Latest news for UWC (OTC:UWCBF) Stock

UWC Bhd is an investment holding company. The company operates in two segments: Precision sheet metal fabrication & value-added assembly services, which is the key revenue driver; Precision machined components; and Investment holding. It provides fabrication services involving various processes of working with metal such as cutting, forming, joining, and other associated processes to produce intermediate metal products, ranging from metal piece parts to precision machined components. The company sells its products to various industries such as Semiconductor, Life science & medical technology, Heavy Duty, and others. Its geographical segments include Malaysia, Singapore, United States, India, China, France, Netherlands, and Others.

UWC Bhd

Prominent investment analyst Gary Black of The Future Fund LLC has sparked a market discussion with a recent analysis comparing Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), highlighting critical differences in their earnings trajectory and valuation metrics.
What Happened: In a post on X, Black explained why Nvidia remains the fund&#8217;s top position while Tesla ranks fifth, focusing on the divergent paths of earnings estimates for both companies. He pointed out that Wall Street continues to raise earnings estimates for Nvidia while simultaneously reducing estimates for Tesla.
The analysis centers on the price-to-earnings-growth ratio, a key metric for investors. Black noted that Nvidia currently trades at 1.6x PEG, with a calendar year 2025 price-to-earnings ratio of 32x and a projected long-term earnings growth of 20%. 
In contrast, Tesla stands at 3.2x PEG, with a calendar year 2025 price-to-earnings ratio of 102x and a projected long-term earnings growth of 32%.
The <a href="https://www.benzinga.com/money/understanding-peg-ratio">price-to-earnings-growth ratio</a> is a key valuation metric that helps investors understand a stock&#8217;s true value by comparing its price-to-earnings (P/E) ratio to its expected earnings growth rate.
A lower PEG ratio, typically below 1.0, suggests a stock may be undervalued, indicating the company&#8217;s stock price is relatively cheap compared to its potential future earnings growth.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For those wondering why <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> is our #1 position and <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> #5 &#8211; look no further than these two respective earnings revisions charts. WS keeps raising NVDA's earnings ests, and reducing TSLA's earnings estimates. On PEG, NVDA is at 1.6x PEG (CY'25 P/E = 32x vs 20% long-term eps… <a href="https://t.co/Wt1E4wUYEJ">pic.twitter.com/Wt1E4wUYEJ</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1861852866623033576?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/24/11/42228090/bitcoin-ethereum-dogecoin-surge-as-traders-raise-risk-appetite-ahead-of-thanksgiving-analyst-says-eth-could-jump-to-highs-not-seen-since-late-2021">Bitcoin, Ethereum, Dogecoin Surge As Traders Raise Risk Appetite Ahead Of Thanksgiving: Analyst Sets Mid-Term Price Target For ETH At $6K</a>
Why It Matters: These metrics underscore the fund&#8217;s investment strategy, which Black has consistently defended as disciplined and data-driven. His recent posts have emphasized the importance of professional investment principles, particularly the strategy of <a href="https://www.benzinga.com/markets/equities/24/11/42156674/gary-black-defends-tesla-trim-at-351-no-one-ever-went-broke-by-taking-profits-amid-stocks-150-surge-since-april">buying low and selling high</a>.
The Future Fund&#8217;s performance demonstrates this approach, with the Future Fund Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFND#NYSE">FFND</a>) delivering a 28.30% year-to-date return that outpaces the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>). Black&#8217;s <a href="https://www.benzinga.com/markets/equities/24/11/42156674/gary-black-defends-tesla-trim-at-351-no-one-ever-went-broke-by-taking-profits-amid-stocks-150-surge-since-april">Tesla position has been particularly noteworthy</a>, with the fund&#8217;s average purchase price at $162 and average selling price at $252.
The market performance further illustrates the point: while Tesla has seen a 34% year-to-date gain, Nvidia has surged 180.96%, according to&nbsp;<a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42227834/cathie-wood-buys-amazon-amd-stock-trims-palantir-block-holdings-amid-ai-and-bitcoin-euphoria">Cathie Wood Buys Amazon, AMD Stock — Trims Palantir, Block Holdings Amid AI And Bitcoin Euphoria</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

News

Markets

FFND

NVDA

TSLA

Nvidia Crushes Tesla In Stock Gains — Gary Black Explains Why The AI Chipmaker Occupies The No. 1 Position In Future Fund's Portfolio

Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) handsome rally on Wednesday infused life in its cheaper alternatives, causing them to outperform the marquee asset.
What happened: Ethereum Name Service soared over 45% to become the cryptocurrency market's biggest gainer in the last 24 hours.&nbsp;
The rally catapulted the token to price levels last seen in Jan. 2022, while its market capitalization hit $1 billion after nearly five months.&nbsp;
ENS saw a 520% jump in trading volumes, implying a sharp jump in buying pressure.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:55 p.m. EDT)</td>
</tr>
<tr>
<td>Ethereum Name Service (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENS</a>)</td>
<td>+45.14%</td>
<td>$32.89</td>
</tr>
<tr>
<td>Ethereum Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/etc/usd">ETC</a>)</td>
<td>+12.21%</td>
<td>$31.89</td>
</tr>
</tbody>
</table>
</figure>
Ethereum Classic also racked up double-digit gains to hit a six-month high. Its trading volume more than doubled to $1.18 billion in the last 24 hours. 
The gains in these lesser-known coins follow<a href="https://www.benzinga.com/24/11/42228090/bitcoin-ethereum-dogecoin-surge-as-traders-raise-risk-appetite-ahead-of-thanksgiving-analyst-says-eth-could-jump-to-highs-not-seen-since-late-2021"> Ethereum's sharp upswing</a>, which caused the second-largest cryptocurrency to spike nearly 8%.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155055/crypto-analyst-bitcoin-poised-to-skyrocket-to-180k-and-eventually-top-1m">Crypto Analyst: Bitcoin Poised To Skyrocket To $180K and &#8216;Eventually&#8217; Top $1M</a>
ENS and ETC are fundamentally different from Ethereum, but many retail investors see them as cheaper alternatives.&nbsp;
In the past too, positive news around Ethereum, such as the approval of <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897831/why-are-ethereum-classic-and-ethereum-name-service-shooting-up-on-spot-eth-approval-day">spot exchange-traded funds (ETFs)</a>, resulted in steeper hikes for these cheaper plays.
Ethereum Classic was created as a hard fork of the original Ethereum chain back in 2016 over disagreements within the community following a hack. The new chain inherited the name Ethereum as we know it, while the original one functions as Ethereum Classic.
ENS, on the other hand, is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones easily understandable by humans.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42205579/jim-cramer-says-bitcoin-and-ethereum-deserve-a-spot-in-your-portfolio-as-hedge-against-rising-us-debt-ive-liked-crypto-for-a-very-long-time">Jim Cramer Says Bitcoin And Ethereum &#8216;Deserve A Spot In Your Portfolio&#8217; As Hedge Against Rising US Debt: &#8216;I&#8217;ve Liked Crypto For A Very Long Time&#8217;</a></li>
</ul>

