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Investment bank Citi upgraded shares of cryptocurrency trading platform, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), from neutral to buy, anticipating an improved regulatory landscape for cryptocurrency assets.
What Happened: Analysts led by Peter Christiansen raised their guidance on the cryptocurrency-linked stock from neutral at $260 to a buy with a target of $345, according to a Bloomberg <a href="https://www.businesstimes.com.sg/companies-markets/banking-finance/coinbase-wins-citi-upgrade-crypto-regulatory-optimism">report </a>Tuesday.
"Shifts in the U.S. Election landscape and the Supreme Court's overturning of the long-standing Chevron precedent has changed our view on Coinbase's regulatory risks," Christiansen wrote.
The analyst added that the upcoming U.S. elections are taking a positive pivot toward the cryptocurrency industry in the wake of President Joe Biden's withdrawal from the presidential race.&nbsp;
&#8220;President Joe Biden's time in office had led many to conclude that the potential for pro-cryptocurrency legislation would fare better under a different administration."
Furthermore, the analyst believes that the Supreme Court&#8217;s decision to remove the Chevron Defence Doctrine, which limits regulators&#8217; power, could benefit Coinbase in its ongoing legal tussle with the SEC.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
Why It Matters: Coinbase is one of the most high-profile cryptocurrency-associated stocks on Wall Street, with a market capitalization of $63.26 billion.
Shares of the company have jumped nearly 70% year-to-date, coinciding with the broader recovery in the cryptocurrency market. This follows a lackluster performance during the 2022-23 bear market when the stock failed to reach $100.
Coinbase was hit by an enforcement action by the SEC on charges of operating an unregistered securities exchange. In response, the cryptocurrency exchange <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39526310/coinbase-sues-sec-and-fdic-over-alleged-attempts-to-stifle-crypto-industry">has also sued federal regulators</a>, accusing them of hindering the industry&#8217;s growth.
Price Action: Shares of Coinbase closed 2.38% lower at $258.83 during Tuesday's regular trading session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo by rafapress on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a></li>
</ul>

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

Cryptocurrency

News

Markets

COIN

Biden's Exit Spurs Bullish Outlook? Citi Upgrades Coinbase Amid Favorable Crypto Regulatory Shifts

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on Tuesday reiterated its plans to start producing <a href="https://www.benzinga.com/news/24/07/39743027/tesla-unveils-new-model-3-variant-with-longer-range-eligible-for-7-500-tax-credit">new electric vehicles</a> in the first half of 2025, putting an end to concerns about an aging lineup. 
What Happened: The new vehicles, Tesla said, also include more affordable models.
The last mass-market vehicle introduced by Tesla was the Model Y crossover SUV, of which the company started deliveries in early 2020. Though Tesla started delivering its stainless steel Cybertruck last year, it is targeted towards more premium EV buyers. 
New Vehicles But On Old Production Lines: The new vehicles, Tesla said, will be produced on the same manufacturing lines as Tesla&#8217;s current lineup. While the move will result in less cost reduction than expected before, it will allow the company to fully utilize its current capacity before investing in new manufacturing lines. Tesla also cited &#8220;uncertain times&#8221; for the decision it deems will allow it to increase vehicle volume in a more capex-efficient manner.
Tesla teased <a href="https://www.benzinga.com/news/24/06/39331612/elon-musk-teases-three-new-vehicles-at-teslas-annual-shareholder-meeting-more-affordable-model-incom">three upcoming vehicles</a> at its annual shareholder meeting in June. While one is expected to be the company&#8217;s dedicated robotaxi product, the other is assumed to be the next-generation roadster, while the third is expected to be a wholly new vehicle of which little is known. 
Musk Refuses Details: Company CEO Elon Musk on Tuesday refused to share more details on the company&#8217;s new vehicles alleging that it might affect near-term sales. 
&#8220;We&#8217;re going to make great products in the future just like we have in the past, end of story,&#8221; Musk said.
Tesla&#8217;s Q2 Earnings: Tesla stock closed down 2% at $246.38 on Tuesday and fell 7.8% after-hours after the company <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">reported adjusted earnings per share </a>of 52 cents, lower than the street consensus estimate of 62 cents. 
Tesla&#8217;s second-quarter revenue rose 2% year-over-year to $25.5 billion, with operating margin dropping to 6.3% from the 9.6% reported for the corresponding period of last year. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

TSLA

Tesla Reiterates New Electric Vehicles On Track For 2025, But CEO Elon Musk Refuses To Divulge Details: 'We're Going To Make Great Products'

Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) reported <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter earnings results</a> on Tuesday, and while the tech giant met analyst estimates and expectations, it fell short on YouTube advertising revenue.
What Happened: During the earnings call, Michael Nathanson from Moffett questioned the faster growth of Google Search compared to YouTube. In the second quarter, YouTube&#8217;s year-on-year revenue growth experienced a deceleration compared to the first quarter. 
In response, Alphabet&#8217;s CFO, Ruth Porat, expressed satisfaction with YouTube&#8217;s performance. She attributed the slowdown to a challenging comparison with the first quarter of the last year when YouTube was rebounding from a period of negative year-on-year growth. 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/07/39871636/crowdstrike-issues-statement-following-massive-outage-that-stemmed-from-content-update-for-windo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">CrowdStrike Issues Statement Following Massive Outage That Stemmed From Content Update For Windows Hosts: &#8216;This Was Not A Cyberattack&#8217;</a>
&#8220;We&#8217;re really pleased with YouTube, the YouTube team, all that was done. It was driven by the brand followed by direct response. And they have very strong ongoing operating metrics,&#8221; she stated.
Porat also said that YouTube&#8217;s revenue growth in the second quarter faced several headwinds compared to the first quarter. Foreign exchange fluctuations also impacted results, she said.
Alphabet CEO Sundar Pichai also chimed in, discussing the ongoing development of multimodal models and their future relevance to YouTube. 
&#8220;In terms of getting real generative audio, video experience is working well. I think there is still &#8212; it&#8217;s going to take some time. But over time, obviously, it will be deeply relevant to YouTube. And so, it&#8217;s an area I&#8217;m excited about in the future,&#8221; he said.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Despite not meeting estimates, YouTube&#8217;s ad revenue still grew, reaching $8.66 billion, up from $7.66 billion in the same quarter last year. 
Alphabet&#8217;s second-quarter revenue was $84.742 billion, surpassing the consensus estimate of $84.202 billion. The tech giant&#8217;s quarterly earnings of $1.89 per share also beat analyst estimates of $1.85 per share. 
This marks the sixth consecutive quarter that Alphabet has outperformed analyst estimates on both the top and bottom lines, according to data from&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Price Action: As of the latest update, Alphabet&#8217;s Class A shares declined by 2.19% in after-hours trading, settling at $177.80, while the Class C shares fell by 2.18%, reaching $179.59.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo by Sky Motion on Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39877477/microsoft-blames-european-commission-agreement-as-reason-it-cant-secure-windows-like-apple-secures-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft Blames European Commission Agreement As Reason It Can&#8217;t Secure Windows Like Apple Secures MacOS After CrowdStrike Outage</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

As Google Search's Growth Outpaces That Of YouTube, Alphabet CFO Says 'Really Pleased' With Platform: Here's Why

Nidec (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NJDCY#OTC">NJDCY</a>) reported quarterly earnings of $0.16 per share which beat the analyst consensus estimate of $0.13 by 23.08 percent. This is a 20 percent decrease over earnings of $0.20 per share from the same period last year. The company reported quarterly sales of $4.16 billion which beat the analyst consensus estimate of $4.05 billion by 2.69 percent. This is a 0.78 percent increase over sales of $4.13 billion the same period last year.

Earnings

NJDCY

Nidec Q1 EPS $0.16 Beats $0.13 Estimate, Sales $4.16B Beat $4.05B Estimate

Stora Enso (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEOAY#OTC">SEOAY</a>) reported quarterly earnings of $0.07 per share. This is a 125.86 percent increase over losses of $(0.29) per share from the same period last year. The company reported $2.48 billion in sales this quarter. This is a 4.25 percent decrease over sales of $2.59 billion the same period last year.

SEOAY

Stora Enso Q2 EPS $0.07 Up From $(0.29) YoY, Sales $2.48B Down From $2.59B YoY

Niclas Rosenlew is currently Group CFO at the Swedish stock-listed industrial company SKF, a position held since 2019. Prior to his current role, he held a CFO position at Basware, and senior finance positions at Microsoft and Nokia. Niclas holds a Master of Science degree in Finance.

Stora Enso Names Niclas Rosenlew As New Group Chief Financial Officer, Effective January 2025

Malaysia and Singapore are intensifying their regulation of social media and online marketplaces to tackle the rise in online scams and protect minors.
What Happened: Malaysia will require platforms like Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) owned Facebook, Elon Musk&#8216;s X, and ByteDance-owned TikTok to obtain licenses by year-end.
The Malaysian Communications and Multimedia Commission (MCMC) stated that platforms must register annually or face penalties of up to 500,000 ringgit ($107,000), <a href="https://asia.nikkei.com/Spotlight/Cybersecurity/Malaysia-and-Singapore-tighten-oversight-of-Facebook-others">reported</a> Nikkei Asia on Tuesday.
Neighboring Singapore has already mandated social media and online marketplaces to detect and act against scams. The Ministry of Home Affairs issued new codes of practice last month, requiring platforms like Mark Zuckerberg-owned Facebook and Carousell to verify sellers&#8217; identities.
Experts, including Adrian Hia from Kaspersky, highlighted the need for these measures due to the anonymity of online platforms, which cybercriminals exploit. He said, &#8220;Phishing, ransomware, and scams remain the most pressing issues in Southeast Asia.&#8221; In 2022, Malaysian police reported losses of 2.5 billion ringgit due to online scams.
Singapore saw a record 46,563 scam cases in 2023, with losses amounting to 651.8 million Singapore dollars ($486 million). The new regulations aim to curb these rising numbers by the end of the year.
&#8220;The primary objective of the regulatory framework is to ensure a safe and secure online ecosystem for all Malaysians, particularly our children,&#8221; the regulator,&nbsp;the Malaysian Communications and Multimedia Commission said, according to the report. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Claps Back After Gavin Newsom Shares Donald Trump&#8217;s &#8216;Drop To Your Knees And Beg&#8217; Post About Tesla CEO From 2022: &#8216;You Never Get Off Your Knees&#8217;</a>
Why It Matters: Online scams have become increasingly sophisticated, often leveraging the likenesses of celebrities to deceive users. For instance, Musk <a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32656339/which-celebrities-are-used-most-in-social-media-and-ad-scams-heres-where-musk-and-bezos-ra">has been a frequent target</a>, with scammers using his image to promote fraudulent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrency schemes. This trend underscores the urgency for stricter regulations.
The use of <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38895127/elon-musk-deepfake-scam-used-to-promote-fraudulent-crypto-trading-platform-hong-kongs-fina">deepfake technology</a> to create convincing but fake videos of celebrities has added another layer of complexity to online scams. The Hong Kong Securities and Futures Commission recently warned about a fraudulent platform using deep fakes of Musk to lure victims.
Moreover, platforms like Facebook have faced criticism for their slow response to scam-related issues. A notable case involved TikTok star Grace Wolstenholme, who suffered financial losses due to a <a href="https://www.benzinga.com/markets/equities/24/05/39033691/facebook-refuses-to-remove-fake-account-costing-tiktok-star-grace-wolstenholme">fake account impersonating</a> her on Facebook. Despite her efforts, it took Meta five months to remove the fraudulent account.
These incidents highlight the growing need for regulatory measures to protect users from increasingly sophisticated online scams. With platforms like <a href="https://www.benzinga.com/general/24/06/39210347/zuckerbergs-quiet-retail-takeover-facebook-marketplace-has-4x-customers-more-than-amazon">Facebook Marketplace</a> having a massive user base, the potential for scams is significant. The new regulations in Malaysia and Singapore aim to address these challenges by enforcing stricter oversight and accountability.
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39910831/tesla-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a></li>
</ul>
Photo courtesy: Unsplash
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Regulations

