Overlay Shares Large Cap Equity ETF (ARCA: OVL)

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The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of U.S. large cap equity securities or directly in the securities held by such ETFs (collectively, the Underlying Investments) and (ii) selling and purchasing listed short-term put options to generate income to the Fund (the Overlay Strategy).

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Overlay Shares Large Cap Equity ETF

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Beating the S&amp;P 500 consistently is something many investors dedicate their lives to, but few are able to reach the lofty goal. Often just called “the S&amp;P,&#34; this index has cemented its place as the primary

These 3 Active ETFs Beat the S&amp;P 500 Over the Last Five Years

Overlay Shares Hedged Large Cap Equity ETF

Oak Valley Bancorp

VivoPower International PLC (Nasdaq: "VVPR") (the "Company" or "VivoPower") is on track to file its Annual Report on Form 20-F for the fiscal year ending June 30, 2024, no later than November 29, 2024, in compliance with NASDAQ's filing requirements.
The delay in filing the Form 20-F has been primarily due to significant strategic changes, including the sale of the Aevitas critical power businesses, the business combination agreement involving Tembo e-LV B.V. and Cactus Acquisition Corp. 1 Ltd., and other previously announced updates. Additionally, the Company's management and auditors have been focussed on completing the audited accounts for Tembo e-LV B.V. ("Tembo"), a subsidiary of VivoPower, which are required to be included in the Registration Statement on Form F-4 to be filed in connection with Tembo's business combination with Cactus Acquisition Corp. 1 Ltd.
VivoPower anticipates filing the Form 20-F no later than November 29, 2024.
Upon filing the Form 20-F Annual Report, the Company will be able to proceed with its annual shareholder update call. Details of the call will be provided separately and will be available on the Company's website. VivoPower aims to release this information before Friday, December 6, 2024.

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VVPR

VivoPower Targets November 29 for Form 20-F Filing Amid Strategic Changes and Tembo Business Updates, Prepares for Shareholder Update Call in December

Edwards Lifesciences (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) today announced one-year data highlighting the continued outstanding performance of its SAPIEN 3 Ultra RESILIA valve. The data were presented at PCR London Valves 2024 and simultaneously published in the Journal of the American College of Cardiology (JACC): Cardiovascular Interventions.
An analysis of data from more than 9,000 propensity-matched patients in the STS/ACC TVT Registry1 demonstrated that those who received Edwards' newest generation SAPIEN 3 Ultra RESILIA valve experienced outstanding one-year outcomes that continuously surpassed recipients of the earlier generation SAPIEN 3 and SAPIEN 3 Ultra valves. Patients receiving the SAPIEN 3 Ultra RESILIA valve experienced extremely low mortality, low rates of reintervention, larger effective orifice areas, lower echo-derived gradients across all valve sizes and no paravalvular leak in 84.4% of cases.
"These strong, real-world data continue to demonstrate that patients treated with a SAPIEN valve experience excellent outcomes with rapid recovery and improved quality of life," said Larry Wood, Edwards' corporate vice president and group president, transcatheter aortic valve replacement and surgical structural heart. "These data add to the immense body of evidence with multiple years of follow up on the Edwards SAPIEN valve platform and more than 10 years of clinical experience with the RESILIA tissue."
Patients in the SAPIEN 3 Ultra RESILIA valve cohort, who had an average STS score of 3.6 and average age of 77, experienced meaningful quality of life benefits with a clinically significant average 31-point increase in KCCQ2 score and one-day length of hospital stay with 93% discharged to their homes.
"This is the first large-population study that showed the latest generation SAPIEN 3 Ultra RESILIA valve results in improved 1-year survival after TAVR versus prior generation valves, given it reduces mild or greater paravalvular leak," said Gilbert Tang, MD, MSc, MBA, Surgical and Academic Director of the Structural Heart Program for the Mount Sinai Health System and Professor and Vice-Chair of Innovation in Cardiovascular Surgery at the Icahn School of Medicine at Mount Sinai. "This finding particularly affected low surgical risk patients, where the impact would matter more because of their longer life expectancies."
Dr. Tang is a consultant for Edwards Lifesciences. 1 The STS/ACC TVT Registry is a collaboration between the Society of Thoracic Surgeons (STS) and the American College of Cardiology (ACC). 2 The Kansas City Cardiomyopathy Questionnaire (KCCQ) is a 23-item survey that measures the impact of heart failure on a patient's quality of life, symptoms, and physical function.

Edwards Lifesciences' SAPIEN 3 Ultra RESILIA Valve Shows One-Year Outcomes: Data Presented at PCR London Valves

Highlights for the Quarter Ended September 30, 2024
<ul>
<li>Transaction volume was 7,046 units for the three months ended September 30, 2024, an increase of 25.7% from 5,605 units in the last quarter and an increase of 81.4% from 3,884 units in the same period last year.</li>
<li>Retail transaction volume was 6,005 units, an increase of 46.8% from 4,090&nbsp;units in the last quarter and an increase of 162.6% from 2,287 units in the same period last year.</li>
</ul>

Earnings

UXIN

Uxin Limited Reported Q2 Transaction Volume Of 7,046 Units, Up 81.4% YoY, Retail Transaction Volume Of 6,005 Units, Up By 162.6% YoY

Business Outlook
For the three months ending December 31, 2024, the Company expects its retail transaction volume to be within the range of 7,800 units to 8,100 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to be within the range of RMB560 million to RMB580 million. The Company expects its Non-GAAP adjusted EBITDA to be positive. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.

