Sound Point Meridian Capital, Inc. Common Stock Stock (NYSE: SPMC)

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Sound Point Meridian Capital, Inc. Common Stock

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Investors with a lot of money to spend have taken a bearish stance on Petrobras Brasileiro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PBR, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 14 uncommon options trades for Petrobras Brasileiro.
This isn't normal.
The overall sentiment of these big-money traders is split between 14% bullish and 78%, bearish.
Out of all of the special options we uncovered, 8 are puts, for a total amount of $704,023, and 6 are calls, for a total amount of $359,874.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $15.0 and $22.0 for Petrobras Brasileiro, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Petrobras Brasileiro's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Petrobras Brasileiro's whale trades within a strike price range from $15.0 to $22.0 in the last 30 days. 
<h3>Petrobras Brasileiro Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720554401_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PBR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$7.75</td>
<td>$7.5</td>
<td>$7.75</td>
<td>$22.00</td>
<td>$255.7K</td>
<td>3.2K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>PBR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$2.86</td>
<td>$2.52</td>
<td>$2.8</td>
<td>$17.00</td>
<td>$167.4K</td>
<td>4.5K</td>
<td style="text-align: right;">129</td>
</tr>
<tr>
<td>PBR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$0.86</td>
<td>$0.79</td>
<td>$0.85</td>
<td>$16.00</td>
<td>$94.0K</td>
<td>11.3K</td>
<td style="text-align: right;">931</td>
</tr>
<tr>
<td>PBR</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$0.81</td>
<td>$0.75</td>
<td>$0.81</td>
<td>$16.00</td>
<td>$75.4K</td>
<td>11.3K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>PBR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$7.75</td>
<td>$7.7</td>
<td>$7.75</td>
<td>$22.00</td>
<td>$72.8K</td>
<td>3.2K</td>
<td style="text-align: right;">515</td>
</tr>
</tbody>
</table>

<h3>About Petrobras Brasileiro</h3>
Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production of oil and gas in Brazilian offshore fields. Production in 2023 was 2.8 million barrels of oil equivalent a day (80% oil production), and reserves stood at 10.9 billion boe (85% oil). At end-2023, Petrobras operated 10 refineries in Brazil with capacity of 1.8 million barrels a day and distributes refined products and natural gas throughout Brazil.
In light of the recent options history for Petrobras Brasileiro, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Where Is Petrobras Brasileiro Standing Right Now?</h3>
<ul>
<li>With a trading volume of 11,624,537, the price of PBR is up by 0.3%, reaching $15.18.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 23 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Petrobras Brasileiro</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $17.9.
<ul>
<li>Showing optimism, an analyst from B of A Securities upgrades its rating to Buy with a revised price target of $17. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Petrobras Brasileiro, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

Unpacking the Latest Options Trading Trends in Petrobras Brasileiro

Investors with a lot of money to spend have taken a bullish stance on ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with ON, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 10 uncommon options trades for ON Semiconductor.
This isn't normal.
The overall sentiment of these big-money traders is split between 40% bullish and 40%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $479,824, and 4 are calls, for a total amount of $175,447.
<h3>Predicted Price Range</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $61.0 to $95.0 for ON Semiconductor during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ON Semiconductor's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ON Semiconductor's whale trades within a strike price range from $61.0 to $95.0 in the last 30 days. 
<h3>ON Semiconductor 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720554396_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ON</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/02/24</td>
<td>$0.48</td>
<td>$0.31</td>
<td>$0.36</td>
<td>$61.00</td>
<td>$228.2K</td>
<td style="text-align: right;">37</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$17.35</td>
<td>$17.15</td>
<td>$17.35</td>
<td>$85.00</td>
<td>$88.4K</td>
<td style="text-align: right;">877</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ON</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>08/16/24</td>
<td>$4.0</td>
<td>$3.9</td>
<td>$3.95</td>
<td>$75.00</td>
<td>$79.0K</td>
<td style="text-align: right;">620</td>
<td style="text-align: right;">94</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$21.15</td>
<td>$21.0</td>
<td>$21.15</td>
<td>$90.00</td>
<td>$63.4K</td>
<td style="text-align: right;">361</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ON</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$8.85</td>
<td>$8.65</td>
<td>$8.65</td>
<td>$70.00</td>
<td>$40.6K</td>
<td style="text-align: right;">201</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>

