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In a recent development, the Pentagon has discovered an additional $2 billion in accounting errors related to aid sent to Ukraine. According to a recent U.S. government report, this takes the total of improperly valued material to $8.2 billion.
What Happened: The U.S. Department of Defense has been grappling with accurately valuing defense articles sent to Ukraine due to ambiguous accounting definitions. This information was revealed in a new Government Accountability Office (GAO) report, Reuters reported on Friday.
In 2023, the <a href="https://www.benzinga.com/government/23/06/32955310/my-bad-how-an-accounting-error-is-giving-the-us-government-6-billion-in-extra-ukraine-aid">Pentagon confessed that </a>its staff used &#8220;replacement value&#8221; instead of &#8220;depreciated value&#8221; to calculate the billions in materials sent to Ukraine. This $6.2 billion error led to additional billions being dispatched to Kyiv.
Since then, the Pentagon has identified $2 billion more in overstatements. As a result, an extra $2 billion worth of arms can be sent to Ukraine to meet the aid amount approved by the Biden administration.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39964922/ron-desantis-says-florida-supreme-court-should-not-have-allowed-cannabis-legalization-initiative?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ron DeSantis Says Florida Supreme Court Should &#8216;Not Have Allowed&#8217; Cannabis Legalization Initiative On Ballot</a>
The GAO highlighted that a vague definition of value in the Foreign Assistance Act and the absence of specific valuation guidance for the Presidential Drawdown Authority have led to inconsistencies in the reported value of military aid. For example, the GAO report mentioned a case where 10 vehicles were valued at $7,050,000, while the supporting documentation indicated they should have been valued at zero, their net book value. 
The GAO has recommended that Congress clarify the definition of value in the context of defense articles under Presidential Drawdown Authority. It has also issued seven recommendations to the Defense Department, urging it to update its guidance to include a PDA-specific valuation section and develop component-specific valuation procedures. The department has agreed with all recommendations and outlined actions to address these issues.
Why It Matters: Amid escalating tensions with Russia, Ukraine has been the recipient of <a href="https://www.benzinga.com/news/24/07/39673768/russia-rains-missiles-on-ukraine-as-nato-readies-to-discuss-military-aid">significant military aid</a> from the U.S., with the NATO summit in July focusing on providing long-term support for Ukraine in the war against Russia. 
Ukrainian President Volodymyr Zelenskyy <a href="https://www.benzinga.com/news/24/07/39700167/zelenskyy-lands-in-washington-as-nato-summit-puts-ukraine-aid-first">sought to boost</a> allied support for his country during his visit to Washington, D.C.
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White House Photo by Adam Schultz
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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Pentagon Finds Another $2B Accounting Error In Ukraine Aid, Bringing Total to $8.2B

The technology sector is witnessing a downturn as stocks continue to falter due to unimpressive earnings. expert has indicated that the unwinding of popular trades, which led to inflated valuations, has begun.
What Happened: The assumptions driving this year&#8217;s global financial markets are being rapidly reassessed. Investors are scrambling to redeploy money amid growing doubt over the U.S. economy&#8217;s outlook, leading to speculation that the Federal Reserve may implement faster or deeper rate cuts than previously planned, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-25/everything-you-thought-you-knew-about-2024-markets-has-changed">reported</a> on Friday.
Investors have become skeptical about the payoff of technology companies&#8217; substantial investments in artificial intelligence. Consequently, shares of big winners such as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) have been discarded.
&#8220;It does seem that an unwinding has begun of popular trades that brought valuations to stupid levels,&#8221; Louis-Vincent Gave, CEO of Gavekal Research, wrote in a note to clients.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39898236/jeff-bezos-era-downstream-impact-losing-its-mojo-amazon-ceo-andy-jassy-is-reportedly-rethinking-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Era &#8216;Downstream Impact&#8217; Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses</a>
Torsten Slok, chief economist at Apollo Global Management, warned clients that &#8220;if the economy starts slowing down, the speed of the slowdown becomes essential. A faster slowdown would have negative implications for earnings and increase the probability of a selloff in stock markets and credit markets.&#8221;
Government bonds are also experiencing a gloomier global growth outlook, prompting investors to snap up short-dated securities amid concerns that monetary policy is too tight, acting before borrowing costs decrease.
Stock markets have been driven this year by a consensus that inflation was coming under control, allowing the Fed to ease monetary policy later in the year and thus avoid a recession. Now, many investors believe that the Fed is falling behind the curve — not only is inflation quieting, but the economy is weakening too much.
Why It Matters: This downturn follows a tech stock selloff triggered by <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39950739/tesla-apples-lackluster-reports-cause-hair-trigger-for-investors-to-rethink-tech-he">disappointing quarterly reports</a> from Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and 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>), causing the tech-heavy Nasdaq Composite to drop 3.6% on its worst day since October 2022.
Despite the selloff, CNBC Mad Money host Jim Cramer <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39932009/jim-cramer-slams-tesla-google-parent-alphabet-sellers-says-anyone-who-listened-to-c">defended the performance</a> of Tesla and Alphabet, stating that anyone who listened to their conference calls would know that these companies are performing extremely well.
The S&amp;P 500 and the Nasdaq Composite concluded <a href="https://www.benzinga.com/news/earnings/24/07/39978094/s-p-500-nasdaq-settle-lower-as-tech-stocks-continue-to-falter-greed-index-in-fear-zone">lower on Thursday</a>, continuing the trend of significant losses from the previous session. Major tech companies, including Nvidia, Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Alphabet, all closed lower.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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As Tech Stocks Continue To Falter Amid Tesla, Google's Unimpressive Earnings, Expert Says 'Unwinding Has Begun Of Popular Trades That Brought Valuations To Stupid Levels'

