Latest news for Xiabuxiabu Catering (OTC:XIAXF) Stock

Xiabuxiabu Catering Management is a Chinese multibrand restaurant operator. The firm generates most of its revenue from two hot pot restaurant chains—Xiabuxiabu and Coucou. Started in 1998, the namesake Xiabuxiabu brand is known for serving the Chinese hot pot format in a value-oriented, quick-service setting. Diners of Xiabuxiabu usually sit on bar counters, and a pot is provided for each diner. The Coucou brand was launched in 2016 as part of the group's foray into the high-end hot pot market. Unlike the group's namesake restaurant, Coucou serves Taiwanese-style hot pot in a beautifully decorated sit-down setting. The group does not franchise any of its restaurant brands, meaning all of its restaurants are self-operated and company-owned.

XIABUXIABU CATER MGMT by XIABUXIABU CATER MGMT CHINA HLDGS CO LTD.

Xiabuxiabu Catering Management (China) Hldgs Co Ltd

News

NDAQ

Nasdaq And valantic FSA Partner To Develop Web UI For Fixed Income Trading

Macro Economic Events

Econ #s

Economics

U.K. Unemployment Rate For May Unchanged At 4.4%

U.K. Employment Change 3M/3M (MoM) For May 19K Vs. 18K Est.; -140K Prior

U.K. Claimant Count Change For June 32.3K Vs. 23.4K Est.; 51.9K (Revised) Prior

U.K. Average Earnings Index +Bonus For May 5.7% Vs. 5.7% Est.; 5.9% Prior

Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reported quarterly earnings of $1.48 per share which beat the analyst consensus estimate of $1.40 by 5.71 percent. This is a 29.82 percent increase over earnings of $1.14 per share from the same period last year. The company reported quarterly sales of $20.820 billion which beat the analyst consensus estimate of $20.232 billion by 2.90 percent. This is a 32.78 percent increase over sales of $15.680 billion the same period last year.

Earnings

Earnings Beats

Taiwan Semiconductor Q2 2024 GAAP EPS $1.48 Beats $1.40 Estimate, Sales $20.820B Beat $20.232B Estimate

TSMC Second-Quarter Consolidated Revenue Of NT$673.51B (+40.1% YoY), Net Income Of NT$247.85B (+9.9% YoY), And EPS NT$9.56 ($1.48 Per ADR Unit)

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has launched its AI image generation tool, Microsoft Designer, as a free iOS app, outpacing Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/24/07/39568584/apple-ai-partnership-with-google-set-for-fall-mark-gurman-says-hes-heard-from-several-sources-the-de">as the world waits for the</a> iPhone maker to introduce Apple Intelligence.
What Happened: Microsoft Designer is now available to all users across multiple platforms, including iOS, Android, and Windows. It was in preview for nearly a year and tested on a website using Microsoft Edge and other browsers.
&#8220;A blank canvas no longer has to be intimidating—just describe what you want to see, and Designer can create it for you. And if you're not sure what that is, Designer can help you get started,&#8221; the company said while launching.
The app enables users to <a href="https://www.benzinga.com/news/23/10/35409188/microsoft-bings-dall-e-3-powered-ai-image-generator-spins-1-8b-masterpieces-heres-how-to-use-it">generate images using text prompts</a> and provides templates for creating social media images and greeting cards. It also includes an avatar creation tool&nbsp;and options to edit existing&nbsp;images, including background and object removal or alteration.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="570" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1-1024x570.webp" alt="" class="wp-image-442206" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1-1024x570.webp 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1-300x167.webp 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1-768x428.webp 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1-1536x855.webp 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/18014932/Designer-Homepage-desktop-mobile-hi-res-2048x1140-1.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Credit: Microsoft</figcaption></figure>
Although the app is free, it restricts users to 15 &#8220;boosts&#8221; per day, which are used&nbsp;when AI-based changes are made&nbsp;to images. Users can&nbsp;upgrade to a $20 Copilot&nbsp;Pro subscription for 100 boosts per day.
Why It Matters: The launch of Microsoft Designer comes ahead of the expected release of Apple Intelligence, Apple&#8217;s own generative AI image tool, slated for release this fall.
Earlier this year, Microsoft expressed concerns over an agreement between&nbsp;OpenAI and Apple, fearing it could impact <a href="https://www.benzinga.com/news/24/05/39109729/openais-apple-deal-sparks-concerns-in-microsoft-could-shift-ai-market-dynamics">Microsoft&#8217;s product ambitions</a>. In July, Microsoft decided to&nbsp;relinquish its <a href="https://www.benzinga.com/markets/equities/24/07/39703459/microsoft-relinquishes-observer-role-on-openais-board-says-it-is-confident-in-companys-direction">board observer position at OpenAI</a>.
Meanwhile, Wedbush Securities' Daniel Ives predicted a &#8220;monumental boost&#8221; to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39776594/microsofts-iphone-moment-wedbush-analyst-dan-ives-expects-ai-to-add-1-trillion-to-v">Microsoft's valuation due to the AI</a> revolution, potentially adding a whopping $1 trillion to its market cap.
Photo courtesy: Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39776594/microsofts-iphone-moment-wedbush-analyst-dan-ives-expects-ai-to-add-1-trillion-to-v?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s &#8216;iPhone Moment&#8217;? Wedbush Analyst Dan Ives Expects AI To Add $1 Trillion To Valuation</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.