Guidance

Uxin Limited Expects Q3 Revenue Of RMB560M-RMB580M, Positive Adj EBITDA

Uxin Q2 Sales $70.85M Up From $48.80M YoY

<h3>Companies Reporting Before The Bell</h3>
• Alarum Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAR#NASDAQ">ALAR</a>) is likely to report quarterly earnings at $0.04 per share on revenue of $7.00 million. 
• BioLine Rx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLRX#NASDAQ">BLRX</a>) is expected to report quarterly loss at $0.10 per share on revenue of $4.12 million. 
• Uxin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NASDAQ">UXIN</a>) is estimated to report earnings for its second quarter. 
• Super Hi International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HDL#NASDAQ">HDL</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $227.49 million. 
• Diana Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DSX#NYSE">DSX</a>) is estimated to report quarterly earnings at $0.09 per share on revenue of $68.00 million. 
• Bath &amp; Body Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $1.58 billion. 
• Freightos (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRGO#NASDAQ">CRGO</a>) is expected to report quarterly loss at $0.16 per share on revenue of $5.95 million. 
<h3>Companies Reporting After The Bell</h3>
• BBB Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TBBB#NYSE">TBBB</a>) is estimated to report quarterly earnings at $0.03 per share on revenue of $776.51 million. 
• Agilent Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) is estimated to report quarterly earnings at $1.40 per share on revenue of $1.67 billion. 
• Central Garden &amp; Pet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CENTA#NASDAQ">CENTA</a>) is likely to report quarterly loss at $0.22 per share on revenue of $706.77 million. 
• Central Garden &amp; Pet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CENT#NASDAQ">CENT</a>) is projected to report quarterly loss at $0.20 per share on revenue of $707.30 million. 
• LexinFintech Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LX#NASDAQ">LX</a>) is estimated to report earnings for its third quarter. 
• Hesai Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSAI#NASDAQ">HSAI</a>) is projected to report quarterly loss at $0.02 per share on revenue of $69.82 million. 
• Leslies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LESL#NASDAQ">LESL</a>) is projected to report quarterly earnings at $0.11 per share on revenue of $404.09 million. 
• Semtech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) is estimated to report quarterly earnings at $0.23 per share on revenue of $232.90 million. 
• Agora (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/API#NASDAQ">API</a>) is estimated to report quarterly loss at $0.04 per share on revenue of $40.00 million. 
• Fluence Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) is estimated to report quarterly earnings at $0.30 per share on revenue of $1.31 billion. 
• Zoom Video Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) is expected to report quarterly earnings at $1.31 per share on revenue of $1.16 billion. 
• Woodward (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is likely to report quarterly earnings at $1.25 per share on revenue of $812.95 million. 
• Blue Bird (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBD#NASDAQ">BLBD</a>) is expected to report quarterly earnings at $0.67 per share on revenue of $324.70 million. 
• Grupo Supervielle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SUPV#NYSE">SUPV</a>) is estimated to report quarterly earnings at $0.20 per share on revenue of $199.08 million. 
• New Jersey Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NJR#NYSE">NJR</a>) is projected to report quarterly earnings at $0.88 per share on revenue of $407.00 million. 
• Pennant Park Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNNT#NYSE">PNNT</a>) is expected to report quarterly earnings at $0.22 per share on revenue of $36.14 million. 
• PennantPark Floating Rate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFLT#NYSE">PFLT</a>) is projected to report quarterly earnings at $0.32 per share on revenue of $48.95 million. 
• Enanta Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENTA#NASDAQ">ENTA</a>) is likely to report quarterly loss at $1.16 per share on revenue of $17.93 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ALAR