The CNN Money Fear and Greed index showed a further decline in the overall market sentiment, with the index remaining in the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks closed mixed on Thursday, with the S&amp;P 500 and the Nasdaq Composite moving lower after recording sharp losses in the prior session.
Shares of leading technology companies, including, Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), while Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet (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>) settled lower on Thursday.
Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) shares tumbled over 18% on Thursday after the company missed analyst EPS estimates for the 2024 fiscal year second quarter. Shares of Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) dipped 31% after the company reported worse-than-expected second-quarter sales results and issued third-quarter guidance below estimates. Also, the company acquired JenaValve and Endotronix.
On the economic data front, U.S. initial jobless claims declined by 10,000 to 235,000 in the week ending July 20, compared to market estimates of 238,000. The U.S. economy grew by an annualized 2.8% in the second quarter, up from 1.4% in the prior quarter, and higher than expectations of 2%.
Most sectors on the S&amp;P 500 closed on a negative note, with information technology, communication services and utilities stocks recording the biggest losses on Thursday. However, energy and industrial stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 81 points to 39,935.07 on Thursday. The S&amp;P 500 fell 0.51% at 5,399.22, while the Nasdaq Composite fell 0.93% at 17,181.72 during Thursday's session.
Investors are awaiting earnings results from Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) and Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 39.3, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 40.2.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
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S&P 500, Nasdaq Settle Lower As Tech Stocks Continue To Falter: Greed Index In 'Fear' Zone

Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) reported $24.82 billion in sales this quarter. This is a 15.05 percent increase over sales of $21.57 billion the same period last year.