Social Media

Global

$BTC

Elon Musk's X, Mark Zuckerberg-Owned Facebook, And TikTok Face Stricter Regulations As Malaysia And Singapore Tighten Oversight On Social Media To Combat Online Scams

Deutsche Bank Reports Q2 Common Equity Tier 1 Capital Ratio Of 13.5%, Leverage Ratio 4.6% And Liquidity Coverage Ratio Was 136%

Deutsche Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>) reported quarterly losses of €(0.28) per share which missed the analyst consensus estimate of €(0.14) by 100 percent. This is a 247.37 percent decrease over earnings of €0.19 per share from the same period last year. The company reported quarterly sales of €7.589 billion which beat the analyst consensus estimate of €7.510 billion by 1.05 percent. This is a 2.43 percent increase over sales of €7.409 billion the same period last year.

Earnings Beats

Earnings Misses

Deutsche Bank Q2 2024 GAAP EPS €(0.28) Misses €(0.14) Estimate, Sales €7.589B Beat €7.510B Estimate

Sen. Cynthia Lummis (R-Wyo.) slammed Joe Biden's administration proposal to impose a 30% tax on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining operations, calling it a "blatant attack" on innovation and American excellence.
What Happened: In a so-called "orange paper" shared on Tuesday, the senator outlined several benefits of Bitcoin mining operations and how taxing them could adversely affect energy infrastructure, the environment, and the state's tax revenues.
<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">The Biden administration's dangerous scheme to tax <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miners is a blatant attack on innovation, energy abundance and American excellence. Read my orange paper that refutes this disastrous proposal below &#x2b07;&#xFE0F; &#x2b07;&#xFE0F;&#x2b07;&#xFE0F; <a href="https://t.co/5OCYiXttu6">https://t.co/5OCYiXttu6</a>
&mdash; Senator Cynthia Lummis (@SenLummis) <a href="https://twitter.com/SenLummis/status/1815792680242184532?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In the report, Lummis states that mining operations help strengthen U.S. energy grids, contrary to the claims made by the administration.
She said that miners can partner with utilities to adjust their energy usage in response to fluctuations in supply and demand, thus helping to balance the grid. She specifically cited the example of Texas, the hub of Bitcoin mining in the U.S.
The pro-cryptocurrency lawmaker also raised environmental concerns, stating that the 30% levy would discourage the use of stranded energy sources such as methane for electricity generation. As a result, methane, which is a byproduct of natural gas production, would be released into the atmosphere, posing significant risks.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
Last but not least, Lummis warned about the hit to the country's tax revenues, as the 30% levy could force a miner exodus to jurisdictions with more liberal policies.
Why It Matters: Lummis' defense comes after the Biden administration proposed <a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32179725/biden-proposes-tax-on-crypto-mining-due-to-harms-they-impose-on-society">a punitive tax on cryptocurrency mining operations </a>due to the &#8220;harms they impose on society.&#8221;
The Council of Economic Advisers argues that the industry currently enjoys undue financial advantages due to its lack of obligation to cover the full costs of pollution, carbon emissions, and higher energy prices.&nbsp;
According to a 2023 <a href="https://www.visualcapitalist.com/sp/top-10-bitcoin-mining-countries-their-renewable-electricity-mix/">report </a>by Visual Capitalist, U.S. was the world's largest Bitcoin mining country, accounting for 37% of the global hash rate.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,980.31, down 2.32% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo via Wikimedia Commons
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922885/peter-schiff-polls-hodlers-asks-if-theyll-sell-if-bitcoin-slips-below-15k-heres-how-they-r">Peter Schiff Polls HODLers, Asks If They&#8217;ll Sell If Bitcoin Slips Below $15K &#8211; Here&#8217;s How They Responded</a></li>
</ul>

Politics

Senator Cynthia Lummis Slams Biden Administration's 'Dangerous Scheme' To Impose 30% Tax On Bitcoin Mining, Call It 'Blatant Attack' On American Excellence

Ordinary cash dividend amount: 0.35
Extraordinary cash dividend amount: 0.35
Announced currency: USD
Last day including rights: 15 November 2024
Ex-date Oslo B&oslash;rs: 18 November 2024
Ex-date New York Stock Exchange: 19 November 2024
Record date: 19 November 2024
Payment date: 29 November 2024
Date of approval: 23 July 2024

Dividends

EQNR

Equinor Announced An Ordinary Cash Dividend Of $0.35/ Share And An Extraordinary Cash Dividend Of $0.35/ Share For Second Quarter 2024

In this third tranche of the share buy-back programme for 2024, shares for up to USD 528 million will be purchased in the market, implying a total third tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 22 October 2024.

