Latest news for Wuxi AppTec Co (OTC:WUXAY) Stock

Wuxi AppTec Co Ltd provides a portfolio of research and manufacturing services through the discovery, development, and manufacturing spectrum for small-molecule drugs, cell therapies, gene therapies, and testing services for medical devices. Its segments comprise WuXi Chemistry, WuXi Testing, WuXi Biology, WuXi ATU, WuXi DDSU, and Others. It generates the majority of its revenue from the WuXi Chemistry segment. Its geographic areas are the PRC, USA, Europe, and the Rest of the world, in which it generates the majority of its revenue from the USA.

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Hoth Therapeutics Reports Being Ready For 2022 As It Anticipates Major Milestones In Drug Pipeline

WUXI APPTEC CO UNSP/ADR by Wuxi Apptec Co Ltd.

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Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is reportedly planning to roll out six innovative wearable devices powered by AI launching in 2025., as revealed in an internal memo from CTO, Andrew Bosworth.
What Happened:&nbsp;Meta&#8217;s&nbsp;CTO, Andrew &#8220;Boz&#8221; Bosworth, announced in an internal memo that the company will be launching&nbsp;six new AI-enabled wearable devices&nbsp;this year. In the memo titled &#8220;2025: The Year of Greatness,&#8221; Bosworth underscored the significance of this year for Meta&#8217;s Reality Labs.
Bosworth stated, &#8220;This year likely determines whether this entire effort will go down as the work of visionaries or a legendary misadventure.&#8221; The memo was <a href="https://www.businessinsider.com/meta-cto-metaverse-reality-labs-legendary-misadventure-memo-2025-2">viewed</a> by Business Insider.
Meta&#8217;s Reality Labs, the division that oversees the company&#8217;s&nbsp;AR and VR projects, recently&nbsp;reported a record revenue of $1.08&nbsp;billion in the fourth quarter. However,&nbsp;the division also posted its&nbsp;biggest-ever quarterly operating loss of&nbsp;$4.97 billion, with total losses&nbsp;reaching about $60 billion since&nbsp;2020.
Meta has been actively working to enhance the efficiency of its Reality Labs which also includes placing key executives under its core leadership.
Meta did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.
SEE ALSO: <a href="https://www.benzinga.com/general/social-media/25/02/43577521/mark-zuckerbergs-meta-to-begin-mass-layoffs-next-week-speeds-up-hiring-of-machine-learning-engineers-report">Mark Zuckerberg&#8217;s Meta To Begin Mass Layoffs Next Week, Speeds Up Hiring Of Machine Learning Engineers: Report</a>
Why It Matters: This announcement comes as part of Meta&#8217;s <a href="https://www.benzinga.com/24/12/42659936/meta-plans-display-equipped-ray-ban-glasses-by-2025-aiming-to-replace-smartphones">ongoing efforts to advance</a> its wearable technology lineup. In the memo, Bosworth mentioned, &#8220;We need to drive sales, retention, and engagement across the board but especially in MR. And Horizon Worlds on mobile absolutely has to break out for our long-term plans to have a chance.&#8221;
Notably, the Mark Zuckerberg-led company is focusing on integrating displays into its Ray-Ban smart glasses by 2025, positioning itself as a frontrunner in augmented reality (AR) and wearable computing.
Furthermore, Meta is also reportedly working on Oakley-branded <a href="https://www.benzinga.com/25/01/43114842/meta-expands-ai-wearables-with-oakley-smart-glasses-camera-equipped-earbuds-in-development">smart glasses and exploring new AI-powered devices</a>, including smartwatches and earbuds with built-in cameras for cyclists and athletes. 
Despite years of mixed results in the wearable space, Meta has continued to focus on innovative launches in its augmented reality and AI-driven computing segment. In 2025, the company has planned to invest between $60 billion and $65 billion towards capital expenditures to expand its AI-backed computing infrastructure.&nbsp;
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/02/43583166/apple-watch-users-are-strapping-them-to-their-anklesand-some-people-are-seriously-confused">Apple Watch Users Are Strapping Them To Their Ankles — Here&#8217;s Why Its Leaving Some People Bewildered</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.

Markets

Tech

Mark Zuckerberg's Meta May Launch 6 New AI Wearables This Year: Report

As President Donald Trump unveils his economic plans, it is becoming clearer that tariffs are central to his strategy of pursuing growth without inflationary implications. Craig Shapiro, a macro strategist at the Bear Traps Report, argues that tariffs are the &#8220;only way&#8221; to fund tax cuts without expanding the federal deficit in his analysis.
What Happened: According to Shapiro, a scenario of levying tariffs has become increasingly critical as Trump seeks to push forward his economic agenda. In an X post dated Feb. 9, he said that Trump&#8217;s proposed tax cuts without expanding the deficit is a major challenge.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hypothesis: Budget Math Suggests Big Tariffs Are Coming This week we learned that Treasury Secretary Bessent is trying to get Trump to change his scorecard for the success of his economic policies from a higher stock market to a lower 10 year yield. Lowering borrowing costs for…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1888358706930487651?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote>
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Shapiro pointed out that the current budget deficit sits at 6-7% of GDP, and Trump's goal is to reduce it to 3% by the end of his term. &#8220;DOGE spending cuts won&#8217;t be big enough to move the needle if they won&#8217;t touch going entitlements and defense.&#8221; Shapiro added.
&#8220;So it seems like the only real way to bridge this gap to fund tax cuts without deficit expansion is TARIFFS,&#8221; said Shapiro.
Shapiro argues that tariffs not only serve as a way to rebalance global trade and revitalize American manufacturing, but they also provide a much-needed revenue stream for the U.S. government. By imposing tariffs, Trump could generate the necessary funds to finance his tax cuts while avoiding further deficit expansion.
As budget discussions intensify in the coming weeks, Shapiro predicts that tariffs will take center stage. While many believe that Trump may back down on tariffs, the underlying &#8220;math suggests he has no other choice but to use them.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">Trump To Announce 25% Steel And Aluminum Tariffs — Economist Warns President Is ‘Making US Manufacturing Globally Uncompetitive' </a>
Why It Matters: Adding context to the necessity of tariff imposition, Shapiro claims that Treasury Secretary Scott Bessent has urged the President to shift his focus from short-term stock market gains to long-term economic indicators, particularly the 10-year Treasury yield.
It is a benchmark, that directly influences borrowing costs for both the federal government and American consumers, and has become a key metric for measuring the success of Trump's policies. Thus, he concluded that Trump needs to control the 10-year yields, and that requires addressing the rising deficit.
In recent months, market fears over inflation and rising government deficits have caused 10-year yields to climb. However, after scaling the highs of 4.89% in mid-January, the 10-year yields have settled around 4.49-4.50%, as of the publication of this article.
Shapiro suggests that the goal of the administration should be to lower these yields to reduce borrowing costs, benefiting &#8220;Main Street&#8221; Americans by making credit more affordable.
The 10-year yield is the true scorecard for economic success, Shapiro explained. &#8220;Obsessing about how the stock market is doing&#8221; is misleading, especially when &#8220;stock price momentum has increasingly become disconnected from the actual economy,&#8221; he said.
Price Action: As of Friday&#8217;s close the exchange-traded fund tracking the S&amp;P 500 index, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.92% to $600.77 and the ETF tracking Nasdaq 100 index, Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 1.26% to $522.92. The two-year Treasury notes yielded 4.28% and the 30-year notes yielded 4.70%.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/02/43521806/deepseeks-hedge-fund-owner-had-multiple-top-projects-before-creating-the-firm-that-fueled-1-trillion-market-cap-erosion-of-ai-stocks">DeepSeek&#8217;s Hedge Fund Owner Had Multiple Top Projects Before Creating The Firm That Fueled $1 Trillion Market Cap Erosion Of AI Stocks </a></li>
</ul>
Photo courtesy: Shutterstock

Equities

Government

News

Politics

Treasuries

Economics

ETFs

Tariffs Are 'The Only Way' To Fund Tax Cuts Without 'Deficit Expansion', Argues Expert As It Takes Center Stage In Donald Trump's Economic Plan

TSMC ((TWSE: 2330, NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) today announced its net revenue for January 2025: On a consolidated basis, revenue for January 2025 was approximately NT$293.29 billion, an increase of 5.4 percent from December 2024 and an increase of 35.9 percent from January 2024.
On Jan. 21, Taiwan experienced a 6.4 magnitude earthquake on the Richter scale, followed by several significant aftershocks throughout the Lunar New Year holiday. There was no structural damage to our fabs, and the water supply, power, workplace safety systems, and operations are functioning normally. A certain number of wafers in process were impacted and had to be scrapped due to the earthquake and aftershocks. As a result, the revenue forecast for the first quarter of 2025 is now anticipated to be closer to the lower end of the guidance range of US$25 billion and US$25.8 billion. Based on a preliminary assessment, the Company estimated related earthquake losses to be approximately NT$5.3 billion, net of insurance claim, and will recognize it in the first quarter of 2025. Despite this, the Company maintains first quarter gross profit margin to be between 57% and 59% and operating profit margin is expected to be between 46.5% and 48.5%. The Company is making every effort to recover the lost production, and there is no change to our full-year outlook.

