Latest news for Wise (OTC:WPLCF) Stock

Wise PLC is a currency conversion platform utilizing a peer-to-peer network to reduce transfer costs. The group focuses primarily on private clients and small and midsize enterprises. By operating local accounts in each jurisdiction Wise sends money to or receives money from, this fintech offers faster and cheaper currency transfer services than incumbents (banks). Wise has started to broaden its product offering, issuing its clients debit cards and allowing customers to invest funds into various asset-management products.

Wise PLC

HC Wainwright &amp; Co. analyst Robert Burns reiterates Caribou Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBU#NASDAQ">CRBU</a>) with a Buy and maintains $9 price target.

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Price Target

Reiteration

Analyst Ratings

CRBU

HC Wainwright & Co. Reiterates Buy on Caribou Biosciences, Maintains $9 Price Target

Earnings

Synchrony Financial Q2 Net Interest Income $4.41B, Down 7% YoY

Large Cap

Guidance

Health Care

General

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

Elevance Health Expects GAAP Net Income Per Diluted Share To Be At Least $34.05 In 2024 And Adjusted Diluted Net Income Per Share To Be At Least $37.20 Versus Consensus Of $37.28

Synchrony Financial Q2 Purchase Volume Decreased 1%, Loan Receivables Increased 81%, Net Interest Margin Decreased 48 bps

<a href="https://www.sec.gov/Archives/edgar/data/103379/000119312524179856/d871255dex991.htm" title="https://www.sec.gov/Archives/edgar/data/103379/000119312524179856/d871255dex991.htm">https://www.sec.gov/Archives/edgar/data/103379/000119312524179856/d871255dex991.htm</a>

Asset Sales

VF Corp Expects Sale Of Supreme To Be Dilutive To EPS In FY25

The transaction is expected to close by the end of CY2024, subject to customary closing conditions and regulatory approvals. The&nbsp;Supreme&nbsp;brand runs a digital-first business and 17 stores in the U.S., Asia and Europe.

ESLOF

EssilorLuxottica Agrees To Acquire The Supreme Brand From VF For $1.5B Cash

The GEO Group Announced That It Has Extended Its Offers To Exchange Up To $650.0M Of 8.625% Senior Secured Notes Due 2029 And Up To $625.0M Of 10.250% Senior Notes Due 2031 Issued In A Private Placement

HC Wainwright &amp; Co. analyst Yi Chen reiterates AngioDynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGO#NASDAQ">ANGO</a>) with a Buy and maintains $14 price target.

ANGO

HC Wainwright & Co. Reiterates Buy on AngioDynamics, Maintains $14 Price Target

Elevance Health Reported Q2 Total Medical Membership Of 45.78M, Down 5% YoY And The Benefit Expense Ratio Was 86.3%, An Improvement Of 10 Basis Points

HTGC

Hercules Capital Announced That The U.S. Small Business Administration Has Approved Its Fourth Small Business Investment Company Subsidiary, Following The Company's Prior Receipt Of Its "Green Light" Letter To Submit An Application

