USCF ETF Trust USCF Dividend Income Fund (ARCA: UDI)

Latest news for USCF ETF Trust USCF Dividend Income Fund (ARCA:UDI)

Financial Services

Healthcare

Technology

Real Estate

Industrials

Communication Services

Consumer Defensive

Basic Materials

Consumer Cyclical

USCF operates on the leading edge of product innovation as an asset management firm offering exchange-traded products (ETPs) and exchange-traded funds (ETFs). The firm broke new ground with the launch of the first oil ETP, the United States Oil Fund, LP (USO), in 2006. Since 2006, USCF has designed and issued 15 more specialty products across commodity and alternative asset classes.

USCF Investments

The fund invests in U.S. exchange-traded dividend-paying and dividend-growth companies that meet the Funds environmental, social and governance (ESG) criteria. The Fund may also invest in U.S. exchange-traded equity securities of issuers domiciled outside the U.S., including American Depositary Receipts (ADRs). The Fund may also invest in real estate investment trusts (REITs), with a typical sector limit of 25% or two times the weight in the Russell 1000 Value Index, whichever is greater.

Coca Cola Co.

Johnson & Johnson

Goldman Sachs Group Inc.

Paychex, Inc.

Jefferies Financial Group Inc.

Jp Morgan Securities Inc

Old Republic International Corp

Gilead Sciences Inc

Abbvie Inc.

Bank Of New York Mellon Corp.

USCF Dividend Income Fund

Earnings

Equities

Large Cap

News

Guidance

Movers

DIVS

PAYX

Paychex reported mixed Q3 results, with 4% sales growth and $1.38 EPS beating estimates. FY24 outlook revised to 5-6% revenue growth.

Behind The Numbers: Paychex Delivers 4% Sales Growth In Q3, Raises Eyebrows With Revised Outlook

Mid Cap

KraneShares Trust KFA Value Line Dynamic Core Equity Index ETF

KVLE

MSC Industrial reported decline in Q2 net sales, adjusted operating income and EPS, despite strong gross margin performance and cash flow generation.

MSC Industrial&#39;s Rocky Q2 Earnings Hint At A Cautious FY24 Outlook: Details

USCF ETF Trust USCF Dividend Income Fund

UNITED INTERNET AG&CO REG by United Internet AG

United Internet AG

UNITED INTERNET UNSP/ADR by United Internet AG

Franklin U.S. Core Dividend Tilt Index ETF

WIIM

AVGO

Broadcom shares are trading higher following a report suggesting OpenAI is in talks with the company about developing a new chip.

<a href="https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip" title="https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip">https://www.theinformation.com/articles/openai-has-talked-to-broadcom-about-developing-new-ai-chip</a>

MSFT

'OpenAI Has Talked to Broadcom About Developing New AI Chip' - The Information

Citigroup analyst Keith Horowitz maintains U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) with a Neutral and raises the price target from $45 to $49.

Price Target

Analyst Ratings

Citigroup Maintains Neutral on U.S. Bancorp, Raises Price Target to $49

Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) announced that its consumer-payments platform, Cash App, will cease operations in the U.K. on September 15, six years after launching there.
The platform, known for its mobile money transfers, was the company&#8217;s first international market when it debuted in 2018. Block&#8217;s stock is trading lower on Thursday.
The company website quoted, &#8220;In recent months, we have outlined our strategic approach for Cash App, which prioritizes our focus on the United States and deprioritizes global expansion. All of our operations remain unaffected by this decision,&#8221; Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-18/dorsey-s-block-plans-to-shut-its-cash-app-platform-in-the-uk?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Cash App, launched in 2013, has become a well-known part of Block, the fintech company led by Jack Dorsey. However, the peer-to-peer payments market has grown more competitive with the rise of PayPal Holdings Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) Venmo and bank-focused Zelle.
This decision follows NBC&#8217;s February report that US financial regulators investigated Cash App after whistleblowers claimed it had conducted inadequate customer due diligence.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7.png" alt="" class="wp-image-443678" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18122439/newplot-1-7-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
BofA Securities analyst Jason Kupferberg reiterated a Buy rating on Block with a price target of $82.
Block reports second-quarter results on August 1. Kupferberg noted that consensus second-quarter estimates are well-calibrated.
However, the analyst noted that gradual re-acceleration in Square GPV growth, especially in the US, remains the most important driver of the stock.
This would help allay concerns regarding competition and affirm CEO Dorsey&#8217;s strategy while lending support to out-year Square forecasts.
Kupferberg and the Street modeled 9% Square GPV growth for the second quarter, which was steady compared to the first quarter, but noted investors are braced for a modest miss on this metric based on high-frequency data. Given that shares are up 15% in the last month, this could limit the potential for the second quarter to be a positive catalyst, Kupferberg said.
The analyst recognized concerns around U.S. GPV growth and SMB but noted they have been over-discounted.
Block&#8217;s increased focus on profitability now enables investors to value the stock on adjusted operating income and/or GAAP EPS, which should help put a floor in shares, the analyst said.
Kupferberg noted Block is undervalued, and its high-quality business model is underappreciated.
The analyst projected 2024 revenue and EPS of $24.35 billion and $3.02.
Price Action: SQ shares are down 5.32% at $68.0. at the last check on Thursday.
Photo by Sergei Elagin courtesy: Shutterstock

Reiteration

Tech

Media

Trading Ideas

PYPL

Block's Cash App to Exit UK Market, Stock Drops

Citigroup analyst Ben Gerlinger maintains Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) with a Buy and raises the price target from $93 to $113.