Buybacks

Equinor To Commence Third Tranche Of Up To $1.6B In Its 2024 Share Buy-Back Programme

Equinor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) reported quarterly earnings of $0.84 per share which missed the analyst consensus estimate of $0.85 by 1.18 percent. This is a 5.62 percent decrease over earnings of $0.89 per share from the same period last year. The company reported quarterly sales of $25.538 billion which beat the analyst consensus estimate of $23.721 billion by 7.66 percent. This is a 10.41 percent increase over sales of $23.130 billion the same period last year.

Equinor Q2 2024 Adj EPS $0.84 Misses $0.85 Estimate, Sales $25.538B Beat $23.721B Estimate

DeepL, a prominent artificial intelligence&nbsp;translation startup from Germany, introduced traditional Chinese as a new language option. This move aims to enhance its footprint in Asia.
What Happened: The Cologne-based company, valued at $2 billion, primarily targets businesses with its translation software. Traditional Chinese is widely used in Taiwan and Hong Kong, both significant hubs for technology and finance, which influenced DeepL&#8217;s decision to launch in these markets, <a href="https://www.cnbc.com/2024/07/24/deepl-ai-translation-firm-launches-traditional-chinese-language.html">reported</a> CNBC on Tuesday.
CEO Jaroslaw Kutylowski highlighted Taiwan and Hong Kong as &#8220;strong technological markets&#8221; and emphasized Taiwan&#8217;s role as a major exporter, particularly in the semiconductor industry.
This launch follows DeepL&#8217;s previous expansions into Asia, where it already supports Japanese and Korean languages. Kutylowski noted similarities between the Taiwanese market and other successful Asian markets like Japan and Korea.
DeepL&#8217;s traditional Chinese operations will initially be managed from Japan, with potential plans to establish a physical presence in Taiwan or Hong Kong in the future.
Last week, DeepL unveiled its next-generation large language model, claiming superior translation quality compared to OpenAI&#8216;s ChatGPT, Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Google, and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). 
The company, backed by notable investors such as ICONIQ Growth, a fund from Mark Zuckerberg's family office and Index Ventures, aims to compete with major Chinese tech firms like Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and Tencent Holdings. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>).
See Also: <a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;: Microsoft-Crowdstrike Outage Could Top $1B In Costs, Analyst Says</a>
Kutylowski indicated that DeepL&#8217;s focus will remain on expanding its Asian language offerings, with more languages expected in the coming months. The company is also developing a spoken language translation product, although no launch timeline has been provided.
"Translation of spoken language is going to be an important part of our strategy in Asia. We will see more and more of that product being a revenue stream," Kutylowski said.
Why It Matters: DeepL&#8217;s expansion into traditional Chinese comes amid a growing trend of AI-powered translation technologies making significant strides. In October 2022, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) launched an <a href="https://www.benzinga.com/news/22/10/29336004/metas-new-ai-powered-translator-can-interpret-a-spoken-only-language-in-real-time">AI speech-to-speech translation</a> system for Hokkien, a primarily oral language. This innovation highlighted the potential of AI to bridge communication gaps in languages lacking a standard written form.
Furthermore, in May, OneMeta Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ONEI#OTC">ONEI</a>) introduced advanced technology for <a href="https://www.benzinga.com/partner/emerging-markets/24/05/39036872/onemetas-ai-transforms-global-communication-with-cutting-edge-translation-and-transcript">real-time translation</a> and transcription across multiple languages, showcasing the transformative power of AI in global communication.
China has also been active in the AI translation space. In May, the China Cyberspace Research Institute unveiled a large language model based on President Xi Jinping&#8216;s political philosophy. This model, still in testing, underscores <a href="https://www.benzinga.com/markets/asia/24/05/38956682/chatgpt-meet-xigpt-china-unveils-new-ai-model-that-speaks-xi-jinpings-thoughts-spouts-official-party">China&#8217;s commitment to integrating AI</a> with its political and social narratives.
Additionally, YouTube announced in June 2023 its <a href="https://www.benzinga.com/news/23/06/32979839/lost-in-translation-youtubes-new-ai-dubbing-service-will-have-you-speaking-every-language-like-a-pro">AI-powered dubbing service</a>, aiming to simplify video dubbing in various languages. This initiative, part of Alphabet Inc.&#8217;s efforts, highlights the increasing role of AI in content creation and distribution.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/07/39871636/crowdstrike-issues-statement-following-massive-outage-that-stemmed-from-content-update-for-windo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">CrowdStrike Issues Statement Following Massive Outage That Stemmed From Content Update For Windows Hosts: &#8216;This Was Not A Cyberattack&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

BIDU

MSFT

ONEI

TCEHY

Mark Zuckerberg Family Office-Backed Google Translate Rival DeepL Expands Language Offerings With Traditional Chinese Targeting Baidu, Tencent