The possibility of a second term for former President Donald Trump is raising concerns among analysts, who predict that his &#8220;America-first&#8221; policies could lead to a surge in global inflation.
What Happened: Analysts are warning that Trump&#8217;s re-election could have inflationary consequences, CNBC <a href="https://www.cnbc.com/2024/07/16/trump-2point0-could-be-bad-news-for-global-inflation-analysts-say.html">reported</a> on Tuesday. Trump&#8217;s first term, characterized by high tariffs and low taxes, could have an even more pronounced inflationary effect if repeated.
&#8220;There&#8217;s a bigger risk that Trump&#8217;s policies will be more inflationary in a second term than they would have been in the first,&#8221; said Michael Metcalfe, head of macro strategy at State Street Global Markets.
"Compared to 2016, when inflation had been low forever and inflation expectations were low &#8230; 2024, 2025 is going to be very different," he continued. "The level of inflation is higher, inflation expectations are higher, and we're still in this inflation mindset."
Analysts are concerned that this inflationary mindset could lead to price increases both domestically and internationally, particularly in Asia and Europe.
Nomura&#8216;s Gareth Nicholson noted that the increased inflation could also affect Asia. He described a Trump presidency as an overall &#8220;negative risk factor&#8221; for Asian stocks.
Goldman Sachs forecasted in a note on Friday that a Trump presidency could contribute to a 0.1 percentage point rise in inflation in Europe, citing increased tariffs impacting global trade.
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell Praises Latest Inflation Progress, Hints At Imminent Rate Cuts, Warns He&#8217;s &#8216;Very Worried&#8217; About Unsustainable National Debt</a>
Trump&#8217;s potential re-election has also sparked concerns about increased tariffs on China, further exacerbating global inflation, according to the report. A recent poll of economists indicated that the majority foresee higher inflation under a second Trump term due to his hard-line protectionist stance.
Why It Matters: The potential for a second Trump term has been a topic of concern in the financial world. A top economist recently suggested that a robust AI stock rally fueling the s<a href="https://www.benzinga.com/markets/equities/24/07/39748555/stock-market-bubble-burst-if-trump-wins-2024-election-says-top-economist-policies-would-jeopardi">tock market bubble could face an early burst</a> if Trump wins the 2024 election. The economist expressed concerns about the potential impact of Trump's proposed policies on tariffs and immigration on the economy.
A recent survey conducted by The Wall Street Journal suggests that most economists believe that a potential win for former President Trump in the upcoming presidential <a href="https://www.benzinga.com/news/24/07/39761609/trump-or-biden-most-economists-say-this-candidates-win-could-bring-higher-inflation">election could result in a surge in inflation</a>, deficits, and interest rates, higher than under a continued President Joe Biden administration.
Trump, in a recent episode of the All-In podcast, highlighted the significance of regulations and taxes in <a href="https://www.benzinga.com/news/24/06/39426688/trump-reveals-his-recipe-for-economic-growth-regulation-regulation-and-taxes">driving economic growth</a>. &#8220;I say regulation, regulation, and taxes, okay? I gave the biggest tax cut in the history of our country, a lot to businesses,&#8221; Trump said.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/bonds/24/07/39792320/june-retail-sales-stagnate-traders-fully-price-in-september-interest-rate-cut?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">June Retail Sales Stagnate: Traders Fully Price In September Interest Rate Cut</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Economics

Markets

Trump's Second Term Could Trigger Global Inflation, Warn Analysts: '2024, 2025 Is Going To Be Very Different'

