Prestige International Stock (OTC: PGINF)

Latest news for Prestige International (OTC:PGINF) Stock

Prestige International Inc is a Japanese company which is engaged in providing business support services to clients. It mainly provides 24-7 customer contact services and road assist services for automobile makers; provides Japanese call center services and claims agent services for overseas customers; provides IT (Information Technology)-related services; and provides real estate-related services such as house cleaning and others, as well as parking lot assist services.

PRESTIGE INTL INC (JAPAN) by Prestige International Inc.

Prestige International Inc

<ul>
<li>Approved for advanced MAGE-A4+synovial sarcoma in adults with certain HLA types who have received prior chemotherapy</li>
<li>TECELRA is the first new treatment option for people with synovial sarcoma in more than a decade</li>
</ul>

News

ADAP

Reported Earlier, Adaptimmune's TECELRA Gains U.S. FDA Accelerated Approval As First Engineered Cell Therapy For Solid Tumors

The CEO of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Brian Armstrong, highlighted a notable shift in political support for cryptocurrencies, ruling out disproportionate support from any one particular party.
What Happened: During the company&#8217;s second-quarter 2024 earnings call, Armstrong was asked about the shifting dynamics in the U.S. political landscape with regards to cryptocurrencies, and whether he foresees more problems for the industry if Democrats secure another term. 
Armstrong replied by saying that cryptocurrency is a non-partisan issue, and advocates from both sides of the political spectrum have championed its cause.
We feel very lucky that this political constituency is now being taken seriously in D.C.,&#8221; the billionaire CEO stated. &#8220;I think it was a group of people that felt underserved in the past, and they felt like their industry was being attacked. And that&#8217;s—we&#8217;ve seen a shift from both sides.&#8221;
The Coinbase CEO&#8217;s remarks follow former President Donald Trump&#8217;s positive comments about cryptocurrencies at Bitcoin Nashville. Armstrong views this as a sign of a &#8220;monumental shift&#8221; in the political constituency&#8217;s perception of the crypto industry.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40089232/dogecoins-real-bull-run-has-not-even-begun-yet-says-trader-as-memecoin-battles-stagnation?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Real Bull Run Has &#8216;Not Even Begun Yet,&#8217; Says Trader As Memecoin Battles Stagnation</a>
Why It Matters: Armstrong&#8217;s comments come after investment bank Citi upgraded <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923754/bidens-exit-spurs-bullish-outlook-citi-upgrades-coinbase-amid-favorable-crypto-regulatory-">shares of the cryptocurrency exchange , from neutral to buy last week</a>, anticipating an improved regulatory landscape for cryptocurrency assets in the U.S.
Coinbase reported its Q2 earnings Thursday, which revealed a revenue beat despite a fall in transaction revenue. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) accounted for 35% of the total trading volumes and 31% of transaction revenues in the quarter.
Interestingly, before the earnings release, Cathie Wood-led Ark Invest<a href="https://www.benzinga.com/markets/equities/24/07/40088574/cathie-wood-led-ark-invest-buys-47-5m-of-amd-shares-and-12-7m-of-this-meta-platforms-rivals-stoc"> dumped 12,077 shares in&nbsp;Coinbase&nbsp;from its ARKW ETF,</a> amounting to a sale value of roughly $2.7 million.
Price Action: The Coinbase stock pumped 3.23% in after-hours trading. Shares of the company closed 5.22% lower at 212.64 during Thursday&#8217;s regular session.
Image By TechCrunch Via Flickr 
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

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

Cryptocurrency

Politics

Markets

General

$BTC

COIN

Coinbase CEO Brian Armstrong Was Asked If Another Democratic Administration Would Prove Difficult For Crypto Industry, Here's What He Said