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

Cryptocurrency

Movers

Trading Ideas

$ENS

$ETC

$ETH

Ethereum Rally Gets Overshadowed By Searing Gains In Cheaper Plays: Why Are ENS And ETC Soaring Today?

Influential cryptocurrency analyst&nbsp;Willy Woo&nbsp;shared his perspective on the potential liquidation risk of&nbsp;MicroStrategy Incorporated&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a firm whose aggressive Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) acquisition strategy has sparked significant interest lately.
What Happened:&nbsp;On Wednesday, Woo took to X to state that the primary risk lies in the company&#8217;s convertible debt offerings.
He said that if the buyers of the convertible debt&nbsp;do not convert to shares&nbsp;before maturity, MicroStrategy would be forced to sell Bitcoin to repay the debt holders.
Woo argued that this scenario would occur if MicroStrategy&#8217;s stock didn&#8217;t increase by roughly 40% within the next 5-7 years.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Thoughts on MSTR Liquidation Risk: The only liquidation risk I can see is via their convertible debt offerings: 1) If convertible debt buyers do not convert to shares before maturity, it forces MSTR to sell BTC to reimburse debt holders. 2) This would happen if MSTR doesn&#39;t… <a href="https://t.co/GFIOeAqQPL">pic.twitter.com/GFIOeAqQPL</a>
&mdash; Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1861810991614545980?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The analyst also underlined several other risks of varying degrees. 
He argued that <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42179537/rumble-bets-on-bitcoin-with-new-treasury-strategy-ceo-calls-it-an-excellent-addition">other corporations replicating MicroStrategy&#8217;s playbook</a> could result in reducing its net asset value (NAV) premium—the ratio of the firm&#8217;s market value to its Bitcoin holdings value.
Furthermore, risks such as the SEC acting to limit future Bitcoin purchases and the U.S. government nationalizing and confiscating the asset were raised.
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42225289/heres-how-much-100-invested-in-xrp-token-today-will-be-worth-if-crypto-returns-to-all-time-highs">Here&#8217;s How Much $100 Invested In XRP Token Today Will Be Worth If Crypto Returns To All-Time Highs</a>
Why It Matters:&nbsp;For the curious, a convertible note is a hybrid instrument that can be exchanged for equity in the company at a later date. The conversion feature of these notes eventually<a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them"> helps the debt holders</a> to participate in the equity upside on conversion.
The Michael Saylor-led firm has been issuing these bonds at 0% interest,&nbsp;using the proceeds to fund its future Bitcoin purchases. 
Woo&#8217;s comments followed renowned investment adviser <a href="https://www.benzinga.com/24/11/42156261/are-microstrategys-shares-worth-only-105-investment-adviser-gary-black-weighs-in">Gary Black&#8217;s aspersions </a>on the valuation of MicroStrategy. 
Black estimated that MicroStrategy's&nbsp;shares should be worth about&nbsp;$105/share, a figure 73% lower than its current trading price.
Price Action: Over the past month, MicroStrategy&#8217;s stock has surged 58.94%, outperforming even the famed "Magnificent 7" group of companies. The stock popped 9.94% to $388.84 during Wednesday&#8217;s regular session.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/11/42223923/trump-hhs-pick-robert-f-kennedy-jr-s-wealth-comes-from-family-law-practice-oil-bitcoin">Trump HHS Pick Robert F. Kennedy Jr.&#8217;s Wealth Comes From Family, Law Practice, Oil, Bitcoin</a></li>
</ul>

$BTC

MSTR

Crypto Analyst Flags Convertible Debt-Induced Liquidation Risk To Michael Saylor's MicroStrategy