Eni Q2 Sales $24.82B Up From $21.57B YoY

Ismael "El Mayo" Zambada, co-founder of Mexico&#8217;s <a href="https://www.benzinga.com/markets/cannabis/23/10/35294836/el-chapo-behind-bars-but-still-in-power-orders-sons-to-quit-fentanyl-trade-to-the-us" target="_blank" rel="noreferrer noopener">Sinaloa drug cartel</a> is in U.S. custody along with Joaquin Guzman Lopez, son of the other cartel co-founder <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him" target="_blank" rel="noreferrer noopener">Joaquin "El Chapo" Guzmán</a>, Attorney General Merrick Garland confirmed in a press release. The two men were arrested Thursday in El Paso, Texas. 
"The Justice Department has taken into custody two additional alleged leaders of the Sinaloa Cartel, one of the most violent and powerful drug trafficking organizations in the world,&#8221; stated Garland. &#8220;El Mayo and Guzman Lopez join a growing list of Sinaloa Cartel leaders and associates who the Justice Department is holding accountable in the United States.&#8221;
These developments mark a significant blow to the Sinaloa Cartel&#8217;s leadership and operations.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/01/36707665/dea-seizes-largest-amount-of-fentanyl-in-its-history-386m-lethal-doses-enough-to-kill-every-amer">DEA Seizes Largest Amount Of Fentanyl In Its History: 386M Lethal Doses, Enough &#8216;To Kill Every American&#8217;</a>
Both men face a series of charges related to their roles in the cartel&#8217;s extensive criminal operations, including the <a href="https://www.benzinga.com/markets/cannabis/24/06/39563755/dea-indicts-la-based-sinaloa-cartel-members-for-laundering-50m-in-drug-money-via-underground-chi">manufacturing and trafficking of fentanyl</a>. 
&#8220;Fentanyl is the deadliest drug threat our country has ever faced, and the Justice Department will not rest until every single cartel leader, member, and associate responsible for poisoning our communities is held accountable," Garland said.
<h2 class="wp-block-heading">Sinaloa Cartel</h2>
Originating in Sinaloa, Mexico, the cartel is known for smuggling large quantities of fentanyl, methamphetamine and heroin into the U.S.
The latest charges against El Mayo Zambada, who has long been considered one of Mexico&#8217;s most notorious drug traffickers, were filed in February. 
Federal prosecutors detailed Zambada&#8217;s extensive operations, which spanned from 1989 to 2024, involving the importation and distribution of massive amounts of narcotics, resulting in billions of dollars in profits. The indictment also alleges that he employed individuals to secure transportation routes and warehouses for drug storage and used hitmen to eliminate rivals.
Following El Chapo&#8217;s 2018 conviction and <a href="https://www.benzinga.com/markets/cannabis/23/01/30516394/el-chapo-wants-to-serve-his-sentence-at-home-does-mexico-have-a-prison-secure-enough-to-hold-him" target="_blank" rel="noreferrer noopener">life sentence,</a> which he&#8217;s serving in a supermax prison in Colorado, his partner El Mayo Zambada managed to evade capture for years and continued to run the Sinaloa cartel.
El Mayo&#8217;s son Vicente, however, was arrested and sentenced to 15 years in 2019 after being extradited from Mexico in 2010. He admitted to orchestrating murders and kidnappings for the cartel. 
Shortly after his arrest, Vicente began cooperating with U.S. authorities, helping them target cartel members, which led to numerous indictments, reportedly including his father and other top Sinaloa cartel leaders.
El Mayo was indicted by a U.S. federal grand jury in April 2012 for violent acts committed by cartel members, such as the 2010 kidnapping and murder of an American citizen and his family members due to their connections with a rival cartel, <a href="https://www.cnn.com/2024/07/25/us/sinoloa-cartel-ismael-zambada-custody-report/index.html">reported</a> CNN. Another incident involved the brutal killing of a Texas resident in 2009 over a lost marijuana shipment.
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</ul>
Photo courtesy of U.S. Customs and Border Protection

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Merrick Garland Confirms Arrest Of Mexico's Sinaloa Cartel Leader And Son Of Infamous 'El Chapo' Guzman

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) took to social media platform X earlier this week to warn customers against putting wet towels on <a href="https://www.benzinga.com/news/24/07/39951183/tesla-supercharger-network-growth-slows-down-in-q2-after-exit-of-rebecca-tinucci-and-other-employees">supercharger cable handles</a> to speed up charging their EVs.
What Happened: Placing a wet cloth on supercharger handles does not increase charging speed but instead increases risks of overheating or damage as it interferes with temperature monitors, Tesla said.
&#8220;Please refrain from doing this so our systems can run correctly, and true charging issues can be detected by our systems,&#8221; Tesla wrote via its handle dedicated to charging updates. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Placing a wet cloth on Supercharger cable handles does not increase charging rates and interferes with temperature monitors creating risk of overheating or damage. Please refrain from doing this so our systems can run correctly, and true charging issues can be detected by our…
&mdash; Tesla Charging (@TeslaCharging) <a href="https://twitter.com/TeslaCharging/status/1816284411425673578?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
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The company was responding to the hack of cooling charging cables with wet cloths to enable faster charging doing the rounds again on social media ahead of the summer. 
Tesla&#8217;s charger slows down charging pace on sensing excess temperature as in summers when the sun heats the cable and putting a wet towel on the cable helps bring this temperature down, thereby allowing a higher charging rate, proponents of the hack believe. 
Why It Matters:&nbsp;Earlier this week, Tesla said that the company had 59,596 supercharger connectors around the globe as of the end of the second quarter, or 24% more than the corresponding quarter of 2023.
The growth rate of superchargers, however, has slowed significantly since the company <a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees">announced plans to lay off 10% of its global workforce</a> in April. The layoffs impacted <a href="https://www.benzinga.com/news/24/05/38846223/elon-musk-fired-supercharger-chief-rebecca-tinucci-and-her-entire-team-after-she-refused-to-lay-off" target="_blank" rel="noreferrer noopener">500 members of the supercharging team</a> and Rebecca Tinucci, Tesla's then Senior Director of Charging Infrastructure, left the company.
Superchargers grew only 3.5% from the end of the first quarter to the second, significantly lower than the quarter-on-quarter growth of 7.4% in the number of superchargers recorded through the fourth quarter. Even through the first quarter of 2024, supercharger numbers grew by 4.9%.
However, the company will <a href="https://www.benzinga.com/news/24/05/38757383/elon-musk-announces-500m-investment-in-teslas-supercharger-network-expansion-in-2024">invest $500 million in expanding the supercharger network</a> this year, Tesla CEO Elon Musk said at the company&#8217;s annual shareholder meeting last month, while also keeping an eye on capital efficiency and the places they are deployed.
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>.
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</ul>
Photo via Shutterstock