Guidance

Taiwan Semiconductor Expects Q1 Revenue At Lower End Of $25.00B-$25.80B Vs $25.93B Est As The January Earthquake In Taiwan Affects Its Operations, Reiterated Q1 Gross Margin Of 57%-59% And Operating Margin Of 46.5%-48.5%

Piper Sandler analyst Derek Podhaizer initiates coverage on Flowco Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLOC#NYSE">FLOC</a>) with a Overweight rating and announces Price Target of $34.

Price Target

Initiation

Analyst Ratings

FLOC

Piper Sandler Initiates Coverage On Flowco Holdings with Overweight Rating, Announces Price Target of $34

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) witnessed an unprecedented jump in bearish bets by Wall Street hedge funds, limiting the second-largest cryptocurrency&#8217;s upside potential.
What Happened: In an X post on Sunday, capital markets commentator&nbsp;The Kobeissi Letter highlighted that short positioning in Ethereum has surged by 40% in just one week and by a staggering 500% since Nov. 2024. 
&#8220;Never in history have Wall Street hedge funds been so short of Ethereum, and it&#8217;s not even close,&#8221; The Kobeissi Letter stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What is happening with Ethereum? Short positioning in Ethereum is now up +40% in ONE WEEK and +500% since November 2024. Never in history have Wall Street hedge funds been so short of Ethereum, and it&#39;s not even close. What do hedge funds know is coming? (a thread) <a href="https://t.co/knsyOhYyyt">pic.twitter.com/knsyOhYyyt</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1888732751039181154?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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The &#8220;extreme positioning&#8221; has led to Ethereum significantly underperforming Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the analysis concluded. 
Indeed, Bitcoin surged over 107% in the last year, while Ethereum grew by a paltry 6%. Additionally, Bitcoin&#8217;s market valuation was six times more than that of Ethereum as of this writing
The Kobeissi Letter attributed market manipulation,&nbsp;harmless cryptocurrency hedges, and a bearish outlook on Ethereum as some of the factors behind the surge in short positioning.
It warned that such positioning could cause dramatic crashes, <a href="https://in.benzinga.com/25/02/43427669/ethereum-whales-awake-after-six-years-score-378-million-potential-profit-hours-before-market-crash">like the one witnessed last week amid trade war fears</a>, to be more common.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
Why It Matters:&nbsp; Interestingly, even as short exposure increased, inflows into Ethereum exchange-traded funds remained strong. Weekly net inflows stood over $420 million in the last week, more than double that of Bitcoin, <a href="https://sosovalue.com/assets/etf/us-eth-spot">according </a>to SoSo Value.
Analysts at&nbsp;JPMorgan&nbsp;noted in a recent report that<a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43526178/ethereum-faces-intense-competition-from-solana-struggles-to-compete-with-bitcoin-jpmorgan"> increased competition from rival blockchains</a> like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and other Layer-2 networks has been eroding Ethereum&#8217;s market share and threatening&nbsp;its long-term prospects.
Price Action: At the time of writing, Ethereum was exchanging hands at $2,644.83, down 0.63% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>
Photo courtesy: Shutterstock

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

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$SOL

Wall Street's Ethereum Short Positioning Skyrockets — The 'Extreme' Positioning Has Caused ETH To Underperform Bitcoin, Says Analyst

Loop Capital analyst Chris Dankert downgrades Atkore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATKR#NYSE">ATKR</a>) from Buy to Hold and lowers the price target from $115 to $65.

Downgrades

ATKR

Loop Capital Downgrades Atkore to Hold, Lowers Price Target to $65

Over the weekend, the Consumer Financial Protection Bureau&#8217;s (CFPB) operations were unexpectedly suspended. This followed DOGE lead Elon Musk&#8217;s apparent call for the agency&#8217;s dissolution in an X post on Saturday, where he wrote &#8220;CFPB RIP.&#8221; The decision is expected to benefit financial firms facing ongoing enforcement actions.
What Happened: Shortly after Musk&#8217;s post, the CFPB&#8217;s acting director, Russell Vought, who also recently became the Director of the United States Office of Management and Budget, took action.
Vought halted all pending CFPB investigations and supervisory activities. He then informed the Federal Reserve that the CFPB would not be requesting its next round of funding, citing the agency&#8217;s current $711.6 million balance as &#8220;excessive in the current fiscal environment.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not &quot;reasonably necessary&quot; to carry out its duties. The Bureau&#39;s current balance of $711.6 million is in fact…
&mdash; Russ Vought (@russvought) <a href="https://twitter.com/russvought/status/1888423503537360986?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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<h3 class="wp-block-heading">Companies With Recent Enforcement Actions By CFPB</h3>
According to the CFPB <a href="https://www.consumerfinance.gov/enforcement/actions/#:~:text=Early%20Warning%20Services%2C%20LLC;%20Bank,of%20dollars%20in%20consumer%20losses.">website</a>, it took recent actions on some listed companies like Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), Honda Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>), and others.
<ul>
<li>The Bureau, in a release dated Jan. 17, said that Equifax violated the Fair Credit Reporting Act and Honda Motor&#8217;s American Honda Finance Corporation furnished inaccurate consumer reporting information. In a release dated Jan. 16, CFPB issued an order against Jack Dorsey&#8217;s Block for failing to provide effective customer service for Cash App, citing the failure to provide live telephone agents.</li>
</ul>
<ul>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): The Bureau alleged that the firm&#8217;s representations for its 360 Savings account were false or misleading for a period ranging from December 2020 to at least August 2024.</li>
</ul>
<ul>
<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>): CFPB alleged that Walmart and Branch Messenger Inc. engaged in unfair, abusive, and deceptive practices by requiring Walmart Spark drivers to use Branch accounts for payment, often without consent, and misrepresenting the Branch account&#8217;s features.</li>
</ul>
<ul>
<li>Rocket Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>): The company allegedly violated the Real Estate Settlement Procedures Act by giving things of value to real estate brokerages, including referrals, in exchange for referrals of real estate settlement business to Rocket Mortgage and Amrock.</li>
</ul>
<ul>
<li>The Bureau also filed a lawsuit on Dec. 20, 2024, against Early Warning Services LLC., Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), alleging their failure to adequately protect the Zelle network from fraud and other vulnerabilities, leading to consumer losses totaling hundreds of millions of dollars.</li>
</ul>
See Also: <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">US Lenders File Joint Lawsuit Against Consumer Finance Watchdog For Capping Overdraft Fees: Wells Fargo, JPMorgan, Citigroup Stocks In Focus</a>
Why It Matters: Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO, Musk, who is charged with cutting wasteful federal spending via the Department of Government Efficiency, in an X <a href="https://x.com/elonmusk/status/1861644897490751865">post</a> dated Nov. 27, 2024 had said, &#8220;Delete CFPB. There are too many duplicative regulatory agencies.&#8221; 
The co-founder and CEO of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) Brian Armstrong supported Musk and said &#8220;CFPB is unconstitutional&#8221; and the U.S. already has Department of Justice to prosecute fraud.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">100% the right call The CFPB is unconstitutional on the face of it. And even if it wasn't, it should be deleted as we already have DOJ to prosecute fraud, and (many) other financial services regulators. It's an activist organization that has done enormous harm to the country. <a href="https://t.co/GlbETlnsZt">https://t.co/GlbETlnsZt</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1888385895163953554?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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However, Sen. Chris Van Hollen (D-Md.) in an X post said &#8220;The CFPB is protected by law and we will fight to ensure it can continue to fight for consumers.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is the richest man on earth bragging about destroying an agency that's returned BILLIONS of dollars to working Americans who were cheated by big corporations. Well guess what &#8211; the CFPB is protected by law and we will fight to ensure it can continue to fight for consumers. <a href="https://t.co/TDoof9dtGd">pic.twitter.com/TDoof9dtGd</a>
&mdash; Senator Chris Van Hollen (@ChrisVanHollen) <a href="https://twitter.com/ChrisVanHollen/status/1888358187503661399?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote>
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Also, Eric Feigl-Ding, the chairman of the Department of Public Health at New England Complex Systems Institute said that CFPB was &#8220;murdered by the richest man on Earth and his oligarchs.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">CFPB, the agency to help the poor fight corrupt banks and bad corporations, is dead (website and X account at least)… murdered by the richest man on Earth and his oligarchs. <a href="https://t.co/uruaia9wkX">pic.twitter.com/uruaia9wkX</a>
&mdash; Eric Feigl-Ding (@DrEricDing) <a href="https://twitter.com/DrEricDing/status/1888780098058457180?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
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In December 2024, financial industry groups, including American Credit Unions, the Consumer Bankers Association, the American Bankers Association, and the Mississippi Bankers Association filed a <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">joint lawsuit</a> against the CFPB over its new rule capping overdraft fees. The CFPB estimated the cap will save consumers up to $5 billion annually, or $225 per household.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/02/43521806/deepseeks-hedge-fund-owner-had-multiple-top-projects-before-creating-the-firm-that-fueled-1-trillion-market-cap-erosion-of-ai-stocks">DeepSeek&#8217;s Hedge Fund Owner Had Multiple Top Projects Before Creating The Firm That Fueled $1 Trillion Market Cap Erosion Of AI Stocks</a></li>
</ul>
Photo courtesy: Shutterstock

