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Refined Metals Corp

Shares of Selective Insurance Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIGI#NASDAQ">SIGI</a>) fell sharply during Friday's session following <a href="https://www.benzinga.com/quote/SIGI/earnings">weak quarterly results.</a>
Selective Insurance reported quarterly losses of $1.10 per share which missed the analyst consensus estimate of $1.49 per share. The company reported quarterly sales of $1.196 billion which missed the analyst consensus estimate of $1.204 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Selective Insurance Group shares dipped 14.8% to $85.40 on Friday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Augmedix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUGX#NASDAQ">AUGX</a>) shares jumped 148.8% to $2.28 after the company announced it will be acquired by Commure.</li>
<li>60 Degrees Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SXTP#NASDAQ">SXTP</a>) climbed 85.7% to $0.4566 after the company signed clinical trial agreements with three planned trial sites for the Tafenoquine Babesiosis study.</li>
<li>Virpax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRPX#NASDAQ">VRPX</a>) shares gained 70% to $2.36. Maxim Group analyst Naz Rahman upgraded Virpax Pharmaceuticals from Hold to Buy and announced a price target of $3.</li>
<li>Serve Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) gained 51.3% to $3.98 after gaining over 12% on Thursday.</li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) shares rose 36.1% to $17.35 following a report suggesting the company reached a settlement plan over the Maui wildfires.</li>
<li>Autonomix Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMIX#NASDAQ">AMIX</a>) gained 34% to $1.83.</li>
<li>Permianville Royalty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVL#NYSE">PVL</a>) rose 22.7% to $1.4601. Permianville Royalty Trust announced a cash distribution to the holders of its units of beneficial interest of $0.011000 per unit, payable on Aug. 14, 2024 to unitholders of record on July 31, 2024.</li>
<li>Power REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PW#NYSE">PW</a>) surged 15.4% to $0.9808.</li>
<li>NaaS Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAAS#NASDAQ">NAAS</a>) shares gained 14.1% to $9.23 after jumping 53% on Thursday.</li>
<li>Antelope Enterprise Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHL#NASDAQ">AEHL</a>) climbed 13.6% to $4.1001.</li>
<li>Golden Sun Health Technology Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSUN#NASDAQ">GSUN</a>) gained 13.6% to $7.75.</li>
<li>MoneyLion Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ML#NYSE">ML</a>) gained 11.6% to $71.21. MoneyLion will release its financial results for the second quarter of 2024 on Tuesday, Aug. 6, 2024.</li>
<li>HIVE Digital Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>) gained 9.8% to $4.02. B. Riley Securities analyst Lucas Piper initiated coverage on HIVE Digital Technologies with a Buy rating and announced a price target of $6.</li>
<li>Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) rose 8.3% to $450.52 after the company reported better-than-expected second-quarter financial results.</li>
<li>Torrid Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NASDAQ">CURV</a>) gained 7.7% to $8.00.</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) rose 7.2% to $76.16 following upbeat quarterly results.</li>
<li>Kuke Music Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KUKE#NASDAQ">KUKE</a>) gained 6.7% to $1.28.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>SunPower Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>) shares dipped 45.8% to $0.82. SunPower shares dipped 40% on Thursday following the company's announcement of a significant operational pause and a subsequent analyst downgrade.</li>
