Latest news for Sucro (OTC:SUGRF) Stock

Sucro Ltd is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customer. The Company's operations are classified into two reportable business segments which is Trade and Services. The Trade segment is a business focusing on capturing profits through sourcing, merchandising, and managing logistics of sugar. The Company's asset-based services business provides tolling (refining, processing, handling, packaging, and quality assurance), storage, and other services to the Trade segment.

Sucro Ltd

New data from Realtor.com shows a partisan divide in housing market sentiment after<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42027218/could-trumps-housing-plans-reshape-the-real-estate-market"> Donald Trump&#8217;s presidential election victory</a>. Republicans have increased optimism, while Democrats are hesitant about home-buying plans.
Morning Consult&#8217;s survey in early November found that roughly 20% of Republicans report being more likely to purchase a home due to the election outcome. In contrast, nearly a quarter of Democrats indicate they&#8217;re now less likely to enter the housing market in the coming year.
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Independent voters remained largely unmoved by the election results, with 74% reporting no change in their home-buying intentions. The contrasting sentiments align with Trump&#8217;s proposed housing policies. Real estate experts anticipate market changes under his leadership, particularly around interest rates and development regulations. His platform, <a href="https://www.benzinga.com/real-estate/24/11/41968915/will-trumps-second-term-unlock-housing-lower-rates-more-development-on-the-table-experts-say">announced before the election</a>, called for removing construction barriers, including regulations that currently add over $90,000 to new home prices and for opening federal lands for housing development.
&#8220;Many in the real estate business are elated with a Trump victory and if the administration can live up to its campaign promises, rightfully so,&#8221; said Alex Beene, financial literacy instructor at the University of Tennessee at Martin. &#8220;For months, he has been advocating for lower interest rates, which have become one of the most significant barriers to homeownership in the post-pandemic years.&#8221;
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However, Realtor.com Chief Economist Danielle Hale said the proposals present opportunities and challenges. While supply-side policies might boost housing inventory, proposed immigration restrictions could affect construction labor. Census Bureau data shows that up to one-third of residential construction relies on foreign-born workers. The survey polled 2,201 adults nationwide and highlighted demographic variations in housing market confidence.
Male respondents showed notably higher optimism, with 18% indicating an increased likelihood to buy compared to 10% of women. Generation Z emerged as the most optimistic age group, with 22% reporting enhanced home-buying prospects, followed by millennials at 19%, Generation X at 12% and baby boomers at 6%.
Economic outlook drives the responses. Republicans who expressed increased interest in home buying cited anticipated improvements in economic conditions and confidence in the new administration.&nbsp;
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market. </a>&#8220;I believe the interest rates will go down. Inflation will drop to affordable levels,&#8221; one respondent noted in the survey&#8217;s free-response section.
Democrats who expressed decreased home-buying interest pointed to economic concerns. &#8220;There is a very real possibility that the economy will tank and having my own home will be impossible,&#8221; one participant stated. Others specifically mentioned worries about inflation and tariff policies.
The housing sentiment split mirrors broader economic confidence trends. Morning Consult data cited by Realtor shows Republican consumer sentiment surged nearly 30% postelection, while Democratic sentiment declined 13% during the same period.
Current homeowners across party lines reported minimal impact on their selling intentions, though Democrats showed a slightly higher tendency to delay selling plans.
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Real Estate

24% Of Democrats Say Trump's Election Made Them Less Likely To Buy A Home

A market analyst says Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) could experience a massive rally, predicting gains exceeding 2,000%.
What Happened: The forecast has sparked excitement among the cryptocurrency's community as SHIB continues to gain traction as a leading meme coin.
Crypto analyst Austin Hilton, known for his bold predictions, shared his thoughts in a <a href="https://www.youtube.com/watch?v=f_vGuPm_7FQ">post</a> on YouTube and suggested that favorable market conditions and strategic developments could push SHIB into a significant uptrend.
Hilton highlighted key catalysts, such as increased adoption and potential ecosystem upgrades, as reasons behind the bullish outlook.
Shiba Inu has already seen remarkable growth since its inception, fueled by its vibrant community and utility within the Shiba ecosystem, including decentralized exchanges and NFT marketplaces. The recent prediction has added momentum to the ongoing discussions about SHIB's long-term potential.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39127538/massive-shiba-inu-burn-ignites-hope-for-price-recovery-despite-market-downturn">Massive Shiba Inu Burn Ignites Hope For Price Recovery Despite Market Downturn</a>
At the time of writing, SHIB was trading at $0.00002478, down by 4% in the last 24 hours. 
Despite its current price hovering at fractions of a cent, the analyst believes that strategic milestones could propel SHIB's value. These include the expansion of ShibaSwap, further token burns to reduce supply, and adoption by mainstream businesses for payments.
However, experts have cautioned that such exponential growth is not guaranteed and remains highly speculative. The cryptocurrency market's volatility and reliance on broader economic conditions mean that predictions should be approached with caution. Investors are advised to conduct thorough research and assess risks before making decisions.
Read Next
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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

Cryptocurrency

News

Markets

$SHIB

Crypto Analyst Sees Shiba Inu Surging More Than 2,000% In Coming Rally

Retired seniors in Nebraska recently posed a financial dilemma to <a href="https://www.benzinga.com/personal-finance/24/11/42024498/it-sounds-like-a-relationship-issue-ramsey-show-hosts-on-fathers-100k-paycut-and-3000-mile-move">The Ramsey Show hosts</a> Rachel Cruze and George Kamel: Should they withdraw funds from their IRA to buy a house outright or use monthly distributions to manage a mortgage?&nbsp;
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The couple, with an annual income of $125,000 from <a href="https://www.benzinga.com/personal-finance/24/10/41210847/do-former-u-s-presidents-really-collect-social-security-the-surprising-truth-about-their-retirem">Social Security and pensions</a>, has $200,000 in cash savings and over $500,000 in IRAs. Their goal is to purchase a $450,000 home and they're seeking advice from The Ramsey Show to help them determine the best option for their financial stability.
Kamel started by breaking down the couple's options.
He noted that the $200,000 cash would be a "serious down payment," which would be helpful; however, using their IRA to cover the balance in full would deplete a large portion of their retirement savings. "So they would have to live off of Social Security and pensions for the rest of their life."
Cruze added that the couple's income of $125,000 is above average, providing a solid foundation if they did decide to purchase the home outright from IRA funds. Ultimately, the hosts suggested <a href="https://www.benzinga.com/personal-finance/24/09/40754039/68-year-old-is-told-to-take-out-a-bigger-mortgage-for-bills-rather-than-tap-into-401-k-suze-orma">taking out a mortgage</a> might be the best option.
Kamel commented that the couple is already paying rent, implying they could handle a mortgage just fine now. "If times get tough, they have the money," he added. "And they could leave the money invested, let it continue to grow."
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Another perspective the hosts offered is that the couple could consider downsizing and purchasing something smaller than a $450,000 home if they didn't need a house with more than 1-2 bedrooms. That would allow them to pay the home off quicker and potentially immediately without tapping too much into their retirement accounts.&nbsp;
The median home price in Nebraska is $289,200 – substantially less than the $450,000 home being considered by this Nebraska couple.
This couple's situation reflects broader trends in home buying among retirees. According to the National Association of Realtors, baby boomers, who often purchase to downsize or relocate closer to family, represent a significant share of homebuyers. Additionally, retirees often prioritize maintaining liquidity and minimizing debt, aligning with Cruze and Kamel's advice to avoid fully depleting retirement accounts.
While there isn't a one-size-fits-all answer, the couple has several options. Whether they choose to buy their $450,000 dream home with a mix of cash and a mortgage or downsize to a smaller property, Cruze and Kamel advise that their focus should remain on maintaining financial security and minimizing future debt.&nbsp;
If you're in a similar situation and considering purchasing a retirement home, try speaking with a trusted <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a>. They can help you understand your current financial situation and create a plan for buying a home that aligns with your long-term financial goals.&nbsp;
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Personal Finance

Retired Nebraska Couple Asks Ramsey Show Hosts: 'Should We Tap IRA For A House Or Use Monthly Distributions For The Mortgage?'