COIN

TSLA

JPMorgan, BofA, Equifax, And Others May Get Relief After CFPB Dissolution: Maryland Senator Says He Will Ensure It Continues To 'Fight For Consumers'

Google Deepmind&nbsp;CEO, Demis Hassabis, commended that DeepSeek&#8217;s AI model is &#8220;probably the best work&#8221; to have surfaced from China. Despite praising the model, Hassabis clarified that it did not constitute a significant technological breakthrough.
What Happened: At a Google-hosted event in Paris preceding the AI Action Summit, DeepMind CEO, Demis Hassabis expressed that the DeepSeek AI can do "extremely good engineering" and that it "changes things on a geopolitical scale.", <a href="https://www.cnbc.com/2025/02/09/deepseeks-ai-model-the-best-work-out-of-china-google-deepmind-ceo.html">CNBC </a>reported. 
However, Hassabis added that "despite the hype, there's no actual new scientific advance … it's using known techniques [in AI]." According to him, the hype around Deepseek has been "exaggerated a little bit."
Hassabis questioned DeepSeek&#8217;s claims regarding its low costs and the chips it utilizes. DeepSeek had earlier proclaimed that its AI model was developed at a fraction of the cost of leading AI players and utilized less advanced Nvidia chips. This revelation triggered a substantial stock sell-off and ignited a discussion over the high spending of large tech firms on AI infrastructure.
Regarding artificial general intelligence (AGI), Hassabis stated&nbsp;that the AI industry is&nbsp;&#8220;on the path towards AGI,&#8221;&nbsp;and suggested that we may be only around five years away from a&nbsp;system that exhibits all the&nbsp;cognitive capabilities humans have.
SEE ALSO: <a href="https://www.benzinga.com/tech/25/01/43014233/google-expands-collaboration-with-associated-press-to-deliver-up-to-date-information-in-gemini-ai-app">Google Expands Collaboration With Associated Press To Deliver Up-To-Date Information In Gemini AI App</a>
Why It Matters: Hassabis&#8217; comments align with Alphabet Inc. (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>) CEO Sundar Pichai <a href="https://www.benzinga.com/25/02/43487551/sundar-pichai-acknowledges-deepseeks-ai-advancementsbut-says-googles-gemini-still-leads-in-cost-performance-and-latency">who acknowledged the progress made by DeepSeek</a> but maintained that Google&#8217;s Gemini remains superior in efficiency, cost, and performance. Hassabis also considers Google&#8217;s newly launched Gemini 2.0 Flash Models as more efficient than even Deepmind&#8217;s model. 
In another instance, ex-Google researcher and CEO of Cohere, Aidan Gomez told Business Insider that DeepSeek&#8217;s R1 is &#8220;a really impressive release&#8221;. However, he doesn&#8217;t believe that it should be a viable option for businesses.
Interestingly, Chinese tech companies are witnessing a surge after the DeepSeek launch which gaining an edge over its US tech counterparts in terms of valuation. On Feb.6, Bloomberg Data suggested that the Hang Seng Tech Index had an average price-to-earnings ratio of 20.5 times, compared to the Mag. 7 giants that <a href="https://in.benzinga.com/quote/meta" target="_blank" rel="noreferrer noopener"></a>traded at an average of 41.4 times.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/markets/asia/25/02/43573186/china-tech-etfs-surge-as-deepseek-led-ai-boom-fuels-bull-market">China Tech ETFs Surge As DeepSeek-Led AI Boom Fuels Bull Market</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.

GOOG

GOOGL

MSFT

NVDA

Google DeepMind CEO Calls DeepSeek AI 'Best Work' From China, But Says Hype Is Overblown: 'There's No Actual New Scientific Advance'

In a recent interview with YouTuber Modern Day Eratosthenes, Microsoft Corp.&#8217;s co-founder Bill Gates criticized Tesla Inc.&#8217;s Elon Musk and Amazon.com Inc.&#8217;s Jeff Bezos for prioritizing space exploration over real-world crises.
What Happened: Gates argues that While they spend billions on Mars colonies and space tourism, their money would be better spent addressing urgent global issues like hunger, disease, and climate change. "Rich people can do whatever they want&#8230; but I do think malnourishment is the worst thing there is," he said.
Space vs. Real-World Problems: For Gates, issues on Earth deserve far more attention than space exploration. "Farmers&#8230; they're experiencing climate change, which will mean sometimes too much rain, sometimes drought," he noted, emphasizing the urgent need for solutions.
He also highlighted the staggering human cost of mosquito-borne diseases, stating, "Nobody who has money has malaria," which is why he believes these issues receive far less funding than space ventures. "With mosquitoes, it's still like 600,000 [deaths] a year," he said, highlighting the scale of the problem.
While he acknowledges that some space technology has value — such as SpaceX's reusable rockets, which lower launch costs — he remains skeptical of long-term space ambitions. In his view, billionaire resources would be better spent addressing immediate crises on Earth rather than funding extravagant space projects.
See Also: <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">US Lenders File Joint Lawsuit Against Consumer Finance Watchdog For Capping Overdraft Fees: Wells Fargo, JPMorgan, Citigroup Stocks In Focus</a>
Why It Matters: Gates dismissed Musk's vision of a Mars colony as impractical, saying, "It's not a very hospitable place." He also aimed at Bezos' plans for space stations, suggesting they serve more as billionaire hobbies than meaningful contributions to humanity.
"Some people like more artificial satellites that you could put people on. People like Jeff Bezos are into that," he said.
While Musk and Bezos push for interplanetary expansion, Gates sees their priorities as misplaced. "I put my money into things like getting rid of malaria and measles and polio," he said, contrasting his focus with their space ambitions.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and reviewed by Benzinga editors before publication.
Photo courtesy: Shutterstock

Bill Gates Slams Elon Musk And Jeff Bezos: 'Rich People Can Do Whatever They Want…But Malnourishment Is The Worst Thing There Is'

BMO Capital analyst Phillip Jungwirth initiates coverage on Flowco Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLOC#NYSE">FLOC</a>) with a Outperform rating and announces Price Target of $33.

