon-musks-tesla-makes-10-millionth-drive-unit-more-than-half-of-them-made-in-giga-nevada">produced its 10 millionth drive unit</a> across all of its factories. 
Photo by Jirapong Manustrong on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/news/24/07/40056448/us-army-halts-pay-for-soldier-imprisoned-in-russia-senior-defense-official-consequences-for-unaccept?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Army Halts Pay for Soldier Imprisoned in Russia — Senior Defense Official: Consequences For &#8216;Unacceptable Behavior&#8217; Will Mirror Those Faced By Private That Entered Kim Jong Un&#8217;s North Korea</a>
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>

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INTC

TSLA

Amazon, Apple, Block, Intel, Tesla: Why These 5 Stocks Are On Investors' Radars Today

The aircraft transporting Wall Street Journal reporter Evan Gershkovich, U.S. Marine Paul Whelan, and journalist Alsu Kurmasheva <a href="https://www.benzinga.com/news/24/08/40101351/russia-frees-wsj-reporter-evan-gershkovich-and-ex-marine-paul-whelan-in-major-prisoner-swap-with-us">has landed in Washington</a>, D.C., as reported by Andrew Roth, Global Affairs Correspondent for The Guardian on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Plane carrying Evan Gershkovich Paul Whelan and Alsu Kurmasheva has just touched down in DC. <a href="https://t.co/veE627voln">pic.twitter.com/veE627voln</a>
&mdash; Andrew Roth (@Andrew__Roth) <a href="https://twitter.com/Andrew__Roth/status/1819216392710693074?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
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President Joe Biden and Vice President Kamala Harris welcome Gershkovich and the other returnees at Joint Base Andrews in Maryland.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The freed American prisoners meeting with Biden and Harris. Evan hugs Biden and lifts his mom Ella in the air! <a href="https://t.co/iyaoygTxqj">pic.twitter.com/iyaoygTxqj</a>
&mdash; Andrew Roth (@Andrew__Roth) <a href="https://twitter.com/Andrew__Roth/status/1819220380814385637?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Gershkovich&#8217;s release, part of a <a href="https://www.benzinga.com/news/24/08/40101351/russia-frees-wsj-reporter-evan-gershkovich-and-ex-marine-paul-whelan-in-major-prisoner-swap-with-us">major East-West prisoner swap</a>—the largest since the Cold War—comes after he was detained for over a year on espionage charges. The exchange involved freeing Americans in return for Russians, including a convicted murderer, held in the U.S. and Europe.
Read Next: 
<a href="https://www.benzinga.com/news/24/08/40121063/trump-slams-russia-prisoner-exchange-we-never-make-good-deals-biden-responds-why-didnt-he-do-it-when">Trump Slams Russia Prisoner Exchange: &#8216;We Never Make Good Deals&#8217; — Biden Responds, &#8216;Why Didn&#8217;t He Do It When He Was President?&#8217;</a>
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

Joe Biden And Kamala Harris Greet Evan Gershkovich And Paul Whelan At Joint Base Andrews Following Landmark Prisoner Swap With Russia

Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">third-quarter earnings</a> report has outperformed expectations, even with a 6.5% YoY sales decrease in Greater China. However, CEO Tim Cook continues to remain bullish about the company&#8217;s long-term prospects in the region.
What Happened: During the earnings call, Cook revealed that the <a href="https://www.benzinga.com/news/earnings/24/07/40018739/apple-analyst-turns-focus-to-apple-intelligence-chinese-market-share-ahead-of-q3-earnings">sales decrease in Greater China</a> was less than 3%&nbsp;on a constant currency basis, suggesting that over half of the decline was currency-related.
Despite the decrease, Cook pointed out several positive indicators. The iPhone install base in Greater China set a record, and Mainland China saw&nbsp;a June quarter record for&nbsp;upgraders. The Kantar survey for the quarter showed iPhones as&nbsp;the top three models in&nbsp;urban China.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</a>
Cook also mentioned that the majority of customers in Mainland China were buying Mac and iPad products for the first time. The&nbsp;iPad returned to growth in&nbsp;Greater China during the quarter, mirroring its performance worldwide, he said.
&#8220;We&nbsp;continue to be confident in the long-term opportunity in China. I don&#8217;t know how every chapter of the book reads, but we&#8217;re very confident in the long-term,&#8221; Cook stated.
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: In July, it was reported that <a href="https://www.benzinga.com/markets/equities/24/07/39954971/apple-drops-from-3rd-to-6th-in-china-amid-intensifying-competition-huawei-shipments-surge-41-in-">Apple&#8217;s market share in China dropped to 14%</a>, a decrease of two percentage points from the same period last year, according to data from Canalys. This was due to intensifying competition, with Huawei Technologies witnessing a significant increase in smartphone shipments.
However, <a href="https://www.benzinga.com/markets/asia/24/06/39434301/apples-ai-strategy-faces-hurdles-in-china-talks-with-local-firms-are-ongoing">Apple has been making strategic moves</a> to strengthen its position in the region. In June, the company was in talks with several Chinese companies, including Baidu Inc and Alibaba Group Holding Limited, to integrate artificial intelligence (AI) functions into its devices sold in China.
Meanwhile, Cupertino&#8217;s revenue increased by 4.9%, totaling $85.78 billion for the quarter, surpassing the average analyst estimate of $84.53 billion, according to&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>
Price Action: Apple shares were slightly up in after-hours trading at $219.60, at the time of writing. The stock closed Thursday's session down 1.68%, ending at $218.36.
Image Credits &#8211; Shutterstock.com
Check out more of Benzinga's Future Of Consumer Tech 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/news/24/07/39904665/apple-plans-a18-chip-integration-to-bring-ai-features-to-iphone-16-its-entry-level-variants-and-ipad" target="_blank" rel="noreferrer noopener">Apple Plans A18 Chip Integration To Bring AI Features To iPhone 16, Its Entry-Level Variants And iPads: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

Tim Cook Remains Optimistic About Greater China Market Despite 6.5% Yearly Decline: 'Confident in the Long-Term'

Do Kwon, the disgraced co-founder of Terraform Labs, is set to be extradited from Montenegro to South Korea, as per a court ruling. The decision rejects a U.S. extradition request.
What Happened: The Appellate Court of Montenegro upheld a previous decision by the High Court of Podgorica to hand over Kwon to his home country, South Korea, over the U.S., both of which are seeking his extradition, CoinDesk <a href="https://www.coindesk.com/policy/2024/08/01/montenegro-to-extradite-do-kwon-to-south-korea-rejecting-us-request/">reported</a> Thursday.
The recent ruling is expected to end the ongoing tug-of-war over Kwon&#8217;s extradition destination. Despite previous <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37481532/do-kwons-us-extradition-overturned-whats-next">successful appeals against U.S. extradition,</a> the decision to send him to South Korea was postponed by the country&#8217;s Supreme Court. The final decision on Kwon&#8217;s extradition will be made by Montenegro&#8217;s Minister of Justice, as per the Office of the Supreme State Prosecutor.
As of now, no date has been set for Kwon&#8217;s extradition.
.See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40112162/dogwifhat-down-20-and-the-hat-has-to-come-off-again-says-trader-flush-below-2-next">Dogwifhat Down 20% And The &#8216;Hat Has To Come Off Again,&#8217; Says Trader: &#8216;Flush Below $2&#8217; Next?</a>
Why It Matters: The litigation against Terraform Labs and Do Kwon has been continuing for more than two years. In April, a United States District Court ruled that Terraform Labs and Kwon <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38147207/court-finds-terraform-labs-guilty-of-defrauding-crypto-investors">defrauded investors during the stunning collapse</a> of stablecoin TerraUSD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">UST</a>) and associated cryptocurrency Terra (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/luna/usd">LUNA</a>), an event that wiped out more than $40 billion in investors&#8217; wealth in a single week and triggered a cryptocurrency bear market.
In June, Terraform Labs <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i">agreed to a civil settlement of $4.47 billion with the SEC</a> after being found guilty. as per another <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i">Benzinga article</a>. The judgment includes $4.05 billion of disgorgement plus interest, and a $420 million civil fine.
After Terra&#8217;s collapse, Kwon vanished. In September 2022, Interpol issued a red notice for him. He was apprehended in Montenegro in March 2023 for attempting to use a fake Costa Rican passport to travel to Dubai. Despite an initial four-month sentence for using falsified documents, Kwon stayed in jail until his release on bail in March earlier this year.
Price Action: At the time of writing, Terra Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">LUNC</a>), LUNA&#8217;s rebranded avatar, was exchanging hands at $0.00007758, down 1.23% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Photo Courtesy: Shutterstock.com
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40097990/dogecoin-killer-shiba-inus-fourth-birthday-ignites-burn-rate-by-936-focus-on-long-term-dev?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Fourth Birthday Ignites Burn Rate By 936%: &#8216;Focus On Long-Term Development</a></li>
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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.