Tech

Tesla Says Using Wet Cloth On Supercharger Cables Does Not Increase Charging Speeds, Warns Customers Of 'Risk Of Overheating Or Damage'

alliditas Therapeutics AB&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CALT#NASDAQ">CALT</a>) (STOCKHOLM: CALTX)&nbsp;(&quot;Calliditas&quot;) today announced that the Phase&nbsp;2b&nbsp;TRANSFORM trial met its primary endpoint, showing statistically significant improvement in ALP (Alkaline Phosphatase) for both doses tested versus placebo. The trial evaluated&nbsp;setanaxib, a NOX enzyme inhibitor, in patients with primary biliary cholangitis (PBC) and elevated liver stiffness.

CALT

Calliditas Therapeutics Reports TRANSFORM Phase 2b Topline Data In Primary Biliary Cholangitis

For the first time, an Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) banner was flown outside the New York Stock Exchange building, symbolizing the world&#8217;s second-largest cryptocurrency&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38971871/strike-ceo-ethereum-etfs-are-good-for-banks-because-wall-street-loves-volatility">rising importance</a> on Wall Street.
What Happened: In a video posted Thursday by Bitwise President Teddy Fusaro, the banner of Bitwise Ethereum ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETHW#NYSE">ETHW</a>) went up outside the facade of the iconic trading platform. The ticker of the fund, ETHW, was displayed prominently on the banner.
Reacting to the video, Nate Geraci, president of The ETF Institute, said, "What a moment… The word &#8220;Ethereum&#8221; hanging from the 120-year-old New York Stock Exchange building. The picture might end up in the history books someday."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What a moment&#8230; The word &quot;Ethereum&quot; hanging from the 120yr old New York Stock Exchange building. Picture might end up in the history books someday. <a href="https://t.co/Ilnfj19zKJ">https://t.co/Ilnfj19zKJ</a>
&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1816620919353483273?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
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Silicon Valley investor Balaji Srinivasan, a notable figure in the tech and cryptocurrency spheres, hailed the event as Ethereum's victory over the Securities and Exchange Commission (SEC.)
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The flag of ETH is raised over Wall Street. And the SEC surrenders to a more powerful regulator. Because it is Ethereum that now provides standardized market access to all Internet participants. The network defeats the state.<a href="https://t.co/7nlQCxXvWz">pic.twitter.com/7nlQCxXvWz</a>
&mdash; Balaji (@balajis) <a href="https://twitter.com/balajis/status/1816695480014741752?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
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It's worth reminding that this is not the first time that a cryptocurrency fund banner has been raised on Wall Street. The banner of Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>) appeared outside the NYSE earlier in February.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39976626/jersey-city-pension-fund-to-follow-wisconsins-lead-with-bitcoin-etf-investment-ive-been-a-">Jersey City Pension Fund To Follow Wisconsin&#8217;s Lead With Bitcoin ETF Investment: &#8216;I&#8217;ve Been A Long Time Believer In Crypto,&#8217; Says Mayor Fulop</a>
Why It Matters: The <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897440/ethereum-etfs-get-final-go-ahead-from-the-sec-what-happens-next">final approval of spot Ethereum ETFs</a> earlier this week is perceived as a major victory against forces in the <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37538468/sec-chair-gary-gensler-declines-to-say-whether-ethereum-is-a-commodity-its-about-circumsta">SEC who had raised concerns that the cryptocurrency is a security</a>.
The nine new ETFs have recorded trading volumes close to $1 billion on each of the first three days since launch, according to SoSo Value.&nbsp;
Talking about Bitwise Ether ETF, the fund has attracted cumulative net inflows of $250 million since listing.
Price Action: At the time of writing, Ethereum was trading at $3,267.86, up 2.90% 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>.
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</ul>
Photo courtesy: Shutterstock

