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ScripsAmerica Inc is a provider of pharmaceutical supply chain management. The company is engaged in sale and compounding of non-sterile topical and transdermal pain creams, wholesale services to independent pharmacies and other medical providers, pharmacy dispensing services, and billing and administrative services.

ScripsAmerica Inc

Despite new tariffs on Chinese electric vehicles (EVs), foreign automakers are struggling to stay competitive in China&#8217;s burgeoning EV market.
What Happened: A study by AlixPartners reveals that foreign car companies are falling behind in China&#8217;s EV market, which represents over 40% of new passenger cars sold in the country. Stephen Dyer, co-leader and head of AlixPartners&#8217; Asia automotive practice suggests that foreign brands must adopt a different approach and take more risks to make a mark in the market, CNBC <a href="https://www.cnbc.com/2024/07/16/foreign-carmakers-in-china-face-increasingly-precarious-situation.html">reported</a> on Tuesday.
"Unless [foreign car brands] change their mindset of developing and manufacturing cars to one that is more willing to take risks, and consider how to design and manufacture a car from so-called first principles, their position will become increasingly precarious," Dyer, who spoke in Mandarin, was quoted.
Even with the U.S. doubling tariffs on Chinese EVs from 25% to 100% and the EU imposing tariffs of up to 38% on Chinese EV imports, Chinese automakers continue to profit. Dyer believes these tariffs will likely prompt China EV makers to shift towards local production strategies in Europe, thus reducing transportation costs.
Currently, Chinese-made EVs are 35% cheaper to produce than comparable vehicles from foreign automakers. While some foreign firms are trying to penetrate China&#8217;s market by partnering with local brands, others are attempting to cut prices. However, Dyer warns that without a significant change in strategy, foreign carmakers may struggle to maintain a long-term presence in the China market.
See Also: <a href="https://www.benzinga.com/news/24/07/39761579/biden-vs-trump-latest-poll-reveals-surprise-following-presidents-widely-criticized-debate-performanc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: Latest Poll Reveals Surprise Following President&#8217;s Widely Criticized Debate Performance</a>
Last month, a Bank of America analyst recommended that U.S. automakers based in Detroit should exit China &#8220;as soon as they possibly can&#8221; due to their disadvantage against China&#8217;s EV giants. AlixPartners predicts that by 2030, Chinese brands will control over 70% of the NEV market in China and a third of the global auto market.
Why It Matters: Over the past decade, China has invested more than<a href="https://www.benzinga.com/markets/asia/24/06/39429812/china-invested-more-than-230b-over-last-decade-to-develop-its-ev-industry-study-finds"> $230 billion in its EV industry.</a> This massive investment, coupled with favorable domestic policies, has given Chinese automakers a significant advantage over foreign competitors.
Furthermore, Chinese EV makers like NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) are advancing their <a href="https://www.benzinga.com/markets/equities/24/07/39689355/chinese-ev-innovations-nio-and-xpeng-advance-in-house-smart-driving-chips-tape-out-progress-and-">in-house smart driving chips</a>. This technological advancement could further strengthen their position in the market.
In response to increased tariffs from the EU and the U.S.<a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">, Chinese EV manufacturers </a>are exploring alternative markets, including Africa. This strategic move could help them mitigate the impact of the tariffs and continue their growth trajectory.
Price Action: According to <a href="https://pro.benzinga.com">Benzinga Pro,</a> Nio, Li Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and Xpeng shares listed in the U.S. have lost at least 40% so far this year, while Warren Buffett-backed BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) is up 16.22%
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39761487/nancy-pelosi-reportedly-urged-to-end-democratic-turmoil-by-calling-for-bidens-withdrawal-from-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nancy Pelosi Reportedly Urged To End Democratic Turmoil By Calling For Biden&#8217;s Withdrawal From Presidential Election</a></li>
</ul>
Photo 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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