$LUNA

$LUNC

$UST

US Loses Out To South Korea Over Extradition Of Terraform Labs' Do Kwon

Reddit co-founder Alexis Ohanian and rapper Flavor Flav are helping athlete Veronica Fraley financially. Ohanian is also the <a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22941133/serena-williams-owns-a-cryptopunk-and-her-husband-alexis-ohanian-wore-it-to-the-met-gala">husband</a> of tennis legend Serena Williams.
What Happened: On Thursday, Fraley, a discus thrower who is participating in the <a href="https://www.benzinga.com/content/40031176/azerbaijans-olympic-team-shines-at-paris-2024-opening-ceremony">2024 Paris Olympics</a>, took to X, formerly Twitter, and voiced her financial difficulties. 
She highlighted the financial support gap between herself and her school&#8217;s football players saying despite her Olympic participation, she was unable to meet her rent payments.
Flav promptly responded to Fraley&#8217;s post, offering to cover her rent. Serena Williams&#8217; husband, Ohanian followed suit, proposing to split the cost.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I gotchu,,, DM me and I'll send payment TODAY so you don't have to worry bout it TOMORROW,,, and imma be rooting for ya tomorrow LETZ GO,!!!
&mdash; FLAVOR FLAV (@FlavorFlav) <a href="https://twitter.com/FlavorFlav/status/1819037242020548849?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Q3 Earnings Beat Expectations, Tim Cook Highlights &#8216;Breakthrough&#8217; AI Platform: Installed Base Of Devices Hits All-Time High, But China Revenue Falls</a>
Both confirmed their payments within an hour, with Ohanian posting a screenshot of his $7,760 transfer to Fraley, a nod to&nbsp;his Seven Seven Six venture&nbsp;capital firm.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Update! It is done. <a href="https://t.co/WEX18Gny60">pic.twitter.com/WEX18Gny60</a>
&mdash; Alexis Ohanian &#x1f1e6;&#x1f1f2; (@alexisohanian) <a href="https://twitter.com/alexisohanian/status/1819057503436472800?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Fraley later expressed her gratitude for their support, acknowledging the significant impact of their contribution.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4aa;&#x1f1fa;&#x1f1f8;&#x1f947; now go be great
&mdash; Alexis Ohanian &#x1f1e6;&#x1f1f2; (@alexisohanian) <a href="https://twitter.com/alexisohanian/status/1819115247778554122?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Why It Matters: This incident underscores the financial challenges faced by many Olympic athletes. Despite the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/08/40118989/simone-biles-makes-history-in-paris-snoop-dogg-led-olympic-pin-trading-frenzy-expected">glamour and tradition</a>&nbsp;associated with the Olympics, not all athletes receive adequate financial backing.
According <a href="https://www.nbc.com/nbc-insider/are-olympic-athletes-paid-to-compete-olympic-games-medals-worth">to</a> NBC, traditionally Olympic athletes do not receive payment. However, team USA athletes can earn income through sponsorships, endorsements, and monetary awards for winning Olympic medals.
Singapore famously awards its gold-medal-winning athletes $737,000, whereas competitors from the U.S. can earn over $37,000 for each first-place finish, according to a 2021 <a href="https://www.cnbc.com/2021/07/29/tokyo-olympics-how-much-athletes-earn.html">report</a> by CNBC.
Moreover, U.S. Olympians traditionally benefit from perks like tax relief, tuition grants, education funding, top-tier healthcare plans, and other advantages.
Meanwhile, on Thursday, it was reported that professional basketball player, LeBron James, who is gearing up to lead Team USA in the 2024 Paris Olympics, has <a href="https://www.benzinga.com/real-estate/24/08/40109271/lebron-james-eyes-olympic-gold-while-building-a-100-million-real-estate-empire">quietly built a $100 million real estate</a> empire.
Photo Courtesy: Asatur Yesayants on Shutterstock.com
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<li><a href="https://www.benzinga.com/news/24/07/40088285/mark-zuckerberg-says-metas-405b-model-llama-3-1-has-better-cost-performance-than-openais-chatgpt-thi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Says Meta&#8217;s $405B Model Llama 3.1 Has Better Cost Performance Than OpenAI&#8217;s ChatGPT: This Is An &#8216;Inflection Point In The Industry&#8217;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Reddit Co-Founder And Serena Williams Husband Alexis Ohanian Gave $7.7K To Olympian Veronica Fraley Because She Couldn't Pay Her Rent: 'Now Go Be Great'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is being sued by the family of a motorcyclist who died in a 2022 crash involving a Tesla Model 3 on Autopilot in Utah. The lawsuit alleges that the driver assistant software and other safety features are &#8220;defective and inadequate.&#8221;
What Happened: The parents of Landon Embry, the motorcyclist who died in the crash, have filed a lawsuit against Tesla and the driver of the Model 3, Reuters reported on Thursday. 
The lawsuit claims that the Autopilot was engaged at a speed of 75-80 miles per hour when it collided with the Harley Davidson motorcycle, throwing Embry off the bike and resulting in his death.
The lawsuit alleges that the driver of the Model 3 was &#8220;tired&#8221; and &#8220;not in a condition to drive as an ordinarily prudent driver.&#8221; It also states that the Autopilot sensors, including cameras, should have identified the motorcycle as a hazard and taken appropriate action to avoid the collision.
This lawsuit adds to the mounting criticism of Tesla&#8217;s driver assistant systems, Autopilot and Full Self-Driving (FSD). In April, a Tesla Model S in &#8220;Full Self-Driving&#8221; mode was involved in a fatal crash that killed a motorcyclist in the Seattle area.
See Also: <a href="https://www.benzinga.com/news/24/07/40031325/former-tesla-exec-says-biden-administrations-treatment-of-ev-giant-was-pretty-fair-despite-musks-all?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Biden Administration&#8217;s Treatment Of EV Giant Was &#8216;Pretty Fair&#8217; Despite Musk&#8217;s&nbsp;Allegations That It Would Rather The Company &#8216;Be Dead Than Not Unionized&#8217;</a>
Why It Matters: This lawsuit is the latest in a series of incidents involving Tesla&#8217;s driver assistance technologies. In April, a fatal accident near Seattle involved a Tesla Model S using the FSD system, leading to the <a href="https://www.benzinga.com/news/24/07/40068281/teslas-fsd-system-under-scrutiny-after-fatal-motorcycle-accident-near-seattle">death of a motorcyclist</a>. The driver admitted to being distracted by his phone while the vehicle was on Autopilot.
In February, safety advocacy group the Dawn Project ran ads during the Super Bowl, <a href="https://www.benzinga.com/news/24/02/37111667/tesla-vehicles-will-try-to-kill-you-safety-advocacy-group-founder-says-fsd-drives-like-a-drunk-teena">urging consumers to boycott</a> Tesla due to safety concerns. The group&#8217;s founder, Dan O'Dowd, claimed that the FSD system &#8220;drives like a drunk teenager&#8221; and poses significant risks to public safety. 
Despite these concerns, CEO Elon Musk has expressed confidence in the FSD technology. On Thursday, he stated that Tesla has a &#8220;clear path&#8221; to improving the performance of the FSD system, aiming to double the <a href="https://www.benzinga.com/news/24/08/40092350/tesla-has-a-clear-path-to-improving-fsd-in-august-and-reducing-interventions-says-elon-musk">average miles between interventions</a>.
Price Action: Tesla Inc.&#8217;s stock closed at $216.86 on Thursday, down 6.55% for the day. In after-hours trading, the stock increased slightly by 0.11%. Year to date, Tesla&#8217;s stock has declined by 12.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Was Incorporated 21 Years Ago: If You Invested $1000 In Elon Musk&#8217;s </a><a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">EV</a><a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"> Giant When It Went Public, Here&#8217;s How Much You&#8217;d Have</a>
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>

Legal

Tesla's Autopilot System Failed In Deadly 2022 Crash Involving Motorcyclist, Alleges Lawsuit

Michael Saylor, the co-founder of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>). called former President Donald Trump&#8217;s recent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-supportive speech a big milestone, underscoring that the world&#8217;s largest cryptocurrency has entered the political conversation.
What Happened: During Microstrategy&#8217;s Q2 2024 earnings call, Saylor said that the recently concluded Bitcoin 2024 conference was an &#8220;&#8221;extraordinary&#8221; event as it was graced by Governors, House Members, and presidential candidates.
&#8220;Four years ago, all of this was unconceivable. So, we&#8217;ve come a long way in the past four years,&#8221; the Bitcoin bull remarked.
Saylor applauded Trump&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi">announcement of a national Bitcoin stockpile</a>, particularly his stance on HODLing the apex cryptocurrency.
In fact, the MicroStrategy Executive Chairman went one step ahead and said, &#8220;In terms of the idea of not selling Bitcoin elevates Bitcoin to be the apex property of the nation as well as the apex investment asset.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a>
Saylor also praised the proposed legislation by Senator&nbsp;Cynthia Lummis&nbsp;(R-Wyo.)&nbsp;to establish a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40087880/cynthia-lummis-unveils-strategic-bitcoin-reserve-legislation-this-is-our-louisiana-purchas">U.S. strategic Bitcoin reserve</a>.
Why It Matters: Saylor&#8217;s comments came just days after Republican presidential frontrunner Trump pledged to make the U.S. the &#8220;crypto capital&#8221; of the world. He also announced that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi">he&#8217;d sack </a>SEC Chair Gary Gensler, seen as hostile to the cause of cryptocurrencies, on Day 1 of assuming office.
Saylor&#8217;s bullish stance on King Crypto has dictated MicroStrategy&#8217;s Bitcoin corporate reserve strategy.&nbsp;As per its <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40117394/microstrategy-reports-q2-results-holds-226-331-bitcoin-worth-8-329-billion">Q2 earnings report,</a> the company&#8217;s Bitcoin holdings were worth more than $14 billion, 70% higher than its cost basis.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,222.21, up 0.34% 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>.&nbsp;Shares of MicroStrategy were up 3.19% in after-hours trading, after closing 6.36% lower at $1511.81 during Thursday&#8217;s regular session.
Did You Know?&nbsp;
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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>
</ul>

Politics

MSTR

Michael Saylor Hails Trump's 'Never Sell Your Bitcoin' Push: 'Elevates King Crypto As The Apex Property Of The Nation'

On Thursday, Cathie Wood-led Ark Invest made significant trades in Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), and Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>).
The COIN Trade
Ark Invest sold 69,069 shares of Coinbase from its ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) and Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>). The value of this trade, based on the closing price of $212.64 on the same day, stands at approximately $14.7 million. 
This move comes after <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40115874/coinbase-q2-earnings-revenue-beat-transaction-revenue-falls-subscription-and-services-reve">Coinbase&#8217;s second-quarter earnings report</a>, which revealed a revenue beat, but a decrease in transaction revenue.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40121513/bitcoin-chops-in-64k-ethereum-dogecoin-dip-on-day-major-crypto-firms-reported-earnings-ana">remained relatively stable</a> while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped as major cryptocurrency firms&#8217; earnings revealed mixed results on Thursday.
The PLTR Trade
Ark Invest, through its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), sold 325,594 shares of Palantir. The value of this trade, based on the closing price of $26.08 on the same day, stands at approximately $8.5 million. This decision follows a period of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40048723/whats-going-on-with-palantir-technologies-stock-today">uncertainty in Palantir&#8217;s stock</a>, despite a recent price target increase from Citigroup.
The HOOD Trade
Ark Invest also sold 282,435 shares of Robinhood from its ARKK ETF. The value of this trade, based on the closing price of $20.24 on the same day, stands at approximately $5.72 million. This move comes ahead of Robinhood&#8217;s second-quarter earnings, which <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39719107/bofa-analysts-expect-robinhood-eps-beat-in-q2-heres-why">BofA analysts expect to beat estimates</a>. The numbers are expected next Wednesday.
See Also: <a href="https://www.benzinga.com/news/24/08/40107937/nvidia-maplebear-and-2-other-stocks-insiders-are-selling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVIDIA, Maplebear And 2 Other Stocks Insiders Are Selling</a>
Other Key Trades:
<ul>
<li>Ark Invest bought shares of Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) through its ARKW ETF.</li>
<li>Ark Invest bought shares of Aurora Innovation Inc (AUR) through its ARKQ ETF. </li>
<li>Ark Invest sold shares of Trimble Inc (TRMB) from its ARKQ ETF. </li>
<li>Ark Invest bought shares of 3IQ ETHER STAKING ETF (ETHQ) through its ARKW ETF.</li>
<li>Ark Invest sold shares of ARK 21Shares Bitcoin ETF (ARKB) from its ARKW ETF. </li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/40029681/trump-accuses-opec-of-manipulating-oil-prices-to-favor-kamala-harris-warns-she-will-be-a-disaste?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuses OPEC Of Manipulating Oil Prices To Favor Kamala Harris, Warns &#8216;She Will Be A Disaster For The USA!&#8217;</a></li>
</ul>

