Latest news for Newborn Town (OTC:NWBTF) Stock

Newborn Town Inc is a mobile app developer and mobile advertising platform services. The company operates through two segments namely, and Social networking business. The company generates the majority of revenue from the Social networking business segment.

Newborn Town Inc

T. Rowe Price Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROW#NASDAQ">TROW</a>) will release its second quarter financial results, after the <a href="https://www.benzinga.com/quote/trow/earnings">closing bell on Friday, July 26.</a>
Analysts expect the Baltimore, Maryland-based company to report quarterly earnings at $2.27 per share, up from $2.02 per share in the year-ago period. T. Rowe Price is expected to post revenue of $1.79 billion, compared to $1.62 billion a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 11, T. Rowe Price Group reported preliminary month-end assets under management of $1.57 trillion as of June 30, 2024.
T. Rowe Price shares gained 1% to close at $115.49 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TROW/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Keefe, Bruyette &amp; Woods analyst Aidan Hall maintained a Market Perform rating and raised the price target from $120 to $121 on July 12. This analyst has an accuracy rate of 66%.</li>
<li>Evercore ISI Group analyst Glenn Schorr maintained an In-Line rating and slashed the price target from $110 to $107 on April 30. This analyst has an accuracy rate of 66%.</li>
<li>Morgan Stanley analyst Michael Cyprys maintained an Equal-Weight and boosted the price target from $114 to $125 on April 17. This analyst has an accuracy rate of 67%.</li>
<li>UBS analyst Brennan Hawken maintained a Sell rating and boosted the price target from $100 to $109 on April 12. This analyst has an accuracy rate of 71%.</li>
<li>Citigroup analyst Chris Allen maintained a Neutral rating and raised the price target from $110 to $125 on April 5. This analyst has an accuracy rate of 76%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>

Earnings

News

Price Target

Markets

Analyst Ratings

Trading Ideas

TROW

Top Wall Street Forecasters Revamp T. Rowe Price Expectations Ahead Of Q2 Earnings

Buybacks

HTBK

Reported Earlier, Heritage Commerce Authorizes $15M Share Repurchase Program

Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) reported quarterly earnings of $0.15 per share which missed the analyst consensus estimate of $0.18 by 16.67 percent. This is a 44.44 percent decrease over earnings of $0.27 per share from the same period last year. The company reported quarterly sales of $41.73 million which beat the analyst consensus estimate of $40.90 million by 2.03 percent. This is a 13.72 percent decrease over sales of $48.37 million the same period last year.

Heritage Commerce Q2 EPS $0.15 Misses $0.18 Estimate, Sales $41.73M Beat $40.90M Estimate

Commencing with its&nbsp;first quarter&nbsp;of fiscal year 2025, the company will report its financial results based on two new reportable segments:&nbsp;Communication Services&nbsp;and&nbsp;Defense and Advanced Technologies.

VSAT

Reported Earlier, Viasat Streamlines Reporting Segments To Better Reflect Diverse Markets, Focuses On Communication Services And Defense

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) to report quarterly earnings at $1.63 per share on revenue of $11.55 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Bristol-Myers Squibb shares fell 0.4% to $45.10 in after-hours trading.</li>
<li>Deckers Outdoor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) reported better-than-expected results for the first quarter. The company said it still expects net sales to increase approximately 10% year-over-year in fiscal year 2025 to $4.7 billion. Deckers Outdoor shares jumped 10.2% to $927.00 in the after-hours trading session.</li>
<li>Analysts are expecting 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) to post quarterly earnings at $1.68 per share on revenue of $5.88 billion. The company will release earnings before the markets open. 3M shares rose 0.01% to $103.40 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Skechers U.S.A., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39972642/skechers-reports-q2-results-heres-the-details">posted downbeat earnings</a> and sales results for its second quarter. However, the company raised its FY 2024 sales guidance and reported a new $1 billion share repurchase program. Skechers shares gained 2% to $65.01 in the after-hours trading session.</li>
<li>Analysts expect Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) to post quarterly earnings at $7.98 per share on revenue of $13.59 billion before the opening bell. Charter Communications shares gained 0.8% to close at $315.23 on Thursday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