<li>Hyzon Motors Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>) shares fell 42% to $0.1648 after the company reported pricing of $4.5 million registered direct offering.</li>
<li>Nauticus Robotics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) fell 30.5% to $0.0896 after the company announced a 1-for-36 reverse stock split.</li>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) declined 26% to $2.57 as the company announced a $2.1 million registered direct offering priced at-the-market under Nasdaq rules.</li>
<li>Salarius Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLRX#NASDAQ">SLRX</a>) shares dipped 23.1% to $1.86 after jumping 59% on Thursday. Salarius Pharmaceuticals was recently notified by MD Anderson Cancer Center of a Grade 4 adverse event in the Seclidemstat clinical trial.</li>
<li>TRxADE HEALTH, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDS#NASDAQ">MEDS</a>) fell 19.6% to $16.80.</li>
<li>Onconetix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONCO#NASDAQ">ONCO</a>) fell 18.1% to $0.1787 after gaining over 46% on Thursday.</li>
<li>Crown LNG Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGBS#NASDAQ">CGBS</a>) dipped 16.7% to $1.4995.</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares fell 16% to $2.4550 after the company announced the commencement of a $200 million public offering of its common stock.</li>
<li>Selina Hospitality PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNA#NASDAQ">SLNA</a>) dipped 15.7% to $0.0477.</li>
<li>Scholastic Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHL#NASDAQ">SCHL</a>) fell 15.4% to $30.94 following weaker-than-expected fourth-quarter results.</li>
<li>Plug Power Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLUG#NASDAQ">PLUG</a>) shares declined 15.4% to $2.47 after the company announced the commencement of a $200 million public offering of its common stock.</li>
<li>Corsair Gaming, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSR#NASDAQ">CRSR</a>) dipped 14.3% to $8.32 after the company reported preliminary financial results below estimates. Also, Baird maintained a Neutral rating on the stock and lowered its price target from $14 to $10.</li>
<li>American Rebel Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AREB#NASDAQ">AREB</a>) fell 13.9% to $0.6298.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) fell 13.6% to $58.00.</li>
<li>Comerica Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) dipped 13.4% to $48.81 following second-quarter results.</li>
<li>Wipro Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) fell 11.4% to $6.11 following first-quarter results.</li>
<li>AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) dipped 10.6% to $65.51 following weak quarterly sales.</li>
<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) shares fell 10.1% to $308.48 after the company suffered major outage impacting businesses around the world.</li>
<li>Joby Aviation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) dipped 8.3% to $6.39.</li>
<li>Autoliv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>) fell 8.1% to $99.82 following downbeat quarterly results.</li>
<li>The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) declined 5.6% to $208.32 following weak quarterly sales.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) fell 5.5% to $32.90.</li>
<li>Visteon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VC#NASDAQ">VC</a>) dipped 5% to $107.85.</li>
</ul>
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Why Selective Insurance Group Shares Are Trading Lower By Around 15%? Here Are Other Stocks Moving In Friday's Mid-Day Session