BMO Capital Initiates Coverage On Flowco Holdings with Outperform Rating, Announces Price Target of $33

Former Coinbase technology chief Balaji Srinivasan has joined a growing chorus of tech leaders and politicians advocating for Ron Paul to lead the Federal Reserve, highlighting renewed interest in the <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">former congressman&#8217;s anti-Fed stance</a>.
What Happened: The discussion gained momentum after Sen. Mike Lee (R-Utah) posted on X, formerly Twitter, asking followers to support Paul as Federal Reserve chairman. Tesla Inc. CEO Elon Musk endorsed the idea, responding to a suggestion that Paul should lead a Federal Reserve audit team.
Srinivasan, a prominent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocate and Silicon Valley investor, shared an image of Paul&#8217;s 2009 book &#8220;End the Fed&#8221; with the caption &#8220;Nothing can stop an idea whose time has come.&#8221; The book criticizes the Federal Reserve System and advocates for its abolition on constitutional and economic grounds.
<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">Nothing can stop an idea whose time has come. <a href="https://t.co/y3dmtU8UYQ">https://t.co/y3dmtU8UYQ</a> <a href="https://t.co/A0Wls1DZpW">pic.twitter.com/A0Wls1DZpW</a>
&mdash; Balaji (@balajis) <a href="https://twitter.com/balajis/status/1888680721365287185?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This trend coincides with more general debates concerning the leadership of the Federal Reserve. Originally nominated to the Fed Board of Governors by former President Barack Obama, current Fed Chair Jerome Powell was chosen to run the central bank by President Donald Trump in early 2018. Powell has declared his intention to serve out his <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41849984/powell-brushes-off-trumps-removal-threat-economists-say-2026-could-be-his-last-stand">entire tenure through 2026</a>.
See Also: <a href="https://www.benzinga.com/25/02/43585332/trump-orders-scott-bessent-to-rip-the-waste-out-ends-penny-production-after-elon-musks-doge-report">Trump Orders Scott Bessent To &#8216;Rip The Waste Out,&#8217; Ends Penny Production After Elon Musk&#8217;s DOGE Report</a>
Why It Matters: The conversation around Paul&#8217;s potential role extends beyond the Fed chairmanship. Musk previously expressed interest in having Paul join the proposed Department of Government Efficiency (DOGE), a Trump campaign initiative aimed at cutting federal spending. Paul, while open to helping reduce government spending, has indicated he doesn&#8217;t seek <a href="https://www.benzinga.com/news/24/11/41698615/elon-musk-says-would-be-great-to-have-former-congressman-and-fed-critic-ron-paul-in-department-of-go">an official position</a>.
Paul, known for his fiscal conservatism, recently criticized U.S. foreign aid practices, calling them an &#8220;immoral transfer of wealth&#8221; and arguing they redirect funds from American citizens to wealthy <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">entities in poorer nations</a>.
The renewed attention on Paul&#8217;s monetary policy views comes as the DOGE initiative targets potential federal spending cuts of up to $2 trillion, though experts project more modest savings of $50-100 billion annually against a <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">projected $1.7 trillion deficit in 2024</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/02/43582928/bitcoin-ethereum-dogecoin-as-investors-prepare-for-crucial-cpi-ppi-data-top-analyst-anticipates-a-strong-week-for-crypto">Bitcoin, Ethereum, Dogecoin Flat As Investors Prepare For Crucial Inflation Data: Top Analyst Says This Week Comparable To Any &#8216;Crisis&#8217; Period But You Should Be Bullish</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.

Federal Reserve

Bitcoin Advocate Balaji Pushes 'End The Fed' Author Ron Paul For Central Bank Chair Amid Elon Musk's Support: 'Nothing Can Stop An Idea...'

Keefe, Bruyette &amp; Woods analyst Catherine Mealor upgrades Wesbanco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) from Market Perform to Outperform and raises the price target from $40 to $44.

Upgrades

WSBC

Keefe, Bruyette & Woods Upgrades Wesbanco to Outperform, Raises Price Target to $44

<a href="https://www.globenewswire.com/Tracker?data=7GYlbST4D1MUi9iMD5inIgUErNsz6C4CZGCaevjxxwVlCp4fPTPD6zGmRfCtOWAcocG0FB1x3md5I1wd92EUSSH0VgyKKdPgkSS6P3jhnmI=">Royal Philips</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>, AEX: PHIA))), a global leader in health technology, in collaboration with the World Bank and Ukraine's Ministry of Health (MOH), today announced a nationwide initiative to modernize stroke and cardiovascular care in Ukraine. The demand for stroke care in Ukraine is nearly doubling, exacerbated by war damage and displaced populations lacking access to timely care. This program – which is already well on its way – aims to address these immense challenges by creating an advanced network of locations for the diagnosis and treatment of stroke.
The joint initiative delivers advanced image-guided therapy systems optimized for acute stroke treatment to key regions, including Dnipro, Sumy, Kharkiv, Lviv, Zaporizhzha and Odesa. Philips is deploying 25 of its Azurion interventional suites to support minimally invasive stroke treatments. These systems support complex neurovascular procedures, such as thrombectomies&#x2A;, which can reverse stroke effects. The systems integrate software tools and technologies to accelerate procedures and enhance care coordination. Together, these innovations streamline care pathways, reduce treatment delays and improve patient outcomes. Philips is working with its partner, AFS Medizintechnik, to roll out systems across the country. So far, 19 systems have been installed and are already helping Ukrainian physicians provide optimized care to their stroke patients.

Regulations

Philips Joins Forces With World Bank and Ukraine to Modernize Stroke and Heart Care

&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4358137-1&amp;h=3676430497&amp;u=https%3A%2F%2Fwww.cognizant.com%2Fuk%2Fen&amp;a=Cognizant+(Nasdaq%3A+CTSH)">Cognizant (NASDAQ:</a><a href="https://www.benzinga.com/stock/CTSH#NASDAQ">CTSH</a>)&nbsp;today announced the renewal of its relationship with KBC Group, a leading Belgian universal multi-channel bank-insurer.
&nbsp;
This renewal of the agreement will extend until 2027, positioning Cognizant as KBC Group's partner in supporting its IT and business transformation across the entire spectrum of IT services, including application development &amp; maintenance, data services, infrastructure, and quality engineering.

CTSH

KBCSY

Cognizant Extends Partnership With Belgian Bank-Insurer KBC Group to Enhance IT Services and Innovation Through 2027

As we enter a new week, the cryptocurrency market presents both opportunities and risks for investors seeking short-term gains. Market indicators, though not foolproof, can help investors make informed decisions in this volatile environment.
What happened: Meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) invariably remain on investors' radar because of their high valuations and impressive gains over the years.
DOGE and SHIB <a href="https://www.benzinga.com/25/02/43583729/bitcoin-dogecoin-made-amends-last-week-but-litecoin-grabbed-spotlight-with-25-gains">rose 9.19% and 9.85%</a>, respectively, last week. Technical indicators gave mixed signals for the two meme heavyweights.
The Momentum indicator, which compares the short-term price and long-term price, flashed a &#8220;Buy&#8221; signal for both SHIB and DOGE, <a href="https://in.tradingview.com/symbols/DOGEUSD/technicals/">according </a>to TradingView.
On the other hand, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a &#8220;Sell&#8221; signal.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral" for both SHIB and DOGE.
On the derivatives front, over 50% of Dogecoin traders were betting against its price increase, while 52% of SHIB traders were long on the meme coin, <a href="https://www.coinglass.com/LongShortRatio">according</a> to Coinglass.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43454192/microstrategys-convertible-bonds-a-better-choice-than-spot-bitcoin-for-inclusion-in-sovereign-wealth-fund-says-analyst">Trump-Announced Wealth Fund Should Choose MicroStrategy Bonds Over Bitcoin, Analyst Says</a>
Meanwhile, President Donald Trump's meme coin, Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), plunged over 10% over the last week, affecting its speculative interest.
TRUMP's Open Interest fell by 9% in the last 24 hours, with the majority of its futures traders placing bearish short positions.
XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), the fourth-largest cryptocurrency by market capitalization, rallied over 10% in the last week. Its Momentum indicator and the Stochastic Relative Strength Index, which measures the level of the Relative Strength Index relative to its high-low range over a period, both flashed a "Buy" signal.&nbsp;
That said, the MACD indicator painted a bearish short-term picture for the cryptocurrency.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
Photo courtesy: Shutterstock

$DOGE

$SHIB

$TRUMP

$XRP

DOGE

TRUMP, SHIB, DOGE or XRP — What's Your Best Bet In A New Trading Week? Here's What The Indicators Tell Us