Tech

AAPL

MSFT

Microsoft Outpaces Apple, Introduces 'Designer' AI Image Generation Tool For The iPhone

Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) founder Charles Hoskinson waded into the debate around mixing politics with cryptocurrencies, unequivocally urging to vote for parties and leaders seen as friendly towards the industry.
What Happened: Co-founder of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Vitalik Buterin, raised eyebrows with his X post on Wednesday <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39825744/vitalik-vs-trump-donors-ethereum-co-founder-says-hes-against-choosing-your-political-alleg">that warned against preferring political leaders based on how supportive</a> they are to cryptocurrency.&nbsp;&nbsp;
In response, Hoskinson, who is also one of the original founders of the project, sharply differed with the view.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My first goal has always been to keep government out of crypto completely. In the places where that&#39;s not possible, the choice is pretty clear. If they want a CBDC, sue non-custodial wallets, systematically jail the leaders of Crypto, call everyone a security, and bully and… <a href="https://t.co/T7qZwPdJPA">https://t.co/T7qZwPdJPA</a>
&mdash; Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1813672240388747740?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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He advocated voting against parties and candidates who want to introduce Central Bank Digital Currencies, "systematically" jail top names within the cryptocurrency industry, and label all assets as securities.&nbsp;
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39830311/arthur-hayess-maelstrom-fund-unveils-grant-program-to-boost-bitcoin-development-as-loyal-f">Arthur Hayes&#8217;s Maelstrom Fund Unveils Grant Program To Boost Bitcoin Development: &#8216;As Loyal Followers Of Lord Satoshi, We Are Doing Our Part&#8217;</a>
No prizes for guessing, Hoskinson's dig was at the incumbent Joe Biden-led administration, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38841071/cardano-founder-charles-hoskinson-accuses-biden-administration-of-attempting-to-kill-crypt">whose policies he has severely criticized in the past</a>.
He ended his post by saying, "A vote for Biden is a vote for the death of the American crypto industry. In 2024, be a single issue. Vote for pro-crypto candidates."
Why It Matters: Hoskinson and Buterin have had a long-standing rivalry that dates back to disagreement over the long-term vision of Ethereum. <a href="https://www.benzinga.com/markets/cryptocurrency/22/02/25823645/5-things-you-might-not-know-about-charles-hoskinson-cardano-founder-and-ethereum-co-founde">Hoskinson left the project </a>in 2014 and went on to find Cardano as a competitor to Ethereum.
The two take occasional swipes at each other. In one instance, Hoskinson even indicated his willingness to take on Buterin in an MMA fight, saying, "I&#8217;d train very hard for that one.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;d train very hard for that one
&mdash; Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1761277742094651785?ref_src=twsrc%5Etfw">February 24, 2024</a></blockquote>
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In a previous <a href="https://www.reddit.com/r/cardano/comments/14x3aa9/ive_heard_hes_matured_vitalik_buterin_on_charles/">interview</a>, Buterin stated that &#8220;Charles has matured and progressed in a lot of ways,&#8221; and that he is very different from who he was in 2014.
Price Action: At the time of writing, Ethereum is exchanging hands at $3,419.25, down 2.51% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. ADA is trading at $0.4356, following a drop of 2.41%.
Photo by Dennis Diatel on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39830636/analysts-question-strategy-behind-high-fees-of-grayscale-ethereum-spot-etf-they-seem-focus">Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On &#8216;Maximizing Short-Term Revenue Vs Playing Long Game&#8217;</a></li>
</ul>

