Fidelity Disruptive Finance ETF (NASDAQ: FDFF)

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Fidelity Disruptive Finance ETF

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The fund investing at least 80 percent of assets in securities of disruptive finance companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. This may include creating, providing, or contributing to new or expanded business models, value networks, pricing, and delivery of products and services.

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DBS Group Holdings Ltd Dbs Group Holdings Ltd

Nano Labs Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NA#NASDAQ">NA</a>) saw a surge in its stock price on Wednesday after announcing a significant equity investment move.
CEA Industries Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VAPE#NASDAQ">VAPE</a>), a firm pursuing aggressive crypto reserve strategies centered on Binance Coin (CRYPTO: BNB/USD), has secured a key investment from Nano Labs as part of its broader private funding initiative.
Nano Labs has agreed to purchase 495,050 shares of Class A common stock in CEA Industries at $10.10 per share.
Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46259970/why-nano-labs-wants-to-control-a-big-chunk-of-binance-coins-circulating-supply" target="_blank" rel="noreferrer noopener">Why Nano Labs Wants To Control A Big Chunk Of Binance Coin&#8217;s Circulating Supply</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NA stock has gained over 79% in the past year.
In addition, the agreement grants Nano Labs an equal number of warrants with an exercise price of $15.15 per share.
If fully exercised, the investment could give Nano Labs ownership of up to 990,100 shares.
This capital infusion is part of CEA&#8217;s larger $500 million PIPE (Private Investment in Public Equity) campaign.
The majority of the proceeds from this tranche are expected to support the acquisition of BNB tokens.
Remaining funds will be directed toward operational expenses, transactional costs, and corporate needs.
Nano Labs continues to reinforce its cryptocurrency asset base, aiming to diversify across prominent blockchain ecosystems. The firm&#8217;s latest investment is described as a strategic milestone in its long-term initiative to optimize its crypto holdings.
As of this update, Nano Labs reportedly holds approximately 128,000 BNB tokens in its reserves.
The transaction remains subject to standard closing requirements. The company emphasized that there is no absolute assurance the deal will be finalized.
Price Action: NA shares are trading higher by 3.95% to $7.100 premarket at last check Wednesday, while VAPE shares are trading lower by 8.49% to $37.50.
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VAPE

Why Nano Labs Stock Is Gaining On Wednesday

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/30064329/India-moves.png" alt="" class="wp-image-16630" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/30064329/India-moves.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/30064329/India-moves-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/30064329/India-moves-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
Some Chinese companies are navigating geopolitical headwinds that are pushing them out of India, and others are adapting to a maturing domestic consumer market where even staples like infant formula are in decline
It's increasingly clear that China's corporate giants and its vast consumer base are navigating a period of profound recalibration. This dual challenge is vividly illustrated by two diverging trends: the complex dance of Chinese companies in India, driven by fraught geopolitics; and the unmistakable maturation of China's domestic consumer market, where the once-booming dairy sector is showing its age. These narratives reveal a new reality where the old playbooks for growth no longer apply, demanding far more sophisticated strategies for survival and success.
The story of Chinese business in India has become a tale of two cities — one of strategic entry, the other of strategic retreat. On one hand, you have a company like smartphone glass maker&nbsp;Biel, which is&nbsp;<a href="https://thebambooworks.com/with-indian-production-base-taking-shape-is-biel-crystal-headed-for-an-ipo/">diving deeper into India</a>&nbsp;by setting up a major production base. This move is less about India's consumer market and more about serving a crucial global client:&nbsp;Apple&nbsp;(AAPL.US), which is aggressively moving its supply chain to India. To smooth its path, Biel has even relocated its headquarters from Shenzhen to the more international city of Hong Kong, a clear attempt to distance itself from its Mainland origins.
We believe this reflects a broader, necessary trend. Chinese companies are increasingly diversifying their production bases into Southeast Asia and Europe to mitigate the overhang of tariff risks, particularly from the U.S., and to navigate the souring geopolitical climate. However, this global push is fraught with peril. Operating in a new jurisdiction requires not just good lawyers but a deep respect for local culture and the ability to handle different political systems, especially in heavily unionized countries.
On the other hand, home appliance giant&nbsp;Haier&nbsp;(6690.HK, 600690.SHG) is taking a step back, reportedly looking to&nbsp;<a href="https://thebambooworks.com/haier-in-calculated-financial-maneuver-with-india-unit-stake-sale/">sell a 49% stake</a>&nbsp;in its highly successful Indian operations to a local partner. This is not an isolated incident; it follows similar moves, such as Ant Financial reducing its stake in India's Paytm. We see these decisions as largely politically driven. The tense relationship between New Delhi and Beijing, exacerbated by China's support for Pakistan, has created a difficult environment for Chinese firms. Non-tariff barriers, such as the extreme difficulty in repatriating profits, make business exceptionally hard. For many Chinese companies, especially in the tech sector, scrutiny from the Indian government has become so intense that a partial or full exit seems like the most prudent course of action.
However, Haier's proposed solution of a 51-49 joint venture is itself a high-wire act. From our experience, such partnerships are notoriously difficult to manage. A significant minority shareholder with different values and perspectives can easily lead to gridlock, proxy fights, and other complications. While the move may appear smart on paper, we are not optimistic about the structure. This dynamic forces investors to be extra careful. They won't avoid companies with exposure to tense regions altogether, but are becoming far more cautious and legally prepared to face a host of challenges.
<h4 class="wp-block-heading">A maturing palate at home</h4>
Back in China, a different kind of challenge is unfolding. The domestic dairy industry, once a symbol of the country's consumption boom, is showing signs of aging. Companies like&nbsp;<a href="https://thebambooworks.com/feihes-sliding-profits-point-to-china-dairy-market-past-its-sell-by-date/">infant formula maker&nbsp;Feihe</a>&nbsp;(6186.HK) and&nbsp;<a href="https://thebambooworks.com/yangtuo-bets-on-small-town-moms-despite-declining-birth-rates/">e-commerce platform&nbsp;Yangtuo</a>&nbsp;have seen their sales slump. The primary driver is demographic: China's population growth has turned negative, and government incentives have so far failed to spark a baby boom.
This slowdown is compounded by broader economic pressures. With the real estate market in decline, Chinese households are experiencing a "balance sheet recession." This has made consumers defensive, pushing them down the value chain in search of cheaper products and fueling vicious price wars that only well-capitalized, listed companies can survive. For the dairy industry, this is a double blow, as the cost of imported milk from Europe and New Zealand has also been rising.
Yet, it would be a mistake to write off the Chinese consumer entirely. We believe the market is not collapsing but bifurcating. To say that Chinese people are not consuming is a view we do not support; the key is understanding&nbsp;what&nbsp;they are buying. Consumption patterns are splintering across different age groups and interests.
For instance, parents in their 30s and 40s are still spending, but they are focusing on areas like education. There are cases of huge growth in products like AI-powered learning machines that help children with their studies. For teenagers and young adults, the spending is on products that offer emotional value, like the collectible "blind box" toys from&nbsp;Pop Mart&nbsp;(9992.HK), which provide a unique experience.
Furthermore, new categories are on the rise as consumers become more sophisticated. Whiskey consumption, for example, has been growing for years as people learn to distinguish between a bourbon and a single malt.
The crucial takeaway for any business is to recognize this new, fragmented landscape. We would be very careful about any business with a high price point in discretionary spending, as we expect demand in that area to remain muted for the next few years. The era of easy, across-the-board growth in China is over. Success now depends on navigating a treacherous global stage while simultaneously catering to an increasingly complex and divided domestic market.
About China Inc
China Inc by Bamboo Works discusses the latest developments on Chinese companies listed in Hong Kong and the United States to drive informed decision-making for investors and others interested in this dynamic group of companies.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

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China Inc. - From Delhi Risks To Dairy Bust

Stifel analyst Steven Wieczynski maintains Caesars Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>) with a Buy and raises the price target from $42 to $45.

Price Target

Analyst Ratings

Stifel Maintains Buy on Caesars Entertainment, Raises Price Target to $45

Citigroup analyst Ariel Rosa downgrades Union Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) from Buy to Neutral and lowers the price target from $270 to $250.

Downgrades

Citigroup Downgrades Union Pacific to Neutral, Lowers Price Target to $250

Reflecting certain items recorded through the second quarter, the estimated earnings per share on a GAAP basis would be $6.57 to $6.77 per share. See the table below for a full reconciliation of 2025 earnings guidance.
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="4" rowspan="1">2025&nbsp;EPS Guidance Reconciliation</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Estimated EPS on a GAAP basis</td>
<td colspan="1" rowspan="1">$6.57</td>
<td colspan="1" rowspan="1">to</td>
<td colspan="1" rowspan="1">$6.77</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Mark-to-market impact of commodity&nbsp; hedging activities</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">0.01</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Sale of AEP OnSite Partners</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">0.02</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;&nbsp;&nbsp; Impact of Ohio Legislation</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">0.05</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">FERC NOLC Order</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1">(0.90)</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
<td colspan="1" rowspan="1"> &nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Operating EPS Guidance</td>
<td colspan="1" rowspan="1">$5.75</td>
<td colspan="1" rowspan="1">to</td>
<td colspan="1" rowspan="1">$5.95</td>
</tr>
</tbody>
</table>
</figure>

Guidance

American Electric Power Raises FY2025 GAAP EPS Guidance from $5.71-$5.91 to $6.57-$6.77 vs $5.86 Est

Laboratory Corporation Of America Holdings

Labcorp Launches Test Finder, A Generative AI Tool Developed with AWS To Simplify Lab Test Selection

Harley-Davidson, Inc. (the "Company" or "Harley-Davidson") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>) today announced that HDFS has entered into a long-term strategic partnership with KKR, a leading global investment firm, and PIMCO, a global leader in active fixed income with expertise across public and private markets. This partnership transforms HDFS into a capital-light financing business through the sale of existing and future retail loans while maintaining its strategic value to&nbsp;Harley-Davidson, its dealers, customers and investors. The sale of more than $5 billion of existing retail loan receivables is valued at a premium to par.
Under the terms of the agreement, HDFS will also sell 4.9% common equity interests to investment vehicles managed by KKR and PIMCO at an implied valuation of ~1.75x price to post-transaction book value. Harley-Davidson will retain control of HDFS, which will continue to originate and service existing and new consumer loans. The Company expects HDFS operating income to grow back toward pre-transaction levels over time. &nbsp;
The Company plans to use the approximately $1.25 billion of cash unlocked through the transaction to reinvest to support demand-driven investments, reduce $450 million of HDI debt and return approximately $500 million to shareholders.
KKR's investment comes from KKR-managed credit funds and accounts via the firm's Asset-Based Finance strategy. PIMCO's investment comes from funds&nbsp;and accounts focused on PIMCO's private strategies.
Management Commentary "This transaction delivers benefits to all of Harley-Davidson's stakeholders and marks the beginning of an exciting new chapter for HDFS," said Harley-Davidson Chairman, President, and CEO Jochen Zeitz. "From the outset of this process, we set out to demonstrate the class-leading returns of HDFS, create a long-term stable funding mechanism, and maintain the strong financial profile of HDFS, all without impacting service to dealers and customers. Our strategic partnership with KKR and PIMCO achieves each of these core objectives, valuing the HDFS business at a premium multiple and transforming it into a more capital-efficient business with an expected significantly higher return on equity. Importantly, the approximately $1.25 billion of cash this transaction unlocks allows us to strengthen Harley-Davidson by supporting additional investment into the business, further reducing debt, and accelerating cash returns to shareholders. For our customers and dealers, HDFS will continue to originate and service new and existing loans and provide dealers with service, benefits and flexibility commensurate with what HDFS currently provides, while we also invest in the future of Harley-Davidson for years to come. We are pleased we were able to deliver such a successful strategic partnership for all of our stakeholders."
Strategic Partner Commentary "This transaction highlights the strength and scale of our Asset-Based Finance (ABF) business, which has grown significantly alongside the rapid expansion of this market," said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR.&nbsp;"We are proud to have become the strategic partner of choice for blue-chip consumer finance businesses like Harley-Davidson Financial Services."
"HDFS' high-quality portfolio and significant asset generation capabilities exemplify the dynamic opportunities we are seeing in the ABF space as businesses continue to transition from capital heavy to capital light to optimize their balance sheets. We look forward to supporting the HDFS team in this long-term strategic partnership," said Steve Sun, Director at KKR.&nbsp;
"PIMCO, a leading investor in asset-based finance globally, is excited to partner with Harley-Davidson on this transformative deal which builds on our partnership with the iconic motorcycle brand over many years, to bring compelling value to our clients via H-D's high-quality financing arm," said Harin de Silva, Managing Director and Portfolio Manager who chairs PIMCO's Private Strategies Leadership team. "PIMCO has been a long-standing investor in asset-based finance with deep expertise and decades of experience, and this transaction demonstrates our commitment to identifying attractive risk-adjusted returns for our clients within the rapidly evolving private credit landscape."
Strategic Rationale
<ul>
<li>Asset-Light Growth: HDFS expects to more efficiently grow its balance sheet and operating income over time following a benefit related to the sale of existing retail loan receivables and release of loan loss reserve in 2025 and subsequent rebasing to reduced operating income reflecting the new asset-light model in 2026. Under the terms of the five-year Forward Flow Agreement, HDFS will retain approximately one-third of annual retail loan originations on its balance sheet and generate new revenue streams through a fixed servicing fee on loans purchased by KKR and PIMCO. The agreement also provides for future retail loan sales to occur at a premium to par.</li>
<li>Strengthened Offering: Harley-Davidson to retain full control of HDFS while creating a long-term, stable funding mechanism through the support of KKR and PIMCO. Dealers and customers will continue to receive the strong service levels to which they are accustomed without any impact to wholesale loans, consumer credit cards or other offerings.</li>
<li>Enhanced Capital Allocation Flexibility: Transaction unlocks approximately $1.25 billion of cash for Harley-Davidson after the expected repayment of HDFS debt associated with retail loan receivables. The planned reduction of an additional $450 million of Harley-Davidson debt is expected to strengthen the Company's balance sheet and create strategic optionality to help navigate the current environment, return capital to shareholders and support future demand driving investments.</li>
<li>Long-Term Value Creation: Transaction values the post-transaction HDFS business at a premium multiple and is expected to reduce Harley-Davidson's overall leverage and perceived risk, which is expected to lower Harley-Davidson's cost of capital on a go-forward basis. This transaction is also expected to significantly increase the future ROE of HDFS while simultaneously maintaining HDFS as a well-capitalized business and reducing credit risk on the Company's balance sheet related to its existing portfolio of receivables.</li>
</ul>
Transaction Highlights
<ul>
<li>HDFS has agreed to sell a 4.9% common equity interest to investment vehicles managed by KKR and PIMCO at approximately 1.75x post-transaction book value.</li>
<li>HDFS has agreed to sell over $5 billion of existing gross consumer retail loan receivables and residual interests in securitized consumer loan receivables at a premium.</li>
<li>HDFS expects to use a portion of the proceeds to reduce indebtedness to optimize the post transaction capital structure.</li>
<li>HDFS' new strategic partners have entered into a 5-year agreement, whereby the partners purchase approximately two-thirds of annual HDFS future retail loan originations at a premium. Under the terms of agreement, HDFS will continue to originate and service retail loans and receive fixed fees for servicing loans sold to strategic partners.</li>
</ul>
Harley-Davidson and Harley-Davidson Financial Services Advisors Barclays acted as exclusive financial advisor and Latham &amp; Watkins and Sidley Austin acted as legal advisors for Harley-Davidson.

Harley-Davidson Sells $5B in Loans, Unlocks $1.25B Cash in Deal With KKR, PIMCO; Sells 4.9% HDFS Stake at 1.75x Book Value

Raymond James analyst Justin Jenkins downgrades Chart Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTLS#NYSE">GTLS</a>) from Strong Buy to Market Perform.

GTLS

Raymond James Downgrades Chart Industries to Market Perform

Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) <a href="https://www.benzinga.com/news/politics/25/07/46491369/cbs-to-end-stephen-colberts-the-late-show-in-2026-days-after-he-called-the-trump-paramount-deal-a-big-fat-bribe">canceled</a> &#8220;The Late Show with Stephen Colbert,&#8221; but days later, the company signed a $1.5 billion streaming deal with &#8220;South Park&#8221; creators Matt Stone and Trey Parker.
CBS, owned by Paramount, <a href="https://www.paramountpressexpress.com/cbs-entertainment/shows/the-late-show-with-stephen-colbert/releases/?view=111615-the-late-show-with-stephen-colbert-to-end-after-2025-26-broadcast-season">announced</a> Colbert's show will end next May, citing costs, not content. That explanation has sparked backlash from viewers and lawmakers who question the timing and motives, especially since Colbert on July 15 criticized Paramount&#8217;s <a href="https://www.benzinga.com/news/legal/25/07/46212970/trump-wins-16-million-settlement-from-paramount-over-cbs-60-minutes-kamala-harris-interview-but-no-apology-issued">$16 million legal settlement</a> with President Donald Trump over a disputed &#8220;60 Minutes&#8221; interview during the 2024 presidential campaign.
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<h2 class="wp-block-heading">Colbert Fires Back On-Air</h2>
Returning to air after the cancellation news, Colbert didn't hold back. &#8220;I&#8217;m going to go ahead and say it: Cancel culture&#8217;s gone way too far,&#8221; he <a href="https://www.youtube.com/watch?v=VIZegLAvK8o">joked</a> to a cheering audience. &#8220;They&#8217;re killing off our show. But they made one mistake. They left me alive,&#8221; Colbert added.
He directly addressed Trump, who had c<a href="https://www.benzinga.com/news/entertainment/25/07/46507946/trump-celebrates-stephen-colberts-late-show-cancellation-slams-cbs-and-calls-host-talentless-amid-paramount-settlement-controversy">elebrated and mocked the cancellation</a> on <a href="https://truthsocial.com/@realDonaldTrump/posts/114874422468516376">Truth Social</a>, saying, &#8220;I absolutely love that Colbert got fired. His talent was even less than his ratings.&#8221;
Colbert read Trump's post on-air and replied, &#8220;How dare you, sir. Would an untalented man be able to compose the following satirical witticism?&#8221; before looking into the camera and delivering a censored, blurred-out &#8220;Go f&#x2A;&#x2A;&#x2A; yourself!&#8221;
While CBS says money was the issue, Colbert pointed out the show is still top-rated. &#8220;How can it purely be a financial decision if the show is No. 1 in the ratings? It&#8217;s confusing. A lot of folks are asking that question, mainly my staff&#8217;s parents and spouses.&#8221;
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He also joked about reports the show was losing $40 to $50 million a year: &#8220;I could see us losing $24 million. But where would Paramount have ever spent the other $16 million? Oh, yeah,&#8221; alluding to the settlement with Trump.
<h2 class="wp-block-heading">$1.5 Billion For South Park</h2>
Just days after Colbert&#8217;s cancellation, Paramount signed a five-year, $1.5 billion deal to bring the entire &#8220;South Park&#8221; back catalog exclusively to Paramount+. The show had previously streamed on HBO Max.
The Season 27 premiere of &#8220;South Park,&#8221; which aired July 23, featured a provocative parody of Trump. In a statement to media outlets, the White House slammed the episode as a "desperate attempt for attention."
Negotiations with Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) over shared streaming rights for &#8220;South Park&#8221; fell apart in mid-July, according to the <a href="https://www.latimes.com/entertainment-arts/business/story/2025-07-21/south-park-creators-reach-breakthrough-in-paramount-deal-talks">Los Angeles Times</a>. The timing of this new deal, juxtaposed with Colbert&#8217;s firing, has raised more eyebrows.
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<h2 class="wp-block-heading">Critics, Lawmakers Want Answers</h2>
Democrats like Sen. Elizabeth Warren of Massachusetts and Rep. Adam Schiff of California have <a href="https://www.benzinga.com/news/politics/25/07/46496489/elizabeth-warren-demands-paramount-explain-colberts-late-show-cancellation-america-deserves-to-know">called for transparency</a> around the cancellation and Paramount&#8217;s settlement with Trump.
On Comedy Central's "The Daily Show," host Jon Stewart spoke out in support of Colbert, <a href="https://www.youtube.com/watch?v=TwOLo_U6bTw">saying</a>, &#8220;This is not the moment to give in. I&#8217;m not giving in. I&#8217;m not going anywhere. I think.&#8221; Comedy Central is also owned by Paramount.
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Image: Shutterstock

PARA

Paramount Cancels Colbert For Financial Reasons Only To Spend $1.5 Billion On South Park Streaming Rights

Barclays analyst Emily Field downgrades Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) from Overweight to Equal-Weight.

Barclays Downgrades Novo Nordisk to Equal-Weight

Verisk Analytics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSK#NASDAQ">VRSK</a>) narrows FY2025 Adj EPS guidance from $6.80-$7.10 to $6.80-$7.00 vs $7.04 analyst estimate. Raises FY2025 sales outlook from $3.030 billion-$3.080 billion to $3.090 billion-$3.130 billion vs $3.078 billion estimate.

VRSK

Verisk Analytics Narrows FY2025 Adj EPS Guidance from $6.80-$7.10 to $6.80-$7.00 vs $7.04 Est; Raises FY2025 Sales Guidance from $3.030B-$3.080B to $3.090B-$3.130B vs $3.078B Est

Navient (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NAVI#NASDAQ">NAVI</a>) lowers FY2025 Adj EPS guidance from $1.00-$1.20 to $0.95-$1.05 vs $1.08 analyst estimate..

NAVI

Navient Lowers FY2025 Adj EPS Guidance from $1.00-$1.20 to $0.95-$1.05 vs $1.08 Est

Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) second-quarter report didn&#8217;t sit well with longtime Tesla shareholder Ross Gerber, who pulled no punches in an interview following the release.
&#8220;Yeah, I mean, it&#8217;s garbage,&#8221; the CEO of Gerber Kawasaki Wealth and Investment Management, told <a href="https://www.youtube.com/watch?v=TjzEpljd80I">Yahoo Finance</a>, just after the report was released. &#8220;It&#8217;s sad and depressing to me that this is a business in decline when it should be&#8230; a growing business, and it&#8217;s not.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"It's garbage, it's sad and depressing to me that this is a business in decline," Gerber Kawasaki Wealth &amp; Investment Management CEO <a href="https://twitter.com/GerberKawasaki?ref_src=twsrc%5Etfw">@GerberKawasaki</a> says about <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a>. <a href="https://t.co/ONXGSb9Iue">pic.twitter.com/ONXGSb9Iue</a>
&mdash; Yahoo Finance (@YahooFinance) <a href="https://twitter.com/YahooFinance/status/1948127627006685350?ref_src=twsrc%5Etfw">July 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<h2 class="wp-block-heading">Revenue Down, Sentiment Lower</h2>
On July 23, Tesla <a href="https://www.tesla.com/sites/default/files/downloads/TSLA-Q2-2025-Update.pdf">reported</a> $22.5 billion in revenue for the second quarter, <a href="https://www.benzinga.com/markets/earnings/25/07/46587882/tesla-q2-earnings-highlights-revenue-and-earnings-fall-short-new-models-still-set-for-2025-2026">down 12% from a year earlier</a>, short of Wall Street&#8217;s $22.8 billion estimate. Automotive revenue fell even more sharply, dropping 16% year-over-year to $16.66 billion. Per-share earnings were 40 cents, missing the expected 42 cents. Operating income dropped 42% to $923 million, with operating margins falling to 4.1%.
Gerber criticized Tesla's shrinking cash flow, noting that the company is now essentially break-even without regulatory credits. &#8220;The regulatory credits are going down every quarter and they&#8217;re <a href="https://www.benzinga.com/markets/earnings/25/07/46594381/elon-musk-says-tesla-could-face-a-few-rough-quarters-as-ev-incentives-expire-and-trump-tariff-pressures-mount">going to be gone soon</a>,&#8221; he said. &#8220;And the prices are going up on the vehicles soon. So I&#8217;m just like, man, you know, this sucks.&#8221;
Deliveries also fell to 384,122 vehicles, down from 443,956 in the same period last year. Production held steady at just over 410,000 units.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
<h2 class="wp-block-heading">High-End Sales Collapse And Brand Troubles</h2>
