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Shares of companies within the broader consumer discretionary sector are trading higher following a rise in June retail sales, indicating continued consumer spending.

Nordstrom, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jwn#NYSE">JWN</a>) has been making efforts to drive efficiency in its business and enrich customer experience. The company is making improvements in the Nordstrom Rack banner, driven by an increase in its strategic brand penetration. It is also redefining its flagship brand with a style-driven and top-quality assortment to give it a trendy look.
Nordstrom&#39;s Rack banner also remains on track to increase productivity throughout its network, reduce transportation costs and delivery times and enhance services via faster delivery. The company continues focusing on introducing more premium brands at Rack, better assortment and increased brand awareness.
Additionally, the company is making efforts to enhance customer experience through faster delivery. It delivered more than 50 basis points of improvement in variable supply-chain expense savings for the sixth straight time in the fiscal fourth quarter. This supply-chain optimization work began in early 2022 and has delivered significant customer benefits and operational efficiencies. Going ahead, JWN continues seeking additional efficiencies in flow and improved productivity through inventory-management initiatives.
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Increased focus on distribution capabilities along with improved connectivity of physical and digital inventory are likely to contribute to Nordstrom Rack sales by roughly $2 billion in the long term. As part of the long-term strategy, Nordstrom had earlier issued a long-term outlook. It predicted revenues to grow low single-digits on an annual basis, with operating income likely to outpace revenues. EBIT margin is expected to be more than 6%, with annual operating cash flow anticipated to be more than $1 billion.
<h3>Bottlenecks to Growth</h3>
On the flip side, the wind-down of Canada operations has been hurting Nordstrom&#39;s year-over-year top-line performance to some extent. In the first quarter of fiscal 2024, total revenues of $3.3 billion included a 75-basis point adverse impact of the wind-down of Canada operations. Also, the banner&#39;s sales included a negative impact of 110 basis points owing to the same.
<h3>Final Thoughts</h3>
Nonetheless, Nordstrom is focused on three areas, winning in the most important markets, expanding the reach of Nordstrom Rack and enhancing its digital capabilities. Also, the company remains focused on the closer-to-you strategy, which aims to link stores and services to expedite deliveries, expand online offerings and add cheaper merchandise at its Rack off-price stores.
This Zacks Rank #3 (Hold) company&#39;s shares have gained 28.1% in the past three months, outperforming the industry&#39;s 7.9% growth. On a concluding note, Nordstrom is well-poised for growth on the aforesaid strengths.
<h3>Key Retail Picks</h3>
We have highlighted three better-ranked stocks, namely Abercrombie &amp; Fitch (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anf#NYSE">ANF</a>), Gap (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gps#NYSE">GPS</a>) and Deckers (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/deck#NYSE">DECK</a>).
Abercrombie &amp; Fitch, a leading casual apparel retailer, currently sports a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for Abercrombie &amp; Fitch&#39;s current financial-year sales indicates growth of 10.4% from the year-ago reported figure. ANF delivered an earnings surprise of 28.9% in the last reported quarter.
Gap, a leading apparel retailer, currently sports a Zacks Rank of 1. GPS delivered an average earnings surprise of 202.7% in the trailing four quarters.
The Zacks Consensus Estimate for Gap&#39;s current financial-year sales indicates growth of 0.2% from the year-ago reported figure.
Deckers, a footwear and accessories dealer, currently carries a Zacks Rank #2 (Buy). DECK delivered an average earnings surprise of 42.8% in the trailing four quarters.
The Zacks Consensus Estimate for Deckers&#39; current financial-year sales indicates growth of 11.1% from the year-ago reported figure.
<a href="https://www.zacks.com/stock/news/2302288/nordstrom-jwn-growth-moves-aid-should-you-hold-the-stock?cid=CS-BENZ-FT-analyst_blog|rank_focused-2302288">To read this article on Zacks.com click here.</a>

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DECK

Nordstrom Growth Moves Aid: Should You Hold the Stock?