CHTR

DECK

Bristol-Myers Squibb, Deckers Outdoor And 3 Stocks To Watch Heading Into Friday

Elon Musk&#8216;s rocket manufacturing company SpaceX is gearing up to resume launch operations after a two-week-long pause. 
What Happened: SpaceX launched Falcon 9 with 20 Starlink satellites from California on July 11. However, the Starlink satellites were deployed in a <a href="https://www.benzinga.com/news/24/07/39766325/starlink-satellites-from-thursdays-launch-will-fully-demise-in-earths-atmosphere-says-elon-musks-spa">lower-than-intended orbit </a>owing to an issue with the rocket's second-stage engine. The company&#8217;s launch operations have been on hold since. 
The company subsequently conducted an investigation with oversight from the Federal Aviation Administration (FAA) and has identified the most probable cause of the mishap, it said on Thursday. Necessary design changes have also been deployed to prevent a recurrence of the issue.
&#8220;Safety and reliability are at the core of SpaceX's operations. It would not have been possible to achieve our current cadence without this focus, and thanks to the pace we've been able to launch, we're able to gather unprecedented levels of flight data and are poised to rapidly return to flight, safely and with increased reliability,&#8221;&nbsp;SpaceX said.
The company is now looking to resume launch activities, starting as soon as Saturday, July 27. 
As for the Starlink satellites that were deployed in a lower-than-intended orbit on the last launch, they <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948582/cat-in-a-dogs-world-outsmarts-dogecoin-shiba-inu-emerges-as-top-coin-for-the-week-whats-go">re-entered Earth&#8217;s atmosphere</a> and were fully demised upon reentry, SpaceX said. No debris has been reported to date, it added. 
Why It Matters:&nbsp;SpaceX&nbsp;<a href="https://www.benzinga.com/news/24/07/39612042/elon-musks-spacex-launches-67-missions-in-first-half-of-2024-trailing-own-targets" target="_blank" rel="noreferrer noopener">completed 67 missions</a>&nbsp;using its Falcon launch vehicles as of the end of the second quarter, with Falcon 9 alone accounting for 66 launches.&nbsp;&nbsp;The company is looking to launch 144 times in 2024, averaging twelve times per month.
The two-week-long pause poses a major threat to SpaceX&#8217;s launch targets, with the company having launched only three missions in July thus far.
On its upcoming flight planned for July 27, the company is looking to launch 23 Starlink satellites to low-Earth orbit aboard a Falcon 9 launch vehicle from Florida. 
Starlink is the satellite internet segment of Musk's SpaceX. It achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39950408/elon-musk-agrees-with-former-executive-who-thinks-everyone-has-strong-opinions-on-tesla-unlike-in-th" target="_blank" rel="noreferrer noopener">Elon Musk Agrees With Former Executive Who Thinks ‘Everyone&#8217; Has ‘Strong&#8217; Opinions On Tesla Unlike In The Case Of Eli Lilly And LVMH</a></li>
</ul>
Photo courtesy: SpaceX

SPACE

Tech

Elon Musk's SpaceX To Resume Launch Operations Two Weeks After Mishap Involving 20 Starlink Satellites

Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) reported quarterly earnings of $0.28 per share which missed the analyst consensus estimate of $0.29 by 3.45 percent. This is a 1033.33 percent increase over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $277.10 million which beat the analyst consensus estimate of $257.17 million by 7.75 percent. This is a 59.90 percent increase over sales of $173.30 million the same period last year.