U.S. stock markets experienced a downturn on Wednesday, with the Nasdaq Composite dropping over 110 points to 19,070.48, a decline of 0.6% over the day. The Dow decreased by 0.3% to 44,722.06, while the S&amp;P 500 fell 0.4% to 5,998.74. 
These are the top stocks that gained the attention of retail traders and investors throughout the day.
Symbotic Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>)
Symbotic&#8217;s stock plunged 35.86% to close at $24. The stock hit an intraday high of $25.47 and a low of $21.78, with a 52-week range of $59.82 to $17.11. The sharp decline followed the company&#8217;s announcement of a <a href="https://www.benzinga.com/24/11/42213634/symbotic-stock-plummets-26-after-delayed-filing-and-revenue-errors">delay in filing its Annual Report</a> on Form 10-K. The delay was attributed to the need for more time to assess revenue recognition errors and address internal control weaknesses.
Unusual Machines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMAC#NYSE">UMAC</a>)
See Also:&nbsp;<a href="https://www.benzinga.com/markets/commodities/24/11/42164230/amid-trumps-drill-baby-drill-pledge-strategist-predicts-us-oil-supply-will-see-marginal-increase-does-the-world-need-that-much-oil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Trump&#8217;s &#8216;Drill Baby, Drill&#8217; Pledge, Strategist Predicts US Oil Supply Will See &#8216;Marginal&#8217; Increase:</a>
Unusual Machines saw its stock soar by 83.99% to $9.77, reaching an intraday high of $11.67 and a low of $7.19, with a 52-week high of $11.67 and a low of $0.98. The surge came after the company announced the <a href="https://www.benzinga.com/24/11/42215044/unusual-machines-appoints-donald-trump-jr-to-its-advisory-board-whats-going-on">appointment</a> of Donald Trump Jr. to its advisory board, a move aimed at bolstering its position in the drone industry.
VCI Global Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VCIG#NASDAQ">VCIG</a>)
VCI Global&#8217;s stock skyrocketed 125.27% to $4.10, with an intraday high of $7.74 and a low of $2.33, and a 52-week range of $179.83 to $1.38. The significant rise followed the announcement of a conditional $24 million <a href="https://www.benzinga.com/news/24/11/42218314/why-vci-global-vcig-stock-is-up-90-today">Letter of Award for a data center project</a> in Malaysia. The project, led by the subsidiary V-Gallant Sdn. Bhd., aims to position Malaysia as a top AI hub.
Pony AI Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PONY#NASDAQ">PONY</a>)
Pony AI&#8217;s shares fell 7.69% to $12, with an intraday high of $15.74 and a low of $11.95, matching its 52-week range. The decline came as the company announced the pricing of its <a href="https://www.benzinga.com/news/ipos/24/11/42228125/pony-ai-stock-falls-over-7-after-ipo-pricing-at-13-rebounds-nearly-3-in-after-hours">initial public offering</a> at $13 per ADS. The offering includes 20 million ADSs, with an option for underwriters to purchase an additional 3 million.
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock dipped 1.58% to close at $332.89, with an intraday high of $342.55 and a low of $326.59, and a 52-week range of $361.92 to $138.8. The decline came as the company <a href="https://www.benzinga.com/markets/24/11/42207185/tesla-sweetens-referral-program-allowing-customers-to-earn-up-to-10000-as-elon-musks-ev-giant-races-to-500k-q4-delivery-target">revamped its referral program</a> in North America, offering enhanced discounts and rewards as it aims to meet its fourth-quarter delivery target of 515,000 vehicles.
Prepare for the day&#8217;s trading&nbsp;<a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a>&nbsp;by Benzinga.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42206614/polygons-pol-token-outshines-bitcoin-ethereum-in-30-day-gains-top-analyst-anticipates-no-major-selling-pressure-in-days-ahead?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto&#8217;s Next Mega-Rocket? Analyst Forecasts Insane 2725%-6600% Surge For This Coin</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

PONY

UMAC

VCIG

Symbotic, Unusual Machines, VCI Global, Pony AI, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Pony AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PONY#NASDAQ">PONY</a>) debuted on the Nasdaq Global Select Market today, pricing its initial public offering at $13 per ADS. The offering of 20 million ADSs, along with a 30-day underwriters&#8217; option for 3 million additional ADSs, aims to raise $260 million in gross proceeds.
What Happened: The IPO includes concurrent private placements totaling $153.4 million from strategic investors, bringing the combined gross proceeds to $413.4 million. If underwriters exercise their full option, proceeds could reach $452.4 million.
Pony AI ADRs opened trading at $13 but closed 7.69% lower at $12.00. However, after-hours trading saw a 2.75% rebound to $12.33, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. The offering is expected to close on Friday.
Goldman Sachs, Merrill Lynch, and Deutsche Bank are among the underwriters for the IPO. Pony AI specializes in autonomous driving solutions with operations spanning multiple continents.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/42227972/softbank-secures-bigger-openai-stake-with-1-5b-employee-share-buyout-report">SoftBank Secures Bigger OpenAI Stake With $1.5B Employee Share Buyout: Report</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Pony AI Stock Falls Over 7% After IPO Pricing At $13, Rebounds Nearly 3% In After Hours