ETFs

$ETH

ARKF

ARKK

ARKW

COIN

HOOD

PLTR

Cathie Wood's Ark Invest Sells $14.7M Worth Of Coinbase Shares And $8.5M Worth Of Palantir Stock — Also Sells Robinhood Shares But Loads Up On AMD

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has continued its robust capital return program, returning over $32 billion to shareholders in the <a href="https://www.benzinga.com/news/earnings/24/08/40098719/how-to-earn-500-a-month-from-apple-stock-ahead-of-q3-earnings">third quarter of fiscal year 2024</a>.
What Happened: During the earnings call, Apple&#8217;s CFO Luca Maestri provided details on the company&#8217;s capital allocation strategy.
&#8220;During the quarter, we returned over $32 billion to shareholders, including $3.9 billion in dividends and equivalents and $26 billion through open market repurchases of 139 million Apple shares,&#8221; Maestri stated.
The company also announced its next dividend payment, with Maestri saying, &#8220;Today our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on Aug. 15, to shareholders of record as of Aug. 12.&#8221;
This substantial return of capital to shareholders comes amid a quarter of <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">strong financial performance for Apple</a>. The company reported a new June quarter revenue record of $85.8 billion, up 5% year-over-year, with earnings per share growing to $1.40, also a June quarter record.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a>
Why It Matters: Apple&#8217;s strong financial performance in the third quarter is noteworthy, especially considering the company&#8217;s recent challenges. On Thursday, Apple reported <a href="https://www.benzinga.com/news/earnings/24/08/40098719/how-to-earn-500-a-month-from-apple-stock-ahead-of-q3-earnings">earnings that exceeded expectations</a>, with revenue growing year-over-year. 
Earlier in the day, analysts had anticipated that Apple&#8217;s third-quarter results would signal an i<a href="https://www.benzinga.com/news/earnings/24/08/40100693/will-apple-lay-the-case-for-easing-into-ai-superhighway-analysts-expect-iphone-makers-q3-results-to">nflection in topline growth</a>. The June quarter is typically slow for Apple, but the company managed to report growth in both revenue and earnings per share.
Moreover, Warren Buffett&#8217;s Berkshire Hathaway has significantly benefited from its <a href="https://www.benzinga.com/general/24/06/39433071/heres-how-much-warren-buffetts-berkshire-hathaway-earns-in-dividends-annually-from-its-stake-in-appl">stake in Apple</a>, roughly 5.1% of the company. And it&#8217;s a significant stake for Berkshire, representing over 40% of its portfolio, earning substantial dividends annually. 
Price Action: Apple&#8217;s stock closed at $218.36 on Thursday, down 1.68% for the day. In after-hours trading, the stock increased by 0.57%. Year to date, Apple&#8217;s stock has risen by 17.63%, 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/24/07/40088529/bitcoin-ethereum-dogecoin-slip-amid-flare-up-of-iran-israel-tensions-analyst-says-a-big-mo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slip Amid Flare-Up Of Iran-Israel Tensions: Analyst Says &#8216;A Big Move Is Coming Soon&#8217; For King Crypto</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Apple CFO Luca Maestri Pumps Confidence, Says iPhone Maker Returned $32B To Shareholders In Q3

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has attributed its <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">disappointing revenue forecast</a> to the ongoing Paris Olympics and the recent assassination attempt on former President Donald Trump.
What Happened: Amazon&#8217;s finance chief, Brian Olsavsky, cited the current news cycle as a major reason for the company&#8217;s projected decline in online shopping for the quarter ending in September, CNBC <a href="https://www.cnbc.com/2024/08/01/amazon-says-distraction-of-olympics-trump-shooting-caused-weak-guide.html">reported</a> on Thursday. 
The Paris Olympics and the lead-up to the U.S. presidential election in November are diverting consumer attention, Olsavsky said during a call with journalists following the second-quarter earnings report.
"Customers only have so much attention," Olsavsky said. "When high-profile things happen, or the assassination attempt a couple of weeks ago, you see that people shift their attention to news. It's more about distractions."
Amazon expects its third-quarter revenue to range between $154 billion and $158.5 billion, with the midpoint of $156.25 billion falling short of the $158.24 billion consensus estimate. This, combined with a second-quarter revenue miss, led to nearly 7% drop in Amazon&#8217;s shares during extended trading.
Economic challenges are also influencing consumer spending patterns, according to Amazon executives. CEO Andy Jassy noted that consumers are being cautious with their spending, opting for cheaper items. 
Olsavsky added that consumers are &#8220;continuing to be cautious&#8221; and are more focused on buying everyday essentials, which could explain the revenue shortfall.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40032973/if-you-invested-1000-in-bitcoin-when-trump-said-its-value-is-based-on-thin-air-heres-how-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Bitcoin When Trump Said Its Value Is &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much It&#8217;d Be Worth When He Said &#8216;Never Sell Your BTC&#8217;</a>
Why It Matters: Amazon&#8217;s <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">second-quarter earnings</a> report, released on Thursday, showed a 10% year-over-year increase in net sales to $148 billion, which missed the Street&#8217;s consensus estimate of $148.56 billion. The company&#8217;s third-quarter guidance and revenue miss led to a significant drop in its stock price.
Amazon has been facing other challenges as well. The <a href="https://www.benzinga.com/news/24/07/40061048/e-commerce-giant-amazon-ordered-to-recall-over-400k-hazardous-products-sold-on-its-site-by-us-federa">U.S. Consumer Product Safety Commission recently ordered Amazon</a> to recall over 400,000 hazardous products sold on its platform. The company has also been struggling to meet its sustainability goals, with only about 19,000 electric delivery vans deployed as of 2023, <a href="https://www.benzinga.com/news/24/07/40066914/amazon-nowhere-close-to-its-100k-electric-delivery-vans-by-2030-target-heres-how-many-it-still-has-t">far from its target of 100,000 by 2030</a>.
Despite these challenges, Amazon&#8217;s acquisition of One Medical and its efforts to <a href="https://www.benzinga.com/news/24/07/39996940/google-cuts-ties-with-amazon-owned-one-medical-but-clarifies-it-is-not-due-to-e-commerce-giants-3-9b">expand its healthcare services</a> have been seen as a potential growth opportunity.
Price Action: Amazon.com Inc.&#8217;s stock closed at $184.07 on Thursday, down 1.56% for the day. In after-hours trading, the stock declined by 6.88%. Year to date, Amazon&#8217;s stock has risen by 22.77%, 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/news/24/07/40056448/us-army-halts-pay-for-soldier-imprisoned-in-russia-senior-defense-official-consequences-for-unaccept?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Army Halts Pay for Soldier Imprisoned in Russia — Senior Defense Official: Consequences For &#8216;Unacceptable Behavior&#8217; Will Mirror Those Faced By Private That Entered Kim Jong Un&#8217;s North Korea</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>

Guidance

Amazon Says Trump Assassination Attempt And Paris Olympics Responsible For Lower Q3 Revenue Forecast, Shares Slide In After-Hours: 'Customers Only Have So Much Attention'

Bitcoin wobbled, Ethereum, Dogecoin slid Thursday as top cryptocurrency-based firms reported their earnings after market close.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.60%</td>
<td>$65,132.07</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>-0.85%</td>
<td>$3,206.21</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>-3.24%</td>
<td>$0.1188</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin dipped below $63,000 in the morning hours before clawing back to the $64,000 zone by afternoon. The choppy movement meant King Crypto was little changed in the day.&nbsp;
Ethereum slipped below $3,200, marking a drop of 10% since spot ETFs tracking the price of the asset went up for trading on stock exchanges.
MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) reported their Q2 earnings after the closing bell, involving a tale of hits and misses.&nbsp;
Market liquidations hit a weekly high of $291 million, with liquidations of bullish leveraged bets accounting for 79% of the total.
Consequently, traders going long on Bitcoin dipped sharply in the last 24 hours, according to the Longs/Short Ratio indicator.
About 38% of the market is bullish on Bitcoin as of this writing, according to Coinglass, with 27% having a bearish view. About 35% of the participants are neutral.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Popcat (POPCAT)</td>
<td>+8.41%</td>
<td>$0.7183</td>
</tr>
<tr>
<td>AIOZ NETWORK (AIOZ)</td>
<td>+8.11%</td>
<td>$0.6123</td>
</tr>
<tr>
<td>Aave (AAVE)</td>
<td>+8.03%</td>
<td>$116.55</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $2.33 trillion, rising 0.02% in the last 24 hours.
Stocks sank lower on Thursday. The Dow Jones Industrial Average plunged 494.82 points, or 1.21%, to finish at 40,347.97. The S&amp;P 500 plummeted 1.37% to close at 5,446.68, while the tech-focused Nasdaq Composite crashed 2.30% to close at 17,194.15. Both indexes recorded their best session since February.
The heavy sell-offs come following the release of <a href="https://www.benzinga.com/news/econ-s/24/08/40105503/weekly-jobless-claims-rise-to-2024-high-is-the-number-signal-or-noise-ahead-of-fridays-jobs-report">worse-than-expected jobless claims data</a> for the week ending July 27. Additionally, the manufacturing sector recorded the fourth straight month of contraction.&nbsp;
These weak macro indicators sparked fears of economic decline,&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst and trader Rekt Capital predicted that the BTC's ongoing correction won't be as long as the previous ones.
"The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks to bottom. This current one could take only 2-3 weeks to bottom," the trader projected.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> It&#39;s possible this current retrace won&#39;t take as long as the previous pullbacks The initial retrace inside the pattern took 5 weeks to bottom The one after that took 4 weeks to bottom This current one could take only 2-3 weeks to bottom<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$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/4q4AqIOESV">https://t.co/4q4AqIOESV</a> <a href="https://t.co/e9259YTgMl">pic.twitter.com/e9259YTgMl</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1819081548718919939?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Another popular name in the cryptocurrency circles, Ali Martinez, highlighted massive liquidations of bullish leveraged bets due to BTC's move below $63,000.&nbsp;
However, he cautioned short position traders that a rebound to $70,440 would wipe away $2.40 billion in downside bets.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A bunch of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bulls got rekt in this downswing. According to data from <a href="https://twitter.com/coinglass_com?ref_src=twsrc%5Etfw">@coinglass_com</a>, over $2.50 billion in leveraged long positions got liquidated as <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be… <a href="https://t.co/QHULbk8vWy">pic.twitter.com/QHULbk8vWy</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1819069989346771418?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a></li>
</ul>