News

Global

Tech

General

BYDDF

XPEV

Chinese EV  Thrive Despite Tariff Hikes, Foreign Rivals Struggle

Elon Musk&#8216;s recent <a href="https://www.benzinga.com/news/24/07/39759980/biden-vs-trump-elon-musk-reportedly-donates-sizable-amount-to-ex-presidents-campaign-expert-calls-it">endorsement</a> of former President Donald Trump could have significant implications for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), according to veteran tech analyst Gene Munster.
What Happened: Munster, a tech analyst at Deepwater Asset Management, believes that Musk&#8217;s endorsement of Trump could potentially influence Tesla&#8217;s future. 
&#8220;This endorsement, while it was predictable and obvious, it does hold some weight if [Tesla] can get a favorable environment around the government,&#8221; Munster said in an interview with CNBC&#8217;s Last Call.
Munster emphasized that a favorable government environment could facilitate the deployment of more Full Self-Driving (FSD) vehicles, a key goal for Tesla. This, in turn, could positively impact Tesla&#8217;s stock.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;This endorsement, while it was predictable and obvious, it does hold some weight if [Tesla] can get a favorable environment around the government,&quot; says <a href="https://twitter.com/munster_gene?ref_src=twsrc%5Etfw">@munster_gene</a> after <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> endorsed Trump. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/9bMhEXSaEj">pic.twitter.com/9bMhEXSaEj</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1813000040161411077?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Trump&#8217;s stance on Tesla has been a topic of discussion among investors. During his first administration, the government rolled back over 100 environmental policies, according to a <a href="https://www.nytimes.com/interactive/2020/climate/trump-environment-rollbacks-list.html">report</a> by The New York Times in 2021.
See Also: <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Warns South Korea &#8216;Must Be Ready For Paying A Very High Price&#8217;Over Leafleting Campaign</a>
Why It Matters: Musk&#8217;s relationship with Trump has been a subject of interest. In March, Musk announced that he would not be financially supporting either Trump or current President Joe Biden after a reported <a href="https://www.benzinga.com/news/24/03/37525400/elon-musk-says-he-wont-donate-to-either-presidential-candidate-after-a-private-meeting-with-trump-ju">private meeting with Trump</a>.
However, in June, Musk revealed that Trump is a big <a href="https://www.benzinga.com/news/24/06/39325921/elon-musk-reveals-donald-trumps-surprising-stance-on-evs-says-former-president-is-huge-fan-of-the-te">supporter of electric vehicles</a>, despite his public criticism of the industry. Musk also disclosed that Trump frequently calls him, although the reason for these calls remains unclear.
Following a shooting incident at a Trump rally on Saturday, <a href="https://www.benzinga.com/24/07/39763381/elon-musk-discloses-2-attempts-on-his-life-and-endorses-trump-following-rally-shooting-dangerous-tim">Musk endorsed Trump</a> and disclosed that he had faced similar threats in the past year.
Musk&nbsp;has reportedly committed to <a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi">allocating $45 million per month</a> to a new super political-action committee in support of former President Trump‘s potential 2024 presidential campaign. However, Musk responded to the WSJ report on X by sharing an image of a human-legged gnus with the text, "Fake Gnus," displayed on it.<a href="https://twitter.com/elonmusk/status/1813097084595163643" target="_blank" rel="noreferrer noopener"></a>
Price Action: Tesla stock closed at $252.64, marking a gain of 1.78% on Monday. In premarket trading, the stock was up 1.24% at the time of writing. Year-to-date, Tesla has seen a rise of 1.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39763768/tim-cook-mark-cuban-elon-musk-jeff-bezos-and-other-tech-leaders-respond-to-trump-rally-shooting?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tim Cook, Mark Cuban, Elon Musk, Jeff Bezos And Other Tech Leaders Respond To Trump Rally Shooting</a></li>
</ul>
Photos courtesy: 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>

Analyst Color

Equities

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Markets

Analyst Ratings

TSLA

Will Elon Musk's Endorsement Of Trump Impact Tesla? This Veteran Analyst Thinks So, Here's Why

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.lemonade.com%2F%3Futm_medium%3Dorganic-referrals%26utm_source%3Dpr%26utm_campaign%3Dfrench-launch&amp;esheet=54094735&amp;newsitemid=20240716830683&amp;lan=en-US&amp;anchor=Lemonade&amp;index=1&amp;md5=7a5bde6f7b06900374628248da3fef06">Lemonade</a>, the digital insurance company powered by AI and social impact, today announced the launch of Buildings and Contents insurance in the United Kingdom. Expanding the company&#39;s home insurance offerings, homeowners throughout the UK can now purchase extensive coverage for their home and belongings.
Since launching in the UK in October 2022 and becoming a PRA-licensed carrier, the UK has quickly become one of Lemonade&#39;s fastest growing markets. The launch of buildings and contents insurance, with the ongoing partnership of established insurer Aviva, will bolster Lemonade&#39;s continued growth.
&quot;The UK has proven to be an exciting market for us with a large digitally-savvy population who appreciate an easy, personalized experience,&quot; said Daniel Schreiber, Lemonade CEO and co-founder. &quot;Growing our home insurance offerings this quickly is a tribute to our incredible team and our thriving partnership with Aviva.&quot;
Designed specifically for UK customers and with a Defaqto 5 star rating, homeowners can get instantly covered through the Lemonade app or online starting from &pound;14 a month&#x2A;. In addition to base coverage (rebuild costs, temporary accommodation, civil and property liability) and flexible contents coverage up to &pound;100,000, Lemonade&#39;s Buildings &amp; Contents insurance also provides a suite of add-ons to provide full-scope coverage and flexibility, including:
<ul>
<li>Home emergency: Emergency assistance provided in case of events such as a broken boiler, burst pipes, broken locks or electrical failures.</li>
<li>Accidental damage: Coverage provided for unexpected accidental events that damage your content or home.</li>
<li>Theft and Loss: Theft and accidental loss in and outside your home is covered; bikes, laptops, and phones are included.</li>
<li>Legal Protection: Specialized legal assistance provided in handling disputes about the insured home, clinical negligence, and contracts of employment.</li>
</ul>
&quot;We&#39;re excited to expand our partnership with Lemonade in the UK, building on our first product launch in 2022,&quot; said Jon Marsh, MD Partnerships and Transformation, Personal Insurance at Aviva. &quot;Aviva and Lemonade share common values and by working together we can create compelling new propositions and experiences for customers.&quot;