Leading cryptocurrencies rallied ahead of Thanksgiving, shrugging off sell-offs in the stock market.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+4.49%</td>
<td>$96,156.90</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+9.94%</td>
<td>$3,652.83</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+4.81%</td>
<td>$0.4026</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin began to surge in the early morning hours, reaching an intraday peak of $97,357. The rally reversed the corrective action that halted the leading cryptocurrency&#8217;s march to $100,000.
Ethereum, the second-largest cryptocurrency, outshone its senior partner with nearly 10% gains over the last 24 hours. The uptick boosted its weekly returns to 17%, compared to Bitcoin&#8217;s 1.34%.
Over $261 million were liquidated in the past 24 hours, with downside bets accounting for $182 million in losses.
Speculative interest rose as Open Interest, or the money locked in unsettled derivatives contracts, increased 14.62% for Ethereum, and 2.95% for Bitcoin.
The number of traders taking long positions for Bitcoin surged against those taking downside bets, according to the Long/Shorts Ratio.
The "Extreme Greed" sentiment strengthened from 75 to 77 over the last 24 hours, according to the reading of the Crypto Fear &amp; Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Ethereum Name Service (ENS)</td>
<td>+64.56%</td>
<td>$36.36</td>
</tr>
<tr>
<td>Uniswap (UNI)</td>
<td>+22.28%</td>
<td>$13.25</td>
</tr>
<tr>
<td>Ethena (ENA)</td>
<td>+20.16%</td>
<td>$0.719</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.34 trillion, following a jump of 4.18% in the last 24 hours.
Stock market investors locked in gains ahead of the Thanksgiving holiday. The Dow Jones Industrial Average reversed 138.25 points, or 0.31%, to close at 44,722.06. The S&amp;P 500 slid 0.38% to end at 5,998.74, while the tech-focused Nasdaq Composite pulled back 0.60% to close at 19,060.48.
In other news, the Personal Consumption Expenditures (PCE) price index, the Federal Reserve&#8217;s most reliable inflation measure, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42216384/feds-favorite-inflation-gauge-heats-up-as-predicted-personal-incomes-soar-december-interest-rate-cut-in-doubt">increased in October</a> but met expert forecasts.
Traders priced in a 64.7% chance of a 0.25% rate cut in next month's FOMC meeting, up from 59.4% a day earlier, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.
U.S. markets will remain shut on Thursday due to Thanksgiving.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Noted on-chain analytics firm CryptoQuant stated that Bitcoin's cycle was still far from the "Extreme Bull" phase, suggesting potential for further growth.
It added that price drawdowns would eventually follow, as history has shown, allowing players who missed jumping in earlier another shot.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Is it too late to buy in? Bitcoin has surged 34% in November &#39;24, with the bull run in full swing. The CryptoQuant Cycle Indicator shows that Cycle Peak hasn&#39;t reached the Extreme Bull phase yet, indicating there&#39;s still potential for growth. How can you enter? A thread &#x1f447; <a href="https://t.co/DCIovZzuTI">pic.twitter.com/DCIovZzuTI</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1861873739639791786?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Widely-followed cryptocurrency analyst Ali Martinez issued $6,000 as a mid-term target for Ethereum while setting $10,000 as the long-term goal.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Our mid-term target for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> remains $6,000&#8230; Long-term target: $10,000! <a href="https://t.co/X4lodGGIVY">https://t.co/X4lodGGIVY</a> <a href="https://t.co/siQsJzelzE">pic.twitter.com/siQsJzelzE</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861917671333216569?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another influential analyst, Rekt Capital, stated that Ether needs a weekly close above the $3,700 resistance to "new highs not seen since late 2021."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Ethereum has revisited the ~$3700 resistance of its main market structure (light blue) Now needs a Weekly Close above this resistance to break out into macro trend continuation to new highs not seen since late 2021<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/gt6w65hexJ">https://t.co/gt6w65hexJ</a> <a href="https://t.co/BE0E2LfW70">pic.twitter.com/BE0E2LfW70</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1861922836501110976?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42211674/bitcoin-at-93000-crash-or-pause-bullish-outlook-for-2025-says-10x-research">Bitcoin At $93,000—Crash Or Pause? &#8216;Bullish Outlook For 2025,&#8217; Says 10x Research</a></li>
</ul>

$DOGE

Bitcoin, Ethereum, Dogecoin Surge As Traders Raise Risk Appetite Ahead Of Thanksgiving: Analyst Sets Mid-Term Price Target For ETH At $6K

OpenAI enables employees to sell up to $1.5 billion worth of shares in a tender offer led by SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>). 
What Happened: The transaction, set to close by Dec 24, allows SoftBank to deepen its stake in the AI leader while offering liquidity to current and former employees, <a href="https://www.cnbc.com/2024/11/26/openai-gets-1point5-billion-investment-from-softbank-in-tender-offer.html">reported</a> CNBC, citing people familiar with the matter.
The deal, priced at $210 per share, aligns with OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">recent $157 billion valuation</a>. SoftBank CEO Masayoshi Son drove the move, following a $500 million investment in OpenAI's last funding round. This marks another step in Son's aggressive AI strategy, with SoftBank's Vision Fund 2 also backing startups like Glean and Perplexity.
OpenAI, backed by $13 billion in funding from investors including Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), has emphasized the importance of such tender offers amid a dormant IPO market. 
This initiative reflects the company&#8217;s commitment to employee satisfaction and continued capital-raising to sustain its growth in the <a href="https://www.benzinga.com/startups/24/10/41312615/investors-pour-billions-into-openai-whats-driving-this-unprecedented-surge-in-funding">competitive generative AI market</a>.
SoftBank and OpenAI did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42227693/blackrock-set-to-acquire-private-credit-manager-hps-for-12b-report">BlackRock Set To Acquire Private Credit Manager HPS For $12B: Report</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Startups

Tech

MSFT

SFTBF

SFTBY

SoftBank Secures Bigger OpenAI Stake With $1.5B Employee Share Buyout: Report

Mark Zuckerberg, CEO of Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), reportedly met with President-elect Donald Trump on Wednesday.
What Happened: The meeting took place at Trump's Mar-a-Lago resort in Florida, but specific details remain undisclosed, <a href="https://www.nytimes.com/live/2024/11/27/us/trump-news?smid=url-share#981f2720-c62f-5720-873f-81e07a6c31c8">reported</a> the New York Times, citing two people briefed on the meeting.
Earlier this year, Trump had threatened legal action against Zuckerberg if elected. He has also accused the Meta CEO of plotting against him while appearing friendly during visits to the Oval Office.
See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42201885/dell-technologies-shares-drop-after-q3-revenue-misses-estimates-details?itm_source=parsely-api">Dell Technologies Shares Drop After Q3 Revenue Misses Estimates: Details</a>
However, <a href="https://www.benzinga.com/news/24/09/40785288/did-mark-zuckerberg-really-say-no-way-i-can-vote-for-a-democrat-in-this-election-to-trump">Zuckerberg praised his resilience</a> following an assassination attempt in July. Later, Trump said that Zuckerberg expressed support for him over Democrats, a <a href="https://www.benzinga.com/news/24/09/40785288/did-mark-zuckerberg-really-say-no-way-i-can-vote-for-a-democrat-in-this-election-to-trump">statement Meta denied</a>.
The Meta CEO is not alone in visiting Mar-a-Lago. Tesla and SpaceX CEO Elon Musk, who <a href="https://www.benzinga.com/markets/24/11/41866189/elon-musk-joined-trumps-call-with-zelenskyy">supported Trump&#8217;s campaign</a>, also spent time at the resort following the election. 
Meta did not immediately respond to Benzinga&#8217;s request for comments.
Why It Matters: Historically, Zuckerberg and Trump have met multiple times, including a reported secret dinner with billionaire Peter Thiel in 2019.
Facebook had suspended Trump&#8217;s account after the Capitol insurrection. Meta reinstated his accounts in 2023.
Following Trump's election victory, <a href="https://www.benzinga.com/news/24/11/41796344/tim-cook-mark-zuckerberg-and-jeff-bezos-congratulate-trump-whats-next-for-the-tech-giants">Zuckerberg congratulated him</a> while expressing optimism about future collaborations. Meta's share price soared on Nov. 7, 2024, reaching $591.70, two days after Election Day.
Price Action: Meta&#8217;s stock declined by 0.76% on Wednesday, ending the day at $569.20, but edged up by 0.11% in after-hours trading. Year-to-date, Meta shares have climbed 64.37%, significantly outpacing the Nasdaq 100 index&#8217;s 25.39% gain over the same period, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.
Photos courtesy: Flickr and Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42208148/russian-hackers-launch-widespread-cyber-assault-using-firefox-and-windows-zero-days-what-you-need-to-know-about-the-romcom-exploit?itm_source=parsely-api">Russian Hackers Launch Widespread Cyber Assault Using Firefox And Windows Zero-Days: What You Need To Know About The RomCom Exploit</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Media