Buenaventura Mining Co Q2 EPS $0.28 Misses $0.29 Estimate, Sales $277.10M Beat $257.17M Estimate

3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) will release its financial results for the second quarter, before the <a href="https://www.benzinga.com/quote/MMM/earnings">opening bell on Friday, July 26.</a>
Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings at $1.68 per share, down from $2.17 per share in the year-ago period. 3M is expected to post revenue of $5.88 billion, compared to $7.87 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 16, 3M completed a strategic investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production.
3M shares rose 0.1% to close at $103.39 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/MMM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Julian Mitchell maintained an Overweight rating and raised the price target from $118 to $120 on July 10. This analyst has an accuracy rate of 77%.</li>
<li>Wells Fargo analyst Joe O'Dea maintained an Equal-Weight rating and increased the price target from $100 to $110 on July 10. This analyst has an accuracy rate of 81%.</li>
<li>B of A Securities analyst Andrew Obin upgraded the stock from Neutral to Buy and boosted the price target from $105 to $120 on June 7. This analyst has an accuracy rate of 71%.</li>
<li>Vertical Research analyst Jeffrey Sprague upgraded the stock from Hold to Buy and raised the price target from $92 to $140 on May 16. This analyst has an accuracy rate of 79%.</li>
<li>Citigroup analyst Andrew Kaplowitz maintained a Neutral rating and increased the price target from $98 to $100 on May 1. This analyst has an accuracy rate of 86%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>

3M Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Epic Games has announced that its flagship game, Fortnite, will soon be available for download on Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and iPads <a href="https://www.benzinga.com/news/24/07/39654022/apple-approves-epic-games-marketplace-app-in-europe-amid-ongoing-feud">in the EU</a>. However, the company has also decided to pull out its game from Samsung Electronics&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) Galaxy Store.
What Happened: On Thursday, the Fortnite maker announced this latest development adding that the company plans to expand the availability of its mobile games, including Fortnite, to other app stores.
&#8220;We will be ending distribution partnerships with mobile stores that serve as rent collectors without competing robustly and serving all developers fairly, even if those stores offer us a special deal for our own games,&#8221; Epic said in a press release.
Epic also announced that its mobile games will be accessible on AltStore, a third-party store that permits side-loading, on iOS in the EU. The company also intends to extend support to at least two other third-party stores.
See Also: <a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8221;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;</a>
Meanwhile, the company&#8217;s move to exit the Samsung Galaxy Store comes as a protest against the smartphone maker&#8217;s decision to prevent side-loading by default on Android devices.
&#8220;In sad news, we are today announcing that Fortnite and our other games will be leaving the Samsung Galaxy Store in protest of Samsung&#8217;s anticompetitive decision to&nbsp;block side-loading&nbsp;by default on Samsung Android devices,&#8221; Epic 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: The latest development comes amid the company&#8217;s ongoing legal battle with Apple. The gaming company has been challenging the high commissions on in-app purchases and the restriction on users to download apps only <a href="https://www.benzinga.com/news/24/07/39646883/fortnite-maker-epic-games-accuses-apple-of-blocking-its-game-store-launch">through the App Store</a>.
Earlier in July,&nbsp;Apple had approved Epic Games&#8217;&nbsp;marketplace app&nbsp;for&nbsp;iPhones and iPads in Europe. This came after <a href="https://www.benzinga.com/general/gaming/24/03/37517484/apple-terminates-epic-games-developer-account-in-ongoing-feud-over-app-store-fees">Epic accused the company</a> of obstructing its efforts to launch a game store on Apple devices.
The Epic Games Store will be launched globally on Android and iOS in the EU. The timeline for this, however, remains unspecified. Last month, Epic announced that the company&#8217;s marketplace and Fortnite will be <a href="https://www.benzinga.com/general/gaming/24/06/39340107/epic-games-store-and-fortnite-coming-to-ios-in-japan-by-late-2025">accessible on iOS in Japan</a> by late 2025.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Slams Tim Cook's Apple After Cupertino Reportedly Rejected Its iPhone AI Partnership Proposal: ‘They Wanted To Put Us In A Box…'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Gaming

