Leading cryptocurrencies mounted losses on Thursday as investors remained cautious ahead of the release of a crucial jobs report



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.54%</td><td>$92,600.34</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.22%</td><td>$3,220.17</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-5.10%</td><td>$0.3237</td></tr></tbody></table></figure>



What Happened: Bitcoin fell to an intraday low of $91,220 late afternoon before recouping some losses by evening. The leading cryptocurrency has declined nearly 10% since the highs of $102,000 earlier in the week.



The report of the Justice Department <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42890745/us-government-granted-[%E2%80%A6]date-65-billion-in-bitcoin-seized-from-silk-road-case-report">getting approval to sell $6.5 billion in Bitcoin </a>and on-chain movements created panic in the market, although it was yet to be confirmed the sale happened.



The extended slump triggered a fresh wave of liquidations, with nearly $285 million in upside bets getting evaporated in the last 24 hours.



That said, more than 68% of traders on Binance were betting on Bitcoin's rebound, according to the Long/Short ratio.



A reversal to $100,000 will liquidate nearly $780 million in short positions.



The market sentiment slipped into the "Neutral" zone from "Greed," according to the Crypto Fear &amp; Greed Index, as traders lowered risk appetite.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>BitTorrent New (BT)</td><td>+3.68%</td><td>$0.000001168</td></tr><tr><td>Kaia (KAIA)</td><td>+3.19%</td><td>$0.2108</td></tr><tr><td>Litecoin (LTC)</td><td>+1.48%</td><td>$102.64</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.23 trillion, falling by 2.54% in the last 24 hours.



Stock futures slipped in overnight trading. The Dow Jones Industrial Average Futures fell 183 points, or 0.43%, as of 7:44 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dropped 0.58%, while Nasdaq 100 Futures lost 0.73%.



Investors were gearing up for the <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42881085/is-labor-market-cooling-or-raising-fed-concerns-what-to-watch-in-fridays-jobs-report">December jobs report</a>, due on Friday, to determine the Federal Reserve's next moves on monetary policy.



The New York Stock Exchange and Nasdaq were closed on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. Markets will resume trading on Friday.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that Bitcoin was yet to reach a cycle top, according to analysis of the Market Value to Realized Value indicator.



"MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of this cycle," CryptoQuant added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">100-day moving average of MVRV: Bitcoin has not yet reached the top price of this cycle "MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of… <a href="https://t.co/YlNLQwgE3w">pic.twitter.com/YlNLQwgE3w</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1877346597501022612?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Michaël van de Poppe, another widely followed cryptocurrency analyst, noted that the altcoin season was yet to begin, citing the Altcoin Season Index.



"However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your altcoins," Van De Poppe added. "It&#8217;s bull market year."



At the time of the X post, the indicator showed a reading of 47.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Altseason indicator says: It&#39;s not an altseason! However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. It&#39;s bull market year. <a href="https://t.co/BfXm4pyzeW">pic.twitter.com/BfXm4pyzeW</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1877432402034725084?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



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Bitcoin, Ethereum, Dogecoin Slip Ahead Of Key Jobs Data Release: Top Analyst Remains Positive On 2025 — 'It's Bull Market Year'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investor Gary Black cautioned against setting unrealistic expectations for the company&#8217;s Optimus robot program on Thursday, sparking debate about the electric vehicle maker&#8217;s valuation metrics and growth prospects.



What Happened: Black, managing partner of The Future Fund LLC, calculated that Tesla&#8217;s planned production of 500,000 Optimus robots by 2027 would add approximately $0.70 to earnings per share, assuming a $30,000 average selling price and 20% gross margin. This would supplement his projected core EPS of $7.70 for that year.



The analysis drew pushback from Dave Lee, host of Dave Lee on Investing, who argued that successful Optimus deployment would dramatically increase Tesla&#8217;s price-to-earnings multiple due to growth potential rather than just incremental earnings.



Black defended his conservative stance, pointing to Tesla&#8217;s recent market performance. &#8220;TSLA has underperformed for the past three years because expectations were too high,&#8221; Black wrote on X, noting that Tesla shares gained 12% compared to the Nasdaq 100&#8217;s 36% rise during that period.



&#8220;Every time I try to right-size expectations, I get pounded on by TSLA uberbulls for being too cautious, when in reality even my forecasts have been too bullish over the past three years,&#8221; Black wrote. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One can clearly see this in TSLA FY'25 and FY'26 earnings estimates, which have come down -39% and -45% over the past 12 months, as the market figured out TSLA's long-term projection of 50% compounded volume growth was too high. Every time I try to right-size expectations, I get… <a href="https://t.co/YkURbaUHnS">pic.twitter.com/YkURbaUHnS</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1877456270455878128?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42902354/betting-markets-see-strong-jobs-growth-yet-goldman-sachs-forecasts-a-slowdown-how-can-traders-profit">Betting Markets See Strong Jobs Growth, Yet Goldman Sachs Forecasts A Slowdown: How Can Traders Profit?</a>



Why It Matters: The debate follows CEO Elon Musk&#8216;s announcement that Tesla aims to produce <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot">several thousand Optimus robots in 2025</a>, scaling to 50,000-100,000 units in 2026 and potentially 500,000 in 2027.



Bank of America analyst John Murphy recently valued Tesla&#8217;s Optimus segment between $14 billion and $95 billion in his sum-of-parts analysis, representing just 2% of Tesla&#8217;s total estimated value. Murphy sees greater potential in Tesla&#8217;s robotaxi and Full Self-Driving capabilities, which he estimates could comprise <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42856115/tesla-analyst-on-high-stakes-future-optimus-robotaxi-fsd-have-potential-but-execution-risks-loom">over 75% of the company&#8217;s future value</a>.



&#8220;If investors want TSLA stock to stop underperforming, they need to stop pressuring analysts to push estimates ever higher,&#8221; Black emphasized, citing that Tesla&#8217;s fiscal 2025 and 2026 earnings estimates have declined by 39% and 45% respectively over the past year.



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<li><a href="https://www.benzinga.com/startups/25/01/42903410/regulatory-woes-subscriber-declines-falling-oil-prices-were-buying-buffett-bets-big-on-563m-worth-of-underdogs">&#8216;Regulatory Woes? Subscriber Declines? Falling Oil Prices? We&#8217;re Buying!&#8217; Buffett Bets Big On $563M Worth Of Underdogs</a></li>
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Image Via Shutterstock 



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

TSLA

Tesla Bull Gary Black Warns Against Inflated Optimus Robot Assumptions: Get Pounded Each Time 'I Try To Right-Size Expectations'

Alphabet Inc&#8217;s (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>) search engine arm Google and aerospace leader Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) have each pledged a donation of $1 million to the inaugural committee of President-elect Trump. This move aligns them with other prominent corporations in supporting the forthcoming inauguration event on Jan. 20.



What Happened: Both Google and Boeing validated their respective $1 million donations to the inaugural committee, <a href="https://thehill.com/homenews/administration/5077817-google-boeing-donate-trump-inauguration/">reported</a> The Hill. 



Karan Bhatia, Google's global head of government affairs and public policy, expressed, &#8220;Google is pleased to support the 2025 inauguration, with a livestream on YouTube and a direct link on our homepage. We're also donating to the inaugural committee.&#8221;



Boeing also confirmed its contribution, stating, &#8220;We&nbsp;are pleased to continue Boeing's&nbsp;bipartisan tradition of supporting U.S.&nbsp;Presidential Inaugural Committees.&#8221; The company has a history of backing past presidential inaugural committees.



Other corporations, such as Meta, Amazon, and Uber, have also contributed to Trump&#8217;s inaugural fund. Toyota and Ford have each donated $1 million. Several top executives, including Google&#8217;s Sundar Pichai and Amazon&#8217;s Jeff Bezos, have met with the President-elect at his Florida residence, Mar-a-Lago.



These meetings and contributions suggest a shift among some corporations aiming to establish a stronger relationship with the incoming President as he prepares to take office later this month.



See Also: <a href="https://www.benzinga.com/markets/cannabis/25/01/42901026/jimmy-carters-funeral-5-living-presidents-attend-family-colleagues-share-warm-humorous-stories">Jimmy Carter&#8217;s Funeral: 5 Living Presidents Attend; Family, Colleagues Share Warm, Humorous Stories</a>



Why It Matters: This recent wave of corporate support for the incoming administration is not without precedent. As reported by Benzinga in December, Amazon&#8217;s Bezos <a href="https://www.benzinga.com/tech/24/12/42479253/jeff-bezos-amazon-pledges-1-million-to-trumps-inaugural-event-following-in-the-footsteps-of-mark-zuckerberg-and-meta">pledged $1 million</a> to the inaugural event, following Meta&#8217;s similar contribution. 



Additionally, <a href="https://www.benzinga.com/news/management/24/12/42485193/sam-altman-to-donate-1m-to-trumps-inauguration-fund-following-zuckerberg-bezos-eager-to-support">Sam Altman</a>, CEO of OpenAI, announced his $1 million donation, citing support for Trump&#8217;s efforts to advance the U.S. in the artificial intelligence sector.