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ETHW

GBTC

Ethereum Banner Raised Outside NYSE, Industry Observer Says Moment 'Might End Up In The History Books'

<ul>
<li>The marketing authorization for SKYRIZI&reg;&nbsp;(risankizumab) marks its fourth approved indication in the European Union</li>
<li>The approval is supported by data from two pivotal Phase 3 trials: The INSPIRE induction trial1&nbsp;and COMMAND maintenance trial2</li>
<li>In both trials, SKYRIZI achieved the primary endpoint of clinical remission (per Adapted Mayo Score&#x2A;) and key secondary endpoints, including mucosal healing&#x2A;&#x2A; and histologic endoscopic mucosal healing&dagger;,1,2</li>
</ul>

ABBV

AbbVie Gains EU Approval For SKYRIZI To Treat Moderately To Severely Active Ulcerative Colitis In Adults

KARO

Karooooo Withdraws Secondary Public Offering Of Ordinary Shares Due To Market Uncertainty

T. Rowe Price Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TROW#NASDAQ">TROW</a>) will release its second quarter financial results, after the <a href="https://www.benzinga.com/quote/trow/earnings">closing bell on Friday, July 26.</a>
Analysts expect the Baltimore, Maryland-based company to report quarterly earnings at $2.27 per share, up from $2.02 per share in the year-ago period. T. Rowe Price is expected to post revenue of $1.79 billion, compared to $1.62 billion a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 11, T. Rowe Price Group reported preliminary month-end assets under management of $1.57 trillion as of June 30, 2024.
T. Rowe Price shares gained 1% to close at $115.49 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TROW/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Keefe, Bruyette &amp; Woods analyst Aidan Hall maintained a Market Perform rating and raised the price target from $120 to $121 on July 12. This analyst has an accuracy rate of 66%.</li>
<li>Evercore ISI Group analyst Glenn Schorr maintained an In-Line rating and slashed the price target from $110 to $107 on April 30. This analyst has an accuracy rate of 66%.</li>
<li>Morgan Stanley analyst Michael Cyprys maintained an Equal-Weight and boosted the price target from $114 to $125 on April 17. This analyst has an accuracy rate of 67%.</li>
<li>UBS analyst Brennan Hawken maintained a Sell rating and boosted the price target from $100 to $109 on April 12. This analyst has an accuracy rate of 71%.</li>
<li>Citigroup analyst Chris Allen maintained a Neutral rating and raised the price target from $110 to $125 on April 5. This analyst has an accuracy rate of 76%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>

Price Target

Analyst Ratings

TROW

Top Wall Street Forecasters Revamp T. Rowe Price Expectations Ahead Of Q2 Earnings

Buybacks

HTBK

Reported Earlier, Heritage Commerce Authorizes $15M Share Repurchase Program

Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) reported quarterly earnings of $0.15 per share which missed the analyst consensus estimate of $0.18 by 16.67 percent. This is a 44.44 percent decrease over earnings of $0.27 per share from the same period last year. The company reported quarterly sales of $41.73 million which beat the analyst consensus estimate of $40.90 million by 2.03 percent. This is a 13.72 percent decrease over sales of $48.37 million the same period last year.

Heritage Commerce Q2 EPS $0.15 Misses $0.18 Estimate, Sales $41.73M Beat $40.90M Estimate

Commencing with its&nbsp;first quarter&nbsp;of fiscal year 2025, the company will report its financial results based on two new reportable segments:&nbsp;Communication Services&nbsp;and&nbsp;Defense and Advanced Technologies.