<a href="https://x.com/RepNancyMace/status/1814336275467448695" title="https://x.com/RepNancyMace/status/1814336275467448695">https://x.com/RepNancyMace/status/1814336275467448695</a>

MSFT

Rep. Nancy Mace Post On X, "We've requested briefings from @CrowdStrike, @Microsoft and @CISACyber. We're also trying to determine the breadth of impact, especially across the federal government at this time. Cybersecurity and tech subcommittee on Oversight. Stay tuned."

Pennsylvania Governor Josh Shapiro (D) said that both his administration and lawmakers would &#8220;come back and continue to fight&#8221; for legalization, referring to the exclusion of cannabis reform in the <a href="https://www.benzinga.com/markets/cannabis/24/07/39776331/these-two-cannabis-stocks-face-setback-following-pennsylvania-budget-approval-what-you-need-to-k">recently signed budget legislation</a>.
During a <a href="https://www.facebook.com/watch/?v=1479628103436767">press conference</a>, Shapiro reflected on the compromises made in the budget, emphasizing his continued belief in the reform&#8217;s potential benefits. 
Shapiro&#8217;s initial <a href="https://www.benzinga.com/markets/cannabis/24/02/36982547/pa-gov-wants-cannabis-legalized-its-time-to-catch-up-with-other-states-and-earn-250m-in-revenue-">budget proposal</a> in February included cannabis legalization, highlighting the revenue potential as neighboring states move ahead with the reform. He pointed out the financial opportunities, stating, &#8220;We're losing out on an industry that, once fully implemented, would bring in more than $250 million in annual revenue.&#8221;
<h4 class="wp-block-heading">Lawmaker On Legalization Efforts</h4>
However, the path to legalization faces internal disagreements among Pennsylvania Democrats regarding the regulatory framework. Rep. Dan Frankel, a staunch advocate for marijuana legalization, acknowledged the lack of consensus on whether to adopt a traditional private model or a <a href="https://www.benzinga.com/markets/cannabis/24/04/38448103/state-run-vs-private-pennsylvania-debates-transition-of-liquor-store-model-to-cannabis-distribut">state-controlled system</a> comparable to the alcohol industry.
Frankel noted that cannabis reform was not a focal point in the recent budget negotiations, expressing doubts about advancing legalization this year due to limited session days. Nevertheless, he remained optimistic about future discussions and Republican engagement on the matter.
Senate president pro tempore Kim Ward criticized the governor&#8217;s involvement. &#8220;It's a lot of show, but not a lot of ‘go,' as far as I'm concerned.&#8221; 
<h4 class="wp-block-heading">Industry And Advocacy Group Weigh In</h4>
Meredith Buettner Schneider, executive director of the Pennsylvania Cannabis Coalition, expressed hope for legislative progress this fall. She emphasized the importance of the governor&#8217;s involvement. &#8220;[Shapiro] coming to the table over the next couple months would be really critical to getting something done.&#8221;
Amid legislative efforts, the Pennsylvania legislature inadvertently omitted medical marijuana dispensaries from a section providing tax relief for the cannabis industry in the budget bill. This error underscores the complex and often contentious nature of cannabis policy reform.
<h4 class="wp-block-heading">Projections And Future Outlook</h4>
A recent <a href="https://s43720.pcdn.co/wp-content/uploads/2024/06/FTI-PA-Adult-Use-Market-Economic-Impacts-06.17.2461.pdf">report</a> commissioned by activists projected that Pennsylvania could see up to $2.8 billion in adult-use marijuana sales in the first year of legalization, generating significant tax revenue and job creation. Sens. Sharif Street and Dan Laughlin stressed the importance of bipartisan cooperation to pass a legalization bill, advocating for the <a href="https://www.benzinga.com/markets/cannabis/24/01/36620822/feds-finally-release-documents-confirming-recommendation-to-reschedule-cannabis-based-on-accepte">federal government&#8217;s proposed cannabis rescheduling rule</a> to be implemented swiftly.
In light of regional legalization dynamics and increasing public support, Pennsylvania&#8217;s journey toward marijuana reform continues to unfold. Lawmakers and advocates say they&#8217;re determined to achieve a consensus that balances regulatory considerations, economic opportunities and <a href="https://www.benzinga.com/markets/cannabis/24/07/39708899/no-cannabis-legalization-in-pennsylvania-without-our-support-says-black-caucus-urging-for-restor">social equity</a>.
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Politics

Gov Josh Shapiro Says He'll Push For Marijuana Legalization In Pennsylvania Despite Setbacks