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) CEO Sundar Pichai has provided insights into the company&#8217;s decision <a href="https://www.benzinga.com/government/24/07/39916932/google-backtracks-on-third-party-cookie-policy-sparks-gains-in-ad-tech-and-publisher-stocks">to retain cookies</a> in its Chrome browser.
What Happened: On Tuesday, during <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">Alphabet&#8217;s second-quarter earnings</a> call, Michael Nathanson, an analyst with Moffett, questioned Pichai about Google&#8217;s stance on cookies.
In response, Pichai mentioned the Privacy Sandbox initiative, assuring that the company remains dedicated to the journey.
See Also: <a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a>
However, he noted, that &#8220;on third-party cookies, given the implications across the ecosystems and considerations and feedback across so many stakeholders, we now believe user choice is the best path forward there.&#8221;
Pichai stated that Google will improve privacy by giving users choices and continue to invest in privacy-enhancing technologies. &#8220;It&#8217;s obviously an area we will be taking feedback from the players in the ecosystem, and we are committed to being privacy first as well,&#8221; he stated.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Google&#8217;s decision to retain cookies in Chrome comes after a <a href="https://www.benzinga.com/top-stories/24/07/39895583/google-reverses-course-on-cookie-ban-in-chrome-citing-industry-regulatory-pressure">long-standing plan to eliminate them</a>, which faced industry and regulatory pushback. Google had been working on phasing out cookies for four years, facing delays and conflicts with the advertising sector.
The company first announced its plan to eliminate cookies in 2020, aiming to enhance user privacy while browsing the internet. In 2021, U.K. regulators started investigating whether Google&#8217;s plan would harm competition in the digital advertising space. 
The latest decision by Google has sparked gains in ad tech and publisher stocks, as cookies and small text snippets are used by advertisers and publishers to identify users and target ads.
On Tuesday, Alphabet announced second-quarter revenue of $84.742 billion, surpassing the consensus estimate of $84.202 billion. The tech giant also reported quarterly earnings of $1.89 per share, exceeding analyst expectations of $1.85 per share, according to data from <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Price Action: At the time of writing, Alphabet's Class A shares were down by 2.19% in the after-hours session at $177.80, while the company's Class C shares dropped 2.18% at $179.59.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/07/39901629/elon-musk-says-google-co-founder-and-one-of-his-best-friends-larry-page-thought-eventually-we-will-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Google Co-Founder And One Of His &#8216;Best Friends&#8217; Larry Page Thought Eventually We Will All &#8216;Upload Our Minds To The Computer&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Sundar Pichai Opens Up On Why Google Is Holding On To Cookies: 'We Now Believe User Choice Is The Best Path Forward'

Economist Peter Schiff recently conducted a poll on X, questioning the resolve of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) HODLers in the face of a potential market downturn.
What Happened: On Tuesday, Schiff opened up the poll, asking long-term investors of the digital asset if they would sell their holdings if the cryptocurrency&#8217;s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. 
In keeping with his snarky humor, Schiff framed the two possibilities as &#8220;Yes, I&#8217;d cut my losses,&#8221; and &#8220;Hell no, it&#8217;s ride or die.&#8221;
<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">This poll is for Bitcoin <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a>. If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> falls below $15K, an 80% collapse from its 2024 record-high, putting it beneath its 2021 bear market low, nearly 25% below it&#39;s 2017 high, will you finally throw in the towel and sell your Bitcoin?
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1815894852762013990?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
As of this writing, 85.3% of respondents said they would continue to hold, despite the potential loss.
In another post, the gold bug even questioned the existence of Bitcoin ETFs, arguing that they undermine Bitcoin&#8217;s original value proposition of eliminating third-party custodians. he took this as an opportunity to support gold ETFs.
The 11 spot Bitcoin ETFs saw net outflows of $77.97 million as of July 23. The world&#8217;s largest Bitcoin fund, iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), attracted inflows of $71.94 million while the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>) saw outflows worth $27.31 million, according to SoSo Value.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922525/bitcoin-dogecoin-pull-back-ethereum-holds-steady-amid-mt-gox-payouts-analyst-highlights-im">Bitcoin, Dogecoin Pull Back, Ethereum Holds Steady Amid Mt.Gox Payouts: Analyst Highlights Importance of This Level During Any Unexpected Pullback By King Crypto</a>
Why It Matters: Schiff, a well-known known Bitcoin critic, has previously used the approval of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs to question Bitcoin&#8217;s prospects. He argued that<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38955715/bitcoiners-scoff-at-gold-bull-peter-schiffs-theory-that-ethereum-etf-approvals-coul"> funds for new Ether ETFs would likely be drawn from existing Bitcoin ETFs</a>, potentially hurting the world&#8217;s largest cryptocurrency. He reiterated this view on Tuesday.
Earlier this month, he&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639419/amid-bitcoin-crash-peter-schiff-forecasts-prolonged-bear-market-dont-say-i-didnt-warn-you-" target="_blank" rel="noreferrer noopener">warned that the cryptocurrency's bear market was far from over and predicted further downsides</a>&nbsp;for Bitcoin. Since this prognosis, Bitcoin has jumped 18%.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39885387/is-dogecoin-killer-shiba-inu-on-a-bearish-path-whale-transactions-burn-rate-suggest-otherw?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is &#8216;Dogecoin Killer&#8217; Shiba Inu On A Bearish Path? Whale Transactions, Burn Rate Suggest Otherwise</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$ETH

GBTC

IBIT

Peter Schiff Polls HODLers, Asks If They'll Sell If Bitcoin Slips Below $15K - Here's How They Responded