Government

Regulations

LMND

Lemonade and Aviva Enhance UK Home Insurance Market

Influential cryptocurrency analyst Ali Martinez predicts a bullish run for Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), often touted as an ‘Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) killer,' amid growing market optimism around the digital asset.
What Happened: On Monday, Martinez posted his optimistic prediction for Solana on X, formerly Twitter. He noted the formation of a &#8220;W&#8221; pattern in Solana&#8217;s chart, which prompted him to forecast a rise to $174.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> appears to be forming a W pattern, which suggests <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> will surge toward $174! <a href="https://t.co/OxXODWi1yA">pic.twitter.com/OxXODWi1yA</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1812990289822556504?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote>
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Also called a double bottom pattern in technical analysis, the &#8220;W&#8221; pattern typically occurs at the end of an extended bearish trend and signals a bullish reversal.
SOL was last seen at around $174 more than six weeks ago in May. If Martinez&#8217;s prognosis comes true, it would mean a 13% bounce from its prevailing price.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785673/michael-dell-calls-bitcoin-fascinating-amid-blackrock-ceos-bullish-stance-tech-billionaire">Michael Dell Calls Bitcoin &#8216;Fascinating&#8217; Amid BlackRock CEO&#8217;s Bullish Stance — Tech Billionaire&#8217;s Crypto Interest Rising?</a>
Why It Matters: Solana&#8217;s bullish market sentiment<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39780333/solana-up-7-and-could-get-to-50-of-ethereums-valuation-as-most-liquid-election-proxy-in-cr"> was supported by noted analysts in the cryptocurrency space</a>. Syncracy Capital's&nbsp;Daniel Cheung predicted that the coin could reach 50% of Ethereum&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) market valuation, while another trader,&nbsp;Eugene Ng Ah Sio,&nbsp;<a href="https://x.com/0xENAS/status/1812299939998998877" target="_blank" rel="noreferrer noopener">expressed</a> confidence that it would become the market&#8217;s favorite. 
Earlier, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">VanEck</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39555344/21shares-becomes-the-next-fund-filing-for-a-solana-spot-etf">21Shares</a> filed S-1 registration forms with the SEC for a Solana ETF, marking a significant step towards opening up the world&#8217;s third-largest speculative cryptocurrency to mainstream investors.
Price Action: At the time of writing, Solana was exchanging hands at $154.20, up 0.60% in the last 24 hours, and more than 7% over the week, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39764879/odds-of-trump-presidency-raised-to-all-time-high-by-crypto-bettors-after-assassination-bid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid</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.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>
Image Via Shutterstock

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

Cryptocurrency

$ETH

$SOL

'Ethereum Killer' Solana Could Soar To $174, Says Popular Crypto Analyst After Identifying This Bullish Pattern

ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), the leading supplier of equipment to computer chip manufacturers, is poised to witness a surge in new orders, driven by the escalating demand for AI chips. This development is likely to be announced on Wednesday when the company&#8217;s new CEO presents <a href="https://www.benzinga.com/insights/options/24/07/39773553/this-is-what-whales-are-betting-on-asml-holding">the second-quarter results</a>.
What Happened: The anticipated influx of orders is attributed to the increasing demand for AI chips, a trend that is expected to prompt ASML&#8217;s clients to expand their production capacity, reported Reuters.
&#8220;We expect ASML&#8217;s order received value to reach close to €5 billion (approx. $5.45 billion) in the second quarter, higher than consensus estimates&#8221;, Mihuzo analyst Kevin Wang said, with robust orders from TSMC for ASML&#8217;s EUV product line.
This surge is largely driven by robust orders from key players in the cutting-edge chip manufacturing sector, such as Taiwan&#8217;s Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), which produces chips for NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
ASML&#8217;s new CEO, Christophe Fouquet, is expected to present these results amid the ongoing U.S.-China chip dispute. The company, valued at approximately €400 billion (approx. $436 billion), has projected 2024 as a &#8220;transition&#8221; year, with a strong rebound in 2025 due to the demand for its most advanced tools.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39690898/no-more-getting-high-on-hemp-in-america-multiple-states-begin-intoxicating-hemp-crackdown?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No More Getting High On Hemp In America? Multiple States Begin Intoxicating Hemp Crackdown</a>
Why It Matters: The anticipated surge in orders for ASML comes amid a broader context of geopolitical and market dynamics. The U.S. has been pressuring Japan and the Netherlands recently to tighten export controls on <a href="https://www.benzinga.com/markets/equities/24/06/39396293/us-pressures-japan-and-netherlands-to-tighten-chip-equipment-exports-to-china-report">chipmaking equipment to China</a>.
This move aims to restrict China&#8217;s access to advanced semiconductor technology, which could enhance its military capabilities. This development is part of a broader strategy to maintain technological superiority and national security. 
Moreover, ASML has been highlighted as a top pick in the European semiconductor equipment sector. Analysts have pointed out its crucial role in AI infrastructure, which is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39233997/asml-remains-top-pick-in-eu-semicaps-analyst-highlights-key-role-in-ai-infrastructu">expected to drive multiple expansions</a>. 
The increased demand for EUV tools and higher gross margins have led to optimistic revenue and earnings projections for the coming years. 
Price Action: ASML closed at $1,063.63, down 1.99%, on Monday. In after-hours trading, the stock gained 0.46%. Year to date, ASML&#8217;s stock has risen by 48.36%, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Guidance

AAPL

ASML

NVDA

ASML Expected To Beat Estimates With Over $5B In Orders During Q2 Thanks To Rising AI Chip Demand

Todd Gordon,&nbsp;founder of Inside Edge Capital, has predicted that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could surpass the $100,000 mark this year, amid the formation of a pro-crypto presidential ticket featuring Donald Trump and J.D. Vance.
What Happened: On Monday, Gordon expressed his bullish outlook on Bitcoin during CNBC&#8217;s &#8220;Last Call.&#8221;
&#8220;I see no reason that we can&#8217;t hit over $100,000 this go around,&#8221; he stated, citing the pro-crypto stance of the potential Trump-Vance presidential ticket as a contributing factor.
&#8220;Along with the market, and provided the interest rates, the regulatory backdrop&#8230;we should be able to make that move this year.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;I see no reason that we can&#39;t hit over $100,000 this go around,&quot; says <a href="https://twitter.com/ToddGordonTA?ref_src=twsrc%5Etfw">@ToddGordonTA</a> on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> as Trump and Vance create a pro-crypto presidential ticket. &quot;We should be able to make that move this year.&quot; <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/WqUAqP5qOR">pic.twitter.com/WqUAqP5qOR</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1813001991188066812?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39764879/odds-of-trump-presidency-raised-to-all-time-high-by-crypto-bettors-after-assassination-bid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid</a>
This prediction comes in the wake of Bitcoin&#8217;s value soaring <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39763646/bitcoin-jumps-past-60-000-mark-following-trump-rally-shooting">past the $60,000 mark</a> following an assassination attempt on Trump.
Why It Matters: Trump&#8217;s known pro-crypto stance has led to speculation about his chances of re-election, which seem to be on the rise. His choice of a pro-crypto running mate has been viewed as a positive move by many in the crypto community. Trump&#8217;s announcement came during the<a href="https://www.benzinga.com/general/politics/24/07/39780777/trump-picks-senator-j-d-vance-as-running-mate-musk-says-great-choice-for-vp"> Republican National Convention,</a> causing a stir in the political and financial spheres.
Furthermore, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785340/trumps-vice-presidential-pick-j-d-vance-holds-bitcoin-supports-pro-crypto-legislation">Vance&#8217;s pro-crypto leanings</a> and his significant Bitcoin holdings could influence future legislation in favor of cryptocurrencies. 
Analysts at Bernstein have suggested that Bitcoin miners could enjoy a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39771079/bitcoin-miners-could-enjoy-a-trump-fueled-goldilocks-scenario-say-analysts">&#8220;Goldilocks scenario&#8221; influenced</a> by the &#8220;Trump factor.&#8221; This scenario includes a higher likelihood of pro-Bitcoin political change and the U.S. becoming a focal point for Bitcoin miners. Bitcoin&#8217;s price initially fell after the assassination attempt but rebounded strongly, a move some have dubbed the &#8220;Trump pump.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785188/bitcoin-ethereum-dogecoin-extend-rally-triggered-by-failed-trump-assassination-attempt-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Extend Rally Triggered By Failed Trump Assassination Attempt: Analyst Calls Pullback To $60K As King Crypto&#8217;s Next &#8216;Big Test&#8217;</a></li>
</ul>
Image via Midjourney
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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