Pentagon Says First F-35 Of New Deliveries Accepted On Friday

Despite recent layoffs in its Reality Labs division, Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is moving forward with ambitious plans for its virtual reality (VR) and <a href="https://www.benzinga.com/topic/arvr">augmented reality (AR) hardware. </a>
<a href="https://www.theinformation.com/articles/reality-comes-to-metas-reality-labs">According</a> to The Information, the company aims to release the Quest 4 in 2026, followed by a higher-end headset in 2027.
See Also: <a href="https://www.benzinga.com/general/gaming/24/04/38342816/meta-quest-2-price-permanently-cut-in-half-concerns-linger-about-long-term-support">Meta Quest 2 Price Permanently Cut In Half, Concerns Linger About Long-Term Support</a>
<h3 class="wp-block-heading">Quest 4 And High-End Headset Timelines</h3>
For the first time, specific timelines for these upcoming devices have surfaced. The Quest 4 is expected to come in two versions, internally referred to as &#8220;Pismo Low&#8221; and &#8220;Pismo High.&#8221; This bifurcation suggests Meta&#8217;s strategy to cater to both budget-conscious consumers and those seeking a premium VR experience.
The 2027 release, codenamed &#8220;La Jolla,&#8221; aims to position itself as a direct competitor to the <a href="https://www.benzinga.com/news/24/07/39747111/apples-vision-pro-struggles-to-find-its-killer-app-to-justify-3-500-price-tag-just-not-quite-hit-the">Apple Vision Pro.</a>
<h3 class="wp-block-heading">AR Glasses And Design Challenges</h3>
Meta&#8217;s ambitions aren&#8217;t limited to VR headsets. The company is also planning to launch a pair of AR glasses featuring a genuine display. 
However, The Information&#8217;s report indicates that these glasses might face significant design hurdles. Unlike the lightweight Ray-Ban Meta smart glasses, the new AR glasses are expected to weigh around 70 grams and have a &#8220;bulky design&#8221; due to the integrated display.
This design challenge is a familiar one in the AR industry. Achieving a balance between wearability, battery life, and display performance remains a tough nut to crack. The report suggests that due to their bulkiness, these glasses may not carry the Ray-Ban branding, as Ray-Ban&#8217;s parent company, EssilorLuxottica, reportedly disapproves of the design.
Many companies have faced similar challenges in miniaturizing displays to create comfortable, stylish, and functional AR glasses. This difficulty has often been a significant barrier to widespread consumer adoption.
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Tech

General

Meta Moves Ahead With Quest 4 VR Headset Despite Layoffs, Sets Release Date: Report

Although U.S. stocks closed lower on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Adverum Biotechnologies</h3>
<ul>
<li>The Trade: Adverum Biotechnologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADVM#NASDAQ">ADVM</a>) 10% owner Braden Michael Leonard <a href="https://www.benzinga.com/quote/ADVM/analyst-ratings">acquired a total of 216,264 shares</a> at an average price of $8.26. To acquire these shares, it cost around $1.79 million.</li>
<li>What's Happening: On July 17, Adverum Biotechnologies released data from its ongoing LUNA Phase 2 trial for Ixo-vec in patients with wet age-related macular degeneration (AMD).</li>
<li>What Adverum Biotechnologies Does: Adverum Biotechnologies Inc is a U.S.-based clinical-stage gene therapy company.</li>
</ul>
<h3 class="wp-block-heading">Appian</h3>
<ul>
<li>The Trade: Appian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPN#NASDAQ">APPN</a>) 10% owner Colin T. Moran acquired a total of 300,000 shares at &lt;/em&gt;&lt;/a&gt; an average price of $35.40. To acquire these shares, it cost around $10.6 million.</li>
<li>What's Happening: Appian will release financial results for the second quarter, before the opening bell on Thursday, Aug. 1.</li>
<li>What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.</li>
</ul>
<h3 class="wp-block-heading">American Strategic Investment</h3>
<ul>
<li>The Trade: American Strategic Investment Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYC#NYSE">NYC</a>) 10% owner New York City Advisors, LLC <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 125,864 shares</a> at an average price of $10.98. To acquire these shares, it cost around $1.38 million.</li>
<li>What's Happening: On May 10, the company posted downbeat quarterly sales.</li>
<li>What American Strategic Investment Does: American Strategic Investment Co is an externally managed company that currently owns a portfolio of commercial real estate located within the five boroughs of New York City, majorly Manhattan.</li>
</ul>
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Long Ideas

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More Than $10M Bet On Appian? Check Out These 3 Stocks Insiders Are Buying