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk admitted that funding for his new political action committee called "The America PAC" has been much lower than what recent reports suggested.
What Happened: DogeDesigner, a pseudonymous X user who works as a graphic designer in Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) ecosystem, posted a clip of Musk's interview with Jordan Peterson. 
Musk denied claims of making any direct donations to former President Donald Trump‘s campaign but <a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie">admitted establishing a "Super PAC"</a> that can be used by both the Republican and Democratic candidates.
Talking about the video, DogeDesigner stated that the Super PAC was meant to support candidates who espouse &#8220;meritocracy and personal freedom,&#8221; in what looked like a reference to Trump. However, they added that funding for the PAC has been far below $45 million per month as reported by some media outlets.
Musk responded in the affirmative to this assertion by DogeDesigner.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yeah
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815911268282253441?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922155/kamala-harris-to-speak-at-bitcoin-conference-featuring-robert-kennedy-jr-trump-event-ceo-s">Kamala Harris To Speak At Bitcoin Conference Featuring Robert Kennedy Jr., Trump? Event CEO Says Discussions Ongoing</a>
Why It Matters: The U.S. political landscape underwent tectonic shifts over the last two weeks with a <a href="https://www.benzinga.com/news/24/07/39921902/trump-assassination-attempt-new-details-emerge-from-pennsylvanias-police-commissioner-eight-shots-we">failed assassination attempt</a> on Trump and President Joe Biden's <a href="https://www.benzinga.com/news/24/07/39874154/bidens-exit-from-presidential-race-sparks-massive-reactions-from-first-lady-gavin-newsom-marjorie-ta">withdrawal from the race</a>.
It should be noted that Musk voted for Biden during the 2020 elections but <a href="https://www.benzinga.com/news/23/05/32437947/elon-musk-has-buyers-remorse-over-biden-better-off-being-wronged-by-people-picked-at-random-says-bil">regretted his decision</a> on several public platforms later. Over the years, he has gravitated towards the Republican Party and unequivocally <a href="https://www.benzinga.com/news/24/07/39873661/elon-musk-is-as-smart-as-you-get-says-trump-as-ex-president-tones-down-ev-rhetoric">endorsed Trump's candidacy </a>after the assassination attempt.
In other news, Tesla's Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings remained unchanged in the second quarter, according to its latest earnings report released Tuesday. The EV giant reported its net digital assets at $184 million, unchanged since the fourth quarter of 2022.
Price Action: Shares of Tesla plunged 7.77% to $227 in after-hours trading. The stock closed 2.04% lower at $246.38 during the regular trading hours.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39914429/the-curious-case-of-the-sec-lawsuit-involving-a-dubai-kidnapping-and-a-400m-transfer">The Curious Case Of The SEC Lawsuit Involving A Dubai Kidnapping And A $400M Transfer</a></li>
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$DOGE

DOGE

Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is 'Far Below' $45M A Month So Far

Major U.S. indices closed lower, influenced by earnings reports from Tesla, Alphabet, and other companies. The Dow Jones Industrial Average fell by 0.1% to 40,358.09, the S&amp;P 500 dropped 0.2% to 5,555.74, and the Nasdaq edged down 0.06% to 17,997.35.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock declined by 2.04%, closing at $246.38. The stock&#8217;s intraday high and low were $255.76 and $245.63 respectively, with a 52-week range of $138.8 to $278.98. Tesla reported <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter revenue</a> of $25.5 billion, up 2% year-over-year, exceeding estimates. Despite this, earnings per share fell 43% to 52 cents, missing expectations, and vehicle deliveries and production dropped year-over-year.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)
Alphabet&#8217;s Class A stock closed marginally higher at $181.79 in the regular session and fell 2.19% lower in the after-hours trading to $177.80. Meanwhile, the company&#8217;s Class C saw a slight increase of 0.14%, closing at $183.60 in the regular trading and declined 2.2% in the after-hours to $179.59. Alphabet reported <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter revenue</a> of $84.742 billion, beating the consensus estimate. The tech giant also reported quarterly earnings of $1.89 per share, beating analyst estimates. 
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)
Lockheed Martin&#8217;s stock surged by 5.63%, closing at $501.29. The stock&#8217;s intraday high and low were $501.77 and $482.86 respectively, with a 52-week range of $393.77 to $501.77. The company reported second-quarter 2024 <a href="https://www.benzinga.com/news/earnings/24/07/39910061/lockheed-martin-outperforms-in-q2-boosts-2024-projections-on-strong-defense-sales">net sales growth</a> of 9% year-over-year to $18.12 billion, above the consensus. 
Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)
Visa&#8217;s stock dipped by 1.09%, closing at $264.79. The stock&#8217;s intraday high and low were $267.7 and $263.86 respectively, with a 52-week range of $227.68 to $290.96. Visa&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918848/visa-shares-dip-after-slight-q3-revenue-miss-heres-the-details">third-quarter earnings</a> were $2.42 per share, matching estimates, while sales of $8.9 billion missed expectations slightly. Payments volume and processed transactions grew, but shares fell 2% after hours.
United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)
UPS&#8217;s stock plummeted by 12.05%, closing at $127.68. The stock&#8217;s intraday high and low were $132.26 and $124.98 respectively, with a 52-week range of $124.98 to $192.98. UPS shares are trading lower after it reported second-quarter 2024 results. Revenue <a href="https://www.benzinga.com/news/earnings/24/07/39903596/ups-q2-earnings-revenue-and-eps-miss-annual-outlook-cut-restarts-stock-buyback">declined 1.1% year-over-year to $21.82 billion</a>, missing the consensus. Adjusted EPS was $1.79, down 29.5% YoY, missing the consensus. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39877645/mohamed-el-erian-on-bidens-withdrawal-from-presidential-race-there-is-genuine-uncer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mohamed El-Erian On Biden&#8217;s Withdrawal From Presidential Race: &#8216;There Is Genuine Uncertainty On How Markets Will &#8211; And Should- React To The News&#8217;</a></li>
</ul>
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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

Tesla, Google Parent Alphabet, Lockheed Martin, Visa, UPS: Why These 5 Stocks Are On Investors' Radars Today