PNFP

Citigroup Maintains Buy on Pinnacle Finl Partners, Raises Price Target to $113

Investors with a lot of money to spend have taken a bullish stance on Jumia Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with JMIA, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 8 uncommon options trades for Jumia Technologies.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 37%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $153,775, and 4 are calls, for a total amount of $327,950.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $10.0 to $13.0 for Jumia Technologies during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Jumia Technologies's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Jumia Technologies's substantial trades, within a strike price spectrum from $10.0 to $13.0 over the preceding 30 days.
<h3>Jumia Technologies Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330180_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>JMIA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$3.2</td>
<td>$2.95</td>
<td>$3.1</td>
<td>$13.00</td>
<td>$247.6K</td>
<td>177</td>
<td style="text-align: right;">11</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$0.6</td>
<td>$0.5</td>
<td>$0.5</td>
<td>$12.00</td>
<td>$59.1K</td>
<td>4.0K</td>
<td style="text-align: right;">169</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$1.05</td>
<td>$1.0</td>
<td>$1.0</td>
<td>$12.00</td>
<td>$37.9K</td>
<td>1.9K</td>
<td style="text-align: right;">420</td>
</tr>
<tr>
<td>JMIA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$2.4</td>
<td>$2.25</td>
<td>$2.4</td>
<td>$12.00</td>
<td>$28.5K</td>
<td>0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>JMIA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$0.8</td>
<td>$0.75</td>
<td>$0.75</td>
<td>$12.00</td>
<td>$28.5K</td>
<td>1.9K</td>
<td style="text-align: right;">802</td>
</tr>
</tbody>
</table>

<h3>About Jumia Technologies</h3>
Jumia Technologies AG is the pan-African e-commerce platform. The company's platform consists of a marketplace, which connects sellers with consumers. Its logistics service enables the shipment and delivery of packages from sellers to consumers, and the company's payment service facilitates transactions among participants active on its platform in selected markets. Jumia generates revenue from Sales of goods, Commissions, Fulfillment, Value-added services, and Marketing &amp; Advertising. Its geographical segments are West Africa, North Africa, East &amp; South Africa, Europe, and United Arab Emirates. The firm generates majority of its revenue from the West Africa segment.
In light of the recent options history for Jumia Technologies, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Jumia Technologies's Current Market Status</h3>
<ul>
<li>With a volume of 6,012,266, the price of JMIA is up 2.74% at $12.77. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 26 days.</li>
</ul>
<h3>What Analysts Are Saying About Jumia Technologies</h3>
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $14.0.
<ul>
<li>An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $14. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Jumia Technologies, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

JMIA

A Closer Look at Jumia Technologies's Options Market Dynamics

High-rolling investors have positioned themselves bullish on ZIM Integrated Shipping (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ZIM often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for ZIM Integrated Shipping. This is not a typical pattern.
The sentiment among these major traders is split, with 55% bullish and 33% bearish. Among all the options we identified, there was one put, amounting to $37,386, and 8 calls, totaling $376,635.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $10.0 to $17.5 for ZIM Integrated Shipping over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for ZIM Integrated Shipping's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of ZIM Integrated Shipping's whale trades within a strike price range from $10.0 to $17.5 in the last 30 days. 
<h3>ZIM Integrated Shipping Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330175_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$7.35</td>
<td>$6.85</td>
<td>$7.09</td>
<td>$12.50</td>
<td>$70.9K</td>
<td>6.6K</td>
<td style="text-align: right;">15</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$6.7</td>
<td>$6.7</td>
<td>$6.7</td>
<td>$11.00</td>
<td>$67.0K</td>
<td>1.6K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$9.0</td>
<td>$7.1</td>
<td>$7.85</td>
<td>$10.00</td>
<td>$51.0K</td>
<td>1.1K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$7.85</td>
<td>$7.7</td>
<td>$7.85</td>
<td>$10.00</td>
<td>$47.1K</td>
<td>223</td>
<td style="text-align: right;">51</td>
</tr>
<tr>
<td>ZIM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$6.95</td>
<td>$6.85</td>
<td>$6.95</td>
<td>$11.00</td>
<td>$45.1K</td>
<td>1.2K</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>