$BTC

Bitcoin Could Hit $100K This Year With Trump-JD Vance's Pro-Crypto Presidential Ticket, Says Analyst

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Monday.
U.S. stocks closed higher on Monday, with the Dow Jones index jumping more than 200 points during the session. The 30-stock blue-chip index gained around 1.6% last week.
After the <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns">assassination attempt</a> during Donald Trump's rally in Butler, Pennsylvania, last Saturday, market-prediction odds indicate a 72% chance of the tycoon winning the 2024 elections.
On the economic data front, the NY Empire State Manufacturing Index fell to a reading of -6.6 in July, compared to market estimates of -6.
Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39769910/goldman-sachs-q2-earnings-revenue-and-eps-beat-investment-banking-fees-up-21-hikes-dividend">reported</a> better-than-expected results for its second quarter. BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) shares edged lower on Monday after the company <a href="https://www.benzinga.com/news/earnings/24/07/39768644/blackrock-q2-earnings-etf-boom-record-inflows-and-private-market-drive-growth">reported</a> second-quarter FY24 results.
Most sectors on the S&amp;P 500 closed on a positive note, with energy, financials, and industrial stocks recording the biggest gains on Monday. However, utilities and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by over 210 points to 40,211.72 on Monday. The S&amp;P 500 rose 0.28% at 5,631.22, while the Nasdaq Composite climbed 0.40% at 18,472.57 during Monday's session.
Investors are awaiting earnings results from Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), and UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 62, the index remained in the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 58.2.
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/trading-ideas/long-ideas/24/07/39770776/over-18m-bet-on-this-tech-stock-check-out-these-4-stocks-insiders-are-buying">Over $18M Bet On This Tech Stock? Check Out These 4 Stocks Insiders Are Buying</a></li>
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Earnings

Pre-Market Outlook

Trading Ideas

Dow Jones Jumps Over 200 Points Amid Improving Investor Sentiment: Fear Index Stays In 'Greed' Zone

Small-caps have been on tear ever since the second day of Federal Reserve Chair Jerome Powell&#8217;s<a href="https://www.benzinga.com/government/24/07/39714170/jerome-powell-tells-congress-the-fed-could-cut-rates-if-either-of-these-things-happen-inflation-has"> Congressional testimony</a> when he chose to adopt a dovish tone, and a market strategist said on Monday that the rally in the space is only getting started.
What Happened: The rally seen in the current leg-up will likely be larger than the upside seen in the October-December period, said Fundstrat&#8217;s Head of Research Tom Lee in an interview with CNBC. During the eight-week period late last year, the Russell 2,000 Index, a small caps-focused index, rose nearly 30%, he noted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Russell 2000 hit its highest level since January 2022 and ended the day nearly two percent higher, but can this run continue for the rest of the year? Tom Lee (<a href="https://twitter.com/fundstrat?ref_src=twsrc%5Etfw">@fundstrat</a>) breaks down his bull case for small caps. <a href="https://t.co/2kbPBzyk82">pic.twitter.com/2kbPBzyk82</a>
&mdash; CNBCOvertime (@CNBCOvertime) <a href="https://twitter.com/CNBCOvertime/status/1812947451256471704?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote>
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This time around, institutions are holding a larger short position in small caps and these stocks are even more oversold, Lee said. The median price-earnings multiple of small-caps is now 10 times the estimated earnings for 2025, or even lower, he added.
&#8220;So we think that this move could be something like 10 weeks and as much as 40%,&#8221; Lee said, adding that, &#8220;I think it is just starting.&#8221;
Delving into the reason for the reversal in sentiment toward small-cap stocks, Lee noted that the June consumer price inflation was so &#8220;astonishingly soft.&#8221; &#8220;I think it's giving the green light for small caps to rally finally because the Fed will you know ultimately cut hopefully by September,&#8221; he added.
See Also:<a href="https://www.benzinga.com/money/best-small-cap-stocks"> Best Small Cap Stocks Right Now</a>
Why It&#8217;s Important: The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), an exchange-traded fund that tracks the performance of the Russell 2,000 Index, has gained 8.8% so far this year compared to the roughly 19% gain for the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) for the same period.
Incidentally, before the start of the year, Deepwater Asset Management&#8217;s Gene Munster predicted that 2024 will likely see the IWM outperforming the SPY. &#8220;Sub-$20 billion <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36399329/apple-to-release-ai-siri-no-tesla-robotaxi-reddit-acquisition-deep-fakes-mar-us-ele">tech companies are poised to outperform</a> large-cap companies,&#8221; he added.
This has sort of ring true over the past few sessions. Since July 5, the IWM has gained 8.1%, while the SPY has added a more modest 1.2%. The buoyancy seen in the small-cap space is due to the fact that most of these companies are reliant on debt for running operations. The anticipated Fed rate cut will likely reduce the cost of debt and also make it easy to tap further into the debt market.
The catch-up by small-caps is also important for the broader market rally, which has so far relied on some heavy-weighted mega-cap techs. The sustenance of the uptrend, analysts say, hinges on the broadening out of the rally.
IWM ended Monday&#8217;s session up 1.90% at $217.19, according to<a href="http://pro.benzinga.com"> Benzinga Pro</a> data.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39766859/netflix-goldman-sachs-j-j-asml-lead-q2-reports-this-week-as-analysts-see-earnings-growth-accelerati">Netflix, Goldman Sachs, J&amp;J, ASML Lead Q2 Reports This Week As Analysts See Earnings Growth Accelerating To Fastest In Over 2 Years</a></li>
</ul>
Stocks Photo by Jirapong Manustrong on Shutterstock