Mark Zuckerberg And Trump Reportedly Met At Mar-A-Lago

On Wednesday, Cathie Wood-led Ark Invest made some notable trades. The most prominent among these were in Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), and Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>).
The Amazon Trade
Ark Invest bought 82,735 shares in Amazon.com Inc. through ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>). This move comes in the wake of Amazon&#8217;s recent <a href="https://www.benzinga.com/24/11/42176396/amazon-anthropic">$8 billion investment</a> in artificial intelligence research and development company, Anthropic. As part of the investment, Anthropic named Amazon Web Services as its primary training partner and cloud provider. The investment is expected to be mutually beneficial. Based on the closing price of $205.74, the value of the trade is approximately $17.02 million.
The AMD Trade
Ark Invest also purchased 127,363 shares of Advanced Micro Devices Inc. through ARKK and ARKX. Despite the company&#8217;s <a href="https://www.benzinga.com/24/11/42193158/amds-downward-spiral-is-a-reversal-on-the-horizon-or-just-a-blip">recent struggles</a>, Ark Invest seems to see potential in the tech giant. The value of the trade, calculated from the closing price of $136.24, is approximately $17.35 million. AMD stock at $142.68 faces bearish momentum, trading below key moving averages. A slight bullish signal from the 8-day SMA contrasts with weak RSI and MACD indicators. Market share gains offer hope, but sustainability remains uncertain.
The Palantir Trade
Ark Invest sold 100,804 shares of Palantir Technologies Inc. through ARKK. Despite the sale, it&#8217;s worth noting that Wedbush analyst Dan Ives <a href="https://www.benzinga.com/markets/24/11/42179988/dan-ives-defends-75-palantir-target-amid-ai-revolution-and-revenue-surge-haters-will-continue-to-hate">recently reaffirmed</a> his $75 price target on Palantir, citing strong growth potential amid the AI revolution. The value of the trade, based on the closing price of $66.05, is approximately $6.66 million.
The SQ Trade
See Also: <a href="https://www.benzinga.com/24/11/42156817/tesla-rivian-settle-battery-tech-theft-dispute-after-nearly-4-years?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla, Rivian Signal End To 4-Year Legal Battle Over Alleged Trade Secrets Theft</a>
Ark Invest sold shares of Block Inc., formerly known as Square Inc. The value of the trade, calculated from the closing price of $88.78, is approximately $9.82 million. Ark invested in the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-focused firm through ARKK. Ark Invest shared Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42122886/cathie-woods-3-8-million-bitcoin-vision-met-with-doubt-83-say-not-by-2030">price targets</a> for 2030, ranging from $258,500 (bear case) to $3.8 million (bull case), based on corporate adoption. A Benzinga poll revealed only 17% believe the $3.8 million target is achievable by 2030, with many seeing it as unlikely or delayed. Wood emphasized regulatory clarity and institutional demand as key drivers for Bitcoin&#8217;s future growth.
Other Key Trades:
<ul>
<li>Ark Invest sold shares of Butterfly Network Inc (BFLY) and Repare Therapeutics Inc (RPTX).</li>
<li>Ark Invest bought shares of Pacific Biosciences of California Inc. (PACB) and Illumina Inc. (ILMN).</li>
<li>Ark Invest sold shares of Roblox Corp (RBLX). The firm bought shares of Pinterest Inc (PINS).</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42206056/bitcoin-ethereum-dogecoin-tumble-as-diamond-hands-lock-in-gains-analyst-anticipates-strong-buyback-pressure-to-follow-sell-pressure?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Tumble As &#8216;Diamond Hands&#8217; Lock In Gains: Top Analyst Anticipates BTC Rebound</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

AMZN

ARKK

ARKX

PLTR

Cathie Wood Buys Amazon, AMD Stock — Trims Palantir, Block Holdings Amid AI And Bitcoin Euphoria

BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), the world's largest asset manager with $11.5 trillion in assets, is finalizing a deal to acquire HPS Investment Partners, a prominent private credit firm managing nearly $150 billion.
What Happened: The acquisition, expected to be announced after Thanksgiving, the Financial Times reported citing four people familiar with the matter, could be valued at around $12 billion, surpassing HPS's earlier estimated IPO valuation of $10 billion.
Founded by former Goldman Sachs executive Scott Kapnick, HPS has grown into a major player in private credit, benefiting from traditional banks retreating due to stricter post-crisis regulations.
This move aligns with BlackRock's strategy to expand its alternative assets business, a high-fee segment gaining prominence. The firm recently completed a $12.5 billion deal for Global Infrastructure Partners and agreed to acquire Preqin for £2.55 billion.
If finalized, this acquisition will position BlackRock ahead of competitors like Ares and Blackstone in the burgeoning private credit market. Neither BlackRock nor HPS has commented on the
BlackRock did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/retail-sales/24/11/42225933/black-friday-cyber-monday-shopping-set-to-break-sales-records">Black Friday, Cyber Monday Shopping Set To Break Sales Records</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BlackRock Set To Acquire Private Credit Manager HPS For $12B: Report