AAPL

SSNLF

Fortnite Is Coming Back To Apple's iPhones, Including Alternative App Stores, But There's A Catch

Community Healthcare Trust increased its common stock cash dividend for the quarter ended&nbsp;June 30, 2024. This dividend, in the amount of&nbsp;$0.4625&nbsp;per share, is payable on&nbsp;August 23, 2024&nbsp;to shareholders of record on&nbsp;August 9, 2024. This dividend rate equates to an annualized dividend of&nbsp;$1.85&nbsp;per share. Community Healthcare Trust Incorporated has increased its dividend every quarter since its Initial Public Offering.

Dividends

CHCT

Reported Earlier, Community Healthcare Trust Increased Its Second Quarter Dividend To $0.4625 From $0.46 In Prior Quarter, Payable August 23, 2024

Peoples Financial Servs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFIS#NASDAQ">PFIS</a>) reported quarterly earnings of $0.59 per share which beat the analyst consensus estimate of $0.52 by 13.46 percent. This is a 54.96 percent decrease over earnings of $1.31 per share from the same period last year. The company reported quarterly sales of $22.46 million which missed the analyst consensus estimate of $23.50 million by 4.44 percent. This is a 12.44 percent decrease over sales of $25.65 million the same period last year.

PFIS

Reported Thursday, Peoples Financial Servs Q2 Adj. EPS $0.59 Beats $0.52 Estimate, Sales $22.46M Miss $23.50M Estimate

CREV

Reported Earlier, Carbon Revolution Teams Up With GM Providing Carbon Fiber Wheels For Chevrolet Corvette ZR1

Jersey City mayor Steven Fulop announced allocating a portion of the city's pension fund to <a href="https://www.benzinga.com/topic/bitcoin-etf">Bitcoin spot exchange-traded funds</a> (ETF,) becoming just the second pension fund after Wisconsin to get exposure to the price moves of the apex cryptocurrency.
What Happened: The mayor informed Thursday that the pension fund is updating paperwork with the Securities and Exchange Commission (SEC) to invest in the investment vehicles that have been trading on US stock markets since early January. 
Fulop, however, didn't mention which ETF the funds will be allocated to, or the exact allocation percentage. He said that the allocation would be in line with the 2% allocation done by the Wisconsin Pension Fund in May.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Notable: the Mayor of Jersey City here announcing the pension is making an allocation to Bitcoin ETFs.. this would be the second pension after Wisconsin to report ownership. <a href="https://t.co/4J8qbprmj4">https://t.co/4J8qbprmj4</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1816555277900218600?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In a clear endorsement of cryptocurrencies, Fulop remarked, "I've been a long time believer (through ups/downs) in crypto but Broadly, beyond crypto I do believe blockchain is amongst the most important new technology innovations since the internet."
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922885/peter-schiff-polls-hodlers-asks-if-theyll-sell-if-bitcoin-slips-below-15k-heres-how-they-r">Peter Schiff Polls HODLers, Asks If They&#8217;ll Sell If Bitcoin Slips Below $15K &#8211; Here&#8217;s How They Responded</a>
Why It Matters: The announcement by the Jersey City mayor comes two months after the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38821194/wisconsin-invests-nearly-100m-in-blackrocks-spot-bitcoin-etf">State of Wisconsin Investment Board's $160 million investment </a>in Bitcoin ETFs.&nbsp;
The board bought shares worth $99 million in BlackRock's iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) and approximately $64 million in Grayscale's Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>).
Notably, since the purchase, IBIT shares have plunged more than 6%, while GBTC has popped 4.7%.
The ETFs were approved this January, allowing equity investors to gain exposure to the price movements of bitcoin. Since launch, the 11 ETFs have raked in more than $17.54 billion in net inflows, <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">according </a>to SoSo Value.
Price Action: At the time of writing, Bitcoin was trading at $66,945.99, up 4.15% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/39976208/bitcoin-etfs-in-japan-franklin-templeton-partners-with-sbi-holdings-to-launch-digital-asset-manageme">Bitcoin ETFs In Japan: Franklin Templeton Partners With SBI Holdings To Launch Digital Asset Management Company</a></li>
</ul>
Photo courtesy: Shutterstock