<h3>About ON Semiconductor</h3>
Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and the largest supplier of image sensors to the automotive market. While the firm used to be highly vertically integrated, it now pursues a hybrid manufacturing strategy for flexible capacity. Onsemi is pivoting to focus on emerging applications like electric vehicles, autonomous vehicles, industrial automation, and renewable energy.
In light of the recent options history for ON Semiconductor, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>ON Semiconductor's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 3,994,100, the ON's price is down by -2.59%, now at $73.07. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 20 days.</li>
</ul>
<h3>What Analysts Are Saying About ON Semiconductor</h3>
2 market experts have recently issued ratings for this stock, with a consensus target price of $88.5.
<ul>
<li>An analyst from Keybanc has decided to maintain their Overweight rating on ON Semiconductor, which currently sits at a price target of $85. </li>
<li>An analyst from Needham downgraded its action to Buy with a price target of $92. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest ON Semiconductor options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

ON Semiconductor's Options Frenzy: What You Need to Know

Whales with a lot of money to spend have taken a noticeably bearish stance on Wayfair.
Looking at options history for Wayfair (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 45% of the investors opened trades with bullish expectations and 54% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $211,990 and 8, calls, for a total amount of $278,374.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $35.0 to $85.0 for Wayfair over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of Wayfair stands at 5027.17, with a total volume reaching 1,749.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Wayfair, situated within the strike price corridor from $35.0 to $85.0, throughout the last 30 days.
<h3>Wayfair Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720554391_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>W</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.1</td>
<td>$1.97</td>
<td>$2.02</td>
<td>$35.00</td>
<td>$146.4K</td>
<td>7.3K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>W</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$7.75</td>
<td>$7.55</td>
<td>$7.55</td>
<td>$45.00</td>
<td>$52.8K</td>
<td>5.6K</td>
<td style="text-align: right;">438</td>
</tr>
<tr>
<td>W</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$7.75</td>
<td>$7.5</td>
<td>$7.5</td>
<td>$45.00</td>
<td>$51.7K</td>
<td>5.6K</td>
<td style="text-align: right;">39</td>
</tr>
<tr>
<td>W</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$2.35</td>
<td>$2.31</td>
<td>$2.35</td>
<td>$85.00</td>
<td>$37.3K</td>
<td>5.9K</td>
<td style="text-align: right;">341</td>
</tr>
<tr>
<td>W</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$6.35</td>
<td>$6.25</td>
<td>$6.35</td>
<td>$55.00</td>
<td>$34.2K</td>
<td>7.4K</td>
<td style="text-align: right;">4</td>
</tr>
</tbody>
</table>

<h3>About Wayfair</h3>
Wayfair engages in e-commerce in the United States (87% of 2023 sales), Canada, the United Kingdom, Germany, and Ireland. At the end of 2023, the firm offered more than 30 million products from more than 20,000 suppliers under the brands Wayfair, Joss &amp; Main, AllModern, Birch Lane, and Perigold. Its offerings include furniture, everyday and seasonal decor, decorative accents, housewares, and other home goods. Wayfair was founded in 2002 and began trading publicly in 2014.
Following our analysis of the options activities associated with Wayfair, we pivot to a closer look at the company's own performance.
<h3>Wayfair's Current Market Status</h3>
<ul>
<li>With a trading volume of 1,438,484, the price of W is down by -1.34%, reaching $52.28.</li>
<li>Current RSI values indicate that the stock is may be approaching oversold.</li>
<li>Next earnings report is scheduled for 23 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Wayfair</h3>
1 market experts have recently issued ratings for this stock, with a consensus target price of $50.0.
<ul>
<li>An analyst from Loop Capital persists with their Hold rating on Wayfair, maintaining a target price of $50. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Wayfair, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Behind the Scenes of Wayfair's Latest Options Trends

Energy commodity prices experienced another session of declines on Tuesday, despite investor concerns over potential supply <a href="https://www.benzinga.com/top-stories/24/07/39668096/hurricane-beryl-expected-to-weaken-to-tropical-storm-as-it-hits-texas">disruptions from Hurricane Beryl.</a>
The price of West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), fell for the third straight session, dropping 0.9% to $81.5. Similarly, Henry Hub natural gas prices, represented by the United States Natural Gas Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>), fell 1.1%, erasing Monday&#8217;s gains entirely.
<h3 class="wp-block-heading">Minimal Impact Of Hurricane Beryl</h3>
Hurricane Beryl made landfall in the southern United States on Monday morning as a category one hurricane, resulting in eight fatalities and disrupting power for over 2 million people in Texas. However, it was downgraded to a tropical storm shortly afterward.
According to a Natural Gas Intelligence report, major ports along the upper Texas coast were set to reopen on Tuesday as cleanup operations continued, but a key LNG export facility remained closed. 
&#8220;The overall impact on natural gas prices appeared to be minimal,&#8221; managing editor Caroline Davies stated.
Natural Gas Intelligence explained that Gulf Coast storms no longer significantly impact the offshore oil and gas industry due to the rise of unconventional drilling, which has unlocked substantial reserves in the Lower 48 states.
<h3 class="wp-block-heading">LNG Facilities Face Operational Challenges Amid Hurricane Beryl</h3>
Nevertheless, most U.S. liquefied natural gas export capacity is situated in Texas and Louisiana. The Freeport LNG Development LP facility, located about 50 miles from Matagorda, shut down on Sunday in anticipation of Beryl. 
Freeport relies on the electricity grid for power, which is supplied by Centerpoint Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNP#NYSE">CNP</a>).
A company&#8217;s spokesperson informed Natural Gas Intelligence that production at Freeport LNG's liquefaction facility remains ramped down following Hurricane Beryl. 
Feed gas demand fell to nearly zero from 1.6 Bcf/d, and flows remained below 1% capacity utilization as of Tuesday, according to NGI's U.S. LNG Export Flow Tracker data.
Corpus Christi, located about 250 miles south of Freeport and home to Cheniere Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>)'s Corpus Christi LNG facility, was unaffected by Beryl.
Temporary outages also impacted Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>)&#8217;s Dayton and West Clear Lake storage facilities near Houston. A company&#8217;s spokesperson revealed Natural Gas Intelligence that West Clear Lake has resumed service, while Dayton remains offline due to ongoing power outages in the area.
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</ul>
Image: Unsplash