Soundhound AI (SOUN) has been soaring lately with news of voice AI integration, but a recent <a href="https://www.benzinga.com/insights/short-sellers/24/11/42165886/how-is-the-market-feeling-about-soundhound-ai?adt_ei=%7b%7bemail%7d%7d">Benzinga article</a> on highlights the steep rise in short interest – a whopping 24% of all regular shares are shorted and this would take more than three days of normal trading volume to cover.
This means that SOUN is a target for a short squeeze. Why? Because short sellers will have to buy the stock to cover their positions, and this will push prices even higher. So, how might we position for upside here with the limited risk?
Why, the butterfly trade, of course!
Trade structure – the long call butterfly trade
The long call butterfly is a combination of a long call spread, and a short call spread where the short strikes are shared. Here's the trade:
<ul>
<li>Buy to open 1 SOUN 17 Jan 8 calls</li>
<li>Sell to open 2 SOUN 17 Jan 12 calls</li>
<li>Buy to open 1 SOUN 17 Jan 15 calls</li>
</ul>
[<a href="https://www.benzinga.com/pro/checkout/black-friday-24/?utm_source=WebRD-1128">Black Friday Week: Save 60% on Benzinga Pro—The Market's Ultimate Trading Suite</a>]
The total cost of this spread is currently 0.46 at this writing and it is also the maximum risk in the position. There is one caveat here – the distance between the strikes will make this a winning trade even if the stock moves well above $15. Here's why:
In a standard long butterfly spread, the distance between the middles strikes and the outer strikes are the same. This means that if the stock moves dramatically higher when holding the long call butterfly, the entire position would be a loss if held into the expiration date.
This butterfly, however is different.
The spread between the 8 and 12 strikes is $4, while the spread between the 12 and 15 strikes is $3 &#8211; leaving an extra $1 to collect even if prices expand north.
The total potential profit if the price of the stock does not breach $12 would be calculated this way: $12-8 = $4 (distance between the strikes) minus how much we paid for it 0.46 = $3.54 less commissions.
Potentially 600%!
That said, if the prices stay steady, this option position will gradually erode to zero, so manage your risk according to that understanding.
Trade Management
SOUN's relative resistance zone is right around $7.80 (where it sits now) The relative support is near $4.20.
The strategy result provides only two choices to exit the trade:
<ol>
<li>To sell the call butterfly when it is performing at your target parameters. I like the 200%-300% profit range.</li>
<li>To sell the call butterfly when it hits the short strike or hits the loss threshold that is desirable for you. Again, I like the 50% stop here.</li>
</ol>

Elevate your trading game with the market&#8217;s most powerful suite of tools, featuring breaking news, expert insights, and real-time alerts. <a href="https://www.benzinga.com/pro/checkout/black-friday-24/?utm_source=WebRD-1128">Don't miss the Black Friday Week deal—60% off Benzinga Pro!</a>

Opinion

The Perfect Trade For This AI "Short Squeeze"

President-elect Donald Trump said he has had a &#8220;wonderful conversation&#8221; with Mexico&#8217;s President, Claudia Sheinbaum, aimed at curbing migration and drug inflow into the United States.
What Happened: On Wednesday, Trump shared on Truth Social about a productive conversation he had with Sheinbaum. The Mexican President has reportedly agreed to halt migration through Mexico into the United States, effectively securing the Southern Border. The leaders also discussed strategies to curb the massive drug inflow into the U.S. and the country&#8217;s consumption of these drugs.
Trump said, &#8220;She has agreed to stop Migration through Mexico, and into the United States, effectively closing our Southern Border. We also talked about what can be done to stop the massive drug inflow into the United States, and also, U.S. consumption of these drugs. It was a very productive conversation!&#8221;
Trump lauded this agreement as a significant step towards halting the &#8220;illegal invasion&#8221; of the U.S. and expressed his gratitude towards Sheinbaum.
He said, &#8220;Mexico will stop people from going to our Southern Border, effective immediately.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/general/education/24/11/42204590/trump-department-of-homeland-security-pick-kristi-noem-owns-ranch-invests-in-energy-gets-book-royalties?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Department Of Homeland Security Pick Kristi Noem Owns Ranch, Invests In Energy, Gets Book Royalties</a>
Why It Matters: This announcement comes in the backdrop of Trump&#8217;s earlier plans to <a href="https://www.benzinga.com/24/11/42178994/trump-says-he-will-impose-25-tariffs-on-canada-mexico-on-first-day-of-office-and-extra-tariffs-on-china-until-they-pay-attention">impose a 25% tariff</a> on all products from Mexico and Canada. Trump had described the situation at the borders as an &#8220;invasion&#8221; and linked it to rising crime and drug levels.
Sheinbaum had previously responded to Trump&#8217;s tariff threats by <a href="https://www.benzinga.com/markets/cannabis/24/11/42225423/mexico-president-claudia-sheinbaum-to-trump-neither-threats-nor-tariffs-will-solve-your-fentanyl-crisis">emphasizing cooperation</a> over confrontation. She stated that &#8220;neither threats nor tariffs&#8221; would solve the migration or drug abuse issues in the U.S.
The proposed tariffs had also escalated trade tensions between the U.S. and Mexico, causing the Mexican peso to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42219612/usmexico-trade-tensions-escalate-as-mexican-peso-hits-august-2022-lows-why-is-auto-industry-most-at-risk">weaken significantly</a>.
Image via Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Trump Praises 'Wonderful Conversation' With Mexican President Sheinbaum: 'She Has Agreed To Stop Migration'

DBVT

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

SLXN

Earnings

Birks Group Mid-Year FY25 EPS C$(0.16) Down From C$(0.08) YoY, Sales C$80.12M Down From C$87.82M YoY