$DOGE

MARA

Bitcoin Chops In $64K, Ethereum, Dogecoin Dip On Day Major Crypto Firms Reported Earnings: Analyst Says This Likely If King Crypto Rebounds To $70.4K

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO&nbsp;Tim Cook&nbsp;continues to remain tight-lipped about the details of the &#8220;<a href="https://www.benzinga.com/news/24/06/39258186/apple-integrates-new-chatgpt-features-in-iphone-mac-and-ipad-sam-altman-thinks-you-will-really-like">commercial agreement</a>&#8221; between his company and ChatGPT-parent OpenAI.
What Happened: On Thursday, during <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">Apple&#8217;s third-quarter earnings</a> call, Cook was asked about the revenue models surrounding partnerships like OpenAI by Bank of America analyst Wamsi Mohan.
Mohan also said that investors are keen to understand whether Apple Intelligence will drive more significant growth in Services over time, or if these partnerships will become the more substantial contributors.
See Also: <a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</a>
&#8220;The monetization model, I don&#8217;t want to get into the terms of the commercial agreements because they are confidential between the parties. But I see both aspects as being very important. People want both,&#8221; Cook stated.
He also said that Apple Intelligence focuses on on-device processing and private cloud computing. &#8220;And a lot of that will be things with a personal context.&#8221;
For broader world knowledge, Apple is initially integrating with ChatGPT, which will handle information beyond the personal scope, Cook added.
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: Apple&#8217;s partnership with OpenAI was <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">announced at the WWDC 2024</a>. The collaboration, which integrated ChatGPT into Siri and new writing tools, is expected to offer an advanced chatbot to consumers.
However, the partnership did not reportedly <a href="https://www.benzinga.com/news/24/06/39304229/apple-and-openai-chatgpt-partnership-wont-include-cash-payments-for-now-but-does-it-mean-you-will-ne">involve any cash payments</a> from Apple to OpenAI, as the exposure of ChatGPT-maker&#8217;s brand and technology to Cupertino&#8217;s extensive user base was deemed of equal or greater value.
The partnership was also <a href="https://www.benzinga.com/news/24/06/39264633/as-elon-musk-blasts-apples-partnership-with-chatgpt-parent-openai-analysts-say-theres-definitely-an">not without controversy</a>, with Tesla and SpaceX CEO Elon Musk publicly criticizing the collaboration over concerns about data security and privacy issues.
Earlier, Apple also <a href="https://www.benzinga.com/news/24/06/39271592/apple-may-introduce-google-gemini-ai-model-for-iphone-mac-and-ipad-says-craig-federighi">revealed plans to integrate</a> Alphabet Inc.&#8217;s Google Gemini AI model into its Apple Intelligence feature set, providing users with a wider range of AI models. The company is reportedly <a href="https://www.benzinga.com/news/24/07/39568584/apple-ai-partnership-with-google-set-for-fall-mark-gurman-says-hes-heard-from-several-sources-the-de">considering an AI partnership</a> with Anthropic.
Meanwhile, Apple&#8217;s third-quarter earnings surpassed expectations. The company&#8217;s revenue grew by 4.9%, reaching $85.78 billion for the three months ending June 29. This figure exceeded the average analyst estimate of $84.53 billion, according to&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>
Price Action: At the time of writing, Apple shares were slightly up during the after-hours session at $219.60. The stock closed Thursday&#8217;s session down 1.68%, finishing at $218.36.
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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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tim Cook Doesn't Cough Up Details On Apple And OpenAI Partnership, But Says Customers Want Both Apple Intelligence And ChatGPT Integration

An American Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) flight from Seattle to Dallas was forced to make an unexpected landing in Salt Lake City due to a passenger&#8217;s erratic and violent behavior, according to <a href="https://www.benzinga.com/markets/cannabis/23/07/33185262/leader-of-13m-illegal-cannabis-operation-argues-federal-law-protects-him-more-in-weed-chronicles">federal prosecutors. </a>
<a href="https://www.sacbee.com/news/nation-world/national/article290654789.html">As per</a> The Sacramento Bee, the passenger, Eric Nicholas Gapco, from Delanco, New Jersey, claimed he consumed "approximately ten marijuana edibles" before the flight.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/04/31856196/middle-aged-woman-with-fnd-swaps-wheelchair-for-roller-skates-using-marijuana-drones-delivering-">Middle-Aged Woman With FND Swaps Wheelchair For Roller-Skates Using Marijuana, Drones Delivering Drugs To Prisons &amp; More In Weed Chronicles</a>
Gapco's disruptive actions on July 18, began shortly after the flight took off. Refusing to remain in his seat, he attempted to occupy a flight attendant's seat and loudly propositioned another flight attendant for sex. He was also vaping, further disturbing the passengers and crew.
The situation escalated when Gapco locked himself in the airplane's bathroom and then tried to open the aircraft&#8217;s doors. He reportedly attempted to hand a bag of pills to another passenger. As his behavior became increasingly aggressive, the flight crew and several passengers had to restrain him with flexible restraints.
The flight was then diverted to Salt Lake City International Airport, where the 26-year-old Gapco was immediately taken into custody upon landing.
Despite being restrained, Gapco continued his erratic behavior at the airport, smashing the glass door of a holding cell. Authorities said that Gapco denied taking any illegal drugs or prescription medication.
However, he later said he consumed the marijuana edibles without knowing the THC content in each, according to a motion for his detention.
<h3 class="wp-block-heading">Legal Consequences</h3>
Gapco was indicted on July 31 on charges of interference with a flight crew and attempted damage to an aircraft. The U.S. Attorney's office confirmed that Gapco was also taken to a hospital for medical evaluation after his arrest, where he continued to be combative with medical staff and police officers, even spitting at an officer at one point.
As of his initial court appearance scheduled for August 1, Gapco's federal public defender has not responded to requests for comments. American Airlines has also not yet commented on the incident.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/23/05/31425637/what-are-cannabis-edibles-made-of-the-drug-effect-of-edible-marijuana">What Are Cannabis Edibles Made Of: The Drug Effect Of Edible Marijuana</a></li>
</ul>
Cover image created with AI.

Cannabis

Cannabis Edibles Gone Wrong? High Flyer's Door Forcing Drama And Assault Force Emergency Landing

The use of <a href="https://www.benzinga.com/cannabis">cannabis</a>, both for medical and recreational purposes, is rising across the United States. According to a study <a href="https://www.michiganmedicine.org/health-lab/data-shows-medical-marijuana-use-decreased-states-where-recreational-use-became-legal">published</a> by the University of Michigan (U-M), more than four million of these users are licensed medical cannabis patients, marking a six-fold increase since 2016.
<h3 class="wp-block-heading">Chronic Pain: The Leading Cause For Medical Cannabis Use</h3>
Kevin Boehnke, Ph.D., a pain researcher at U-M, revealed that the majority of these patients seek relief from chronic pain. &#8220;My studies have shown that people largely use cannabis for chronic pain,&#8221; said. &#8220;That's the most common reason that they obtain a medical cannabis license from the state that they live in.&#8221;
Patients are utilizing cannabis in various forms, such as edibles, smokables, tinctures and topical products. &#8220;They might eat, smoke, or use tincture, as well as rub a topical product on an inflamed joint or on their skin,&#8221; the researcher explained. &#8220;They also sometimes use it in place of other pain medications.&#8221;
<h3 class="wp-block-heading">Landscape And Potential Impact Of Rescheduling Cannabis</h3>
Cannabis is <a href="https://www.benzinga.com/topic/legal-cannabis">legal</a> for medical or non-medical use in 38 and 23 states, respectively. Despite its legal status in many states, it remains <a href="https://www.benzinga.com/markets/cannabis/24/02/36916329/is-marijuana-a-controlled-substance-wait-what-is-a-controlled-substance">classified as a Schedule I drug</a>, and subject to the most restrictive regulations. However, there is <a href="https://www.benzinga.com/topic/cannabis-reschedulingBenzinga">ongoing discussion about rescheduling</a> it to a Schedule III drug. &#8220;If cannabis is officially rescheduled, I think that that's a remarkable benefit in some ways for the scientific and medical community because it acknowledges that cannabis does have medical value,&#8221; Boehnke noted. &#8220;This can jumpstart some of those conversations that many clinicians and patients have been hesitant to have.&#8221;
<h3 class="wp-block-heading">Challenges in Cannabis Research Despite Potential Rescheduling</h3>
Rescheduling could ease some of the research constraints but won&#8217;t eliminate all obstacles. Boehnke added: &#8220;It doesn't make that much of a difference at this point scientifically because if cannabis remains the controlled substance, I, as a scientist, and my colleagues, as scientists, still can't access the products that are being sold in dispensaries because none of them have gone through the food and drug administration approval process.&#8221;
<h3 class="wp-block-heading">Rise of Delta-8 THC in States with Cannabis Restrictions</h3>
Boehnke also pointed out a growing trend in states where cannabis is not legal: the use of compounds like <a href="https://www.benzinga.com/topic/delta-8-thc">Delta-8 THC</a> derived from hemp. These are not regulated under the Controlled Substances Act or state marketplaces, raising concerns about contamination and inaccurate labeling.
<h3 class="wp-block-heading">Medical Cannabis Use Trends And Legislative Impact</h3>
Despite overall enrollment in medical cannabis programs increasing more than 600% since 2016, a study <a href="https://www.acpjournals.org/doi/10.7326/M23-2811">published</a> in Annals of Internal Medicine reveals that <a href="https://www.benzinga.com/topic/medical-cannabis">medical marijuana</a> use declined in states where recreational use was legalized. &#8220;These findings indicate the growing use of cannabis for medical purposes, but also that adult use laws may decrease rates of patient enrollment,&#8221; said Boehnke.
<h3 class="wp-block-heading">Study Highlights the Need for Better Surveillance Methods</h3>
The latest study was conducted with repeated measures of individuals with medical cannabis licenses and physicians authorizing cannabis licenses in the United States between 2020 and 2022. It included 39 jurisdictions, and found a 33% increase in enrollments for those years. However, the results also revealed that in 13 of the 15 jurisdictions with adult non-medical use laws, the number of medical registrations decreased, and the proportion of qualified conditions reported by patients fell from 70.4% to 53.8%. The most common condition reported by patients was chronic pain, followed by anxiety and post-traumatic stress disorder.
The study highlights the need for improved monitoring methods to understand the outcomes of medical cannabis use and for thoughtful public health efforts to reduce the harms of increased cannabis availability.