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

Cryptocurrency

GBTC

IBIT

Jersey City Pension Fund To Follow Wisconsin's Lead With Bitcoin ETF Investment: 'I've Been A Long Time Believer In Crypto,' Says Mayor Fulop

Immix Biopharma, Inc. (&quot;ImmixBio&quot;, &quot;Company&quot;, &quot;We&quot; or &quot;Us&quot;, &quot;IMMX&quot;) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMX#NASDAQ">IMMX</a>), a clinical-stage biopharmaceutical company trailblazing cell therapies in AL Amyloidosis and autoimmune disease, today announced that the California Institute for Regenerative Medicine (CIRM) has awarded Immix Biopharma cell therapy division Nexcella an&nbsp;$8 million&nbsp;CLIN2 grant award to support clinical development of chimeric antigen receptor T-cell (CAR-T) therapy NXC-201 for the treatment of relapsed/refractory AL Amyloidosis.

IMMX

Reported Earlier, Immix Biopharma Secures $8M Funding From California Institute For Regenerative Medicine For CAR-T NXC-201 Trial In AL Amyloidosis

A former janitor at Frito-Lay has filed a lawsuit against the company, saying that he was the mastermind behind the creation of the iconic Flamin&#8217; Hot Cheetos. The ex-employee, Richard Montañez, claims that his career suffered a significant setback after the company discredited his role in the snack&#8217;s inception.
What Happened: Montañez, who rose to the position of VP of sales at Frito-Lay, has taken legal action against the company and its parent, PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>), for allegedly distorting the history of Flamin&#8217; Hot Cheetos, <a href="https://www.washingtonpost.com/nation/2024/07/25/flamin-hot-cheetos-janitor-lawsuit/">reported</a> The Washington Post.
The lawsuit, filed in the San Bernardino Superior Court, accuses the companies of providing false information to the Los Angeles Times, which published an article undermining Montañez&#8217;s claim to the snack&#8217;s creation.
Montañez contends that this article led to a decline in his career as a public speaker and consultant, roles he took up after retiring from his 43-year tenure at Frito-Lay and PepsiCo in 2019. He alleges that the companies&#8217; &#8220;open racism and blatant lies&#8221; have severely impacted his professional opportunities.
"I created Flamin' Hot Cheetos not only as a product but as a movement and as a loyal executive for PepsiCo," Montañez said.&nbsp;
PepsiCo and Frito-Lay did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39931967/nvidia-mcdonalds-and-2-other-stocks-insiders-are-selling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, McDonald&#8217;s And 2 Other Stocks Insiders Are Selling</a>
Why It Matters: The Flamin&#8217; Hot Cheetos controversy has been a topic of debate for several years. Montañez, who claims to have invented the snack in the 1980s, has been celebrated for his rags-to-riches story, which was even adapted into a biopic. 
However, in 2018, a former Frito-Lay employee disputed Montañez&#8217;s account, sparking an internal investigation by the company. This investigation, as reported by the Los Angeles Times in 2021, found no evidence of Montañez&#8217;s involvement in the product&#8217;s development.
Despite the controversy, Flamin&#8217; Hot Cheetos have remained a billion-dollar brand for Frito-Lay and PepsiCo, inspiring a range of chile-flavored snacks and even influencing pop culture. 
The lawsuit comes at a time when PepsiCo is facing multiple challenges. Recently, the company reported weaker-than-expected revenue for the <a href="https://www.benzinga.com/news/earnings/24/07/39754325/these-analysts-slash-their-forecasts-on-pepsico-after-weak-revenue">second quarter of FY24</a>, with sales growth of just 0.8% year-on-year, missing analyst estimates. Despite this, the company managed to beat earnings expectations, with an adjusted EPS of $2.28.
Additionally, PepsiCo has been making strides in sustainability. The company recently partnered with Yara International ASA to <a href="https://www.benzinga.com/news/24/07/39795521/pepsico-teams-up-with-yara-to-reduce-crop-emissions-in-europe">reduce crop emissions</a> across Europe, aiming to decarbonize its food value chain.
Moreover, the company has faced setbacks in its North American market, particularly with its Quaker Foods North America division, which <a href="https://www.benzinga.com/news/earnings/24/07/39734040/pepsico-q2-earnings-beat-soft-qfna-results-hurt-stock">experienced product recalls</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39898236/jeff-bezos-era-downstream-impact-losing-its-mojo-amazon-ceo-andy-jassy-is-reportedly-rethinking-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Era &#8216;Downstream Impact&#8217; Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses</a></li>
</ul>
Photo courtesy: Frito-Lay
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Legal