VSAT

Reported Earlier, Viasat Streamlines Reporting Segments To Better Reflect Diverse Markets, Focuses On Communication Services And Defense

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) to report quarterly earnings at $1.63 per share on revenue of $11.55 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Bristol-Myers Squibb shares fell 0.4% to $45.10 in after-hours trading.</li>
<li>Deckers Outdoor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) reported better-than-expected results for the first quarter. The company said it still expects net sales to increase approximately 10% year-over-year in fiscal year 2025 to $4.7 billion. Deckers Outdoor shares jumped 10.2% to $927.00 in the after-hours trading session.</li>
<li>Analysts are expecting 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) to post quarterly earnings at $1.68 per share on revenue of $5.88 billion. The company will release earnings before the markets open. 3M shares rose 0.01% to $103.40 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Skechers U.S.A., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39972642/skechers-reports-q2-results-heres-the-details">posted downbeat earnings</a> and sales results for its second quarter. However, the company raised its FY 2024 sales guidance and reported a new $1 billion share repurchase program. Skechers shares gained 2% to $65.01 in the after-hours trading session.</li>
<li>Analysts expect Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) to post quarterly earnings at $7.98 per share on revenue of $13.59 billion before the opening bell. Charter Communications shares gained 0.8% to close at $315.23 on Thursday.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>
Photo courtesy: Shutterstock

DECK

Bristol-Myers Squibb, Deckers Outdoor And 3 Stocks To Watch Heading Into Friday

Elon Musk&#8216;s rocket manufacturing company SpaceX is gearing up to resume launch operations after a two-week-long pause. 
What Happened: SpaceX launched Falcon 9 with 20 Starlink satellites from California on July 11. However, the Starlink satellites were deployed in a <a href="https://www.benzinga.com/news/24/07/39766325/starlink-satellites-from-thursdays-launch-will-fully-demise-in-earths-atmosphere-says-elon-musks-spa">lower-than-intended orbit </a>owing to an issue with the rocket's second-stage engine. The company&#8217;s launch operations have been on hold since. 
The company subsequently conducted an investigation with oversight from the Federal Aviation Administration (FAA) and has identified the most probable cause of the mishap, it said on Thursday. Necessary design changes have also been deployed to prevent a recurrence of the issue.
&#8220;Safety and reliability are at the core of SpaceX's operations. It would not have been possible to achieve our current cadence without this focus, and thanks to the pace we've been able to launch, we're able to gather unprecedented levels of flight data and are poised to rapidly return to flight, safely and with increased reliability,&#8221;&nbsp;SpaceX said.
The company is now looking to resume launch activities, starting as soon as Saturday, July 27. 
As for the Starlink satellites that were deployed in a lower-than-intended orbit on the last launch, they <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39948582/cat-in-a-dogs-world-outsmarts-dogecoin-shiba-inu-emerges-as-top-coin-for-the-week-whats-go">re-entered Earth&#8217;s atmosphere</a> and were fully demised upon reentry, SpaceX said. No debris has been reported to date, it added. 
Why It Matters:&nbsp;SpaceX&nbsp;<a href="https://www.benzinga.com/news/24/07/39612042/elon-musks-spacex-launches-67-missions-in-first-half-of-2024-trailing-own-targets" target="_blank" rel="noreferrer noopener">completed 67 missions</a>&nbsp;using its Falcon launch vehicles as of the end of the second quarter, with Falcon 9 alone accounting for 66 launches.&nbsp;&nbsp;The company is looking to launch 144 times in 2024, averaging twelve times per month.
The two-week-long pause poses a major threat to SpaceX&#8217;s launch targets, with the company having launched only three missions in July thus far.
On its upcoming flight planned for July 27, the company is looking to launch 23 Starlink satellites to low-Earth orbit aboard a Falcon 9 launch vehicle from Florida. 
Starlink is the satellite internet segment of Musk's SpaceX. It achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November.
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:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39950408/elon-musk-agrees-with-former-executive-who-thinks-everyone-has-strong-opinions-on-tesla-unlike-in-th" target="_blank" rel="noreferrer noopener">Elon Musk Agrees With Former Executive Who Thinks ‘Everyone&#8217; Has ‘Strong&#8217; Opinions On Tesla Unlike In The Case Of Eli Lilly And LVMH</a></li>
</ul>
Photo courtesy: SpaceX

SPACE

Elon Musk's SpaceX To Resume Launch Operations Two Weeks After Mishap Involving 20 Starlink Satellites

Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) reported quarterly earnings of $0.28 per share which missed the analyst consensus estimate of $0.29 by 3.45 percent. This is a 1033.33 percent increase over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $277.10 million which beat the analyst consensus estimate of $257.17 million by 7.75 percent. This is a 59.90 percent increase over sales of $173.30 million the same period last year.