Psychedelics

Medical Cannabis Patients Increased Sixfold In Six Years, Declined In States Where Recreational Use Was Legalized

Former President, Donald Trump, has targeted President Joe Biden with criticism, this time over the recent <a href="https://www.benzinga.com/news/24/08/40101351/russia-frees-wsj-reporter-evan-gershkovich-and-ex-marine-paul-whelan-in-major-prisoner-swap-with-us">historic prisoner exchange with Russia.</a>
What Happened: Trump used the detention of Americans Evan Gershkovich and Paul Whelan in Russia as a point of attack against Biden, accusing him of failing to secure their release, especially during his reelection campaign. Trump&#8217;s criticism persisted even after Thursday&#8217;s prisoner swap, which resulted in the liberation of these men and two other U.S. prisoners, <a href="https://abcnews.go.com/International/trump-lashes-biden-historic-prisoner-exchange-russia-freed/story?id=112477541">reported</a> ABC News.
White House officials have clarified that the deal did not involve a cash exchange. However, Trump, in a post on Truth Social, questioned this claim without providing any specific details. He has previously made unverified claims that the U.S. has given Iran billions of dollars in cash.
Reacting to Trump&#8217;s repeated assertions that he could have secured the hostages&#8217; release without any concessions, Biden responded, &#8220;Why didn&#8217;t he do it when he was president?&#8221;
Secretary of State Anthony Blinken shared a post on X, featuring a phone call with the released prisoners from his official plane. &#8220;We are so happy that you&#8217;re out and on the way home,&#8221; he said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I got the chance to speak with Evan, Paul, and Alsu on their way home to the United States today. We couldn't be happier to welcome them back home to be with their families again. <a href="https://t.co/gRE6mpN3Te">pic.twitter.com/gRE6mpN3Te</a>
&mdash; Secretary Antony Blinken (@SecBlinken) <a href="https://twitter.com/SecBlinken/status/1819146650289324152?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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The president also shared some posts on X, one where he was seen engaging with the families of the former Russian prisoners and another where she shared their group photo on the plane back home. He said they endured &#8220;unimaginable suffering.&#8221;
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">After enduring unimaginable suffering and uncertainty, the Americans detained in Russia are safe, free, and have begun their journeys back into the arms of their families. <a href="https://t.co/1rYNBTt9tJ">pic.twitter.com/1rYNBTt9tJ</a>
&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1819068590680682579?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today, I stood beside the families of Paul, Evan, Alsu, and Vladimir in the Oval Office as they spoke to their loved ones for the first time since they regained freedom. These families never lost hope. And today, they&#39;ll each be reunited with the missing piece of their soul. <a href="https://t.co/v4Sv4fxsPd">pic.twitter.com/v4Sv4fxsPd</a>
&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1819058362698400016?ref_src=twsrc%5Etfw">August 1, 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/general/politics/24/07/40070258/trump-vs-harris-election-forecaster-with-9-out-of-10-accurate-predictions-gives-this-candidate-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Election Forecaster With 9 Out Of 10 Accurate Predictions Gives This Candidate The Edge</a>
Why It Matters: Trump&#8217;s remarks about the detained Americans have been part of a continuous exchange dating back to his term in office. This has occasionally drawn criticism from the hostages&#8217; family members, who have expressed disappointment over Trump&#8217;s inaction during his presidency.
Trump did not comment on Gershkovich&#8217;s situation until an April 12, 2024 interview with Time Magazine, more than a year after his March 29, 2023 arrest. In a May Truth Social post, Trump claimed Gershkovich &#8220;will be released almost immediately after the Election, but definitely before I assume Office.&#8221;
The recent prisoner exchange with Russia has been a significant event, with the release of 16 individuals, including Wall Street Journal reporter Evan Gershkovich and former U.S. Marine Paul Whelan, as reported by Benzinga. Some of these individuals <a href="https://www.benzinga.com/news/24/08/40120812/kamala-harris-spoke-to-alexey-navalnys-widow-after-prisoner-release-some-freed-worked-with-oppositio">were collaborators</a> with Alexey Navalny in his fight against corruption, as stated by Vice President Kamala Harris in a post.
However, the exchange has also sparked controversy, with senators <a href="https://www.benzinga.com/markets/cannabis/24/08/40111778/russia-prisoner-swap-senators-demand-inclusion-of-cannabis-prisoner-marc-fogel-mom-takes-antony-">demanding the inclusion</a> of Pennsylvania's Marc Fogel, who is imprisoned in Russia for cannabis possession, in the deal.
Photo Courtesy: Shutterstock.com
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent080101">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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>

General

Trump Slams Russia Prisoner Exchange: 'We Never Make Good Deals' — Biden Responds, 'Why Didn't He Do It When He Was President?'

A recent clinical trial has identified potential therapeutic benefits of cannabigerol (CBG), a cannabinoid that has not been as widely studied as THC or <a href="https://www.benzinga.com/markets/cannabis/24/03/37629667/time-is-still-the-enemy-says-mom-who-moved-mountains-for-her-epileptic-daughter-still-advocates-">CBD. </a>
The study, conducted by researchers at Washington State University (WSU) and the University of California, Los Angeles (UCLA), indicates that CBG may significantly reduce anxiety and stress, and could also improve memory.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/01/30523890/cbg-the-mother-cannabinoid-may-hold-key-to-treating-nonalcoholic-fatty-liver-disease-symptoms">CBG: The &#8216;Mother Cannabinoid&#8217; May Hold Key To Treating Nonalcoholic Fatty Liver Disease Symptoms</a>
<h3 class="wp-block-heading">CBG's Impact On Anxiety And Stress</h3>
Published in the journal Scientific Reports, the<a href="https://www.nature.com/articles/s41598-024-66879-0"> research</a> involved a double-blind, placebo-controlled field trial with 34 healthy adults.
Participants received either 20mg of hemp-derived CBG or a placebo tincture over two sessions. They completed online assessments before and after taking the cannabinoid, including surveys on anxiety and stress, as well as verbal memory tests.
The study found that CBG led to &#8220;significant overall reductions in anxiety as well as reductions in stress&#8221; compared to the placebo. Additionally, participants who took CBG showed enhanced verbal memory, which the researchers noted was &#8220;completely, entirely unexpected.&#8221;
Carrie Cuttler, lead author and WSU associate professor of psychology, <a href="https://news.wsu.edu/press-release/2024/07/31/cannabinoid-cbg-reduces-anxiety-and-stress-in-first-human-clinical-trial/">said</a> in a press release: &#8220;We triple-checked to ensure accuracy, and the enhancement was statistically significant.&#8221; 
&#8220;The finding that it significantly enhanced [memory] was kind of shocking to me and completely, entirely unexpected, which was why I triple-checked the direction and the result,&#8221; Cuttler added.
<h3 class="wp-block-heading">Future Research Directions: What's Next for CBG?</h3>
Cuttler stressed that while the results are promising, further research is needed to confirm these findings and explore CBG&#8217;s full range of effects. &#8220;Replication and further research are crucial,&#8221; she said.
The trial&#8217;s results were informed by a prior survey in which 51% of CBG users reported using CBG to alleviate anxiety, with nearly 80% finding it more effective than traditional anxiety medications.
Cuttler is seeking approval for a follow-up clinical trial to be conducted in a laboratory setting to verify these findings and assess CBG's physiological impacts. She is also exploring potential research on CBG&#8217;s effects on menopause symptoms.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/22/05/26397585/cbg-mania-what-are-the-best-ways-to-use-and-consume-cbg">CBG Mania &#8211; What Are The Best Ways To Use And Consume CBG</a>
Cover image made with AI.