Former Frito-Lay Janitor Says He Invented Flamin' Hot Cheetos, Sues Company For Defamation: Alleges 'Open Racism And Blatant Lies' Have Set Back His Career

If the Company is unable to regain compliance by January 15, 2025, the Company may, under certain circumstances, be eligible for an additional 180 calendar day period to demonstrate compliance with the minimum bid price requirement. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180 calendar day period, then Nasdaq will notify the Company of its determination to delist the ordinary shares, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel.

THCH

Reported Earlier, Tim Hortons China Exclusive Operator TH International Faces Nasdaq Delisting Threat Over Minimum Bid Price

Macro Economic Events

Econ #s

Economics

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Tokyo Core Consumer Price Index (YoY) For July 2.2% Vs. 2.2% Est.; 2.1% Prior

Tesla and SpaceX CEO Elon Musk and renowned author Stephen King have once again <a href="https://www.benzinga.com/news/23/11/35583364/stephen-king-thinks-twitter-rebranded-as-x-is-sh-but-elon-musks-tongue-in-cheek-reply-in-favor-of-it">engaged in a witty banter</a> on social media. This time it was a joke-off, where they both took turns telling jokes.
What Happened: On Thursday, the King of Horror, as the author is sometimes called, initiated the banter, jesting about an Italian chef&#8217;s demise and questioning Musk&#8217;s ability to match his humor.
&#8220;The Italian chef died. You could say he pasta-way. Can Elon tell jokes like that? I&#8217;m thinking no,&#8221; he posted on X, formerly Twitter.
In response, Musk posted a couple of jokes of his own. &#8220;What do you call a Great Dane eating a small piece of ham in a little village? Hamlet eating hamlet in a hamlet,&#8221; he posted.
<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">What do you call a Great Dane eating a small piece of ham in a little village? Hamlet eating hamlet in a hamlet.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1816568052596580476?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/07/39902838/broadcom-to-challenge-nvidia-dominance-analyst-says-jensen-huang-led-chip-giants-competitor-is-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Broadcom To Challenge Nvidia Dominance? Analyst Says Jensen Huang-Led Chip Giant&#8217;s Competitor Is &#8216;Catching Up&#8217;</a>
The tech mogul shared another joke, &#8220;My roommate says I'm a delusional schizophrenic. Jokes on him, I don't have a roommate!&#8221;
This humorous exchange came a day after King ribbed Musk about his acquisition of the social media platform. &#8220;Twitter-Twitter-Twitter. Sorry, Elon. You bought it. You&#8217;re stuck with it.&#8221;
At the time, Musk responded, &#8220;It hurts our feelings when you deadname.&#8221; The tech billionaire acquired Twitter for $44 billion in October 2022 and soon after rebranded the <a href="https://www.benzinga.com/markets/equities/23/09/34840454/formerly-twitter-fiasco-musks-x-faces-identity-crisis-on-apples-app-store">social media platform as X</a>.
<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">It hurts our feelings when you deadname &#x1f622;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1816211874012098692?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Why It Matters: This is not the first time Musk and King have engaged in social media exchanges. Last year, the two had a <a href="https://www.benzinga.com/news/23/07/33144100/elon-musk-and-stephen-king-engage-in-witty-twitter-exchange-over-mark-zuckerberg-rivalry">witty exchange</a> over the rivalry between Musk and Mark Zuckerberg. 
Earlier this month, Musk also reacted to <a href="https://www.benzinga.com/news/24/07/39667176/elon-musk-reacts-after-king-of-horror-says-its-time-for-biden-to-announce-he-will-not-run-for-re-ele">King&#8217;s post suggesting</a> that President Joe Biden should not run for re-election.
Musk <a href="https://www.benzinga.com/news/23/04/31929220/verified-denied-elon-musk-handpicks-twitter-blue-check-recipients-leaves-trump-bill-gates-and-others">personally covers the cost</a> of the X Blue subscription, which includes a blue checkmark for King, despite the latter's prior strong opposition to paying for it.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Slams Tim Cook&#8217;s Apple After Cupertino Reportedly Rejected Its iPhone AI Partnership Proposal: &#8216;They Wanted To Put Us In A Box…&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