In a recent poll, more than half of Americans expressed their support for the plans and policies of President-elect Donald Trump as he <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42027218/could-trumps-housing-plans-reshape-the-real-estate-market">gears up for his second term</a>.
What Happened: A Pew Research Center <a href="https://www.pewresearch.org/politics/2024/11/22/public-narrowly-approves-of-trumps-plans-most-are-skeptical-he-will-unify-the-country/">poll</a> found that 53% of Americans are in favor of Trump&#8217;s agenda for his forthcoming term, which starts in less than two months. The poll showed a 46% disapproval rate for his plans.
The results fell along party lines, with 88% of Republicans and Republican-leaning independents backing Trump&#8217;s agenda, while 82% of Democrats and Democratic-leaning individuals expressed disapproval.
Close to 60% of the respondents expressed confidence in Trump&#8217;s capability to make sound economic decisions. A majority of Americans also demonstrated confidence in Trump&#8217;s approach&nbsp;to law enforcement and criminal&nbsp;justice (54%), immigration (53%), and foreign policy (53%).
Post-election sentiments towards Trump have soared to an all-time high, with 43% offering him a &#8220;warm&#8221; or &#8220;very warm&#8221; rating on Pew&#8217;s &#8220;feeling thermometer.&#8221; This marks a notable increase from his 34% warm rating following the 2020 election.
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However, only 31% of respondents characterized Trump&#8217;s post-election unification efforts as &#8220;good&#8221; or &#8220;excellent.&#8221; Moreover, a mere 14% anticipate an improvement in partisan relations during Trump&#8217;s second term.
The poll was conducted from November 12 to 17, surveying 9,609 adults across the nation.
Why It Matters:&nbsp;The poll results provide a snapshot of the nation&#8217;s sentiment towards Trump&#8217;s second-term agenda. The data shows a clear partisan divide, reflecting the ongoing political polarization in the country. 
The high approval ratings for Trump&#8217;s economic decisions and approaches to law enforcement, immigration, and foreign policy indicate the areas where Americans have the most confidence in the President-elect. 
However, the low expectations for improved partisan relations and Trump&#8217;s unification efforts highlight the challenges that lie ahead in his second term.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Majority of Americans Approve of Trump's Second-Term Agenda

Billionaire Elon Musk, co-director of President-elect Donald Trump&#8216;s Department of Government Efficiency (DOGE), has been using his social media platform to criticize specific government departments and individuals.
What Happened: Musk, who has a following of 205 million on his platform, recently targeted Ashley Thomas, a director of climate diversification at the U.S. International Development Finance Corp. His post, which labeled her role as a &#8220;fake job,&#8221; led to a wave of online ridicule against Thomas.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So many fake jobs <a href="https://t.co/aVH8QtMcLE">https://t.co/aVH8QtMcLE</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1858916546338590740?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Earlier this month, Musk and Vivek Ramaswamy, a biotech-company founder, were appointed by Trump to lead the Department of Government Efficiency. 
The duo has since been vocal about their plans for &#8220;mass head-count reductions&#8221; across the federal bureaucracy.
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According to the report <a href="https://www.wsj.com/tech/musk-unleashes-online-army-on-federal-workers-a-tough-way-to-find-out-shes-losing-her-job-f57a2e94">by </a>The Wall Street Journal, Musk&#8217;s recent social media activities mark a return to his controversial practice of calling out individuals, a tactic he had previously employed on Twitter. 
His targets this week included Alexis Pelosi, a senior climate adviser at the Department of Housing and Urban Development, and two other federal officials with climate-related roles.
Everett Kelley, president of the American Federation of Government Employees, criticized Musk&#8217;s tactics, stating that they were intended to instill fear among federal employees, reports the outlet. 
Kelley argued that Musk should instead focus on federal contractors, who he claims cost the government far more than the civilian workforce.
Why It Matters: Musk&#8217;s recent actions on social media have raised concerns about the potential impact on the morale and productivity of federal employees. 
His targeting of specific individuals and departments could lead to a climate of fear and uncertainty, which could in turn affect the functioning of the federal bureaucracy. 
Furthermore, the controversy surrounding Musk&#8217;s tactics could potentially overshadow the work of the Department of Government Efficiency, and distract from its mission to streamline government operations and reduce costs.
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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.

Elon Musk's Social Media Onslaught Targets Federal Employees

In a recent blog post, Mary Trump warned about the alleged influence of Russian President Vladimir Putin on her uncle, President-elect Donald Trump.
What Happened: Mary Trump expressed her apprehensions about&nbsp;her uncle&#8217;s admiration for Putin, suggesting it could negatively impact U.S. support for Ukraine amidst the ongoing Russian invasion.
She called Trump &#8220;Putin&#8217;s puppet&#8221; and cautioned that his actions could leave Ukrainian President Volodymyr Zelensky in a vulnerable position.
In her <a href="https://www.marytrump.org/p/a-thousand-days?utm_campaign=post&amp;utm_medium=web">post</a>, Mary Trump also criticized her uncle&#8217;s admiration for Elon Musk, alleging that Musk has been in regular contact with Putin since 2022.
&#8220;Of all the unthinkable scenarios we&#8217;ve been forced to consider since Donald won the election on November 5th is the possibility that all of this will have been for nought,&#8221; Mary Trump wrote. &#8220;After all, the fate of Ukraine and Zelensky may rest with Donald Trump, Putin&#8217;s puppet, a man who is enamored of and beholden to the very autocrat who wants to destroy our ally.&#8221;
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Meanwhile, Zelensky warned this week that Ukraine could lose the war if the U.S. cuts military aid. His comments followed the Biden administration&#8217;s announcement of a new $275 million military aid package for Ukraine.
Zelensky acknowledged the potential influence&nbsp;Donald Trump could have on&nbsp;ending the war, stating, &#8220;Yes,&nbsp;he can,&#8221; but said it&nbsp;would not be simple. He&nbsp;emphasized&nbsp;the importance of maintaining unity&nbsp;between Ukraine, Europe, and the&nbsp;United States, warning that a&nbsp;loss of this unity could&nbsp;have dangerous consequences.
Why It Matters: The allegations by Mary Trump underscore the complex and potentially precarious relationship between the U.S., Russia, and Ukraine. 
The influence of Putin on Donald Trump, if true, could significantly alter U.S. foreign policy and its stance towards the ongoing conflict in Ukraine. 
Furthermore, the alleged contact between Elon Musk and Putin raises questions about the role of private sector leaders in international politics. This situation warrants close observation as it unfolds, given its potential to reshape geopolitical dynamics.
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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.

Mary Trump Says Her Uncle Donald Is 'Putin's Puppet'

In 2014, during an interview with Charlie Rose at the TED Conference, Google cofounder Larry Page made headlines with an unusual revelation. Page didn't point to traditional charitable foundations or heirs when asked about his thoughts on legacy and philanthropy. Instead, he floated the idea of leaving his wealth to <a href="https://www.benzinga.com/real-estate/24/05/38942636/elon-musk-reportedly-bought-a-secret-mansion-shortly-after-selling-all-his-possessions-and-publicly">Elon Musk</a>, the tech visionary behind Tesla and SpaceX.
Page's reasoning? Musk's <a href="https://www.benzinga.com/personal-finance/24/09/40778284/elon-musk-says-almost-anyone-can-afford-a-trip-to-mars-at-100-000-to-500-000-even-if-it-means-se">bold mission to colonize Mars</a> and "back up humanity." In the interview, Rose referenced past comments Page had made about this idea, asking for clarification.&nbsp;
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According to the transcript on the Charlie Rose site, Rose said: "You once said – actually, I think I've got this about right – that you might consider, rather than giving your money to a cause, simply giving it to Elon Musk because you had confidence he would change the future."
Larry Page replied: "He actually wanted to go to Mars – he wants to go to Mars to back up humanity." He elaborated, "It's a company and it's philanthropical. So I think, you know, we aim to do kind of similar things."
Page then shifted focus to Google's culture of innovation, adding, "We have a lot of employees at Google who've become pretty wealthy … A lot of people in there are pretty wealthy. You're working because you want to change the world and you want to make it better. So why isn't the company they work for worthy not just of your time, but your money as well?"
For Page, Musk's ambitious goals aligned with his belief that companies, when run effectively, could drive revolutionary change. He elaborated, saying, "Lots of companies don't succeed over time. They usually miss the future … I try to focus on that: What is the future really going to be? And how do we create it?"
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Page and Musk once shared a close friendship. Musk frequently <a href="https://www.benzinga.com/personal-finance/24/03/37923084/elon-musk-used-to-email-ex-google-ceo-larry-page-when-he-was-kind-of-homeless-and-ask-can-i-come">stayed at Page's house</a> during visits to Silicon Valley and their shared passion for pushing technological boundaries made them natural allies. Their camaraderie landed them on Fortune's 2016 list of "Business Leaders You Didn't Know Were BFFs."&nbsp;
Musk even <a href="https://www.benzinga.com/general/24/02/36953481/elon-musk-almost-sold-tesla-to-google-for-11-billion-but-he-called-the-deal-off-when-he-no-longer-ne">attempted to sell Tesla to Google</a> for $11 billion, according to Ashlee Vance&#8217;s biography, &#8220;Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future.&#8221; The two friends actually both agreed to the deal via handshake, but called it off once Tesla "no longer needed a savior."
However, their relationship reportedly soured around 2013. Musk's growing concerns about the dangers of artificial intelligence clashed with Page's more optimistic outlook. At Musk's birthday party that year, the two had a heated debate about AI. Page allegedly called Musk a "speciesist" for prioritizing human interests over other forms of intelligence.
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The tension grew after Musk cofounded OpenAI, a nonprofit <a href="https://www.benzinga.com/general/24/04/38073344/mark-cuban-predicts-worlds-first-trillionaire-wont-be-musk-or-bezos-itll-be-someone-who-masters-ai-a">ensuring AI safety</a>, which was seen as a direct challenge to Google, which had acquired DeepMind, a leading AI company. Musk even tried to dissuade DeepMind's CEO from selling to Google, further straining their relationship.
But despite their falling out, Musk has recently desired to mend fences. In a 2023 podcast with Lex Fridman, Musk said, "I would like to be friends again with Larry. I haven't seen him in ages. We were friends for a very long time." However, he acknowledged that Page might not feel the same, noting, "He doesn't want to talk to me anymore."
Larry Page's 2014 remarks about leaving his fortune to Elon Musk reflect his belief that revolutionary change outweighs incremental progress. While the future of their friendship remains uncertain, both Page and Musk continue to be key players in shaping the future of technology – and maybe even humanity.
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Larry Page, Google Co-Founder, Said He'd Leave His Fortune To Elon Musk Over Charity Because Of His Plans 'To Go To Mars To Back Up Humanity'