Health Care

First-Ever Human Trial Finds CBG Reduces Anxiety And Boosts Memory

Psilocybin and <a href="https://www.benzinga.com/markets/psychedelics">psychedelics</a> in general are substances that have been with us for decades. But in its recent history one particular milestone marks a before and after: the legalization of cannabis for recreational use in Colorado in 2014. 
Today, <a href="https://www.benzinga.com/markets/cannabis/24/01/36460124/colorados-pioneering-role-in-legal-cannabis-10-years-on-impact-on-economy-health-and-public-poli">ten years later</a>, more than 100 million adults in the United States have gone from not having legal access to cannabis to being able to get what they need at their local dispensary. While the <a href="https://www.benzinga.com/topic/cannabis-rescheduling">rescheduling of cannabis</a> is being discussed, the legalization conversation is now turning to psychedelics, where both promising scenarios and specific challenges arise simultaneously.
<h3 class="wp-block-heading">The Hype Around Psilocybin and Psychedelics</h3>
It is not news that psilocybin is at the forefront of <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">mental health treatment research</a>, with a burgeoning economy connected to it. The global psychedelic drug market, valued at $2.9 billion in 2023, is expected to grow to $8.7 billion by 2033, driven by substantial financial investments into psilocybin research and supporting institutions, including the following:
<ul>
<li>Leading Universities: Institutions like Johns Hopkins have established centers dedicated to psychedelic research. Johns Hopkins&#8217; Center for Psychedelic and Consciousness Research was launched with a $17 million donation from private donors.</li>
<li>Research Studies: Between 2019 and 2024, there have been 104 studies on psilocybin, backed by millions in grant money.</li>
<li>Investment: Year 2023 saw over $2.5 billion in <a href="https://www.benzinga.com/topic/psychedelics-investing">investments </a>in the psychedelic sector, with significant contributions from billionaires like PayPal co-founder Peter Thiel.</li>
</ul>
<h3 class="wp-block-heading">The Economic Burden of Mental Health Disorders</h3>
While significant, investment in psychedelics research is minimal compared to the annual cost of mental health problems in the U.S., estimated at $282 billion. Disorders such as depression, PTSD and substance abuse place a considerable burden on businesses, the healthcare system and the economy as a whole. These costs make a strong case for investing in psychedelic treatments.
<h3 class="wp-block-heading">Psychedelic Therapy</h3>
Despite the promises, no psychedelic drug has received FDA approval to treat psychiatric disorders because of the associated risks. However, providers continue to offer psychedelic-based therapy, which consists of sessions with trained clinicians. Treatments can be costly, which could limit access to psychedelic therapy if these drugs receive FDA approval, highlighting the rush by entrepreneurs to profit from the treatments.
In contrast, as noted by the National Institute on Drug Abuse (NIDA), illicit psychedelics sold on the street are relatively inexpensive and have are gaining in popularity among young adults.
<h3 class="wp-block-heading">Accessibility And Legality</h3>
As the debate on expanding legal access to psychedelics evolves, public discourse about a retail psychedelic market remains sparse. Most debates focus on therapy, religious exemptions or supervised retreats. However, these segmented approaches still leave many without access. Not everyone can get a prescription, afford supervised programs, or feel compelled to join a religious group for exemptions. Decriminalizing psychedelics alone won&#8217;t significantly broaden access either.
<h3 class="wp-block-heading">The State of Psychedelic Retail Conversations</h3>
Ten years after Colorado, Beau Kilmer, co-director of the RAND Drug Policy Research Center, observes similar early movements in state psychedelic policies. As states allocate funds toward research and discuss legalization, the question of retail psychedelics has quietly emerged.
&#8220;State policymakers, whether they like it or not, are going to start confronting these conversations,&#8221; Kilmer <a href="https://www.vox.com/future-perfect/360200/how-to-buy-psychedelics-lsd-shrooms-stores">told</a> Vox.
Retail sales might fill these gaps, but the idea raises concerns among advocates due to the inherent risks of psychedelics and the potential for a hasty rollback to prohibition if commercialization goes awry.
<h3 class="wp-block-heading">Exploring Retail Models For Psychedelics</h3>
So, what are the possible retail models? A RAND report, along with Transform Drug Policy Foundation's "<a href="https://transformdrugs.org/publications/how-to-regulate-psychedelics">How to Regulate Psychedelics</a>," outlines four possibilities, based on the models already in use for cannabis:
Government Monopoly: Similar to how some states handled alcohol post-Prohibition, this model could ensure product safety and limit aggressive marketing.
Non-Profits or For-Benefit Corporations: This approach limits licenses to organizations with public health or equity goals, potentially balancing commercial excesses.
Social Clubs: Modeled after cannabis social clubs in countries like Uruguay and Spain, these provide on-site locations for purchase and use, integrating community support.
For-Profit Sales: The dominant model in the US cannabis market, it introduces competition but also risks aggressive marketing and regulatory pushback.
<h3 class="wp-block-heading">Regulatory and Design Considerations</h3>
Beyond similarities, Kilmer points out key differences between cannabis and psychedelics, as psychedelic consumers are less price-sensitive, supervised use is more common, and infrequent users dominate the market.
Success in any model hinges on various considerations: who manufactures and ensures quality control, packaging regulations, informed consent communication, public education strategies, advertising limits, dosage restrictions and harm reduction information.
<h3 class="wp-block-heading">New York's Psychedelic Permit Proposal</h3>
A potentially balanced approach comes from New York State Rep. Amy Paulin. Her <a href="https://www.nysenate.gov/legislation/bills/2023/A10375#:~:text=Allows%20the%20growth%2C%20cultivation%2C%20and%20regulated%20adult%20use%20of%20psilocybin,and%20the%20licensure%20of%20cultivators.">bill</a> proposes a permit system for psilocybin, requiring health screenings, an educational course and a test. Permit holders could buy from licensed vendors and grow mushrooms at home. This model adds protection by focusing on licensed consumers, emphasizing safety while expanding access.
<h3 class="wp-block-heading">The Path Forward</h3>
Kilmer emphasizes the need for more data and analysis. "Once I really started digging in and crunching the numbers, I realized that a lot of the data we need just doesn't exist," he said. With retail legislation already in progress, rapid data collection and thoughtful regulation are critical.
Cover image made with AI

Accessibility And Legality: Psychedelic's Path A Decade After Colorado's Legalization

The latest development in the Venezuelan presidential election saga sees Elon Musk, responding to the U.S. Department of State&#8217;s assessment of the election with a single word, &#8220;Good&#8221;.
What Happened: On Thursday, Antony Blinken, U.S. Secretary of State, released a statement evaluating the Venezuelan presidential election that took place on July 28. Despite acknowledging the Venezuelan people&#8217;s participation amidst significant challenges, Blinken criticized the vote processing and result announcement by the Maduro-controlled National Electoral Council (CNE) as &#8220;deeply flawed&#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">Good <a href="https://t.co/4DuDILvb5p">https://t.co/4DuDILvb5p</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1819168277815611870?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Blinken&#8217;s statement also questioned the CNE&#8217;s hasty declaration of Nicolás Maduro as the winner, citing a lack of supporting evidence and credibility. The democratic opposition&#8217;s tally sheets suggested that Edmundo González Urrutia received the most votes, a fact supported by independent observers, election day exit polls, and quick counts.
&#8220;Given the overwhelming evidence, it is clear to the United States and, most importantly, to the Venezuelan people that Edmundo González Urrutia won the most votes in Venezuela's July 28 presidential election,&#8221; said Blinken in the statement.
Musk&#8217;s response to Blinken&#8217;s statement was a brief &#8220;Good&#8221;.
See Also: <a href="https://www.benzinga.com/news/24/07/40027252/trump-white-house-official-john-bolton-says-jd-vance-may-have-youth-factor-but-highlights-ex-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump White House Official John Bolton Says JD Vance May Have &#8216;Youth Factor&#8217; But Highlights Ex-President&#8217;</a>
The U.S. Department of State also dismissed Maduro&#8217;s allegations against opposition leaders and called for the protection of democratic opposition leaders and members. It congratulated González Urrutia on his successful campaign and expressed support for the process of re-establishing democratic norms in Venezuela.
Why It Matters: The Venezuelan presidential election has been a contentious issue, with Maduro&#8217;s declared victory facing intense criticism and allegations of fraud. <a href="https://www.benzinga.com/government/24/07/40052593/tensions-rise-in-venezuela-as-opposition-disputes-election-results-impact-on-oil-etfs">Tensions have been escalating</a>, with thousands rallying in support of González's victory.
Musk has been vocal about his views on the election, previously calling it a &#8220;travesty&#8221; and accusing Maduro of &#8220;major election fraud&#8221;. <a href="https://www.benzinga.com/news/24/07/40003819/elon-musk-calls-venezuela-elections-a-travesty-as-nicolas-maduro-wins-third-term-amid-fraud-allegatihttps://www.benzinga.com/news/24/07/40012327/us-expresses-serious-concern-as-both-venezuelan-president-nicolas-maduro-and-opposition-claim-electi">His accusations</a> led to a heated exchange with Maduro, who challenged Musk to a fight. Musk responded with a counter-challenge, stating that if he won, Maduro would have to resign, and if Maduro won, Musk would give him a free ride to Mars.
Image via Shutterstock
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent080101">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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>

Elon Musk Says 'Good' That Biden Administration Declared Nicolás Maduro Rival As Venezuela Election Winner

Cannabis activists in Arkansas submitted more than <a href="https://www.benzinga.com/markets/cannabis/24/07/39670995/medical-marijuana-initiative-in-arkansas-gathers-more-than-enough-signatures-to-place-it-on-nov-">111,000 petition signatures</a> by the July 5 deadline in order to place an initiative to expand medical marijuana access on the <a href="https://www.benzinga.com/topic/2024-election">November 2024 ballot</a>. However, Secretary of State John Thurston said advocates didn't collect enough valid petitions, <a href="https://arkansasadvocate.com/2024/07/31/anti-casino-amendment-makes-arkansas-ballot-cannabis-group-gets-more-time/">reported</a> Arkansas Advocate.
In a Wednesday letter to Arkansans for Patient Access (APA), Thurston's office said supporters submitted fewer than 77,000 valid signatures.
Even though the campaign fell short of the 90,704-signature requirement, advocates now have 30 more days, or until August 30, to reach that goal.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/38618717/selling-over-1800-expired-cannabis-products-cost-this-arkansas-dispensary-its-license-owner-plan">Selling Over 1800 Expired Cannabis Products Cost This Arkansas Dispensary Its License, Owner Plans To Appeal </a>
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/01112029/CCC-Oct-24-Banner-1-1-1.gif" alt="" class="wp-image-470821" /></a></figure>
<h3 class="wp-block-heading">Here's What The Initiative Seeks To Change</h3>
The initiative seeks to allow more healthcare professionals, including medical and osteopathic doctors, nurse practitioners, physician's assistants and pharmacists to prescribe marijuana to patients.
Under the policy change, additional medical conditions for which medical cannabis can be prescribed will be added to the existing medical cannabis program in the state. More precisely, any condition that a "health care practitioner considers debilitating to a patient that might be alleviated by the use of usable marijuana."
Non-Arkansas residents would also be eligible to get a medical cannabis card under the measure. The card&#8217;s expiration date would be extended from one to three years.
The measure&#8217;s trigger provision would put an end to cannabis prohibition statewide in the event of the plant&#8217;s legalization on the federal level.
Medical cannabis use was legalized in Arkansas in 2016. Product sales began in 2019.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/10/35118223/atf-concerns-emerge-over-arkansas-medical-marijuana-and-concealed-carry-gun-laws">ATF Concerns Emerge Over Arkansas&#8217; Medical Marijuana And Concealed Carry Gun Laws</a></li>
</ul>

Government

Regulations

Medical Cannabis Initiative Gets More Time To Gather Signatures For Arkansas Ballot