TSLA

Elon Musk And Stephen King Entangle Again On X: This Time Horror King Challenges Techno King To A Joke-Off

In a massive endorsement for the world&#8217;s largest cryptocurrency, presidential candidate Robert F. Kennedy Jr. said he&#8217;d make the U.S. government buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) equivalent to the country&#8217;s gold reserves.
What Happened: Kennedy, who is running as an independent, expressed during an interview, his intent to persuade the federal government to amass Bitcoin until its holdings equaled the nation&#8217;s gold reserves.
It&#8217;s worth noting that the U.S. has the largest gold reserves of any country in the world, worth nearly $579 billion, <a href="https://www.gold.org/goldhub/data/gold-reserves-by-country">according </a>to the World Gold Council. This is equivalent to 43% of Bitcoin&#8217;s current global market cap.
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<iframe loading="lazy" title="The Real Bitcoin Candidate: Kennedy's Vision For The Future Of Bitcoin" width="500" height="281" src="https://www.youtube.com/embed/sDQ30-3REW4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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</figure>
It&#8217;s worth noting that 
In the interview moderated by YouTuber Scott Melker, Kennedy described Bitcoin as an &#8216;honest currency,&#8217; praising its decentralized nature for embodying democratic principles. He also dubbed that currency an &#8220;offramp to the inflationary highway.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
Why It Matters: These remarks come amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39914148/donald-trump-to-announce-a-strategic-bitcoin-reserve-crypto-bettors-think-its-unlikely-but">considerable speculations</a> that Republican presidential nominee Donald Trump will announce Bitcoin as a strategic reserve asset during the ongoing Bitcoin Conference 2024. Interestingly, Kennedy is also slated to speak at the marquee event.
Kennedy's pro-cryptocurrency stance is not new. Earlier in March, he blamed big banks for turning Congress members against Bitcoin and emphasized the need for transactional freedom.
Kennedy has also <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39103888/robert-kennedy-jr-applauds-trumps-crypto-commitment-expresses-hope-for-bidens-alignment">praised Trump&#8217;s pivot to a pro-cryptocurrency stance</a> during the Consensus 2024 conference in May.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,150.49, jumping 4.5% 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>. Memecoin themed on RFK, Kennedy Coin (CRYPTO: BOBBY) plunged 4.65% in the last 24 hours.
Photo by Ringo Chiu on Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39968581/could-a-bitcoin-treasury-fix-the-us-national-debt-one-trader-details-how-bitcoin-fixes-thi">Could A Bitcoin Treasury Fix The US National Debt? One Trader Details How &#8216;Bitcoin Fixes This&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$BTC

Robert Kennedy Jr. Proposes Bitcoin Purchase To Match US Gold Reserves: 'An Offramp To The Inflationary Highway'