<h3>Companies Reporting Before The Bell</h3>
• Hain Celestial Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAIN#NASDAQ">HAIN</a>) is likely to report quarterly earnings at $0.12 per share on revenue of $431.01 million. 
• Monday.Com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>) is expected to report quarterly earnings at $0.79 per share on revenue of $261.34 million. 
• Tower Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSEM#NASDAQ">TSEM</a>) is expected to report quarterly earnings at $0.53 per share on revenue of $387.09 million. 
• Edgewell Personal Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPC#NYSE">EPC</a>) is projected to report quarterly earnings at $0.12 per share on revenue of $480.16 million. 
• McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) is estimated to report quarterly earnings at $2.86 per share on revenue of $6.48 billion. 
• Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) is projected to report quarterly earnings at $1.55 per share on revenue of $1.15 billion. 
• CSP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSPI#NASDAQ">CSPI</a>) is estimated to report earnings for its first quarter. 
• Ispire Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISPR#NASDAQ">ISPR</a>) is likely to report quarterly loss at $0.03 per share on revenue of $59.50 million. 
• Motorcar Parts of America (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPAA#NASDAQ">MPAA</a>) is projected to report quarterly earnings at $0.43 per share on revenue of $179.50 million. 
• Roivant Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIV#NASDAQ">ROIV</a>) is likely to report quarterly loss at $0.22 per share on revenue of $5.00 million. 
• Insperity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSP#NYSE">NSP</a>) is estimated to report quarterly earnings at $0.02 per share on revenue of $1.60 billion. 
• GCM Grosvenor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GCMG#NASDAQ">GCMG</a>) is projected to report quarterly earnings at $0.23 per share on revenue of $158.60 million. 
• Rockwell Automation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROK#NYSE">ROK</a>) is likely to report quarterly earnings at $1.67 per share on revenue of $1.88 billion. 
• PowerFleet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIOT#NASDAQ">AIOT</a>) is estimated to report quarterly earnings at $0.05 per share on revenue of $99.43 million. 
• ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) is expected to report quarterly earnings at $0.98 per share on revenue of $1.76 billion. 
• Alexander's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALX#NYSE">ALX</a>) is estimated to report quarterly earnings at $3.71 per share on revenue of $55.20 million. 
• Loews (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) is expected to report earnings for its fourth quarter. 
• CNA Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNA#NYSE">CNA</a>) is expected to report quarterly earnings at $1.21 per share on revenue of $3.62 billion. 
• ORIX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IX#NYSE">IX</a>) is estimated to report earnings for its third quarter. 
<h3>Companies Reporting After The Bell</h3>
• Arch Capital Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACGL#NASDAQ">ACGL</a>) is expected to report quarterly earnings at $1.80 per share on revenue of $3.95 billion. 
• RCI Hospitality Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RICK#NASDAQ">RICK</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $81.82 million. 
• Ark Restaurants (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKR#NASDAQ">ARKR</a>) is expected to report earnings for its first quarter. 
• Compass Minerals Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMP#NYSE">CMP</a>) is projected to report earnings for its first quarter. 
• Radiant Logistics (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/RLGT#AMEX">RLGT</a>) is projected to report quarterly earnings at $0.10 per share on revenue of $220.60 million. 
• Cresud SACIF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRESY#NASDAQ">CRESY</a>) is likely to report earnings for its second quarter. 
• Prospect Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSEC#NASDAQ">PSEC</a>) is expected to report quarterly earnings at $0.14 per share on revenue of $189.67 million. 
• SelectQuote (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLQT#NYSE">SLQT</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $447.00 million. 
• SPDR ICE Preferred Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSK#NYSE">PSK</a>) is projected to report quarterly earnings at $0.22 per share on revenue of $121.00 million. 
• PetMed Express (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PETS#NASDAQ">PETS</a>) is estimated to report quarterly loss at $0.01 per share on revenue of $60.00 million. 
• Quipt Home Medical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QIPT#NASDAQ">QIPT</a>) is likely to report earnings for its first quarter. 
• RGC Resources (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGCO#NASDAQ">RGCO</a>) is projected to report quarterly earnings at $0.50 per share on revenue of $26.00 million. 
• Fluence Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) is projected to report quarterly loss at $0.21 per share on revenue of $375.22 million. 
• Columbus McKinnon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCO#NASDAQ">CMCO</a>) is expected to report quarterly earnings at $0.74 per share on revenue of $252.56 million. 
• Origin Agritech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEED#NASDAQ">SEED</a>) is estimated to report earnings for its Fiscal Year 2024. 
• Lattice Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>) is likely to report quarterly earnings at $0.19 per share on revenue of $117.09 million. 
• Unitil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UTL#NYSE">UTL</a>) is estimated to report quarterly earnings at $0.95 per share on revenue of $145.00 million. 
• Beyond Air (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XAIR#NASDAQ">XAIR</a>) is estimated to report quarterly loss at $0.15 per share on revenue of $934 thousand. 
• SPS Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPSC#NASDAQ">SPSC</a>) is expected to report quarterly earnings at $0.87 per share on revenue of $169.29 million. 
• Bank of N.T Butterfield (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTB#NYSE">NTB</a>) is projected to report quarterly earnings at $1.14 per share on revenue of $143.43 million. 
• Simpson Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSD#NYSE">SSD</a>) is projected to report quarterly earnings at $1.29 per share on revenue of $498.53 million. 
• Vertex Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) is estimated to report quarterly earnings at $4.10 per share on revenue of $2.78 billion. 
• TIM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIMB#NYSE">TIMB</a>) is estimated to report earnings for its fourth quarter. 
• Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) is estimated to report quarterly earnings at $0.51 per share on revenue of $447.75 million. 
• Axcelis Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACLS#NASDAQ">ACLS</a>) is expected to report quarterly earnings at $1.25 per share on revenue of $244.95 million. 
• Arrowhead Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>) is likely to report quarterly loss at $1.10 per share on revenue of $14.09 million. 
• Kilroy Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRC#NYSE">KRC</a>) is likely to report quarterly earnings at $1.03 per share on revenue of $280.21 million. 
• Apollo Comml Real Est (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARI#NYSE">ARI</a>) is likely to report quarterly earnings at $0.22 per share on revenue of $48.20 million. 
• Mitek Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITK#NASDAQ">MITK</a>) is expected to report quarterly earnings at $0.13 per share on revenue of $36.05 million. 
• Harmonic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLIT#NASDAQ">HLIT</a>) is likely to report quarterly earnings at $0.37 per share on revenue of $212.45 million. 
• Amkor Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>) is estimated to report quarterly earnings at $0.38 per share on revenue of $1.66 billion. 
• Danaos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAC#NYSE">DAC</a>) is estimated to report quarterly earnings at $6.95 per share on revenue of $261.56 million. 
• Coty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>) is projected to report quarterly earnings at $0.21 per share on revenue of $1.73 billion. 
• Watts Water Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WTS#NYSE">WTS</a>) is estimated to report quarterly earnings at $1.92 per share on revenue of $537.61 million. 
• CoreCivic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXW#NYSE">CXW</a>) is estimated to report quarterly earnings at $0.30 per share on revenue of $465.17 million. 
• NGL Energy Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGL#NYSE">NGL</a>) is estimated to report quarterly earnings at $0.13 per share on revenue of $1.72 billion. 
• Medpace Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>) is projected to report quarterly earnings at $3.12 per share on revenue of $535.01 million. 
• Astera Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) is projected to report quarterly earnings at $0.26 per share on revenue of $127.91 million. 
• Inspire Medical Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INSP#NYSE">INSP</a>) is estimated to report quarterly earnings at $0.72 per share on revenue of $232.90 million. 
• Pennant Park Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNNT#NYSE">PNNT</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $35.59 million. 
• PennantPark Floating Rate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFLT#NYSE">PFLT</a>) is projected to report quarterly earnings at $0.32 per share on revenue of $59.48 million. 
• Cincinnati Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CINF#NASDAQ">CINF</a>) is expected to report quarterly earnings at $1.87 per share on revenue of $2.63 billion. 
• Brixmor Property Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRX#NYSE">BRX</a>) is projected to report earnings for its fourth quarter. 
• Credicorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAP#NYSE">BAP</a>) is likely to report quarterly earnings at $4.66 per share on revenue of $1.48 billion. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