<h3>About ZIM Integrated Shipping</h3>
ZIM Integrated Shipping Services Ltd is an asset-light container liner shipping company. It offers tailored services, including land transportation and logistical services, specialized shipping solutions, including the transportation of out-of-gauge cargo, refrigerated cargo, and dangerous and hazardous cargo. Its services include Cargo Services, Digital Services, Schedules, and Shipping Trades and Lines. Geographically, it derives a majority of its revenue from the Pacific trade region.
After a thorough review of the options trading surrounding ZIM Integrated Shipping, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Where Is ZIM Integrated Shipping Standing Right Now?</h3>
<ul>
<li>With a volume of 2,634,223, the price of ZIM is down -2.15% at $17.52. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 27 days.</li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ZIM Integrated Shipping with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Smart Money Is Betting Big In ZIM Options

High-rolling investors have positioned themselves bullish on McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in MCD often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 25 options trades for McDonald's. This is not a typical pattern.
The sentiment among these major traders is split, with 56% bullish and 40% bearish. Among all the options we identified, there was one put, amounting to $27,784, and 24 calls, totaling $1,520,655.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $135.0 to $265.0 for McDonald's over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for McDonald's's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of McDonald's's whale trades within a strike price range from $135.0 to $265.0 in the last 30 days. 
<h3>McDonald's 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721330170_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$8.55</td>
<td>$8.5</td>
<td>$8.5</td>
<td>$260.00</td>
<td>$312.8K</td>
<td>2.0K</td>
<td>1.2K</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$8.0</td>
<td>$7.95</td>
<td>$7.95</td>
<td>$260.00</td>
<td>$160.6K</td>
<td>2.0K</td>
<td>701</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$7.8</td>
<td>$7.7</td>
<td>$7.75</td>
<td>$260.00</td>
<td>$103.0K</td>
<td>2.0K</td>
<td>903</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$36.9</td>
<td>$36.8</td>
<td>$36.9</td>
<td>$250.00</td>
<td>$81.1K</td>
<td>279</td>
<td>22</td>
</tr>
<tr>
<td>MCD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$47.5</td>
<td>$46.1</td>
<td>$46.25</td>
<td>$220.00</td>
<td>$74.0K</td>
<td>56</td>
<td>0</td>
</tr>
</tbody>
</table>

<h3>About McDonald's</h3>
McDonald's is the largest restaurant owner-operator in the world, with 2023 system sales of $130 billion across nearly than 42,000 stores and 115 markets. McDonald's pioneered the franchise model, building its footprint through partnerships with independent restaurant franchisees and master franchise partners around the globe. The firm earns roughly 60% of its revenue from franchise royalty fees and lease payments, with most of the remainder coming from company-operated stores across its three core segments: the United States, internationally operated markets, and international developmental/licensed markets.
Having examined the options trading patterns of McDonald's, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>McDonald's's Current Market Status</h3>
<ul>
<li>With a volume of 2,122,892, the price of MCD is down -1.15% at $258.0. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 11 days.</li>
</ul>
<h3>What Analysts Are Saying About McDonald's</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $292.0.
<ul>
<li>An analyst from TD Cowen persists with their Buy rating on McDonald's, maintaining a target price of $285. </li>
<li>An analyst from Guggenheim has decided to maintain their Buy rating on McDonald's, which currently sits at a price target of $280. </li>
<li>Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for McDonald's, targeting a price of $300. </li>
<li>An analyst from Truist Securities has decided to maintain their Buy rating on McDonald's, which currently sits at a price target of $300. </li>
<li>An analyst from Deutsche Bank persists with their Buy rating on McDonald's, maintaining a target price of $295. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest McDonald's options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

McDonald's Unusual Options Activity

Morgan Stanley analyst Adam Jonas reiterates Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Overweight and maintains $310 price target.

TSLA

Morgan Stanley Reiterates Overweight on Tesla, Maintains $310 Price Target

SMAR

Smartsheet shares are trading higher following a report suggesting the company is working with Qatalyst partners to field takeover interest.