Small Cap Analysis

Small Cap

Market Strategist Breaks Down Bull Case Scenario For Small-Caps, Predicts 40% Jump In Near Term: 'I Think It Is Just Starting'

With U.S. stock futures trading higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) to report quarterly earnings at 80 cents per share on revenue of $25.22 billion before the opening bell. Bank of America shares gained 0.1% to $41.94 in after-hours trading.</li>
<li>FB Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBK#NYSE">FBK</a>) posted better-than-expected results for its second quarter on Monday. FB Financial shares rose 0.5% to $43.03 in the after-hours trading session.</li>
<li>Analysts are expecting Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) to post quarterly earnings at $1.65 per share on revenue of $14.3 billion. The company will release earnings before the markets open. Morgan Stanley shares rose 0.8% to $106.14 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Kyverna Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KYTX#NASDAQ">KYTX</a>) shares rose sharply in after-hours trading on Monday after the company announced it received FDA Regenerative Medicine Advanced Therapy designation for KYV-101 in the treatment of patients with refractory stiff-person syndrome. Kyverna Therapeutics shares surged 7.5% to $10.65 in the after-hours trading session.</li>
<li>Analysts expect UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) to post quarterly earnings at $6.66 per share on revenue of $98.84 billion after the closing bell. UnitedHealth shares rose 0.9% to $519.99 in after-hours trading.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39770776/over-18m-bet-on-this-tech-stock-check-out-these-4-stocks-insiders-are-buying">Over $18M Bet On This Tech Stock? Check Out These 4 Stocks Insiders Are Buying</a></li>
</ul>

KYTX

Bank Of America, Morgan Stanley And Other 3 Stocks To Watch Heading Into Tuesday

Basware partnered with Rackspace Technology to experiment with training code-generating language models using Amazon Bedrock and Amazon Web Services (AWS). This enabled Basware to innovate faster for its customers, accelerating time to value. This in turn can enable its customers to focus on their everyday business operations rather than the technology implementation.&nbsp;&nbsp; 
&nbsp;

Basware Selects Rackspace's Foundry For AI To Enhance ETL Coding Process And Accelerate Innovation

Editor&#8217;s Note: The article has been updated with a reaction from Tesla CEO Elon Musk regarding the report of $45 million funding in former President Donald Trump&#8217;s election campaign.
Elon Musk has reportedly committed to allocating an impressive $45 million per month to a new super political-action committee in support of former President Donald Trump&#8216;s potential 2024 presidential campaign. Musk reacted to the report on social media but has not provided an official comment.
What Happened: Musk, the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has expressed his intention to contribute a substantial sum to the America PAC, a newly formed pro-Trump PAC, <a href="https://www.wsj.com/politics/elections/elon-musk-has-said-he-is-committing-around-45-million-a-month-to-a-new-pro-trump-super-pac-dda53823">reported</a> The Wall Street Journal on Monday, citing people familiar with the matter. 
The PAC, established in June, aims to register voters and encourage early voting and mail-in ballots in key swing states.
Backers of the America PAC include Joe Lonsdale, co-founder of Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), as well as the Winklevoss twins — founders of the cryptocurrency and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) trading platform Gemini. The PAC is led by former U.S. ambassador to Canada Kelly Craft and her husband, Joe Craft, the CEO of coal producer Alliance Resource Partners, according to the report.
Musk responded to the WSJ report on X by sharing an image of human-legged gnus with the text, &#8220;Fake Gnus,&#8221; displayed on it.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> <a href="https://t.co/RJdF7MWeEi">pic.twitter.com/RJdF7MWeEi</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1813097084595163643?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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Representatives of Tesla, Palantir, Winklevoss brothers, and Donald Trump&#8217;s campaign did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39767118/elon-musk-says-spacex-making-important-design-changes-to-starship-ahead-of-its-fifth-test-flight?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says SpaceX Making &#8216;Important&#8217; Design Changes To Starship Ahead Of Its Fifth Test Flight</a>
Why It Matters: Musk&#8217;s decision to support a pro-Trump PAC comes as a surprise, given his previous stance on political contributions. In March, Musk <a href="https://www.benzinga.com/news/24/03/37525400/elon-musk-says-he-wont-donate-to-either-presidential-candidate-after-a-private-meeting-with-trump-ju">publicly announced</a> that he would not be making any financial contributions to either the Republican or Democratic candidates in the 2024 U.S. presidential election.
However, in July, Musk reportedly made a significant donation to the America PAC, marking a <a href="https://www.benzinga.com/news/24/07/39759980/biden-vs-trump-elon-musk-reportedly-donates-sizable-amount-to-ex-presidents-campaign-expert-calls-it">significant shift in his approach</a> to political funding. His latest commitment of $45 million per month further solidifies his support for Trump&#8217;s potential presidential bid.
Despite his support for Trump&#8217;s campaign, Musk has also <a href="https://www.benzinga.com/news/24/06/39325921/elon-musk-reveals-donald-trumps-surprising-stance-on-evs-says-former-president-is-huge-fan-of-the-te">previously revealed</a> that Trump is a big supporter of electric vehicles, despite his public criticism of the industry.
Moreover, Musk&#8217;s recent financial <a href="https://www.benzinga.com/news/24/07/39763768/tim-cook-mark-cuban-elon-musk-jeff-bezos-and-other-tech-leaders-respond-to-trump-rally-shooting">commitment follows a tragic incident</a> at a Trump rally in Butler, Pennsylvania, where a shooting resulted in two fatalities. Musk publicly backed Trump in the aftermath, expressing solidarity with the former president.
Read Next: <a href="https://www.benzinga.com/news/24/07/39742991/elon-musk-surprised-to-learn-tesla-influencer-earns-50-100-times-more-at-youtube-than-at-x-wow-you-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Surprised To Learn Tesla Influencer Earns 50-100 Times More At YouTube Than At X: &#8216;Wow, You Really Get So Much&#8230;&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Financing