Georgia election workers Ruby Freeman and Wandrea &#8220;Shaye&#8221; Moss have filed a motion in federal court demanding that Rudy Giuliani be held in civil contempt for <a target="_blank" href="https://www.benzinga.com/news/24/08/40666864/rudy-giulianis-legal-troubles-deepen-former-georgia-election-workers-seek-to-seize-assets" rel="noreferrer noopener">continuing to spread false claims about them</a>.
This request, submitted Wednesday, stems from Giuliani&#8217;s ongoing defamation despite a prior injunction forbidding him from making such statements, Forbes <a target="_blank" href="https://www.forbes.com/sites/alisondurkee/2024/11/20/georgia-election-workers-want-giuliani-sanctioned-for-defaming-them-again/" rel="noreferrer noopener">reports</a>.
A federal judge has ordered Giuliani to respond by December 2, with a hearing set for December 12.
On Thursday, Rudy Giuliani challenged the judge&#8217;s ruling from last month, which required him to hand over most of his assets to the two Georgia election workers, per a news <a href="https://thehill.com/video/giuliani-appeals-decision-ordering-him-to-turn-over-assets-to-election-workers/10242068/" target="_blank" rel="noreferrer noopener">report</a> by The Hill.
In May, Giuliani agreed to stop making false allegations related to the <a target="_blank" href="https://www.benzinga.com/personal-finance/24/08/40165381/rudy-giulianis-bankruptcy-case-was-tossed-out-he-owes-152-million-and-lawyer-says-hell-join-rank" rel="noreferrer noopener">2020 election and its results</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42152450/benzinga-bulls-and-bears-coinbase-microstrategy-nvidia-e-l-f-beauty-and-dogecoin-millionaire-predicts-2025-meme-kings" rel="noreferrer noopener">Benzinga Bulls And Bears: Coinbase, MicroStrategy, Nvidia, e.l.f. Beauty &#8211; And Dogecoin Millionaire Predicts 2025 Meme Kings</a>
Now, the election workers are seeking sanctions against Giuliani after he failed to honor the terms of this agreement, continuing to falsely accuse Freeman and Moss of wrongdoing, including baselessly claiming that they had &#8220;quadruple counted&#8221; ballots—a claim for which there is no evidence,
Giuliani allegedly doubled down on his false claims during his online show last week, defiantly shrugging off the threat of another lawsuit. He declared, &#8220;What am I going to do but tell the truth?&#8221; Forbes writes, quoting Giuliani.
These statements directly violate the court order he had previously agreed to.
As a result of Giuliani&#8217;s defamation, he was ordered to pay Freeman and Moss $148 million.
However, after declaring bankruptcy, he has been forced to begin turning over his assets to satisfy the judgment, including his car and New York City apartment.
Freeman and Moss are now asking the court to enforce penalties on Giuliani, potentially including further damages.
Giuliani&#8217;s spokesperson, Ted Goodman, has called the motion an attack on Giuliani&#8217;s First Amendment rights, insisting that he should be able to defend himself, Forbes adds.
Read Next:
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</ul>

Media

General

Georgia Election Workers Demand Giuliani Be Held In Civil Contempt

<a href="https://www.benzinga.com/topic/warren-buffett">Warren Buffett</a>, the Oracle of Omaha, is at it again. He's proved he knows how to spot a great opportunity when he sees one. In his latest move, Buffett&#8217;s Berkshire Hathaway invested heavily in two surprising yet strategic companies. What are they? None other than Domino&#8217;s Pizza and Pool Corp.
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<li><a href="https://www.benzinga.com/money/cd-valet-growth">CD Popularity Soars: Over 50 Million Americans Embrace Safe Savings with 5–10% Annual Growth</a></li>
<li>The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a></li>
</ul>
According to a <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012324011775/xslForm13F_X02/primary_doc.xml">recent filing with the Securities and Exchange Commission</a>, reported by TheStreet, Berkshire snapped up 1.28 million shares of Domino&#8217;s, which were valued at $550 million as of the end of the third quarter. The holding company also bought over 400,000 shares of Pool Corp., the largest distributor of swimming pool equipment and supplies in the U.S.
Both companies&#8217; shares jumped on the news as investors followed Buffett&#8217;s lead. Domino&#8217;s stock has risen 8.5% year-to-date and 20% over the past year. Pool Corp., though down 9% year-to-date, has seen a modest 3.5% annual increase.
Buffett has long <a href="https://www.benzinga.com/startups/24/11/42011977/99-billion-bet-warren-buffett-invests-heavily-in-2-stocks-expected-to-jump-19-and-20-wall-street-analysts-predict">extolled the value of brands</a> as economic moats. That means they defend a company's market position from competitors. "A strong brand is potent stuff," Buffett famously said. Domino's and Pool Corp. both exemplify this.
See Also: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.26/share</a>
Domino&#8217;s has built an empire around its efficient delivery model and recognizable branding. It's the largest pizza chain in the U.S. for a reason. Despite missing revenue expectations in its third-quarter earnings, the company beat Wall Street&#8217;s forecasts for profitability and continues to show resilience. Analysts, such as those at Loop Capital, recently upgraded the stock. They see signs of accelerating same-store sales.
Pool Corp., on the other hand, benefits from its dominant market share in a niche yet essential industry. Even as discretionary spending on pool construction dips, the company continues seeing high demand for maintenance products, which drives its consistent revenues. Oppenheimer recently raised its price target for Pool Corp. after its quarterly earnings beat estimates.
"He doesn't invest – take a swing of the bat – unless the opportunity appears unbelievably good," Microsoft cofounder Bill Gates said of Buffett. These investments align perfectly with that approach. Domino&#8217;s and Pool Corp. demonstrate lasting appeal and consistent demand, which are key elements in Berkshire&#8217;s portfolio strategy.
The recent moves are classic Buffett, focusing on businesses with solid fundamentals and long-term growth potential. Whether it's pizza delivery or pool maintenance, Buffett has shown that even in the quirkiest corners of the market, there are &#8220;unbelievably good&#8221; opportunities.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">You can still get 4,000 of its pre-IPO shares for with $1,000 for just $0.26/share</a></li>
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Why Warren Buffett Bought A $550 Million Stake In 'Unbelievably Good' Opportunities Domino's And Pool Corp