Gerber pointed to a 54% drop in sales of Tesla&#8217;s high-end vehicles, including the Model S, Model X, and Cybertruck. While he said he <a href="https://www.benzinga.com/markets/tech/25/07/46259057/ross-gerber-gary-black-weigh-in-on-tesla-cybertrucks-poor-sales-a-very-sad-result">likes the Cybertruck personally</a>, he criticized Tesla for not doing enough to market it.
He also warned that no matter how many new models Tesla produces, it won't matter if <a href="https://www.benzinga.com/markets/tech/25/07/46594012/teslas-new-model-y-trim-wont-expand-market-offers-zero-incremental-volume-says-gary-black">customers aren&#8217;t interested</a>. &#8220;It doesn&#8217;t matter how many products you come up with if people don&#8217;t want to buy them,&#8221; Gerber said. &#8220;They just don&#8217;t seem to want to address that issue.&#8221;
While Tesla touted early production of a <a href="https://www.benzinga.com/markets/tech/25/07/46212911/amid-declining-sales-elon-musks-tesla-confirms-new-affordable-models-will-be-introduced-this-year">more affordable model</a> set for volume release late this year, Gerber was skeptical. He acknowledged the need for a lower-cost vehicle but doubted that a <a href="https://www.benzinga.com/markets/asia/25/04/45032179/tesla-reportedly-developing-a-cheaper-model-y-e80-variant-with-fewer-features-in-china">smaller Model Y</a> would move the needle. &#8220;You&#8217;re going to lose—you&#8217;re going to cannibalize more of your business,&#8221; he warned.
<h2 class="wp-block-heading">Musk&#8217;s Influence And Image Problem</h2>
The Tesla bull didn't shy away from addressing what he sees as a core issue: CEO Elon Musk's behavior. &#8220;Even if they came out with a golden car that flew, people wouldn&#8217;t buy it because it&#8217;s Elon Musk&#8217;s car,&#8221; Gerber said.
See Also: How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.
He argued that Musk&#8217;s political commentary and <a href="https://www.benzinga.com/news/politics/25/07/46215609/elon-musk-regrets-cpac-chainsaw-stunt-it-lacked-empathy">public actions</a> have alienated potential buyers. &#8220;Elon&#8217;s political, not just opinions, but his actual behavior in public is just super inappropriate and turns off basically everybody now,&#8221; he said. &#8220;Until he wants to address that, I still think it&#8217;s going to be hard for Tesla to grow.&#8221;
Though Gerber supports <a href="https://www.benzinga.com/personal-finance/management/25/07/46510590/elon-musk-returns-to-intense-work-schedule-back-to-working-7-days-a-week-and-sleeping-in-the-office">Musk returning to a more active CEO role</a>—&#8221;The CEO of the company should actually work at the company&#8221;—he said that won't fix the brand image alone. &#8220;Probably the best thing he could do is work at Tesla and never tweet again,&#8221; he added.
Gerber also isn&#8217;t convinced that robotaxis are a game-changer. &#8220;What is so exciting about a business that&#8217;s been around for a long time?&#8221; he said. &#8220;I get in a Waymo. It takes me from A to B. Costs me 20 bucks. Big deal.&#8221;
He also expects Tesla to eventually acquire xAI, Musk&#8217;s AI startup, which would give Musk more control of Tesla. &#8220;Sadly, I think Tesla&#8217;s shareholders are going to vastly overpay for xAI,&#8221; he said. &#8220;They need the cash out of Tesla&#8217;s balance sheet for xAI to grow.&#8221;
Despite all his concerns, Gerber said he&#8217;s still long Tesla and isn't betting against Musk. But he&#8217;s clear-eyed about what needs to change: &#8220;Maybe in a year things get better. But if he doesn&#8217;t change the way he&#8217;s acting, I don&#8217;t see how anything gets better.&#8221;
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Image: Imagn Images