PLTR

Elon Musk Reacts With 'Fake Gnus' Post To Report Of $45M Monthly Funding For Pro-Trump PAC (UPDATED)

Certain Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shareholders are urging the company board to increase the security budget for its controversial CEO Elon Musk, board members, employees, and company sites after former President Donald Trump was <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns">shot at during a campaign rally on Saturday</a>.
What Happened: Tesla shareholder Alexandra Merz has drafted a letter to Tesla&#8217;s board of directors seeking an increase in security budget to protect the CEO, board members, Tesla employees, and company sites. 
According to Merz&#8217;s poll held on X, more than 3,000 people are in support of an increase in budget and Merz is now adding more signatories to her letter.
Tesla&#8217;s Current Expenses For Musk&#8217;s Security: According to a proxy statement filed by Tesla in April, the company entered into a service agreement with a Musk-owned security company to provide him with security services in December 2023.
&#8220;Tesla incurred expenses of approximately $2.4&nbsp;million for such security services in 2023 and approximately $0.5&nbsp;million through February&nbsp;2024, representing a portion of the total cost of security services concerning Elon Musk,&#8221; the filing read, hinting that Tesla is not the only player paying for the billionaire&#8217;s security. 
Musk Responds: Musk on Monday acknowledged the efforts of Tesla shareholders to increase his security budget and said, &#8220;Appreciate the thought.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Appreciate the thought
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1812870003840147769?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote>
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Why It Matters: The move from Tesla shareholders stems from security concerns for its controversial CEO that have increased since Trump was shot at during a campaign rally in Pennsylvania&nbsp;on Saturday.
Following the shooting incident, Musk said on X that he <a href="https://www.benzinga.com/24/07/39763381/elon-musk-discloses-2-attempts-on-his-life-and-endorses-trump-following-rally-shooting-dangerous-tim">faced a similar predicament</a> on more than one occasion in the past year. Musk said that two people tried killing him in the past eight months on separate occasions. "They were arrested with guns about 20 mins drive from Tesla HQ in Texas.&#8221;
Musk also referred to personal safety concerns during Tesla&#8217;s annual shareholder meeting in June. 
&#8220;I think I probably need to work out. And like, not get assassinated or something, you know. I mean, it is getting a little crazy these days,&#8221; Musk said while adding that there are many &#8220;homicidal maniacs&#8221; out there. 
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/24/07/39766325/starlink-satellites-from-thursdays-launch-will-fully-demise-in-earths-atmosphere-says-elon-musks-spa">Starlink Satellites From Thursday&#8217;s Launch Will &#8216;Fully Demise&#8217; In Earth&#8217;s Atmosphere, Says Elon Musk&#8217;s SpaceX</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Shareholders Demand Higher Security Budget for Elon Musk After Billionaire Reveals Two Assassination Attempts, Compares Them To Attack On Trump

Its investment in the 777 Freighter will boost main deck cargo capacity&nbsp;30 percent&nbsp;by 2026. In all, Emirates&#39; freighter fleet will grow to 17 airplanes &ndash; including 777 Freighters, 777 converted freighters and 747 Freighters.