Earlier this month, Apple&#8217;s CEO Tim Cook also reportedly donated $1 million to the inauguration, viewing it as an <a href="https://www.benzinga.com/news/management/24/12/42485193/sam-altman-to-donate-1m-to-trumps-inauguration-fund-following-zuckerberg-bezos-eager-to-support">important American tradition</a> and a gesture of unity. These donations reflect a broader trend of tech and corporate leaders seeking to foster a positive relationship with the incoming administration.



Image via Shutterstock



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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Google And Boeing Contribute $1M Each To Trump's Inauguration Fund: YouTube To Livestream Event

Betting markets see December&#8217;s nonfarm payrolls coming in much higher than Wall Street economists expect, creating a stark divide between traders betting on strong labor data and forecasts predicting <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42881085/is-labor-market-cooling-or-raising-fed-concerns-what-to-watch-in-fridays-jobs-report">a slowdown in hiring.</a>



In a note shared Thursday, Goldman Sachs economist Ronnie Walker estimated that nonfarm payrolls grew by just 125,000 in December, significantly below the consensus forecasts. The Bureau of Labor Statistics will release the official jobs report Friday at 8:30 a.m. ET.



<h1 class="wp-block-heading">Betting Markets Signal Optimism</h1>



Data from CFTC-regulated betting platform Kalshi paints a far rosier picture of the December jobs market.



Implied odds derived from wagers suggest nonfarm payrolls could climb by 187,000 in December 2024. 



As of Thursday afternoon, traders betting on a jobs number above 150,000 had a 70% implied chance of winning, with an even 40% chance assigned to a print over 200,000. 



On the flip side, bets against payroll growth exceeding 150,000 offered a payout of $3 for every $1 wagered, while betting on a particularly weak figure — below 100,000 — provided an 11-to-1 payout.



This divergence highlights the potential for traders to profit handsomely if the labor report skews toward a weak payroll number. 


<iframe loading="lazy" style="border: 0;" src="https://kalshi.com/external-widgets/events/KXPAYROLLS-24DEC?color_scheme=light&amp;widget_size=large&amp;utm_campaign=benzingawidget" width="552px" height="400px"></iframe>


<h1 class="wp-block-heading">Wall Street Predicts A Slower Jobs Market</h1>



While betting markets exude confidence in the labor market, Wall Street economists are taking a more cautious stance. 



Trading Economics places the consensus estimate at 160,000 jobs, a marked slowdown from November&#8217;s robust gain of 227,000.



Goldman Sachs&#8217; projection of 125,000 jobs would represent a reduction from the three-month average of 174,000. 



Goldman also expects the unemployment rate to edge up to 4.3%, slightly above the consensus of 4.2%.



Walker attributed his conservative forecast to several factors, including &#8220;middling household employment growth,&#8221; &#8220;more challenging job-finding prospects&#8221; and &#8220;a rebound in the labor force participation rate.&#8221;



Goldman also anticipates average hourly earnings to rise just 0.3% month-over-month, leaving annual wage growth at 4.0%.



<h1 class="wp-block-heading">Seasonal Distortions At Play</h1>



Seasonal trends tied to the timing of Thanksgiving and Black Friday may play a significant role in December's payroll data. 



Walker highlighted that the late holiday shopping season this year likely weakened November&#8217;s retail hiring, with some of that hiring activity spilling into December.



Yet, Goldman expects these gains to be more than offset by slower job growth in other sectors. 



&#8220;We expect deceleration in job growth in non-retail sectors, particularly professional services and construction,&#8221; Walker said, adding that seasonal distortions could reduce payroll growth by as much as 50,000 jobs.



<h1 class="wp-block-heading">A Wager On Market Surprise</h1>



The chasm between betting odds and Wall Street forecasts suggests that traders are banking on the U.S. economy's resilience amid mounting headwinds.



For investors, a stronger-than-expected payroll report could reignite concerns about inflation, putting further upward pressure on Treasury yields and forcing the Federal Reserve to maintain a hawkish stance on interest rates. 



Conversely, a disappointing print could signal a slowdown in economic momentum, potentially easing pressure on the central bank.



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Betting Markets Project Strong Jobs Growth, Goldman Sachs Forecasts Slowdown: How Can Traders Profit?

President Jimmy Carter's solemn <a href="https://www.benzinga.com/movers-shakers/24/12/42716329/jimmy-carter-the-39th-us-president-who-championed-human-rights-and-peace-in-the-middle-east-had-died">state funeral</a> in Washington, D.C.&#8217;s National Cathedral Thursday brought together five living U.S. presidents, including President-elect Donald Trump, who was seated next to Barack Obama, with whom he seemed to be having a lively conversation. &nbsp;



Carter was <a href="https://www.benzinga.com/topic/jimmy-carter">president from 1977 to 1981.</a>



The first eulogy was given by one of Carter's grandsons, Joshua Carter, who said his grandfather spent his life helping people and seeking peace and justice around the world. He was followed by eulogies written by former President Gerald Ford and Walter Mondale, Carter&#8217;s vice president, before their deaths and read by the sons.



<h1 class="wp-block-heading">&#8220;The First Millennialist&#8221;</h1>



Jason Carter called his grandfather the first millennialist who wanted to legalize cannabis, encouraged craft beer production, protected the environment, supported women's rights and "tried to bring peace to the Holyland."



He drew laughs when he told an endearing story about how his grandfather, a nuclear engineer, first began using a cell phone and called him: &#8220;I answered and said &#8216;Hey paw paw.&#8217; He said &#8216;Who&#8217;s this.&#8217; I said this is Jason, you called me.&#8221; 



Carter replied, &#8220;I didn&#8217;t call you, I&#8217;m taking a picture.&#8221;



<h2 class="wp-block-heading">President Joe Biden</h2>



In his eulogy, President Joe Biden summed up Carter's character in three words "Character, character, character." He called Carter a white Southerner who championed civil rights and established a model post-presidency.



"He showed us how character and faith start with ourselves and then flows to others. At our best, we share the better parts of ourselves — joy, solidarity, love, commitment — not for reward, but in reverence of the incredible gift of life we've all been granted, to make every minute of our time here on Earth count," Biden said. 



&#8220;We have an obligation to give hate no safe harbor and we have to stand up to what my dad used to say was the greatest sin of all — the abuse of power." At this point the cameras turned to the section of the audience where Trump was seated.



As the presidents made their way to the exit of the Cathedral, Trump, Obama and Bush went one way and Clinton another, <a href="https://www.nytimes.com/live/2025/us/jimmy-carter-funeral">noted</a> the NY Times. Doug Emhoff, Vice President Kamala Harris's husband shook Trump&#8217;s hand, which Bush did not, <a href="https://www.newsbreak.com/raw-story-2096750/3752745200176-watch-george-w-bush-declines-to-shake-donald-trump-s-hand-at-jimmy-carter-s-funeral">noted</a> CBS anchor Norah O&#8217;Donnell.



<h1 class="wp-block-heading">Final Resting Place</h1>



Following the service, Carter was taken to the Joint Base Andrews outside of Washington, D.C., to be flown on one of Air Force One jets to Georgia where there will be a final private service Thursday afternoon at Carter&#8217;s local church. Carter will be buried next to his wife, <a href="https://www.benzinga.com/top-stories/23/11/35865944/former-first-lady-and-mental-health-champion-rosalynn-carter-dies-at-96">Rosalynn Carter</a>, outside the home they built in 1961 and where they lived most of their lives.



&#8220;Yes, they spent four years in the governor's mansion and four years at the White House but the other 92 years they spent at home in Plains, Georgia, which first of all looks like they built themselves," said grandson Jason Carter.



"Second of all, my grandfather was likely to show up at the door in some &#8217;70s short shorts and crocs. Demonstrating their depression, era roots, they had a little rack next to the sink where they would hang Ziploc bags to dry."



Photo: Jimmy Carter in 1977; Photo by Bernard Gotfyd via Library of Congress

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Jimmy Carter's Funeral: 5 Living Presidents Attend; Family, Colleagues Share Warm, Humorous Stories

California utility companies could come under pressure from regulators and investors after devastating Los Angeles wildfires have left at five people dead and almost 180,000 evacuated from their homes due to <a href="https://www.benzinga.com/25/01/42899028/la-wildfire-damages-estimated-above-52-billion-california-property-insurance-crisis">multiple wildfires</a>. 



Here's the latest.



What Happened: Areas near Los Angeles, California have <a href="https://www.benzinga.com/general/entertainment/25/01/42888380/los-angeles-fires-shut-down-production-of-tv-shows-fallout-abbott-elementary-hacks-film-premieres-canceled-critics-choice-awards-delayed">been hardest hit</a> by one of the most destructive wildfire events in the state.



At least five people are dead, found in buildings in Altadena, where the Eaton Fire exploded Tuesday night, as <a href="https://www.latimes.com/california/story/2025-01-08/fire-weather-fierce-winds-los-angeles">reported </a>by the LA Times.



179,783 people are under evacuation orders as of Thursday, according to Los Angeles Sheriff Robert Luna, <a href="https://www.nbcnews.com/weather/wildfires/live-blog/california-wildfires-live-updates-deadly-blazes-spread-hollywood-hills-rcna186927">NBC News </a>reported. Another 200,000 face evacuation warnings. 



Over 2,000 buildings have been burned. Multiple fires continue blazing Thursday and have not been contained.



&#8220;What we saw here in the last 24 hours is unprecedented," LAPD Chief Jim McDonnell said Wednesday. "I've never seen anything like this."



Limited resources including a lack of firefighters, firetrucks and water in fire hydrants have been reported in several regions.



California Gov. Gavin Newsom has called on the National Guard for its assistance in helping with evacuation orders and to assist with the devastating fires.



Read Also: <a href="https://www.benzinga.com/general/space/25/01/42892886/spacex-ceo-elon-musk-offers-free-starlink-terminals-to-los-angeles-areas-affected-by-wildfires">SpaceX CEO Elon Musk Offers Free Starlink Terminals To Los Angeles Areas Affected By Wildfires</a>



Utility Stocks in Focus: Utility companies including Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>) and San Diego Gas &amp; Electric, which is owned by Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>), began cutting power to customers to reduce fire risk ahead of elevated winds during the week, as reported by The New York Times.



Edison plans to continue utility shutoffs for customers through Friday after already cutting power to over 150,000 customers.



Restoration of power for customers will depend on future weather, the containment of fires and inspections of power lines.



"Our top concern right now is the safety of our customers, crew members and emergency personnel," Edison spokesman David Eisenhauer said.



Edison <a href="https://www.businesswire.com/news/home/20250108156871/en/Edison-International-Provides-Update-on-Southern-California-Wildfires-and-SCE-Power-Outages">said </a>the fires, which it called an "extreme weather event," are an evolving situation it is monitoring.



"Safety remains our number one priority for customers, employees and our communities," the company said.



Public safety power shutoffs have been conducted by SDG&amp;E due to the dry conditions and Santa Ana winds, the company <a href="https://www.sdgetoday.com/news/sdge-responds-extreme-weather-continued-public-safety-power-shutoffs-0">said </a>Wednesday. The proactive measure is being done to protect public safety and help reduce wildfire risk.



A statement from Pacific Gas &amp; Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>) <a href="https://www.pge.com/en/newsroom/currents/safety/southern-california-wildfires--pg-e-crews--helicopters-and-wildf.html">said </a>the company has sent helicopters and wildlife resources to the region to help with the fires, including two Blackhawk helicopters.



PG&amp;E said it is monitoring conditions in its serviced areas including Kern, Santa Barbara and San Luis Obispo counties.



Edison stock was <a href="https://www.benzinga.com/news/25/01/42894683/los-angeles-wildfires-stoke-investor-fears-edison-internationals-stock-ended-10-lower-on-wednesday-amid-concerns-over-possible-equipment-links-to-forest-fires">hit the hardest</a> of the utility companies connected to the California wildfires, falling 10% to $69.50 on Wednesday. The stock is now down 5% over the last year.



Pacific Gas &amp; Electric shares fell 4% to $19.25 on Wednesday.



Sempra shares fell 2% to $82.82 on Wednesday.



These utility companies remain top holdings in utility ETFs. In the SPDR Select Sector Fund – Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), Sempra is the sixth largest holding at 4.5% of assets, PCG 10th largest at 3.6% of assets and EIX comprises 2.3% of the ETF&#8217;s assets.



In the Vanguard Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VPU#NYSE">VPU</a>), Sempra (4.3% of assets), PG&amp;E (3.2% of assets) and Edison International (2.5%) are among the largest holdings. 



Fire Cause: One of the key question on the minds of California residents and investors will be who or what caused the fire. Right now, this remains a mystery.



As the New York Times <a href="https://www.nytimes.com/2025/01/08/us/what-caused-california-fires.html">reports</a>, scrutiny of power lines will likely come after the fires, as utility equipment has led to some of the largest California wildfires in the past, including the 2018 Camp Fire that left 85 people dead.



In 2024, four wildfire incidents were caused by utility equipment, including two by Edison International-owned Southern California Edison, according to the report.



Pacific Gas &amp; Electric, which may have limited exposure to this week&#8217;s infernos, is a lesson in the liability risk that California utilities face.



The utility company declared bankruptcy in 2019 related to damages and claims from wildfires. This included a<a href="https://www.benzinga.com/news/19/12/14953787/pg-e-trades-higher-on-13-5b-wildfires-settlement"> $13.5 billion settlement </a>for its alleged role in the fires. The company emerged from bankruptcy in 2020.



In 2024, Pacific Gas &amp; Electric paid $45 million in penalties related to the Dixie Fire in 2021, which state regulators found was linked to the company's power lines, as <a href="https://www.cnn.com/2024/01/26/us/pacific-gas-electric-settlement-dixie-fire-california/index.html">reported </a>by CNN.



California state law AB-1054, passed in 2019, established a Wildfire Fund of up to $21 billion to provide liquidity for fire events in the state and limits the liability of utility companies.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/sports/25/01/42889402/nhl-game-canceled-after-los-angeles-fires-nfl-monitoring-situation-ahead-of-monday-playoff-game">NHL Game Canceled After Los Angeles Fires, NFL Monitoring Situation Ahead Of Monday Playoff Game</a></li>
</ul>



Photo via Shutterstock.

Sector ETFs

ETFs

5 Dead, Nearly 180,000 Evacuated In Los Angeles Wildfires: California Utilities Face Scrutiny

As Washington ramps up chip export restrictions to unfriendly countries, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) are in the midst of a geopolitical power shift that could disrupt the semiconductor <a href="https://www.benzinga.com/topic/semiconductors">industry&#8217;s global landscape.</a>



In a report shared Monday, Bloomberg outlined the Biden administration&#8217;s imminent release of updated export <a href="https://www.benzinga.com/government/regulations/25/01/42897081/nvidia-and-ai-chip-stocks-brace-for-impact-as-biden-administration-considers-new-china-export-ban-report">rules targeting advanced semiconductors. </a>



The new measures, expected to drop Friday, intensify the U.S.&#8217;s strategic efforts to slow China's technological and military advancements by restricting access to high-performance computing chips.



<h3 class="wp-block-heading">New AI Export Framework: Allies And Adversaries</h3>



The regulations will reportedly create a three-tiered structure for semiconductor exports, emphasizing access tiers for key U.S. allies, neutral nations, and restricted countries. 



China is expected to fall under the most severe tier, joining nations such as Russia, Iran, and Venezuela.



This tier-based framework allows certain companies in restricted countries to bypass national limits by agreeing to U.S. security protocols and human rights standards. 



These entities, designated as validated end users, would have higher caps for chip purchases, a move aimed at encouraging safer AI development globally.



The measures expand the sweeping export restrictions initiated in October 2022, which already limited sales of advanced AI chips like Nvidia's Hopper GPUs. 



These earlier rules also prohibited U.S. firms and individuals from supporting Chinese chip development without explicit government approval. 



<h3 class="wp-block-heading">Nvidia And AMD Under Scrutiny</h3>



Nvidia's specialized A800 and H800 chips, developed to comply with prior regulations, could now fall under new restrictions, potentially denting AI giant&#8217;s upcoming revenues. 



According to data firm FactSet, China accounts for approximately 16% of Nvidia&#8217;s revenue, making it the company's second-largest market after the U.S. This marks a decline from 25% prior to the 2022 export restrictions.



In 2023, AMD generated roughly $3.4 billion in revenue from China, including Hong Kong, according to Statista. This represents 15% of the company&#8217;s total revenue of $22.7 billion.



<h3 class="wp-block-heading">Key ETFs Tied To Nvidia And AMD</h3>



Several ETFs heavily exposed to Nvidia and AMD could face ripple effects:



Top ETFs Holding Nvidia (Percentage of Holdings):



<ul>
<li>ProShares Ultra Semiconductors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USD#NYSE">USD</a>): 34.96%</li>



<li>Strive U.S. Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NASDAQ">SHOC</a>): 21.10%</li>



<li>YieldMax Target 12 Semiconductor Option (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXY#NASDAQ">SOXY</a>): 20.50%</li>



<li>VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>): 20.21%</li>



<li>VanEck Fabless Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMHX#NASDAQ">SMHX</a>) – 20.11%</li>
</ul>



Top ETFs Holding AMD (Percentage of Holdings):



<ul>
<li>VanEck Video Gaming and Esports ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESPO#NASDAQ">ESPO</a>): 8.01%</li>



<li>iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>): 7.12%</li>



<li>AOT Growth and Innovation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AOTG#NASDAQ">AOTG</a>): 7.07%</li>



<li>Invesco PHLX Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXQ#NASDAQ">SOXQ</a>): 7.04%</li>



<li>REX FANG &amp; Innovation Equity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FEPI#NASDAQ">FEPI</a>): 6.95%</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42888800/goldman-sachs-flags-market-correction-risk-as-inflation-trump-policies-stir-uncertainty">Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty</a></li>
</ul>



Image created using photos from Shutterstock.

Asia

Large Cap

Regulations

Global

AOTG

ESPO

FEPI

NVDA

SHOC

SMHX

SOXQ

SOXX

SOXY

Biden's Final Chip Curbs Set To Shake AI Markets: 10 ETFs With High Stakes In Nvidia, AMD

Wildfires continue to ravage Los Angeles county on Thursday, causing billions of dollars in damage to <a href="https://www.benzinga.com/news/25/01/42894683/los-angeles-wildfires-stoke-investor-fears-edison-internationals-stock-ended-10-lower-on-wednesday-amid-concerns-over-possible-equipment-links-to-forest-fires">homes and businesses</a>. 



What To Know: Accuweather on Wednesday<a href="https://www.accuweather.com/en/blogs-webinars/california-wildfires-52-57b-damage-estimate-accuweather-report/1731718"> issued a</a> preliminary estimate of the total damage and economic loss from the Southern California wildfires to be between $52 billion and $57 billion.&nbsp;



More than 2,000 structures have been damaged or destroyed and additional damages are expected as red flag warnings continue through Thursday.&nbsp;



Read Next: <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">Wildfire Rips Through LA&#8217;s Pacific Palisades Neighborhood Destroying Homes: 3,000 Acres Burned As 30,000 Residents Evacuate&nbsp;</a>



Five fires continue to burn in Los Angeles County on Thursday, with officials reporting the Palisades fire and the Eaton fire remain at zero containment,<a href="https://www.latimes.com/california/story/2025-01-08/fire-weather-fierce-winds-los-angeles"> according </a>to the Los Angeles Times.&nbsp;



"This is already one of the worst wildfires in California history. Should a large number of additional structures be burned in the coming days, it may become the worst wildfire in modern California history based on the number of structures burned and economic loss," AccuWeather Chief Meteorologist Jonathan Porter said.



California Insurance Industry: California faced an insurance crisis before the fires began, as insurers were already fleeing the state due to massive losses caused by larger and more frequent wildfires.&nbsp;



Actor James Woods highlighted the problem in a social media post, saying that a major insurance company had recently canceled the policies in his neighborhood.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Actually one of the major insurances companies canceled all the policies in our neighborhood about four months ago. <a href="https://t.co/JS03dsV9rF">https://t.co/JS03dsV9rF</a>&mdash; James Woods (@RealJamesWoods) <a href="https://twitter.com/RealJamesWoods/status/1876875152236941482?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Many homes in the affected areas are insured by the state-backed insurer of last resort, the California FAIR Plan. The plans are more expensive and provide less coverage than traditional private plans.



Tim Zawacki, an insurance sector strategist at S&amp;P Global Market Intelligence,<a href="https://www.nytimes.com/2025/01/08/climate/california-homeowners-insurance-fires.html"> told The</a> New York Times the number of homes in the ZIP code affected by the Palisades fire that are enrolled in the FAIR Plan has nearly doubled over the last year.



Experts are concerned the destruction caused by the ongoing fires could exacerbate the insurance crisis in the state. Equity analysts are forecasting potential insurance industry losses of between $6 billion and $13 billion, <a href="https://www.reinsurancene.ws/analysts-peg-insured-la-wildfire-losses-at-up-to-13bn-economic-loss-put-at-more-than-52bn/">according to</a> Reinsurance News.&nbsp;



Some of the largest property insurers in California include Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) and The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>).



BMO Capital Markets analysts estimate that at around a $3.5 billion insured loss, the fires could add risk to first-quarter earnings per share estimates for reinsurers, per Reinsurance News.&nbsp;



The analysts added that a loss of more than $7 billion, would affect first-quarter earnings results across the insurance and reinsurance sector.



Read Next:



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<li><a href="https://www.benzinga.com/general/biotech/25/01/42854890/us-records-first-human-bird-flu-death-high-levels-of-respiratory-illnesses-vaccine-stocks-rally">US Records First Human Bird Flu Death, High Levels Of Respiratory Illnesses: Vaccine Stocks Rally&nbsp;</a></li>
</ul>



Photo via Shutterstock.

Insurance

LA Wildfire Damages Could Top $52 Billion As California Faces Property Insurance Crisis

On Jan. 9 2001, Steve Jobs took the stage to unveil Apple Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iTunes, dubbed &#8220;the world's best and easiest-to-use jukebox software.&#8221; iTunes not only revolutionized how music was stored and played but also set the stage for Apple&#8217;s dominance <a href="https://www.benzinga.com/topic/consumer-tech">in consumer tech</a>.



<h2 class="wp-block-heading">iTunes: A Musical Revolution That Changed The Game</h2>



"Apple has done what Apple does best—make complex applications easy, and make them even more powerful in the process," Jobs said at the time. Little did the world know that this launch would act as a precursor to Apple&#8217;s foray into music streaming with Apple Music in 2019.



iTunes&#8217; 20-year reign may be over, but its legacy lives on. Since its launch, Apple's stock has delivered a jaw-dropping 70,000% return, far outpacing the S&amp;P 500's comparatively modest 350%.



Read Also: <a href="https://www.benzinga.com/tech/25/01/42893958/after-apple-halts-hardware-subscription-plans-samsung-unveils-similar-strategy-for-ai-powered-galaxy-smartphones">After Apple Halts &#8216;Hardware&#8217; Subscription Plans, Samsung Unveils Similar Strategy For AI-Powered Galaxy Smartphones</a>



<h2 class="wp-block-heading">Charting Apple Today: Where Does AAPL Stock Stand?</h2>



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010925&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="627" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09061631/Screenshot-2025-01-09-at-4.46.00-PM.png" alt="" class="wp-image-725819" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09061631/Screenshot-2025-01-09-at-4.46.00-PM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09061631/Screenshot-2025-01-09-at-4.46.00-PM-300x234.png 300w" sizes="(max-width: 627px) 100vw, 627px" /></a></figure>



<a target="_blank" href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent010925&amp;t=be2bearmibe3na1" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Fast forward to 2025, and Apple's stock performance tells a tale of mixed signals:



<ul>
<li>Price: AAPL stock trades at $242.70, slightly below its eight-day SMA of $246.92 (bearish signal) and 20-day SMA of $249.75 (another bearish signal).</li>



<li>Longer-Term Signals: The 50-day SMA at $238.64 suggests bullishness, as does the 200-day SMA of $215.13.</li>



<li>MACD (moving average convergence/divergence): At 1.28, this indicator flashes bullish momentum.</li>



<li>RSI (relative strength index): Apple stock's RSI sits at 44.91, indicating the stock is hovering in neutral territory.</li>
</ul>



Currently, the trend appears moderately bearish, with slight buying pressure keeping the stock buoyant.



<h2 class="wp-block-heading">Looking Ahead</h2>



As Apple continues innovating in the tech landscape it helped define, its ability to navigate shifting market trends remains pivotal.



Whether you&#8217;re reminiscing about iTunes&#8217; heyday or eyeing today's chart signals, Apple proves its staying power isn't just a melody—it's a symphony.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/tech/25/01/42890955/apple-clarifies-siri-privacy-policies-after-95-million-settlement">Apple Clarifies Siri Privacy Policy After $95 Million Settlement Over Allegations Of Unauthorized Recordings</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Technicals

AAPL

Apple's 24-Year 70,000% Climb Since iTunes Launch Faces 2025 Test

The stock market is closed on Thursday, Jan. 9, 2025 for a National Day of Mourning to honor former President Jimmy Carter whose state funeral will be held at Washington National Cathedral <a href="https://www.benzinga.com/24/12/42725647/markets-will-close-for-president-jimmy-carters-state-funeral-what-you-need-to-know">at 10 a.m. ET.&nbsp;</a>



The Details: The New York Stock Exchange, owned by Intercontinental Exchange (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>), and the Nasdaq (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) have suspended trading in equities and options on Thursday and will resume regular trading hours on Friday.&nbsp;



Lynn Martin, president of NYSE Group, praised Carter's humble roots and life of public service <a href="https://www.benzinga.com/markets/24/12/42717748/will-markets-be-closed-for-former-president-jimmy-carters-funeral-heres-what-investors-should-know">in a statement</a> announcing the closure of the markets.



&#8220;During his noteworthy post-presidential life, President Carter left an enduring legacy of humanitarianism. The NYSE will respectfully honor President Carter&#8217;s lifetime of service to our nation by closing our markets on the National Day of Mourning,&#8221; Martin said.&nbsp;



Read More: <a href="https://www.benzinga.com/25/01/42768507/china-slaps-export-restrictions-on-dozens-of-us-companies-boeing-lockheed-martin-general-dynamics-raytheon-affected">China&#8217;s Export Crackdown Hits Boeing, Lockheed Martin And More&nbsp;</a>



Tal Cohen, president of Nasdaq, also released <a href="https://www.benzinga.com/pressreleases/24/12/g42723458/nasdaq-announces-the-closure-of-its-u-s-markets-in-honor-of-a-national-day-of-mourning-for-former-">a statement </a>announcing the closure of all Nasdaq markets.&nbsp;



&#8220;President Carter was an exemplary leader, one who tirelessly continued his efforts to improve the human condition even after his tenure in public office was complete. His contributions will be felt by those around the world for years to come. On behalf of Nasdaq, we extend our deepest condolences to the Carter Family,&#8221; Cohen said.&nbsp;



Cohen <a href="https://www.npr.org/2025/01/09/nx-s1-5251459/u-s-stock-markets-close-mourning-former-president-jimmy-carter">told</a> NPR the financial industry came together to honor Carter's legacy of service.&nbsp;



&#8220;It was a large undertaking,&#8221; Cohen said. &#8220;But we thought it was worth the effort.&#8221;



Thursday's market closures continue a Wall Street tradition dating back to 1865 of closing markets in order to honor deceased presidents. The most recent closure was in 2018 following the death of former President George H.W. Bush.&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/biotech/25/01/42854890/us-records-first-human-bird-flu-death-high-levels-of-respiratory-illnesses-vaccine-stocks-rally">US Records First Human Bird Flu Death, High Levels Of Respiratory Illnesses: Vaccine Stocks Rally </a></li>
</ul>



Photo: Shutterstock

Options

NDAQ

Is The Stock Market Closed For Jimmy Carter's State Funeral?

As wildfires continue to wreak havoc in Los Angeles, investor confidence in the financial stability of Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>) is waning. The concern stems from the possibility that the company&#8217;s equipment may have sparked the fires.



What Happened: Southern California electric utility&#8217;s stock price plummeted by 10% on Wednesday, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>, in the wake of the wildfires. The exact cause of the fires is yet to be determined, with investigations likely to span weeks or even months, The Wall Street Journal <a href="https://www.wsj.com/finance/wildfires-are-making-investors-nervous-about-los-angeles-area-utility-again-0f448a84">reported</a> on Thursday.



California&#8217;s &#8220;inverse condemnation&#8221; law holds utilities strictly liable&nbsp;for property damage caused by&nbsp;their power lines and equipment, irrespective of fault. This law has previously driven major utilities, such as PG&amp;E (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>), into bankruptcy following a single wildfire.



Pedro Pizarro, CEO of Edison, has in the past conceded the company&#8217;s susceptibility to wildfires. In a&nbsp;2019 interview with the Los&nbsp;Angeles Times, Pizarro stated that the company&#8217;s solvency was partly due to luck and risk mitigation efforts. He also cautioned that Edison could face bankruptcy in the aftermath of a major fire.



Despite legislative efforts to reduce utilities&#8217; liability risk, including laws allowing utilities to recoup wildfire costs from customers and the establishment of an insurance fund, the financial risk posed by wildfires remains substantial. The insurance fund&#8217;s total assets of $11.4 billion are overshadowed by the potential costs of a major wildfire, as evidenced by the $16.5 billion in damage caused by the 2018 Camp Fire.



Edison&#8217;s financial stability remains precarious, with negative free cash flow and the looming risk of its $18.1 billion equity being wiped out by a single catastrophic event. 



Meanwhile, the company&#8217;s market capitalization is valued at $27 billion.



Edison International has yet to respond to <a href="https://pro.benzinga.com">Benzinga</a>&#8216;s queries.



Why It Matters: The recent wildfires have already caused significant damage in the Los Angeles area. A&nbsp;destructive wildfire&nbsp;swept through the <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">Pacific Palisades neighborhood</a>, burning over 3,000 acres and forcing 30,000 residents to evacuate. The National Weather Service had issued warnings for extreme fire conditions, including wind gusts up to 80 mph, which exacerbated the situation.



The ongoing fires have also sparked ethical debates, as <a href="https://www.benzinga.com/news/25/01/42891954/los-angeles-wildfires-will-be-tamed-by-this-day-predict-polymarket-users-observers-raise-ethical-question">multiple betting contracts</a> emerged on the&nbsp;Polymarket platform, allowing users to wager on the outcome of the disaster. This has raised questions about the morality of profiting from such tragic events.



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/25/01/42890191/trump-themed-nfts-launch-on-bitcoin-network-for-first-timeheres-what-you-should-know" target="_blank" rel="noreferrer noopener">Trump-Themed NFTs Debut On Bitcoin Network — One Card Gets Listed At $1.9 Million</a></li>
</ul>



Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.



Image via Shutterstock

Los Angeles Wildfires Stoke Investor Fears: Edison International's Stock Ended 10% Lower Wednesday

Recession fears for 2025 are fading fast, with market models and economist forecasts signaling a slim chance of economic contraction. But with optimism running high, could markets <a href="https://www.benzinga.com/news/econ-s">be misreading the risks?</a>



According to the New York Fed's recession model, there is a 29% probability that the U.S. will enter a recession by the end of 2025. This is a dramatic decline compared to the elevated probabilities seen during the Federal Reserve's aggressive monetary tightening in 2022 and 2023. 



In June 2023, the New York Fed&#8217;s model — which calculates recession probabilities based on the yield spread between 10-year Treasury bonds and three-month bills — estimated a 70% chance of a recession within a year, marking the <a href="https://www.benzinga.com/economics/macro-economic-events/23/06/32719092/us-economy-alarmed-new-york-fed-indicates-highest-likelihood-of-recession-in-over">highest level since 1982. </a>



Notably, recession odds have tumbled since early November 2024. Kalshi betting markets showed a sharp drop from over 50% to just 23% following Donald Trump&#8216;s election victory.



Recession odds have been tumbling because investors expect a strong boost to economic growth under Trump&#8217;s incoming administration. Expectations are centered around fresh tax cuts for individuals and corporations, as well as pro-business policies that could fuel spending and investment.


<iframe loading="lazy" style="border: 0;" src="https://kalshi.com/external-widgets/events/RECSSNBER-25/markets/RECSSNBER-25?color_scheme=light&amp;widget_size=large&amp;utm_campaign=benzingawidget" width="552px" height="400px"></iframe>


<h3 class="wp-block-heading">Growth Data Defies Expectations</h3>



The U.S. economy has displayed remarkable resilience in the face of high interest rates and persistent inflation. GDP growth in 2024 significantly outpaced other advanced economies, fueled by robust consumer spending.



The third quarter of 2024 saw an annualized GDP growth of 3.1%, revised up from 2.8%. This marked the strongest quarterly performance of the year. Personal spending increased at its fastest pace since the first quarter of 2023, growing 3.7%.



Meanwhile, the Atlanta Fed's GDPNow model estimates a 2.7% growth rate for the fourth quarter. That figure has been revised higher as of Jan. 7.



Oxford Economics also puts the probability of a recession at its lowest level in over two years. That&#8217;s due to a surge in leading indicators that suggest strong momentum heading into 2025.



<h3 class="wp-block-heading">Too Much Optimism? </h3>



However, there are signs that the optimism may be overblown. 



Capital Economics stated that Trump's anticipated tariffs and immigration restrictions could weigh on GDP growth. The firm expects these measures, if enacted by mid-2025, to push annualized GDP growth down to 1.5% while temporarily driving inflation back up to 3%.



Michael Gayed highlighted that tariffs could also lead to layoffs as companies struggle to balance rising costs. "If tariffs become a bigger thing in the new year, it's reasonable to think that companies could consider layoffs to balance out some of the additional costs, if they don't pass them entirely on to the consumer," he said.



The expert sounded the alarm over renewed inflation risks as periods of Fed easing after extended tightening cycles have triggered inflationary surges.



"The U.S. economy experienced a huge second wave of inflation back in the late 1970s after the Fed brought interest rates way down," said Gayed.



 Inflation had dropped from 11% to 4% before surging back to 14%. With major central banks globally expected to continue rate cuts in the coming quarters, a similar scenario cannot be ruled out.



<h3 class="wp-block-heading">Market Risks: Correction Ahead?</h3>



While stocks have climbed in tandem with economic strength, some experts are urging caution. 



Veteran Wall Street investor Ed Yardeni said Trump's initial flurry of executive orders—expected to include new tariffs and immigration actions—could unsettle markets.



Yardeni highlighted a possible 10% correction in the stock market, though he remained optimistic about the broader outlook.



"We can't rule out a 10% stock market correction, but we would view that as a buying opportunity rather than as a reason to panic out of the market since we don't expect a recession or a bear market. We are still targeting 7000 on the S&amp;P 500 by the end of next year," he said.



Goldman Sachs has also flagged a potential market correction risk, citing heightened uncertainty driven by reaccelerating inflation and policy shifts expected under Donald Trump&#8217;s administration, including tariffs and fiscal stimulus measures.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42888800/goldman-sachs-flags-market-correction-risk-as-inflation-trump-policies-stir-uncertainty">Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty</a></li>
</ul>



Image: Shutterstock

US 2025 Recession Odds Plummet: Good News Or Warning Sign?

Arm Holdings PLC &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) is exploring the potential acquisition of semiconductor designer Ampere Computing LLC, signaling further consolidation in the artificial intelligence chip sector.



What Happened: Ampere, which designs data center processors using Arm&#8217;s technology and is backed by Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), has been fielding takeover interest while working with financial advisers to explore strategic options, according to people familiar with the matter <a href="https://www.bloomberg.com/news/articles/2025-01-09/chip-designer-arm-considers-acquiring-ampere-computing">cited</a> by Bloomberg on Wednesday. 



The company was previously valued at $8 billion in a proposed SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) minority investment in 2021.



The potential deal emerges as Ampere faces intensifying competition in the AI chip market. In May, <a href="https://www.benzinga.com/news/24/05/38892874/nvidia-faces-new-competition-as-qualcomm-and-ampere-launch-ai-focused-server">the company partnered</a> with Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) to launch an AI-focused server combining Ampere&#8217;s CPUs with Qualcomm&#8217;s Cloud AI 100 Ultra chips for inference tasks. This collaboration aims to establish a stronger foothold in the data center market currently dominated by NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).



Arm Holdings and Ampere Computing did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.



See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42888800/goldman-sachs-flags-market-correction-risk-as-inflation-trump-policies-stir-uncertainty">Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty</a>



Why It Matters: Oracle currently holds a 29% stake in Ampere with options to gain control. The startup, which had confidentially filed for an IPO in April 2022, is led by CEO Renee James, a former Intel Corp. executive. 



In May, the <a href="https://www.benzinga.com/news/24/05/38892874/nvidia-faces-new-competition-as-qualcomm-and-ampere-launch-ai-focused-server">company announced plans</a> for next-generation CPUs featuring 256 processing cores, manufactured using Taiwan Semiconductor Manufacturing Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) 3-nanometer process.



For Arm, acquiring Ampere could accelerate its evolution from a technology licensor to a more complete chipmaker, potentially leveraging Ampere&#8217;s engineering expertise in the server market. The discussions, however, remain fluid and could fall through, according to the report.



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<li><a href="https://www.benzinga.com/markets/equities/25/01/42890014/jim-cramer-warns-on-quantum-stories-as-stocks-plunge-we-need-you-out-before-the-froth-goes-away">Jim Cramer Warns On &#8216;Quantum Stories&#8217; As Stocks Plunge: &#8216;We Need You Out Before The Froth Goes Away&#8217;</a></li>
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Image Via Shutterstock

INTC

ORCL

QCOM

SFTBY

SoftBank-Owned Arm Eyes Acquisition Of Oracle-Backed Chip Designer Ampere Computing Amid Nvidia's Dominance: Report

A <a href="https://www.benzinga.com/general/entertainment/25/01/42888380/los-angeles-fires-shut-down-production-of-tv-shows-fallout-abbott-elementary-hacks-film-premieres-canceled-critics-choice-awards-delayed">devastating wildfire tearing</a> through Los Angeles&#8217;s Pacific Palisades neighborhood has highlighted an unexpected performer: Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertruck. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, praised the vehicle&#8217;s capability during the crisis.



What Happened: &#8220;Cybertruck was my hero today,&#8221; Gerber posted on X, describing how the vehicle navigated fallen trees and flooded roads while mentioning the HEPA filter system which protects from smoke. His firsthand account came amid his efforts to protect his property from the rapidly spreading fire.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here are some picture. BTW. Cybertruck was my hero today. Had to drive over trees, hepa filter, flooded roads. Here are some pictures from today. <a href="https://t.co/sSLlZtizHP">pic.twitter.com/sSLlZtizHP</a>&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1877122465886831076?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The wildfire has <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">forced more than 30,000 residents</a> to evacuate and burned over 3,000 acres. The Los Angeles Fire Department reported zero containment as of Wednesday morning, with wind gusts reaching up to 100 mph complicating firefighting efforts.



&#8220;I&#8217;ve never witnessed destruction like this,&#8221; Gerber wrote, describing the devastation in Pacific Palisades, where he estimated up to 75% of homes could be affected. He particularly noted seeing &#8220;a dozen $20 million houses burning north of sunset.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I saw a dozen of $20 mil houses burning north of sunset, like this one. All of the palisades is gone. The businesses and it could be 75% of the homes. It's surreal destruction. <a href="https://t.co/kPtvvHulfd">pic.twitter.com/kPtvvHulfd</a>&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1877122960705663171?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The crisis has broader implications for the region, affecting major events and infrastructure. The <a href="https://www.benzinga.com/general/sports/25/01/42889402/nhl-game-canceled-after-los-angeles-fires-nfl-monitoring-situation-ahead-of-monday-playoff-game">NHL postponed Wednesday&#8217;s game</a> between the Calgary Flames and Los Angeles Kings, while more than 160,000 customers face power outages across Los Angeles County. 



However, Gerber noted that Tesla Powerwall owners maintained power access during the outages.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Once again. Tesla power walls have made a huge plus for people who have it. Power and internet is down. Having bioweapon air filters. A must.&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1877015485042020835?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



California Gov. Gavin Newsom, who toured the affected area Tuesday, confirmed significant structural damage. President Joe Biden has approved a federal grant to support the <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">state&#8217;s fire response efforts</a>.



Local authorities, including Los Angeles Fire Chief Kristin Crowley, reported that more than 25,000 people in 10,000 homes remain under threat as firefighters battle what LAFD&#8217;s David Ortiz called &#8220;the worst possible scenario for a firefight.&#8221;



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<li><a href="https://www.benzinga.com/general/entertainment/25/01/42888380/los-angeles-fires-shut-down-production-of-tv-shows-fallout-abbott-elementary-hacks-film-premieres-canceled-critics-choice-awards-delayed">Los Angeles Fires Shut Down Production Of TV Shows &#8216;Fallout,&#8217; &#8216;Abbott Elementary,&#8217; &#8216;Hacks&#8217;; Film Premieres Canceled, Critics Choice Awards Delayed</a></li>
</ul>



Image via Tesla



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors

'Cybertruck Was My Hero Today,' Says Ross Gerber After Tesla's Truck Allowed Him To Navigate California Wildfires In Safety

President-elect Donald Trump launched his latest non-fungible token collection, titled &#8220;Trump Bitcoin Digital Trading Cards,&#8221; on the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) network on Wednesday.



What happened: Created using the Ordinals protocol, the collection comes with 160 pieces.&nbsp;



CollectTrumpCards, the official X handle linked to Trump's NFT offerings, informed that users who purchased 100 NFT cards from the &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36205739/trump-mug-shot-gets-nft-treatment-how-you-can-also-own-a-piece-of-the-suit-he-wore">Mugshot Edition</a>&#8221; could claim them through the NFT marketplace Magic Eden after submitting their Bitcoin wallet.



One wallet can only claim one NFT, with the claim period lasting until Jan. 31.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The first and only official Bitcoin Ordinals created by Trump Digital Trading Cards, inscribed on Alpha sats in a Parent-Child collection &#x1f1fa;&#x1f1f8;. Only 160 Total Trump Ordinals! Eligible users who purchased 100 Mugshot Edition cards &amp; submitted their BTC wallets can now claim their 1… <a href="https://t.co/QTzhlXPGOU">pic.twitter.com/QTzhlXPGOU</a>&mdash; CollectTrumpCards (@CollectTrump) <a href="https://twitter.com/CollectTrump/status/1877031293160140907?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



About 13 NFTs have already been listed on <a href="https://magiceden.io/ordinals/marketplace/trump-bitcoin-trading-cards">Magic Eden</a>, with the floor price at 0.177 BTC, worth $16,815 at prevailing market prices. The floor price of an NFT is the lowest price at which an NFT in a collection can be purchased. One NFT was listed for 20 BTC, worth over $1.9 million.



See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/01/42835979/ethereum-co-founder-vitalik-buterin-offloads-nearly-a-million-in-memecoins-to-benefit-charitiesdogecoins-sister-coin-neiro-plunges-3-after-sale">Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin&#8217;s Sister Coin NEIRO Plunges 3% After Sale</a>



Bitcoin Ordinals are <a href="https://www.benzinga.com/money/what-are-bitcoin-ordinals">inscriptions of data</a> on Bitcoin's blockchain, commonly referencing digital collectibles or art. This concept of NFTs allows for the tokenization of various digital or physical assets, creating verifiable ownership on Bitcoin&#8217;s blockchain.&nbsp;



Bitcoin was the second-largest network for NFTs as of this writing, with sales exceeding $155 million in the last month, <a href="https://www.cryptoslam.io/">according </a>to CryptoSlam.&nbsp;



Why It Matters: Trump <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35114626/if-you-invested-1-000-in-trump-nfts-heres-how-much-youd-have-today-and-does-it-beat-the-s-">first ventured</a> into the NFT space in December 2022 with his inaugural collection. The series was an instant success, selling out within just 24 hours of its release.



Since then, he has launched four more collections, with the Ordinals being his most recent endeavor.



Latest <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40445918/how-much-has-donald-trump-made-from-nft-sales-its-more-than-you-might-think">financial disclosures</a> suggest that Trump has made more than $7 million from his NFT enterprises.



Price Action: Interestingly, the launch of the latest digital cards triggered a drop in the floor price of his earlier collections.



The &#8220;Mugshot Edition,&#8221; launched in Dec. 2023, was down 2.19% in the last 24 hours, while the most recent&nbsp; &#8220;America First Edition&#8221; fell 2.20%, <a href="https://nftpricefloor.com/trump-digital-trading-cards-america-first-edition">according </a>to&nbsp;NFT Price Floor.



Read Next:&nbsp;



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</ul>

Trump-Themed NFTs Debut On Bitcoin Network — One Card Gets Listed At $1.9 Million

The start of 2025 has brought a sharp uptick in equity drawdown risks, with Goldman Sachs estimating a near 30% probability of market corrections, fueled by surging policy uncertainty <a href="https://www.benzinga.com/topic/inflation">and shifting inflation dynamics.</a>



In a note published Wednesday, analysts Andrea Ferrario and Christian Mueller-Glissmann highlighted heightened risks stemming from rising inflation pressures, trade tensions and political uncertainty ahead of Donald Trump's second presidential term, set to start on Jan. 20, 2025.



The analysts indicated that these factors could lead to deeper market volatility and weaker forward returns for equities.



<h1 class="wp-block-heading">What Is Driving The Increased Risk?</h1>



Goldman's framework shows the probability of an equity drawdown has jumped to nearly 30%, a significant rise from levels seen in 2024. Historically, when drawdown risk crosses this threshold, markets have experienced lower returns and, in some cases, severe corrections. 



Goldman indicates that extreme outcomes are more likely if the probability exceeds 35%.



One of the primary drivers of this heightened risk is the resurgence of inflation, which has shifted from negative to positive. This trend is particularly concerning for investors, as inflation could erode profit margins and limit central bank interventions in the event of market turmoil.



Policy uncertainty has also climbed sharply. &#8220;Global trade and the risk of U.S. tariffs have been at the epicenter of this surge in uncertainty, with measures of trade policy uncertainty spiking above their 2018-2019 highs,&#8221; the analysts wrote.



Although the macroeconomic environment remains broadly supportive of equities, Goldman cautioned that market sentiment could deteriorate rapidly under adverse scenarios. 



A combination of geopolitical risks, inflation surprises and corporate earnings misses could create a perfect storm for investors, leading to sharper corrections.



<h1 class="wp-block-heading">Hedging Strategies For Uncertain Times</h1>



Goldman recommended hedging strategies to protect portfolios in this uncertain environment.



 &#8220;We like shorter-dated S&amp;P 500 put spreads to hedge near-term correction risk due to negative growth surprises, policy uncertainty into the U.S. presidential inauguration, or misses in the January earnings season,&#8221; the note said.



For investors worried about more severe economic downturns, longer-dated S&amp;P 500 puts may offer better protection. &#8220;After the recent hawkish repricing, longer-dated S&amp;P 500 puts would likely also benefit from falling front-end rates in the event of severe growth shocks,&#8221; the analysts added.



The note also highlighted hybrid instruments, which combine equity and currency exposures, as tools to hedge against rising rates and trade-related risks. 



Goldman specifically recommended &#8220;S&amp;P 500 down/EURUSD down hybrids&#8221; and &#8220;S&amp;P 500 down/US 10y up double digitals&#8221; as effective hedges. 



The former derivative is ideal for scenarios where both the equity market and the euro decline simultaneously, potentially in reaction to tariffs policies, while the latter works well in environments where equity markets are under pressure and bond yields rise as a result of inflation concerns or expectations of higher interest rates.



Since Trump&#8217;s election victory in November, the U.S. dollar index — as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) — has risen by over 5%. During the same period, blue-chip stocks, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) have shown a flat performance.



Yields on 30-year Treasury bonds are hovering near 4.95%, climbing over 100 basis points since mid-September 2024.



Read Now: 



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<li><a href="https://www.benzinga.com/news/econ-s/25/01/42884303/fed-minutes-reveal-inflation-jitters-policymakers-signal-slower-interest-rate-easing-path-ahead">Fed Minutes Reveal Inflation Jitters, Policymakers Signal Slower Interest Rate Easing Path Ahead</a></li>
</ul>



Photo: Shutterstock

Broad U.S. Equity ETFs

Currency ETFs

Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty

Los Angeles fires in the Pacific Palisades neighborhoods and other regions are quickly disrupting the entertainment sector as local fire departments work to contain the disaster and <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">minimize additional damage.</a>



TV Shows Shut Down Production: The television sector saw multiple television shows halt production Wednesday as the fires continues to hit the areas near Los Angeles hard, including the <a href="https://www.benzinga.com/general/entertainment/24/04/38260627/prime-videos-fallout-series-sparks-record-game-revival-fallout-76-hits-all-time-high">highly anticipated second season</a> of "Fallout."



"The LA County Fire Department has specifically instructed that all permits issued for filming in the communities of Altadena, La Crescenta, La Canada/Flintridge and unincorporated Pasadena are withdrawn," the FilmLA permitting agency said, as <a href="https://variety.com/2025/tv/news/la-fires-halt-production-fallout-greys-anatomy-1236269978/">reported </a>by Variety.



Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) announced it postponed the restart of production for the second season of "Fallout" Wednesday with a tentative plan to resume filming Friday if permitted.



NBCUniversal, a unit of Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), shut down production for shows including "Hacks," "Ted," "Suits: L.A," "Happy's Place" and "Loot." The company said none of its movies were impacted by the fires with all current film production occurring outside of Los Angeles.



Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>)-owned CBS Studios shut down production on shows like "NCIS," "NCIS: Origins," "Poppa's House," "The Neighborhood" and "After Midnight."



Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) announced a shutdown of "Doctor Odyssey," "Grey's Anatomy" and "Jimmy Kimmel Live."



Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) shut down production at its studio lot in Burbank, which led to delays in production of shows "Abbott Elementary," "Georgie &amp; Mandy's First Marriage," "All-American" and "The Pitt."



Read Also: <a href="https://www.benzinga.com/25/01/42855962/los-angeles-ventura-counties-brace-for-windstorm-as-bad-as-it-gets-for-fire-weather">Los Angeles, Ventura Counties Brace For Windstorm: &#8216;As Bad As It Gets In Terms Of Fire Weather&#8217;</a>



Film Premieres Cancelled: The Los Angeles film premieres of "Unstoppable," "Wolf Man," "Better Man" and "The Last Showgirl" were also announced as being canceled due to the wildfires.



"Unstoppable" had a limited theatrical run in December and was set for a Jan. 7 Los Angeles premiere. The film will stream on Prime Video on Jan. 16.



"Wolf Man" from Universal Pictures will hit theaters on Jan. 17, 2025.



"Better Man" from Paramount began playing in limited theaters on Dec. 25 and its Los Angeles premiere event was set for Jan. 7 before being canceled. The film opens in additional theaters on Jan. 10.



"The Last Showgirl" from Roadside Attractions canceled its Los Angeles premiere set for Thursday. The film opens in theaters on Friday, Jan. 10.



Critics Choice Awards Postponed: It is officially awards season with the Golden Globe Awards recently honoring the best in film and television.



One of the next awards shows has been postponed due to the fires. The Critics Choice Awards, which take place in Santa Monica, have <a href="https://variety.com/2025/awards/news/critics-choice-awards-canceled-fire-1236269968/">moved </a>from Sunday, Jan. 12 to a new date of Sunday, Jan. 26.



"This unfolding tragedy has already had a profound impact on our community. All our thoughts and prayers are with those battling the devastating fires and with all who have been affected," CAA CEO Joey Berlin said, as reported by Variety.



The Critic Choice Awards will broadcast live on E! and be available on streaming platform Peacock the following day.



The SAG Awards planned on doing a live announcement of nominations Wednesday morning but instead switched to a press release due to the wildfires.



The AFI Awards luncheon set for Jan. 10 is currently being rescheduled.



The BAFTA Tea Party, originally scheduled for Jan. 11 in Beverly Hills, will no longer take place.



The Fire Details: The wildfires have brought devastation to the region with two people dead and orders for more than 30,000 people to evacuate their homes in the area.



Celebrities including Mark Hamill, Jamie Lee Curtis, Mandy Moore and James Woods are among the entertainment figures who own homes in the region and evacuated.



The National Weather Service issued an alert of potential fire conditions due to high winds in the area ahead of the fires.



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Photo: ninoon via Shutterstock

Entertainment

Media

AMZN

CMCSA

PARA

PARAA

Los Angeles Fires Shut Down Production Of TV Shows 'Fallout,' 'Abbott Elementary,' 'Hacks'; Film Premieres Canceled, Critics Choice Awards Delayed

Minutes from the Federal Reserve's December meeting released on Wednesday show officials are uncertain about the path of future rate cuts, as President-elect Donald Trump's policies and how they could <a href="https://www.benzinga.com/news/econ-s/25/01/42884303/fed-minutes-reveal-inflation-jitters-policymakers-signal-slower-interest-rate-easing-path-ahead">affect inflation remain unknown.</a><a href="https://www.benzinga.com/news/econ-s/25/01/42884303/fed-minutes-reveal-inflation-jitters-policymakers-signal-slower-interest-rate-easing-path-ahead"> </a>



Expert Ideas: Jeffrey Roach, chief economist for LPL Financial, highlighted the Federal Reserve's use of the word "uncertain or a derivation thereof" 12 times throughout the official record from the Federal Open Market Committee and noted that participants find it increasingly difficult to map out a path for interest rates in the face of uncertainty.&nbsp;



Read Next: <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">Wildfire Rips Through LA&#8217;s Pacific Palisades Neighborhood Destroying Homes: 3,000 Acres Burned As 30,000 Residents Evacuate&nbsp;</a>



Roach also pointed to "surprising" comments indicating Fed officials think "the strength of economic activity was unlikely to be a source of upward inflation pressures."&nbsp;



He also referred to industry data that suggests hiring plans are softening and said markets could "get choppy" if Friday's payroll report surprises to the downside.&nbsp;



Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report, projects the Fed to stay "on pause" for the next few meetings given ongoing sticky inflation and continued strength in the job market.&nbsp;



However, he also said there is "possible risk to the upside at 5.00% for 10-year yields" if Friday's nonfarm payrolls report comes in above forecast.&nbsp;



"Our view for investors is they should expect no rate cuts in Q1 2025 and 10-year US Treasury yields in the 4.50 to 5.00% range at least for the first quarter of 2025," Tentarelli wrote.&nbsp;



Markets React: Markets are ended Wednesday mixed following the release of the Fed minutes. The Dow Jones Industrial Average was up 0.25% and the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) also finished marginally higher on the session. The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), was down 0.06% at the closing bell. 