Chinese EV giant BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) said on Thursday that the company sold 340,799 new energy passenger vehicles, marking a jump of nearly 31% from last year, despite a <a href="https://www.benzinga.com/news/24/08/40091775/tesla-ceo-elon-musk-says-warren-buffett-backed-ev-maker-byd-should-change-approach-to-autonomy-fast">drop in battery electric vehicle (BEV) sales.</a>
What Happened: Pure EV sales of the Chinese player fell to 130,000 units in July, marking a nearly 4% dip from the corresponding month of last year, and raising concerns about dwindling EV demand. This is the lowest EV sales recorded by the company in five months since February when the company sold just 54,908 BEV passenger vehicles. 
The fall in BEV sales during the month, however, was offset by a 67% year-on-year rise in plug-in hybrid vehicle sales. 
BYD, backed by Warren Buffett-led Berkshire Hathaway, is the biggest rival to American EV giant Tesla Inc. The company <a href="https://www.benzinga.com/news/24/01/36839203/warren-buffett-backed-byd-sees-higher-profits-for-fy23-after-taking-over-tesla-as-biggest-ev-seller">took over Tesla</a> as the world&#8217;s largest BEV seller in the fourth quarter of 2023. However, Tesla took back the crown in the first quarter of 2024 and has been holding on to it since.
Competition In EV Sales: U.S.-listed Chinese EV startups Nio Inc,&nbsp;Li Auto, and&nbsp;XPeng also reported their July delivery numbers on Thursday with Li Auto <a href="https://www.benzinga.com/news/24/08/40091882/chinese-ev-maker-li-auto-delivers-record-51-000-vehicles-in-july">topping among the three</a> by a significant margin.
Li Auto&nbsp;said on Thursday that it delivered a record 51,000 vehicles in July, marking a 49.4% jump year-over-year.
XPeng&nbsp;also witnessed its deliveries rise in July but couldn't keep up with Li Auto's pace. The company delivered 11,145 vehicles last month, marking an increase of 1% year-over-year.
Shanghai-based&nbsp;Nio, meanwhile, delivered 20,498 vehicles in July, including 11,964 SUVs and 8,534 sedans. This marks a meager 0.2% rise from its sales in July 2023.
Geely&#8217;s luxury EV brand Zeekr&nbsp;Intelligent Technology Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>), meanwhile, saw EV deliveries rise 30% year-over-year to 15,655 units in July.
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/24/08/40122694/elon-musk-dreams-of-tesla-making-a-drivetrain-every-second-5x-faster-than-right-now">Elon Musk Dreams Of Tesla Making A Drivetrain Every Second, 5X Faster Than Right Now</a></li>
</ul>
Photo via Shutterstock

Tech

BYDDF

BYDDY

Warren Buffett-Backed BYD's Pure EV Sales Drop To Lowest In Five Months In July While Hybrid Vehicle Sales Surge 67%

<ul>
<li>Funding Extends Company&#39;s Cash Runway into&nbsp;Second Quarter&nbsp;2025, which is beyond the Anticipated Timing for SHIELD II Top-line Results if Warrants are Fully Exercised</li>
<li>More than&nbsp;300 Patients Enrolled in Ongoing SHIELD II Phase 3 Trial of&nbsp;D-PLEX100&nbsp;for the Prevention of Abdominal Colorectal Surgical Site Infections</li>
<li>Unblinded Interim Analysis to be Conducted Once Approximately 400 PatientsComplete Their 30-Day Follow-up Expected in&nbsp;Fourth Quarter&nbsp;of 2024; Top-Line Results Anticipated in&nbsp;First Quarter&nbsp;of 2025</li>
</ul>

PYPD

Reported Earlier, PolyPid Secures Up To $14M In Private Placement To Extend Cash Runway To Q2 2025

Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) is expected to release earnings results for its second quarter, before the opening <a href="https://www.benzinga.com/quote/CVX/earnings">bell on Friday, Aug. 2.</a>
Analysts expect the San Ramon, California-based company to report quarterly earnings at $2.93 per share, down from $3.28 per share in the year-ago quarter. Chevron is projected to report quarterly revenue of $50.80 billion, compared to $48.9 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Exxon Mobil and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron&#8217;s proposed $53 billion <a href="https://www.benzinga.com/markets/equities/24/08/40091118/chevrons-53b-hess-deal-faces-uncertainty-amid-exxon-and-cnooc-arbitration-claims">acquisition of Hess</a>.
Chevron shares fell 4.9% to close at $152.62 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/CVX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b59ca8b85e930001267b7c/bob-brackett">Bernstein analyst Bob Brackett</a> downgraded the stock from Outperform to Market Perform and cut the price target from $183 to $167 on July 17. This analyst has an accuracy rate of 67%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59282ae6290fa7000185325c/nitin-kumar">Mizuho analyst Nitin Kumar</a> maintained a Buy rating and raised the price target from $200 to $205 on May 13. This analyst has an accuracy rate of 69%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/605db899dbb1f500014cd1d3/jason-gabelman">TD Cowen analyst Jason Gabelman</a> maintained a Hold rating and boosted the price target from $155 to $160 on April 29. This analyst has an accuracy rate of 72%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586cf169351b9b0001a30554/ryan-todd">Piper Sandler analyst Ryan Todd</a> maintained an Overweight rating and raised the price target from $180 to $204 on April 18. This analyst has an accuracy rate of 73%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5a09bf4eefacff00012b1861/justin-jenkins">Raymond James analyst Justin Jenkins</a> maintained an Outperform rating and increased the price target from $170 to $174 on April 15. This analyst has an accuracy rate of 79%.</li>
</ul>
Read This Next: 
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<li><a href="https://www.benzinga.com/news/24/08/40102555/wall-streets-most-accurate-analysts-views-on-3-materials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Materials Stocks Delivering High-Dividend Yields</a></li>
</ul>

Earnings

Price Target

Analyst Ratings

Trading Ideas

Chevron Gears Up For Q2 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

&nbsp;Marriott International, Inc. recently announced that it has signed an agreement with Zhong An Commercial Group, part of China New City Group, to bring the W Hotels brand to&nbsp;Hangzhou. Anticipated to open in 2031,&nbsp;W Hangzhou&nbsp;will be located at the northwest intersection of Minhe Road and Liyi Road in Qianjiang Century City,&nbsp;Hangzhou&#39;s&nbsp;developing new CBD. With its bold, detail-driven design, elevated service, and engaging always-on programming, the hotel is poised to become a new symbol of luxury hospitality in&nbsp;Hangzhou.