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Why Hurricane Beryl Hasn't Triggered Natural Gas Price Hikes So Far

The second quarter is projected to be the first in which the &#8220;Other 493&#8221; companies — those outside the &#8220;Magnificent 7&#8221; tech giants — will exhibit earnings growth after five quarters <a href="https://www.benzinga.com/earnings#:~:text=The%20time%20period%20that%20corresponds,%2C%20June%2C%20September%20and%20December.">of stagnation or decline.</a> 
This development could broaden market gains as tech sector growth slows, according to Bank of America.
Bank of America&#8217;s analysts, Ohsung Kwon, CFA and Savita Subramanian, presented a more conservative outlook on Q2 earnings for U.S. companies compared to consensus estimates. 
While the consensus expects earnings per share (EPS) to rise by 9% year-over-year in Q2, the analysts anticipate a 2% beat which aligns with historical averages but is the smallest since Q4 2022. 
Behind the weaker-than-expected forecasts, analysts cited the weak macroeconomic data last quarter.
&#8220;Economic Surprise Index&nbsp;is at the lowest level since June 2015.&nbsp;The historical relationship points to a&nbsp;3% EPS&nbsp;miss,&#8221; Bank of America wrote. 
<h3 class="wp-block-heading">&#8216;Magnificent 7 vs. The Other 493&#8217;</h3>
The Invesco S&amp;P 500 Equal Weight ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSP#NYSE">RSP</a>) has underperformed the cap-weighted SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) by approximately 13 percentage points year-to-date. This gap widens significantly when comparing the broader market with the Magnificent 7, as tracked by the Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>), as illustrated in the chart below from Benzinga Pro.
This trend could potentially be halted in the upcoming weeks. As the tech sector&#8217;s rapid growth begins to decelerate, the broader market, represented by the &#8220;Other 493&#8221; companies, is poised for earnings growth, according to Bank of America. 
<figure class="wp-block-image size-large"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070924&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="544" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14-1024x544.png" alt="" class="wp-image-427078" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14-1024x544.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14-768x408.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14-1536x816.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09141136/image-14.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
&#8220;2Q is expected to&nbsp;be&nbsp;the first&nbsp;EPS&nbsp;growth quarter for the Other 493&nbsp;since 4Q22, whereas growth for the Magnificent 7 is expected to slow for the second straight quarter and again in 3Q,&#8221; analyst wrote.
The Magnificent 7&#8217;s earnings recovery began earlier because they entered an earnings recession in the second half of 2022. This prompted tech companies to implement cost-cutting measures sooner, resulting in an earlier recovery, Bank of America explained.
Year-to-date, tech layoffs have significantly decreased, while layoffs outside the tech sector have increased, indicating more cost-cutting opportunities in non-tech industries. 
These efforts are expected to enhance margins for the &#8220;Other 493&#8221; in 2024-25.
<h2 class="wp-block-heading">&#8216;Virtuous Cycle&#8217; From AI Investments</h2>
A virtuous cycle appears to be forming from AI investments. Major tech companies — Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), 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/GOOGL#NASDAQ">GOOGL</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) — confirmed last quarter that 2024 is set to be the first year of a multi-year AI investment cycle. The consensus capex forecast for these companies increased by $18 billion during Q1 earnings season to approximately $200 billion, a 34% year-over-year rise.
Historically, companies in reinvestment cycles underperform, but AI investments could create a virtuous cycle. 
Semiconductor &#8220;are the most obvious beneficiaries,&#8221; Bank of America highlighted. Yet, the rising power consumption from AI and the construction of data centers are anticipated to boost demand for electrification, construction, utilities, and commodities, ultimately creating more jobs.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/government/24/07/39692871/trumps-deregulation-agenda-oil-gas-defense-and-finance-stocks-may-benefit-from-loose-rules-goldman-s">Trump&#8217;s Deregulation Agenda: Oil &amp; Gas, Defense, And Finance Stocks May Benefit From Loose Rules, Goldman Sachs Says</a></li>
</ul>
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Equities