Smartsheet Working With Qatalyst Partners To Field Takeover Interest

Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) shares are trading higher today after the company reported better-than-expected second-quarter EPS results yesterday.
The company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39826835/discover-reports-better-than-expected-q2-results-heres-the-details" rel="noreferrer noopener"> Net Interest Income (NII) of $3.524 billion</a>.
RBC Capital Markets analyst Jon G. Arfstrom says the stock&#8217;s performance (<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener">Sector Perform, with a $140 price target</a>) is likely to be influenced primarily by the pending merger with Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), with the expectation that the acquisition <a target="_blank" href="https://www.benzinga.com/news/24/07/39827834/why-capital-one-stock-is-climbing" rel="noreferrer noopener">will eventually be completed</a>.
Concurrently, Discover is progressing independently by addressing regulatory and compliance issues, simplifying operations focused on core consumer banking and everyday card products, divesting student lending, and achieving peak<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener"> credit costs, writes the analyst</a>.
Arfstrom anticipates these strategic actions to position the company well as it moves forward in the year.
The company now projects an FY24 margin of 11.1% to 11.4%, up from 10.7% to 11.0% previously, with the student loan sale expected to boost the NIM by around 10 basis <a target="_blank" href="https://s23.q4cdn.com/669804705/files/doc_financials/2024/q2/Second-Quarter-2024-Earnings-Presentation.pdf" rel="noreferrer noopener">points</a>.
The analyst anticipates management will narrow the guidance range further as 2024 progresses. Additionally, the buyback remains on hold due to the pending merger.
Seperately, the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39813634/discover-financial-services-announces-agreement-to-sell-private-student-loan-portfolio" rel="noreferrer noopener">disclosed a deal to sell its $10.1 billion</a> private student loan portfolio to investment vehicles managed by The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) and KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), with servicing to be handled by Firstmark Services, a division of Nelnet, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NNI#NYSE">NNI</a>).
The portfolio is set to be sold for approximately $10.8 billion, reflecting a premium of around $700 million or about 7%, says the analyst.
Arfstrom writes that the robust premium on the portfolio reflects its high quality and attractiveness, aligning with management&#8217;s expectations upon announcing the business exit several quarters ago.
Investors can gain exposure to the stock via&nbsp;BlackRock ETF Trust BlackRock Future Financial And Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BPAY#NYSE">BPAY</a>) and&nbsp;Amplify ETF Trust Amplify Mobile Payments ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPAY#NYSE">IPAY</a>).
Price Action: DFS shares are up 0.28% at $141.81 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

BlackRock ETF Trust BlackRock Future Financial and Technology ETF

BPAY

IPAY

Analyst Expects Discover Financial To Further Narrow FY24 Guidance This Year: Details

Blackstone&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure reflects a decline of 3.2% from the prior-year quarter.
Shares of the company lost 1.5% in the pre-market trading. However, a full day&#39;s trading session will depict a clearer picture.
Results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and improvement in the assets under management balance were tailwinds.
Net income attributable to Blackstone was $444.4 million compared with $601.3 million in the year-ago quarter.
<h3>Segment Revenues Improve, GAAP Expenses Rise</h3>
Total segment revenues were $2.52 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $2.80 billion, down marginally year over year.
Total expenses (GAAP basis) were $1.63 billion, up 10.7% year over year.
As of Jun 30, 2024, Blackstone had $8.7 billion in total cash, cash equivalents and corporate treasury investments, and $17.7 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
<h3>AUM Rises</h3>
Fee-earning AUM grew 11% year over year to $808.7 billion as of Jun 30, 2024.
The total AUM amounted to $1.08 trillion as of the same date, up 7% year over year. The rise in total AUM was primarily driven by $39.4 billion in inflows in the reported quarter.
As of Jun 30, 2024, the undrawn capital available for investment was $181 billion.
<h3>Our Take</h3>
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
<div class="chart_embed">
<h3>Blackstone Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Blackstone Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/1a/1721305539.png" style="height:265px; width:584px" title="" />
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #4 (Sell).
</div>
<h3>Performance &amp; Earnings Release Date of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed solid improvement driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Invesco (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ivz#NYSE">IVZ</a>) is scheduled to announce second-quarter 2024 numbers on Jul 23.
Over the past month, the Zacks Consensus Estimate for IVZ&#39;s quarterly earnings has been unchanged at 41 cents. Also, the figure implies a jump of 32.3% from the prior-year reported number.
<a href="https://www.zacks.com/stock/news/2304334/blackstone-bx-q2-earnings-miss-stock-dips-as-costs-rise?cid=CS-BENZ-FT-analyst_blog|earnings_article-2304334">To read this article on Zacks.com click here.</a>

Earnings Misses

Blackstone Q2 Earnings Miss, Stock Dips as Costs Rise

Axsome Therapeutics (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/axsm#NASDAQ">AXSM</a>) closed the last trading session at $83.74, gaining 10.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $125.07 indicates a 49.4% upside potential.
The mean estimate comprises 15 short-term price targets with a standard deviation of $26.54. While the lowest estimate of $97 indicates a 15.8% increase from the current price level, the most optimistic analyst expects the stock to surge 126.9% to reach $190. It&#39;s very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That&#39;s because the ability and unbiasedness of analysts in setting price targets have long been questionable.
However, an impressive consensus price target is not the only factor that indicates a potential upside in AXSM. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn&#39;t give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Price, Consensus and EPS Surprise
<img alt="Zacks Price, Consensus and EPS Surprise Chart for AXSM" class="chart" src="https://chart-service.zacks.com/images/daily/yesop_price_consensus_surprise/AXSM.png" style="height:auto; width:100%" title="" />
Here&#39;s What You Should Know About Analysts&#39; Price Targets
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company&#39;s fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock&#39;s price movement. While that doesn&#39;t necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why AXSM Could Witness a Solid Upside
Analysts&#39; growing optimism over the company&#39;s earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That&#39;s because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 0.8% over the past month, as two estimates have gone higher while one has gone lower.
Moreover, AXSM currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock&#39;s potential upside in the near term.
Therefore, while the consensus price target may not be a reliable indicator of how much AXSM could gain, the direction of price movement it implies does appear to be a good guide.
<a href="https://www.zacks.com/stock/news/2304432/wall-street-analysts-predict-a-49-36-upside-in-axsome-axsm-here-s-what-you-should-know?cid=CS-BENZ-FT-tale_of_the_tape|consensus_price_target-2304432">To read this article on Zacks.com click here.</a>

Biotech

General

AXSM

Wall Street Analysts Predict a 49.36% Upside in Axsome: Here's What You Should Know

Wolfe Research analyst Doug Leggate reinstates APA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>) with a Outperform.