ACGL

ACLS

AIOT

ALAB

AMKR

ARKR

ARWR

CINF

CMCO

COTY

CRESY

CSPI

FLNC

GCMG

HAIN

HLIT

INCY

INSP

ISPR

LSCC

MEDP

MITK

MNDY

MPAA

PETS

PFLT

PNNT

PSEC

QIPT

RGCO

RICK

RLGT

ROIV

SEED

SLQT

SPSC

TIMB

TSEM

VRTX

XAIR

Earnings Scheduled For February 10, 2025

Despite inflation worries, Americans are expected to increase their Super Bowl spending, according to a recent report. However, more fans are planning to cut back on their expenses for the big game.
What Happened: A study by LendingTree found that 75% of Americans plan to watch the Super Bowl. However, 31% of these viewers intend to cut back on their Super Bowl spending compared to last year, <a href="https://www.foxbusiness.com/economy/americans-super-bowl-spending-rise-despite-inflation-worries?ref=biztoc.com">reported</a> Fox Business. This is a notable jump from the 19% who plan to increase their budget. Meanwhile, 50% of respondents expect their spending to remain unchanged.
Those planning to spend on Super Bowl festivities expect to spend an average of $142, marking a 22% increase from last year&#8217;s $116. The main expenses include food, beverages, and fan gear.
Matt Schulz, chief credit analyst&nbsp;at LendingTree stated, &#8220;Even though more people are&nbsp;saying they&#8217;re going to spend&nbsp;less, the average amount for&nbsp;people who are going to&nbsp;spend was up fairly significantly.&#8221;
The report also highlighted that 41% of Super Bowl viewers intend to place bets on the game. Most of these bettors plan to wager smaller amounts, with only 41% expecting to bet $100 or more.
SEE ALSO: <a href="https://www.benzinga.com/25/02/43488268/googles-gemini-ai-could-soon-include-adssundar-pichai-hints-at-future-monetization-beyond-subscriptions">Google&#8217;s Gemini AI Could Soon Include Ads — Sundar Pichai Hints At Future Monetization Beyond Subscriptions</a>
Why It Matters:&nbsp;The high cost of Super Bowl ads was a concern for many viewers. A Benzinga poll also revealed that <a href="https://www.benzinga.com/25/02/43563633/exclusive-is-super-bowl-7m-cost-worth-it-61-say-this-while-18-admit-to-looking-up-companies-after-last-years-nfl-">61% of viewers didn&#8217;t believe</a> the high cost of these ads was worth it. LendingTree&#8217;s findings coincide with a separate study by the Bank of America Institute, which revealed that Americans&#8217; spending on spectator sports hit a record high in 2024.
The Super Bowl event of Sunday saw a host of celebrity-packed commercials, with over <a href="https://www.benzinga.com/25/02/43583058/super-bowl-ads-go-all-in-on-ai-stars-and-8m-price-tags-elon-musk-shared-this-advert-with-his-followers">10 spots costing</a> advertisers $8 million each. President Donald Trump made history as the first sitting president to attend a Super Bowl. Besides the traditional sponsors, this year&#8217;s commercials attracted tech companies like Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) covered a wide range of themes, with a significant focus on artificial intelligence.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/02/43583058/super-bowl-ads-go-all-in-on-ai-stars-and-8m-price-tags-elon-musk-shared-this-advert-with-his-followers">Salesforce Cuts 1000 Jobs But Ramps Up Hiring For AI Sales Roles</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.

Sports

Americans To Spend Big On Super Bowl, 22% Surge From Last Year Likely Despite Inflation Worries: Report

Billionaire entrepreneur Mark Cuban recently expressed his views on Elon Musk&#8216;s Department Of Government Efficiency (DOGE) initiative, advocating for more transparency and suggesting the inclusion of Democrats for oversight.
What Happened: Cuban on Monday reiterated his long-standing stance on government transparency, stating, &#8220;If you have nothing to hide, hide nothing.&#8221; 
Cuban&#8217;s post was a response to a resurfaced 2017 video shared by an X user, where the billionaire called for cutting the government's size by at least one-third and enhancing its efficiency—an idea that also underpins Trump&#8217;s newly established department, now led by Musk.
Cuban said, he &#8220;Still stand by it.&#8221;
challenging Musk&#8217;s DOGE initiative, which has faced criticism for its lack of transparency, Cuban suggested that Musk invite Democrats to work with his DOGE teams to provide a clearer picture of the project&#8217;s operations.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Still stand by it. Said it many times before then. Blogged about it too. Difference is the transparency. <a href="https://twitter.com/DOGE?ref_src=twsrc%5Etfw">@doge</a> says they are transparent. They don't want anyone questioning them. When it comes to government transparency: If you have nothing to hide, hide nothing… <a href="https://t.co/P845QlOTAJ">https://t.co/P845QlOTAJ</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1888711577047880106?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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This post follows Cuban&#8217;s previous criticisms of the Tesla Inc CEO&#8217;s influence on the government and his control over free speech. He has also expressed concerns about Musk&#8217;s motivations and intentions.
SEE ALSO: <a href="https://www.benzinga.com/news/25/02/43582376/not-a-bad-return-on-his-investment-bernie-sanders-says-elon-musk-spent-277-million-to-elect-trump-and-made-154-billion-since-election-day">&#8216;Not A Bad Return On His Investment&#8217;—Bernie Sanders Says Elon Musk Spent $277 Million To Elect Trump And Made $154 Billion Since Election Day</a>
Why It Matters: Cuban&#8217;s post comes amid ongoing legal challenges claiming that DOGE fails to comply with federal transparency regulations. His call for more transparency and diverse oversight could potentially impact the public&#8217;s perception of DOGE and its operations. <a href="https://www.benzinga.com/markets/25/02/43554357/mark-cuban-calls-out-elon-musks-growing-influence-under-trump-on-a-mission-to-make-himself-above-and-beyond-the-president-of-the-united-states">Cuban has previously questioned Musk&#8217;s growing influence</a> and his control over free speech.
Interestingly, Cuban, a long-time Trump critic, has also shown interest in launching his meme coin with proceeds going to the U.S. Treasury to reduce the national debt. &nbsp;<a href="https://www.benzinga.com/startups/25/02/43515728/mark-cuban-mocks-meme-coins-but-pitches-one-to-cut-u-s-debt-if-its-a-grift-make-it-a-grift-to-benefit-all-americans">Cuban&#8217;s potential meme coin</a>&nbsp;could offer a contrast to the current DOGE initiative and its transparency issues.
Meanwhile, in a pre-Super Bowl interview, President Donald Trump expressed his trust in Elon Musk and highlighted that Musk's influence is particularly noteworthy since he is &#8216;not gaining anything&#8217; from the position.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/news/25/02/43581429/mark-cubans-400k-bet-on-teen-founder-comes-with-an-unexpected-invitation-i-want-my-daughters-to-meet-you-and-learn-from-you">Mark Cuban&#8217;s $400K Bet On Teen Founder Comes With An Unexpected Invitation: &#8216;I Want My Daughters To Meet You, And Learn From You&#8217;</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.

Mark Cuban Says He Backs Government Efficiency, But Questions Elon Musk's DOGE Initiative's Transparency: 'If You Have Nothing to Hide, Hide Nothing'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk and Vice President of Finance Sendil Palani addressed allegations of the EV company evading taxes in posts on X over the weekend. The company did not evade tax but carried it forward as per an Internal Revenue Service (IRS) provision, they said.
What Happened: Musk called for tax reform in a post on social media X on Saturday, claiming there are too many &#8220;loopholes.&#8221; Following the post, several X users noted that his EV company Tesla did not pay federal income tax for several years, including in 2024.
&#8220;Tesla losses were high for many years, so carry forward. Super majority of profit is from production and sales overseas, not US. But the point I am making IS that we need tax reform!,&#8221; Musk wrote in response to the allegations.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yeah. Tesla losses were high for many years, so carry forward. Super majority of profit is from production and sales overseas, not US. But the point I am making IS that we need tax reform!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1888411275060773218?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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Tesla VP of Finance Palani also took to X to address the claims.
&#8220;Tesla&#8217;s income taxes are not an example of fraud. Tesla complies with all tax regulations in all of the regions of the world in which we operate,&#8221; Palani said.
&#8220;Details about 2024 Income Taxes were disclosed to last month in our 10-K (filing with the Securities and Exchange Commission). Notably &#8211; we outline our net operating loss carry-forwards, which result from the fact that Tesla has been unprofitable for the significant majority of its 20+ year history,&#8221; he said, while urging everyone to not look at any one recent year in isolation for details on the company&#8217;s finances. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Professor, Respectfully, Tesla&#39;s income taxes are not an example of fraud. Tesla complies with all tax regulations in all of the regions of the world in which we operate. Details about 2024 Income Taxes were disclosed to last month in our 10-K. Notably &#8211; we outline our net…
&mdash; Sendil Palani (@sendilpalani) <a href="https://twitter.com/sendilpalani/status/1888694584894754947?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
A tax loss carryforward is an&nbsp;IRS&nbsp;provision that allows businesses to carry a tax loss from one year into future years to offset a portion of their taxable income.&nbsp;
Why It Matters: Tesla <a href="https://www.benzinga.com/news/24/04/38485339/elon-musk-reminisces-how-tesla-achieved-its-first-quarterly-profit-11-years-ago-a-case-of-deliver-or">turned a full-year profit for the first time in 2020</a>. The company reported a net income of $721 million for 2020 and in 2024, this rose to $7.09 billion. In 2023, Tesla&#8217;s net income attributable to shareholders was nearly $15 billion. 
For the full-year 2024, Tesla recorded total revenue of $97.69 billion, marking a growth of about 1% from the year before, despite a 6% drop in automotive revenues which was offset by a rise in revenue from the company&#8217;s energy generation and storage segment.
The company reported <a href="https://www.benzinga.com/tech/25/01/43326143/tesla-stock-rises-5-after-hours-on-fsd-and-new-vehicle-promises-despite-q4-revenue-miss">earnings per share of $2.04</a>, down 53% from the year before, following a drop in annual vehicle deliveries and heavy discounting measures aimed at hiking sales. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43577187/spacex-to-land-falcon-9-first-stage-off-the-coast-of-the-bahamas-later-this-month">Elon Musk&#8217;s SpaceX To Land Falcon 9 First Stage Off The Coast Of The Bahamas Later This Month</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla CEO Elon Musk, VP Of Finance Address Allegations Of Tax Fraud: 'Losses Were High For Many Years, So Carry Forward'