Northern Irish golf sensation Rory McIlroy has weathered a few missed putts lately. According to the Daily Mail, after a brief foray into divorce proceedings, McIlroy and his wife of seven years, Erica Stoll, have opted for reconciliation. This decision inadvertently exposed the golfer&#8217;s unexpected windfall in Florida's real estate market.
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The couple&#8217;s Jupiter, Florida mansion, purchased for $11 million in 2012, has doubled in value to an estimated $22 million. The appreciation came during a tumultuous period for the McIlroys, culminating in a divorce filing on the eve of the PGA Championship in May, only to be dramatically withdrawn weeks later.
"There have been rumors about my personal life recently, which is unfortunate," McIlroy told The Guardian last month. "Over the past weeks, Erica and I have realized that our best future was as a family together."
The personal drama played out against McIlroy&#8217;s professional challenges, including a heartbreaking near-miss at the U.S. Open in Pinehurst. The golfer held a two-shot lead with four holes to play before stumbling to a second-place finish behind Bryson DeChambeau.
The 13,000-square-foot <a href="https://www.benzinga.com/general/24/06/39332812/they-broke-up-in-1989-but-now-his-ex-girlfriend-is-inheriting-his-1-million-retirement-account-after">residence — </a>on 2.4 acres of land — boasts nine bedrooms and ten bathrooms. Beyond its sheer size, the mansion has a luxury infinity pool, a games room, a tennis court, a home theater, and a recording studio. The property includes a state-of-the-art gym and a six-car garage. Its value has surged alongside the broader luxury real estate market in South Florida, a trend accelerated by the pandemic&#8217;s reshuffling of living preferences.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Trending: Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield.</a>
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McIlroy&#8217;s <a href="https://www.benzinga.com/personal-finance/24/07/39694555/28-year-old-making-500-000-a-year-explains-to-dave-ramsey-his-fianc-es-rich-parents-want-him-to-">prenuptial agreement,</a> signed in 2017, reportedly allows him to retain ownership of the property and his golf fortune. The golfer&#8217;s attorney, Thomas Sasser, previously represented Tiger Woods in his 2010 divorce. Given Florida&#8217;s equitable distribution laws and the prenuptial agreement, legal experts suggested that McIlroy&#8217;s estimated $87 million in career earnings might not be seriously impacted if they were to get divorced. However, this isn&#8217;t the first time McIlroy&#8217;s personal life has crossed with his professional career. His past relationships, including those with childhood sweetheart Holly Sweeney and tennis star Caroline Wozniacki, ended abruptly, sometimes coinciding with major tournaments.
As McIlroy returns to competition at the Scottish Open, the golfer&#8217;s resilience, evident in his return to the links after the U.S. Open disappointment, seems to extend beyond the fairways. "I&#8217;ve shown my resilience over and over again in the last 17 years," McIlroy said in a recent statement, "and I will again." 
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Rory McIlroy's Prenup Terms Allows Him To Keep His $22 Million Mansion Even Though Home Value Doubled Since 2017

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'Tesla halted some of its production lines due to the Microsoft-CrowdStrike outage' - Insider

Truist Securities analyst Michael Ciarmoli maintains Hexcel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HXL#NYSE">HXL</a>) with a Buy and lowers the price target from $81 to $78.