Buenaventura Mining Co Q2 EPS $0.28 Misses $0.29 Estimate, Sales $277.10M Beat $257.17M Estimate

3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) will release its financial results for the second quarter, before the <a href="https://www.benzinga.com/quote/MMM/earnings">opening bell on Friday, July 26.</a>
Analysts expect the Saint Paul, Minnesota-based company to report quarterly earnings at $1.68 per share, down from $2.17 per share in the year-ago period. 3M is expected to post revenue of $5.88 billion, compared to $7.87 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 16, 3M completed a strategic investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production.
3M shares rose 0.1% to close at $103.39 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/MMM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Julian Mitchell maintained an Overweight rating and raised the price target from $118 to $120 on July 10. This analyst has an accuracy rate of 77%.</li>
<li>Wells Fargo analyst Joe O'Dea maintained an Equal-Weight rating and increased the price target from $100 to $110 on July 10. This analyst has an accuracy rate of 81%.</li>
<li>B of A Securities analyst Andrew Obin upgraded the stock from Neutral to Buy and boosted the price target from $105 to $120 on June 7. This analyst has an accuracy rate of 71%.</li>
<li>Vertical Research analyst Jeffrey Sprague upgraded the stock from Hold to Buy and raised the price target from $92 to $140 on May 16. This analyst has an accuracy rate of 79%.</li>
<li>Citigroup analyst Andrew Kaplowitz maintained a Neutral rating and increased the price target from $98 to $100 on May 1. This analyst has an accuracy rate of 86%.</li>
</ul>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/24/07/39965370/wall-streets-most-accurate-analysts-say-hold-these-3-utilities-stocks-with-over-5-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Say Hold These 3 Utilities Stocks With Over 5% Dividend Yields</a></li>
</ul>

3M Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Epic Games has announced that its flagship game, Fortnite, will soon be available for download on Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and iPads <a href="https://www.benzinga.com/news/24/07/39654022/apple-approves-epic-games-marketplace-app-in-europe-amid-ongoing-feud">in the EU</a>. However, the company has also decided to pull out its game from Samsung Electronics&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) Galaxy Store.
What Happened: On Thursday, the Fortnite maker announced this latest development adding that the company plans to expand the availability of its mobile games, including Fortnite, to other app stores.
&#8220;We will be ending distribution partnerships with mobile stores that serve as rent collectors without competing robustly and serving all developers fairly, even if those stores offer us a special deal for our own games,&#8221; Epic said in a press release.
Epic also announced that its mobile games will be accessible on AltStore, a third-party store that permits side-loading, on iOS in the EU. The company also intends to extend support to at least two other third-party stores.
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">&#8221;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;</a>
Meanwhile, the company&#8217;s move to exit the Samsung Galaxy Store comes as a protest against the smartphone maker&#8217;s decision to prevent side-loading by default on Android devices.
&#8220;In sad news, we are today announcing that Fortnite and our other games will be leaving the Samsung Galaxy Store in protest of Samsung&#8217;s anticompetitive decision to&nbsp;block side-loading&nbsp;by default on Samsung Android devices,&#8221; Epic stated.
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: The latest development comes amid the company&#8217;s ongoing legal battle with Apple. The gaming company has been challenging the high commissions on in-app purchases and the restriction on users to download apps only <a href="https://www.benzinga.com/news/24/07/39646883/fortnite-maker-epic-games-accuses-apple-of-blocking-its-game-store-launch">through the App Store</a>.
Earlier in July,&nbsp;Apple had approved Epic Games&#8217;&nbsp;marketplace app&nbsp;for&nbsp;iPhones and iPads in Europe. This came after <a href="https://www.benzinga.com/general/gaming/24/03/37517484/apple-terminates-epic-games-developer-account-in-ongoing-feud-over-app-store-fees">Epic accused the company</a> of obstructing its efforts to launch a game store on Apple devices.
The Epic Games Store will be launched globally on Android and iOS in the EU. The timeline for this, however, remains unspecified. Last month, Epic announced that the company&#8217;s marketplace and Fortnite will be <a href="https://www.benzinga.com/general/gaming/24/06/39340107/epic-games-store-and-fortnite-coming-to-ios-in-japan-by-late-2025">accessible on iOS in Japan</a> by late 2025.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Slams Tim Cook's Apple After Cupertino Reportedly Rejected Its iPhone AI Partnership Proposal: ‘They Wanted To Put Us In A Box…'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Gaming