Initiation

Wolfe Research Reinstates Outperform on APA

In a remarkable display of resilience and growth, TeraWulf Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WULF#NASDAQ">WULF</a>) and Hut 8 Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) have emerged as standout performers in the small-cap crypto mining sector, each delivering impressive year-to-date <a href="https://www.benzinga.com/crypto">returns of over 40%</a>.
<h2 class="wp-block-heading">TeraWulf Stock Up 128%: Sustainable Bitcoin Mining</h2>
TeraWulf has not only achieved a remarkable 128.75% YTD gain but also recently demonstrated its financial strength by eliminating all outstanding debt. The company currently has a market capitalization of $1.83 billion.
&#8220;Our business's profitability and strong cash generation have allowed us to successfully retire the remaining debt ahead of schedule,&#8221; stated Patrick Fleury, CFO of TeraWulf. 
<a href="https://www.benzinga.com//node/39691208">This strategic move</a> enhances the company&#8217;s financial flexibility, enabling it to scale its operations and deploy low-cost energy infrastructure for Bitcoin mining and high-performance computing AI applications.
WULF&#8217;s commitment to sustainability is evident in its vertically integrated bitcoin mining facilities, powered by 95% zero-carbon energy. The company plans to expand its operational infrastructure capacity from 210 MW to 295 MW, with the potential for an additional 300 MW in the near term. 
Such growth initiatives underscore TeraWulf&#8217;s dedication to leveraging clean energy for digital asset mining.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39841773/bitcoins-mid-term-target-3-points-you-need-to-know">Bitcoin&#8217;s Mid-Term Target: 3 Points You Need To Know</a>
<h2 class="wp-block-heading">Hut 8 Has A Partnership-Driven Strategy, Stock Up 40%</h2>
Meanwhile, Hut 8 has also made significant strides, posting a 40.78% YTD return. The company has a market cap of $1.80 billion.
Hut 8 <a href="https://www.benzinga.com//node/39689063">recently secured a</a> power purchase agreement for a site in Texas, granting exclusive access to 205 megawatts of power capacity. 
&#8220;This transaction exemplifies Hut 8's differentiated approach to securing new energy capacity through mutually accretive partnerships,&#8221; said Asher Genoot, CEO of Hut 8. 
This partnership-driven strategy sets Hut 8 apart, allowing it to expand its energy infrastructure platform to approximately 1.3 gigawatts of capacity.
Hut 8&#8217;s focus on strategic energy partnerships and innovative growth solutions positions it well for future success. The Texas site is poised to support various high-density compute applications, including Bitcoin mining and AI, further solidifying Hut 8&#8217;s role in the evolving digital asset landscape.
TeraWulf and Hut 8 exemplify the dynamic potential within the crypto-mining sector. Their impressive year-to-date performances and strategic initiatives underscore their positions as formidable players in the small-cap crypto space, making them stocks to watch in 2024.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Don't miss the opportunity to dominate in a volatile market at the&nbsp;<a href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" target="_blank" rel="noreferrer noopener">Benzinga SmallCAP Conference</a>&nbsp;on Oct. 10, 2024, at the Chicago Marriott Downtown Magnificent Mile. Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. 
Whether you're a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39835531/bitcoin-spot-etfs-continue-inflow-streak-but-whats-up-with-this-technical-indicator">Bitcoin Spot ETFs Continue Inflow Streak&#8230;But What&#8217;s Up With This Technical Indicator?</a></li>
</ul>
Photo: Shutterstock