Price Target

Analyst Ratings

Truist Securities Maintains Buy on Hexcel, Lowers Price Target to $78

ARM Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) shares are trading higher after Morgan Stanley analyst Lee Simpson upgraded the stock from <a target="_blank" href="https://www.benzinga.com/quote/ARM/analyst-ratings" rel="noreferrer noopener">Equal-Weight to Overweight</a> and raised its price target from $107 to $190.
The upgrade comes as the broader semiconductor sector has seen a selloff this week following Donald Trump&#8217;s <a target="_blank" href="https://www.benzinga.com/government/24/07/39857131/ai-chip-stocks-nvidia-amd-taiwan-semi-saw-a-selloff-this-week-whats-going-on" rel="noreferrer noopener">verbal attack against</a> contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and the U.S.&#8217;s plans to intensify advanced semiconductor sanctions against China.
AI chip stocks led by Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) lost 9% and 18% this week.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39135597/why-is-arm-holdings-stock-trading-higher-on-monday" rel="noreferrer noopener">At the Computex forum</a> in Taipei, Arm CEO Rene Haas said he expects 100 billion Arm devices worldwide to be AI-ready by the end of 2025.
Arm Holdings plans to showcase its AI chip in 2025 and launch it commercially by fall 2025. Parent company Softbank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) aims to invest significantly in data centers using its AI chips and renewable energy.
AMD CFO Jean Hu recently suggested a potential entry into next-generation AI PCs.
Analysts remain optimistic about Arm Holdings, citing strong licensing interest and royalty potential as essential growth factors. They also highlight Arm&#8217;s opportunities in the AI and data center sectors.
Arm Holdings stock rose by 158% over the past 12 months as AI <a target="_blank" href="https://www.benzinga.com/news/24/06/39387100/whats-going-on-with-chipmaker-arm-holdings-stock" rel="noreferrer noopener">integrated into smartphones</a>. The ARM (Acorn RISC Machine) architecture powers 99% of the world&#8217;s smartphone CPU cores. Apple, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is one of Arm&#8217;s major customers.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9.png" alt="" class="wp-image-446149" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19120052/newplot-1-9-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Arm&#8217;s clients choose the company over Intel Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) x86 technology primarily for its efficiency and widespread adoption. Arm&#8217;s architecture enables chips to consume less power compared to x86, making it ideal for mobile devices and other power-sensitive applications, CNBC <a target="_blank" href="https://www.cnbc.com/2023/11/09/how-arm-gained-chip-dominance-with-apple-nvidia-amazon-and-qualcomm.html" rel="noreferrer noopener">reported</a> in 2023.
Key clients like Apple, Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) leverage Arm&#8217;s technology to build custom silicon tailored to their specific needs.
ARM Holdings has a consensus price target of&nbsp;$112.17 based on the ratings of&nbsp;25 analysts.
ARM Price Action: Arm shares traded higher by 3.47% at $163.83 at the last check on Friday.
Photo via Wikimedia Commons

Upgrades

AAPL

AMZN

GOOG

GOOGL

NVDA

QCOM

SFTBF

SFTBY

What's Going On With Arm Stock On Friday?

Northcoast Research analyst Ryan Connors downgrades Pentair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNR#NYSE">PNR</a>) from Buy to Neutral.

Downgrades

Northcoast Research Downgrades Pentair to Neutral

BTIG analyst Thomas Catherwood assumes Apollo Comml Real Est (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARI#NYSE">ARI</a>) with a Neutral rating.

Initiation

BTIG Assumes Apollo Comml Real Est at Neutral

BTIG analyst Sarah Barcomb assumes Claros Mortgage Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMTG#NYSE">CMTG</a>) with a Neutral rating.

CMTG

BTIG Assumes Claros Mortgage Trust at Neutral

Morgan Stanley analyst Michael Phillips maintains Travelers Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) with a Equal-Weight and lowers the price target from $220 to $210.

Morgan Stanley Maintains Equal-Weight on Travelers Companies, Lowers Price Target to $210

BTIG analyst Timothy Hayes assumes Ready Capital (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RC#NYSE">RC</a>) with a Neutral rating.

BTIG Assumes Ready Capital at Neutral

Goldman Sachs analyst Eric Sheridan maintains Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) with a Neutral and raises the price target from $650 to $659.

NFLX

Goldman Sachs Maintains Neutral on Netflix, Raises Price Target to $659

Goldman Sachs analyst Alex Scott maintains Allstate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) with a Buy and raises the price target from $197 to $199.

Goldman Sachs Maintains Buy on Allstate, Raises Price Target to $199

Goldman Sachs analyst Chris Shibutani maintains Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) with a Neutral and lowers the price target from $160 to $155.