Given Organogenesis's (ORGO) upbeat first-quarter results and promising development of its ReNu program for knee osteoarthritis, the company seems to be on the brink of significant growth. Let's delve into its fundamentals to determine whether it's a hidden gem in the biotech sector. Read more to find out… Leading wound care specialist Organogenesis Holdings Inc. (<a href="https://stocknews.com/stock/ORGO/">ORGO</a>) surpassed Wall Street's expectations in the first quarter of fiscal 2024. The company reported revenue of $109.98 million, well above the analysts' estimate of $100.23 million. This figure also outpaced their guidance, which projected revenue between $98 million and $104 million, driven by a surge in momentum from February into March.
Building on the momentum, Organogenesis forecasts positive growth for the year ending December 31, 2024. The company expects net revenue to range between $445 million and $470 million, marking a year-over-year increase of 3% to 9% compared to the $433.1 million reported for 2023. However, the profitability outlook is mixed, with expected adjusted <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> (loss) ranging from ($8.1) million to $7.1 million and adjusted EBITDA between $15.8 million and $35.0 million.
While revenue growth is strong, Organogenesis has been experiencing an unsettling string of earnings contractions, which could pose a challenge in the near term. ORGO's net loss per share was $0.02, compared to the consensus estimate of 0.03.
Shares of ORGO have gained 1.5% over the past month to close the last trading session at $2.70. However, the stock has plunged 21.9% over the past year and 33.7% year-to-date.
Let's look at factors that could influence ORGO's performance in the upcoming months.
Promising Progress in ReNu Phase III Clinical Trials
Organogenesis has made notable progress with its ReNu program, which aims to manage knee osteoarthritis (OA) symptoms. Recently, the company shared<a href="https://investors.organogenesis.com/news-releases/news-release-details/organogenesis-achieves-primary-endpoint-phase-3-clinical-trial"> positive top-line results</a> from its first Phase III clinical trial, achieving the primary endpoint with a p-value of 0.0177. The trial demonstrated a significant reduction in knee OA pain over six months compared to a saline control group.
By 2027, an estimated 34.4 million Americans will be affected by knee OA. ReNu could offer a non-surgical pain management option, particularly for the most severe cases, representing around 5 million people. If approved, ReNu would be the only FDA-approved biologic intra-articular injection for this purpose, marking a significant advancement in the treatment of knee OA.
Mixed Financial Performance
For the first quarter that ended March 31, 2024, ORGO's net revenues increased 2.2% year-over-year to $109.98 million. Revenue from Advanced Wound Care rose 3% from the prior year to $103.9 million, while the net revenue for Surgical and Sports Medicine products was $6.1 million, down 9% year-over-year. Its gross profit grew marginally from the year-ago value to $81.28 million.
ORGO's loss from operations narrowed 3.7% from the previous year's quarter to $3.85 million. The company's net loss came in at $2.10 million compared to $2.97 million last year, while its net loss per share remained flat year-over-year at $0.02. However, ORGO recorded an adjusted EBITDA of $2.55 million in the same quarter.
As of March 31, 2024, Organogenesis' cash and cash equivalents stood at $88.63 million, compared to $103.84 million as of December 31, 2023.
Mixed Analyst Estimates
Analysts expect ORGO's EPS to increase 5.7% year-over-year to $114.73 million for the third quarter ending September 2024. For the fiscal year ending December 2024, its revenue is expected to reach $453.76 million, registering a year-over-year growth of 4.8%.
However, the company is estimated to post a loss per share of $0.01 in the current quarter and remain negative for the fiscal year 2024. Nonetheless, ORGO has an impressive earnings surprise history, surpassing the consensus EPS estimates in three of the trailing four quarters.
Discounted Valuation
In terms of forward EV/Sales, ORGO is trading at 0.88x, which is 74.2% lower than the industry average of 3.42x. Similarly, the stock's forward Price/Sales multiple of 0.82 is 76.9% lower than the industry average of 3.54x. Additionally, the stock's 2.64x forward Price/Book is 1.2% below the industry average of 2.67x.
POWR Ratings Reflect Uncertainty
ORGO's mixed fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of C, which translates to Neutral in our proprietary rating system. The POWR Ratings are calculated by taking into account 118 different factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories. ORGO has an A grade in Value, which aligns with its lower-than-industry valuation. However, with a five-year beta of 1.66, the stock has earned a grade C for Stability.
Within the <a href="https://stocknews.com/category/biotech/">Biotech</a> industry, ORGO is ranked #47 out of 342 stocks.
Beyond what I have stated above, we have also given ORGO grades for Growth, Momentum, Sentiment, and Quality. Get all ORGO ratings <a href="https://stocknews.com/stock/ORGO/">here</a>.
Bottom Line
Organogenesis is an anomaly among small biotechs, achieving modest revenues despite inconsistent earnings and a promising catalyst in ReNu. However, this inconsistency in earnings has proven to be a significant stumbling block. While optimism about its long-term potential is contingent upon securing FDA approval for ReNu, recent mixed financial performance and an uncertain near-term outlook raise concerns.
Given these uncertainties and the volatility typically associated with biotech investments, waiting for a better entry point in this stock seems wise now.
How Does Organogenesis Holdings Inc. (ORGO) Stack Up Against Its Peers?
Given its near-term uncertain prospects, the odds of ORGO outperforming in the weeks and months ahead are compromised. However, there are many industry peers with much more impressive POWR Ratings. So, consider these three A (Strong Buy) stocks from the <a href="https://stocknews.com/category/biotech/">Biotech</a> industry: Gilead Sciences, Inc. (<a href="https://stocknews.com/stock/GILD/">GILD</a>), Nippon Shinyaku Co., Ltd. (<a href="https://stocknews.com/stock/NPPNY/">NPPNY</a>), and Sino Biopharmaceutical Limited (<a href="https://stocknews.com/stock/SBHMY/">SBHMY</a>).
To explore more A and B-rated biotech stocks, <a href="https://stocknews.com/category/biotech/">click here</a>.
What To Do Next?
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<hr />
ORGO shares were trading at $2.74 per share on Monday afternoon, down $0.06 (-2.14%). Year-to-date, ORGO has declined -33.01%, versus a 15.51% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/orgo-gild-nppny-sbhmy-is-organogenesis-a-hidden-gem-in-the-biotech-sector/>Is Organogenesis a Hidden Gem in the Biotech Sector?</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

Is Organogenesis a Hidden Gem in the Biotech Sector?

Veracyte (VCYT) exceeded Wall Street's expectations in its first-quarter earnings report and is well-positioned to capitalize on the expanding genomic diagnostics market. However, with its stretched valuation and increased volatility, is VCYT a smart investment? Read on to find out… Genetic testing, a critical medical procedure, identifies alterations in genes, chromosomes, or proteins to confirm or rule out genetic conditions and assess an individual's risk of developing or passing on such disorders. This market is booming, with the global genetic testing market projected to grow from $8.84 billion in 2023 to an estimated <a href="https://www.biospace.com/article/releases/genetic-testing-market-size-to-set-usd-64-73-billion-by-2033/">$64.73 billion by 2033</a>, driven by technological advancements, increased awareness, and expanding applications. The U.S. genomics market alone is set to reach around $43.81 billion by 2032, growing at a <a href="https://www.precedenceresearch.com/genomics-market#:~:text=The%20U.S.%20genomics%20market%20size,the%20Middle%20East%2C%20and%20Africa.">CAGR of 19.4%</a>.
Thus, it could be opportune to invest in fundamentally sound biotech stocks. Let's determine whether investors should place their bets on Veracyte, Inc. (<a href="https://stocknews.com/stock/VCYT/">VCYT</a>) in genomic diagnostics.
VCYT is a leading diagnostics company that aims to revolutionize cancer care globally through innovative diagnostics. By leveraging a powerful platform of genomic data, bioinformatics, and AI, Veracyte provides clinicians with vital insights needed for accurate cancer diagnosis and treatment guidance.
The company's first-quarter earnings for 2024 painted a promising picture, with revenue of $96.84 million, exceeding Wall Street expectations of $93.36 million. Its test volume rose by 16% year-over-year to 33,424.
One of Veracyte's significant achievements is the Decipher Prostate Genomic Classifier, which received top-tier recognition in the updated NCCN prostate cancer guidelines. Additionally, VCYT's acquisition of C2i Genomics has broadened its capabilities into minimal residual disease (MRD) testing, marking a significant expansion in its product offerings.
Marc Stapley, Veracyte's CEO, said, "We had a strong start to 2024, driven by robust growth from our market-leading Decipher Prostate and Afirma tests. We executed upon our strategies to further penetrate these markets by expanding our clinical evidence, and, for Decipher, securing enhanced status in guidelines while also achieving a key commercial reimbursement milestone."
Looking ahead, VCYT has raised its full-year 2024 revenue guidance to $402 million to $410 million, representing a year-over-year growth of 11% to 14% and testing growth of 15% to 18%. This optimism is supported by their expectations of ending the year with cash, cash equivalents, and short-term investments ranging from $236 million to $240 million.
Despite these advancements, shares of VCYT have plunged 17.4% over the past six months and 21.9% year-to-date to close the last trading session at $21.47. However, the stock has shown a recent uptick, gaining 4.1% over the past three months.
Let's look at factors that could influence VCYT's performance in the upcoming months.
Mixed Financial Performance
For the first quarter that ended March 31, 2024, VCYT's total revenue increased 17.5% year-over-year to $96.84 million. The company's testing revenue increased by 25% to $90.30 million, up from $72.40 million in the same period last year, primarily driven by the strong performance of the Decipher Prostate and Afirma tests. 
Its non-GAAP income from operations came in at $3.83 million, compared to the prior-year quarter's loss of $1.75 million. The quarter's <a href="https://www.investopedia.com/terms/n/netloss.asp">net loss</a> narrowed 76.9% and 81.8% year-over-year to $1.86 million and $0.02 per share, respectively.
However, VCVY's net cash used in operating activities for the quarter increased to $8.97 million from the year-ago value of $2.17 million. Additionally, as of March 31, 2024, VCYT's cash and cash equivalents stood at $209.19 million, compared to $216.45 million as of December 31, 2023.
Mixed Analyst Expectations
Analysts expect VCYT's revenue for the second quarter (ended June 2024) to grow 10.7% year-over-year to $99.99 million. However, the company is expected to post a loss per share of $0.01 in the same quarter.
Similarly, for the ongoing quarter (ending September 2024), VCYT's revenue is expected to increase 12% year-over-year to $100.95 million. On the contrary, its loss per share for the quarter is estimated to be $0.03.
Nonetheless, for the fiscal year ending December 2024, Street expects VCYT's revenue to grow 12.3% from the prior year to $405.60 million, while its EPS is expected to be $0.01.
Stretched Valuation
In terms of forward non-GAAP P/E, VCYT is trading at 1717.60x, significantly higher than the industry average of 18.81x. The stock's forward EV/Sales and Price/Sales multiples of 3.57 and 4.05 are 8.2% and 14.3% above the respective industry averages of 3.30 and 3.54.
Likewise, its forward EV/EBITDA of 50.88x is 297.6% higher than the industry average of 12.80x. Moreover, the stock's forward Price/Cash Flow ratio of 93.35x compares to the industry average of 14.94x.
Mixed Profitability
VCYT's trailing-12-month gross profit margin of 67.69% is 17.7% higher than the 57.48% industry average. Also, the stock's trailing-12-month levered FCF margin of 9.75% is considerably higher than the industry average of 1.26%.
However, its trailing-12-month asset turnover ratio of 0.32x is 21.6% lower than the industry average of 0.41x. Likewise, the stock's trailing-12-month EBITDA margin of 5.25% is 9.6% lower than the industry average of 5.81%.
POWR Ratings Reflect Uncertainty
VCYT's mixed fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of C, which translates to Neutral in our proprietary rating system. The POWR Ratings are calculated by taking into account 118 different factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories. VCYT has a C grade for Sentiment, which is consistent with mixed analyst estimates.
The stock also has a C grade for Quality, justified by its mixed profitability. Moreover, with a five-year beta of 1.64, the stock has earned a grade C for Stability.
Within the <a href="https://stocknews.com/category/biotech/">Biotech</a> industry, VCYT is ranked #60 out of 336 stocks.
Beyond what I have stated above, we have also given VCYT grades for Value, Momentum, and Quality. Get all VCYT ratings <a href="https://stocknews.com/stock/VCYT/">here</a>.
Bottom Line
VCYT exceeded analysts' revenue and earnings estimates in the first quarter of 2024, buoyed by strategic market expansion and robust clinical advancements. Despite significant improvement from the previous year's losses, the company continues to face a negative bottom line.
As Veracyte navigates the dynamic landscape of genomic diagnostics, it's crucial to assess whether its innovative approach and strong market position make it a smart bet for investors looking to capitalize on the growth of genetic testing.
Given VCT's elevated valuation and uncertain near-term outlook, waiting for a better entry point in this stock seems wise now.
How Does Corsair Gaming, Inc. (VCYT) Stack Up Against Its Peers?
While VCYT has an overall grade of C, equating to a Neutral rating, you may check out these A (Strong Buy) rated stocks within the <a href="https://stocknews.com/category/biotech/">Biotech</a> industry: Gilead Sciences, Inc. (<a href="https://stocknews.com/stock/GILD/">GILD</a>), Nippon Shinyaku Co., Ltd. (<a href="https://stocknews.com/stock/NPPNY/">NPPNY</a>), and Sino Biopharmaceutical Limited (<a href="https://stocknews.com/stock/SBHMY/">SBHMY</a>).
To explore more A and B-rated biotech stocks, <a href="https://stocknews.com/category/biotech/">click here</a>.
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VCYT shares were trading at $21.47 per share on Friday afternoon, down $0.00 (0.00%). Year-to-date, VCYT has declined -21.96%, versus a 17.16% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/vcyt-gild-nppny-sbhmy-is-veracyte-a-smart-bet-in-genomic-diagnostics/>Is Veracyte a Smart Bet in Genomic Diagnostics?</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