Chain Bridge I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRG#NASDAQ">CBRG</a>) announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal&#8217;s closure, slated for the <a href="https://www.benzinga.com/calendars/m-a">fourth quarter of 2024</a>.
<h3 class="wp-block-heading">Phytanix Bio&#8217;s Strategic Acquisition Overview</h3>
Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved <a href="https://www.benzinga.com/markets/cannabis/23/03/31197289/what-are-cannabinoids-their-types-and-effects">cannabinoid</a>-based medicines like <a href="https://www.benzinga.com/markets/cannabis/21/08/22302058/cannabis-based-sativex-mouth-spray-to-treat-brain-tumors-trial-gets-underway-in-england-with-bac">Sativex</a> and <a href="https://www.benzinga.com/general/biotech/18/08/12239379/sticker-shock-is-gw-pharmaceuticals-epidiolex-really-that-expensive">Epidiolex</a>. With the acquisition, the newly formed entity will be listed on the Nasdaq under the ticker &#8220;PHYX&#8221;, encapsulating a shared vision for advancing therapeutic solutions for conditions with significant unmet medical needs.
The combined company, to be named Phytanix Inc., will be spearheaded by Barrett Evans as CEO, a key figure from EMC2 Capital. Other founders, including Colin Stott and Dominic Schiller, will assume roles as COO and head of legal and IP strategy, respectively, ensuring the continuity of innovative leadership that has previously spearheaded regulatory-approved <a href="https://www.benzinga.com/topic/medical-cannabis" target="_blank" rel="noreferrer noopener">cannabinoid medicines</a>.
<h3 class="wp-block-heading">Leadership Celebrates Strategic Pharma-Cannabis Merger</h3>
"We are very happy to join forces with CBRG," <a href="https://www.globenewswire.com/en/news-release/2024/07/22/2916876/0/en/Chain-Bridge-I-to-Acquire-Phytanix-Bio-Creating-a-New-Public-Company-Focused-on-Developing-Next-Generation-Cannabinoid-and-Cannabinoid-like-Medicines.html">said</a> Evans in a press release. "Phytanix has all the necessary IP, scientific acumen and expertise, as well as management experience to create a new generation of medicines made from cannabinoid and cannabinoid-like molecules for patients with serious unmet medical needs. Our team brings a wealth of firsthand experience and executional knowledge in cannabinoid-based medicine innovation and intellectual property generation."
Furthermore, Andrew Cohen, CEO of Chain Bridge I, mirrored this sentiment, praising Phytanix's promising drug pipeline and seasoned management as pivotal for future successes: "After an exhaustive search for the right partner, we are delighted to merge with Phytanix Bio. The talented founding team has the depth of experience we were looking for in a still nascent industry of developing life-changing cannabinoid and cannabinoid-like medicines."
Real Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39549516/cannabis-extraction-company-ayurcann-to-merge-with-arogo-resulting-in-210m-entity">Cannabis Extraction Company Ayurcann To Merge With Arogo, Resulting In $210M Entity</a>
<h3 class="wp-block-heading">Innovative Cannabinoid Treatments</h3>
Phytanix&#8217;s strategy revolves around leveraging botanically inspired active pharmaceutical ingredients to innovate across various therapeutic areas, improving safety profiles and advancing drugs with known tolerability in humans. The focus is on novel treatments for resistant facial seizures and Painful Bladder Syndrome, conditions that currently have limited effective treatment options.
<h3 class="wp-block-heading">Merger Details And Legal Guidance</h3>
The transaction, which has received unanimous approval from both companies&#8217; Boards of Directors, does not hinge on a minimum cash condition but anticipates raising additional capital through convertible preferred stock post-deal. This approach aims to underpin Phytanix's clinical trials and broader drug development initiatives.
Legal guidance for the transaction is being provided by Nelson Mullins Riley &amp; Scarborough for Chain Bridge I, with Catherine Basinger Evans, Esq., advising Phytanix Bio. Additional details regarding the <a href="https://www.benzinga.com/topic/cannabis-m-a">merger's</a> final stages and governance will be disclosed following regulatory approvals and shareholder votes.
CBRG Price Action CBRG's shares were trading 0.44% lower at $11.20 per share at the time of this writing around 3:15 PM ET Tuesday.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39094250/this-cannabis-merger-will-cover-25-of-u-s-population-cansortium-riv-capital-powered-by-scottsmir">This Cannabis Merger Will Cover 25% Of U.S. Population: Cansortium &amp; RIV Capital Powered By ScottsMiracle-Gro</a></li>
</ul>
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Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

CBRG

$58M Merger: Chain Bridge I Acquires Cannabinoid Medicines Innovator, Eyes Nasdaq Listing