Elon Musk, the CEO of SpaceX and Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has publicly dismissed the idea of acquiring the widely-used short-video app, TikTok. On Jan. 19, the U.S. President, Donald Trump signed an executive order to postpone the enforcement of a ban on the Chinese short-video app.
What Happened: Musk&#8217;s comments were made in late January and released online by The WELT Group,&nbsp;a division of&nbsp;German media company Axel Springer&nbsp;SE, on&nbsp;Saturday. Musk joined a summit hosted by the group via video, where he stated, &#8220;I&nbsp;have not put in a&nbsp;bid for TikTok.&#8221;
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<iframe loading="lazy" title="Europe at a Turning Point - Elon Musk on Bureaucracy and the Fight for Innovation" width="500" height="281" src="https://www.youtube.com/embed/QVbRG2J1Saw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<figcaption class="wp-element-caption"> These comments were made a week after U.S. President Donald Trump signaled openness to Musk purchasing the app, which is owned by the Chinese company ByteDance. However, Musk admitted he was unfamiliar with the app's format and stated he had no intentions of acquiring it. &#8220;I&#8217;m not eager to buy TikTok. I rarely acquire companies,&#8221; Musk remarked. The Tesla Founder also clarified that he likes to build companies from scratch but acquiring Twitter, now called X, was an &#8216;important and productive step&#8217; to preserve the freedom of speech in America and the world at large. While the enforcement of the ban on the short-video app has been delayed, Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) have yet to restore TikTok to their app stores. However, TikTok announced on Friday that U.S. Android users can now download and access the app via package kits available on its website, bypassing the restrictions. Trump has stated that he is in discussions with multiple parties regarding the potential purchase of TikTok and expects a decision on the app&#8217;s future later this month. The President ordered a ban on the short video app amid national security concerns. Currently, the app has approximately 170 million users in the U.S. SEE ALSO: <a href="https://www.benzinga.com/general/social-media/25/02/43511395/trump-pushes-for-tiktok-deal-china-could-oblige-if-it-werent-for-those-tariffs-heres-what-we-know">Trump Pushes For TikTok Deal, China Could Oblige If It Weren&#8217;t For Those Tariffs — Here&#8217;s What We Know</a> Why It Matters: The idea of Musk acquiring TikTok first <a href="https://www.benzinga.com/general/social-media/25/01/42965533/elon-musk-emerges-as-potential-tiktok-us-buyer-as-ban-deadline-looms-company-terms-it-pure-fiction">emerged in mid-January</a>, when Chinese officials considered Musk as a potential buyer for TikTok&#8217;s U.S. operations. This was due to Musk&#8217;s existing relationships in China through Tesla&#8217;s Shanghai factory and his close ties to President-elect Donald Trump. Later in the month, Trump himself <a href="https://www.benzinga.com/tech/25/01/43118289/trump-open-to-elon-musk-or-larry-ellison-buying-tiktok-calls-us-permit-key-to-1-trillion-valuation">expressed openness</a> to the idea of Musk or the Chairman of Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) Larry Ellison acquiring TikTok. This marked a significant shift in the platform's uncertain future amid regulatory challenges. A report by The Washington Post on Wednesday suggests a rather firm stance by China, wherein it may allow TikTok&#8217;s U.S. operations to shut down instead of approving a sale unless Washington offers broader trade and technology concessions. READ MORE: <a href="https://www.benzinga.com/tech/25/02/43582884/elon-musks-spacex-and-t-mobile-go-live-with-starlink-powered-satellite-to-cell-service-heres-how-much-it-will-cost">Elon Musk&#8217;s SpaceX And T-Mobile Go Live With Starlink-Powered Satellite-To-Cell Service: Here&#8217;s How Much It Will Cost </a> Image via Shutterstock Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. </figcaption></figure>

AAPL

ORCL

Elon Musk Shuts Down TikTok Buyout Rumors, Says He Prefers To Build Companies From Scratch: 'I Rarely Acquire Companies'

Press Releases

WuXi AppTec Revenue Surpassed RMB40 Billion in 2023, and Adjusted Non-IFRS Net Profit Exceeded RMB10 Billion for the First Time

WuXi AppTec Achieved First Quarter 2024 Target Despite External Challenges, Maintaining Stable Operations

Despite External Challenges, WuXi AppTec Maintained Stable Operations in First Half of 2024; Revenue and Profit of the Second Quarter Both Steadily Improved QoQ as Expected, with Revenue Up 16.0% QoQ and Adjusted Non-IFRS Net Profit Up 28.5% QoQ

Despite External Challenges, WuXi AppTec Revenue and Profit Continued to Grow QoQ in the First Three Quarters of 2024; the Third Quarter Revenue Back to RMB 10+ Billion, Up 14.6% YoY Excluding COVID-19 Commercial Projects; Backlog Up 35.2% YoY

WuXi AppTec Named Global CRDMO Company of the Year by Frost & Sullivan for the Eighth Consecutive Year

Commodities

WuXi AppTec Ranked #1 in Global Life Sciences Tools & Services Industry in 2024 S&P Global Corporate Sustainability Assessment

WuXi AppTec's Couvet Site Receives EcoVadis 2024 Silver Medal Rating

WuXi AppTec Receives Gold Medal in 2024 EcoVadis Sustainability Rating

WuXi AppTec's Commitment to Sustainability Recognized by the Dow Jones Sustainability Indices (DJSI) for the Fourth Consecutive Year

WuXi AppTec Joins the Pharmaceutical Supply Chain Initiative (PSCI)

Wuxi AppTec Co

AMTAGVI&nbsp;is the first and only one-time, individualized T cell therapy to receive U.S. FDA approval for a solid tumor cancer.PHILADELPHIA, Feb. 20, 2024 /PRNewswire/ -- WuXi Advanced Therapies (WuXi ATU), a wholly owned subsidiary of WuXi AppTec, today announced that the U.S. Food and Drug Administration (FDA) has approved its Philadelphia site to begin the analytical testing and manufacturing of AMTAGVI for Iovance, which received FDA accelerated approval of its Biologics License Application (BLA) on February 16, 2024.AMTAGVI is a tumor-derived autologous T cell immunotherapy indicated for the treatment of adult patients with unresectable or metastatic melanoma previously treated with a PD-1 blocking antibody, and if BRAF V600 mutation positive, a BRAF inhibitor with or without a MEK inhibitor. AMTAGVI is also the first and only one-time, individualized T cell therapy to receive U.S. FDA approval for a solid tumor cancer.With this announcement, WuXi ATU's Philadelphia site becomes the first U.S. external manufacturing site and the first third-party contract testing, development, and manufacturing organization (CTDMO) to be approved by the FDA to support the commercial manufacturing and release of an individualized T cell therapy for a solid tumor cancer."We congratulate Iovance on this major milestone in their quest to address unmet patient needs in the treatment of advanced melanoma. WuXi ATU has partnered with Iovance since 2015, and we are thrilled to help them through each step of the drug development pipeline – from research to clinical manufacturing to FDA approval,"&nbsp;said Edward Hu, Chief Executive Officer of WuXi ATU and Vice Chairman of WuXi AppTec. "We are proud of our track record of enabling healthcare innovators to advance medical discoveries and deliver groundbreaking treatments to patients globally."&nbsp;Iovance, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOVA#NASDAQ">IOVA</a>) is headquartered in San Carlos, California with an FDA-approved built-to-suit custom manufacturing facility, the Iovance Cell Therapy Center (iCTC), adjacent to WuXi ATU in the Navy Yard Philadelphia. The company is committed to innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) cell therapies, including gene-edited cell therapies, for patients with cancer."The accelerated approval of AMTAGVI&#x2122; is the first step in realizing Iovance's ambition to usher in the next generation of cell therapy by bringing this breakthrough to patients with advanced solid tumors," said Frederick Vogt, Ph.D., J.D., Interim Chief Executive Officer and President of Iovance. "Given the significant unmet needs in the advanced melanoma community, we are proud to offer a personalized, one-time therapeutic option for these patients. WuXi ATU has partnered with us to manufacture this cell therapy for close to a decade. It is a great benefit to both Iovance and the healthcare community to have a contract testing, development, and manufacturing partner adjacent to our facilities. Working together, our teams can make a meaningful difference for patients."