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Nippon Shinyaku

Nippon Shinyaku Reports FDA Approves Targeted Treatment For Rare Duchenne Muscular Dystrophy Mutation

During Wednesday&#39;s morning session, 27 stocks hit new 52-week highs.

<h3>Things to Consider:</h3>

<ul>
	<li>The largest company by market cap to set a new 52-week high was Oriental Land (OTC:<a class="ticker" href="/stock/OLCLF#OTC">OLCLF</a>).</li>
	<li>The company with the smallest market cap to set a new 52-week high was Reliability (OTC:<a class="ticker" href="/stock/RLBY#OTC">RLBY</a>).</li>
	<li>Dova Pharmaceuticals (NASDAQ:<a class="ticker" href="/stock/DOVA#NASDAQ">DOVA</a>) shares suffered the most, as they hit a 52-week high but moved 0.91% down thereafter.</li>
</ul>

The stocks that set new 52-week highs as of 10am on Wednesday are the following:

<ul>
	<li>Oriental Land (OTC:<a class="ticker" href="/stock/OLCLF#OTC">OLCLF</a>) shares reached a new 52-week high of $153.39 on Wednesday morning, moving up 4.35%.</li>
	<li>HCP (NYSE:<a class="ticker" href="/stock/HCP#NYSE">HCP</a>) shares were up 0.14% on Wednesday to hit a new 52-week high of $36.08 for a change of up 0.14%.</li>
	<li>Lennar (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/len-b#NYSE">LEN-B</a>) shares hit $56.37 on Wednesday morning, setting a new 52-week high for a change of up 1.49%.</li>
	<li>Lennar (NYSE:<a class="ticker" href="/stock/LEN#NYSE">LEN</a>) shares reached a new 52-week high of $44.68 on Wednesday morning, moving up 1.21%.</li>
	<li>Anglo American Platinum (OTC:<a class="ticker" href="/stock/ANGPY#OTC">ANGPY</a>) stock made a new 52-week high of $64.15 Wednesday. The stock was up 6.38% for the day.</li>
	<li>Anglo American Platinum (OTC:<a class="ticker" href="/stock/AGPPF#OTC">AGPPF</a>) shares set a new 52-week high of $10.54 on Wednesday, moving up 4.03%.</li>
	<li>Ajinomoto Co (OTC:<a class="ticker" href="/stock/AJINF#OTC">AJINF</a>) shares hit a yearly high of $18.78. The stock traded up 0.11% on the session.</li>
	<li>PulteGroup (NYSE:<a class="ticker" href="/stock/PHM#NYSE">PHM</a>) shares were down 0.91% for the day, having made a 52-week high of $36.71.</li>
	<li>Flutter Entertainment (OTC:<a class="ticker" href="/stock/PDYPY#OTC">PDYPY</a>) shares hit $50.62 on Wednesday morning, setting a new 52-week high for a change of up 6.93%.</li>
	<li>Flutter Entertainment (OTC:<a class="ticker" href="/stock/PDYPF#OTC">PDYPF</a>) shares achieved a new 52-week high on Wednesday morning, hitting $100.30 with a daily change of up 6.82%.</li>
	<li>NagaCorp (OTC:<a class="ticker" href="/stock/NGCRF#OTC">NGCRF</a>) stock made a new 52-week high of $1.69 Wednesday. The stock was up 4.32% for the day.</li>
	<li>McDonald&#39;s Holdings (OTC:<a class="ticker" href="/stock/MDNDF#OTC">MDNDF</a>) shares broke to $49.61 on Wednesday, setting a new 52-week high with a change of up 5.85%.</li>
	<li>Nippon Shinyaku (OTC:<a class="ticker" href="/stock/NPPNY#OTC">NPPNY</a>) shares hit $21.45 on Wednesday morning, setting a new 52-week high for a change of up 6.92%.</li>
	<li>Impala Platinum Holdings (OTC:<a class="ticker" href="/stock/IMPUY#OTC">IMPUY</a>) shares broke to a new 52-week high of $6.50 on Wednesday. Shares of the company traded up 3.51%.</li>
	<li>Sibanye-Stillwater (OTC:<a class="ticker" href="/stock/SBGLF#OTC">SBGLF</a>) shares were up 4.74% on Wednesday to hit a new 52-week high of $5.92 for a change of up 4.74%.</li>
	<li>Sibanye-Stillwater (NYSE:<a class="ticker" href="/stock/SBGL#NYSE">SBGL</a>) stock set a new 52-week high of $1.45 Wednesday morning. Over the session, the stock traded up 1.43%.</li>
	<li>MOSENERGO (OTC:<a class="ticker" href="/stock/AOMOY#OTC">AOMOY</a>) shares broke to a new 52-week high of $1.65 on Wednesday. Shares of the company traded up 8.55%.</li>
	<li>Tetragon Financial Group (OTC:<a class="ticker" href="/stock/TGONF#OTC">TGONF</a>) shares were flat% on Wednesday to hit a new 52-week high of $12.35 for a change of flat%.</li>
	<li>SMA Solar Technology (OTC:<a class="ticker" href="/stock/SMTGF#OTC">SMTGF</a>) shares reached a new 52-week high of $27.92 on Wednesday morning, moving up 9.02%.</li>
	<li>Dova Pharmaceuticals (NASDAQ:<a class="ticker" href="/stock/DOVA#NASDAQ">DOVA</a>) shares reached a new 52-week high of $28.12 on Wednesday morning, moving up 0.38%.</li>
	<li>ELMOS Semiconductor (OTC:<a class="ticker" href="/stock/ELCTF#OTC">ELCTF</a>) shares were up 13.82% on Wednesday morning to hit a new 52-week high of $28.00.</li>
	<li>Denmark Bancshares (OTC:<a class="ticker" href="/stock/DMKBA#OTC">DMKBA</a>) stock hit a yearly high price of $26.51. The stock was flat% for the day.</li>
	<li>Perma-Fix Environmental (NASDAQ:<a class="ticker" href="/stock/PESI#NASDAQ">PESI</a>) shares hit a new 52-week high of $4.81. The stock traded up 0.21% on the session.</li>
	<li>Sernova (OTC:<a class="ticker" href="/stock/SEOVF#OTC">SEOVF</a>) stock on Wednesday broke to a yearly high of $0.22. Shares traded up 2.79%.</li>
	<li>Athabasca Minerals (OTC:<a class="ticker" href="/stock/ABCAF#OTC">ABCAF</a>) shares set a new yearly high of $0.60 this morning. The stock was flat% on the session.</li>
	<li>Pinnacle Bank Oregon (OTC:<a class="ticker" href="/stock/PNNB#OTC">PNNB</a>) shares reached a new 52-week high of $0.21 on Wednesday morning, moving up 1580.0%.</li>
	<li>Reliability (OTC:<a class="ticker" href="/stock/RLBY#OTC">RLBY</a>) shares achieved a new 52-week high on Wednesday morning, hitting $0.21 with a daily change of up 65.0%.</li>
</ul>

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