Shares of Bloom Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) rose sharply in today's pre-market trading after the company announced a strategic <a href="https://www.benzinga.com/news/24/07/39804803/bloom-energy-stock-booms-on-ai-data-center-deal-what-you-need-to-know">partnership with CoreWeave</a>.
Bloom Energy said it entered into a partnership to deploy its proprietary fuel cells to generate on-site power for CoreWeave at a high-performance data center in Illinois.
Bloom Energy shares jumped 12.1% to $16.90 in pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Shimmick Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHIM#NASDAQ">SHIM</a>) gained 53% to $3.09 in pre-market trading after the company received a $27.6 million subcontract for the Sunol Valley Water Treatment Plant Ozonation Project.</li>
<li>Aptevo Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APVO#NASDAQ">APVO</a>) shares rose 39.3% to $0.46 in pre-market trading after surging around 10% on Tuesday. Aptevo Therapeutics recently announced closing of $2.75 million offering.</li>
<li>MicroAlgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) shares rose 26.1% to $3.58 in pre-market trading after declining around 14% on Tuesday.</li>
<li>Conduit Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDT#NASDAQ">CDT</a>) rose 16.1% to $0.2916 in pre-market trading. Conduit Pharmaceuticals shares gained around 5% on Tuesday after the company announced it received patent approval for its lead asset targeting autoimmune diseases..</li>
<li>Adverum Biotechnologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADVM#NASDAQ">ADVM</a>) shares gained 15.5% to $10.31 in pre-market trading. Adverum Biotechnologies revealed 26-week interim analysis results of Ixo-vec from LUNA Phase 2 trial at 2024 ASRS Annual Meeting.</li>
<li>GitLab Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>) gained 13.9% to $57.71 in pre-market trading after Reuters reported that the company is exploring a sale.</li>
<li>Asset Entities Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASST#NASDAQ">ASST</a>) shares climbed 12.6% to $1.77 in pre-market trading.</li>
<li>Immersion Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMMR#NASDAQ">IMMR</a>) shares surged 12.4% to $13.69 in pre-market trading after gaining over 5% on Tuesday.</li>
<li>CERo Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) shares gained 7.7% to $0.21 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Cineverse Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNVS#NASDAQ">CNVS</a>) shares fell 15.6% to $0.75 in pre-market trading.</li>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) shares fell 15.2% to $22.04 in pre-market trading after jumping 69% on Tuesday.</li>
<li>Virpax Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRPX#NASDAQ">VRPX</a>) shares fell 15.2% to $1.28 in pre-market trading after jumping 41% on Tuesday.</li>
<li>Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) shares declined 14.7% to $87.00 in pre-market trading after the company announced a CEO transition. Additionally, comparable sales decreased in the 10-week period ended July 13.</li>
<li>Safe and Green Development Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGD#NASDAQ">SGD</a>) shares dipped 11% to $0.3642 in pre-market trading.</li>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) shares fell 9.2% to $2.17 in pre-market trading. Silo Pharma shares jumped 123% on Tuesday after the company obtained an exclusive global license to develop, manufacture, and commercialize its Alzheimer&#8217;s drug.</li>
<li>Eightco Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCTO#NASDAQ">OCTO</a>) shares fell 8.7% to $0.48 in pre-market trading. Eightco Holdings recently said first-quarter revenue fell to $9.6 million from $15.9 million in the year-ago period.</li>
<li>Cerus Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERS#NASDAQ">CERS</a>) fell 8.4% to $2.19 in pre-market trading. On July 2, Cerus announced the appointment of Dean Gregory to its Board of Directors.</li>
<li>Siebert Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIEB#NASDAQ">SIEB</a>) fell 6.8% to $1.77 in pre-market trading after gaining over 9% on Tuesday.</li>
<li>ASML Holding N.V.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares declined 6.8% to $995.90 in pre-market trading. ASML reported better-than-expected second-quarter earnings, driven by robust sales in China and a surge in new bookings.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens&#8217;</a></li>
</ul>

Pre-Market Outlook

Movers

Trading Ideas

ADVM

APVO

ASML

ASST

CERO

CERS

CNVS

FIVE

GTLB

IMMR

MLGO

OCTO

SHIM

SIEB

SILO

VRPX

Why Bloom Energy Group Shares Are Trading Higher By 12%; Here Are 20 Stocks Moving Premarket

Blackberry Announced The Launch Of CylanceMDR Pro, A Cutting-edge Managed Detection And Response (mdr) Service Built On An Open Xdr Platform Powered By AI

The company has added more capacity, coverage and technology to its long-standing cross-border routes in response to growing customer demand, as supply chains shift from overseas to North American production.

XPO Reports Major Expansion Of Its Cross-border Service Between US And Mexico With The Launch Of XPO Mexico+

Synchrony Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) reported quarterly earnings of $1.55 per share which beat the analyst consensus estimate of $1.36 by 13.97 percent. The company reported quarterly sales of $4.405 billion which beat the analyst consensus estimate of $4.287 billion by 2.75 percent. This is a 6.92 percent increase over sales of $4.120 billion the same period last year.

Earnings Beats

Synchrony Finl Q2 2024 GAAP EPS $1.55 Beats $1.36 Estimate, Sales $4.405B Beat $4.287B Estimate

Elevance Health Q2 2024 Adj EPS $10.12 Beats $10.01 Estimate, Sales $43.223B Beat $43.054B Estimate

In response to the exponential growth of generative artificial intelligence, Taiwan&#8217;s leading data center operator, Chief Telecom, is advocating for a complete overhaul of data center infrastructure.
Why It Matters: Jacky Liu, President of Chief Telecom, believes that the current data center infrastructure is inadequate to support the demands of AI servers. He asserts that a complete redesign of data centers and their supporting infrastructure is necessary to accommodate the AI boom, <a href="https://asia.nikkei.com/Spotlight/Supply-Chain/AI-needs-entirely-new-infrastructure-says-Taiwan-s-Chief-Telecom">reported</a> Nikkei Asia on Wednesday.
&#8220;The new type of buildings to accommodate data center servers that are able to do AI computing requires massive upgrades and a total redesign of standards,&#8221; Liu said. 
&#8220;The overall cost of this new form of buildings will be at least 50% higher than typical data centers.&#8221;
Liu emphasized that the upgrades required encompass all aspects of data centers, from power grid capacity to the load-bearing capabilities of floors. 
&#8220;Simply remodeling the old buildings is not enough. It requires an entirely new infrastructure,&#8221; Liu said.
One of the major challenges is the increased power demands. Traditional power grid capacities of 4 to 6 kilowatts are no longer sufficient, with AI computing data centers requiring at least 10 kilowatts and some designs even demanding 20 kilowatts.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39765205/nvidia-could-be-worth-nearly-50-trillion-in-a-decade-says-early-tesla-amazon-investor-nearly-2x-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Could Be Worth Nearly $50 Trillion In A Decade, Says Early Tesla, Amazon Investor: Nearly 2X That Of US Or 3X Of China&#8217;s Current GDP</a>
AI servers have also become heavier, with a single AI server rack weighing up to 1,500 kilograms. This weight is expected to increase to 2,000 kilograms, driven by the need for more storage and heat-dissipating components.
Chief Telecom&#8217;s newest data center in Taipei, designed to meet the requirements of AI servers, is a testament to the company&#8217;s commitment to staying ahead of the curve.
As the demand for AI continues to surge, Chief Telecom is expanding its reach across the region and beyond. The company is partnering with various providers in Southeast Asia to cater to the increasing demand from Taiwanese suppliers moving into the region.
Top U.S. tech companies renowned for their advancements in AI have been pivotal in driving stock market growth. These companies include the &#8220;Magnificent Seven&#8221; — Microsoft Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>),&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>),&nbsp;NVIDIA Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>),&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>),&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>),&nbsp;Amazon.com&nbsp;Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and&nbsp;Google&#8217;s&nbsp;parent company&nbsp;Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>). 
Among these, Nvidia has seen the most significant surge, rising 162.32% year-to-date.
What&#8217;s Next: The need for upgraded data centers is driven by the rapid advancements in artificial intelligence, which has significantly increased the demand for power and infrastructure. This trend is not isolated to Taiwan; globally, tech giants are making substantial investments to keep up with AI demands.
For instance, Vietnam has recently opened its data center market to foreign investors, allowing 100% ownership. This move is expected to attract major players like Amazon, Microsoft, and Google, which are investing <a href="https://www.benzinga.com/markets/equities/24/07/39743214/as-nvidia-amazon-microsoft-and-google-dive-into-billions-of-data-center-investments-vietnam-open">billions in data center infrastructure</a>.
Additionally, the energy requirements for these centers are pushing companies to explore alternative power sources. Tech giants like Amazon are considering nuclear power to meet the growing energy needs, raising concerns about <a href="https://www.benzinga.com/markets/equities/24/07/39568237/tech-giants-eye-nuclear-power-to-fuel-ai-boom-raising-concerns-over-stability-and-environmental-">grid stability and environmental impacts</a>.
Moreover, geopolitical tensions also play a role. Recently, comments by former President Donald Trump about Taiwan&#8217;s defense costs led to a drop in shares of Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), highlighting the sensitive nature of Taiwan&#8217;s <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">tech industry and its global implications</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39779256/powell-praises-latest-inflation-progress-hints-at-imminent-rate-cuts-warns-hes-ve?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell Praises Latest Inflation Progress, Hints At Imminent Rate Cuts, Warns He&#8217;s &#8216;Very Worried&#8217; About Unsustainable National Debt</a></li>
</ul>
Image Genereted With Via Midjourney 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Tech

AAPL

AMZN

GOOG

GOOGL

MSFT

NVDA

TSLA

As Nvidia, Microsoft, And Google Lead AI Boom, Taiwan's Chief Telecom President Calls For 'Entirely New' Data Center Infrastructure

Exxon Mobil Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) reportedly shut down its 251,800 barrels per day Joliet, Illinois refinery on Monday due to a power outage caused by a storm.
The refinery shutdown occurred due to severe weather conditions involving heavy wind and rain on Monday night, reported Reuters.
The Joliet refinery primarily processes Canadian crude oil and has a production capacity of approximately 9 million gallons per day of gasoline and diesel.
The report quoted one of the sources stating, &#8220;Situations like this take time to recover as they will have to see if the sudden shutdown did damage to any of the units.&#8221;
Yesterday, Exxon Mobil stated its plans to drill up to 30 wells for its seventh oil project in <a target="_blank" href="https://www.benzinga.com//node/39788616" rel="noreferrer noopener">Guyana, named Hammerhead</a>.
Exxon anticipates Hammerhead will produce 120,000-180,000 barrels of crude daily, less than the 250,000 barrels per day from its largest vessels in Guyana.
The oil giant will report second-quarter FY24 results <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">on August 2, 2024</a>.
Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and IShares U.S.&nbsp;Energy&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Price Action: XOM shares are up 0.05% at $116.10 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Del Henderson Jr. via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39750080/judge-throws-out-baltimores-climate-lawsuit-against-energy-giants-exxon-bp-chevron-report" target="_blank" rel="noreferrer noopener">Judge Throws Out Baltimore&#8217;s Climate Lawsuit Against Energy Giants Exxon, BP, Chevron: Report</a></li>
</ul>

Equities

Media

iShares Dow Jones US Energy Sector Index Fund

What's Going On With Exxon Mobil Shares Today?

Needham analyst Chris Pierce maintains Blue Bird (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBD#NASDAQ">BLBD</a>) with a Buy and raises the price target from $52 to $65.

BLBD

Needham Maintains Buy on Blue Bird, Raises Price Target to $65

Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and its peers, including Baidu, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), PDD Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), Bilibili Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>) harboring artificial intelligence ambitions could face a rough ride as the U.S. government intensifies its semiconductor sanctions against China.
The Biden administration, facing resistance to its semiconductor restrictions on China, has informed allies that it is considering the strictest trade measures available if crucial providers of chipmaking machinery like Tokyo Electron Ltd and ASML Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) continue providing advanced semiconductor technology to China.
The U.S. is contemplating using the Foreign Direct Product Rule (FDPR), which allows it to impose controls on foreign-made products that incorporate even minimal amounts of American technology, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-17/us-considers-tougher-trade-rules-against-companies-in-chip-crackdown-on-china?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
The U.S. has presented this possibility to officials in Tokyo and The Hague. Additionally, the US is considering further sanctions on specific Chinese chip companies.
<a target="_blank" href="https://www.benzinga.com/government/24/04/38140039/us-embargo-on-nvidia-stings-hard-chinas-ai-development-lags-peers-alibabas-joe-tsai-reveals" rel="noreferrer noopener">Earlier in 2024</a>, Alibaba Co-founder and chairman Joe Tsai told SCMP that China lags two years behind the U.S. in the race for AI development, mainly due to Washington&#8217;s technology restrictions.
Tsai emphasized that U.S. export restrictions have significantly affected Alibaba&#8217;s cloud business and its ability to offer high-end computing services.
Alibaba and its peers are already <a target="_blank" href="https://www.benzinga.com/news/24/07/39768528/alibaba-chinese-tech-stocks-and-ev-stocks-nio-xpeng-li-auto-tumble-after-disappointing-economic-repo" rel="noreferrer noopener">bearing the brunt</a> of China&#8217;s economy growing slower than anticipated in the second quarter. This growth is hindered by an ongoing property slump and job insecurity, which are slowing recovery efforts.
Price Actions: BABA shares traded lower by 0.09% at $78.31 premarket at the last check Wednesday. BIDU is up 0.04% at $93.77, PDD lower by 0.62% at $135.00.
Photo via Shutterstock

Government

Regulations

BABA

BIDU

BILI

Citigourp Global Markets 2% Protected Notes Linked To The Djia

What's Going On With Alibaba And Peer Chinese Stocks On Wednesday?

Wise: Higher Interest Rates Proving A Huge Tailwind, But Might Not Last

Top Global Triple Momentum stocks - BofA Securities

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
<a href="https://investorplace.com/industries/financial/fintech/">Fintech stocks</a> are up today with investors celebrating recent news from the Federal Reserve concerning interest rates.



The big announcement that has investors excited is <a href="https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html">no more interest rate increases in 2023</a>. That was revealed by the Fed during its last meeting of the year yesterday.



On top of that, it looks like the agency is going to shift gears when it comes to interest rates. The Fed has signaled that it will introduce multiple interest rate cuts in 2024. That could see it cut rates three times with each one being a quarter of a percent.



This is welcome news for fintech stocks and the rest of the market considering the 11 interest rate increases introduced by the Fed. It did so to combat rising inflation. However, it appears inflation has cooled enough to warrant cutting interest rates again.



Brian Spinelli, co-chief investment officer at Halbert Hargrove, <a href="https://www.nasdaq.com/articles/bank-stocks-soar-as-fed-signals-three-rate-cuts-for-2024">said the following</a> to Bankrate about the cuts.




&ldquo;Positioning of futures data indicates the market is pricing in Fed cuts around the middle of next year, in the May/June time frame. Whether the market has this right is a point of debate with investors.&rdquo;




Let&rsquo;s check out how fintech stocks are reacting to this news below!



<h2>Fintech Stocks Up Today</h2>



<ul><li>SoFi Technologies (NASDAQ:<a href="https://investorplace.com/stock-quotes/sofi-stock-quote/">SOFI</a>) stock starts us off with a 4.5% increase on Thursday morning.</li>



<li>PayPal (NASDAQ:<a href="https://investorplace.com/stock-quotes/pypl-stock-quote/">PYPL</a>) stock joins the rally with a 1.5% jump this morning.</li>



<li>Block (NYSE:<a href="https://investorplace.com/stock-quotes/sq-stock-quote/">SQ</a>) stock is climbing 6% higher today alongside the Fed news.</li>



<li>Wise (OTCMKTS:<a href="https://investorplace.com/stock-quotes/wplcf-stock-quote/">WPLCF</a>) stock is up 3.3% as of this writing.</li>



<li>Lendingtree (NASDAQ:<a href="https://investorplace.com/stock-quotes/tree-stock-quote/">TREE</a>) stock is seeing a major 7% jump on Thursday.</li>
</ul>There&rsquo;s even more stock market news that traders will want to read about below!



We have all of the latest stock market stories worth reading about on Thursday! A few examples include what&rsquo;s happening with <a href="https://investorplace.com/industries/financial/bank/">bank stocks</a>, SOFI shares and Opendoor Technologies&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/open-stock-quote/">OPEN</a>) stock today. All of that news is ready to go at the following links!



<h2>More Stock Market News for Thursday</h2>



<ul><li><a href="https://investorplace.com/2023/12/why-are-bank-stocks-up-today/">Why Are Bank Stocks Up Today?</a></li>



<li><a href="https://investorplace.com/2023/12/why-is-sofi-stock-up-today-dec-14th/">Why Is SOFI Stock Up Today?</a></li>



<li><a href="https://investorplace.com/2023/12/opendoor-open-stock-jumps-on-analyst-upgrade/">Opendoor (OPEN) Stock Jumps on Analyst Upgrade</a></li>
</ul>On the date of publication, William White&nbsp;did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
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	The post <a href="https://investorplace.com/2023/12/why-are-fintech-stocks-up-today/">Why Are Fintech Stocks Up Today?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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