BBWI

BLBD

BLRX

CENT

CENTA

CRGO

ENTA

FLNC

HSAI

LESL

PFLT

PNNT

SMTC

SUPV

TBBB

Earnings Scheduled For November 25, 2024

President-elect Donald Trump&#8217;s pick for Commerce Secretary, Howard Lutnick, is in the process of forging a multi-billion dollar deal with Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), the company behind the world&#8217;s largest stablecoin by market capitalization.
What happened: Cantor Fitzgerald, a financial services firm led by Lutnick, is planning to launch a program with Tether&#8217;s support that would lend dollars to clients who pledged Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as collateral, according <a href="https://www.bloomberg.com/news/articles/2024-11-24/lutnick-s-cantor-in-talks-with-tether-about-bitcoin-lending-program-usdt">to</a> a Bloomberg, citing sources familiar with the matter.
The funding for the program is expected to start at $2 billion, eventually running up to &#8220;tens of billions.&#8221;
Both Cantor and Tether didn&#8217;t immediately return <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request to confirm the report.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;&#x1f4af; <a href="https://t.co/PzkLsmVFz7">https://t.co/PzkLsmVFz7</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1860470986438545485?ref_src=twsrc%5Etfw">November 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155055/crypto-analyst-bitcoin-poised-to-skyrocket-to-180k-and-eventually-top-1m">Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and &#8216;Eventually&#8217; Top $1M</a>
Why It Matters: Cantor has been Tether&#8217;s Wall Street banker, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40423424/donald-trump-names-howard-lutnick-to-lead-transition-team-heres-what-it-means-for-crypto">acting as the custodian</a> of billions of dollars of U.S. Treasuries that back the USDT stablecoin.
In the past, Lutnick praised Tether, stating that the company had sufficient reserves.
&#8220;I manage many, many of their assets. From what we've seen, and we did a lot of work, they have the money,&#8221; he <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36647873/tether-has-the-money-says-billionaire-ceo-bitcoin-will-grow">said in an interview</a>.
Lutnick&#8217;s support and his elevation to a top cabinet post come amid controversy surrounding Tether, which has been accused of <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36644909/from-casinos-to-slaves-un-report-details-tethers-role-in-organized-crime">aiding criminal activities </a>like illegal gambling and money laundering.
A report last month also <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41555467/federal-probe-into-tether-examines-potential-sanctions-and-money-laundering-breaches-wsj">pointed toward a federal probe</a> into possible misuse of Tether&#8217;s stablecoin in illegal activities. Tether CEO&nbsp;Paolo Ardoino, however, denied being under any investigation.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42154900/crypto-expert-who-called-2022-market-crash-warns-about-bitcoin">Crypto Expert Who Called 2022 Market Crash Warns About Bitcoin</a></li>
</ul>
Photo courtesy: Shutterstock

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

Cryptocurrency

Markets

$BTC

$USDT

Trump's Commerce Secretary Pick Howard Lutnick-Led Firm In Talks For A Bitcoin Lending Project With Tether: Report

Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) will release earnings results for its third quarter, after the <a href="https://www.benzinga.com/quote/ZM/earnings">closing bell on Monday, Nov. 25.</a>
Analysts expect the San Jose, California-based bank to report quarterly earnings at $1.31 per share, up from $1.29 per share in the year-ago period. Zoom Video projects to report revenue of $1.16 billion for the recent quarter, compared to $1.14 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Aug. 21, Zoom reported quarterly earnings of $1.39 per share which beat the analyst consensus estimate of $1.21 by 14.88%. Quarterly revenue of $1.16 billion also beat the consensus estimate and is a 2.09% increase from the same period last year.
Zoom Video shares gained 5.8% to close at $85.88 on Friday.
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/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/585aa876b5a482000151d0ed/catharine-trebnick">Rosenblatt analyst Catharine Trebnick</a> maintained a Buy rating with a price target of $78 on Nov. 22. This analyst has an accuracy rate of 73%.</li>
<li>Morgan Stanley analyst Meta Marshall maintained an Equal-Weight rating and raised the price target from $68 to $86 on Nov. 13. This analyst has an accuracy rate of 73%.</li>
<li><a href="https://www.benzinga.com/topic/daniel-ives">Wedbush analyst Daniel Ives</a> upgraded the stock from Neutral to Outperform and increased the price target from $80 to $85 on Oct. 17. This analyst has an accuracy rate of 79%.</li>
<li>Deutsche Bank analyst Matthew Niknam maintained a Hold rating and increased the price target from $71 to $75 on Aug. 23. This analyst has an accuracy rate of 64%.</li>
<li>Baird analyst William Power maintained an Outperform rating and cut the price target from $84 to $77 on Aug. 22. This analyst has an accuracy rate of 85%.</li>
</ul>
Considering buying ZM stock? Here&#8217;s what analysts think:
Read This Next:
<ul>
<li> <a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Price Target