Banco Macro Q3 Net Income Up 293% YoY, Total Deposits Increase 30% YoY

Florida's Department of Health announced plans to award 22 new medical cannabis licenses, a decision that could reshape the state's cannabis industry but is likely to face legal challenges. 
The announcement, posted Tuesday on the agency's website (<a href="https://www.tallahassee.com/story/news/local/state/2024/11/27/florida-picks-22-applicants-to-get-next-medical-marijuana-licenses/76623095007/">via</a> Tallahassee Democrat), comes more than 18 months after applications closed in April 2023.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/42225423/mexico-president-claudia-sheinbaum-to-trump-neither-threats-nor-tariffs-will-solve-your-fentanyl-crisis">Mexico President Claudia Sheinbaum To Trump: &#8216;Neither Threats Nor Tariffs&#8217; Will Solve Your Fentanyl Crisis</a>
The new licenses are a result of a 2017 law mandating an increase in licenses as the number of medical marijuana patients grows, which now surpasses 880,000. This process has attracted significant attention since it marks the first chance for new businesses to enter Florida&#8217;s medical cannabis market since the law&#8217;s enactment.
The department's letters of intent signal approval for 22 businesses out of the 74 that applied last year, each paying a $143,000 application fee. The evaluation process, carried out by consulting firm KPMG, cost the state nearly $1.79 million. However, the letters do not grant immediate operating licenses, leaving room for legal action from applicants who were not selected.
<h3 class="wp-block-heading">Anticipated Legal Battles</h3>
Legal disputes are expected to delay the process, possibly for years, given the competitive nature of <a href="https://www.benzinga.com/24/11/42017405/medical-marijuana-footprint-grows-in-florida-as-legalization-push-fizzles-and-other-new-cannabis-stores-that-launched-sales">Florida's cannabis market. </a>
"Historically, when these sorts of things happen, litigation does occur. You have 22 people that are very happy and 50 people that are not very happy at all," Department of Health spokesperson Jae Williams said in dialogue with The News Service of Florida. 
He also noted the substantial investments made by applicants and the department's responsibility to ensure that approved operators meet high standards for quality.
Applicants have called for legislative intervention to prevent prolonged delays. Attorney Paula Savchenko, who worked with Florida Sports Consultants, Inc.—operating as Belushi's Farm Florida—said the process could stall for months or even years without action.
"If we don't have a legislative fix, we're going to see these licenses held up for anywhere between six months to two years," Savchenko said.
<h3 class="wp-block-heading">Industry Shifts And New Players</h3>
Notable applicants receiving letters include Florida Sports Consultants, Inc., led by actor Jim Belushi, who also operates a cannabis farm in Oregon. Other approved businesses include STIIIZY Florida, LLC, A Good Decision, LLC and Theory Wellness of Florida, LLC. The additions bring Florida closer to doubling its licensed operators, which currently stand at 25, managing over 690 dispensaries statewide.
Quincy-based Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), the state's largest medical marijuana operator, welcomed the expansion. 
"We are pleased that the licenses are finally issued, bringing the number of licensees to 47. We continue to look forward to working with the governor and legislature to expand access to safe, lab-tested cannabis for Floridians," the company said in a statement.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Broader Context</h3>
The decision to award licenses coincides with <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">the defeat of a proposed constitutional amendment </a>that sought to legalize recreational marijuana. 
The measure received 56% voter approval but fell short of the 60% threshold needed for passage. Governor Ron DeSantis played a significant role in opposing the amendment, which had been heavily supported by industry leaders, including Trulieve.
"The majority of people in the industry would rather have had recreational pass, but we all are pretty confident that it's going to pass sometime in the next two to four years," Savchenko said.
For now, Florida's medical marijuana industry is bracing for the next phase, with new players poised to enter the market and potential legal hurdles still ahead.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/health-care/24/11/42222815/cannabis-on-thanksgiving-10-science-backed-benefits-for-a-happier-holiday">Cannabis On Thanksgiving: 10 Science-Backed Benefits For A Happier Holiday</a></li>
</ul>
Cover image made with AI.

Cannabis

Government

TCNNF

Florida To Award 22 New Cannabis Licenses After 18-Month Wait—Legal Battles Ahead?