Japan&#8217;s SBI Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBHGF#OTC">SBHGF</a>) has teamed up with U.S. investment firm Franklin Resources Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) subsidiary Franklin Templeton to establish a digital asset management company. This venture aims to prepare for the potential approval of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrency exchange-traded funds in Japan.
What Happened: The new company, in which SBI will hold a 51% stake and Franklin Templeton the remaining 49%, is set to launch as early as this year. With approximately $1.6 trillion in assets under management, Franklin Templeton is the world&#8217;s seventh-largest asset manager, <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Franklin-Templeton-and-SBI-team-up-to-bring-bitcoin-ETFs-to-Japan">reported</a> Nikkei on Friday.
While Franklin Templeton has traditionally focused on asset classes such as stocks and bonds, it has recently expanded into digital assets. 
The firm was among the first to venture into spot Bitcoin ETFs after they were approved by the U.S. Securities and Exchange Commission in January. The cumulative inflows into these ETFs have surpassed $16 billion in just over six months.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
Japan is yet to approve Bitcoin ETFs, but the new company is poised to launch crypto ETF products as soon as the Financial Services Agency gives the green light. The joint venture is also expected to offer digital asset securities, an area where Franklin Templeton has already made significant headway.
Why It Matters: The collaboration between SBI Holdings and Franklin Templeton comes at a time when the cryptocurrency market is experiencing significant developments globally. 
In January, the SEC approved a Bitcoin ETF, marking a pivotal moment in the history of cryptocurrencies. This decision has been seen as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36792534/exclusive-secs-green-light-to-bitcoin-etf-is-2024-a-new-era-for-cryptocurrencies">major step towards mainstream acceptance</a> and could potentially unlock a new wave of institutional investment in the crypto sector.
In June, Australia saw the listing of its first-ever Bitcoin spot ETF on <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39404023/first-ever-bitcoin-spot-etf-start-trading-on-australias-main-stock-market-investors-get-ex">its main stock market</a>, further boosting the cryptocurrency sector. The VanEck Bitcoin ETF, with a seed investment of nearly $657,000, made its debut on the Australian Securities Exchange.
Additionally, in July, Hong Kong launched Asia&#8217;s first <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883795/hong-kong-launches-asias-first-bitcoin-futures-inverse-product">Bitcoin futures inverse product</a>, marking a new milestone in the evolution of crypto-based financial instruments in the region. 
With the approval of Bitcoin ETFs, investors can now include this digital asset in their portfolios through traditional brokerage accounts, similar to how they invest in stocks or bonds. For <a href="https://benzinga.com/money/best-spot-bitcoin-etfs">those looking to diversify</a>, options include Fidelity Wise Origin Bitcoin Fund Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>), ProShares Bitcoin Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITO#NYSE">BITO</a>), Valkyrie Bitcoin and Ether Strategy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTF#NASDAQ">BTF</a>), VanEck Bitcoin Trust Common Shares of Beneficial Interest (BATS:<a class="ticker" href="https://www.benzinga.com/stock/HODL#BATS">HODL</a>), ARK 21Shares Bitcoin ETF Common Shares of Beneficial Interests (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>), Franklin Templeton Digital Holdings Trust Shares of Franklin Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/EZBC#BATS">EZBC</a>), and iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>).
Price Action: Bitcoin traded at $67,027.60 today, up 1.87%. Year to date, Bitcoin has increased by $22,855.60, or 51.74%, 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/equities/24/07/39947663/peter-schiff-says-americans-are-broke-points-to-fords-dismal-q2-profit-they-cant-afford-to-buy-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Americans Are Broke&#8217; — Points To Ford&#8217;s Dismal Q2 Profit: &#8216;They Can&#8217;t Afford To Buy New Cars&#8217; Due To Interest Rates</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>

Asia

Global

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

BITO

Franklin Bitcoin ETF Franklin Bitcoin ETF

EZBC

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

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