Analyst Ratings

Trading Ideas

Zoom Video Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Elon Musk, Donald Trump&#8216;s pick to co-lead the Department of Government Efficiency (DOGE), has voiced strong criticism against the F-35 stealth fighter program, advocating for the use of drones over manned jets.
What Happened: On Sunday, Musk shared a video on his social media platform X, featuring synchronized drone swarms, and remarked, "Meanwhile, some idiots are still building manned fighter jets like the F-35.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Meanwhile, some idiots are still building manned fighter jets like the F-35 &#x1f5d1;&#xFE0F; &#x1fae0; <a href="https://t.co/4JX27qcxz1">pic.twitter.com/4JX27qcxz1</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1860574377013838033?ref_src=twsrc%5Etfw">November 24, 2024</a></blockquote>
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The Pentagon&#8217;s joint program office defended the F-35, highlighting its preference among U.S. Services and international partners. A spokesperson emphasized its effectiveness and growing global interest.&nbsp;Lockheed Martin&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), the main contractor, expressed its commitment to collaborating&nbsp;with the new administration and&nbsp;praised the F-35&#8217;s capabilities, Fortune<a href="https://fortune.com/2024/11/24/elon-musk-f35-stealth-fighter-drones-pentagon-weapons-doge-lockheed/"> reported</a> on Monday.
Despite Musk&#8217;s criticism, the Pentagon continues to operate&nbsp;a mix of manned and&nbsp;unmanned aircraft. The F-35 program, awarded to Lockheed in 2001, has faced scrutiny for cost overruns and delays. The Defense Department&#8217;s estimate for the program&#8217;s total cost is&nbsp;$1.8 trillion, making it the&nbsp;most expensive in its history.
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42140065/with-musk-and-ramaswamy-preparing-to-slash-entire-government-agencies-heres-which-departments-employ-the-most-americans-and-their-salaries?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">With Musk And Ramaswamy Preparing To Slash Entire Government Agencies, Here&#8217;s Which Departments Employ The Most Americans And Their Salaries</a>
Why It Matters: Musk&#8217;s recent criticism aligns with his ongoing concerns <a href="https://www.benzinga.com/government/24/09/40868796/musk-criticizes-governments-fiscal-policy-says-extreme-government-overspending-is-bankrupting-americ">about government spending</a>. Back in September, Musk criticized the U.S. government&#8217;s fiscal policy, warning that &#8220;extreme government overspending is bankrupting America&#8221; and contributing to inflation. He expressed these concerns on X, highlighting the potential financial risks of unchecked spending.
President-elect Donald Trump appointed the Department of Government Efficiency (DOGE) to tackle wasteful spending. However, analysts like Mario Georgiou of InCred Global Wealth U.K. predict only a modest impact, estimating potential savings of $50–100 billion annually, according to the&nbsp;<a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">Congressional Budget Office</a>. This figure pales in comparison to the total federal outlays of approximately $6.7 trillion projected for 2024.
Musk&#8217;s critique of the F-35 program is part of a broader conversation about fiscal responsibility and the need to reassess costly government programs. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Appears &#8216;Frustrated&#8217; As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List</a></li>
</ul>
Disclaimer: 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.
Image via Flickr

General

Trump's DOGE Co-Lead Elon Musk Slams Lockheed Martin's F-35 Fighter Jets, Advocates Drone Warfare As Pentagon Defends $1.8 Trillion Program

El Salvador president Nayib Bukele floated the idea of a &#8220;rent your volcano to mine Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)&#8221; policy in the wake of the country&#8217;s successful geothermal-powered mining venture.
What Happened: On Sunday, Bukele took to X to share the success of El Salvador&#8217;s Bitcoin mining venture. He suggested that, given the nation&#8217;s abundant geothermal power potential, a business policy of renting volcanoes to mine Bitcoin might &#8220;make sense.&#8221; 
Bukele was reacting to another X user&#8217;s post on the country&#8217;s stockpile of 474 Bitcoins mined with geothermal power, which swelled to $46 million due to the leading cryptocurrency&#8217;s ongoing bull run.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">And with 170 volcanoes&#8230; ⁰A "rent your volcano to mine Bitcoin" program might actually make sense &#x1f914; <a href="https://t.co/BENtEqher1">https://t.co/BENtEqher1</a>
&mdash; Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1860831169463386465?ref_src=twsrc%5Etfw">November 24, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42156261/are-microstrategys-shares-worth-only-105-investment-adviser-gary-black-weighs-in">Are MicroStrategy&#8217;s Shares Worth Only $105? Investment Adviser Gary Black Weighs In</a>
Why It Matters: El Salvador&#8217;s plan to tap its geothermal power led to the idea of the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40330518/nayib-bukeles-bitcoin-city-project-in-el-salvador-attracts-1-6b-investment-from-turkey-bas">ambitious Bitcoin City project</a>. 
The city, located near a volcano, is expected to be powered by geothermal energy, exempting all of its activities, including Bitcoin mining, from all taxes except for the value-added tax. It is&nbsp;planned to be a full-fledged metropolis, complete with residential and commercial areas, restaurants, an airport, and a port and rail service.&nbsp;
To finance the development of the city, El Salvador even introduced a <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36192059/el-salvadors-volcanic-bitcoin-bond-approval-sets-stage-to-build-a-crypto-city">&#8220;Volcano Bond</a>,&#8221; also called a Bitcoin-backed bond. 
El Salvador, the first nation to adopt Bitcoin as a legal tender, has been strategically investing in the cryptocurrency under Bukele&#8217;s leadership.
As of this writing, El Salvador <a href="https://bitcoin.gob.sv/">holds </a>5,944.77 Bitcoins in its treasury, worth more than $583 million at current market prices.
Price Action: At the time of writing, Bitcoin was exchanging hands at $98,122.26, down 0.20% 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 by Gobierno Danilo Medina on Flickr
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155055/crypto-analyst-bitcoin-poised-to-skyrocket-to-180k-and-eventually-top-1m">Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and &#8216;Eventually&#8217; Top $1M</a></li>
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El Salvador's President Nayib Bukele Says Renting Out Volcanoes To Mine Bitcoin May 'Actually Make Sense'

The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index closing at a fresh record level during the session.
Major indices on Wall Street recorded gains last week, with the Dow gaining around 2% and the S&amp;P 500 adding around 1.7%.
Ross Stores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) shares gained 2% on Friday after the company reported better-than-expected third-quarter EPS results. Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) shares jumped around 15% after the company reported better-than-expected second-quarter financial results and issued FY25 guidance above estimates.
On the economic data front, the S&amp;P Global US Services PMI climbed to 57 in November versus 55 in the previous month, while manufacturing PMI increased to 48.8 in November from 48.5 in the previous month. The University of Michigan consumer sentiment for the US fell to 71.8 in November versus a preliminary reading of 73.
Most sectors on the S&amp;P 500 closed on a positive note, with industrials, financials, and consumer discretionary stocks recording the biggest gains on Friday. However, utilities and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 426 points to 44,296.51 on Friday. The S&amp;P 500 rose 0.35% to 5,969.34, while the Nasdaq Composite rose 0.16% to close at 19,003.65 during Friday's session.
Investors are awaiting earnings results from Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>), Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), and Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 60.9, the index remained in the &#8220;Greed&#8221; zone on Friday, versus a prior reading of 57.7.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>
Photo courtesy: Shutterstock

Long Ideas

Pre-Market Outlook

ESTC

ROST

Dow Settles At Record High As Investor Sentiment Improves: Fear Index Remains In 'Greed' Zone

ELAB

Elevai Labs Implements 1-for-200 Reverse Stock Split tT Retain Nasdaq Listing, Reduces Shares To 3.07M

BURU

Reported Friday, NUBURU Receives NYSE Notice For Non-Compliance, Must Address Audit Committee Shortfall By January 2025

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) to report quarterly earnings at 47 cents per share on revenue of $1.58 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Bath &amp; Body Works shares rose 2.6% to $31.51 in after-hours trading.</li>
<li>Analysts are expecting Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) to post quarterly earnings at $1.41 per share on revenue of $1.67 billion. The company will release earnings after the markets close. Agilent shares gained 0.8% to $134.96 in after-hours trading.</li>
<li>Silexion Therapeutics Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLXN#NASDAQ">SLXN</a>) reported a 1-for-9 reverse share split. Silexion Therapeutics shares dipped 11.2% to $0.2725 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>After the markets close, Woodward, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is projected to post quarterly earnings at $1.26 per share on revenue of $811.01 million. Woodward shares rose 0.3% to $176.49 in after-hours trading.</li>
<li>Analysts expect Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) to report quarterly earnings at $1.31 per share on revenue of $1.16 billion after the closing bell. Zoom Video shares gained 1.3% to $86.95 in after-hours trading.</li>
</ul>
Check This Out:<a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin"> </a>
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<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>
Photo courtesy: Shutterstock

SLXN

Agilent, Bath & Body Works And 3 Stocks To Watch Heading Into Monday

<ul>
<li>Attruby is the first and only approved product with a label specifying near-complete stabilization of TTR. Attruby has been shown to preserve the native function of TTR as a transport protein of thyroxine and vitamin A and to demonstrate benefit on cardiovascular outcomes</li>
<li>Attruby demonstrated the most rapid benefit seen in any Phase 3 study of ATTR-CM to date:</li>
<li>In as few as 3 months, the time to first event (all-cause mortality (ACM) or cardiovascular-related hospitalizations (CVH)) durably separated relative to placebo</li>
<li>A 42% reduction in composite ACM and recurrent CVH events relative to placebo at Month 30</li>
<li>A 50% reduction in the cumulative frequency of CVH events relative to placebo at Month 30</li>
<li>To honor the courage of our U.S. clinical trial participants, BridgeBio will provide these patients Attruby free for life</li>
<li>To learn about our extensive suite of programs to provide access to Attruby call 1-888-55-BRIDGE (1-888-552-7434)</li>
<li>With this approval, BridgeBio will receive a $500 million payment under our royalty funding agreement</li>
</ul>

BBIO

Reported Friday, BridgeBio's Attruby Earns FDA Nod As First Therapy With ≥90% TTR Stabilization, Offering Hope For ATTR-CM Patients

Economist Peter Schiff has criticized President-elect Donald Trump&#8216;s <a href="https://www.benzinga.com/government/regulations/24/11/42150794/trump-picks-hedge-fund-exec-scott-bessent-as-treasury-secretary-what-president-elects-choice-means-for-americas-economic-future">decision to pick</a> hedge fund executive Scott Bessent as the new U.S. Treasury Secretary.
What Happened: According to his post on X (formerly Twitter), Schiff took a jibe at Trump and quipped that Bessent should be called the &#8220;Secretary of the Debt&#8221; instead of &#8220;Secretary of the Treasury.&#8221;
Schiff said the new Treasury Secretary&#8217;s job would be &#8220;to continue the Ponzi,&#8221; because Trump has promised tax cuts during his tenure.
Reducing tax collections could lead to higher government borrowings in the debt market, however, Trump remains confident that his proposed task force DOGE or the Department of Government Efficiency would successfully <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">reduce &#8220;wasteful spending&#8221;</a> without the need to borrow more.
<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">Trump picked Scott Bessent to be the new Secretary of the Treasury. But his actual title should be Secretary of the Debt. His job is to continue the Ponzi. He must find buyers for trillions in new Treasury debt each year and convince current holders to roll it over as it matures.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1860323656796185017?ref_src=twsrc%5Etfw">November 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/government/regulations/24/11/42150794/trump-picks-hedge-fund-exec-scott-bessent-as-treasury-secretary-what-president-elects-choice-means-for-americas-economic-future">Trump Picks Hedge Fund Exec Scott Bessent As Treasury Secretary: What President-Elect&#8217;s Choice Means For America&#8217;s Economic Future</a>
As Treasury Secretary, Bessent will replace outgoing Secretary Janet Yellen, overseeing financial institutions and combating financial crimes at a time when <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist" target="_blank" rel="noreferrer noopener">the national debt has ballooned to $36 trillion</a>.
It&#8217;s not just the ballooning deficit that is a cause of concern &#8211; the interest payments on this debt set the alarm bells ringing.
Billionaire investor Ray Dalio <a href="https://www.benzinga.com/news/24/09/40934156/billionaire-ray-dalio-warns-fed-faces-tough-road-ahead-balancing-interest-rate-cuts-and-enormous-us">warned that the U.S.</a> may have to resort to monetizing its debt, similar to Japan&#8217;s approach. This could lead to depreciated currency values and lower bond yields.
&#8220;I see a big depreciation in the value of that debt through a combination of artificial low real rates, so you won&#8217;t be compensated,&#8221; Dalio said.
The government has <a href="https://www.benzinga.com/news/24/09/40869188/robert-kiyosaki-rings-alarm-bells-over-soaring-us-debt-the-dollar-is-trash">already spent $1 trillion</a> on footing the interest bill on its national debt this year.
Why It Matters: The role of Treasury Security has been previously criticized by other economists as well. Gordon Johnson, chief executive officer and founder at GLJ Research, <a href="https://www.benzinga.com/24/11/42088394/economist-gordon-johnson-slams-federal-reserve-for-asset-owner-centric-policies-says-fed-needs-to-focus-on-the-real-economy-over-stock-markets">recently said in a podcast</a> that there is constant intervention by the U.S. Secretary of the Treasury, Janet Yellen along with Federal Reserve's Chairman, Jerome Powell, whenever there is a spike in the benchmark yields.
"In early 2024, the Fed cut its pace of quantitative tightening by $30 billion a month, which is just the amount they were letting roll off. And recently, Janet Yellen announced that she is going to buy $4 billion in U.S. Treasury bonds per week. There is just constant intervention by these entities whenever the yields start to spike. It's them trying to disallow any dysfunction or rather I would argue functioning in the Treasury markets."
Also read: <a href="https://www.benzinga.com/24/11/42088394/economist-gordon-johnson-slams-federal-reserve-for-asset-owner-centric-policies-says-fed-needs-to-focus-on-the-real-economy-over-stock-markets">Gordon Johnson Slams Federal Reserve For Asset-Owner Centric Policies, Says Jerome Powell Needs To Focus On &#8216;Real Economy&#8217;: &#8216;&#8230;The Stock Market Will Be Fine&#8217;</a>
In October, Bessent assured that a new Trump administration would <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41308042/trump-adviser-defends-ex-presidents-economic-policies-strong-dollar-would-natural" target="_blank" rel="noreferrer noopener">support a strong dollar</a>, countering previous suggestions of a weaker dollar to boost exports. According to&nbsp;<a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto" target="_blank" rel="noreferrer noopener">betting markets</a>, Bessent was a frontrunner with an 82% probability of securing the nomination. His appointment could significantly impact Wall Street and the crypto sector.
Scott Bessent&#8217;s Holdings As Per 13F Filings
The latest <a href="https://13f.info/13f/000117266124004716-key-square-capital-management-llc-q3-2024">third-quarter 13F filing</a> from Bessent's Key Square Group fund shows that they have liquidated all their holding in the September quarter.
In the <a href="https://13f.info/13f/000117266124003417-key-square-capital-management-llc-q2-2024">second quarter</a>, the fund had a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each making up 50% of the fund.
Read Next:
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Photo courtesy: Shutterstock

Politics

Treasuries

Economics

Federal Reserve

Economist Peter Schiff Criticizes Trump's Treasury Pick, Scott Bessent, Says He Will Have To Find Buyers For Trillions In New Debt Each Year: 'His Job Is To Continue The Ponzi'

The U.S. government reportedly plans to reduce Intel Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) <a href="https://www.benzinga.com/government/24/08/40230583/intels-8-5b-government-windfall-fails-to-stop-15-000-layoffs-at-chipmaker">$8.5 billion federal chips grant</a>.
What Happened: Intel, the largest beneficiary of CHIPS Act funding, is set to receive less than $8 billion, a reduction from the $8.5 billion initially announced earlier this year, <a href="https://www.nytimes.com/2024/11/24/business/washington-curtails-intel-grant.html">reported</a> the New York Times, citing four people familiar with the matter.
Alongside the reduced grant, Intel was also set to receive up to $11 billion in loans as part of the package.
The adjustment reflects Intel's $3 billion contract with the <a href="https://www.benzinga.com/news/24/09/40864854/intel-bags-3-5b-contract-to-produce-chips-for-pentagon-report">Pentagon for chip production</a>.&nbsp;
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42131274/why-googles-chrome-battle-isnt-just-about-search-gene-munster-calls-it-a-tough-day-for-big-tech-on-the-regulatory-front?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google&#8217;s Chrome Battle Goes Beyond The Browser: Gene Munster Outlines Wider Implications Of DOJ Going After The Search Giant</a>
The CHIPS Act signed into law in 2022, allocated $52.7 billion to strengthen U.S. semiconductor production and research, with $39 billion earmarked for production subsidies and $11 billion for R&amp;D.
Intel's grant reduction follows a preliminary agreement this spring, which initially promised nearly $20 billion in grants and loans for the company.
Intel has strongly advocated for the bill&#8217;s approval. The company was widely regarded as the law&#8217;s primary beneficiary. However, its business challenges added complexity to the negotiations over its final allocation.
Intel did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The government cut Intel&#8217;s grant after the company delayed its Ohio chip facility timeline from 2025 to the decade's end, following its largest quarterly loss in 56 years.
The decision also reflects Intel's technology plans and market demand.
Despite efforts to rival Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Intel has struggled to prove it can <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38067239/intel-targets-15b-in-foundry-revenue-by-2030-but-analyst-says-tsmc-will-be-10x-larg">match TSMC&#8217;s advanced</a> technology.
With the semiconductor industry being a critical driver of innovation and national security, any shifts in funding could influence the U.S. position in the global technology race, especially against competitors like China.
For Intel, the recalibration may require adjusting its strategy for expanding chip production facilities in Arizona and beyond, the report noted.
Moreover, Intel&#8217;s challenges are not limited to the U.S. market. In October, the <a href="https://www.benzinga.com/news/24/10/41383055/china-launches-probe-into-intel-cites-national-security-risks-amid-trade-tensions-with-us">Cybersecurity Association of China</a> launched a probe into Intel, citing national security risks amid escalating trade tensions between the U.S. and China.
Intel&#8217;s <a href="https://www.benzinga.com/markets/equities/24/11/41686435/intel-says-it-wont-even-make-500m-from-gaudi-ai-chips-in-2024-despite-nvidia-minting-billions-ce">Gaudi AI accelerator program</a> is also expected to fall short of revenue targets, with CEO Pat Gelsinger acknowledging slower-than-anticipated adoption rates.
Last month, Intel reported a <a href="https://www.benzinga.com/news/earnings/24/10/41665395/intel-stock-climbs-on-better-than-expected-q3-results-details">third-quarter loss of 46 cents</a> per share, significantly missing the estimated loss of two cents. However, the company posted quarterly revenue of $13.28 billion, surpassing the consensus estimate of $13.02 billion.
Price Action: At the time of writing, Intel shares were up 0.41% to $24.60 in after-hours trading, after gaining 0.25% to close at $24.50 during Friday&#8217;s regular session.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/11/42111372/dan-ives-predicts-nvidias-blackwell-chips-are-heading-for-massive-demand-trajectory-as-jensen-huang-says-lebron-of-chip-releases-to-surpass-hopper-gpu-shipments?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dan Ives Predicts Nvidia&#8217;s Blackwell Chips Are Heading For &#8216;Massive Demand Trajectory&#8217; As Jensen Huang Says &#8216;LeBron Of Chip Releases&#8217; To Surpass Hopper GPU Shipments</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.

Tech

Media

INTC

Intel's Federal Chips Grant Shrinks Below $8B As Biden Administration Recalibrates CHIPS Act Funding: Report

<ul>
<li>Delay in filing form 20F has been due to the significant strategic changes pursuant to a previously announced strategic review</li>
<li>Notification does not affect the Company's current listing status</li>
<li>Company has been provided until 20 January 2025 to submit a plan to regain compliance</li>
<li>VivoPower is targeting filing its 20F before the end of this month and will regain compliance upon such filing</li>
</ul>

Reported Friday, VivoPower Granted Until January 2025 To Submit Nasdaq Compliance Plan Amid Strategic Changes

Offtake for a minimum of 32,000 tonnes of NOVONIX's high-performance synthetic graphite material to be supplied to PowerCo from 2027-2031

Nuveen California Dividend Advantage Municipal Fund 2

Reported Sunday, NOVONIX Secures 32,000-Tonne Offtake Agreement With Volkswagen's PowerCo For Synthetic Graphite Supply

Peabody (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTU#NYSE">BTU</a>) today announced it has agreed to acquire world-class steelmaking coal assets from Anglo American plc in a transaction that meaningfully accelerates Peabody's strategy to reweight its global coal portfolio toward seaborne metallurgical coal. The transaction is expected to close mid-2025, subject to customary closing conditions.
In consideration for the transaction:
<ul>
<li>Peabody has agreed to pay cash of $2,320 million, comprised of cash of $1,695 million at closing and deferred payments of $625 million payable in four annual installments commencing on the first anniversary of the completion date.</li>
<li>Peabody has also agreed to further contingent payments of up to $1.0 billion, subject to potential favorable future events.</li>
<li>Proceeds to Anglo American would also include $455 million made possible by the acquisition of Dawson Mine by PT Bukit Makmur Mandiri Utama in a back-to-back transaction.</li>
</ul>
"This transformative transaction presents a rare opportunity for Peabody to acquire premier steelmaking coal assets at a compelling valuation as we reweight our portfolio toward seaborne metallurgical coal," Peabody President and Chief Executive Officer Jim Grech said. "The transaction is strategically aligned, immediately accretive and highly synergistic, positioning us to better serve the best metallurgical coal demand centers in the world. This transaction gives us a strong foundation to position the company for long-term success."
"We are delighted to agree to the sale of this portfolio of world-class steelmaking coal assets to Peabody, and we look forward to working together with the Peabody team and with our workforce, local communities, government, customers and partners to ensure a successful transition," Anglo American Chief Executive Duncan Wanblad added.
The acquisition includes four metallurgical coal mines – Moranbah North, Grosvenor, Aquila, and Capcoal – located in Australia's Bowen Basin, which is widely recognized for the world's highest-quality steelmaking coal. Approximately 80 percent of the mines' output is hard coking coal. The mines are complementary to Peabody's existing Australian platform, including Centurion Mine, and are expected to produce approximately 11.3 million tons of primarily hard coking coal in 2026. The acquired mines have an average mine life greater than 20 years with 306 million tons of marketable reserves and an additional 1.7 billion tons of coal resources.2
The acquisition is expected to transform Peabody's metallurgical coal segment, increasing metallurgical coal production from an estimated 7.4 million tons in 2024 to an expected 21 – 22 million tons in 2026.
Strategic and Financial Benefits
Peabody believes the acquisition demonstrates multiple compelling strategic and financial benefits, as the transaction:
<ul>
<li>Increases exposure to premium hard coking coal and key high-growth markets: With a greatly expanded Australian metallurgical coal portfolio, Peabody will be poised to meet increasing demand in Asian markets, which represent the entire growth in global steel demand over the past decade and the vast majority of all projected growth in metallurgical coal demand through 2050. The acquired assets' coal quality and proximity to key markets in Asia provides substantial opportunities to better serve customers.</li>
<li>Creates opportunity to capture substantial synergies: Peabody expects significant estimated synergy opportunities of approximately $100 million per year to be realized through efficiencies from office rationalization, selling, general &amp; administrative savings, and marketing opportunities.</li>
<li>Enhances margins and through-the-cycle performance: The acquired assets' coal quality will upgrade Peabody's metallurgical coal platform and is superior to the peer average. Assuming consensus hard coking coal prices of $225 per metric ton, Peabody anticipates Adjusted EBITDA margins3 of $65 to $70 per ton on the anticipated 11.3 million tons of 2026 coal sales attributable to the acquisition.</li>
<li>Bolsters Peabody's attractive financial profile: The company expects the transaction to be meaningfully accretive to cash flows across all time periods on a levered operating cash flow less CapEx basis. The transaction implies an attractive 3.1x times enterprise-value-to-2026 EBITDA multiple. The company also believes the increased exposure to metallurgical coal creates the potential for a favorable re-rating of the company's valuation, given stronger multiples for metallurgical coal producers with long-lived assets.</li>
<li>Accelerates company's sustainability and emission target ambitions: Peabody continues to strengthen its sustainability through a number of activities, including reweighting its portfolio toward steelmaking coal, joint venture initiatives to develop solar power and battery storage on former mine lands, and fully funding final reclamation obligations. Additionally, after achieving its first reduction targets for Scope 1 and 2 emissions, the company's Board of Directors intends to establish new long-term targets including the newly acquired assets in the coming months.</li>
</ul>
"This value-enhancing acquisition builds upon actions we have taken in recent years to strengthen our balance sheet and expand shareholder returns. Subsequent to the transaction closing, we anticipate continuing our shareholder return program based on available free cash flow, while a portion of cash flows will be used to fund the transaction during the deferred payment period," Peabody Chief Financial Officer Mark Spurbeck said. "Once we fully integrate the acquired metallurgical coal assets into our seaborne portfolio, we will have an even stronger platform to provide significant value upside to our shareholders."
Additional Transaction Details
Peabody's acquisition is contingent on regulatory approvals, clearance of pre-emption rights by minority partners of the assets, and other customary closing conditions.
The company has secured a bridge facility commitment to finance the acquisition. The company intends to obtain permanent financing in lieu of borrowing under the bridge facility and targets a debt-to-EBITDA ratio ceiling of approximately 1.5x.
The transaction agreement provides for an upfront cash payment of $1,695 million, as well as $625 million of deferred cash consideration to be paid over a four-year period4, $450 million of contingent consideration based on the successful restart of Grosvenor5, and up to $550 million of contingent consideration based on a revenue sharing agreement over a five-year period6.&nbsp;All referenced transaction components exclude the Dawson Mine, which Indonesia's PT Bukit Makmur Mandiri Utama (BUMA) has agreed to acquire for total consideration of $455 million ($355 million upfront cash and $100 million in four annual installments commencing on the first anniversary of the Dawson transaction completion date), subject to pre-emption rights and other customary closing conditions.
"Peabody appreciates the shared values of Anglo American across safety, sustainability, productivity and social license matters, and we look forward to welcoming the experienced employees related to these assets to the Peabody team," Mr. Grech said. "We also look forward to again teaming up with the leading global partners who share not only ownership interests in these mines but also our view of the long-term value of these assets."

Peabody Acquires Premier Steelmaking Coal Mines For $2.3B And Up To $1B Earnout, Targets Global Market Expansion

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