The Detroit Lions and Dallas Cowboys traditionally play on Thanksgiving, making NFL games a key part of the holiday, alongside family gatherings and feasts. It is also a day off for the <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/11/35930411/is-the-stock-market-closed-on-thanksgiving-traders-prepare-for-a-holiday-break">country's major stock markets</a>.
Along with the Lions and Cowboys, four other NFL teams will be featured across three NFL games on Thanksgiving Day.
Lions and Cowboys Thanksgiving Day Games: Dating back to 1934, the Detroit Lions have played in the annual Thanksgiving Day game. The lone exceptions were the 1939 through 1944 seasons that weren&#8217;t played due to World War II. The games have become a staple for the&nbsp;<a href="https://www.benzinga.com/topic/nfl" target="_blank" rel="noreferrer noopener">National Football League.</a>
The idea for the Thanksgiving Day game was&nbsp;<a href="https://www.espn.com/nfl/story/_/id/32646037/nfl-thanksgiving-day-games-history-lions-cowboys-play-every-year-moments-traditions-records" target="_blank" rel="noreferrer noopener">created&nbsp;</a>by former Lions owner&nbsp;G.A. Richards&nbsp;as a way to increase attendance and media hype for the team. Richards purchased the Portsmouth (Ohio) Spartans and moved them to Detroit before the tradition began.
The first Thanksgiving Day game was watched by more than 26,000 fans.
The Dallas Cowboys played on Thanksgiving Day in 1966, beating the Cleveland Browns 26-14. The Cowboys&#8217; first Thanksgiving Day game was attended by 80,259 people. The Cowboys have played a Thanksgiving Day game every year since except 1975 and 1977.
Similar to the Lions, the Cowboys saw the holiday as a way to create more national media attention for the team.
The Lions created the concept, and the game pre-dates the Super Bowl and many of the NFL teams being created, which makes tradition the biggest reason why the Lions and Cowboys play in their respective games annually.
In 2006, the NFL added a prime-time Thanksgiving Day game that features two rotating teams.
Thanksgiving Day Stats:&nbsp;The Lions lost its first Thanksgiving Day game and haven&#8217;t had success in many of the contests: the franchise holds an all-time 37-45-2 record in Thanksgiving Day games. The Lions have lost seven straight Thanksgiving Day games heading into the 2024 contest.
As the creators of the game concept, the Lions have the most Thanksgiving Day wins with 37, but one of the worst records overall.
The Cowboys have had better success in their games, holding an all-time-record of 33-22-1.
While they don&#8217;t play every year, two other teams largely featured are the&nbsp;Chicago Bears&nbsp;and&nbsp;Green Bay Packers, which hold all-time Thanksgiving Day records of 20-15-2 and 15-20-2, respectively. Both the Bears and Packers play on Thursday.
The&nbsp;Jacksonville Jaguars&nbsp;are the only NFL team to never play in a Thanksgiving Day game. Several teams have never won on Thanksgiving Day, with the Tampa Bay Buccaneers and Cincinnati Bengals each holding a 0-1 record.
Read Also: <a href="https://www.benzinga.com/general/sports-betting/24/08/40555085/sports-illustrated-predicts-detroit-lions-to-win-super-bowl-heres-how-much-100-bet-could-p">Sports Illustrated Predicts Detroit Lions To Win Super Bowl: Here&#8217;s How Much $100 Bet Could Pay If History Is Made</a>
2024 Thanksgiving Day Games:&nbsp;Here&#8217;s a look at the&nbsp;three 2024 Thanksgiving Day games, how to watch and the betting odds.
<ul>
<li>Chicago Bears (4-7) at Detroit Lions (10-1): 12:30 p.m. ET on CBS, a unit of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>)</li>
<li>New York Giants (2-9) at Dallas Cowboys (4-7): 4:30 p.m. ET on FOX, a unit of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>)</li>
<li>Miami Dolphins (5-6) at Green Bay Packers (8-3): 8:20 p.m. on NBC, a unit of Comcast Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)</li>
</ul>
The Giants are 7-6-3 all-time in Thanksgiving Day matches and the Dolphins are 5-2 all-time on Thanksgiving Day.
All three home teams are the favorites in their Thursday games. Betting odds from DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) show the Lions favored by 9.5 points, the Cowboys favored by 3.5 points and the Packers favored by 3.5 points.
Betting on all three favorites to win pays out with odds of +212, which would turn $100 bet into a profit of $212 if the Lions, Cowboys and Packers all win. Betting on all three favorites to cover the spread and win by the totals listed above would pay out at +638, turning $100 bet into a profit of $638 if all three teams cover.
Betting favorites on Thanksgiving Day are 48-9 straight up and 38-19 against the spread since 2004, according to <a href="https://www.actionnetwork.com/nfl/nfl-thanksgiving-betting-trends-stats-notes-action-network-betting-primer-2024">data </a>from Action Network.
A win by the Bears could be one of the biggest upsets on Thanksgiving Day since 1980 depending on where the spread closes. The current record is the Dolphins beating the Cowboys as 10-point underdogs in 1993. The Packers win over the Lions in 2023 as 8.5-point underdogs ranks second.
Why It's Important: The Thanksgiving Day NFL games could be part of a huge week for sportsbooks. Macquarie analyst Chad Beynon estimates $4.5 billion will be bet by U.S. bettors over Thanksgiving week from Nov. 25 to Dec. 1, as <a href="https://www.casino.org/news/thanksgiving-football-feast-4-5b-in-wagers-expected-this-week/">reported </a>by Casino.org.
This figure would be up 11% year-over-year and comes with a record 38 states and Washington D.C. allowing legal sports betting for this year's Thanksgiving Day games.
Prime-time games, which typically occur at nighttime often see increased betting with more viewers watching. The three Thanksgiving Day games could all be treated like prime-time games according to Beynon.
The Thanksgiving Day games feature the red-hot Lions who have won nine games in a row and are the current betting favorites to win Super Bowl LIX. The Lions are one of <a href="https://www.benzinga.com/general/sports-betting/24/09/40720484/which-4-teams-have-never-reached-the-super-bowl-betting-payouts-if-history-is-made-in-2024">only four teams </a>to never make a Super Bowl appearance.
DraftKings lists the Lions as the Super Bowl favorites at +250, ranking ahead of the Kansas City Chiefs (+450), who are seeking a third-straight championship. The Packers rank sixth with odds of +1,600 and the Dolphins have odds of +9,000.
The other Thursday teams (Giants, Bears, Cowboys) all have odds of +100,000 to win Super Bowl LIX as all will likely miss making the NFL Playoffs.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/sports/24/11/42101566/trump-dance-takes-over-sports-celebrations-move-over-griddy-gronk-spike-athletes-are-paying-tribute-or-poking-fun-at-president-elect">Trump Dance Takes Over Sports Celebrations: Move Over Griddy, Gronk Spike, Athletes Are Paying Tribute (Or Poking Fun) At President-Elect</a></li>
</ul>
This article was previously published by Benzinga and has been updated.
This image used was created using artificial intelligence MidJourney.

Entertainment

Sports Betting

Sports

CMCSA

DKNG

FOXA

PARA

PARAA

Here's Why The Detroit Lions, Dallas Cowboys Always Have Thanksgiving Day NFL Games

FRST

Primis Financial Gets Nasdaq Notice Due To Delayed 10-Q Filing

Quinlan will continue serving on the Board. John Ratigan, Comtech's President and CEO, will report directly to Traub and they will be working closely together.
In addition, former U.S. Army Chief Information Officer, Lieutenant General (Retired) Bruce T. Crawford, has been elected to serve as Lead Independent Director.
&nbsp;

Management

CMTL

Comtech Telecommunications Names Kenneth Traub As Executive Chairman; Mark Quinlan Has Stepped Down As Chairman Of Board

Comments

UWC

News

Latest news for UWC (OTC:UWCBF) Stock

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga