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Mattel markets toy products that are sold to its wholesale customers and direct to retail consumers. The company offers products for children and families, including toys for infants and preschoolers, girls and boys, youth electronics, hand-held and other games, puzzles, educational toys, media-driven products, and plush and fashion-related toys. Mattel's owned portfolio includes Barbie, Hot Wheels, Fisher-Price, Thomas & Friends, and American Girl. In addition, it currently manufactures toy products for its segments both internally and externally (through manufacturing partners). More than 50% of its net sales are generated from North America, with the remainder stemming from international markets.

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Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-10-23. Here's what investors need to know before the announcement.
Analysts estimate that Mattel will report an earnings per share (EPS) of $0.95. 
Mattel bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Performance in Previous Earnings</h3>
In the previous earnings release, the company beat EPS by $0.02, leading to a 9.8% increase in the share price the following trading session.
Here's a look at Mattel's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.17</td>
<td>-0.13</td>
<td>0.32</td>
<td>0.86</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.19</td>
<td>-0.05</td>
<td>0.29</td>
<td>1.08</td>
</tr>
<tr>
<td>Price Change %</td>
<td>10.0%</td>
<td>2.0%</td>
<td>0.0%</td>
<td>-8.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729609342_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Mattel were trading at $18.42 as of October 21. Over the last 52-week period, shares are down 8.75%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. 
<h3>Analyst Opinions on Mattel</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on Mattel.
Analysts have provided Mattel with 2 ratings, resulting in a consensus rating of Neutral. The average one-year price target stands at $21.5, suggesting a potential 16.72% upside.
<h3>Analyzing Ratings Among Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Brunswick, Polaris and Acushnet Hldgs, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>The consensus outlook from analysts is an Buy trajectory for Brunswick, with an average 1-year price target of $90.5, indicating a potential 391.31% upside.</li>
<li>Analysts currently favor an Neutral trajectory for Polaris, with an average 1-year price target of $83.25, suggesting a potential 351.95% upside.</li>
<li>Acushnet Hldgs is maintaining an Neutral status according to analysts, with an average 1-year price target of $72.0, indicating a potential 290.88% upside.</li>
</ul>
<h3>Peer Metrics Summary</h3>
The peer analysis summary offers a detailed examination of key metrics for Brunswick, Polaris and Acushnet Hldgs, providing valuable insights into their respective standings within the industry and their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mattel</td>
<td>Neutral</td>
<td>-0.68%</td>
<td>$530.74M</td>
<td>2.84%</td>
</tr>
<tr>
<td>Brunswick</td>
<td>Buy</td>
<td>-15.18%</td>
<td>$391M</td>
<td>4.92%</td>
</tr>
<tr>
<td>Polaris</td>
<td>Neutral</td>
<td>-11.52%</td>
<td>$424M</td>
<td>5.06%</td>
</tr>
<tr>
<td>Acushnet Hldgs</td>
<td>Neutral</td>
<td>-0.80%</td>
<td>$371.75M</td>
<td>8.18%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Mattel ranks at the bottom for Revenue Growth among its peers. It also ranks at the bottom for Gross Profit. However, it ranks in the middle for Return on Equity.
<h3>Unveiling the Story Behind Mattel</h3>
Mattel markets toy products that are sold to its wholesale customers and direct to retail consumers. The company offers products for children and families, including toys for infants and preschoolers, girls and boys, youth electronics, hand-held and other games, puzzles, educational toys, media-driven products, and plush and fashion-related toys. Mattel's owned portfolio includes Barbie, Hot Wheels, Fisher-Price, Thomas &amp; Friends, and American Girl. In addition, it currently manufactures toy products for its segments both internally and externally (through manufacturing partners). More than 50% of its net sales are generated from North America, with the remainder stemming from international markets.
<h3>Breaking Down Mattel's Financial Performance</h3>
Market Capitalization: Positioned above industry average, the company's market capitalization underscores its superiority in size, indicative of a strong market presence.
Decline in Revenue: Over the 3 months period, Mattel faced challenges, resulting in a decline of approximately -0.68% in revenue growth as of 30 June, 2024. This signifies a reduction in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Net Margin: Mattel's net margin is impressive, surpassing industry averages. With a net margin of 5.27%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 2.84%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Mattel's ROA stands out, surpassing industry averages. With an impressive ROA of 0.95%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 1.34, caution is advised due to increased financial risk.
<a href="https://www.benzinga.com/quote/MAT/earnings">To track all earnings releases for Mattel visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

A Preview Of Mattel's Earnings

JP Morgan analyst Christopher Horvers maintains Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) with a Neutral and raises the price target from $22 to $23.

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JP Morgan Maintains Neutral on Mattel, Raises Price Target to $23

Mattel, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mat#NASDAQ">MAT</a>) is scheduled to report <a href="https://www.zacks.com/stock/research/MAT/earnings-calendar?icid=quote-detailed_estimates-quote_nav_tracking-zcom-left_subnav_quote_navbar-earnings_dates_announcements">third-quarter 2024 results</a> on Oct. 23, 2024, after the closing bell. In the last reported quarter, the company&#39;s earnings surpassed the Zacks Consensus Estimate by 18.8%.
<h3>Trend In Estimate Revision</h3>
For the quarter to be reported, the Zacks Consensus Estimate for earnings is pegged at 94 cents, down 13% year over year. In the past seven days, earnings estimates for the quarter have been revised upward by 1 cent per share. 
For revenues, the consensus mark is pegged at nearly $1.84 billion. The metric suggests a decline of 4.1% from the year-ago figure. 
Let us discuss the factors that are likely to be reflected in the quarter to be reported.
<div class="chart_embed">
<h3>Mattel, Inc. Price And EPS Surprise</h3>
<h2><a href="https://www.zacks.com/stock/chart/MAT/price-eps-surprise?icid=chart-MAT-price-eps-surprise"><img alt="Mattel, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/61/1729251802.png" style="height:298px; width:624px" title="" /> </a></h2>
<a href="https://www.zacks.com/stock/chart/MAT/price-eps-surprise?icid=chart-MAT-price-eps-surprise">Mattel, Inc. price-eps-surprise</a> | <a href="https://www.zacks.com/stock/quote/MAT?icid=chart-MAT-price-eps-surprise">Mattel, Inc. Quote</a>
</div>
<h3>Factors&nbsp;To Note</h3>
Mattel&#39;s third-quarter 2024 results are likely to be negatively impacted by soft sales in North America. The dismal performance of Infant, Toddler, Preschool, Dolls and Vehicle products is likely to have hurt North America&#39; sales. The company is facing a challenging macroeconomic environment. 
The Zacks Consensus Estimate for Worldwide gross billings by the top three Power Brands, Barbie, Fisher-Price and Hot Wheels is pegged at $524 million, $307 million and $455, respectively, down 13.4% and 3.2% and flat year over year. 
On the other hand, the company&#39;s bottom line is likely to have been hurt by higher input cost inflation, unfavorable fixed cost absorption and other supply-chain costs. Also, higher severance and restructuring expenses, incentive compensation and pay increases are likely to have negatively impacted the bottom line. However, its ongoing cost-saving program is expected to have partially offset the adverse effects of these headwinds. This includes simplifying its organizational structure and optimizing processes and supply chain to generate savings across operations. 
Contributions from the IP-driven toy business, innovations across the toy portfolio and the expansion of entertainment offerings bode well. This and the focus on demand creation (in collaboration with retail partners) and licensing partnerships are likely to have aided the company&#39;s performance in the to-be-reported quarter.
<h3>What Our Model Predicts</h3>
Our proven model doesn&#39;t conclusively predict an earnings beat for Mattel this time around. The combination of a positive <a href="https://www.zacks.com/earnings/earnings-surprise-predictions/">Earnings ESP</a> and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that&#39;s not the case here. 
Earnings ESP: Mattel has an Earnings ESP of -3.04%. You can uncover the best stocks to buy or sell before they&#39;re reported with our <a href="https://www.zacks.com/premium/esp-buy?adid=zp_article_espfilter&amp;icid=zpi_article_espfilter">Earnings ESP Filter</a>. 
Zacks Rank: Mattel has a Zacks Rank #3.
<h3>Stocks Poised To&nbsp;Beat Earnings Estimates</h3>
Here are some other stocks you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat. 
AMC Entertainment Holdings, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) has an Earnings ESP of +84.00% and a Zacks Rank of 2 at present. You can see <a href="https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&amp;ICID=zpi%20_1link">the complete list of today&#39;s Zacks #1 Rank stocks here</a>. 
AMC is expected to register a 33.3% increase year over year in earnings for the to-be-reported quarter. It reported better-than-expected earnings in two of the trailing four quarters and missed twice, the average negative surprise being 69.5%. 
Boyd Gaming Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/byd#NYSE">BYD</a>) currently has an Earnings ESP of +17.79% and a Zacks Rank of 2. 
BYD&#39;s earnings for the to-be-reported quarter are expected to increase 3.7% year over year. It reported better-than-expected earnings in two of the trailing four quarters and missed twice, the average surprise being 3.6%. 
Marriott International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mar#NASDAQ">MAR</a>) currently has an Earnings ESP of +1.57% and a Zacks Rank of 3. 
MAR&#39;s earnings for the to-be-reported quarter are expected to increase 9.5% year over year. It reported better-than-expected earnings in three of the trailing four quarters and missed once, the average surprise being 16.9%.
<a href="https://www.zacks.com/stock/news/2352967/mattel-to-report-q3-earnings-here-s-what-to-expect-from-the-stock?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2352967">To read this article on Zacks.com click here.</a>
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Mattel To Report Q3 Earnings: Here's What To Expect From The Stock

<a href="https://www.cpsc.gov/Recalls/2025/Fisher-Price-Recalls-More-than-2-Million-Snuga-Infant-Swings-Due-to-Suffocation-Hazard-After-5-Deaths-Reported" title="https://www.cpsc.gov/Recalls/2025/Fisher-Price-Recalls-More-than-2-Million-Snuga-Infant-Swings-Due-to-Suffocation-Hazard-After-5-Deaths-Reported">https://www.cpsc.gov/Recalls/2025/Fisher-Price-Recalls-More-than-2-Million-Snuga-Infant-Swings-Due-to-Suffocation-Hazard-After-5-Deaths-Reported</a>

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Jefferies analyst Andrew Uerkwitz maintains Mattel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) with a Hold and raises the price target from $18.25 to $20.

Jefferies Maintains Hold on Mattel, Raises Price Target to $20

With a looming dockworkers' strike on the East and Gulf Coasts set to begin Oct. 1, major companies like Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) are bracing <a href="https://www.benzinga.com/news/24/09/40906726/us-port-strike-in-october-could-lead-to-major-supply-chain-disruptions-says-container-trade-expert">for substantial disruptions</a>.
The strike, led by the International Longshoremen&#8217;s Association, could shut down 36 ports from Maine to Texas, potentially halting half of the goods entering and leaving the U.S.
<h2 class="wp-block-heading">Retail &amp; Tech Sectors At Risk</h2>
Retail giants like Amazon and Apple are particularly vulnerable. They rely heavily on East Coast ports to bring in consumer electronics and inventory. Delays could hit these companies with the holiday shopping season around the corner.
Amazon's ability to meet demand for everything from household goods to electronics may suffer, while Apple risks product shortages on key items like the iPhone 15, iPhone 16 and MacBooks, all critical to its revenue in the fourth quarter.
Read Also: <a href="https://www.benzinga.com//node/41059881">Costco Gears Up For Potential US Port Strikes As CEO Stresses Proactive Steps: America Could &#8216;Get Holiday Goods In Ahead Of This Time Frame&#8217;</a>
<h2 class="wp-block-heading">Automotive Sector May Feel The Pinch</h2>
Tesla could also face a significant blow as it sources essential components globally. The Ports of New York/New Jersey are critical for Tesla's supply chain, and any prolonged shutdowns could delay deliveries and increase manufacturing costs. Other automakers, like Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), could also struggle with supply bottlenecks for parts, further squeezing a sector already battling rising costs.
<h2 class="wp-block-heading">Inflation Pressures Could Rise</h2>
The Toy Association has expressed concerns that 60% of toy sales occur in the fourth quarter, and major toy companies like Mattel Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) and Hasbro Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) could face inventory shortages, driving up prices.
Agriculture and food companies reliant on East Coast ports, such as Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>), may also face delays in getting goods to market, worsening consumer inflation.
Business leaders and investors are watching closely, as a prolonged strike could have far-reaching consequences on multiple sectors, potentially pushing inflation higher and slowing economic growth.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/41012532">China&#8217;s Exports At Risk From Anticipated US Port Strikes, Typhoons, Golden Week, Warns Container Trade Expert</a></li>
</ul>
Photo: Wayne Via/Shutterstock.com

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Amazon, Apple, Tesla Brace For Supply Chain Disruptions As Potential East Coast Dockworkers Strike Nears

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Watching Mattel; Shares See Volume After 800K Block Trade At $19/Share

WIIM

Mattel shares are trading higher amid the company's presentation at the Communacopia and Technology Conference.

Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) today announced that Ynon Kreiz, Mattel's Chairman and Chief Executive Officer, and Anthony DiSilvestro, Mattel's Chief Financial Officer, will participate in a fireside chat at the Goldman Sachs Communacopia and Technology Conference on Monday, September 9, 2024 at 11:50 a.m. Eastern time.
The webcast will be available on Mattel's Investor Relations website, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.mattel.com%2F&amp;esheet=54114193&amp;newsitemid=20240827287460&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestors.mattel.com%2F&amp;index=1&amp;md5=909add11d02dd281ae467dea7b913f61">https://investors.mattel.com/</a>. To listen to the webcast, log onto the website at least 15 minutes early to register, download, and install any necessary software. An archive of the webcast will be available on the Company's website shortly after the completion of the live webcast.

Events

Watching Mattel; Shares See Volume To The Upside, Co Currently Presenting At The Goldman Sachs Communacopia and Technology Conference

Mattel's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NYSE">MAT</a>) short percent of float has fallen 5.49% since its last report. The company recently reported that it has 13.77 million shares sold short, which is 6.37% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.97 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Mattel Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725387315_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Mattel has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Mattel's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Mattel's peer group average for short interest as a percentage of float is 8.22%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Short Ideas

How Is The Market Feeling About Mattel?

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A senior ally of Russian President Vladimir Putin claimed on Tuesday that Washington orchestrated the French arrest of Pavel Durov, the founder and CEO of Telegram, a messaging platform essential <a href="https://www.benzinga.com/news/24/08/40569423/russian-presidents-ally-accuses-us-of-orchestrating-arrest-of-telegram-founder-pavel-durov-in-france" target="_blank" rel="noreferrer noopener">for communication in the Ukraine war</a>.
Pavel Durov&#8217;s&nbsp;arrest has sent shockwaves through Russia and&nbsp;raised global concerns&nbsp;about digital rights and freedom of expression. The arrest was led by&nbsp;Laure Beccuau, a <a target="_blank" href="https://www.benzinga.com/news/24/08/40571337/who-is-laure-beccuau-the-prosecutor-behind-telegram-ceo-pavel-durovs-detention-in-france" rel="noreferrer noopener">prominent figure in France's judiciary</a>.
Earnings Results
PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) reported&nbsp;fiscal second-quarter 2024&nbsp;revenue growth of 86% Y/Y to $13.36 billion (97.06 billion Chinese yuan), missing the&nbsp;analyst consensus estimate of $14.02 billion. Adjusted earnings per ADS of $3.20 (23.24 Chinese yuan), beating the&nbsp;analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40548945/temu-parent-pdd-posts-86-q2-topline-growth-stock-drops-after-ceo-flags-upcoming-challenges" rel="noreferrer noopener">consensus estimate of $2.73</a>.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued its streak of outperformance&nbsp;as the artificial intelligence stalwart's second-quarter earnings and <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40613050/nvidia-q2-earnings-guidance-top-street-view-as-ai-fuels-record-data-center-revenue-gross-margin-fal" rel="noreferrer noopener">revenue&nbsp;outdid expectations</a>.
Gaming
As the release date for Call of Duty: Black Ops 6 rapidly approaches,&nbsp;Microsoft Corp.‘s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Activision has officially&nbsp;announced&nbsp;the minimum and recommended <a target="_blank" href="https://www.benzinga.com/general/gaming/24/08/40610686/call-of-duty-black-ops-6-pc-requirements-unveiled-heres-what-you-need-to-know" rel="noreferrer noopener">PC&nbsp;specifications for the game</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) has&nbsp;launched&nbsp;a new Accessories app for Windows, enabling PC users to customize their PlayStation 5 <a target="_blank" href="https://www.benzinga.com/general/gaming/24/08/40585859/sony-brings-full-dualsense-edge-customization-to-pc-with-new-app" rel="noreferrer noopener">DualSense Edge&nbsp;controllers</a>.
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Steam hits a new record with over 37 million concurrent players, driven by the success of Black Myth: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/08/40560450/steam-sets-new-concurrent-player-record-with-over-37-million-users" rel="noreferrer noopener">Wukong and other top games</a>.
Social Media, Online Platform &amp; Others
Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) and pay-TV provider,&nbsp;DirecTV, owned by&nbsp;AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and&nbsp;TPG Capital&nbsp;are currently in contract renewal talks that <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/08/40568015/directv-and-disney-talking-over-flexible-netflix-like-channel-packages-but-fallout-from-fai" rel="noreferrer noopener">could reshape the pay-TV landscape</a>.
Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has announced the launch of its artificial intelligence-powered shopping assistant, Rufus, in India. This comes after Rufus&#8217;s successful introduction in the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40568608/amazon-rolls-out-ai-shopping-assistant-in-india-nearly-a-year-behind-walmart-backed-flipkart" rel="noreferrer noopener">United States six months prior</a>.
HMD Global, the company behind&nbsp;Nokia Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>)-branded phones, has teamed up with toy manufacturer&nbsp;Mattel Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) to introduce a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/08/40592576/theres-a-129-barbie-phone-generating-tons-of-buzz-is-it-worth-the-pink-hype" rel="noreferrer noopener">Barbie</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40592576/theres-a-129-barbie-phone-generating-tons-of-buzz-is-it-worth-the-pink-hype" rel="noreferrer noopener">-themed flip phone</a>.
The Supreme Court of Brazil imposed a financial freeze on&nbsp;Elon Musk‘s&nbsp;Starlink, a subsidiary of&nbsp;SpaceX. This action is part of an&nbsp;escalating legal dispute&nbsp;that could potentially lead to the suspension <a target="_blank" href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we" rel="noreferrer noopener">of Musk's social media platform,&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we" rel="noreferrer noopener">X</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40643433/elon-musk-lashes-out-at-judge-after-brazils-supreme-court-blocks-starlinks-bank-accounts-criminal-we" rel="noreferrer noopener">, in Brazil</a>.
Technology
Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)&nbsp;has reportedly decided to discontinue the development of a headset intended to rival&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/08/40545520/metas-apple-vision-pro-rival-reportedly-canceled-after-a-review-meeting-between-mark-zuckerberg-cto" rel="noreferrer noopener">Apple Inc.</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40545520/metas-apple-vision-pro-rival-reportedly-canceled-after-a-review-meeting-between-mark-zuckerberg-cto" rel="noreferrer noopener">‘s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Vision Pro</a>.
Meta has reportedly decided to discontinue its custom chip development for its <a target="_blank" href="https://www.benzinga.com/news/24/08/40594209/mark-zuckerbergs-meta-abandons-custom-chip-development-for-orion-ar-glasses-report" rel="noreferrer noopener">upcoming&nbsp;augmented reality glasses</a>.
Read: <a target="_blank" href="https://www.benzinga.com/markets/asia/24/08/40553145/despite-us-limits-on-chinas-access-to-nvidia-chips-tech-titans-like-alibaba-and-tencent-ramp-up-ai-i" rel="noreferrer noopener">Despite US Limits On China&#8217;s Access To Nvidia Chips, Tech Titans Like Alibaba And Tencent Ramp Up AI Investments</a>
Apple is all set to launch the&nbsp;iPhone 16&nbsp;alongside the new Apple Watch and AirPods at an event on September 10, days after a&nbsp;leaked <a target="_blank" href="https://www.benzinga.com/news/24/08/40540086/apple-to-unveil-iphone-16-watches-and-airpods-at-september-10-event-report" rel="noreferrer noopener">invite&nbsp;pointed at the possibility</a>.
Ahead of the highly anticipated launch of its&nbsp;artificial intelligence-equipped iPhones, Apple has reportedly increased its&nbsp;orders for new iPhones, signaling strong <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40619402/apple-ramps-up-iphone-16-orders-by-over-10-ahead-of-september-launch-anticipating-surge-in-deman" rel="noreferrer noopener">confidence in its upcoming products</a>.
Apple&#8217;s burgeoning operations in India are set to generate around 600,000&nbsp;jobs by the close of this fiscal year. This surge in job creation is a result of the tech giant's strategic move to <a target="_blank" href="https://www.benzinga.com/markets/asia/24/08/40568324/apples-bullish-expansion-in-india-to-create-200k-direct-jobs-by-march-2025-report" rel="noreferrer noopener">diversify its production from China</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40575537/apple-analyst-says-historic-upgrade-cycle-will-push-valuation-past-4-trillion-as-cu" rel="noreferrer noopener">Apple Analyst Says &#8216;Historic&#8217; Upgrade Cycle Will Push Valuation Past $4 Trillion As Cupertino Sets Date For AI-Enabled iPhone Launch</a>
Apple&#8216;s CFO Luca Maestri decided to step down in Jan. 2025, with Kevan Parekh stepping in as <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40584725/apple-investors-hope-for-more-of-the-same-as-cfo-transition-nears" rel="noreferrer noopener">part of a planned succession</a>.
Edward Snowden, the well-known National Security Agency whistleblower has criticized the arrest of&nbsp;Telegram&nbsp;founder and CEO&nbsp;Pavel Durov, calling it <a target="_blank" href="https://www.benzinga.com/news/24/08/40545428/snowden-says-telegram-founders-arrest-is-an-assault-on-basic-human-rights-accuses-french-president-m" rel="noreferrer noopener">a violation of human rights</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40545254/mark-cuban-asks-elon-musk-to-share-source-code-of-algorithm-that-decides-reputation-relevancy-and-si" rel="noreferrer noopener">Mark Cuban Asks Elon Musk To Share Source Code Of Algorithm That Decides Reputation, Relevancy, And Similarity Criteria Of Posts On X</a>
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)-owned&nbsp;Google&nbsp;Chrome&nbsp;has introduced a new feature for&nbsp;Android&nbsp;users. The update includes a subtle vibration that occurs <a target="_blank" href="https://www.benzinga.com/news/24/08/40568404/google-chrome-to-trigger-vibrations-on-your-smartphone-when-you-do-this" rel="noreferrer noopener">when users pull to refresh a page</a>.
Google&nbsp;has rolled out a new feature designed to accelerate email replies in Gmail for Android users, enhancing <a target="_blank" href="https://www.benzinga.com/news/24/08/40575951/google-now-lets-you-quickly-reply-to-emails-making-email-responses-as-easy-as-texting" rel="noreferrer noopener">productivity and communication efficiency</a>.
Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/08/40545146/telegram-founder-pavel-durovs-arrest-in-france-sparks-reactions-from-ethereum-creator-vita" rel="noreferrer noopener">Telegram Founder Pavel Durov&#8217;s Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun</a>
Artificial Intelligence (AI)
As the world of artificial intelligence continues to advance, several tech leaders, including&nbsp;OpenAI&nbsp;co-founder and CEO&nbsp;Sam Altman, and&nbsp;Geoffrey Hinton, one of the godfathers of AI, among others, have expressed concerns about the impact of this&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/08/40624456/dean-of-valuation-aswath-damodaran-shares-3-ways-to-beat-the-bot-and-safeguard-your-job-from-ai" rel="noreferrer noopener">bleeding-edge technology on jobs</a>.
In a recent development,&nbsp;Anthropic&nbsp;has announced updates to the default system prompts for text-based dialogues on its AI platform, Claude.ai, as well as the <a target="_blank" href="https://www.benzinga.com/news/24/08/40594722/google-amazon-backed-openai-rival-anthropic-releases-system-prompts-that-run-claude" rel="noreferrer noopener">Claude iOS and Android applications</a>.
Two former&nbsp;Open AI&nbsp;employees wrote to California's Governor&nbsp;Gavin Newsom&nbsp;last week expressing their disappointment at the company's arguments against SB 1047, a bill proposed in California to place safety protocols in the<a target="_blank" href="https://www.benzinga.com/news/24/08/40542601/former-openai-employees-slam-sam-altman-led-company-after-it-opposes-californias-ai-regulation-bill" rel="noreferrer noopener"> development of artificial intelligence</a>.
NVIDIA-backed Sustainable Metal Cloud has developed technology to cut energy consumption in artificial <a href="https://www.benzinga.com/news/24/08/40568877/nvidia-backed-sustainable-metal-cloud-introduces-tech-to-cut-ai-data-center-energy-use-by-50" target="_blank" rel="noreferrer noopener">intelligence data centers by up to 50%</a>.

GOOG

MSFT

NCBDY

Citigourp Global Markets 2% Protected Notes Linked To The Djia

Sony Group Corporation American Depositary Shares

SONY

Consumer Tech News (Aug 25-Aug 31): Canada Plans To Impose 100% Tariff On Chinese EV Imports, Amazon Launches AI-Powered Shopping Assistant

Toymaker Lego is on course to transition away from fossil fuels in its signature plastic bricks by 2032, aiming to replace them with more expensive renewable and recycled materials.
According to lobby group PlasticsEurope, around 90% of all plastic is currently made from virgin fossil fuels.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39295950/ozempic-maker-novo-nordisk-closes-in-on-lego-as-denmarks-most-valuable-brand-report" rel="noreferrer noopener">Ozempic Maker Novo Nordisk Closes In On Lego As Denmark&#8217;s Most Valuable Brand: Report</a>.
Lego, which sells billions of plastic bricks yearly, has tested over 600 different materials in search of a viable alternative to its traditional oil-based bricks.
While the company initially set a goal to develop a fully sustainable material by 2030, it has faced challenges in achieving this target. As a result, Lego is now focused on gradually reducing the oil content in its bricks by purchasing certified renewable resin, which can cost up to 70% more than traditional materials.
Citing CEO Niels Christiansen, Reuters noted that this approach significantly increases the cost of producing each Lego brick.
By 2026, Lego aims to have more than half of its required resin certified through the mass balance method, an auditable system that tracks sustainable materials throughout the supply chain. This would mark a significant jump from the 30% achieved in the first half of 2024.
Christiansen emphasized that Lego&#8217;s efforts come despite a surplus of cheap virgin plastic, largely due to major oil companies&#8217; investments in petrochemicals, which are expected to drive new oil demand for decades.
Lego&#8217;s suppliers are utilizing bio-waste, such as cooking oil and food industry waste fat, along with recycled materials, to replace virgin fossil fuels in plastic production.
However, the market for recycled or renewable plastic remains in its early stages, with much of the available feedstock diverted to subsidized biodiesel for transportation fuels.
Neste OYJ (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTOIF#OTC">NTOIF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTOIY#OTC">NTOIY</a>), the world&#8217;s largest producer of renewable feedstocks, reports that fossil-based plastic is still about half or a third of the cost of sustainable alternatives.
Meanwhile, competitors like Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>) and Mattel Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) are also exploring more sustainable materials. Mattel has committed to using only recycled, recyclable, or bio-based plastics by 2030.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/general/biotech/24/08/40652763/novo-nordisk-touts-encouraging-wegovy-data-to-lower-risk-of-severe-complications-in-heart-failure" target="_blank" rel="noreferrer noopener">Novo Nordisk Touts Encouraging Wegovy Data To Lower Risk Of Severe Complications In Heart Failure Patients</a>.</li>
</ul>
Photo by Anatoliy Tesouro via Shutterstock

Eurozone

Commodities

NTOIF

NTOIY

Lego Maker Pledges To Cut Oil Content In Bricks By 2032, Faces Higher Production Costs

U.S. CPSC: Fisher-Price Recalls Approximately 366,200 Dumbbell Toys In Baby Biceps Gift Sets Due To Choking Hazard

HMD Global, the company behind Nokia-branded phones, has teamed up with toy manufacturer&nbsp;Mattel Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) to introduce a Barbie-themed flip phone.
What Happened: The partnership between HMD Global and Mattel has given birth to the HMD Barbie Phone, a compact, pink&nbsp;flip phone with a retro&nbsp;design.
The device is available in most countries including the U.K. at €129 and Europe at £99 starting Wednesday. However, in the U.S. it will go on sale in October at a price tag of $129, <a href="https://www.gsmarena.com/hmd_announces_barbie_phone-news-64298.php">reported</a> GSM Arena. The pre-orders for the same will start on Sept. 23 in the U.S.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40591422/steve-jobs-once-said-he-was-a-millionaire-at-23-worth-10m-by-24-and-had-100m-by-25-this-shaped-his-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Jobs Once Said He Was A Millionaire At 23, Worth $10M By 24, And Had $100M by 25 — This Shaped His Decision To Stay On A $1 Salary Throughout His Time At Apple</a>
HMD Barbie Phone is designed for basic communication, allowing&nbsp;users to make calls and&nbsp;send texts, but does not support social media apps. It features a pink keypad with hidden designs of palm trees, hearts,&nbsp;and flamingos that light up&nbsp;in the dark.
The phone features a single VGA (0.3MP) camera, Bluetooth 5 connectivity, a headphone jack, and a USB-C port for charging and data transfer.
It has an internal storage of 128 GB, but the company says, &#8220;Pre-installed system software and apps use a significant part of memory space.&#8221; Moreover, a wall charger is not included with the product, because the company wants to &#8220;reduce e-waste.&#8221;
The Barbie Phone also includes two extra back covers, a beaded lanyard, and stick-on gems for personalized customization. It also comes with the iconic Snake game.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28003658/Screenshot-2024-08-28-at-10.06.39%E2%80%AFAM-1024x734.png" alt="" class="wp-image-517317" /></figure>
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Why It Matters: The launch coincides with the&nbsp;65th birthday of the Barbie doll. It also comes on the heels of the successful &#8220;Barbie&#8221; movie, which was released by Warner Bros. Discovery and Mattel Inc. 
The film featuring Margot Robbie in the titular character was one of the <a href="https://www.benzinga.com/general/entertainment/24/05/39024178/barbie-and-oppenheimer-wouldve-hit-just-as-big-on-netflix-says-ted-sarandos-but-social-medi">most anticipated movies of 2023</a>, set box office records, grossing $337 million worldwide in its opening weekend.
Photo Courtesy NightGliderSA on Shutterstock.com
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;
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<li><a href="https://www.benzinga.com/news/24/08/40545428/snowden-says-telegram-founders-arrest-is-an-assault-on-basic-human-rights-accuses-french-president-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Snowden Says Telegram Founder&#8217;s Arrest Is An &#8216;Assault&#8217; On Basic Human Rights, Accuses French President Macron Of &#8216;Taking Hostages&#8217; To Access Private Communications</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

There's A $129 Barbie Phone Generating Tons Of Buzz — Is It Worth The Pink Hype?

Wall Street appears on track to build on gain as expectations concerning a continued moderation in inflation and soft-landing gain ground. The major index futures point to a modestly higher open on Friday as the S&amp;P 500 and the Nasdaq Composite indices look to extend their six-day winning run. Vice President Kamala Harris, who is running for the presidency, is due to <a href="https://www.benzinga.com/news/24/08/40411555/ahead-of-kamala-harris-first-economic-policy-speech-in-north-carolina-campaign-provides-sneak-peek-f">formally announce her economic policy at the North Carolina rally </a>scheduled for Friday.
The market could draw cues from her speech, as traders assess the implications of the policy proposals for the various sectors and stocks. A sneak peek provided by the Democratic Party&#8217;s nominee already suggests an accent on residential construction. A consumer sentiment reading and a speech by a Federal Reserve official could also impact sentiment.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.16%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.02%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.05%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.41%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) slipped 0.07% to $552.71, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.02% to $474.51, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session: 
A set of benign economic data accelerated the market rally on Thursday, with the S&amp;P 500 and the Nasdaq Composite indices settling higher for a sixth straight session. Retail sales jumped more than expected in July with the upside commendable even after giving effect the two-tenths of a percentage point downward revision to the June number. The upside was fueled by auto sales. Retail sales growth that excludes autos also was a healthy 0.4%.
Also allaying growth concerns were an unexpected decline in weekly jobless claims and a not-so-steep contraction as expected in manufacturing activity in the New York and Philadelphia regions. 
The major averages gap opened higher and saw a steady rise until the afternoon before going about a consolidation move for the rest of the session. The Nasdaq Composite and the Dow Industrials hit fresh two-week highs, while the S&amp;P 500 ended at its highest level since July 23.
All but two of the 11 S&amp;P sectors advanced, led by consumer discretionary and IT stocks, while defensive utility and real estate stocks moved to the downside.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+2.34%</td>
<td>17,594.50</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.61%</td>
<td>5,543.22</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+1.39%</td>
<td>40,563.06</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+2.45%</td>
<td>2,135.47</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market rally may have further legs, according to Fund Strat Head Of Research Tom Lee. &#8220;While bottoms are a &#8216;process,&#8217; a good July Core CPI tilts &#8216;risk-on&#8217; at least until Jackson Hole (8/22-8/24),&#8221; said the strategist.
Fund manager Louis Navellier is also positive about the market trajectory, stating that &#8220;Market momentum is alive and&nbsp;well.&#8221; 
Data reinforces the resilience of consumers and the labor market, the fund manager said. &#8220;While this may give the&nbsp;Fed pause on&nbsp;how quickly to trim rates,&nbsp;it doesn&#8217;t appear that elevated rates are restraining the&nbsp;economy as much as some conclude,&nbsp;and leaves dry powder for the&nbsp;potential slowdown that&nbsp;continues to be pushed&nbsp;forward quarter after&nbsp;quarter,&#8221; he added.
Upcoming Economic Data:
<ul>
<li>The Commerce Department is scheduled to release the housing start and building permits report for July at 8:30 a.m. EDT. Economists, on average, expect housing starts to come in at a seasonally-adjusted annual rate of 1.34 million units for July, down only slightly from June&#8217;s rate of 1.35 million units. Building permits &#8211; a measure of future starts may have declined from 1.45 million units in June to 1.42 million units in July. </li>
<li>The University of Michigan is set to release the results of its preliminary consumer sentiment survey at 10 a.m. EDT. The consensus estimate calls for the headline consumer sentiment to come in at 66.6 for August, slightly up from 66.4 in July. The forward inflation expectations readings of the report may also evince some interest.</li>
<li>Chicago Fed President Austan Goolsbee is scheduled to speak at 1:25 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) fell nearly 3% in premarket trading following the chip equipment maker&#8217;s quarterly results, and H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>) climbed over 9.5% on earnings.</li>
<li>Flowers Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>) rose nearly 6% ahead of its earnings.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply after Thursday&#8217;s surge in the wake of the U.S. retail sales data, and gold futures rose modestly and are tantalizingly close to $2,500 an ounce. The 10-year Treasury yield eased 3.2 points to 3.894%. Bitcoin USD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose modestly and traded past the $58.5 level.
Asian stocks rallied across the board, encouraged by Wall Street&#8217;s scintillating rally. Japan&#8217;s Nikkei 225 soared 3.64% as the yen weakened against the dollar amid the strong U.S. data. European stocks also advanced in early trading on Friday.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40410895/anthony-scaramucci-says-kamala-harris-poll-numbers-are-driving-market-higher-predicts-ro">Anthony Scaramucci Says Kamala Harris&#8217; Poll Numbers Are Driving Market Higher, Predicts &#8216;Rough 81 Days&#8217; Ahead For Trump</a></li>
</ul>
Stocks Photo by Jirapong Manustrong on Shutterstock

$BTC

US Stocks Strive To Keep Winning Run Alive As Kamala Harris Prepares To Unveil Economic Policy: Analyst Says 'Risk-On' Sentiment Will Persist Until This Event

Editor&#8217;s note: This story has been updated to correct a subheading on Thursday&#8217;s stock movers.
Thursday saw one of the most pronounced risk-on sessions in Wall Street&#8217;s rebound from the selloff earlier in the month, as investors cheered the latest economic data, suggesting that earlier recession fears <a href="https://www.benzinga.com/topic/economics">were likely overblown</a>. 
Small-cap stocks outperformed their larger counterparts, with the Russell 2000 index soaring nearly 3% for its <a href="https://www.benzinga.com/markets/equities/24/08/40401329/russell-2000-set-for-strongest-session-in-a-month-as-us-economy-defies-recession-fears-small-cap">best day in a month</a>. Both the S&amp;P 500 and Nasdaq 100 are on track to extend their winning streaks to six consecutive sessions.
Robust retail sales figures for July, far exceeding expectations, and a decline in initial jobless claims contributed to the market&#8217;s enthusiasm. 
Retail sales figures released for July showed a 1% month-over-month increase, significantly higher than the 0.3% expected by analysts and a sharp <a href="https://www.benzinga.com/24/08/40396952/retail-sales-numbers-were-a-blowout-versus-consensus-but-economists-predict-fed-will-still-cut-rates">rebound from June&#8217;s stagnation</a>. This data, coupled with a decrease in initial unemployment claims last week to 227,000, provided a strong signal the U.S. economy might be more resilient than previously thought.
The positive economic data led to a shift in expectations regarding future Federal Reserve actions. The likelihood of a 50-basis-point rate cut in September diminished, with traders now assigning a 73% probability to a smaller 25-basis-point cut.
As expectations for aggressive monetary easing faded, bond yields surged, causing a 1.1% decline in the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>). The U.S. dollar also strengthened, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) rising 0.3%, bolstered by a widening yield differential that pushed the greenback up over 1% against the Japanese yen.
In commodities, gold edged up 0.4%, while silver saw a substantial 3% rally. Crude oil prices rose by 1.6%, closing at $77.60 per barrel. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also experienced a 2% gain, reflecting the broader risk-on sentiment in the market.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>3.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>2.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>1.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:39 p.m. ET</figcaption></figure>
According to<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent081524&amp;t=be2bearmibe3na1"> Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.6% higher to $552.26.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.3% to $405.32.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 2.4% to $473.46.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rocketed 3% to $212.89.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 2.5%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down by 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) skyrocketed by 12% after Warren Buffett&#8217;s Berkshire Hathaway revealed a significant new investment of approximately $260 million in the company.</li>
<li>Cisco Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NYSE">CSCO</a>) rallied 7% after reporting stronger-than-expected results last quarter. </li>
<li>Other stocks moving in reaction to earnings reports included Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), up 0.3%, AST SpaceMobil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NYSE">ASTS</a>), up 43%, Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), up 6.6%, monday.com Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>), up 1.1%, JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), up 4.4% and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), up 6.5%. </li>
<li>Companies reporting after the close are Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) and H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>)</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40399595/bill-ackman-cuts-chipotle-stake-right-before-stock-drop-did-billionaire-see-what-the-market-coul">Bill Ackman Cuts Chipotle Stake Right Before Stock Drop: Did Billionaire See What The Market Couldn&#8217;t?</a></li>
</ul>
Photo via Shutterstock.

Macro Economic Events

Broad U.S. Equity ETFs

Retail Sales

Econ #s

Economics

ETFs

ASTS

BABA

COHR

CSCO

SPDR Dow Jones Industrial Average ETF Trust

MNDY

iShares Trust Barclays 20+ Year Treasury Bond Fund

ULTA

PowerShares DB US Dollar Index Bullish Fund

XLRE

Select Sector SPDR-Consumer Discretionary

Wall Street Eyes Sixth Positive Session On Upbeat Economic Data, Bonds Fall As Traders Lose Conviction In Large Rate Cuts (CORRECTED)

U.S. stocks are on track for a modestly higher start on Thursday, with the S&amp;P 500 looking to extend the winning streak to six sessions. The ultimate trading direction of the day could hinge on a slew of key data, due for the day, pertaining to the job market, consumer spending and manufacturing activity as well as retail earnings. Most of these have relevance for growth at a time when <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40365730/july-inflation-rate-falls-more-than-expected-supports-hopes-for-large-fed-rate-cu">pricing pressure has eased.</a>
Fund manager Louis Navellier said the July retail sales report along with Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) should offer clues regarding the health of the consumer. These catalysts are all the more important, given concerns expressed by companies over the health of consumers on their earnings calls as well as the higher credit card balances and rising delinquency rates. Walmart shares rose over 6% in premarket following its quarterly beat and an upward revision to full-year guidance.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.07%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.04%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.18%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.5%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) added 0.12% to $544.38, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.19% to $463.61, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Last Session: 
Wall Street closed Wednesday&#8217;s session higher, although trading sentiment remained lackluster for much of the day following the July consumer price inflation that came in line with expectations. 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>) led communication services stocks lower amid rumors that the Department of Justice is contemplating a break-up of the search giant amid anti-trust concerns.
The major averages opened higher but turned lower immediately after, but the Dow Industrials and the S&amp;P 500 Index recovered and traded mostly higher for the remainder of the session. The tech-heavy Nasdaq Composite was confined in negative territory for the bulk of the session and yet ended marginally higher. 
All three averages are now at their highest levels in about two weeks.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.03%</td>
<td>17,192.60</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.38%</td>
<td>5,455.21</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.61%</td>
<td>40,008.39</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.52%</td>
<td>2,084.32</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The recent equity market pullback should not be a deterrent for investors, according to a market strategist. &#8220;Despite the negative market action, we don't believe that there's a reason for equity investors to exercise significant caution,&#8221; said Eric Freedman, chief investment officer for U.S. Bank Wealth Management, in a note released on Aug. 8.
&#8220;We still think it's a great time to be invested and for those with money in cash, it represents an opportunity to put capital to work in longer-term assets,&#8221; he said.
Navellier said in a note to clients that he expects the market recovery to continue, as any weakness in economic data only increases the odds of a more aggressive Fed-cutting cycle.&nbsp;
Upcoming Economic Data:
<ul>
<li>The Commerce Department will release the July retail sales report at 8:30 a.m. EDT, with economists, on average, estimating a 0.3% month-over-month increase in the headline number, following stagnant sales in the previous month. The growth in retail sales, excluding autos, may have decelerated from 0.4% to 0.1%.</li>
<li>The Labor Department is scheduled to release the weekly jobless claims report at 8:30 a.m. EDT. The consensus estimate calls for the number of individuals claiming unemployment benefits to come in at 235,000 units for the week ended Aug. 10, up slightly from 233,000 in the previous week. The Labor Department will also release the import and export prices report for July around the same time.</li>
<li>The New York Fed and the Philadelphia Fed will release the results of their separate regional manufacturing surveys for August at 8:30 a.m. EDT. The business conditions index based on the New York Fed&#8217;s survey is expected to remain in contraction territory at -6 compared to -6.6 in July. The Philadelphia Fed&#8217;s diffusion index of business activity is expected to come in at 7.9 for August, down from 13.9 in July.</li>
<li>St. Louis Fed President Alberto Musalem&nbsp;is due to make a public appearance at 9:10 a.m. EDT.</li>
<li>The Federal Reserve is scheduled to release the industrial production report for July at 9:15 a.m. EDT. Economists, on average, expect a 0.1% month-over-month dip in output, reversing some of the 0.6% increase in June.</li>
<li>Philadelphia Fed President Patrick Harker&nbsp;is due to speak at 1:10 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) rose over 6% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the release of the networking giant&#8217;s quarterly results, and Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>) soared over 16%, also in reaction to its quarterly results.</li>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), Walmart and Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting earnings ahead of the market open.</a></li>
<li>Those reporting after the close are Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) and H&amp;R Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRB#NYSE">HRB</a>).</li>
<li>Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) and Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) jumped over 13% and 15%, respectively, after Warren Buffett&#8217;s Berkshire Hathaway, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (BRK-B)<a href="https://www.benzinga.com/markets/equities/24/08/40385824/warren-buffett-still-holds-400m-apple-shares-reveals-new-investments-in-ulta-beauty-and-heico-el"> stake disclosures.</a></li>
<li>Nike, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) rose over 4% after Bill Ackman&#8217;s Pershing Square initiated a position in the company.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil and gold futures rebounded after Wednesday&#8217;s slide, with the latter trading under $2,500-an-ounce level. The 10-year Treasury note yield rose 1.7 points to 3.839%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) pulled back by over 4% over the past 24 hours, falling back toward the $54,000 level.
The Asian markets that remained open for trading closed mostly higher on Thursday, although the Indonesian, Taiwanese and Hong Kong markets saw modest weakness. The South Korean and Indian markets were closed for public holidays. The Japanese market benefited from a strong growth rebound by the economy in the second quarter, while the Chinese market drew encouragement from a slew of weak data that heightened expectations for stimulus.
European stocks held up in early trading.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40378123/russell-2000-struggles-to-close-above-50-day-average-analyst-says-small-cap-stocks-remain-cheap-">Russell 2000 Struggles To Close Above 50-Day Average: Analyst Says Small-Cap Stocks Remain Cheap Vs. Large Caps</a></li>
</ul>
Image Via Shutterstock

Futures

Previews

Federal Reserve

Movers

GOOGL

LITE

SIRI

S&P 500 Eyes 6th Straight Win, But Investor Sentiment Remains Cautious Ahead Of Data Deluge, Walmart Earnings And Other Key Events

Hyatt Hotels Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/h#NYSE">H</a>) delivered second-quarter 2024 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same. The company&#39;s top line declined year over year.
The timing of Easter, renovations at major resort properties and the lingering impact of the 2023 Maui wildfires affected the company&#39;s performance. Following the results, shares of this global hospitality company are up 2.7% in the pre-market trading session on Aug 6.
<h3>Q2 Earnings &amp; Revenues</h3>
Hyatt reported adjusted earnings per share of $1.53, beating the Zacks Consensus Estimate of 95 cents. In the year-ago quarter, the company reported an EPS of 86 cents.
Revenues of $1,703 million lagged the consensus mark of $1,756 million and declined 0.1% on a year-over-year basis.
The year-over-year decline in revenues was due to a 7.9% decline in Owned and Leased revenues to $314 million and a 85.9% decrease in Other revenues. This was partially offset by Net fees increase of 10.6% year over year to $259 million and a Distribution increase of 1.1% to $278 million. Moreover, revenues for reimbursed costs increased to $842 million from $784 million reported in the prior year quarter.
<div class="chart_embed">
<h3>Hyatt Hotels Corporation Price, Consensus and EPS Surprise</h3>
<h3><img alt="Hyatt Hotels Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/47/1722950980.png" style="height:265px; width:583px" title="" /></h3>
Hyatt Hotels Corporation price-consensus-eps-surprise-chart | Hyatt Hotels Corporation Quote
</div>
<h3>Operating Highlights</h3>
Adjusted EBITDA was $307 million, up 10.1% year over year. Our model predicted the metric to be $328.9 million, up 20.5% year over year.
Adjusted EBITDA of Management and Franchising, as well as Distribution increased year over year by 10.5% and 23.9% to $222 million and $43 million, respectively. On the other hand, Owned and Leased, segment&#39;s adjusted EBITDA declined 7.4% year over year to $79 million.
<h3>Balance Sheet</h3>
As of Jun 30, 2024, Hyatt reported cash and cash equivalents of $1,957 million compared with $794 million reported in the previous quarter. Total liquidity was $3.5 billion in the second-quarter end. Total debt as of Jun 30, 2024, was $3.9 billion.
<h3>Other Business Updates</h3>
Regarding hotel openings, 18 new hotels (or 3,251 rooms) joined Hyatt&#39;s system in the second quarter. As of Jun 30, 2024, Hyatt had a pipeline of executed management or franchise contracts for approximately 670 hotels (or about 130,000 rooms).
<h3>2024 Outlook</h3>
For 2024, the company expects adjusted general and administrative expenses to be between $425 million and $435 million. Capital expenditures are projected to be $170 million. Net room growth is anticipated to be between 5.5% and 6% year over year.
Management anticipates 2024 system-wide RevPAR to rise 3-4% from 2023 levels, down from the prior estimate of 3-5%. Adjusted EBITDA is now expected to be in the band of $1.13-$1.17 billion compared with the prior expected range of $1.15-$1.19 billion.
<h3>Zacks Rank &amp; Recent Consumer Discretionary Releases</h3>
Hyatt currently carries a Zacks Rank #3 (Hold).
<h3>Recent Consumer Discretionary Releases</h3>
Carnival Corporation &amp; plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ccl#NYSE">CCL</a>) reported impressive second-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily backed by sustained demand strength and increased booking volumes. The management expects net yields to exceed 10% and drive double-digit returns on invested capital.
The quarter&#39;s passenger ticket revenues amounted to $3.8 billion, up from $3.1 billion reported in the prior-year quarter. CCL reported strong booking momentum for 2025, with record volumes surpassing 2024 levels in price and occupancy. It reported strength in pricing for the North America, Australia and Europe segments for the third and the fourth quarter of 2024 on a year-over-year basis. The company&#39;s efforts to extend the booking curve and leverage favorable pricing trends resulted in record cumulative bookings for the remainder of 2024, with occupancy rates above 2023 levels.
Mattel, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mat#NASDAQ">MAT</a>) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. The top line missed the consensus estimate for the third straight quarter.
The company experienced robust bottom-line performance, propelled mainly by significant gross margin expansion and growth in adjusted EBITDA. MAT is well positioned for the second half with new product innovation and increased retail support. For 2024, management continues to expect net sales to be comparable with the prior year&#39;s levels at cc. It also anticipates 2024 adjusted EPS to be between $1.35 and $1.45 compared with $1.23 in 2023.
American Outdoor Brands, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aout#NASDAQ">AOUT</a>) reported mixed fourth-quarter fiscal 2024 (ended Apr 30, 2024) results. It reported break-even earnings, missing the Zacks Consensus Estimate, while net sales topped the same. The top line rose year over year, but the bottom line declined.
The quarterly results reflect growth in its outdoor lifestyle and shooting sports categories on the back of new product launches across its several brands. The footprint expansion in Canada also bodes well for the company, allowing it to offer outdoor brands to the consumers of Canada. The bottom line was negatively impacted by the amortization of tariff and freight costs, higher promotional product discounts and an immaterial adjustment to a tariff drawback claim submitted in the fiscal 2022.
<a href="https://www.zacks.com/stock/news/2317148/hyatt-h-q2-earnings-beat-revenues-lag-estimates-stock-up?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317148">To read this article on Zacks.com click here.</a>

Earnings Beats

Large Cap

AOUT

Hyatt Q2 Earnings Beat, Revenues Lag Estimates, Stock Up

Strategic Education, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stra#NASDAQ">STRA</a>), or SEI, reported stellar results in second-quarter 2024. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
The quarterly results reflect solid growth across the company&#39;s three reportable segments, attributable to continued enrollment growth in the U.S. Higher Education (&quot;USHE&quot;) segment, especially employer-affiliated enrollments, and total enrollment improvement in the Australia/New Zealand (ANZ) segment. Moreover, the Education Technology Services segment portrayed solid performance, mainly driven by the growth in Sophia Learning subscriptions.
However, shares of this education services holding company lost 5% on Jul 31 after its earnings release.
<h3>Inside the Headlines</h3>
SEI reported adjusted earnings per share of $1.33, which topped the Zacks Consensus Estimate of $1.20 by 10.8% and rose impressively from the year-ago quarter&#39;s 82 cents.
Total revenues of $312.3 million surpassed the consensus estimate of $304 million by 2.7% and increased 8.7% from the year-ago quarter&#39;s level. On a constant-currency basis, revenues increased 8.9% to $313.4 million in the quarter.
<div class="chart_embed">
<h3>Strategic Education Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Strategic Education Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d8/1722440952.png" style="height:265px; width:584px" title="" />
Strategic Education Inc. price-consensus-eps-surprise-chart | Strategic Education Inc. Quote
</div>
<h3>Segmental Details</h3>
USHE: This segment comprises Strayer and Capella Universities. The segment&#39;s revenues increased 6.9% year over year to $216.6 million, backed by solid enrollment.
Student enrollment increased 8.4% from the year-ago quarter&#39;s level to 87,077 students. FlexPath enrollment was 22% of USHE enrollment compared with 21% in the year-ago quarter.
During the quarter, the operating margin rose to 9.2% from 3.3% in the year-ago quarter.
Education Technology Services: This segment includes Employer Solutions, Workforce Edge and Sophia Learning. The segment&#39;s quarterly revenues were $24.5 million, up 25.6% year over year, backed by solid growth in Sophia Learning subscriptions and employer-affiliated enrollment.
Sophia Learning&#39;s average total subscribers increased 37% from the year-ago period&#39;s levels. Employer-affiliated enrollment was 29.3% of USHE enrollment compared with 27.1% in the year-ago period.
Its operating margin was 40.9% in the reported quarter, up by a whopping 930 basis points (bps) from a year ago.
ANZ: This segment includes Torrens University, Think Education and Media Design School. The segment&#39;s revenues were $71.1 million, up 8.6% year over year, driven by higher enrollment and revenue-per-student. On a constant-currency basis, revenues rose 10.3% to $72.2 million year over year.
Student enrollment within ANZ rose 6.4% to 19,113 students during the reported quarter compared with the year-ago quarter.
The operating margin was 19.8%, down from 21.8% in the same period of 2023. On a constant-currency basis, the operating income margin was 19.9%, down from 21.8% in the year-ago period.
<h3>Operating Highlights</h3>
Adjusted operating income was up 61.4% to $43.9 million from $27.2 million in the year-ago quarter. The adjusted operating margin of 14.1% expanded a whopping 460 bps from the year-ago quarter.
Adjusted EBITDA in the reported quarter was $63.3 million, up from $45.4 million in the year-ago quarter.
<h3>Financial Details</h3>
As of Jun 30, 2024, SEI had cash and cash equivalents of $230.1 million, up from $168.5 million in 2023-end. Long-term debt at the second quarter of 2024-end was $61.3 million, slightly down from $61.4 million in 2023-end.
Cash provided by operating activities was $101.9 million in the first six months of 2024, up from $40.7 million in the comparable year-ago period. In the first half of 2024, capital expenditures were $19.9 million compared with $17.8 million a year ago.
In the second quarter of 2024, consolidated bad debt expense was 4.3% of revenue, slightly down from 4.4% for the same period in 2023.
<h3>Zacks Rank &amp; Recent Consumer Discretionary Releases</h3>
Strategic Education currently carries a Zacks Rank #3 (Hold).
Boyd Gaming Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/byd#NYSE">BYD</a>) reported second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company&#39;s top line increased year over year.
Segment-wise, Boyd Gaming&#39;s Las Vegas Locals market showed improvement from the first quarter. Its business in this segment achieved market share growth. Additionally, the company experienced strong growth in its Downtown Las Vegas operations and maintained stable performance in Midwest and South operations.
Hasbro, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/has#NASDAQ">HAS</a>) reported second-quarter fiscal 2024 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Despite a year-over-year revenue decline, earnings increased on the back of a favorable business mix and improved operations.
For the full year, HAS expects total adjusted EBITDA between $975 million and $1.025 billion compared with the prior prediction of $925 million and $1 billion.
Mattel, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mat#NASDAQ">MAT</a>) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. The top line missed the consensus estimate for the third straight quarter.
Mattel anticipates 2024 adjusted EPS between $1.35 and $1.45, compared with $1.23 in 2023. The Zacks Consensus Estimate for 2024 EPS is pegged at $1.40.
<a href="https://www.zacks.com/stock/news/2313383/strategic-education-stra-q2-earnings-revenues-beat-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2313383">To read this article on Zacks.com click here.</a>

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