IOVA

WuXi Advanced Therapies Receives FDA Approval To Manufacture Iovance's AMTAGVI For Advanced Melanoma

Photo by Julia Koblitz on <a href="https://unsplash.com/photos/RlOAwXt2fEA">Unsplash</a>

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Hoth Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOTH#NASDAQ">HOTH</a>) looks to take things a notch higher this year.&nbsp;

The clinical-stage biopharmaceutical company plans to ramp up its work on the portfolio of clinical and preclinical drug candidates it is currently working on and explore opportunities for the future.

Since 2017 the company has been working on drug candidates for patients suffering from indications such as atopic dermatitis, skin toxicities associated with cancer therapy, chronic wounds, psoriasis, asthma, acne, mast-cell-derived cancers, and anaphylaxis and pneumonia.

With foundations laid and&nbsp;<a href="https://www.benzinga.com/general/biotech/21/12/24696438/hoth-therapeutics-reports-finishing-up-a-busy-year-of-research-across-its-portfolio-of-drug-candi">achievements</a>&nbsp;in 2021, <a href="https://hoththerapeutics.com/">Hoth</a> is looking forward to marking some key milestones in 2022, which may present new opportunities for the company.

Hoth is guided by the belief that treatment should not make anyone sicker than the disease and it seeks out overlooked drugs that promise to improve treatments and address significant unmet needs for patients. As of the end of 2021, the company had nine drugs it is advancing through its pipeline.

<h2>Recap of 2021 Milestones</h2>

Milestones Hoth achieved in its drug development in 2021 include:

<ul>
	<li>In the first quarter of 2021, Hoth initiated its Phase 1b/2a study for <a href="https://ir.hoththerapeutics.com/biolexa-platform">BioLexa</a>, which can broadly treat clinical manifestations resulting from Staphylococcal biofilm formation. BioLexa is a topical agent under development to treat atopic dermatitis (eczema), aesthetic dermatology, surgical site infections, and chronic/diabetic wound care.&nbsp;</li>
</ul>

After receiving an interim data readout from the clinical study, BioLexa received approval to commence&nbsp;<a href="https://ir.hoththerapeutics.com/2021-10-12-Hoth-Therapeutics-Receives-Approval-to-Commence-Cohort-2-in-Clinical-Trial-of-BioLexa-for-the-Treatment-of-Atopic-Dermatitis-Patients">Cohort 2 in a clinical trial</a>&nbsp;to treat atopic dermatitis patients.

<ul>
	<li>The company is also working on&nbsp;<a href="https://ir.hoththerapeutics.com/ht-001">HT-001</a>, a topical formulation for treating patients with mild to moderate rash and skin disorders associated with initial and repeat courses of tyrosine kinase inhibitor/epidermal growth factor receptor (EGFR). EGFR inhibitor therapy treats non-small cell lung cancer, pancreatic cancer, breast cancer, and colon cancer. HT-001 is currently in the late preclinical/early clinical stage of development. Hoth had a pre-investigational new drug (IND) meeting with the U.S. Food and Drug Administration (<a href="https://www.fda.gov/">FDA</a>)&nbsp;in the first quarter of 2021 and completed the required safety and toxicology studies in the third quarter.</li>
	<li>In June 2020, Hoth entered a research agreement with Virginia Commonwealth University (VCU) to develop and optimize <a href="https://ir.hoththerapeutics.com/ht-002">HT-002</a>, a novel peptide therapeutic targeted to treat illness associated with SARS-CoV-2 (COVID-19). The peptide is under evaluation for potential prophylactic, therapeutic benefits as well. HT-002 is at the preclinical stage of development.</li>
	<li>Hoth&rsquo;s&nbsp;<a href="https://ir.hoththerapeutics.com/halo-vax">VaxCelerate</a>&nbsp;product, a self-assembling vaccine (SAV), is in the late preclinical stage of development. It recently entered into&nbsp;<a href="https://www.prnewswire.com/news-releases/hoth-therapeutics-enters-into-sponsored-research-agreement-for-on-the-go-covid-19-testing-device-301134318.html?tc=eml_cleartime">a sponsored research agreement</a>&nbsp;for&nbsp;<a href="https://ir.hoththerapeutics.com/sars-cov-2">the On-the-Go COVID-19 testing device</a>.</li>
	<li><a href="https://ir.hoththerapeutics.com/ht-003">HT-003</a>&nbsp;is being developed as a platform of retinoic acid metabolism (RAMBAs) for a broad spectrum of indications with underlying inflammation as the root cause. Read about HT-003 variations&nbsp;<a href="https://ir.hoththerapeutics.com/ht-003">here</a>.</li>
</ul>

HT-003D is in the late preclinical stages of development. In January 2021, Hoth Therapeutics expanded its research collaboration agreement with Weill Cornell Medicine to learn more about the therapeutic mechanism of HT-003D for treating acne and other inflammatory skin diseases. The research also explored the safety of HT-003D in murine models.

<ul>
	<li><a href="https://ir.hoththerapeutics.com/ht-004">HT-004</a>&nbsp;is under investigation for the treatment of asthma using inhalational administration. It is in the late preclinical stage of development. Hoth initiated drug product development in Q4 2021. HT-OO4 is a potential disease-modifying agent that uses gene therapy-targeted methods to reduce mast cell responses to immunoglobulin E (IgE)-directed antigens, which is one of the key mechanisms in the pathophysiology of asthma, atopic dermatitis, and other allergic diseases.</li>
	<li>Hoth&nbsp;<a href="https://ir.hoththerapeutics.com/2021-12-08-Hoth-Therapeutics-Licenses-Lupus-Therapeutic-Back-to-Zylo-Therapeutics">licensed</a>&nbsp;<a href="https://ir.hoththerapeutics.com/ht-005-z-pods">HT-005</a>&nbsp;back to Zyl&ouml; Therapeutics. HT-005 is being developed as a treatment for cutaneous lupus erythematosus (CLE), a painful skin disease that affects a majority of patients with lupus.</li>
	<li>Hoth&nbsp;<a href="https://ir.hoththerapeutics.com/2021-03-17-Hoth-Therapeutics-Partners-with-University-of-Cincinnati-to-Perform-Critical-Studies-for-Streamlined-Development-of-Novel-Antibiotic-HT-006">entered a research agreement</a>&nbsp;with the University of Cincinnati Research Institute to study&nbsp;<a href="https://ir.hoththerapeutics.com/HT-006">HT-006</a>, a potential antibiotic treatment for multidrug-resistant (MDR) bacterial lung infections like hospital-acquired pneumonia, cystic fibrosis, and chronic obstructive pulmonary disease.</li>
	<li>Hoth is developing HT-KIT for cell-derived cancers and anaphylaxis. After publishing white papers on the proof-of-concept studies, Hoth announced the submission of&nbsp;<a href="https://ir.hoththerapeutics.com/2021-12-21-Hoth-Therapeutics-Announces-Submission-of-Orphan-Drug-Designation-Request-for-HT-KIT-to-Treat-Mastocytosis">an orphan drug designation request</a>&nbsp;for HT-KIT to treat mastocytosis.</li>
</ul>

<h2>Projected Milestones For 2022</h2>

Hoth believes the nine drugs it is advancing, when combined, can address a multibillion-dollar market opportunity. The company has reported that it has enough cash on hand to accomplish all of the clinical and preclinical programs in its pipeline this year.

In the first quarter of 2022, Hoth will conduct more preclinical research on the topical CLE treatment, HT-005. It will also proceed with studies of HT-006, the MDR bacterial lung infection treatment.

Hoth and STA Pharmaceutical, a wholly-owned subsidiary of Wuxi Apptec ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/WUXAY#OTC">WUXAY</a>), plan to begin drug product development for their cancer therapeutic in early 2022. They also plan to start preliminary toxicology studies by the second quarter.

Read more about the company&rsquo;s drug pipeline at&nbsp;<a href="https://ir.hoththerapeutics.com/pipeline-overview">ir.hoththerapeutics.com/pipeline-overview</a>&nbsp;and&nbsp;<a href="https://ir.hoththerapeutics.com/">ir.hoththerapeutics.com/</a>.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

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