AAPL

SSNLF

Fortnite Is Coming Back To Apple's iPhones, Including Alternative App Stores, But There's A Catch

Community Healthcare Trust increased its common stock cash dividend for the quarter ended&nbsp;June 30, 2024. This dividend, in the amount of&nbsp;$0.4625&nbsp;per share, is payable on&nbsp;August 23, 2024&nbsp;to shareholders of record on&nbsp;August 9, 2024. This dividend rate equates to an annualized dividend of&nbsp;$1.85&nbsp;per share. Community Healthcare Trust Incorporated has increased its dividend every quarter since its Initial Public Offering.

Dividends

CHCT

Reported Earlier, Community Healthcare Trust Increased Its Second Quarter Dividend To $0.4625 From $0.46 In Prior Quarter, Payable August 23, 2024

UpHealth (UPHL) has released an update. UpHealth, Inc. announced its agreement to sell Cloudbreak, its subsidiary, to Forest Buyer, LLC for $180 mi...

UpHealth's Strategic Sale of Cloudbreak to Boost Shareholder Value

UpHealth (UPHL) has released an update. UpHealth, Inc. has granted its CEO, Martin Beck, an option to buy 1.3 million shares at $0.385 each, with i...

UpHealth Incentivizes CEO with Stock Option Plan

The latest announcement is out from UpHealth (UPHL). UpHealth, Inc. has solidified its executive leadership structure by revising employment agreem...

UpHealth Revamps Leadership and Enhances Compensation Packages

UpHealth (UPHL) has provided an announcement. UpHealth, Inc. is embroiled in an international arbitration over the control of Glocal Healthcare Sys...

UpHealth Wins Arbitration in Glocal Healthcare Dispute

UpHealth Non-GAAP EPS of -$0.54 misses by $0.17, revenue of $17.35M misses by $15.65M

UpHealth appoints Jay Jennings as acting CEO

An update from UpHealth (UPHL) is now available. UpHealth, Inc. has announced the resignation of its CEO, Martin Beck, effective July 10, 2024, alo...

UpHealth Announces CEO Transition and Board Changes

UPHL

Press Releases

UpHealth Completes Sale of Cloudbreak Health at $180 Million Full Cash Deal

The International Court of Arbitration awarded UpHealth Holdings more than $110 Million in Damages in Breach of Contract Lawsuit Involving the 2020 Purchase by UpHealth of Glocal Healthcare Systems

Health Care

UpHealth Provides Corporate Update and Announces Fourth Quarter and Full Year 2023 Financial Results

UpHealth Holdings Takes Steps to Enforce the International Court of Arbitration's Final Award to UpHealth Holdings of more than $110 Million in Damages in Breach of Contract Lawsuit Involving the 2020 Purchase by UpHealth of Glocal Healthcare Systems

Calcutta High Court rules in favour of UpHealth Holdings, Inc., and vigorously reinforces the ICC International Court of Arbitration previous $110 million award against Glocal directors and other Respondents, calling their conduct "dishonest and fraudulent"

Small Cap

UpHealth Holdings, Inc. Wins Ruling in Calcutta High Court, Mandating All Glocal Healthcare Respondents Submit Affidavits of Assets

UpHealth

Jay Jennings Appointed Acting Chief Executive Officer of UpHealth; Replacing Martin BeckAnnounces the Promotion of Lisa Fluxman to President of TTC HealthcareReaffirms Jeremy Livianu as Chief Legal Officer and Secretary of UpHealthDELRAY BEACH, Fla., July 15, 2024 /PRNewswire/ -- UpHealth, Inc. ("UpHealth," the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPH#NYSE">UPH</a>), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced the July 11, 2024 appointment by the Board of Directors of the Company of Jay Jennings, currently the Company's Chief Financial Officer, to serve as the Company's Acting Chief Executive Officer, replacing Martin Beck, who resigned as Chief Executive Officer effective July 10, 2024. Mr. Beck also resigned from his position as a Class I director of the Company effective July 10, 2024. On July 11, 2024, the Board determined that it would not appoint any successor to fill the vacancy created by Mr. Beck's resignation as a Class I director at this time.

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UpHealth

News

Latest news for UpHealth (OTC:UPHL) Stock

Monday, July 15, 2024