Boeing Secures Order From Emirates SkyCargo For Five Additional 777 Freighters

General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) has <a href="https://www.benzinga.com/markets/equities/24/04/38093618/ford-slows-down-electric-suv-production-amid-demand-concerns?fbclid=IwZXh0bgNhZW0CMTAAAR0ARqyh0QT0I3JvJSlt-0Fr_YjyLOS9dtj903PGZAXiSyAxIFh_6inGkBg_aem_ovrzg2ZcQBTI9E82W14apA">followed in the footsteps</a> of its crosstown rival Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and delayed its electric-vehicle production goals, comments from CEO Mary Barra in an interview revealed on Monday.
What Happened: &#8220;We will not get to a million just because the market is not developing,&#8221; Barra <a href="https://www.cnbc.com/video/2024/07/15/gm-ceo-mary-barra-speaks-at-cnbc-ceo-council-event-about-slowing-ev-growth-and-production.html">said</a> at a CNBC event. The legacy automaker has set a production goal of one million EVs by 2025, and in December CFO Paul Jacobson reiterated the goal at a Barclays conference.
Barra said GM is moving to an all-electric future and she considers it important that the vehicle is really a software platform. She noted that the EV industry is seeing a bit of a slowdown. That said, the top brass reiterated the company&#8217;s commitment to EVs. &#8220;We'll get there and so we're going to be guided by the customer,&#8221; she said.
The GM CEO also made a sales pitch to users regarding EVs. &#8220;But what I'd like to tell people is get in an electric vehicle and drive it. It's a lot of fun, it's instant torque, it opens up new design line,&#8221; she said. As charging gets more robust and EVs become more affordable, the growth that will be seen in the next 10-12 years is going to be transformative in the way people move, she said.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks </a>
Why It&#8217;s Important: GM is not alone in facing a setback to its EV plans. Ford for one said in early April that it had delayed the planned launches of three-row EVs in Canada and its next-generation electric pickup truck built in Tennessee, citing an industry-wide demand slowdown globally. Instead, it embraced hybrids. The company planned to boost hybrid EVs and set sights on offering hybrid powertrains across its line-up of ICE vehicles by 2030.
Earlier in July 2023, the company said it expects to hit the EV annual production goal of 600,000 units at some point in 2024 as opposed to earlier plans to achieve the milestone by the end of 2023. Ford CEO Jim Farley said that the 2023-second quarter earnings call price has served as a deterrent for EV adoption. Earlier this year, Farley said on another earnings call that the company had assembled a small team to develop an affordable EV.
The travails faced by the EV industry have come to haunt even established pureplay and established EV companies such as Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which has now <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">reported its second straight quarterly sales drop.</a>
In 2023, Tesla produced and manufactured 1.85 million and 1.81 million units, respectively. In comparison, Ford sold 72,608 EVs, including the F-150 Lightning pickup truck, E-transit and Mustang Mach-E vehicles, and GM 75,585 units.
GM settled Monday&#8217;s session up 0.59% at $49.30, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39761065/tesla-q2-eps-estimate-bumped-up-rivians-cold-shoulder-to-union-lucids-70-sales-jump-and-more-big">Tesla Q2 EPS Estimate Bumped Up, Rivian&#8217;s Cold Shoulder To Union, Lucid&#8217;s 70% Sales Jump And More: Biggest EV Stories Of The Week</a></li>
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Image Via Shutterstock

Media

GM Delays 1M EV Production Target Beyond 2025: 'Market Isn't Developing…We're Going To Be Guided By The Customer,' Says CEO Mary Barra

Bitcoin's (CRYTO: BTC) encouraging start to the week could evaporate sooner than expected, analysts issued a warning.&nbsp;
What Happened: King Crypto led the market out of a correction phase over the weekend, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785188/bitcoin-ethereum-dogecoin-extend-rally-triggered-by-failed-trump-assassination-attempt-ana">and the positive momentum continued</a> over to the first day of the new trading week. Bitcoin breached the $64,000 level for the first time in more than three weeks, spurring expectations of further gains.&nbsp;
However, analysts from cryptocurrency exchange Bitfinex believe the positive start could turn out to be a false promise.&nbsp;
In a note shared with Benzinga, the analysts stated that weekend-driven mini-rallies have been common over the past few months, but most fizzle out by mid-week.
"We are therefore watching closely how the start of this week plays out before drawing any firm conclusions about the market's possible future trajectory," the analysts cautioned.&nbsp;
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785549/pepe-dogwifhat-floki-explode-amid-searing-memecoin-rally-dogecoin-shiba-inu-rise-as-well">Pepe, dogwifhat, Floki Explode Amid Searing Memecoin Rally — Dogecoin, Shiba Inu Rise As Well</a>
The analysts also brought up<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39710280/mt-gox-begins-long-awaited-bitcoin-payouts-what-it-means-for-crypto-market"> Mt. Gox&#8217;s Bitcoin sell-off overhang</a>, suggesting that any news about this incident would likely contribute to downside pressure.
Why It Matters: These bearish projections come amid strong bullish catalysts for the Bitcoin-led cryptocurrency market.
Former President Donald Trump picked Senator J.D. Vance (R-Ohio) as his running mate — <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785340/trumps-vice-presidential-pick-j-d-vance-holds-bitcoin-supports-pro-crypto-legislation">a known Bitcoiner and actively supports pro-cryptocurrency legislations.</a>
Additionally, Larry Fink, CEO of the world's largest asset manager, BlackRock described Bitcoin as a legitimate financial instrument, capable of giving uncorrelated or non-correlated types of returns.
Price Action: At the time of writing, Bitcoin is exchanging hands at $63,794.45 up 1.40% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. The King Coin has surged more than 11% over the week.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39785673/michael-dell-calls-bitcoin-fascinating-amid-blackrock-ceos-bullish-stance-tech-billionaire">Michael Dell Calls Bitcoin &#8216;Fascinating&#8217; Amid BlackRock CEO&#8217;s Bullish Stance — Tech Billionaire&#8217;s Crypto Interest Rising?</a></li>
</ul>

Bitcoin Weekend Rallies Prove To Be Short-Lived, Analysts Caution: 'Watching Closely…Before Drawing Any Firm Conclusions'

Key highlights:
<ul>
<li>Updated SEC net proved reserves as of December 31, 2023 of 16.9 million barrels of oil equivalent (&quot;MMBOE&quot;) (93%&nbsp;oil), significantly higher than previous 1P working interest (&quot;WI&quot;) CPR reserves of 13.0 MMBOE (99%&nbsp;oil) as of October 1, 2023;</li>
<li>Increased 2P WI CPR reserves as of December 31, 2023 to 22.5 MMBOE (93%&nbsp;oil) from 21.7 MMBOE (97%&nbsp;oil) estimate; and</li>
<li>Significant further upside identified from contingent resources at the Baobab field with Best Estimate Working Interest Contingent Resources (&quot;2C&quot;) of 20.4 MMBOE. 
	&nbsp;</li>
</ul>
George Maxwell, VAALCO&#39;s Chief Executive Officer commented, &quot;We are very pleased with the results of our third-party reserve engineer&#39;s calculation of proved reserves as of December 31, 2023 for Svenska that shows even greater reserves than we initially disclosed. This strategic and highly cost-effective acquisition strategically expands our West African focus area with a sizeable producing asset that has significant upside potential and considerable future development opportunities in C&ocirc;te d&#39;Ivoire, a well-established and investment-friendly country. This transaction was highly accretive on key metrics to our shareholder base and provides another strong asset to support future growth.&quot;