Reported Earlier, Marriott Signs Agreement With Zhong An To Launch W Hangzhou In Qianjiang Century City

SNDL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) reported quarterly losses of $(0.02) per share. This is a 83.33 percent increase over losses of $(0.12) per share from the same period last year. The company reported quarterly sales of $228.13 million which beat the analyst consensus estimate of $176.43 million by 29.30 percent. This is a 1.63 percent decrease over sales of $231.92 million the same period last year.

SNDL

SNDL Q2 EPS $(0.02) Up From $(0.12) YoY, Sales $228.13M Beat $176.43M Estimate

Apple Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) latest foray into spatial computing, the Vision Pro, is showing early signs of <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">success in the enterprise market</a>, CEO Tim Cook underscored during the company&#8217;s earnings call.
What Happened: &#8220;We&#8217;ve seen great interest for Vision Pro in the enterprise, where it can empower companies large and small to pursue their best ideas like never before,&#8221; Cook stated, highlighting the device&#8217;s potential beyond consumer applications.
Cook mentioned that organizations like Boston Children&#8217;s Hospital and passenger airline Lufthansa use Vision Pro to create innovative spatial computing experiences for workforce training. This early adoption indicates the device&#8217;s potential to revolutionize professional development across various industries.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
He also highlighted the growing app ecosystem around Vision Pro, with over 2,500 native spatial apps and 1.5 million compatible apps for Vision OS. This robust ecosystem could be a key driver for enterprise adoption, allowing businesses to customize the device to their needs, he said.
Apple&#8217;s Vision Pro is gaining traction in the enterprise market at a time when the company is also advancing its artificial intelligence initiatives. 
See Also: <a href="https://www.benzinga.com/news/24/07/40013038/bill-gates-ex-wife-reveals-she-shares-jeff-bezos-ex-wife-mackenzie-scotts-parenting-style-she-was-tr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates&#8217; Ex-Wife Reveals She Shares Jeff Bezos&#8217; Ex-Wife MacKenzie Scott&#8217;s Parenting Style</a>
Why It Matters: The success of Apple&#8217;s Vision Pro in the enterprise market is a significant development for the company. This comes on the heels of Apple CFO Luca Maestri announcing that the company <a href="https://www.benzinga.com/markets/equities/24/08/40121660/apple-cfo-luca-maestri-pumps-confidence-says-iphone-maker-returned-32b-to-shareholders-in-q3">returned over $32 billion to shareholders</a> in the third quarter, including $3.9 billion in dividends and $26 billion through stock repurchases.
Despite a 6.5% yearly decline in sales in Greater China, CEO Tim Cook remains <a href="https://www.benzinga.com/news/24/08/40121931/tim-cook-remains-optimistic-about-greater-china-market-despite-6-5-yearly-decline-confident-in-the-l">optimistic about long-term prospects</a> in the region. He highlighted that the sales decrease was less than 3% on a constant currency basis and pointed to positive indicators like a record iPhone install base. 
Analysts have also been positive about Apple&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40122623/apple-analyst-warns-investors-about-betting-against-tech-giant-as-iphone-maker-on-c">third-quarter performance</a>, with Wedbush analyst Daniel Ives calling it a &#8220;gold-medal performance.&#8221; He noted that revenue exceeded expectations and iPhone sales were strong. 
Apple&#8217;s third-quarter earnings <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">report beat expectations</a>, with revenue growing year-over-year. However, the stock initially saw a slight dip due to concerns over China and Services performance. 
Price Action: Apple&#8217;s stock closed at $218.36 on Thursday, down 1.68% for the day. In after-hours trading, the stock increased by 0.57%. Year to date, Apple&#8217;s stock has risen by 17.63%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/40054145/nvidia-stock-is-surging-after-the-bell-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Stock Is Surging After The Bell: What&#8217;s Going On?</a></li>
</ul>
Photo courtesy: Apple
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

AAPL

Apple Vision Pro Sparks Enterprise Interest: Tim Cook Says Companies Can 'Pursue Their Best Ideas Like Never Before'