The deadline for public comments on the Drug Enforcement Administration&#39;s (DEA) rescheduling proposal concluded on Monday July&nbsp;22.
This marks a pivotal moment in the ongoing process of potentially reclassifying certain controlled substances, with significant administrative steps lying ahead.
<h3>Public Sentiment And Key Dates</h3>
The Department of Justice (DOJ) and DEA&nbsp;proposed reclassifying marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA) on May 21, 2024.
A Benzinga <a href="https://www.benzinga.com/markets/cannabis/24/05/39011156/exclusive-we-analyzed-4-000-dea-marijuana-rescheduling-comments-heres-what-americans-really-thin">analysis</a> of over 4,000 public comments submitted by May 23 reveals strong support for this move, with 75.9% positive responses. Commenters highlighted the medical advantages and urged alignment with state laws and scientific evidence.
While most support rescheduling, there are calls for complete descheduling. Some argue that rescheduling alone won&rsquo;t address all legal and research limitations.
Key dates include the end of the public comment period on July 22, 2024, with the <a href="https://www.benzinga.com/markets/cannabis/24/05/38920897/infographic-deas-proposed-rules-for-marijuana-what-you-need-to-know">final ruling expected </a>around August 20, 2024, and becoming effective 30 days after publication.
<h3>Biden Administration&rsquo;s Role</h3>
With President Joe Biden in office until January 20, 2025, the Biden administration is expected to prioritize concluding the rescheduling process before Inauguration Day. However, analyst Pablo Zuanic anticipates potential delays if the DEA must address the large volume of comments received.
While the DEA will review the 37,000 submissions, not all will require a response, and an extended review period could further delay the process.
<h3>Potential For ALJ Hearings</h3>
The decision on whether to hold Administrative Law Judge (ALJ) hearings is also pending.
Several state Attorneys General have called for hearings, arguing that they meet the criteria of affected parties. The necessity for these hearings could extend the timeline, with subsequent reports from ALJs potentially causing additional delays.
<h3>Expedited Process Possibility</h3>
Alternatively, Zuanic suggests the DOJ&nbsp;might expedite the process by forgoing hearings and directly moving to finalize the rule. Despite this possibility, hearings will likely be held, lengthening the process.
<h3>Timeline</h3>
According to <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic</a>, to meet the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38905962/cannabis-rescheduling-when-will-it-happen-expert-lays-out-timeline-risks-and-wild-c">January 2025 deadline</a>, the final ruling must be published in the Federal Register by December 21, 2024. If Vice President Kamala Harris wins the election, her administration would complete the process. If not, the DOJ might accelerate its efforts under a different administration.
<h3>Legal And Legislative Uncertainties</h3>
Legal uncertainties remain, including the potential for judicial interventions. Additionally, legislative changes, such as those proposed by Representatives Nancy Mace and Rashida Tlaib, could influence the process by lifting restrictions on the DEA&rsquo;s ability to reschedule substances.
<h3>What If Rescheduling Takes Place?</h3>
This transition will involve the release of new regulations from the DEA, which will detail <a href="https://www.benzinga.com/markets/cannabis/24/05/38881456/bidens-greenlight-what-to-know-about-fed-regulated-marijuana-markets-legal-circuits-and-complian">prescribing and dispensing protocols</a>, aligning cannabis with <a href="https://www.benzinga.com/markets/cannabis/24/05/38905472/cannabis-meets-prescription-drugs-steroids-and-ketamine-in-schedule-iii-what-it-means-key-stocks">other Schedule III substances</a>.
Analysts expect that if rescheduled, cannabis will benefit from tax reforms and enhanced research opportunities, though the regulatory landscape will need to address challenges such as FDA approval and insurance coverage for broader access.
Read next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39908970/trump-and-desantis-supporters-love-their-cannabis-is-rift-between-anti-weed-politicos-pot-users-">Trump And DeSantis Supporters Love Their Cannabis: Is Rift Between Anti-Weed Politicos, Pot Users Brewing In The Sunshine State</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.

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As Election Buzz Swirls Around Biden And Harris, DEA Comment Period Ends: What's Next For Cannabis Rescheduling?

Target Global Acquisition I Corporation Class A (TGAA) has issued an announcement. On May 31, 2024, Target Global Acquisition I Corp. experienced a...

Target Global Acquisition Leadership Change and Share Transfer

TGAA

Press Releases

Target Global Acquisition I Corp. Announces Extension of Deadline to Complete Initial Business Combination

Target Global Acquisition I Corp. Announces Postponement of Extraordinary General Meeting of  Shareholders

Target Global Acquisition

This is the second of seven potential one-month extensions of the Termination Date available to the Company pursuant to its Amended and Restated Memorandum and Articles of Association, dated December 8, 2021, as further amended on June 2, 2023 and December 15, 2023.

Reported Earlier, Target Global Acquisition I Corp. Announces Extension Of Deadline To Complete Initial Business Combination To July 8, 2024

Management

Target Global Acquisition I Says Shmuel Chafets To Resign As CEO; Appointed Michael Minnick As New CEO

Target Global Acquisition CEO Shmuel Chafets Resigns But Remains Director, Chief Investment Officer Yaron Valler Resigns, And Michael Minnick Appointed As New CEO Effective Immediately

Target Global Acquisition I Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGAA#NASDAQ">TGAA</a>) (the "Company") announced today that its board of directors (the "Board"), upon request of Target Global Sponsor Ltd (the "Sponsor"), has decided to extend the date by which the Company must consummate an initial business combination (the "Termination Date") from December 13, 2023, for an additional month, to January 13, 2024 (the "Extension"). This is the fourth of six potential one-month extensions of the Termination Date available to the Company pursuant to its Amended and Restated Memorandum and Articles of Association, as further amended on June 2, 2023. The Company further announced that on or before December 11, 2023 the Sponsor will deposit $90,000 into the Company's trust account in connection with the Extension, which will be evidenced by a non-interest bearing, unsecured convertible promissory note to the Sponsor and will be repayable by the Company upon consummation of an initial Business Combination.

Target Global Acquisition I Corp. Announces Extension Of Deadline To Complete Initial Business Combination To January 13, 2024

Target Global Acquisition I Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGAA#NASDAQ">TGAA</a>) (the "Company") announced today that its board of directors (the "Board"), upon request of Target Global Sponsor Ltd (the "Sponsor"), has decided to extend the date by which the Company must consummate an initial business combination (the "Termination Date") from September 13, 2023, for an additional month, to October 13, 2023 (the "Extension"). This is the first of six potential one-month extensions of the Termination Date available to the Company pursuant to its Amended and Restated Memorandum and Articles of Association, as further amended on June 2, 2023. The Company further announced that on or before September 11, 2023, the Sponsor will deposit $90,000 into the Company's trust account in connection with the Extension, which will be evidenced by a non-interest bearing, unsecured convertible promissory note to the Sponsor and will be repayable by the Company upon consummation of an initial Business Combination.

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