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

Cryptocurrency

Long Ideas

Small Cap

$BTC

WULF

Small-Cap Crypto Stars: TeraWulf, Hut 8 Surge Over 40% YTD

Conservative think-tank The Heritage Foundation&#8216;s Project 2025, a controversial collection of policy proposals, has <a href="https://www.benzinga.com/news/24/07/39701477/donald-trump-wants-to-turn-our-democracy-into-a-dictatorship-says-kamala-harris-on-project-2025">received widespread attention</a> in recent weeks. 
The policies are meant to influence a Republican president if the GOP takes the White House in 2025. One chapter of the policy blueprint suggested a complete overhaul of the <a href="https://www.benzinga.com/federal-reserve">U.S.&#8217;s monetary policy</a> which goes against expert consensus.
Project 2025 on The Fed: Paul Winfree, a member of Donald Trump&#8216;s 2016 transition team, authored a Project 2025 section on the Federal Reserve.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl">Trump-Vance Administration Will Be &#8216;Terrible&#8217; For Tesla, Says Bear: Elon Musk &#8216;Has Completely Alienated Most Of His Buying Base</a>
The chapter suggests eliminating the Fed&#8217;s dual mandate goal to maintain full employment and stable prices. It proposes limiting the Fed&#8217;s lender-of-last-resort function which offers loans to banks near collapse. Finally, it suggests winding down the Federal Reserve's balance sheet and restricting future balance sheet expansions.
Winfree suggests adopting free banking as a means of reform, &#8220;effectively abolishing&#8221; the Fed. The so-called free-banking era initially lasted from 1837 to 1864. He concedes that the plan would have significant &#8220;political hurdles&#8221; even though he believes it would be the most effective.
He offers a return to the gold standard — where the dollar is pegged against gold — as an alternative. President Richard Nixon removed the U.S. from the gold standard in 1971 after decades of on-and-off use.
The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) is currently near all-time highs.
Top economists are almost uniformly opposed to undermining the Fed&#8217;s autonomy or reverting to the gold standard.
According to a 2012 <a href="https://www.kentclarkcenter.org/surveys/gold-standard/">poll</a> by the University of Chicago Booth School, 93% of top economists disagreed or strongly disagreed that a renewal of the gold standard would improve outcomes for the average person. None agreed.
Responding to the survey, Nobel Laureate Richard Thaler joked: &#8220;Why tie to gold? why not 1982 Bordeaux?&#8221;
Massachusetts Institute of Technology professor Daron Acemoglu said that a &#8220;gold standard would have avoided the policy mistakes of the 2000s, but still likely that discretionary policy is useful during recessions.&#8221;
A 2013 UChicago <a href="https://www.kentclarkcenter.org/surveys/fed-policy/">poll</a> asked top economists whether a proposed Senate bill to subject the Federal Reserve&#8217;s monetary policy and discount window decisions to an audit would improve the Fed&#8217;s legitimacy without hurting its decision-making.
81% of respondents who expressed an opinion disagreed or strongly disagreed with such a measure. None agreed. 
Austan Goolsbee, now the president of the Federal Reserve Bank of Chicago, expressed strong opposition to a reduction in Fed autonomy.
&#8220;Um, have you seen how it has worked in countries with political oversight of monetary policy decisions?&#8221;
Trump has reportedly weighed the idea of <a href="https://www.benzinga.com/markets/bonds/24/07/39600702/fed-chair-powell-warns-of-unsustainable-us-debt-path-downplays-risks-of-possible-trump-attacks-on-c">reducing Fed autonomy</a> if elected to a second term. 
Given that abolishing the Fed entirely would be a much more pronounced action than auditing it, the economists would likely oppose such an action if polled today. 
<a href="https://today.yougov.com/politics/articles/50035-what-americans-think-about-project-2025">According</a> to a YouGov poll, just 18% of Americans approve of the proposal to abolish the Federal Reserve. 38% support a return to the gold standard.
Trump <a href="https://www.benzinga.com/news/24/07/39654177/trump-distances-himself-from-project-2025-amid-rising-controversy-i-know-nothing">claims to &#8220;know nothing&#8221;</a> about Project 2025. Many of his allies are <a href="https://www.nbcnews.com/politics/donald-trump/project-2025-trump-heritage-foundation-what-know-rcna161338">linked</a> to the initiative.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/government/24/07/39841598/project-2025-wants-to-radically-change-us-tax-policy-would-you-pay-more-or-less-in-taxes">Project 2025 Wants To Radically Change US Tax Policy: Would You Pay More Or Less In Taxes?</a></li>
</ul>
Image: Shutterstock

Government

Politics

Federal Reserve

Would Project 2025 Abolish The Federal Reserve? What About Reinstituting The Gold Standard?

Roadzen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDZN#NASDAQ">RDZN</a>) shares are trading lower by 11.8% to $2.00 Thursday afternoon after the company announced that its Special Committee of Independent Directors approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for <a href="https://www.benzinga.com/pressreleases/24/07/g39841966/roadzen-ceo-and-chairman-agree-to-exchange-3-5-million-of-short-term-debt-for-equity-in-the-compan">ordinary shares of RDZN</a>.
The parties involved include CEO Rohan Malhotra and entities associated with Chairman Steven Carlson. The debt will be converted to shares based on a price of $2.80 per share or the 30-day volume-weighted average price after the company files its Q1 Form 10-Q.
Steven Carlson expressed confidence in Roadzen&#8217;s AI platform&#8217;s potential for success in the auto insurance industry, highlighting the integration of computer vision and telematics. CEO Rohan Malhotra emphasized that the debt-to-equity exchange simplifies the company&#8217;s balance sheet and supports its mission to transform the auto insurance sector with AI technology.
Read Also:&nbsp;<a href="https://www.benzinga.com/etfs/sector-etfs/24/07/39837570/unemployment-claims-rise-more-than-expected-boosting-hopes-for-rate-cuts-as-cracks-in-labor-mark" target="_blank" rel="noreferrer noopener">Unemployment Claims Rise More Than Expected, Boosting Hopes For Rate Cuts As Cracks In Labor Market Emerge</a>
<h2 class="wp-block-heading">How To Buy RDZN Stock</h2>
By now you're likely curious about how to participate in the market for Roadzen &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
In the the case of Roadzen, which is trading at $2.04 as of publishing time, $100 would buy you 49.02 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, RDZN has a 52-week high of $12.50 and a 52-week low of $1.55.