July 2024 Highlights:
<ul>
<li>Production:&nbsp;Mined 116 Bitcoin in July 2024.</li>
<li>Mining Capacity Maintained:&nbsp;Ended July with a 4.9 EH/s ASIC mining capacity.</li>
<li>HODL Position:&nbsp;Increased to 2,533 BTC, a&nbsp;2%&nbsp;increase from the prior month.</li>
<li>Mining Efficiency:&nbsp;Achieved an average of 24.6 Bitcoin per Exahash, ending the month of July with 4.9 EH/s, with an average hashrate of 4.7 EH/s throughout July.</li>
<li>Daily Production:&nbsp;The company averaged 3.7 BTC per day, showcasing operational efficiency and robust mining capabilities.</li>
</ul>
Strategic HODL Increase:
The Company notes that with a Bitcoin HODL value of over&nbsp;$164 million&nbsp;as of July 31, 2024, its enterprise value looks very attractive compared to its peers.

HIVE

HIVE Digital July 2024 Bitcoin Production: HODL +2% To 2,533 Bitcoins On Monthly Basis, Mined 116 Bitcoin, Ended July With 4.9 EH/S ASIC Mining Capacity

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks settled lower on Thursday, with the Dow Jones index tumbling around 500 points during the session.
The Nasdaq Composite ended July on a negative note, falling around 0.8%. The S&amp;P 500 gained 1.1% last month, while the Dow added 4.4% to record its best month since December.
On the economic data front, the ISM manufacturing PMI declined to 46.6 in July versus 48.5 in the prior month, below market estimates of 48.8. Construction spending declined by 0.3% month-over-month to an annual rate of $2,148 billion in June. U.S. initial jobless claims by 14,000 to 249,000 in the week ending July 27th, beating market estimates of 236,000.
Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) stock dipped 21% on Thursday as the company lowered its 2024 sales guidance due to weaker demand for its COVID-19 vaccines. Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares gained 4.8% after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.
Major sectors on the S&amp;P 500 closed on a mixed note, with utilities, real estate, and consumer staples stocks recording the biggest gains on Thursday. However, information technology and energy stocks were among the worst performers during the session.
The Dow Jones closed lower by around 495 points to 40,347.97 on Thursday. The S&amp;P 500 fell 1.37% at 5,446.68, while the Nasdaq Composite dipped 2.30% at 17,194.14 during Thursday's session.
Investors are awaiting earnings results from Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and Asbury Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABG#NYSE">ABG</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 39.6, the index moved to the &#8220;Fear&#8221; zone on Wednesday, versus a prior reading of 54.1.
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/news/24/08/40102555/wall-streets-most-accurate-analysts-views-on-3-materials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Materials Stocks Delivering High-Dividend Yields</a></li>
</ul>

Pre-Market Outlook

MRNA

US Stocks Close Lower As Apple, Amazon Report Earnings: Greed Index Moves To 'Fear' Zone

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is set to release earnings results for its second quarter, before the <a href="https://www.benzinga.com/quote/XOM/earnings">opening bell on Aug. 2, 2024.</a>
Analysts expect the Spring, Texas-based company to report quarterly earnings at $2.01 per share, up from $1.94 per share in the year-ago period. Exxon Mobil is projected to report quarterly revenue of $90.99 billion, compared to $82.91 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Exxon Mobil and its partner CNOOC Ltd have filed arbitration claims, asserting their right of first refusal to any sale of Hess Corp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) stake in a Guyana oil-producing joint venture. This move could potentially hinder Chevron Corp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) proposed $53 billion <a href="https://www.benzinga.com/markets/equities/24/08/40091118/chevrons-53b-hess-deal-faces-uncertainty-amid-exxon-and-cnooc-arbitration-claims">acquisition of Hess</a>.
Exxon Mobil shares fell 1.4% to close at $116.95 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/XOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b59ca8b85e930001267b7c/bob-brackett">Bernstein analyst Bob Brackett</a> maintained an Outperform rating and cut the price target from $139 to $138 on July 17. This analyst has an accuracy rate of 67%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59282ae6290fa7000185325c/nitin-kumar">Mizuho analyst Nitin Kumar</a> maintained a Neutral rating and raised the price target from $125 to $128 on May 13. This analyst has an accuracy rate of 69%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5935519e85b07a0001c0bc50/gordon-gray">HSBC analyst Gordon Gray</a> maintained a Hold rating and boosted the price target from $111 to $120 on April 30. This analyst has an accuracy rate of 63%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/605db899dbb1f500014cd1d3/jason-gabelman">TD Cowen analyst Jason Gabelman</a> maintained a Buy rating and boosted the price target from $128 to $135 on April 30. This analyst has an accuracy rate of 72%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586cf169351b9b0001a30554/ryan-todd">Piper Sandler analyst Ryan Todd</a> maintained an Overweight rating and increased the price target from $130 to $145 on April 18. This analyst has an accuracy rate of 73%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/08/40102555/wall-streets-most-accurate-analysts-views-on-3-materials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Materials Stocks Delivering High-Dividend Yields</a>

Exxon Mobil Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) to report quarterly earnings at $2.01 per share on revenue of $90.99 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Exxon Mobil shares rose 0.2% to $117.14 in after-hours trading.</li>
<li>Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">reported better-than-expected earnings</a> and sales results for its third quarter on Thursday. Services revenue reached a new record but was a tad below the forecast. Apple shares gained 0.6% to $219.60 in the after-hours trading session.</li>
<li>Analysts are expecting Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) to post quarterly earnings at $2.93 per share on revenue of $50.80 billion. The company will release earnings before the markets open. Chevron shares gained 0.6% to $153.50 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">posted mixed results</a> for its second quarter on Thursday. The company reported second-quarter earnings per share of $1.26, which beat a Street consensus estimate of $1.03. Amazon is guiding for third-quarter net sales to be in the range of $154 billion to $158.5 billion, up 8% to 11% year-over-year, while analysts were projecting net sales of $158.24 billion. Amazon shares fell 6.9% to $171.40 in the after-hours trading session.</li>
<li>Analysts expect Asbury Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABG#NYSE">ABG</a>) to post quarterly earnings at $7.33 per share on revenue of $4.31 billion before the opening bell. Asbury Automotive shares rose 0.1% to $263.43 in after-hours trading.</li>
</ul>
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Photo via Shutterstock

AMZN

Amazon, Apple And 3 Stocks To Watch Heading Into Friday

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has decided to offer an extended warranty for its 13th and 14th Gen CPUs, which have been plagued by stability concerns. This move aims to mitigate customer dissatisfaction as the tech <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">giant grapples with technical setbacks</a>.
What Happened: Intel is offering an additional two years of warranty on its 13th and 14th Gen CPUs, which have been experiencing crashes, The Verge <a href="https://www.theverge.com/2024/8/1/24211616/intel-crashing-13th-14th-gen-cpus-warranty-two-more-years">reported</a> on Tuesday.
Despite the absence of a permanent fix for the crashing issues with Intel&#8217;s 13th and 14th Gen Core processors, the company is attempting to appease customers by extending the warranty period. 
Intel has acknowledged the &#8220;instability&#8221; problems, attributing them to &#8220;elevated operating voltage&#8221; and is preparing a mid-August patch to address the root cause, though it won&#8217;t repair any pre-existing damage.
See Also: <a href="https://www.benzinga.com/news/24/07/40066966/epic-games-tim-sweeney-slams-apples-find-my-anti-theft-feature-calls-it-super-creepy-surveillance-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Epic Games&#8217; Tim Sweeney Slams Apple&#8217;s &#8216;Find My&#8217; Anti-Theft Feature, Calls It &#8216;Super Creepy Surveillance Tech&#8217; That Should Not Exist</a>
Originally, Intel&#8217;s boxed CPUs came with a three-year limited warranty, but with this extension, the warranty period will now total five years. This move comes after Intel initially declined to comment on potential warranty extensions for the affected chips.
In a statement to The Verge, Thomas Hannaford of Intel expressed the company&#8217;s commitment to supporting customers through the exchange process and promised more details on the extended warranty support soon. 
"We stand behind our products, and in the coming days we will be sharing more details on two-year extended warranty support for our boxed Intel Core 13th and 14th Gen desktop processors," he said. 
Intel has advised customers who purchased systems from OEM/System Integrators to contact the support team of their system manufacturer and those who bought boxed CPUs to reach out to Intel Customer Support for assistance.
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: Intel&#8217;s decision to extend warranties arrives amid a challenging period for the company. Following a <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">disappointing second-quarter financial report</a>, where earnings and sales fell below analyst expectations, Intel announced a significant cost reduction plan, including a 15% headcount reduction. This was a stark indicator of the pressures Intel faces as it attempts to navigate a turnaround strategy.
The company&#8217;s recent job cuts are part of efforts to streamline operations and fund its recovery efforts amid <a href="https://www.benzinga.com/news/24/07/40073980/intel-plans-job-cuts-to-fund-turnaround-efforts-bloomberg">declining earnings and market share</a>.
Furthermore, Intel&#8217;s competitive landscape has intensified, with rivals like Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) making significant inroads in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40069119/can-amd-stock-hit-180-ai-growth-fuels-data-center-dominance-over-intel">data center space</a>, as highlighted by a JPMorgan analyst&#8217;s note on AMD&#8217;s growth.
However, it&#8217;s not all bleak for Intel, as the company <a href="https://www.benzinga.com/markets/equities/24/07/40076795/intel-wins-london-leg-of-patent-dispute-with-r2-report">recently secured a legal victor</a>y in the London leg of a global patent dispute with R2 Semiconductor. 
Price Action: Intel Corp&#8217;s stock closed at $29.05 on Thursday, down by 5.50%. In after-hours trading, the stock fell further 18.90%. Year to date, the stock has dropped 39.23%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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: 
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<li><a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</a></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>