VAALCO Energy Announces Positive Updates On Svenska Acquisition, Increasing Proved Reserves To 16.9 MMBOE

The expansion increases the site&#39;s footprint by 32,000 square feet (3,000 square meters), adding storage and handling of clinical trial supply materials at controlled room temperatures between 15 and 25 degrees Celsius. It also creates space in the original building to accommodate the installation of a new, fully automatic bottle filling line, as well as a dedicated area for Catalent&#39;s FastChain&reg;&nbsp;demand-led supply service. These added capabilities will support a continued high level of service to Catalent&#39;s pharma and biotech customers and the patients they serve.

CTLT

Catalent Completes $25M Upgrade To Schorndorf Site, Featuring Expanded Storage And New FastChain Area

The U.S. Customs and Border Protection has found that the redesigned Electrocardiography in the Apple Watch does not violate patents held by AliveCor, a medical device company. This ruling further <a href="https://www.benzinga.com/news/22/12/29986043/apple-notches-us-patent-win-versus-medical-device-company-over-3-heart-monitoring-technologies">complicates AliveCor&#8217;s legal challenges against</a> Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).
What Happened: The U.S. Customs and Border Protection has <a href="https://rulings.cbp.gov/ruling/H338253">concluded</a> that the redesigned ECG in the Apple Watch does not infringe on patents held by AliveCor. This decision means that the affected Apple Watch models are not subject to the International Trade Commission&#8217;s Limited Exclusion Order.
As a result, Apple can import these Apple Watch models into the U.S. for sale without having to pay a $2 bond for each unit. This ruling adds to AliveCor&#8217;s legal setbacks in its ongoing legal battle against Apple.
CBP&#8217;s filing stated, &#8220;We find that Apple has met its burden to establish that the articles at issue do not infringe any of claims 12, 13, and 19-23 of the &#8216;941 patent or claims 1, 3, 5, 8-10, 12, 15, and 16 of the &#8216;731 patent.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39762636/microsofts-1-5b-investment-under-scrutiny-alibaba-showcases-ai-breakthroughs-in-shanghai-and-more-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s $1.5B Investment Under Scrutiny, Alibaba Showcases AI Breakthroughs In Shanghai And More: This Week In Artificial Intelligence</a>
AliveCor is currently appealing an antitrust case it lost in California. This ruling comes after a previous legal blow to AliveCor when the U.S. Patent Trial and Appeal Board ruled three of its patents covering heart monitoring technologies for wearable devices are unpatentable.
Why It Matters: The ongoing legal battle between AliveCor and Apple has seen multiple twists and turns. In December 2022, the U.S. Patent and Trademark Office&#8217;s Patent Trial and Appeal Board ruled that three of AliveCor&#8217;s patents on heart monitoring technologies were unpatentable. This decision was a significant win for Apple and disrupted the ITC proceedings <a href="https://www.benzinga.com/news/22/12/29986043/apple-notches-us-patent-win-versus-medical-device-company-over-3-heart-monitoring-technologies">scheduled for that month</a>.
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.
In January, Masimo Corp. CEO Joe Kiani commented on Apple&#8217;s decision to disable the <a href="https://www.benzinga.com/news/24/01/36690640/masimo-ceo-wholeheartedly-feels-apple-watch-users-are-better-off-without-blood-oxygen-monitoring-fea">blood oxygen monitoring feature</a> in its latest smartwatches due to a patent dispute. Kiani suggested that Apple Watch users might be better off without the feature, indicating the ongoing tension between Apple and medical device companies.
In March, Apple was reported to be exploring new functionalities for the Apple Watch beyond health tracking, after the legal challenges it faced. These new features could include various sensors for <a href="https://www.benzinga.com/news/24/03/37724310/apple-watch-2-0-new-patents-hint-at-expansion-beyond-health-tracking-after-masimo-fiasco">non-health-related purposes</a>.
In April, Apple appealed to a U.S. court to overturn an import ban on certain Apple Watch models imposed due to a patent <a href="https://www.benzinga.com/news/24/04/38130324/tim-cook-led-tech-giant-appeals-to-us-court-for-overturning-import-ban-on-its-apple-watches">dispute with Masimo</a>. Apple argued that the ban should not be upheld because the Masimo wearable was theoretical at the time of the complaint.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39745356/two-months-after-mark-zuckerberg-threw-shade-at-vision-pro-analyst-says-apples-vr-g?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Two Months After Mark Zuckerberg Threw Shade At Vision Pro, Analyst Says Apple&#8217;s VR Glasses Will Fall Short Of 500K Units In 2024, Half Of Tim Cook&#8217;s Initial 1M Target</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>

Legal

Apple Watch's Redesigned ECG Doesn't Infringe AliveCor Patents, Rules US Customs

Created by ELC&#39;s NIV and launched in partnership with NYKAA, BEAUTY&amp;YOU India enters its third year focused on Supercharged Futures in the Indian Beauty Sector

Estée Lauder And NYKAA Launch Third Edition Of BEAUTY&YOU India To Propel Future Beauty Innovators

Pineapple Financial (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/PAPL#AMEX">PAPL</a>) reported quarterly losses of $(0.12) per share which missed the analyst consensus estimate of $(0.07) by 71.43 percent. The company reported quarterly sales of $736.45 thousand which missed the analyst consensus estimate of $1.10 million by 33.05 percent.