Latest news for  (OTC:VFDEF) Stock

Element Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>) reported quarterly earnings of $0.36 per share which beat the analyst consensus estimate of $0.35 by 2.86 percent. This is a 16.13 percent increase over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $612.70 million which beat the analyst consensus estimate of $606.98 million by 0.94 percent. This is a 4.54 percent increase over sales of $586.10 million the same period last year.

Earnings

Earnings Beats

News

Element Solutions Q2 Adj $0.36 Beats $0.35 Estimate, Sales $612.70M Beat $606.98M Estimate

Guidance

Sensata Technologies Sees Q3 Revenue $970M - $1B; Saw $1.03B Prior

&quot;Managing our operating costs, our inventory levels, and our portfolio profitability will remain priorities throughout 2024.&quot;

NewMarket Anticipates Continued Strength In Its Petroleum Additives Segment

Jefferies analyst Tycho Peterson maintains Revvity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVTY#NYSE">RVTY</a>) with a Hold and raises the price target from $115 to $125.

Price Target

Analyst Ratings

RVTY

Jefferies Maintains Hold on Revvity, Raises Price Target to $125

Element Solutions Increased Its FY24 Adjusted EBITDA Expectation To An Updated Range Of $530M-$545M; Expects FY24 Free Cash Flow To Be In The Range Of $280M-$300M

CVR Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAN#NYSE">UAN</a>) reported quarterly earnings of $2.48 per share. This is a 56.18 percent decrease over earnings of $5.66 per share from the same period last year. The company reported $132.90 million in sales this quarter. This is a 27.38 percent decrease over sales of $183.00 million the same period last year.

CVR Partners Q2 GAAP EPS $2.48 Down From $5.66 YoY, Sales $132.90M Down From $183.00M YoY

Glass House Brands Inc. (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTCQX">GLASF</a>), a vertically integrated cannabis company, has issued an open letter to President Biden, Former President Trump and Vice President Harris urging them to completely de-schedule cannabis and grant clemency to those incarcerated for nonviolent marijuana offenses.
Kyle Kazan, co-founder, chairman and CEO of Glass House Brands, and a former police officer with the Torrance Police Department, co-signed the letter. Kazan&#8217;s unique perspective as both a law enforcement veteran and a leading figure in the cannabis industry lends significant weight to this call for federal cannabis reform.
<h3 class="wp-block-heading">Public Demand For Change And The Case For De-Scheduling</h3>
The letter addresses the overwhelming public support for changing federal cannabis laws. Following the DEA&#8217;s comment period on the HHS&#8217;s recommendation to reclassify cannabis from a Schedule 1 to Schedule 3 drug, more than 42,000 public comments were received, a record for any DEA proposal. The vast majority of these comments supported the removal of cannabis from the Controlled Substances Act entirely, rather than just rescheduling it.
Glass House Brands highlights the disparity between state and federal laws, noting that over 74% of Americans live in states where marijuana is legal for either recreational or medical use. The letter argues that cannabis should be treated like tobacco and alcohol, not as an illicit or pharmaceutical drug. The current Schedule 1 classification has led to unnecessary incarcerations and disqualification of otherwise qualified job applicants, issues that rescheduling alone will not resolve. 
As Kazan states, &#8220;Rescheduling of cannabis to Schedule 3, instead of outright de-scheduling will not solve the problems that have been created by the Schedule 1 classification, such as unnecessary incarcerations and the loss of qualified applicants in the workforce, nor will it provide relief for the millions of Americans whose right to use it is being curtailed by federal prohibition.&#8221;
<h3 class="wp-block-heading">Leadership And Clemency As A Bipartisan Opportunity</h3>
The letter calls on President Biden to fulfill his campaign promises to decriminalize marijuana, release cannabis prisoners, and expunge cannabis convictions. Glass House Brands emphasizes the importance of granting clemency to the approximately 3,000 individuals currently incarcerated in federal prisons for nonviolent marijuana offenses. This action, they argue, is essential to ending the legacy of the War on Drugs and correcting injustices within the criminal justice system. Kazan pointedly remarked, &#8220;No one should be in prison for a plant.&#8221;
Highlighting the bipartisan support for cannabis reform, Glass House Brands urges all three leaders to take a clear stance on federal cannabis legalization. The letter suggests that embracing de-scheduling cannabis could be a decisive factor in gaining voter support in the upcoming elections. &#8220;Americans are divided on so many issues. But one thing that the vast majority of both Democrats and Republicans agree on is that it is time to reform federal cannabis laws,&#8221; the letter notes.
Kyle Kazan and Graham Farrar, director and president of the company, conclude the letter by asserting that de-scheduling cannabis is not only the bold choice but the right choice. They call for decisive leadership to align federal laws with the will of the American people and state-level progress. &#8220;In this case, the bold choice is the right choice,&#8221; Kazan and Farrar emphasize.
Read the full letter <a href="https://www.globenewswire.com/news-release/2024/07/29/2920196/0/en/Glass-House-Brands-Issues-an-Open-Letter-Urging-President-Biden-Former-President-Trump-and-Vice-President-Harris-to-De-Schedule-Cannabis.html">here</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Cannabis