INTC

Intel Doesn't Have A Fix For 2 Generations Of Its CPUs Crashing, But It's Offering 2 Years Of Extended Warranty To Make Up For It

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Producer Price Index (QoQ) For Q2 1.0% Vs. 1.0% Est.; 0.9% Prior

Reported Earlier, Australia Producer Price Index (YoY) For Q2 4.8% Vs. 4.3% Prior

Reported Earlier, Australia Home Loans (MoM) For June 0.5% Vs. -1.0% Est.; -1.9% (Revised) Prior

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Thursday envisioned the company making a drivetrain every second, or in 80% less time than it currently takes to <a href="https://www.benzinga.com/news/24/08/40090803/elon-musks-tesla-makes-10-millionth-drive-unit-more-than-half-of-them-made-in-giga-nevada">manufacture a drive unit</a>. 
What Happened: &#8220;One day, Tesla will make a drivetrain per second,&#8221; Musk wrote on X.
<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">One day, Tesla will make a drivetrain per second <a href="https://t.co/Whj4WAAxzw">https://t.co/Whj4WAAxzw</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1819107597745901811?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Omead Afshar, who lists his job role on LinkedIn as working in the office of the CEO at Tesla, added to Musk&#8217;s dreams and wrote, &#8220;And a car in &lt;60 seconds!&#8221; Afshar is among the few Tesla employees to have a Tesla-affiliated tag on Musk&#8217;s social media platform X.
<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">And a car in &lt;60 seconds! <a href="https://t.co/nuMsNgqE1j">https://t.co/nuMsNgqE1j</a>
&mdash; Omead Afshar (@omead) <a href="https://twitter.com/omead/status/1819121062224760931?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk voiced his new expectations on the heels of Tesla announcing on Wednesday that it has produced its 10 millionth drive unit across all of its factories. The drive unit was created on July 3, the company said, while not specifying which of its many factories manufactured it.
Why It Matters:&nbsp;Most of Tesla's drive units are seemingly made in Giga Nevada located less than an hour from Lake Tahoe. In early June, the company announced that its gigafactory in Nevada made its 5 millionth drive unit or about 50% of its overall drive unit production as of July 3. 
The drive unit serves as the core of an EV by converting electrical energy in the battery to mechanical energy.
Drive units today cost less than half of the <a href="https://www.benzinga.com/news/24/07/40028740/tesla-ceo-elon-musk-turns-down-possibility-of-model-s-plaid-plus-variant-upcoming-roadster-set-to-fi">original Model S drive unit </a>and the company makes one every five seconds, Tesla said on Wednesday. 
Check out more of Benzinga'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:
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<li><a href="https://www.benzinga.com/news/24/08/40091775/tesla-ceo-elon-musk-says-warren-buffett-backed-ev-maker-byd-should-change-approach-to-autonomy-fast">Tesla CEO Elon Musk Says Warren Buffett-Backed EV Maker BYD Should Change Approach To Autonomy &#8216;Fast Or They&#8217;re In Trouble&#8217;</a></li>
</ul>
Photo via Wikimedia Commons

TSLA

Elon Musk Dreams Of Tesla Making A Drivetrain Every Second, 5X Faster Than Right Now

Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares turned higher late in Thursday&#8217;s after-hours session after being down in reaction to the quarterly report. Despite some sore spots such as the China weakness, analysts and market watchers were positive about the <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">third-quarter performance and the forward outlook.</a>
Ives Pleasantly Surprised: &#8220;Gold-medal performance in our view,&#8221; said Wedbush analyst Daniel Ives in a post on X, formerly Twitter, referring to Apple&#8217;s performance in the third quarter. In a note released immediately after the results, Ives said revenue exceeded expectations and iPhone sales also came in above the consensus.
&#8220;We were not expecting anything special this quarter,&#8221; Ives said, adding that iPhone 15, however, remained strong.
China revenue was down 6.5% year-over-year, and the decline was a more modest 3% excluding currency headwinds, the analyst said. &#8220;We believe growth in China will return to the Cupertino story in the September quarter,&#8221; he said. 
&#8220;Overall this was a flex the muscles moment for Cook &amp; Co. despite negative sentiment building around the iPhone growth story.&#8221;
Ives also highlighted Services revenue which grew in line with the guidance for double-digit growth. He sees the segment remaining the &#8220;bedrock of growth in the Apple story.&#8221;
The analyst commended the healthy gross margin, at 46.3%, which was a tick higher than what the Street was bracing for. He attributed the strength to increasing ASPs continue to drive margins up. 
Weighing in with his thoughts on the conference call, Ives said, &#8220;This was an upbeat conference call in our view as stronger September guidance is just the opening act for the main event which is an AI-driven super cycle starting with iPhone 16 launching in mid-September.&#8221;
The analyst expects AI technology that will be introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as hardware products, adding $30 to $40 per share. Apple guided revenue growth to be similar to the June quarter levels, ahead of the 4.3% expected by the Street and Services revenue growth will also be similar to the levels seen in the June quarter, he noted.
&#8220;Our view is betting against Cook and Cupertino into an AI-driven supercycle led by iPhone 16 and Apple Intelligence is the wrong move for investors as the renaissance of growth returns to the Apple story,&#8221; he added.
Wedbush maintained an Outperform rating and lifted the price target for the stock from $275 to $285.
See Also:&nbsp;<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Apple Stock</a>
Overall Solid Quarter, Says Munster: Apple beat earnings and revenue expectations by 4% and 1.6%, respectively, said Deepwater Asset Management Managing Partner Gene Munster on X. &#8220;Overall it was a solid quarter,&#8221; he said.
China revenue fell 6.5% year-over-year versus the Street forecast for a more modest 0.7% drop, he said. The non-China business therefore has done the heavy lifting with 7% growth compared to the overall growth of 5%, he said. CEO Tim Cook said on the call that China softness was in part due to the country being the most competitive market in the world and the macro environment, he noted.
The tech venture capitalist shrugged off the China weakness as he noted that this geography faced a tougher comparison. Going forward, things get easier for Apple in the country, he added.
&#8220;Apple&#8217;s flywheel is flying,&#8221; said Munster, referring to the active installed base that hit a new record.
Munster termed the company&#8217;s guidance as solid, with the September quarter revenue guidance 0.5% above the consensus. The expectation among some that the new iPhone cycle which starts in the back half of the month of September would have inched guidance even higher is noise, he said. 
&#8220;Big picture is it&#8217;s all about FY25 and FY26 iPhone, Mac and iPad powered by Apple Intelligence,&#8221; the analyst said.
Delving into the AI features&#8217; launch timeline, Apple reiterated<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39269940/apples-ai-breakthroughs-at-wwdc-2024-lead-to-higher-iphone-sales-projections-by-gol"> its previous comments from the June Worldwide Developers&#8217; Conference about a staggered launch, </a>Munster noted. The launch will start with developers followed by a partial rollout, some features like languages happening over the course of the year and ChatGPT integration by end of the calendar year, he said, citing management commentary.
Apple shares, which closed Thursday&#8217;s session down 1.68% to $218.36, were last seen trading up 0.68% at $219.84 in the after-hours session, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Photo courtesy: Shutterstock
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Analyst Color

Reiteration

Apple Analyst Warns Investors About Betting Against Tech Giant As iPhone Maker On Cusp Of AI-Driven Supercycle: 'Flex The Muscles Moment For Cook & Co'

On Thursday, e-commerce giant Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) disclosed a shift in consumer preferences towards lower-priced items and everyday essentials, resulting in a drop in average selling prices (ASPs).
What Happened: During <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">Amazon&#8217;s second-quarter earnings</a> call, the e-commerce giant CEO Andy Jassy highlighted that customers are increasingly opting for lower-priced items, leading to a decrease in ASPs.
He said while high-ticket items like electronics are growing faster for Amazon than elsewhere in the industry, the growth rate is slower compared to a more robust economy. However, Amazon&#8217;s expedited delivery speed has led to an increase in everyday essentials sales.
See Also: <a href="https://www.benzinga.com/news/24/07/40088903/mark-zuckerberg-takes-a-veiled-swipe-at-elon-musk-meta-ceo-says-he-is-pleased-with-the-progress-face?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Takes A Veiled Swipe At Elon Musk? Meta CEO Says He Is Pleased With The Progress Facebook Is Making With Young Adults Despite The &#8216;Public Narrative&#8217;</a>
&#8220;So, far this year, our speed of delivery for Prime customers has been faster than ever before, with more than five billion units arriving the same day or next day,&#8221; he stated.
Brian T. Olsavsky, Amazon&#8217;s senior vice president and CFO, also said that consumers continue to look for deals and lower ASP products, a trend expected to continue into the third quarter. &#8220;The difference in Q2 was that, again, we had very strong unit volume growth.&#8221;
He also noted that the drop in revenue growth was tied to ASP and growth in everyday essentials business and categories.
&#8220;While we think we are selling a number of higher ticket items, certainly and holding up well in the market itself, certainly not as strong as it&#8217;s been in a normalized economy,&#8221; Olsavsky stated, adding, &#8220;And lower ASP products are more of the mix right now.&#8221;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Amazon&#8217;s shift towards faster delivery services has been a strategic move to cater to last-minute shoppers. This strategy has resulted in a significant increase in Amazon&#8217;s share of <a href="https://www.benzinga.com/news/24/01/36494973/amazons-expedited-shipping-wins-big-in-holiday-rush-capturing-nearly-a-third-of-late-online-orders">online orders during the holiday season.</a>
In March this year, it was reported that Amazon has been focusing on enhancing its delivery speed and trust to counter the <a href="https://www.benzinga.com/news/24/03/37866299/amazon-amps-up-delivery-speed-and-trust-to-tackle-alibaba-rivals-temu-and-sheins-rapid-us-expansion">rise of emerging e-commerce</a> platforms like Temu and Shein. These platforms, originating from China, have swiftly gained traction in the U.S. market, directly targeting Amazon's customer base.
Meanwhile, on Thursday, Amazon reported second-quarter net sales of $148 billion, marking a 10% increase year-over-year. However, these sales fell short of the Street consensus estimate of $148.56 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent080124&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
Price Action: At the time of writing, Amazon shares dropped 6.88% to $171.40 in after-hours trading on Thursday. In the regular session, the company&#8217;s shares were down 1.65% ending at $184.07.
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>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Amazon Reports Drop In Prices And Slower Growth In High-Ticket Items Compared With 'Normalized Economy,' But Faster Delivery Is A Silver Lining