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

Cryptocurrency

Politics

Markets

General

$ADA

$ETH

Ethereum Co-founder Charles Hoskinson Differs With Old Rival Vitalik Buterin On Mixing Crypto And Politics: 'A Vote For Biden Is A Vote For The Death Of The American Crypto Industry'

&nbsp;Braemar Hotels &amp; Resorts has closed on the previously announced sale of the Hilton La Jolla Torrey Pines for&nbsp;$165 million&nbsp;($419,000&nbsp;per key).&nbsp; Including anticipated capital expenditures of&nbsp;$40 million, the sale price represents a&nbsp;7.2%&nbsp;capitalization rate on net operating income for the trailing twelve months ended&nbsp;March 31, 2024.&nbsp; The Company continues to evaluate the sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025, respectively.

Reported Earlier, Braemar Hotels & Resorts Sells Hilton La Jolla Torrey Pines For $165M

Elon Musk&#8216;s SpaceX said on Wednesday that it is now providing internet to about 400,000 customers <a href="https://www.benzinga.com/news/24/06/39371975/elon-musks-starlink-hardware-hits-the-shelves-at-walmart-target-home-depot-and-best-buy">in Canada</a> or about 3% of homes across the country.
What Happened: The company made the announcement via Starlink&#8217;s official X account. SpaceX CEO Elon Musk also reiterated the achievement. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Starlink now serving about (Canadian pronunciation) 3% of homes in Canada! <a href="https://t.co/JpnQMswRHj">https://t.co/JpnQMswRHj</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1813704394980180449?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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In Canada, standard Starlink hardware is currently priced at C$199 ($145), discounted from its original C$499 price. Service, meanwhile, is priced at C$140/ month ($102/ month). The pricing in Canada is significantly lower than in the U.S. where hardware is priced at $299 after discount and service is priced at $120/ month. 
Starlink is the satellite internet segment of Musk&#8217;s SpaceX. The company intends to provide global connectivity using a Starlink satellite network in Earth&#8217;s low-Earth orbit.
Globally, Starlink currently connects over 3 million people to the internet across 100 countries, territories, and many other markets. 
The segment achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November.
Why It Matters: According to a study by astronomer&nbsp;Jonathan McDowell, SpaceX has launched over 6,700 Starlink satellites to date, of which over 5,900 are in operational orbit.
Last week, SpaceX launched its Falcon 9 launch vehicle with 20 Starlink satellites from California which were deployed in a <a href="https://www.benzinga.com/news/24/07/39745318/elon-musks-spacex-fails-to-deploy-starlink-satellites-in-intended-orbit-owing-to-a-rocket-engine-iss" target="_blank" rel="noreferrer noopener">lower-than-expected orbit</a> owing to an issue with the rocket's second-stage engine. Though the company subsequently tried to contact the satellites to raise their orbits, the attempts failed. The satellites will now re-enter Earth's atmosphere and &#8220;fully demise,&#8221; SpaceX informed on Friday.
Space X said it would <a href="https://www.benzinga.com/news/24/07/39766325/starlink-satellites-from-thursdays-launch-will-fully-demise-in-earths-atmosphere-says-elon-musks-spa">perform a full investigation</a> in coordination with the Federal Aviation Administration (FAA) to determine the cause of the incident and take corrective measures in the future.
SpaceX has not launched any other mission since then. 
Check out more of Benzinga'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 More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39811684/tesla-files-trademark-applications-for-cyberberry-and-supercharged-gummies-years-after-ceo-elon-musk">Tesla Files Trademark Applications For Cyberberry And Supercharged Gummies, Years After CEO Elon Musk Teased Making His Own Candy Company</a></li>
</ul>
Photo courtesy: SpaceX

SPACE

Elon Musk's SpaceX Announces Starlink Now Connects 400K Canadians Or 3% Homes In The Country

<ul>
<li>Vertical&#39;s most advanced full-scale prototype is key step towards certification of aircraft.</li>
<li>60%&nbsp;of this prototype&#39;s technology is from Vertical&#39;s strategic aerospace partners GKN Aerospace, Hanwha, Honeywell, Leonardo, Molicel, Syensqo.</li>
<li>First use of Vertical&#39;s powerful proprietary battery technology, designed and built in the Vertical Energy Centre, with rapid charging and capable of cruise speeds of up to 150mph.</li>
<li>Vertical will shortly begin a robust flight test programme, once the UK Civil Aviation Authority (CAA) has issued its Permit to Fly.</li>
</ul>

EVTL

Reported Earlier, Vertical Aerospace Reveals Enhanced VX4 Prototype, Prepares For Rigorous Flight Testing

Fomento Economico Mexicano S.A.B. De C.V.