Investor and author Robert Kiyosaki has criticized the U.S. Federal Reserve and commended Michael Saylor, co-founder and executive chairman of MicroStrategy Inc. for his aggressive <a href="https://www.benzinga.com/news/24/09/40869188/robert-kiyosaki-rings-alarm-bells-over-soaring-us-debt-the-dollar-is-trash">Bitcoin acquisition strategy</a>.
What Happened: Kiyosaki, known for his pro-cryptocurrency stance, took to social media X to voice his skepticism about the Fed's policies and inflation management. 
He labeled the central bank&#8217;s decisions as detrimental to the economy and suggested that Saylor&#8217;s Bitcoin strategy offers a viable hedge against these issues.
"Michael Saylor's bold Bitcoin purchasing strategy is not just investment; it's a fight against the Fed's reckless policies," Kiyosaki wrote in the post. 
The author has long been an advocate for Bitcoin and other alternative assets, frequently advising followers to invest in assets like gold, silver, and cryptocurrencies to protect themselves from what he sees as the erosion of purchasing power.
Saylor's MicroStrategy is recognized as one of the largest institutional Bitcoin holders, having spent billions acquiring the cryptocurrency. Saylor maintains that Bitcoin is the ultimate store of value in a world grappling with rising inflation and economic uncertainty.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41869087/kiyosaki-aims-to-own-100-bitcoins-by-2025-i-wish-bitcoin-was-back-to-10-a-coin-but-wishing-has-never-made-poor-people-richer">Kiyosaki Aims To Own 100 Bitcoins By 2025: &#8216;I Wish Bitcoin Was Back To $10 A Coin, But Wishing Has Never Made Poor People Richer&#8217;</a>
In his post Kiyosaki also praised President-elect Donald Trump and his position on Bitcoin. Kiyosaki highlighted his work with Trump and shared his belief that Trump could become the first "Bitcoin President," a reflection of Trump's supportive attitude toward cryptocurrency.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BIG MOUTH no BALLS: Why dooes a certain loudmouth who sells gold…criticize MICHAEL SAYLOR for using his company MICROSTRATEGY's treasury and credit to buy Billions in BITCOIN….Making himself, his company, and investors like me….RICHER….buying billions in BITCOIN. Would Mr.…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1860158537936113938?ref_src=twsrc%5Etfw">November 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He wrote, &#8220;Let's make America and the world richer again with Bitcoin.&#8221;
Kiyosaki continued to criticize fiat currencies, describing them as tools of government control. 
Why It Matters: His statements reflect a broader sentiment within the crypto community that views Bitcoin as a decentralized alternative to traditional financial systems.
The debate over Bitcoin as a safeguard against inflation has intensified as governments worldwide grapple with economic challenges. Both Kiyosaki and Saylor remain prominent figures in this discourse, influencing retail and institutional investors alike.
Read Next
<a href="https://www.benzinga.com/news/24/10/41305328/robert-kiyosaki-predicts-stock-market-crash-says-invest-in-gold-silver-and-bitcoin" target="_blank" rel="noreferrer noopener">Robert Kiyosaki Predicts Stock Market Crash, Says Invest In Gold, Silver, And Bitcoin</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

Social Media

MSTR

Robert Kiyosaki: 'Trump Will Make America Richer Again By Being The First Bitcoin President'

These mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Lemonade, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMND#NYSE">LMND</a>) shares jumped 47.99% after the company&#8217;s Investor Day event. Several analysts raised <a href="https://www.benzinga.com/quote/lmnd/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) shares escalated 46.96%.&nbsp;Needham analyst&nbsp;initiated coverage&nbsp;on Archer Aviation with a Buy rating and <a href="https://www.benzinga.com/quote/achr/analyst-ratings" target="_blank" rel="noreferrer noopener">a price target of&nbsp;$11</a>.</li>
<li>C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>) stock zoomed 43.98% after the company announced a strategic alliance with Microsoft Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)&nbsp;and expanded <a href="https://www.benzinga.com//node/42095812" target="_blank" rel="noreferrer noopener">its partnership&nbsp;with&nbsp;</a><a href="https://www.benzinga.com//node/42095812" target="_blank" rel="noreferrer noopener">Capgemini</a>.</li>
<li>Oklo Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>) stock rocketed 40%. The stock may have gained in response to its acquisition target Atomic Alchemy which signed an MOU with Zeno Power to provide fuel for commercial radioisotope power systems.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) stock increased 36.24%.</li>
<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) shares rose 35.70%.</li>
<li>Nebius Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIS#NASDAQ">NBIS</a>) shares were up 33.47% &nbsp;after the company announced an expansion to its AI infrastructure in the U.S. with the Kansas City GPU <a href="https://www.benzinga.com//node/42059918" target="_blank" rel="noreferrer noopener">cluster and three new offices</a>.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>) stock surged 31.29%.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) shares jumped 31.11%. The company launched meal replacement bars and shakes to enhance <a href="https://www.benzinga.com//node/42118299" target="_blank" rel="noreferrer noopener">personalized weight loss plans</a>.</li>
</ol>
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<li><a href="https://www.benzinga.com/news/large-cap/24/11/42154387/target-alibaba-and-temu-parent-pdd-are-among-top-10-large-cap-losers-last-week-nov-18-nov-22-are-the-others-in-your-portfolio">Target, Alibaba And Temu Parent PDD Are Among Top 10 Large-Cap Losers Last Week (Nov 18-Nov 22): Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42154355/super-micro-computer-snowflake-and-microstrategy-are-among-top-10-large-cap-gainers-last-week-nov-18-nov-22-are-the-others-in-your-portfolio">Super Micro Computer, Snowflake And MicroStrategy Are Among Top 10 Large-Cap Gainers Last Week (Nov 18-Nov 22): Are The Others In Your Portfolio?</a></li>
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Image via Walmart

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HIMS

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OKLO

Applied Digital And Hims & Hers Health Are Among Top 9 Mid-Cap Gainers Last Week (Nov 18-Nov 22): Are The Others In Your Portfolio?

The TON Society acts as the primary organization driving support for the TON community, dedicated to providing developers, builders, and enthusiasts with the resources and opportunities needed to foster collaboration and growth within the ecosystem.
At a recent event, TON announced several significant updates, including improvements to Telegram's applications and the launch of Society DAO, a governance initiative introduced by the TON Foundation.
Benzinga recently caught up with Jack Booth, co-founder of the TON Society, to discuss the organization's efforts to amplify community goals, initiatives like the Open League, Hackers League bootcamps, and more. Here's an excerpt of the conversation.
What makes Telegram uniquely effective for onboarding new users to crypto?
The massive user base, for one. And the ability to create a Telegram mini app for two. So, Telegram mini-apps open in one tab from a Telegram channel. And that provides a totally unique experience because you don&#8217;t need to download a new app.
You normally don&#8217;t need to go through a registration process even to get started. And that is like a 10x better experience than having to go through like, you know, before you&#8217;d start using a crypto application, go through KYC, fund the account, send money from your bank account. Normally most projects on TON are free to get started, free to start using. And so that means it&#8217;s very easy to understand and begin to learn about the crypto application.
How does TON Society support and amplify the TON community's goals?
We are responsible for community engagement. So, our main metric is reach on the community&#8217;s projects and activities as well as getting people to engage in what the ecosystem is up to. So as part of that, we run all of the community channels. So, we see ourselves as almost as an ecosystem journalist reporting on the main stories of the ecosystem as they happen and also running all of the events.
We also run Hackers League as well, which is a more developer-focused event series. We&#8217;re doing this concurrently, so it&#8217;s just a crazy amount of work that we&#8217;ve put into this event plus the boot camps, 20 boot camps we&#8217;ve run over six weeks, each of them three days long over a weekend.
So, starting mid-October until mid-November, we&#8217;ve got these 20 boot camps happening all over the world. And it&#8217;s all in a way of bringing the community together to connect, help them understand how to build their projects, help them get in touch with core members who can help them reach the right people, get the right funding, get access to the right resources. And so, we provide a very important role, I believe, in the ecosystem.
Could you share more about the Open League and how it incentivizes community engagement?
The Open League is a competition between projects where the Open League this season will actually pay airdrops to the users of the projects. And in that way, that pushes people to go, oh, you know what, I want to participate in the Open League. And because we make it a big structure that all projects in the TON ecosystem can plug into, now everyone in the TON community knows about it. They know how to get involved, and there&#8217;s incentives involved. So now we&#8217;re incentivizing people to not only just get involved in the projects, but also to share those projects, to post about them.
It&#8217;s like a flywheel effect of like, projects come in, then they go into the Open League, then they get users, then those users get paid, then those users bring other users in. And so, it&#8217;s like a nice kind of flywheel effect, bringing more people in. In a competitive way, where we&#8217;re not like specifically supporting particular tokens over other tokens. It&#8217;s all fair and transparent.
What is the purpose of The Hackers League bootcamps, and what impact have they had globally?
The purpose is to get people from pitch stage all the way to prize-winning and hopefully fully funded VC-funded startup. This year, we closed $2.1 million of committed capital from different VCs, Mexi Ventures, KUKON Ventures, Gate Ventures, Kinetic Capital, TON Ventures. So, the idea is really to provide a platform that can actually deliver on that promise. You come with a pitch, you meet a load of community members in your boot camp, you do your pitch at the end of the boot camp, and then you apply with that pitch to the hackathon, and then your application gets reviewed and provided to all of these VCs who can then say if you win or not.
So, it&#8217;s a really proven model, like we did in the summer. It was fantastic. We got 1,000 applicants to the hackathon. The Hackers League is like an offline element, which is the three-day boot camps, and then the online hackathon, which all of the applications feed into. So, the one in the summer was 14 of those people from the boot camp actually became winners of the hackathon.
And now they are building projects on TON today.
Are there particular regions or demographics TON Society is focusing on to drive adoption?
Yes, the super app regions. So anywhere where there&#8217;s already an existing super app, we found to be very receptive to the vision of TON. Because they already use super apps.
They have super apps in their lives. There are also a lot of developers that are already building super app applications that are familiar with that type of experience of building within another app. And so, it just makes sense to focus there, where those people have already developed use cases and use, use cases that are valuable for them. So yeah, those are the places. Southeast Asia, CIS, Eastern Europe.
What key metrics or milestones does TON Society use to assess the success of initiatives like The Open League and Hackers League?
Well, there&#8217;s a big variation in different things. Like Open League is based on users, like acquiring new users into TON blockchains and activate wallets. Hackers League is based on applicants to the hackathon.
Generally, TON society is responsible for reach for all of the ecosystem. So, we want to provide different platforms that all the projects can plug into. They get them reach, get them discovered, get people seeing them.
Are there any upcoming programs or initiatives TON Society is planning to support TON's growth?
Yes, there is the TON Teleport launch. So, TON Teleport is a decentralized Bitcoin bridge. It uses the validators of TON network to actually secure the third-party keys.
And so, no one has access to the keys. And it&#8217;s a very secure bridge, extremely secure bridge to take Bitcoin over to TON and mint a wrapped asset called, we&#8217;re calling TG Bitcoin, Bitcoin in Telegram. There&#8217;s going to be a big testing period and then we&#8217;ll launch sometime in Q1. So, with Society DAO, we want to build a way where the community can debate on whatever&#8217;s going on within the ecosystem.
And that would look like a platform that people can come, share their opinion, achieve consensus of community opinion. And when you achieve consensus of community opinion, that can be used to create proposals, on-chain blockchain proposals. In governance generally, there&#8217;s a lot of things that happens before you actually get to a Bill passed, right? A lot of debate in parliaments and Congress and all those types of stuff. In order to actually get to a Bill, it&#8217;s gone through 26 different steps in the case of the UK government. So, we don&#8217;t actually have that in blockchain in general because the debates are so mixed up. There&#8217;s no signal or the noise of what exactly is the community opinion. And so, we want to build a platform that allows us to find consensus in community opinion. And that&#8217;s what we&#8217;re working on.

Interview

We Want To Build Platform That Allows Us To Find Consensus In Community Opinion, Says TON's Jack Booth

As your clients inevitably ask about portfolio positioning for Trump&#8217;s second term, new insights from the Charles Schwab Impact 2024 conference offer crucial talking points for managing expectations and avoiding common investment pitfalls, <a href="https://www.investmentnews.com/rias/expecting-small-cap-or-energy-boom-from-trump-dont-be-so-sure/258316">InvestmentNews reports</a>.
&#8220;Be really careful about extrapolation around election narratives,&#8221; warns Liz Ann Sonders, Schwab&#8217;s chief investment strategist, providing advisors with a powerful historical example: While many professionals confidently steered clients toward energy stocks during Trump&#8217;s first term, expecting sector-wide gains, energy actually plummeted over 40%, significantly underperforming all other sectors.
For advisors fielding questions about small-cap allocations—particularly given recent market enthusiasm—Sonders recommends a more nuanced client discussion. Rather than broad small-cap exposure, consider explaining to clients the stark reality that approximately 40% of Russell 2000 companies are unprofitable. Instead, suggest more selective approaches, such as funds tracking the S&amp;P SmallCap 600 Index, which applies stricter quality criteria.
When discussing Trump&#8217;s proposed policies with clients, Schwab&#8217;s chief global investment strategist Jeff Kleintop suggests framing the proposed 26% tariff rate as a negotiating position rather than a certainty. However, advisors should prepare clients for potential inflationary impacts if significant tariffs are implemented.
Fixed income discussions require particular attention, according to Kathy Jones, Schwab&#8217;s chief fixed income strategist. Consider warning clients that proposed immigration policies could reduce the labor force by 8% or more, potentially driving up labor costs and inflation. This may lead to higher-than-expected terminal rates—possibly 3.5% to 4% rather than the previously anticipated 2.75%.
Bottom line for advisors: Help clients avoid making investment decisions based on political headlines. Instead, focus client conversations on fundamental economic factors, detailed market analysis, and their long-term financial plans. Remember that during Trump&#8217;s first term, it was broader economic conditions, not policy predictions, that ultimately drove market performance.
Consider scheduling portfolio reviews with clients now to address these concerns proactively and adjust strategies as needed.

Financial Advisors

Why Trump-Era Investment Planning Will Be Different Than Expected

These large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol start="1">
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) tumbled 17.83% after the company reported the third-quarter earnings miss, and analysts slashed the <a href="https://www.benzinga.com/node/42117500" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Temu parent PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) plummeted 12.22% after the company reported <a href="https://www.benzinga.com/node/42111158" target="_blank" rel="noreferrer noopener">worse-than-expected financial results</a>. Analysts cut <a href="https://www.benzinga.com/quote/pdd/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>ZTO Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTO#NYSE">ZTO</a>) stock fell 8.50% after the company reported third-quarter results and cut its FY24 <a href="https://www.benzinga.com/node/42076268" target="_blank" rel="noreferrer noopener">guidance for parcel volume</a>.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) stock dipped 7.54% after Raymond James downgraded the stock <a href="https://www.benzinga.com/quote/thc/analyst-ratings" target="_blank" rel="noreferrer noopener">from Strong Buy to Outperform</a>.</li>
<li>Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) fell 7.34% after Berkshire Hathaway <a href="https://www.benzinga.com/node/42013172">cut its position</a> in the stock.</li>
<li>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) declined 6.94% after the company <a href="https://www.benzinga.com/node/42123997" target="_blank" rel="noreferrer noopener">reported second-quarter results</a>. Several analysts revised <a href="https://www.benzinga.com/quote/intu/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecasts on the stock</a>.</li>
<li>Nokia Corporation NYSE: NOK) stock decreased 6.28%. The company secured a multi-year, multi-billion USD contract extension <a href="https://www.benzinga.com/node/42089876" target="_blank" rel="noreferrer noopener">with </a><a href="https://www.benzinga.com/node/42089876" target="_blank" rel="noreferrer noopener">Bharti Airtel</a><a href="https://www.benzinga.com/node/42089876" target="_blank" rel="noreferrer noopener"> in India</a>.</li>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) shares were down 6.16%. The company plans to issue U.S. dollars and Chinese yuan bonds to raise capital, repay existing debt, and support <a href="https://www.benzinga.com/node/42032495" target="_blank" rel="noreferrer noopener">an ongoing stock buyback initiative</a>.</li>
<li>Banco Santander (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAN#NYSE">SAN</a>) stock dipped 5.60%.</li>
<li>Incyte Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) stock declined 5.47% after the company announced that data from its Phase 2 study evaluating MRGPRX4 (INCB000547) in cholestatic does not <a href="https://www.benzinga.com/node/42070590" target="_blank" rel="noreferrer noopener">support further development</a>.</li>
</ol>
Photo via Shutterstock

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

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Target, Alibaba And Temu Parent PDD Are Among Top 10 Large-Cap Losers Last Week (Nov 18-Nov 22): Are The Others In Your Portfolio?

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol start="1">
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares rocketed 78.42%. The company announced it submitted a<a href="https://www.benzinga.com/node/42111748" target="_blank" rel="noreferrer noopener"> compliance plan to Nasdaq</a>.</li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) stock jumped 32.93% after the company reported better-than-expected financial results for the third quarter and raised guidance. Several analysts raised price <a href="https://www.benzinga.com/node/42117057" target="_blank" rel="noreferrer noopener">targets following the print</a>.</li>
<li>Williams-Sonoma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) stock escalated 31.63%  after the company reported better-than-expected third-quarter 2024 results, announced a new $1 billion buyback <a href="https://www.benzinga.com/node/42091624" target="_blank" rel="noreferrer noopener">program, and raised its outlook</a>. Analysts boosted <a href="https://www.benzinga.com/quote/wsm/analyst-ratings" target="_blank" rel="noreferrer noopener">the price target on the stock</a>.</li>
<li>Symbotic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>) stock zoomed 31.52% after the company reported <a href="https://www.benzinga.com/node/42072077" target="_blank" rel="noreferrer noopener">better-than-expected financial results</a>.</li>
<li>Texas Pacific Land Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) stock rose 27.21%.</li>
<li>Amer Sports, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AS#NYSE">AS</a>) stock rose 25.71% after <a href="https://www.benzinga.com/node/42065028" target="_blank" rel="noreferrer noopener">reporting third-quarter results</a>. Multiple analysts raised <a href="https://www.benzinga.com/quote/as/analyst-ratings" target="_blank" rel="noreferrer noopener">their respective price targets</a>.</li>
<li>Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) shares upped 25.15% after the company reported second-quarter financial results and issued FY25<a href="https://www.benzinga.com/node/42123410" target="_blank" rel="noreferrer noopener"> guidance above estimates</a>. Several analysts boosted the price <a href="https://www.benzinga.com/quote/estc/analyst-ratings" target="_blank" rel="noreferrer noopener">target on the stock</a>.</li>
<li>MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) shares escalated 23.85%  after the company announced it completed its previously announced offering of its 0% <a href="https://www.benzinga.com/node/42138209" target="_blank" rel="noreferrer noopener">convertible senior notes due 2029</a>. </li>
<li>YPF Sociedad Anonima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YPF#NYSE">YPF</a>) shares increased 23.59%, probably on continued strength after the nation received a credit upgrade from Fitch over the weekend.</li>
<li>Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) stock gained 23.59% last week in sympathy with Snowflake, which reported better-than-expected <a href="https://www.benzinga.com/node/42117057">third-quarter results</a>.</li>
</ol>
Photo by JOCA_PH on Shutterstock

DDOG

ESTC

SMCI

SNOW

Super Micro Computer, Snowflake And MicroStrategy Are Among Top 10 Large-Cap Gainers Last Week (Nov 18-Nov 22): Are The Others In Your Portfolio?

The housing market continues its downturn as mortgage applications hit their lowest levels in three decades, according to data issued by the Mortgage Bankers Association (MBA).
Nick Gerli, CEO of Reventure Consulting, pointed to the reality on X, formerly Twitter, noting that current mortgage demand has fallen about 50% compared to pre-pandemic levels in 2019. For sellers, the latest figures are a bad sign as they head into winter, with purchase applications down 49.7% from 2019 levels and 55.2% below 2020 numbers.
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The downturn continues despite favorable conditions that typically boost market activity. Despite<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41820253/fed-cuts-interest-rates-to-lowest-since-february-2023-sticks-to-data-driven-path"> two Federal Reserve rate cuts – </a>one in September and another in early November – and the election&#8217;s conclusion, buyers remain hesitant to enter the market.
Behind the reluctance is historically poor homebuyer sentiment. The University of Michigan Sentiment Survey data showed that most Americans "believe that high interest rates are weighing down homebuying conditions."&nbsp;
According to Gerli, the core issue centers on housing prices. Current home valuations have reached unsustainable levels relative to inflation and income, exceeding the 2006 housing bubble peaks when adjusted for inflation. The disconnect between perceived value and listing prices drives potential buyers away.
&#8220;So buyers look for a home they think should be $350,000. And it costs $500,000,&#8221; Gerli said. &#8220;And they immediately give up. Because they know the home isn&#8217;t worth that amount.&#8221;
See Also: Invest in $20+ trillion home equity market today across cities like Austin, Miami, and Los Angeles through a <a href="https://www.benzinga.com/money/nada-cityfunds">unique 5-year term fund targeting a 14-20% IRR with minimums as low as $2,500</a>
Recent MBA data supports Gerli's assessment. While overall mortgage application volume showed a minimal 0.5% increase last week – the first rise in seven weeks – the average 30-year fixed-rate mortgage climbed to 6.86%, up from 6.81%. Refinancing applications dropped 2% to their lowest point since May despite being 43% higher than the previous year.
Joel Kan, MBA&#8217;s deputy chief economist, notes some bright spots in specific market segments. Applications for FHA and VA loans showed respective increases of 3% and 9%, with FHA rates notably declining against the broader trend.
The regional nature of the housing market <a href="https://www.benzinga.com/real-estate/24/10/41541572/purely-supply-demand-imbalance-5-u-s-cities-with-homes-still-under-300k">means some areas may fare better than others</a>. Gerli noted the variations in price forecasts for 2025, particularly between markets like Florida and New York.
For sellers hoping to move properties this winter, the message appears clear – price adjustments may be necessary to attract buyers in the current market environment. Market dynamics suggest a shift in buyer behavior outside of typical seasonal slowdowns, pointing to deeper structural challenges in the housing market that might require price corrections to resolve.
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Home Sellers, 'Start Cutting Prices Or It's Going To Be A Long Winter,' Says Reventure CEO

Top executives from the U.S. telecom industry and national security officials gathered at the White House to address concerns over a Chinese cyber-espionage campaign targeting high-ranking U.S. political figures.
What Happened: Chinese hackers managed to breach&nbsp;major U.S. telecom providers to&nbsp;spy on phone calls and&nbsp;text messages. The meeting was an opportunity for telecom executives to propose ways the government could bolster its defenses against such advanced cyber-attacks, the White House stated.
According to the report <a href="https://edition.cnn.com/2024/11/23/politics/chinese-cyber-espionage-telecom-execs/index.html">by</a> CNN, the cyber-attack is seen as one of the most significant challenges to cyber and national security for the upcoming Donald Trump administration. A classified briefing for all senators has been scheduled for December 4, after Congress reconvenes from its recess next month.
&#8220;This is by far the worst telecom hack in our nation&#8217;s history,&#8221; Sen. Mark Warner (D-Va.), who chairs the Senate Intelligence Committee, told the outlet. The full scope of the hack, its implications, and the individuals affected are still being investigated.
According to Warner, the FBI has notified fewer than 150 victims, most in the Washington area. But all of those victims have likely called or sent texts to numerous people, meaning the number of records accessed by the hackers is likely far greater. The hackers could listen to the calls of specific targets for certain periods of time, said Warner.
Also Read: <a href="https://www.benzinga.com/news/24/05/38909612/possible-espionage-threat-us-officials-warn-of-chinese-interference-with-undersea-internet-cables-in">Possible Espionage Threat? US Officials Warn Of Chinese Interference With Undersea Internet Cables In Pacific</a>
US broadband and internet providers&nbsp;AT&amp;T&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>),&nbsp;Verizon&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), and&nbsp;Lumen&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) have all been victims of this hacking campaign. The hackers also targeted&nbsp;phone communications of senior figures&nbsp;from&nbsp;both the Republican and Democratic&nbsp;parties.
China has refuted the hacking allegations. However, U.S. officials continue to express concern about China&#8217;s hacking program, which, according to FBI Director Christopher Wray, is larger&nbsp;than those of all other&nbsp;major countries combined.
Why It Matters: This incident underscores the growing threat of cyber-espionage and the need for robust cybersecurity measures. 
The implications of such attacks are far-reaching, affecting not just the telecom industry but also the political landscape. 
As the investigation continues, it remains crucial for the US to strengthen its defenses against such sophisticated cyber-attacks.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

LUMN

US Confronts Chinese Cyber-Espionage Threat: 'Worst Telecom Hack In Our Nation's History'