TSLA

Ross Gerber Calls Tesla's Q2 Report 'Garbage.' He Says It's 'Sad And Depressing' To See The Company Is In Decline

Morgan Stanley analyst James Faucette maintains Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) with a Overweight and raises the price target from $386 to $402.

Morgan Stanley Maintains Overweight on Visa, Raises Price Target to $402

Redwood Trust Upsizes Common Stock Repurchase Authorization To $150M, Reinforcing Confidence In Strategic Growth And Shareholder Value

ProPetro Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PUMP#NYSE">PUMP</a>) reported quarterly losses of $(0.07) per share which missed the analyst consensus estimate of $0.05 by 240 percent. This is a 133.33 percent decrease over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $326.151 million which missed the analyst consensus estimate of $328.859 million by 0.82 percent. This is a 8.65 percent decrease over sales of $357.021 million the same period last year.

Earnings

Earnings Misses

PUMP

ProPetro Holding Q2 EPS $(0.07) Misses $0.05 Estimate, Sales $326.151M Miss $328.859M Estimate

KORE

KORE And TD SYNNEX Form Strategic Alliance To Streamline IoT Connectivity Access And Deployment Via OmniSIM US Offering

JP Morgan analyst Brian Ossenbeck downgrades Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) from Overweight to Neutral and raises the price target from $282 to $288.

JP Morgan Downgrades Norfolk Southern to Neutral, Raises Price Target to $288

Due to continued macroeconomic uncertainty related to the impact of new tariffs on goods imported into the United States, the company is not providing 2025 financial guidance at this time.

SHOO

Steven Madden Withholds 2025 Outlook Citing Uncertainty From New US Tariffs

Anika Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANIK#NASDAQ">ANIK</a>) reported quarterly losses of $(0.13) per share which beat the analyst consensus estimate of $(0.17) by 23.53 percent. This is a 176.47 percent decrease over earnings of $0.17 per share from the same period last year. The company reported quarterly sales of $28.22 million which beat the analyst consensus estimate of $27.70 million by 1.87 percent. This is a 32.69 percent decrease over sales of $41.92 million the same period last year.

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