Sector ETFs

Tech

AMZN

GOOGL

MAGS

MSFT

Rydex ETF Trust Rydex S&P Equal Weight ETF

'The Other 493' Set To Grow More Than 'Magnificent 7' This Earnings Season: Bank Of America

Zapp Electric Vehicles (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZAPP#NASDAQ">ZAPP</a>) continued higher Tuesday after rising in recent sessions. The stock&#8217;s rapid ascent has made it a popular topic on social media platforms and among online trading communities.
What&#8217;s Going On: The company&#8217;s shares surged an impressive 116% over the last week. This surge is accompanied by a float size of under 1 million shares and a significant short interest, potentially contributing to the stock&#8217;s volatile price movements and triggering multiple trading halts.
Retail investors could have played a pivotal role in driving up trading volumes, with more than 29 million shares exchanged recently, significantly surpassing the average volume. 
In late June, Zapp reported a net loss of $5 million, down from $8.6 million in the same period in 2023. 
The company expects to deliver its i300 model in the fiscal fourth quarter of 2024 and aims to sell over 5,000 units by the end of fiscal year 2025. The company projects a run-rate exceeding 25,000 units annually by fiscal year 2026. 
ZAPP Price Action: Zapp Electric Vehicles shares were up by 74% at $16.12 at the time of writing, according to<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="551" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09144401/ZAPP-1024x551.png" alt="" class="wp-image-427132" style="width:522px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09144401/ZAPP-1024x551.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09144401/ZAPP-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09144401/ZAPP-768x413.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09144401/ZAPP.png 1060w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/top-stories/24/07/39696422/corporate-confidence-is-up-as-small-business-sentiment-rebounds-bank-of-america-data-shows">Corporate Confidence Is Up As Small Business Sentiment Rebounds, Bank Of America Data Shows</a>
Image Via Shutterstock.

News

Movers

ZAPP

Zapp Electric Vehicles Shares Are Off The Roof: What You Need To Know

Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>) shares are trading lower Tuesday after recent analyst actions. Baird maintained an Outperform rating on Albemarle but significantly <a href="https://www.benzinga.com/quote/ALB/analyst-ratings">lowered its price target from $170 to $127.</a>
Additionally, Oppenheimer also maintained an Outperform rating on the stock but trimmed its price target to $178 from $188 to reflect spot price movements, with index contracts likely to pressure pricing. The firm noted that with lithium prices returning to declines in June, it sees the possibility of a guidance cut. This led to Oppenheimer lowering its FY24 estimates for revenue, adjusted EBITDA and EPS. 
ALB Price Action: Albemarle Shares were down by 7.88% at 91.34 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="552" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09134739/ALB-1024x552.png" alt="" class="wp-image-427038" style="width:511px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09134739/ALB-1024x552.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09134739/ALB-300x162.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09134739/ALB-768x414.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09134739/ALB.png 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39695135/analysts-see-upside-ahead-for-amazon-stock-as-prime-day-approaches">Analysts See Upside Ahead For Amazon Stock As Prime Day Approaches</a>
Picture by Mediamodifier from Pixabay

Why Are Albemarle Shares Trading Lower Tuesday?

Byrna Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/byrn#NASDAQ">BYRN</a>) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to earnings of $0.03 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 1,400%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of 180%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Byrna Technologies, which belongs to the Zacks Technology Services industry, posted revenues of $20.27 million for the quarter ended May 2024, missing the Zacks Consensus Estimate by 0.10%. This compares to year-ago revenues of $11.51 million. The company has topped consensus revenue estimates three 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.
Byrna Technologies shares have added about 61.4% since the beginning of the year versus the S&amp;P 500&#39;s gain of 16.8%.
What&#39;s Next for Byrna Technologies?
While Byrna Technologies has outperformed 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 Byrna Technologies: favorable. 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 #1 (Strong Buy) for the stock. So, the shares are expected to outperform 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 -$0.10 on $13.12 million in revenues for the coming quarter and -$0.13 on $70.76 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, Technology Services is currently in the top 34% 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.
Another stock from the same industry, VerifyMe, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vrme#NASDAQ">VRME</a>), has yet to report results for the quarter ended June 2024.
This company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of +45.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
VerifyMe, Inc.&#39;s revenues are expected to be $5.71 million, up 6.9% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2298437/byrna-technologies-inc-byrn-q2-earnings-surpass-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2298437">To read this article on Zacks.com click here.</a>

Earnings

Penny Stocks

Analyst Ratings

Trading Ideas

BYRN

VRME

Byrna Technologies Inc. Q2 Earnings Surpass Estimates

Veeco Instruments's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VECO#NYSE">VECO</a>) short percent of float has fallen 3.64% since its last report. The company recently reported that it has 6.45 million shares sold short, which is 16.15% of all regular shares that are available for trading. Based on its trading volume, it would take traders 10.57 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Veeco Instruments Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720553421_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Veeco Instruments has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Veeco Instruments's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Veeco Instruments's peer group average for short interest as a percentage of float is 6.31%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

VECO

Looking Into Veeco Instruments's Recent Short Interest

Owens &amp; Minor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) has outperformed the market over the past 5 years by 19.55% on an annualized basis producing an average annual return of 32.61%. Currently, Owens &amp; Minor has a market capitalization of $994.49 million. 
Buying $100 In OMI: If an investor had bought $100 of OMI stock 5 years ago, it would be worth $406.29 today based on a price of $13.00 for OMI at the time of writing.
<h3>Owens &amp; Minor's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720553420_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Owens & Minor 5 Years Ago Would Be Worth This Much Today

APi Gr's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APG#NYSE">APG</a>) short percent of float has fallen 7.32% since its last report. The company recently reported that it has 6.08 million shares sold short, which is 3.04% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.26 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>APi Gr Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720553416_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for APi Gr has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing APi Gr's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, APi Gr's peer group average for short interest as a percentage of float is 5.44%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About APi Gr?

Snap-on (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNA#NYSE">SNA</a>) has outperformed the market over the past 15 years by 3.07% on an annualized basis producing an average annual return of 15.71%. Currently, Snap-on has a market capitalization of $13.50 billion. 
Buying $1000 In SNA: If an investor had bought $1000 of SNA stock 15 years ago, it would be worth $9,211.08 today based on a price of $256.16 for SNA at the time of writing.
<h3>Snap-on's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720553415_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In Snap-on 15 Years Ago Would Be Worth Today

Corning's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) short percent of float has risen 49.67% since its last report. The company recently reported that it has 19.29 million shares sold short, which is 2.26% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.48 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Corning Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720553411_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Corning has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Corning's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Corning's peer group average for short interest as a percentage of float is 4.19%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Corning's Recent Short Interest

For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Adma Biologics (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adma#NASDAQ">ADMA</a>) one of those stocks right now? By taking a look at the stock&#39;s year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
Adma Biologics is one of 1026 individual stocks in the Medical sector. Collectively, these companies sit at #5 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Adma Biologics is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for ADMA&#39;s full-year earnings has moved 18% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the most recent data, ADMA has returned 157.5% so far this year. In comparison, Medical companies have returned an average of 4.4%. As we can see, Adma Biologics is performing better than its sector in the calendar year.
Aclaris Therapeutics (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acrs#NASDAQ">ACRS</a>) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 21%.
For Aclaris Therapeutics, the consensus EPS estimate for the current year has increased 20.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Adma Biologics belongs to the Medical - Biomedical and Genetics industry, a group that includes 500 individual stocks and currently sits at #73 in the Zacks Industry Rank. Stocks in this group have lost about 5.3% so far this year, so ADMA is performing better this group in terms of year-to-date returns.
On the other hand, Aclaris Therapeutics belongs to the Medical - Drugs industry. This 181-stock industry is currently ranked #147. The industry has moved -7.4% year to date.
Investors interested in the Medical sector may want to keep a close eye on Adma Biologics and Aclaris Therapeutics as they attempt to continue their solid performance.
<a href="https://www.zacks.com/stock/news/2298444/is-adma-biologics-adma-stock-outpacing-its-medical-peers-this-year?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_1-2298444">To read this article on Zacks.com click here.</a>

Biotech

General

ACRS

ADMA

Is ADMA Biologics Stock Outpacing Its Medical Peers This Year?

OSI Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/osis#NASDAQ">OSIS</a>) is benefiting from an expanding order book across its Healthcare, Optoelectronics and Manufacturing and Security Segments.
Building on this momentum, the company recently announced that its Security division has secured an order valued at approximately $17 million from an international customer.
The order includes advanced cargo and vehicle inspection systems such as the Eagle P60 high-energy drive-through system and the T60 trailer-mounted vehicle inspection system.
OSI Systems will also provide comprehensive services, including system installation, training and multi-year service and maintenance support, underscoring its commitment to delivering integrated security solutions globally.
<h3>OSI Systems Prospects Strong</h3>
OSIS Security division saw a remarkable 60% year-over-year revenue growth in the third quarter of fiscal 2024. The uptick was primarily driven by major contracts like the $500 million deal with SEDENA (Mexico&#39;s Department of National Defense) and other international contracts for cargo and vehicle inspection systems.
Further bolstering its market presence, in June, OSI Systems announced an $11-million order for multiple units of the Eagle M60 mobile high-energy cargo and vehicle inspection system, including ongoing maintenance and support, to fulfill international border and security needs.
OSIS also announced a $10-million order for its Real Time Tomography (RTT) 110 explosive detection systems, slated for deployment at a Latin American international airport, emphasizing high-resolution 3-D imaging for efficient hold baggage screening and ongoing maintenance support.
OSI Systems exited the fiscal third quarter with a backlog of nearly $1.8 billion, particularly in the Security division. The company expects more robust performance from the Security division in the rest of the fiscal 2024.
The strong order book is expected to benefit OSIS&#39;s top-line growth. For the fiscal 2024, revenues are expected to increase more than 19% over fiscal 2023 levels, while earnings are expected to increase more than 29% year over year.
The Zacks Consensus Estimate for fiscal 2024 revenues is currently pegged at $1.52 billion, indicating 19.24% growth year over year. The consensus estimate for earnings is pegged at $8.09 per share, unchanged in the past 30 days and indicating year-over-year growth of 30.27%.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, OSI Systems carries a Zacks Rank #3 (Hold).
Shares have increased 6.9% year to date compared with the Zacks Computer and Technology sector&#39;s rise of 29.2%.
Some better-ranked stocks in the broader technology sector are Arista Networks&nbsp;and Dropbox, each sporting a Zacks Rank #1(Strong Buy), while Garmin&nbsp;carries a Zacks Rank #2 (Buy) at present.
Arista Networks&#39; shares have gained 57.6% in the year-to-date period. The long-term earnings growth rate for ANET is pegged at 16.07%.
Garmin&#39;s shares have gained 25.7% in the year-to-date period. The long-term earnings growth rate for GRMN is pegged at 8.04%.
Shares of Dropbox have declined 24.6% in the year-to-date period. The long-term earnings growth rate for DBX is pegged at 11.44%.
<a href="https://www.zacks.com/stock/news/2298725/osi-systems-osis-prospects-ride-on-expanding-order-book?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2298725">To read this article on Zacks.com click here.</a>

OSIS

OSI Systems Prospects Ride on Expanding Order Book

As Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) takes the first step in real-world utility, traders remain cautious about the meme coin's upcoming performance. &nbsp;
What Happened: Notable crypto trader Crypto Tony tweeted that the market is awaiting a DOGE pump.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> / <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USD</a> &#8211; Update We just want <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> to pump like this again. Give us this sort of move towards the end of the cycle please <a href="https://t.co/q6cRg89Fru">pic.twitter.com/q6cRg89Fru</a>
&mdash; Crypto Tony (@CryptoTony__) <a href="https://twitter.com/CryptoTony__/status/1810285705345761295?ref_src=twsrc%5Etfw">July 8, 2024</a></blockquote>
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Crypto Daily Trade Signals in his latest <a href="https://x.com/cryptodailyTS/status/1810468056252260818">post</a> cautions traders that Dogecoin's price recovery may be "facing a hurdle as it approaches key resistance levels."
Noting some important key levels, the trader added, "Price must settle above $0.1080 and $0.1150 to gain bullish momentum."&nbsp; He concluded by saying that "$0.1050 level is a short-term bearish trend line forming on the hourly chart of the DOGE/USD pair."
Additionally, XForceGlobal in a primary macro analysis <a href="https://x.com/XForceGlobal/status/1810329067704684709">post</a> is curious if Dogecoin is presenting a 10x opportunity. It added, "DOGE has done a full retracement into the 88.6% Fib lvl. This is a ride or die coin at this point, and the only way to count the larger degree wave 4 is a triangle."
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39679245/dogecoin-product-lead-highlights-efforts-to-spread-fud-about-the-good-boy-some-organizatio">Dogecoin Product Lead Highlights Efforts To Spread FUD About The Good Boy: &#8216;Some Organizations Want It To Fail&#8217;</a>
Why It Matters: IntoTheBlock data noted an increase of 17.3% in its large transaction volume while exchanges netflows spiked 1,546.4%. Also, transactions greater than $100,000 increased from 137 transactions as of July 7 to 232 transactions as of July 8.
Highlighting its real-world utility, Dogecoin is taking its place among the residents of Venezuela. Amidst its worst economic crisis, Venezuelan migrants are increasingly turning to DOGE to send money home due to its low transaction fees.
Bloomberg reported that Venezuela's crypto remittances accounted for 6% of its GDP in 2023 and foreign remittances amounted to $5 billion, with 9% ($461 million) consisting of cryptocurrency transactions.
Dogecoin has attracted interest due to its lower transfer fees compared to other cryptocurrencies or stablecoins commonly used on U.S. platforms.
The official Dogecoin page cited another X user's tweet "Dogecoin is money."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">While many crypto projects chase gains, Dogecoin&#39;s purpose is to be a simple means of exchange for everyday people. Shibes around the world are putting Doge to real use. <a href="https://t.co/xUgGDVbnFY">https://t.co/xUgGDVbnFY</a>
&mdash; Dogecoin (@dogecoin) <a href="https://twitter.com/dogecoin/status/1810188779405066688?ref_src=twsrc%5Etfw">July 8, 2024</a></blockquote>
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What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39647203/dogecoin-dumps-as-whales-move-400-million-coins-trader-predicts-next-will-be-a-huge-reboun">Dogecoin Dumps As Whales Move 400 Million Coins: Trader Predicts &#8216;Next Will Be A Huge Rebound&#8217;</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$DOGE

Dogecoin Trades Flat, 'Price Recovery Faces Hurdle' After This Key Level: Crypto Trader Says

The FDA will convene a meeting with the recently formed Genetic Metabolic Diseases Advisory Committee (GeMDAC) on August 2 to review the marketing application for Zevra Therapeutics Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZVRA#NASDAQ">ZVRA</a>) arimoclomol for Niemann-Pick <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39687903/zevra-announces-fda-advisory-committee-meeting-to-review-arimoclomol-for-the-treatment-of-niemann-" rel="noreferrer noopener">disease type C (NPC)</a>.
The application for arimoclomol has been assigned a Prescription Drug User Fee Act (PDUFA) action date of September 21, which was <a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37451763/zevra-therapeutics-provides-fda-update-on-the-pdufa-action-date-for-arimoclomol-as-a-treatment-for" rel="noreferrer noopener">extended from June 21</a>.
Previously <a target="_blank" href="https://investors.zevra.com/news-releases/news-release-details/correction-kempharm-announces-corporate-name-change-zevra" rel="noreferrer noopener">known</a> as KemPharm, Zevra Therapeutics acquired&nbsp;arimoclomol from Orphazyme <a target="_blank" href="https://www.benzinga.com/general/biotech/22/05/27213663/kempharm-acquires-battered-orphazymes-arimoclomol-program-for-13m" rel="noreferrer noopener">for $12.8 million</a>.&nbsp;
In 2021, the FDA issued a complete response letter to arimoclomol as a treatment option for <a target="_blank" href="https://www.benzinga.com/general/biotech/21/06/21621339/orphazyme-wild-party-at-risk-as-fda-rejects-its-rare-neurodegenerative-disease-drug?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+benzinga+%28Benzinga+News+Feed%29" rel="noreferrer noopener">Niemann-Pick disease type C</a>.
The CRL asked for additional qualitative and quantitative evidence to further support the validity and interpretation of the 5-domain NPC Clinical Severity Scale, <a target="_blank" href="https://www.benzinga.com/general/biotech/21/11/23783862/orphazyme-stock-gains-after-fda-update-on-arimoclomol-in-rare-neurodegenerative-disorder" rel="noreferrer noopener">particularly the swallow domain</a>.
William Blair says the data supports the efficacy and safety of arimoclomol supports approval and expects significant patient advocacy at the meeting in support of approval.
Additionally, unlike the prior filing for arimoclomol, patient groups have already sent letters of support, including a petition from the National Niemann-Pick Disease Foundation and six other NPC advocacy and research organizations with nearly 1,000 signatures from NPC patients, caregivers, and physicians.
If approved, arimoclomol would represent a significant commercial opportunity for Zevra despite the ultra-rare nature of NPC. The analyst adds that NPC is believed to affect around 900 patients in the U.S., of whom an estimated 300-400 are currently diagnosed.
The company established a commercial infrastructure for launching Olpruva earlier this year. With about 70 patients on therapy through the early access program in the U.S., the analyst expects a strong launch.
This will involve converting these patients to full-launch participants and attracting new patients, many of whom have already shown interest.
Zevra owes modest milestones and mid-single-digit royalties to XOMA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOMA#NASDAQ">XOMA</a>). Given the ultra-orphan nature of the patient population, pricing will be a key variable for all stakeholders involved, pending approval.
William Blair reiterates the <a target="_blank" href="https://www.benzinga.com/quote/ZVRA/analyst-ratings" rel="noreferrer noopener">Outperform rating</a>.
Price Action: ZVRA shares are up 17.4% at $5.27 at last check Tuesday.

Health Care

XOMA

ZVRA

FDA Convenes Expert Panel Meeting For Zevra Therapeutics' Arimoclomol, Analyst Optimistic About Approval Despite Small Patient Base

3D Systems (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ddd#NYSE">DDD</a>) is expanding its footprint in the additive manufacturing landscape through its recent partnership with Precision Resource, a renowned leader in producing critical components for the automotive, heavy-duty, aerospace and medical device industries.
The collaboration aims to scale and accelerate additive manufacturing by leveraging the combined expertise of organizations and integrating the 3D Systems advanced Direct Metal Printing (DMP) platform into Precision Resource&#39;s manufacturing processes.
Through this collaboration, Precision Resource will enhance its AS9100-certified Huntington Beach, CA facility with the addition of two 3D Systems DMP Flex 350 Dual 3D printers.
The integration aims to provide new solutions to meet evolving customer needs, address supply chain challenges and open new market opportunities through a robust end-to-end manufacturing solution for high-criticality components.
<h3>3D Systems Benefits From Robust Portfolio</h3>
The latest move bodes well with DDD&#39;s focus on expanding its additive manufacturing capabilities and addressing supply chain challenges through strategic partnerships and advanced technology integration.
3D Systems expects the additive manufacturing industry to witness a CAGR of more than 20% over the next five to seven years, hitting $80 billion during this timeframe. This opportunity bodes well for DDD, given its portfolio strength and high investments in research &amp; development.
DDD&#39;s increasing demand for metal 3D printing services has been a major growth driver. In March, the company announced that Wilting, an industrial machining and metal 3D printing service provider, expanded its manufacturing capabilities with three new DMP Flex 350 metal 3D printers, enhancing production capacity and material diversity to meet growing customer demands.
DDD also announced that WeAreAM in Italy added the DMP Flex 350 Dual to its Center of Excellence, enhancing its additive manufacturing capabilities across various industrial markets.
Further expanding its portfolio, DDD recently announced the EXT 800 Titan Pellet, a compact and cost-effective addition to its pellet extrusion systems. It offers faster print speeds and lower material costs for diverse manufacturing applications.
<h3>DDD Stock Down on Persistent Headwinds</h3>
Despite 3D System&#39;s robust portfolio, macroeconomic and geopolitical uncertainties have been a concern. Persistent inflation have kept customer budgets under pressure.
Increasing competition, particularly from new entrants in China in the hardware side of the business, has been a headwind.
These factors have hurt performance in the year-to-date period, with DDD shares declining 44.8% against the Zacks Computer &amp; Technology sector&#39;s return of 29.6%.
For 2024, DDD projects non-GAAP revenues to be between $475 million and $505 million. The Zacks Consensus Estimate for revenues is pegged at $486.01 million, indicating a 0.42% decline year over year.
The Zacks Consensus Estimate for earnings is pegged at a loss of 10 cents per share, unchanged in the past 30 days.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
Currently, 3D Systems carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Arista Networks (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anet#NYSE">ANET</a>) and Dropbox (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dbx#NASDAQ">DBX</a>), each sporting a Zacks Rank #1(Strong Buy), while Garmin (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grmn#NYSE">GRMN</a>) carries a Zacks Rank #2 (Buy) at present.
Arista Networks&#39; shares have gained 57.6% in the year-to-date period. The long-term earnings growth rate for ANET is pegged at 16.07%.
Garmin&#39;s shares have gained 25.7% in the year-to-date period. The long-term earnings growth rate for GRMN is pegged at 8.04%.
Shares of Dropbox have declined 24.6% in the year-to-date period. The long-term earnings growth rate for DBX is pegged at 11.44%.
<a href="https://www.zacks.com/stock/news/2298699/3d-systems-ddd-expands-portfolio-with-precision-partnership?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2298699">To read this article on Zacks.com click here.</a>

Small Cap

ANET

GRMN

3D Systems Expands Portfolio With Precision Partnership

Press Releases

Sound Point Meridian Capital, Inc. Prices Initial Public Offering

Sound Point Meridian Capital, Inc. Announces Closing of Initial Public Offering

Sound Point Meridian Capital, Inc. Announces Common Second Fiscal Quarter 2024 Distributions

SPMC

Oppenheimer

Oppenheimer analyst Mitchel Penn initiates coverage on Sound Point Meridian Capital, Inc. Common Stock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPMC#NYSE">SPMC</a>) with a Outperform rating and announces Price Target of $21.

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Sound Point Meridian Capital, Inc. Common Stock

News

Latest news for Sound Point Meridian Capital, Inc. Common Stock (NYSE:SPMC) Stock

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