The past week has been a whirlwind of news, with artificial intelligence (AI) taking center stage. From Nvidia&#8217;s impressive Q3 earnings to Elon Musk&#8217;s bold predictions about AI, the tech world has been abuzz with exciting developments. Hollywood is also gearing up for a new era of AI, while Jim Cramer reinforces his bullish outlook on Nvidia. Meanwhile, Chinese tech giants are expanding their AI footprints in Silicon Valley. Let&#8217;s dive into the details.
Nvidia&#8217;s Q3 Earnings Beat Expectations
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued its streak of exceeding expectations with its Q3 earnings. The tech giant reported a 94% YoY increase in revenue, reaching $35.1 billion and surpassing the Street consensus estimate of $33.12 billion. Despite supply constraints, the company&#8217;s CEO, Jensen Huang, remains optimistic about the future of AI. <a href="https://www.benzinga.com/news/earnings/24/11/42099904/nvidia-beats-q3-revenue-eps-estimates-supply-constraints-ding-stock-huang-says-age-of-ai-is-in-full-steam">Read the full article here.</a>
Elon Musk Predicts AI Will Surpass Doctors, Lawyers
Elon Musk has made a bold prediction about the future of AI. Following a study that revealed OpenAI's ChatGPT-4 outperformed medical professionals in diagnosing illnesses, Musk believes AI will soon surpass doctors and lawyers. The study reported a 90% accuracy rate for AI, compared to 76% for doctors using ChatGPT and 74% for doctors relying on traditional resources.&nbsp;<a href="https://www.benzinga.com/tech/24/11/42029736/elon-musk-says-ai-will-surpass-doctors-lawyers-after-chatgpt-tops-medical-diagnoses-humans-becoming-biological-backups">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/24/11/42132292/mark-zuckerbergs-meta-takes-on-64b-pig-butchering-scams-targeting-people-through-dating-apps-social-media-crypto-investing-and-other-apps?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg&#8217;s Meta Cracks Down On $64B &#8216;Pig Butchering&#8217; Scams Involving Dating Apps, Social Media And Crypto Investing</a>
Ben Affleck and Matt Damon See AI as Hollywood&#8217;s Next Big Thing
Ben Affleck believes AI will be the next big disruptor in Hollywood. Speaking at CNBC&#8217;s Delivering Alpha Summit, Affleck downplayed fears of AI replacing human creativity, instead suggesting that the technology will reshape the costlier, less creative aspects of filmmaking.&nbsp;<a href="https://www.benzinga.com/24/11/42082240/dvds-streaming-and-now-ai-ben-affleck-and-matt-damon-unpack-hollywoods-next-investment-boom">Read the full article here.</a>
Jim Cramer Doubles Down on Nvidia
Following Nvidia&#8217;s stellar Q3 earnings report, CNBC's Jim Cramer and Wall Street analysts have reinforced their bullish outlook on the company. Cramer cited Nvidia&#8217;s high return on investment as a key reason why major tech companies &#8220;have no choice but to buy Nvidia&#8217;s chips.&#8221;&nbsp;<a href="https://www.benzinga.com/news/global/24/11/42129914/jim-cramer-doubles-down-on-nvidia-demand-is-accelerating-as-ai-customers-have-no-choice-but-to-buy-its-chips">Read the full article here.</a>
Chinese Tech Giants Expand AI Footprints in Silicon Valley
Chinese tech firms, including Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance, and Meituan, are reportedly expanding their AI teams in Silicon Valley. The move is part of a broader push to attract top U.S. talent and gain an edge in the lucrative AI sector. <a href="https://www.benzinga.com/24/11/42053396/why-chinese-tech-giants-alibaba-bytedance-and-meituan-are-expanding-their-ai-footprints-in-silicon-valley-amid-us-efforts-to-block-progress">Read the full article here.</a>
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Photo 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Tech

NVDA

Weekend Round-Up: AI Dominates Headlines With Nvidia, Elon Musk, And Hollywood's Big Names