Reported Earlier, Mill Point Capital Acquires FEMSA's Imbera And Torrey, Forming AeriTek Global LLC

Guidance

Novartis Now Expects 2024 Net Sales To Grow High Single To Low Double-Digit And Core Operating Income To Grow Mid- To High Teens (Prior Low Double-Digit To Mid-Teens)

Novartis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) reported quarterly earnings of $1.97 per share which beat the analyst consensus estimate of $1.89 by 4.23 percent. This is a 16.57 percent increase over earnings of $1.69 per share from the same period last year. The company reported quarterly sales of $12.512 billion which beat the analyst consensus estimate of $12.375 billion by 1.11 percent. This is a 9.40 percent increase over sales of $11.437 billion the same period last year.

Novartis Q2 2024 Adj EPS $1.97 Beats $1.89 Estimate, Sales $12.512B Beat $12.375B Estimate

Eric Balchunas, a renowned financial analyst, recently expressed skepticism about the potential success of Grayscale&#8217;s Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETF due to its high fee structure.
What Happened: Grayscale submitted updated S-1 filings with the SEC Wednesday, revealing the all-important information about the fund management fee. The digital asset management giant will charge 2.5% for its Grayscale Ethereum Trust, significantly higher than its competitors. A miniature version of the fund, Grayscale Ethereum Mini Trust, will however charge 0.25%. 
Balchunas questioned these moves, asking whether the 0.25% fee would be low enough to attract sufficient organic flows to offset what he referred to as &#8220;The Big Unlock&#8221;.
He further speculated on the ability of new entrants to the market to counterbalance the predicted outflows due to the flagship version&#8217;s high fees, drawing a parallel with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). &#8220;Anyway short story is the 2.5% fee made path to a decent net flow number a little harder,&#8221; Balchunas feared.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cheap but not sure cheap enough to move the needle (as most are cheaper and brand name BlackRock is same fee) to attract organic flows to offset The Big Unlock. And do these newborns have enough strength to offset those outflows a la btc. Anyway short story is the 2.5% fee made… <a href="https://t.co/0sH0tXrjtL">https://t.co/0sH0tXrjtL</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1813696205295145274?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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Another well-known ETF expert, Nate Geraci, called this a &#8220;huge miss&#8221; by Grayscale, indicating that the mini trust should have been priced much lower. &#8220;Entire pricing strategy around both spot BTC &amp; ETH ETFs seems focused on maximizing short-term revenue vs playing long game,&#8221; Geraci stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Btw, think this is &#x2A;huge&#x2A; miss by Grayscale… If you're gonna charge &#x2A;2.5%&#x2A; on ETHE, need to undercut market w/ mini trust. Disappointing. Entire pricing strategy around both spot btc &amp; eth ETFs seems focused on maximizing short-term revenue vs playing long game. <a href="https://t.co/8DE1UIlCIo">https://t.co/8DE1UIlCIo</a>
&mdash; Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1813698463403765780?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39822573/mark-cuban-trumps-re-election-wont-directly-impact-bitcoins-price">Mark Cuban: Trump&#8217;s Re-Election Won&#8217;t Directly Impact Bitcoin&#8217;s Price</a>
Why It Matters: These criticisms come even as other funds, including the one by BlackRock, are <a href="https://x.com/JSeyff/status/1813693107214717181">priced much lower</a>. The ishares Ethereum Trust will charge 0.25%, and so will the ETFs by Fidelity and Invesco.
Grayscale, which already operates the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>), faced significant outflows pressure after launch due to its 1.5% fees, highest among all spot Bitcoin ETFs. Since launch, it has recorded net outflows of $18.69 billion as of this writing, <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">according </a>to SoSo Value.
Grayscale&#8217;s flagship Ethereum Trust, along with the mini Trust, are <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39784783/ethereum-spot-etfs-likely-to-start-trading-by-july-23-provided-no-unforeseeable-last-min-i">expected to go live for trading</a> by July 23.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,423.79, down 1.55% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Illustration via Shutterstock.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39829658/odds-of-biden-dropping-out-of-race-surge-to-66-pollster-nate-silver-joins-crypto-based-pre">Odds of Biden Dropping Out Of Race Surge To 66% — Pollster Nate Silver Joins Crypto-Based Prediction Market Polymarket</a></li>
</ul>

ETFs

$BTC

GBTC

Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'

Nokia&#39;s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.