Pepe's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) recent rally has caught the attention of traders, who call for the meme coin to hit <a href="https://www.benzinga.com/money/pepe-price-prediction">new highs soon</a>.
What Happened: Crypto trader Javon Marks <a href="https://x.com/JavonTM1/status/1813036125512208697">noted</a> that Pepe has responded with a 40% weekly candle. He predicts Pepe to have another "39% upside coming to reach those levels before a continuation above."
Another heavily followed crypto trader marked a key level to trigger momentum towards new all-time highs.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> (per request) Nice reclaim on weekly so far and now needs this ultimate breakdown reclaim to trigger a push for new ATH <a href="https://t.co/72paoUWLuT">pic.twitter.com/72paoUWLuT</a>
&mdash; Nebraskangooner (@Nebraskangooner) <a href="https://twitter.com/Nebraskangooner/status/1813235995694748016?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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Davie Satoshi <a href="https://x.com/NFTdavie/status/1813198815278559420">analyzed</a> Pepe's technical chart, noting it has broken out of all downward channels and has entered a new phase. He highlighted the bullish momentum of the meme coin as it "regains $5 billion market cap" for the first time after early July.
Price Action: In the past 24 hours, PEPE has gained 21.8% for a 40% weekly gain.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39791586/dogecoin-shiba-inu-pepe-will-still-have-supercycle-but-2021-may-never-happen-again-muses-t">Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But &#8216;2021 May Never Happen Again,&#8217; Muses Trader</a>
Why It Matters: On-chain analytics platform Scopescan <a href="https://x.com/0xScopescan/status/1813161521498964214">noted</a> Nascent, a venture capital firm, swapping its Maker (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/mkr/usd">MKR</a>) position to Pepe and Lido DAO (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">LDO</a>). The firm deposited 1,200 MKR to Binance and withdrew 141B PEPE, 280,000 LDO and 3 million USDT.
This sparked optimism about Pepe's future price movements. With this transaction, Nascent currently holds 608.85 billion PEPE, worth $7.49 million.
IntoTheBlock data shows large transaction volumes increasing by 134% and daily active addresses growing by 52%. Transactions greater than $100,000 more than doubled from 150 as of July 14 to 353 as of July 15. &nbsp;
Pepe&#8217;s daily volume exceeded that of BNB at $3.2 billion compared to $2.1 billion, despite the latter having a market capitalization of 17x than the former. This makes Pepe the most-traded meme coin at the moment, leaving behind meme coin leaders like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) and others.
What&#8217;s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39691430/dogwifhat-pepe-will-do-what-shiba-inu-did-in-2021-and-run-to-multi-billions-predicts-trade">Dogwifhat, Pepe Will Do What Shiba Inu Did In 2021 And Run To Multi-Billions, Predicts Trader</a></li>
</ul>
Image: Shutterstock

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Cryptocurrency

$DOGE

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$MKR

$PEPE

$SHIB

$WIF

Pepe Surges 40% In A Week, Leaves Dogecoin, Shiba Inu, Dogwifhat In The Rear View Mirror

Scotiabank analyst Greg McGinniss maintains Gaming and Leisure Props (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLPI#NASDAQ">GLPI</a>) with a Sector Perform and raises the price target from $48 to $50.

Price Target

GLPI

Scotiabank Maintains Sector Perform on Gaming and Leisure Props, Raises Price Target to $50

Have you been paying attention to shares of Agnico Eagle Mines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>)? Shares have been on the move with the stock up 16.3% over the past month. The stock hit a new 52-week high of $75.95 in the previous session. Agnico Eagle Mines has gained 36.3% since the start of the year compared to the -1.6% move for the Zacks Basic Materials sector and the 21.1% return for the Zacks Mining - Gold industry.
What&#39;s Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn&#39;t missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 25, 2024, Agnico reported EPS of $0.76 versus consensus estimate of $0.6 while it beat the consensus revenue estimate by 12.82%.
For the current fiscal year, Agnico is expected to post earnings of $3.28 per share on $7.65 billion in revenues. This represents a 47.09% change in EPS on a 15.49% change in revenues. For the next fiscal year, the company is expected to earn $3.56 per share on $7.67 billion in revenues. This represents a year-over-year change of 8.57% and 0.23%, respectively.
Valuation Metrics
Agnico may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Agnico has a Value Score of C. The stock&#39;s Growth and Momentum Scores are A and A, respectively, giving the company a VGM Score of A.
In terms of its value breakdown, the stock currently trades at 22.8X current fiscal year EPS estimates, which is a premium to the peer industry average of 16.3X. On a trailing cash flow basis, the stock currently trades at 14.4X versus its peer group&#39;s average of 10.3X. Additionally, the stock has a PEG ratio of 0.8. This isn&#39;t enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Agnico currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Agnico meets the list of requirements. Thus, it seems as though Agnico shares could have potential in the weeks and months to come.
How Does AEM Stack Up to the Competition?
Shares of AEM have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is New Gold Inc. (AMEX:NGD). NGD has a Zacks Rank of # 1 (Strong Buy) and a Value Score of B, a Growth Score of B, and a Momentum Score of C.
Earnings were strong last quarter. New Gold Inc. beat our consensus estimate by 100%, and for the current fiscal year, NGD is expected to post earnings of $0.15 per share on revenue of $906.5 million.
Shares of New Gold Inc. have gained 22.4% over the past month, and currently trade at a forward P/E of 16.02X and a P/CF of 5.69X.
The Mining - Gold industry is in the top 11% of all the industries we have in our universe, so it looks like there are some nice tailwinds for AEM and NGD, even beyond their own solid fundamental situation.
<a href="https://www.zacks.com/stock/news/2302374/agnico-eagle-mines-limited-aem-hit-a-52-week-high-can-the-run-continue?cid=CS-BENZ-FT-52_week_high-2302374">To read this article on Zacks.com click here.</a>

Commodities

Agnico Eagle Mines Limited Hit a 52 Week High, Can the Run Continue?

U.S. stocks traded mostly higher toward the end of trading, with the Dow Jones index surging more than 650 points on Tuesday.
The Dow traded up 1.63% to 40,865.59 while the NASDAQ fell 0.11% to 18,452.31. The S&amp;P 500 also rose, gaining, 0.37% to 5,652.28.
Check This Out: <a href="https://www.benzinga.com/news/24/07/39789748/wall-streets-most-accurate-analysts-weigh-in-on-3-industrials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Industrials Stocks Delivering High-Dividend Yields</a>
Leading and Lagging Sectors Industrials shares jumped by 2.3% on Tuesday.
In trading on Tuesday, information technology shares fell by 0.8%.
Top Headline
Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) reported better-than-expected second-quarter results.
Morgan Stanley reported second-quarter EPS of $1.82, up from $1.24 a year ago and beating the consensus of $1.65. The U.S. bank reported second-quarter sales of $15.02 billion, up 11.6% year over year, beating the consensus of $14.30 billion.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) shares shot up 93% to $2.07 after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer&#8217;s drug.</li>
<li>Shares of Yoshitsu Co., Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKLF#NASDAQ">TKLF</a>) got a boost, surging 92% to $0.5884 after the company reported a year-over-year increase in FY24 financial results.</li>
<li>AngioDynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGO#NASDAQ">ANGO</a>) shares were also up, gaining 25% to $7.40 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) shares dropped 8% to $67.39 after Loop Capital downgraded the stock from Buy to Hold.</li>
<li>Shares of The Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) were down 9% to $68.55 following second-quarter results.</li>
<li>Clearmind Medicine Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMND#NASDAQ">CMND</a>) was down, falling 17% to $1.84. Clearmind Medicine announced the FDA clearance for IND application of MEAI-based CMND-100 oral capsule.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39789793/tecogen-and-3-other-stocks-under-5-insiders-are-buying">Tecogen And 3 Other Stocks Under $5 Insiders Are Buying</a>
Commodities In commodity news, oil traded down 1.3% to $80.82 while gold traded up 1.5% at $2,464.30.
Silver traded up 1.6% to $31.44 on Tuesday, while copper fell 1.7% to $4.4505.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.28%, Germany's DAX fell 0.39% and France's CAC 40 fell 0.69%. Spain's IBEX 35 Index fell 0.47%, while London's FTSE 100 fell 0.22%.
The ZEW Indicator of Economic Sentiment for the Eurozone fell by 7.6 points to a reading of 43.7 in July, while Eurozone posted a trade surplus of EUR 13.9 billion in May versus a year-ago gap of EUR 0.4 billion.
The ZEW Indicator of Economic Sentiment for Germany fell to 41.8 in July, recording the first decline in a year. Italy reported a trade surplus of EUR 6.43 billion in May versus a year-ago surplus of EUR 4.767 billion year.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.20%, Hong Kong's Hang Seng Index falling 1.60%, China's Shanghai Composite Index gaining 0.08% and India's S&amp;P BSE Sensex gaining 0.06%.
Economics
<ul>
<li>U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period.</li>
<li>Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.</li>
<li>The NAHB/Wells Fargo Housing Market Index fell by one point to a reading of 42 in July, versus market estimates of 44.</li>
<li>U.S. total business inventories increased by 0.5% month-over-month in May compared to a 0.3% gain in the earlier month.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39769294/top-5-financials-stocks-that-may-collapse-this-month">Top 5 Financials Stocks That May Collapse This Month</a></li>
</ul>

Eurozone

Intraday Update

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CMND

RDDT

SCHW

SILO

TKLF

Nasdaq Edges Lower; Morgan Stanley Earnings Top Views

ConocoPhillips (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cop#NYSE">COP</a>), a U.S.-based exploration and production player, has received a second request from the U.S. Federal Trade Commission (&quot;FTC&quot;) for further information on its proposed merger&nbsp;with Marathon Oil Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mro#NYSE">MRO</a>). ConocoPhillips had announced the acquisition in May 2024 in an all-stock transaction worth $22.5 billion. Per COP&#39;s statement, both companies received the FTC request and are jointly working with the regulatory body to review the details of the proposed merger.
Marathon shareholders would receive 0.255 shares of ConocoPhillips, for each share of Marathon Oil common stock. The merger is anticipated to create a combined entity with a production capacity of 2.26 million barrels of oil and gas per day. Furthermore, it is expected to add proved reserves of up to 1.32 billion barrels to ConocoPhillips&#39; existing proved reserves of 6.8 billion barrels.
COP had previously stated that the deal is anticipated to close in the fourth quarter of 2024. However, the request for additional information regarding the deal may delay its closure. The cost savings and benefits that COP expects from the acquisition will not be fully realized until the transaction is closed.
The current trends indicate that the energy sector is undergoing rapid consolidation to achieve operational efficiencies and cost-saving benefits. The announcement of ConocoPhillips&#39; deal with Marathon Oil followed the $60 billion acquisition of Pioneer Natural Resources by ExxonMobil Corporation and the proposed $53-billion merger of Hess Corporation with energy giant, Chevron.
<h3>Zacks Rank and Key Picks</h3>
Currently, COP carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy&nbsp;sector are&nbsp;SM Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>) and Chevron Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>). SM Energy presently sports a Zacks Rank #1 (Strong Buy), while Chevron carries a Zacks Rank #2 (Buy).
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Chevron is one of the largest publicly traded oil and gas companies in the world, with its operations spread around the globe. It is currently in the process of acquiring Hess Corporation. The acquisition is seen as a major win for Chevron, as it will give the company access to Hess&#39; high-quality assets in Guyana and the Bakken Formation.
<a href="https://www.zacks.com/stock/news/2302616/conocophillips-cop-receives-second-ftc-request-on-merger-deal?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2302616">To read this article on Zacks.com click here.</a>

Legal

ConocoPhillips Receives Second FTC Request on Merger Deal

CVCO

LGIH

PRPL

TMHC

TSCO

Shares of household durable stocks are trading higher after store sales of building material and garden supplies rose 1.4% in June. Also, strength may be due to trader optimism that the Fed will cut rates.

Scotiabank analyst Ovais Habib maintains Torex Gold Resources (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TXG#TSX">TXG</a>) with a Sector Perform and raises the price target from C$25 to C$26.

TSX:TXG

Scotiabank Maintains Sector Perform on Torex Gold Resources, Raises Price Target to C$26

BURL

SNBR

ULTA

Shares of retail and consumer discretionary stocks are trading higher following a rise in June retail sales, indicating continued consumer spending.

Vistra's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) short percent of float has fallen 24.77% since its last report. The company recently reported that it has 9.90 million shares sold short, which is 3.31% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.04 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Vistra Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721154620_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Vistra has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Vistra's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Vistra's peer group average for short interest as a percentage of float is 2.39%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Vistra?

Upstart Hldgs's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NYSE">UPST</a>) short percent of float has fallen 3.26% since its last report. The company recently reported that it has 25.16 million shares sold short, which is 32.95% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.64 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Upstart Hldgs Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721154615_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Upstart Hldgs has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Upstart Hldgs's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Upstart Hldgs's peer group average for short interest as a percentage of float is 5.95%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

UPST

How Is The Market Feeling About Upstart Hldgs?

Coupang's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>) short percent of float has risen 12.07% since its last report. The company recently reported that it has 25.76 million shares sold short, which is 2.6% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.79 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Coupang Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721154610_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Coupang has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Coupang's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Coupang's peer group average for short interest as a percentage of float is 11.58%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

CPNG

How Is The Market Feeling About Coupang?

Goldman Sachs analyst Richard Ramsden anticipates a neutral investor response to PNC Financial Services Group, Inc.&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>) stronger <a target="_blank" href="https://www.benzinga.com//node/39791655" rel="noreferrer noopener">results and updated FY24 guidance</a>.
Today, the bank reported a revenue increase of&nbsp;2%&nbsp;Y/Y to&nbsp;$5.411 billion, slightly missing the consensus of&nbsp;$5.412 billion, while adjusted EPS of&nbsp;$3.30&nbsp;topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$2.98</a>.
For FY24, PNC&nbsp;expects net interest income (NII) to decline&nbsp;4%, revenue to be down&nbsp;1%-2% (vs. consensus of roughly unchanged Y/Y), and&nbsp;average loan down less than&nbsp;1% (vs. <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">Street estimate of flat Y/Y)</a>.
The analyst says that the third quarter 2024 guidance for NII, fee income, and expenses also suggests a slightly lower pre-provision net revenue (PPNR) compared to consensus.
Overall, the updated FY2024 guidance (at the midpoint) suggests a 2% lower PPNR than the Street, writes the analyst.
Given the revised rate expectations (potentially 2-3 rate cuts this year), the analyst anticipates management&#8217;s comments on the assumptions driving the guidance, NII trajectory in H2 2024 and 2025, expense trends, potential for operating leverage, credit outlook, and the likelihood of ongoing reserve releases in the near term.
In particular, the analyst anticipate investor inquiries regarding the trajectory towards losses in both consumer and corporate segments, and whether there has been any recent deterioration in credit trends.
Notably, net charge-offs (NCOs) for commercial real estate (CRE) rose to 1.28%, an increase of approximately 65 basis points Q/Q, prompting management to raise the office CRE reserve ratio from 9.7% to 10.3%.
Ramsden rated PNC as Neutral <a target="_blank" href="https://www.benzinga.com/quote/PNC/analyst-ratings" rel="noreferrer noopener">with a price target of $165</a>.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Regional Banks ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>).
Price Action: PNC shares are up 4.66% at $176.89 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Analyst Color

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Large Cap

Reiteration

iShares Dow Jones US Regional Banks Index Fund

RDIV

Goldman Sachs Maintains Neutral on PNC Despite Strong Results, Cites Modest FY24 Outlook

Scotiabank analyst Ovais Habib maintains SilverCrest Metals (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/SILV#AMEX">SILV</a>) with a Sector Perform and raises the price target from $8 to $8.5.

SILV

Scotiabank Maintains Sector Perform on SilverCrest Metals, Raises Price Target to $8.5

Scotiabank analyst Ovais Habib maintains Pan American Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) with a Sector Outperform and raises the price target from $23 to $26.

PAAS

Scotiabank Maintains Sector Outperform on Pan American Silver, Raises Price Target to $26

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CUBI

EWBC

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Shares of banking stocks are trading higher amid sympathy with Bank of America after the company reported better-than-expected Q2 financial results.

Scotiabank analyst Ovais Habib maintains Alamos Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) with a Sector Outperform and raises the price target from $16 to $20.

Scotiabank Maintains Sector Outperform on Alamos Gold, Raises Price Target to $20

When stocks are moving higher, the markets are full of remorseful sellers. These investors and traders regret selling their stocks after the price <a href="https://www.benzinga.com/markets">eventually moves higher</a>.
This psychology can be seen in charts. It is a common dynamic in the financial markets. That's why our team of expert traders and technical analysts have picked Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) to be our <a href="https://www.benzinga.com/topic/stock-of-the-day">Stock of the Day</a>.
As you can see on the following chart, the $94.00 level was resistance for Morgan Stanley in January, March, and April. In May, the resistance broke and the shares moved higher.
But then the shares reversed and made it back down to $94.00 in June. At this point, the level that had previously been resistance converted into a support level. Then the price moved higher.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16135015/1-13-1024x576.png" alt="Morgan Stanley (MS) - New uptrend or false breakout?" class="wp-image-439209" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16135015/1-13-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16135015/1-13-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16135015/1-13-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16135015/1-13.png 1047w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Levels that were resistance can convert into support because of seller's remorse. Many of the investors and traders who sold <a href="https://www.benzinga.com/quote/MS/analyst-ratings">Morgan Stanley</a> when it was at $94.00 came to regret their decision to do so.
A number of them decided to buy their shares back at the price they were for sold at.
So, when the shares got back down to $94.00 many of these remorseful sellers placed buy orders. And the large concentration of these orders created support at the level that had previously been resistance.
Now traders will be focusing on the $102.00 level. It was resistance in May. <a href="https://www.benzinga.com/news/earnings/24/07/39793333/morgan-stanley-q2-earnings-higher-profits-as-investment-banking-activity-rebounds-on-track-to-reach">Now the shares are trading above it.</a>
If the stock eventually reverses and gets back down to $102.00, it may become a support level. And if it does it should set the stage for a new move higher.
Stocks don't go up in straight lines. An uptrend is like a staircase of trading ranges. And what was the top of one range (resistance) becomes the bottom of the next range (support).
But if there isn't support around $102.00, traders will say the stock has made a ‘false breakout'. This is important because false breakouts tend to proceed big moves lower.
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Image: Shutterstock

Technicals

Movers

Stock Of The Day: Morgan Stanley — False Breakout Or New Uptrend?

European Union governments have expressed differing opinions on the imposition of EU tariffs on imports of electric vehicles (EVs) manufactured in China, as indicated in a <a target="_blank" href="https://www.benzinga.com/electric-vehicles" rel="noreferrer noopener">non-binding but influential vote.</a>
The European Commission, responsible for the EU&#8217;s trade policy, has imposed provisional tariffs of up to 37.6% on electric vehicles imported from China and has sought input from EU member states in a consultative vote.
Twelve EU members endorsed the tariffs, four opposed them, and eleven abstained from voting, Reuters reported, citing people familiar with the discussions.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39787139/chinese-ev-thrive-despite-tariff-hikes-foreign-rivals-struggle" rel="noreferrer noopener">Chinese EV Thrive Despite Tariff Hikes, Foreign Rivals Struggle</a>
The Commission is likely to consider these votes when determining whether to proceed with definitive duties in what is the EU&#8217;s most prominent trade case to date.
France, Italy, and Spain supported the tariffs, whereas Germany, Finland, and Sweden abstained.
A German source told Reuters that their abstention was in the spirit of &#8220;critical solidarity&#8221; with the Commission.
An official from the Finnish embassy expressed doubts about the measure aligning with EU interests, noting not all European car manufacturers supported it.
Swedish trade minister Johan Forssell emphasized the importance of dialogue between the Commission and China to resolve the issue.
Beijing has warned of extensive retaliatory measures.
The Commission plans to extend its investigation for three months before deciding on proposing definitive duties, typically lasting five years, Reuters added.
Any proposed tariffs would require a binding vote among EU members, and could be blocked if 15 member countries representing 65% of the EU population vote against.
As a gesture of compromise, the European Commission has indicated potential consideration for a reduced tariff on BMW&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) China-made electric Mini and Volkswagen AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLKAF#OTC">VLKAF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) Cupra Tavascan.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Shuttershock
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Media

General

BMWYY

VLKAF

VWAGY

EU Nations Divided Over Tariffs On Chinese EVs; Commission Considers Compromise For BMW And Volkswagen Models: Report

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Valuence Merger Corp. I Announces Adjournment of Shareholder Meeting to Approve an Extension

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