The U.S. Department of Justice (DOJ) has demanded that&nbsp;Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;divest its Chrome browser to dismantle its monopoly on online search. This move is part of broader efforts to restore <a target="_blank" href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly" rel="noreferrer noopener">competition in the search market</a>.
Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)&nbsp;and&nbsp;Elon Musk's&nbsp;SpaceX may encounter obstacles in their attempts&nbsp;to block the National Labor <a target="_blank" href="https://www.benzinga.com/24/11/42054405/amazon-and-spacexs-efforts-to-block-nlrb-cases-in-jeopardy-as-appeals-court-raises-key-legal-concerns" rel="noreferrer noopener">Relations&nbsp;Board or&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/11/42054405/amazon-and-spacexs-efforts-to-block-nlrb-cases-in-jeopardy-as-appeals-court-raises-key-legal-concerns" rel="noreferrer noopener">NLRB&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/11/42054405/amazon-and-spacexs-efforts-to-block-nlrb-cases-in-jeopardy-as-appeals-court-raises-key-legal-concerns" rel="noreferrer noopener">cases</a>.
Prominent venture capitalist&nbsp;David Sacks&nbsp;has predicted a high&nbsp;likelihood of legal action&nbsp;or a breakup of&nbsp;Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;in the next U.S. <a target="_blank" href="https://www.benzinga.com/24/11/42058073/google-should-be-broken-up-vc-david-sacks-foresees-high-odds-of-antitrust-lawsuit-or-breakup-under-donald-trumps-administration" rel="noreferrer noopener">administration under&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/11/42058073/google-should-be-broken-up-vc-david-sacks-foresees-high-odds-of-antitrust-lawsuit-or-breakup-under-donald-trumps-administration" rel="noreferrer noopener">Donald Trump</a>.
A Chinese state-backed company,&nbsp;Spacesail, is preparing&nbsp;to launch a satellite service&nbsp;in Brazil, posing a challenge to&nbsp;Elon Musk‘s&nbsp;SpaceX<a target="_blank" href="https://www.benzinga.com/tech/24/11/42111283/elon-musks-starlink-faces-new-competition-as-chinese-satellite-firm-spacesail-enters-brazilian-market" rel="noreferrer noopener">&nbsp;operated satellite service, Starlink</a>.
Gaming
Sony Group Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) is reportedly in discussions to acquire Kadokawa Corporation, the Japanese media powerhouse known for its extensive portfolio of anime, manga, and video games, including <a target="_blank" href="https://www.benzinga.com/general/gaming/24/11/42068231/sony-in-talks-to-acquire-elden-ring-publisher-kadokawa-report" rel="noreferrer noopener">the&nbsp;global hit Elden Ring</a>.
Sony has released a significant update for its PlayStation Portal handheld device, introducing cloud streaming for&nbsp;<a target="_blank" href="https://www.benzinga.com/general/gaming/24/11/42098642/play-ps5-games-without-a-console-playstation-portal-adds-cloud-streaming" rel="noreferrer noopener">PlayStation Plus Premium members</a>.
Read: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/11/42098643/kadokawa-ceo-confirms-sonys-buyout-interest-no-decision-has-been-made" rel="noreferrer noopener">Kadokawa CEO Confirms Sony&#8217;s Buyout Interest: &#8216;No Decision Has Been Made&#8217;</a>
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has unveiled its upcoming additions to Xbox Game Pass for the second half of November, featuring high-profile <a target="_blank" href="https://www.benzinga.com/top-stories/24/11/42072274/xbox-game-pass-brings-big-titles-in-late-november-including-stalker-microsoft-flight-simulator-2024" rel="noreferrer noopener">launches and exciting&nbsp;indie gems</a>.
Microsoft launched a long-awaited feature for Xbox Game Pass Ultimate members, allowing them to stream select games they already own <a target="_blank" href="https://www.benzinga.com/general/gaming/24/11/42118521/xbox-cloud-gaming-now-lets-you-stream-owned-games-heres-how-it-works" rel="noreferrer noopener">via Xbox Cloud&nbsp;Gaming</a>.
Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) announced new tools today designed to enhance safety for its young user base, which includes a significant number of children. These updates allow parents to remotely manage their child&#8217;s account, view their <a target="_blank" href="https://www.benzinga.com/general/gaming/24/11/42043036/roblox-enhances-parental-controls-theres-always-more-to-be-done" rel="noreferrer noopener">friends list, and set&nbsp;limits on playtime</a>.
Technology
China's leading tech firms,&nbsp;Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) ByteDance, and&nbsp;Meituan are reportedly expanding <a target="_blank" href="https://www.benzinga.com/24/11/42053396/why-chinese-tech-giants-alibaba-bytedance-and-meituan-are-expanding-their-ai-footprints-in-silicon-valley-amid-us-efforts-to-block-progress" rel="noreferrer noopener">their AI teams in Silicon Valley</a>.
Google announced its AI assistant&nbsp;Gemini&nbsp;is now available for download on&nbsp;Apple Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/11/42042074/googles-gemini-app-brings-free-flowing-ai-to-apple-iphone" rel="noreferrer noopener">iPhone&nbsp;as an app</a>.&nbsp;
Alphabet&#8216;s lucrative agreement to pay&nbsp;Apple&nbsp;over&nbsp;$20 billion a year&nbsp;to make its search engine the default on&nbsp;<a target="_blank" href="https://www.benzinga.com/24/11/42083150/googles-20b-search-deal-with-apple-faces-collapse-after-antitrust-ruling-what-it-could-means-for-both-tech-giants" rel="noreferrer noopener">iPhones</a><a target="_blank" href="https://www.benzinga.com/24/11/42083150/googles-20b-search-deal-with-apple-faces-collapse-after-antitrust-ruling-what-it-could-means-for-both-tech-giants" rel="noreferrer noopener">&nbsp;is now under threat</a>.
Google Gemini&nbsp;AI chatbot came under scrutiny after reportedly telling a user, &#8220;You are a stain on the <a target="_blank" href="https://www.benzinga.com/tech/24/11/42055794/googles-gemini-chatbot-draws-scrutiny-after-hostile-interaction-with-user-heres-what-the-search-giant-has-to-say" rel="noreferrer noopener">universe. Please d&#x2A;e."</a>
NVIDIA Corporation&#8216;s(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) Blackwell AI chips are experiencing overheating problems when connected&nbsp;to server racks designed to&nbsp;hold up to 72 chips,&nbsp;reported&nbsp;The Information, citing Nvidia employees working on the problem and customers <a target="_blank" href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers" rel="noreferrer noopener">and&nbsp;suppliers familiar with the situation</a>.
The development of a new artificial intelligence-based version of&nbsp;Amazon.com‘s&nbsp;voice assistant Alexa is reportedly facing significant challenges<a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/42055771/amazons-ai-powered-alexa-upgrade-faces-latency-compatibility-concerns-report" rel="noreferrer noopener">, according to internal memos</a>.
Read:<a target="_blank" href="https://www.benzinga.com/24/11/42079954/microsoft-ceo-satya-nadella-defends-bings-rise-against-googles-search-dominance-says-openais-partnership-with-apple-is-incremental-for-even-us" rel="noreferrer noopener">Satya Nadella Defends Bing&#8217;s Rise Against Google&#8217;s Search Dominance — Says OpenAI&#8217;s Partnership With Apple Is &#8216;Incremental&#8217; For Microsoft</a>
Smartphone
Google and&nbsp;Apple have long been discussing integrating Gemini into the iOS ecosystem. However, the timeline for this integration<a target="_blank" href="https://www.benzinga.com/media/24/11/42030331/heres-when-google-gemini-could-be-integrated-with-apple-intelligence" rel="noreferrer noopener"> may not happen until next year</a>.
Apple&nbsp;is preparing to urge a federal judge&nbsp;to dismiss the U.S. Department&nbsp;of Justice's case accusing the company of unlawfully <a target="_blank" href="https://www.benzinga.com/tech/24/11/42086154/apple-to-argue-for-dismissal-of-doj-antitrust-case-over-alleged-us-smartphone-market-domination" rel="noreferrer noopener">monopolizing the smartphone market</a>.
Huawei&nbsp;Technologies Co., Ltd. is set to initiate mass production of its latest AI chip, the Ascend 910C, in early 2025, despite facing significant <a target="_blank" href="https://www.benzinga.com/news/24/11/42105518/huawei-to-reportedly-take-on-nvidia-with-mass-production-of-new-ai-chips-by-2025-amid-us-restrictions" rel="noreferrer noopener">hurdles due to U.S. trade restrictions</a>.
Artificial Intelligence (AI)
Elon Musk&nbsp;has predicted that AI will surpass doctors and lawyers after a study revealed&nbsp;OpenAI's ChatGPT-4&nbsp;outperformed medical <a target="_blank" href="https://www.benzinga.com/tech/24/11/42029736/elon-musk-says-ai-will-surpass-doctors-lawyers-after-chatgpt-tops-medical-diagnoses-humans-becoming-biological-backups" rel="noreferrer noopener">professionals in diagnosing illnesses</a>.
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;has been appointed as a co-chair of the transition team&nbsp;for San Francisco's <a target="_blank" href="https://www.benzinga.com/media/24/11/42054127/sam-altman-co-chairs-san-francisco-mayors-transition-team-as-daniel-lurie-prepares-to-tackles-key-city-challenges" rel="noreferrer noopener">newly elected&nbsp;mayor,&nbsp;</a><a target="_blank" href="https://www.benzinga.com/media/24/11/42054127/sam-altman-co-chairs-san-francisco-mayors-transition-team-as-daniel-lurie-prepares-to-tackles-key-city-challenges" rel="noreferrer noopener">Daniel Lurie</a>.
Perplexity AI&nbsp;CEO&nbsp;Aravind Srinivas&nbsp;has jumped into the&nbsp;Alphabet Google&nbsp;antitrust conversation by asking his followers on&nbsp;X&nbsp;if his AI startup should<a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/42084064/perplexity-ceo-asks-if-ai-startup-should-acquire-google-chrome-following-dojs-antitrust-push-against-search-giant" rel="noreferrer noopener"> acquire the Google Chrome browser</a>.

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Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple & More

General Motors (GM) has announced <a href="https://www.benzinga.com/startups/24/10/41493900/meta-ceo-zuckerberg-dismisses-workers-making-over-six-figures-for-taking-advantage-of-company-food-d">layoffs </a>affecting about 1,000 employees worldwide. The move is part of GM's effort to trim costs and tighten up operations as it tries to navigate tough economic challenges.
According to the Detroit Free Press, 507 affected people worked at the Global Technical Center in Warren, Michigan – a hub for GM's innovation and tech development. Spokesperson Kevin Kelly said in a statement to Detroit Free Press that the layoffs are part of GM's plan to streamline operations and move faster toward their goals.
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A big part of GM's focus right now is on electric vehicles (EVs), but they've hit a few bumps in the road. Cox Automotive reported that EV sales in the U.S. made up 8.9% of all vehicle sales in Q3 2024. Regarding market share, GM holds 9.8%, a far cry from Tesla's commanding 48.2%.&nbsp;
To keep things in check, GM has scaled back its 2024 EV production goals from 300,000 units to somewhere between 200,000 and 250,000 units. CFO Paul Jacobson explained during a Deutsche Bank investor event that this will help them avoid overproduction and keep inventory balanced with demand.
There's also the potential loss of federal EV tax incentives, which doesn't make things easier. The $7,500 tax credit from the Inflation Reduction Act, aimed at boosting EV sales, might be rolled back under proposed Republican tax reforms.&nbsp;
Reuters noted this could put the U.S. even further behind countries like China, where EVs make up 47.9% of sales. Despite potential challenges for automakers like GM, Ford, Rivian and even Tesla, CEO <a href="https://www.benzinga.com/startups/24/10/41234093/elon-musk-warns-america-is-spiraling-towards-bankruptcy-trump-taps-him-as-cost-cutter-with-a-salary">Elon Musk</a> supports the move.&nbsp;
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During Tesla&#8217;s Q2 2024 earnings call, Musk told Wells Fargo equity analyst Colin Langan he isn't concerned about an IRA cut&#8217;s impact. He believes Tesla's strength lies beyond EVs. &#8220;There might be some impact, but it would devastate competitors and only slightly affect Tesla,&#8221; Musk said. &#8220;Long term, it likely benefits Tesla. The value of Tesla overwhelmingly is autonomy.&#8221;
He added, &#8220;If you don't believe Tesla will solve autonomy, sell the stock. If you do, buy it. Everything else is just noise.&#8221;
Despite these challenges, GM is showing it's not all bad news. The company's Q3 2024 profits were up 10.5% from last year. According to the Detroit Free Press, Paul Jacobson credited part of this success to cost-cutting efforts and capital investments during the earnings call.&nbsp;
During an <a href="https://www.cnbc.com/video/2021/10/27/gm-can-absolutely-catch-tesla-by-2025-ceo-mary-barra-says.html">interview </a>with CNBC, Mary Barra, GM&#8217;s CEO, confidently claimed in 2021 that GM would surpass Tesla in the U.S. EV sales by 2025. Highlighting GM&#8217;s innovation, she stated customers are &#8220;wowed&#8221; by their vehicles and emphasized the company's commitment to achieving the No. 1 market share in electric vehicles through consistent progress and rollouts.
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