Warren Buffett&#8216;s Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) has continued to sell off its holdings in Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), with the total sales now exceeding $3.8 billion over the past two weeks.
What Happened: Berkshire Hathaway, led by the legendary investor Buffett, has offloaded more than $3.8 billion worth of Bank of America shares since mid-July, reported Reuters, citing a regulatory filing on Thursday. The company sold approximately 19.2 million shares for about $779 million between Jul. 30 and Aug. 1.
The conglomerate remains the largest shareholder of the Charlotte, North Carolina-based bank, holding 942.4 million shares, which is about 12.1% of the shares outstanding, valued at around $37.2 billion.
Berkshire is required to continue reporting sales until its stake falls below 10%. The company is set to report its second-quarter earnings on Saturday morning.
The sales began after Bank of America&#8217;s stock price had risen by about two-thirds since late October and traded at more than 1.2 times book value. This boosted the value of Berkshire&#8217;s shares to over $45 billion, more than triple the $14.6 billion it paid for them.
Berkshire has been investing in Bank of America since 2011 when it purchased $5 billion of preferred stock, signaling Buffett&#8217;s confidence in Bank of America CEO Brian Moynihan&#8216;s ability to restore the bank to health following the 2008 financial crisis.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/40029681/trump-accuses-opec-of-manipulating-oil-prices-to-favor-kamala-harris-warns-she-will-be-a-disaste?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuses OPEC Of Manipulating Oil Prices To Favor Kamala Harris, Warns &#8216;She Will Be A Disaster For The USA!&#8217;</a>
Why It Matters: The recent sales are part of a broader trend of Berkshire Hathaway <a href="https://www.benzinga.com/markets/equities/24/07/39870428/warren-buffetts-berkshire-hathaway-sells-33-9m-bank-of-america-shares-worth-1-48b">trimming its position</a> in Bank of America. Earlier in July, Berkshire sold approximately 33.9 million Bank of America shares, worth around $1.48 billion, as disclosed in a regulatory filing with the SEC.
By the end of July, Berkshire had further <a href="https://www.benzinga.com/markets/equities/24/07/40030472/warren-buffetts-berkshire-trims-position-in-its-second-biggest-stock-holding-by-3-2b-this-month-">reduced its stake</a> by selling an additional 18.42 million shares valued at about $767 million. This brought Berkshire&#8217;s holdings to 961.65 million shares, reducing its ownership to 12.49%.
Warren Buffett&#8217;s investment strategy often involves <a href="https://www.benzinga.com/markets/24/07/39995098/warren-buffett-is-loaded-up-on-these-three-stocks-should-you-be">buying and holding winning stocks</a> for the long term. However, the recent sales indicate a strategic move to capitalize on the significant appreciation in Bank of America&#8217;s stock price.
Buffett has often emphasized the importance of choosing the right heroes and role models in his investment journey. His admiration for figures like Benjamin Graham has <a href="https://www.benzinga.com/news/24/08/40120575/warren-buffett-once-said-that-the-best-thing-he-did-was-choose-the-right-heroes-who-was-berkshire-ha">shaped his investment philosophy</a>, which continues to influence his decisions today.
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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>

Warren Buffett's Berkshire Hathaway Further Pares Bank Of America Stake, Offloads Shares Worth $3.8B In 2 Weeks

Prestige International (JP:4290) has released an update. Prestige International Inc. reported a decrease in consolidated operating profits from ¥2,...

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