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</ul>



Image created using artificial intelligence via Midjourney.

Analyst Ratings

'No Rate Cuts In Q1 2025,' Strategist Says After Fed's December Minutes

A higher than average amount of NFL betting favorites won games in the 2024 season, which could be bad news for sportsbooks like Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>) owned<a href="https://www.benzinga.com/general/sports-betting"> FanDuel and others.</a>



Flutter calls out one Detroit Lions game as being particularly painful, while an analyst says revised guidance has often been a time to buy sportsbook stocks.



Lowered Guidance: On Tuesday, Flutter Entertainment announced it was <a href="https://www.benzinga.com/general/sports-betting/25/01/42862849/flutter-entertainment-stock-falls-as-fanduel-parent-cuts-guidance">lowering its full-year guidance</a> due to what it called customer-friendly results from U.S. sports.



"Continued strong U.S. player momentum has been offset by a period of very unfavorable U.S. sports results across the remainder of November and in December, primarily on NFL Parlay and Same Game Parlay outcomes," Flutter said.



The sports betting company said the 2024 NFL season has been the "most customer-friendly" since the launch of online sports betting, with the highest rate of favorites winning in nearly 20 years.



Flutter said the results reduced revenue by $390 million and adjusted EBITDA by $260 million for the Nov. 12 to Dec. 31 period, which is part of the fiscal fourth quarter. Overall fourth-quarter U.S. sports revenue saw an adverse impact of $550 million in revenue.



The company shared that US revenue is now estimated to be $5.78 billion for the full year, compared to previous guidance of $6.05 billion to $6.25 billion. U.S. adjusted EBITDA is now forecasted to be $505 million compared to prior guidance of $670 million to $750 million.



Parlays are often beneficial for sportsbooks as they include combining multiple bets into one bet that needs all elements to come true for the bet to pay out. While these bets can result in larger payouts, they have a lower hitting percentage. Parlays being unfavorable for Flutter could be something for investors to keep an eye on going forward.



While the full 2024 NFL season had many favorites win, one team and one game might have had the biggest impact on the quarter.



The <a href="https://www.businesswire.com/news/home/20250107289133/en/Flutter-Announces-Update-on-Short-Term-US-Sports-Results-Impact">footnotes </a>of Flutter's press release mention that they had "significant adverse results occurring on Dec. 30."



There was only one NFL game played on Dec. 30 with the Monday Night Football matchup between the Detroit Lions and San Francisco 49ers. The Lions were 3.5-point favorites against the 49ers and won the game 40-34, covering the spread.



According to sports betting writer Ben Fawkes, 91% of tickets and 94% of money at FanDuel was <a href="https://x.com/BFawkes22/status/1873753218376983004">on </a>the Lions -3.5 for the game. This could explain why the company saw such a negative result for this particular game.



The Lions ended the 2024 season with a 15-2 overall record and were 12-5 against the spread, tied for best ATS with the Denver Broncos and Los Angeles Chargers for the season.



Heading into the NFL Playoffs, the Detroit Lions are now the favorites to win Super Bowl LIX at odds of +320 at FanDuel. Back in February, the Lions had odds of closer to +1,200, which means FanDuel could be rooting against the Lions again depending on how many futures bets it has open on the NFL team.



FanDuel will report fourth-quarter financial results on March 4 and provide formal guidance for 2025, events that come after the completion of the NFL Playoffs and Super Bowl.



Read Also:<a href="https://www.benzinga.com/general/sports/25/01/42829221/how-to-watch-nfl-playoffs-super-bowl-lix-betting-odds-will-history-be-made-by-chiefs-or-lions"> How To Watch NFL Playoffs, Super Bowl LIX Betting Odds: Will History Be Made By Chiefs Or Lions?</a>



Flutter Analyst Ready To Buy The Dip?: Flutter preannouncing lower guidance was expected, Needham analyst Bernie McTernan said in a new investor note.



The analyst has a Buy rating and $300 price target on Flutter Entertainment.



"We expect structural hold and line accuracy to continue to be a debate among investors, however, we note the '24 season had the highest percent of favorites winning in nearly 20 years," McTernan said.



McTernan notes that historically lower guidance revisions from sportsbooks has "been a buying opportunity."



The analyst is hesitant to recommend buying the dip due to the timing of the guidance revision with governors proposing fiscal budgets, which can be risky for online sports betting tax increase announcements.



"At this point we continue to believe the '24 season for the NFL was bad luck for the sportsbooks given the historic performance by the favorites."



McTernan recommends waiting to buy the dip until after fiscal budgets are set, which often comes by the end of February.



FLUT Price Action: Flutter stock is up 1% to $254.50 on Wednesday versus a 52-week trading range of $174.03 to $284.79.



Read Next: 



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<li><a href="https://www.benzinga.com/general/sports-betting/24/09/40720484/which-4-teams-have-never-reached-the-super-bowl-betting-payouts-if-history-is-made-in-2024">Which 4 Teams Have Never Reached The Super Bowl? Betting Payouts If History Is Made In 2024 NFL Season</a></li>
</ul>



Photo: Shutterstock

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Detroit Lions Take Bite Out Of Sportsbooks: Analyst Advises Patience After Flutter Cuts Guidance

President-elect Donald Trump has reignited interest in acquiring Greenland, an idea first floated in 2019 during his first term. 



Initially dismissed as ludicrous, renewed interest has caught attention owing to the island's increasing importance in geopolitical competition in the Arctic and its vast <a href="https://www.benzinga.com/markets/commodities">natural resource potential</a>.



Notably, the Biden administration also showed interest in Greenland's resources, as Under Secretary of State for Economic Growth, Energy and the Environment Jose W. Fernandez visited Nuuk in November.



"Greenland wants to become the next mining frontier," he <a href="https://www.benzinga.com/24/11/42216178/biden-pushes-for-greenlands-minerals-trump-unlikely-to-reverse-course">said</a> after meeting Greenland's government officials and discussing foreign investment opportunities.



Despite its ambitions, the island faces challenges, including harsh terrain, insufficient mapping and an aging population. Nevertheless, Greenland remains rich in untapped resources, including oil, gas and rare earth elements critical to renewable energy and defense technologies.



A particular focus of interest is the Kvanefjeld project in southern Greenland near Narsaq. This site is one of the world's largest undeveloped deposits of rare earth elements, along with zinc and uranium. Over one billion tons of mineral resources have been delineated across three zones: Kvanefjeld, Sørensen and Zone 3.



Key elements include light and heavy rare earths, terbium, neodymium, dysprosium and uranium. These materials are critical for electric vehicle motors, renewable energy systems and advanced military technologies.



An Australian-listed micro-cap company, Energy Transition Minerals (formerly Greenland Minerals Ltd.), owns the project, while a Chinese firm, Shenghe Resources Holding Co., holds a 9.18% stake, making it the largest shareholder. This Chinese connection might fuel further concerns as Canada and the U.S. look to <a href="https://www.benzinga.com/markets/commodities/24/03/37513662/the-answer-cannot-be-china-canadas-wilkinson-says-mining-scrutiny-intensifies-as-srg-scraps-d">reduce Beijing's grasp</a> on rare earth resources.



Even so, China's Arctic strategy has also become a factor. 



As part of its Polar Silk Road initiative, China aims to utilize the Northern Sea Route (NSR), which could cut shipping distances to Europe by 23% compared to the Suez Canal route. Climate change-induced ice melt makes the NSR more accessible, enhancing the Arctic's strategic importance for Beijing. Keeping ties with Greenland, rich in resources and its proximity to Arctic shipping lanes, fits neatly into China's broader plans to reduce reliance on U.S.-controlled trade routes.



Thus, the Arctic — an area that falls under maritime laws and doesn't have a special treaty like Antarctica — slides toward becoming a chessboard for resource competition among global powers, with Greenland at its center.



Price Watch: Energy Transition Minerals closed the day at Australian dollar $0.079. The stock is up 97.50% year-to-date.



Read Next:  • <a href="https://www.benzinga.com/25/01/42870103/lithium-woes-spillover-into-2025-but-us-and-china-quietly-build-reserves">Lithium Woes Spillover Into 2025, But US And China Quietly Build Reserves</a>



Photo: Andrey Muravin via Shutterstock

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How Trump Could Impact China's Role In Emerging Greenland Mining Frontier

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