Politics

GLASF

Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden

Consumer habits, return-to-office and an activist stake are likely to be key topics for investors when coffee retailer Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) reports third-quarter financial results Tuesday <a href="https://www.benzinga.com/earnings">after market close.</a>
Earnings Estimates: Analysts expect Starbucks to report third-quarter revenue of $9.24 billion, according to data<a href="https://pro.benzinga.com/feature/newsfeed/?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348"> from Benzinga Pro.</a>
The company reported third-quarter revenue of $9.17 billion in the previous fiscal year. Starbucks has missed analysts' revenue estimates in three of the last five quarters, including missing the last two straight quarters.
Analysts expect the company to report third-quarter earnings per share of 93 cents, compared to $1.00 reported in last year's third quarter. The company has beaten analysts' estimates in three of the last five quarters, but missed estimates in two straight quarters.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39846454/exclusive-market-strategist-jay-woods-says-rotation-in-small-caps-is-just-starting-rus">EXCLUSIVE: Market Strategist Jay Woods Says &#8216;Rotation In Small Caps Is Just Starting&#8217;: Russell 2000 Within 8% Of All Times, &#8216;Easy Upside Target&#8217;</a>
What Experts Are Saying: Starbucks was highlighted in a weekly <a href="https://jaywoods.substack.com/">newsletter </a>from Freedom Capital Markets Chief Global Strategist Jay Woods to start the trading week.
The strategist said McDonald's and Starbucks have had to rethink how they can "draw customers back to their franchises."
"Their sharp price increases in the post-pandemic world saw their loyal fan base pullback and in some cases look elsewhere," Woods said of Starbucks.
Woods said that there have been calls for Starbucks to replace its CEO and a <a href="https://www.benzinga.com/news/24/07/39867157/why-are-starbucks-shares-trading-higher-today">new activist stake</a> by Elliott Management could accelerate changes.
"Expect Elliott to get more vocal and shake things up if they see results that don't improve share performance."
Data <a href="https://go.placer.ai/library/brewing-success-winning-strategies-for-coffee-chains">from </a>Placer.ai points to Starbucks getting a boost from the "slow-but-sure return-to-office." The company said that Starbucks is seeing increases in office foot traffic in the past year, especially in big cities like New York and Miami.
In big cities, office visits for Starbucks are back to 80% what they were pre-pandemic. &nbsp;The report said that 18.6% of Starbucks visitors went to their workplace after grabbing coffee. In 2024, the figure has jumped to 21.0%.
Starbucks is also seeing an increase in visits at its locations lasting less than 10 minutes from the 7 a.m. to 10 a.m. time slot, indicating that many workers are grabbing their coffee to go.
Here's a look at recent <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">analyst ratings on Starbucks </a>and their price targets:
<ul>
<li>Citigroup: Maintained Neutral rating, lowered price target from $85 to $80</li>
<li>BMO Capital: Maintained Outperform rating, lowered price target from $120 to $100</li>
<li>TD Cowen: Reiterated Hold rating, reiterated price target of $81</li>
<li>Wedbush: Maintained Neutral rating, lowered price target from $81 to $77</li>
<li>Deutsche Bank: Maintained Hold rating, lowered price target from $89 to $85</li>
<li>Evercore ISI Group: Downgraded shares from Outperform to In-Line, lowered price target from $92 to $80</li>
<li>Morgan Stanley: Maintained Overweight rating, lowered price target from $104 to $98</li>
<li>JPMorgan: Maintained Overweight rating, lowered price target from $92 to $90</li>
</ul>
Key Items to Watch: As mentioned by Woods, the stake by Elliott Management is one that analysts and investors will be following. While Starbucks likely won't comment on the stake, it could look to highlight many of its growth items and future plans to drive shareholder value during the quarterly results and conference call.
In the second quarter, Starbucks reported year-over-year declines for comparable store sales globally and across key regions like North America and China. The declines came with a 2% increase in average ticket.
"In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead," Starbucks CEO Laxman Narasimhan said.
Narasimhan said at the time that Starbucks has a plan to execute for the opportunities ahead. With pressure from Elliott, expect Starbucks to share more
SBUX Price Action: Starbucks shares closed 1.5% higher at $75.20 on Monday, versus a 52-week trading range of $71.55 to $107.66. Starbucks stock is down 23% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/39716480/coffee-supply-concerns-drive-up-costs-for-a-cup-of-joe">Coffee Supply Concerns Drive Up Costs For A Cup Of Joe</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Previews

Trading Ideas

SBUX

Starbucks Q3 Earnings Preview: Elliott Management Could 'Get More Vocal And Shake Things Up'

CVR Energy Says Q2 Earnings Results Were Attributable To Lower Refining Margins

WIIM

Flowserve shares are trading lower following Q2 earnings.

Jefferies analyst Andy Barish maintains McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) with a Buy and lowers the price target from $320 to $310.

Jefferies Maintains Buy on McDonald's, Lowers Price Target to $310

Flowserve Raises FY24 EPS From $2.50-$2.70 To $2.60-$2.75 Vs $2.65 Est.; Reaffirms FY24 Revenue Guidance Of 4%-6%

CVR Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVI#NYSE">CVI</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $(0.22) by 140.91 percent. This is a 94.51 percent decrease over earnings of $1.64 per share from the same period last year. The company reported quarterly sales of $1.967 billion which beat the analyst consensus estimate of $1.796 billion by 9.54 percent. This is a 12.03 percent decrease over sales of $2.236 billion the same period last year.

CVR Energy Q2 2024 Adj. EPS $0.09 Beats $(0.22) Estimate, Sales $1.967B Beat $1.796B Estimate

Woodward shares are trading lower after the company reported mixed Q3 financial results and lowered its FY24 revenue guidance below estimates.

Flowserve (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLS#NYSE">FLS</a>) reported quarterly earnings of $0.73 per share which beat the analyst consensus estimate of $0.63 by 15.87 percent. This is a 40.38 percent increase over earnings of $0.52 per share from the same period last year. The company reported quarterly sales of $1.16 billion which beat the analyst consensus estimate of $1.13 billion by 2.38 percent. This is a 7.12 percent increase over sales of $1.08 billion the same period last year.

Flowserve Q2 Adj $0.73 Beats $0.63 Estimate, Sales $1.16B Beat $1.13B Estimate

CIBC analyst Hamir Patel maintains West Fraser Timber (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WFG#TSX">WFG</a>) with a Outperformer and raises the price target from C$125 to C$138.

TSX:WFG

CIBC Maintains Outperformer on West Fraser Timber, Raises Price Target to C$138

Editor&#8217;s note: The new license allows DEMECAN to increase its annual yield by 2 tons with no specified limit as opposed to increasing its total quantity.
Under Germany&#8217;s new Medical Cannabis Law (MedCanG), DEMECAN has received a license that allows it to double its production capacity, resulting in an additional yield of approximately two tons annually. Although the license specifies this increase, it does not impose a strict limit on the total amount of cannabis that can be cultivated. Therefore, while the practical increase is by two tons, the potential for unlimited cultivation exists depending on the company's production capabilities, <a href="https://www.diesachsen.de/en/salud/new-law-allows-demecan-to-grow-more-cannabis-2942812" target="_blank" rel="noreferrer noopener">according to</a> DieSachsen.De. 
Partial cannabis legalization <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect" target="_blank" rel="noreferrer noopener">took effect in Germany on April 1</a>, allowing adults over 18 to possess up to 25 grams of dried cannabis and cultivate up to three plants at home.
Canadian marijuana giant, Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) also confirmed last week that its German cannabis cultivation facility, Aphria RX GmbH, has <a href="https://www.benzinga.com/markets/cannabis/24/07/39889867/tilray-will-quintuple-its-medical-marijuana-production-in-germany-with-new-cultivation-license" target="_blank" rel="noreferrer noopener">obtained the first new cannabis cultivation license</a> issued in Germany. Another publicly traded Canadian company, Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>), is the <a href="https://www.benzinga.com/markets/cannabis/24/07/39975901/aurora-ramps-up-medical-cannabis-production-in-germany-with-enhanced-licenses-to-expand-portfoli" target="_blank" rel="noreferrer noopener">third to obtain the same license</a>.
In 2019, these three companies won a tender from the Federal Institute for Drugs and Medical Devices (BfArM), under which they were allowed to cultivate a limited amount of medical cannabis. Furthermore, the cannabis grown in Germany could only be sold to pharmacies via the state cannabis agency. Now, this intermediate step is no longer necessary.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/04/38297284/another-cannabis-pioneer-expands-in-germany-via-acquisition-as-experts-say-theres-no-stepping-ba" target="_blank" rel="noreferrer noopener"> Another Cannabis Pioneer Expands In Germany Via Acquisition As Experts Say &#8216;There&#8217;s No Stepping Back&#8217; From Legalization Wave</a>
&#8220;This license is a huge step forward for DEMECAN and the entire industry," <a href="https://www.demecan.de/en/press-releases/demecan-becomes-the-first-german-company-to-receivecultivation-license-for-medical-cannabis-under-new-medcang/" target="_blank" rel="noreferrer noopener">stated</a> Dr. Adrian Fischer, physician and managing director responsible for cultivation at Demecan. "We are proud to be the first German company to take this step and look forward to providing our high-quality cannabis strains soon. Our goal is to further increase production and thus improve supply security, as there are currently manyshortages in patient care.&#8221;
<h2 class="wp-block-heading">Strong Sales</h2>
Since April 2024, DEMECAN has achieved strong revenue growth, underscoring the significance and impact of the new cannabis law.
&#8220;The significantly increased demand is reflected in our strong sales and shows that we are on the right track. The new cultivation permit not only allows us to meet the growing demand but also enables the sustainable development of our company,&#8221; said Dr. Philipp Goebel, managing director in charge of sales,
In April, at the <a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener">Benzinga Cannabis Capital Conference</a>, Dr. Constantin von der Groeben, a managing director of DEMECAN, <a href="https://www.benzinga.com/markets/cannabis/24/04/38283982/global-cannabis-strategies-post-german-legalization-exclusive-insights-from-curaleaf-gold-flora-">told the crowd</a> &#8220;there&#8217;s no stepping back&#8221; from Germany&#8217;s cannabis legalization. Recent changes in the medical marijuana prescription process and hemp laws confirm that the cannabis program in Germany is yet to boom.
<h2 class="wp-block-heading">Opportunities In Innovation And Research</h2>
Von der Groeben also previously <a href="https://www.benzinga.com/markets/cannabis/24/03/37423458/huge-benefits-for-medical-marijuana-patients-opportunities-for-innovation-research-industry-vets">told Benzinga</a> that in addition to recognizing the medical and economic benefits of cannabis, the reform ushers in opportunities for innovation, research and development.
&#8220;The recent legislative reforms in Germany mark a transformative chapter not only for DEMECAN but for the entire medical cannabis sector within the country. A crucial aspect of these reforms is the reclassification of cannabis from a narcotic to a prescription (Rx) drug,&#8221; he said, predicting that the market will show substantial growth in the first few years.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39830117/medical-marijuana-regulated-as-ibuprofen-is-one-of-the-biggest-breakthroughs-of-germanys-cannabi" target="_blank" rel="noreferrer noopener">Medical Marijuana Regulated As Ibuprofen Is One Of The Biggest Breakthroughs Of Germany&#8217;s Cannabis Law</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39730706/is-germany-poised-to-become-the-next-weed-epicenter-in-europe" target="_blank" rel="noreferrer noopener">Is Germany Poised To Become The Next Weed Epicenter In Europe?</a></li>
</ul>
Courtesy of&nbsp;Handatko&nbsp;via Shutterstock

Eurozone

TLRY

German Cannabis Producer DEMECAN Becomes First Company To Receive Cultivation License Under Legalization Program, Sees Strong Revenue Growth (Updated)

The Company will discuss its full revenue&nbsp;guidance&nbsp;for the&nbsp;third quarter&nbsp;of 2024 during its upcoming conference call.&nbsp;

RMBS

Rambus Expects Q3 Licensing Billings Of $60M - $66M, Product Revenue Of $62M - $68M, Contract And Other Revenue Of $17M - $23M

CIBC analyst Allison Carson maintains Vizsla Silver (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VZLA#AMEX">VZLA</a>) with a Outperformer and raises the price target from C$3.5 to C$4.5.

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

Comments

News

Latest news for (OTC:VFDEF) Stock