RDZN

Why Roadzen (RDZN) Stock Is Trading Lower

Longeveron Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGVN#NASDAQ">LGVN</a>) shares are trading lower by 12.8% to $3.40 during Thursday&#8217;s session after the company announced a $9 million registered direct offering of 2.2 million shares of its common stock at <a href="https://www.benzinga.com/pressreleases/24/07/g39837523/longeveron-announces-9-0-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rule">$4.025 per share</a>.
The offering also consists of unregistered warrants for the same number of shares at $3.90 each. The total proceeds of approximately $9 million will be used for clinical development of Lomecel-B&#x2122;, regulatory approvals, capital expenditures, and other corporate needs. 
The offering, managed by H.C. Wainwright &amp; Co., is expected to close on July 19.
Read Also:&nbsp;<a href="https://www.benzinga.com/etfs/sector-etfs/24/07/39837570/unemployment-claims-rise-more-than-expected-boosting-hopes-for-rate-cuts-as-cracks-in-labor-mark" target="_blank" rel="noreferrer noopener">Unemployment Claims Rise More Than Expected, Boosting Hopes For Rate Cuts As Cracks In Labor Market Emerge</a>
<h2 class="wp-block-heading">Will LGVN Stock Go Up?</h2>
When trying to assess whether or not Longeveron will trade higher from current levels, it's a good idea to take a look at analyst forecasts. 
Wall Street analysts have an average 12-month price target of $12.0 on Longeveron. The Street high target is currently at $12.0 and the Street low target is $12.0. Of all the analysts covering Longeveron, 2 have positive ratings, no one has neutral ratings and no one has negative ratings.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Longeveron is 90.4% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Longeveron, visit <a href="https://www.benzinga.com/quote/LGVN">here</a>. If you want to go above and beyond, there's no better tool to help you do just that than <a href="https://pro.benzinga.com/">Benzinga Pro</a>. Start your free trial today.
LGVN has a 52-week high of $36.50 and a 52-week low of $0.77.

LGVN

Why Longeveron (LGVN) Shares Are Down 15%

With Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETF trading launch to come in next week, traders voice optimistic predictions for inflows and the <a href="https://www.benzinga.com/money/ethereum-eth-price-predictions">price of ETH</a>.
What Happened: Crypto analyst Lark Davis predicts the ETFs could lead to a new all-time high very soon. He reiterates that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETFs started trading in January, causing a new all-time high only 64 days after their launch.
<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"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> could make a new all-time high very soon. Here&#39;s why:…
&mdash; Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1813939196383404430?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Ethereum's market capitalization is currently 32% of Bitcoin&#8217;s and it is &#8220;more deflationary,&#8221; according to the analyst. He thinks traders should "front-run before the ETFs launch next week."
On the contrary, crypto trader Jacob Canfield <a href="https://x.com/JacobCanfield/status/1813934253538730219">sees</a> Ethereum ETFs as less bullish than expected for the first few months, predicting a wave of outflows similar to the Bitcoin ETFs.
The BlackRock and VanEck ETFs will feature fees of 0.25%, but the Grayscale Ethereum Trust (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ETHE#BATS">ETHE</a>) will remain at a 2.5% fee. The trader concludes that, "outflows vs inflows will be a very important metric, but my guess is that for the first 1-2 months outflows will dominate again."
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39821600/trump-bitcoin-ethereum-etfs-tokenization-traders-reasons-for-the-most-bullish-crypto-setup">Trump, Bitcoin, Ethereum ETFs, Tokenization: Trader&#8217;s Reasons For The &#8216;Most Bullish Crypto Setup&#8217;</a>
Why It Matters: Bloomberg ETF analysts announced that next week ten Ethereum ETFs, such as the Franklin Ethereum ETF, VanEck Ethereum ETF, Bitwise Ethereum ETF and others will launch.
Crypto and stock market account Income Sharks <a href="https://x.com/IncomeSharks/status/1813993049976127986">thinks</a> Ethereum looks good and bullish, even if the current pullback extends. On technical grounds, "the double supertrends flipped bullish" and the on-balance volume (OBV) is close to giving the official send-off signal. OBV is a technical trading momentum indicator that uses volume flow to predict changes in stock price.  
Crypto trader Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1813635024668823698">noted</a> that Ethereum is getting compressed after the initial move-up due to the ETF news. With Ethereum sitting on top of the daily 200MA/EMA, he predicts it will "eventually break out surrounding the ETF launch." He also expects higher optimism in terms of ETF flows.
What&#8217;s Next: The influence of <a href="https://www.benzinga.com/money/is-ethereum-a-good-investment" target="_blank" rel="noreferrer noopener">Ethereum as an institutional asset class</a> is expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39795530/ethereum-etfs-to-attract-over-5b-in-inflows-but-returns-could-be-lower-than-expected-citi">Ethereum ETFs To Attract Over $5B In Inflows, But Returns Could Be Lower Than Expected: Citi</a></li>
</ul>
Image: Shutterstock

$ETH

ETHE

Why Ethereum ETFs Mean Crypto Could Make 'New All-Time High' Soon

Payroll services company&nbsp;Paychex, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) reported mixed&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38045140/paychex-inc-reports-third-quarter-results-sustained-growth-in-revenue-and-earnings" rel="noreferrer noopener">third-quarter FY24 results</a>.



The company reported sales growth of 4% Y/Y to $1.439 billion, missing the analyst consensus estimate of $1.458 billion.



Total revenue growth in the third fiscal quarter reflected a lower contribution from the company&#8217;s Employee Retention Tax Credit (ERTC) Service than the prior year period.



Management Solutions revenue rose 2% Y/Y to $1.0 billion, led by growth in the number of clients served across the human capital management (HCM) solutions suite and higher product penetration, including HR Solutions and Retirement.



Adjusted EPS of $1.38&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beat the analyst consensus estimate of $1.37.</a>



Operating income grew 6% to $649.8 million, with margin expanded by around 80 basis points Y/Y to 45.1%.



The company held $1.8 billion in cash and equivalents as of February 29, 2024. Operating cash flow for the year-to-date period totaled $1.7 billion.



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38027047/paychex-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call" rel="noreferrer noopener">Paychex Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>



Outlook: Paychex revised its FY24 revenue growth outlook to 5% to 6% (from +6% to +7% earlier).



The company now sees Management Solutions revenue growth<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">&nbsp;in the 3.5% to 4.0% range</a>.



Last quarter, the company forecasted an adjusted EPS&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/23/12/36342922/paychex-stock-drops-after-mixed-q2-performance-whats-going-on" rel="noreferrer noopener">growth outlook of 10%-11%</a>.



John Gibson, President and Chief Executive Officer, said, &#8220;We are continuing to prioritize investments in data, analytics, and artificial intelligence (AI) to streamline our internal processes and offer greater value and actionable insights to our clients, as evidenced by our recent creation of a new role of senior vice president of data, analytics, and AI.&#8221;&nbsp;



Investors can gain exposure to the stock via&nbsp;USCF ETF Trust USCF Dividend Income Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDI#NYSE">UDI</a>) and SmartETFs Dividend Builder ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIVS#NYSE">DIVS</a>).



Price Action: PAYX shares are down 0.05% at $121.56 on the last check Tuesday.

MSC Industrial Direct Co., Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSM#NYSE">MSM</a>)&nbsp;shares are trading lower after the reported second-quarter FY24 net sales decline of 2.7% Y/Y to $935.3 million,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/n37977485/msc-industrial-supply-co-reports-fiscal-2024-second-quarter-results" rel="noreferrer noopener">missing the consensus of $946.5 million</a>.



Average daily sales fell 2.7% Y/Y on continued softness in heavy manufacturing verticals.



Adjusted operating income declined 16.5% to $97.8 million, with the operating margin compressing to 10.5% from 12.2% a year ago.



Adjusted EPS of $1.18, down 18.6%, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $1.16</a>.



As of March 2, 2024, the company held $22.2 million in cash and equivalents.&nbsp;



Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, stated, &#8220;However, due to our lower than expected performance in the first half combined with current market conditions, it is likely that we will be at the lower end of our outlook for the full year.&#8221;



MSC Industrial&#8217;s cash dividend of $0.83 per share is payable on April 23, 2024, to shareholders of record at the <a href="https://www.benzinga.com//node/37946630" target="_blank" rel="noreferrer noopener">close of business on April 9, 2024.</a>



<a href="https://www.benzinga.com/news/earnings/24/01/36554973/why-msc-industrial-shares-are-sinking-today" target="_blank" rel="noreferrer noopener">Outlook</a>: MSC Industrial reiterated the outlook for FY24 ADS growth of 0%-5%, adjusted operating margin of 12% &#8211; 12.8%, and an operating cash flow conversion of <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">more than 125%</a>.



The company completed the acquisition of intellectual property (IP) assets from Schmitz Manufacturing Research &amp; Technology LLC (SMRT) related to its technology solutions&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/n37974238/msc-industrial-supply-co-acquires-intellectual-property-assets-from-schmitz-manufacturing-research" rel="noreferrer noopener">for the U.S. manufacturing industry</a>.



Investors can gain exposure to the stock via&nbsp;USCF ETF Trust USCF Dividend Income Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UDI#NYSE">UDI</a>) and&nbsp;KraneShares Value Line Dynamic Dividend Equity Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVLE#NYSE">KVLE</a>).



Price Action: MSM shares are trading lower by 1.45% at $98.08 on the last check Thursday.



Photo via Shutterstock

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