Goldman Sachs Maintains Neutral on Johnson & Johnson, Lowers Price Target to $155

Resources Connection (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rgp#NYSE">RGP</a>) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.10 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 180%. A quarter ago, it was expected that this consulting company would post a loss of $0.01 per share when it actually produced earnings of $0.17, delivering a surprise of 1,800%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Resources Connection, which belongs to the Zacks Staffing Firms industry, posted revenues of $148.2 million for the quarter ended May 2024, surpassing the Zacks Consensus Estimate by 5.61%. This compares to year-ago revenues of $184.45 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
Resources Connection shares have lost about 22.6% since the beginning of the year versus the S&amp;P 500&#39;s gain of 17.2%.
What&#39;s Next for Resources Connection?
While Resources Connection has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Resources Connection: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $153.24 million in revenues for the coming quarter and $1.01 on $659.69 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Staffing Firms is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Insperity, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nsp#NYSE">NSP</a>), is yet to report results for the quarter ended June 2024.
This company is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of +14.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Insperity, Inc.&#39;s revenues are expected to be $1.62 billion, up 2.2% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2304865/resources-connection-rgp-beats-q4-earnings-and-revenue-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2304865">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

Small Cap

Resources Connection Beats Q4 Earnings and Revenue Estimates

Wall Street Journal reporter Evan Gershkovich has been sentenced to 18 years in prison in <a href="https://www.benzinga.com/topic/evan-gershkovich">a Russian trial</a> denounced by his employer and <a href="https://www.benzinga.com/topic/joe-biden">President Joe Biden</a>.
What Happened: The Journal <a href="https://www.wsj.com/world/russia/evan-gershkovich-russia-trial-dbabd6e3?mod=evan_gershkovich_lead_pos1">reported</a> that Gershkovich, who was arrested in 2023, was sentenced by a Russian court to 18 years in prison following a secret trial. Russia accused the American-born journalist of espionage while providing no evidence. 
"This disgraceful, sham conviction comes after Evan has spent 478 days in prison, wrongfully detained, away from his family and friends, prevented from reporting, all for doing his job as a journalist,"&nbsp;Almar Latour, publisher of The Wall Street Journal, and Editor in Chief&nbsp;Emma Tucker&nbsp;said in a statement.&nbsp;"We will continue to do everything possible to press for Evan's release and to support his family."
Biden offered a similar rebuke of Russian authorities in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/07/19/statement-by-president-joe-biden-on-the-sentencing-of-wrongfully-detained-american-evan-gershkovich/">statement</a> published Friday.
&#8220;As I have long said and as the UN also concluded, there is no question that Russia is wrongfully detaining Evan. Journalism is not a crime,&#8221; the president said. &#8220;We will continue to stand strong for press freedom in Russia and worldwide, and stand against all those who seek to attack the press or target journalists.&#8221;
Why it Matters: John J. Sullivan, former ambassador to Russia, <a href="https://www.wsj.com/articles/u-s-russia-rift-complicates-case-of-arrested-journal-reporter-585946be">told</a> the Journal that Gershgovich was likely detained as a preliminary move to set up a prisoner swap. 
A deal between the U.S. and Russia could bring Gershkovich home if the U.S. returns an imprisoned Russian. Russian President Vladimir Putin said that a <a href="https://www.benzinga.com/general/politics/24/06/39534917/american-reporter-accused-of-spying-goes-to-trial-in-russia-is-prisoner-swap-his-best-hope">deal could be made</a> in a February interview.
Tensions between Russia and the Western world have escalated since the <a href="https://www.benzinga.com/topic/russia-ukraine-war">country invaded Ukraine</a> in 2022.
The U.S. and Russia agreed to <a href="https://www.benzinga.com/markets/cannabis/24/05/38619573/brittney-griners-memoir-testament-to-personal-resilience-russian-oppression-hits-bookshelves-may">a prisoner swap</a> that year; the U.S. exchanged Russian arms dealer Viktor Bout for <a href="https://www.state.gov/russias-continued-wrongful-detention-of-brittney-griner/">wrongfully detained</a> WNBA player Brittney Griner.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/07/39737184/us-germany-sniff-out-russian-attempt-to-assassinate-german-ceo">US, Germany Sniff Out Russian Attempt To Assassinate German CEO</a></li>
</ul>
Photo by Michael Parulava on Unsplash

Global

Media

WSJ Reporter Evan Gershkovich Gets 18-Year Sentence In Russia: Employer Calls Trial A 'Sham'

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