Nokia 2024 Outlook Unchanged, Expects Comparable Operating Profit Of €2.3B-€2.9B And Free Cash Flow Conversion From Comparable Operating Profit Of 30%-60%

Nokia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) reported quarterly adjusted&nbsp;earnings of $0.06 per share which beat the analyst consensus estimate of $0.05 by 29.2 percent. This is a 15 percent decrease over earnings of $0.08 per share from the same period last year. The company reported quarterly sales of $4.81 billion which missed the analyst consensus estimate of $5.26 billion by 8.59 percent. This is a 22.70 percent decrease over sales of $6.22 billion the same period last year.

Nokia Q2 Adj. EPS $0.06 Beats $0.05 Estimate, Sales $4.81B Miss $5.26B Estimate

Cathie Wood, the CEO of ARK Invest, has predicted a potential shift in the equity market, favoring small-cap stocks over large-cap tech companies. This forecast is based on the current &#8220;restrictive&#8221; monetary policy of the Federal Reserve, as outlined in a recent investor letter on Wednesday.
What Happened: Wood highlighted the potential impact of the Fed&#8217;s current policy, which is aimed at curbing inflation following the COVID-19 crisis. She pointed out that previous instances of market concentration, such as in 1973 and 2000, were followed by significant market downturns. 
In contrast, periods of broader market concentration, such as in 1932, 1964, and 2009, signaled the beginning of broader-based equity bull markets.
Wood suggested that the current risk is a result of the Fed&#8217;s &#8220;restrictive&#8221; policy, which is in stark contrast to the &#8220;easing&#8221; policy of 1973 and 2000. She believes that this could create an opportunity for smaller-cap stocks to outperform the mega caps currently dominated by the &#8220;Magnificent Six.&#8221;
Wood wrote, &#8220;In our view, having already paid dues with tight money and higher interest rates in this cycle, the next few years could prove fertile for the broad swath of the equity market beyond the Magnificent Six. As inflation and interest rates continue to unwind during the next few years, smaller-cap stocks should have much more compelling upside potential relative to the mega caps now dominated by the Magnificent Six.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a>
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. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Google&#8217;s parent company 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>).
Last week, Wood <a href="https://www.benzinga.com/markets/equities/24/07/39725875/cathie-wood-touts-palantir-coinbase-and-roku-as-arks-flagship-fund-shifts-focus-from-mag-6-amid-">acknowledged</a> that the company's flagship fund ARK Innovation ETF&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) performance has been impacted by the shift in focus from the "Magnificent Six" to multiomics stocks, which have been adversely affected by the prospect of prolonged high interest rates.
Why It Matters: This prediction by Wood aligns with a recent surge in small-cap stocks. Market strategist Tom Lee noted that small-caps have been on a tear since Federal Reserve Chair Jerome Powell&#8216;s Congressional testimony, and the rally in the space is only getting started. Lee <a href="https://www.benzinga.com/markets/equities/24/07/39786725/market-strategist-breaks-down-bull-case-scenario-for-small-caps-predicts-40-jump-in-near-term-i-">predicted a 40% jump in the near term</a> for small-caps.
Wood&#8217;s prediction also comes in the <a href="https://www.benzinga.com/news/24/07/39807403/tesla-stock-could-shoot-up-10-times-due-to-robotaxis-says-cathie-wood-the-biggest-ai-project-evolvin">wake of her optimistic outlook</a> for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), where she suggested that the company&#8217;s stock could see a significant surge as it moves into the autonomous taxi business, potentially capturing up to 50% of the autonomous taxi market.
Meanwhile, CNBC&#8217;s "Mad Money"&nbsp;host Jim Cramer&nbsp;<a href="https://www.benzinga.com/markets/equities/24/07/39588207/jim-cramer-has-a-market-strategy-interest-rates-up-buy-mag-7-rates-down-buy-everything" target="_blank" rel="noreferrer noopener">advised investors to consider buying the ‘Mag 7' stocks</a>&nbsp;when interest rates rise and to buy everything when rates fall, indicating a potential market strategy shift.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39815808/elon-musk-claps-back-after-gavin-newsom-shares-donald-trumps-drop-to-your-knees-and-beg-post-abo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Claps Back After Gavin Newsom Shares Donald Trump&#8217;s &#8216;Drop To Your Knees And Beg&#8217; Post About Tesla CEO From 2022: &#8216;You Never Get Off Your Knees&#8217;</a></li>
</ul>
Image Via WEF on Flickr
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>

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