PGIM ETF Trust PGIM AAA CLO ETF (ARCA: PAAA)

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Under normal circumstances, the Fund invests at least 80 percent of its investable assets in U.S. dollar-denominated collateralized loan obligations (CLOs) that are, at the time of purchase, rated AAA (or equivalent) by at least one nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the subadviser to be of comparable quality. Up to 20 percent of the Fund's investable assets may be invested in CLOs that are rated below AAA but not less that A minus by at least one NRSRO (or, if unrated, determined by the subadviser to be of comparable quality). The term investable assets refer to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specific index.

PGIM AAA CLO ETF

PGIM ETF Trust PGIM AAA CLO ETF

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A close head-to-head battle between Donald Trump and Vice President Kamala Harris is expected in polls for the<a href="https://www.benzinga.com/topic/2024-election"> 2024 presidential election.</a>
Betting prediction markets paint a different picture with one candidate jumping out to a sizable lead. Here's the latest.
What Happened: Prediction markets Polymarket and Kalshi are among the companies taking election betting by storm and often showing wide swings on the leading candidate, something that has drawn red flags<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket"> in recent weeks.</a>
Polymarket witnessed a wide swing in Trump's favor, which comes with several large wagers placed on him, which could sway the percentage chance he has of winning and not be indicative of how people will vote or who the majority of people think will win.
On Kalshi, Trump is also seeing his lead grow, with the prediction market for the 2024 presidential election winner showing a 58% chance for Trump and 42% chance for Harris on Thursday, hitting a record-high 16-point lead for the former president.
At the time of writing, the market shows Trump at 57% and Harris at 43% with over $22.9 million in wagers. Polymarket shows Trump with a 61% chance of winning and Harris with a 39% chance of winning with a $1.9 billion bet.
Kalshi recently <a href="https://www.benzinga.com/news/24/09/40760283/betting-on-u-s-elections-federal-judges-decision-greenlights-political-wagers" target="_blank" rel="noreferrer noopener">resumed accepting bets&nbsp;</a>on the 2024 election after a federal appeals court lifted a prior ban that came as the Commodity Futures Trading Commission (CFTC) contested the markets.
The company calls itself the only place to legally bet on the election in the U.S., with other prediction markets and sportsbooks not allowed to legally accept wagers in the country.
While prediction markets show Trump as the overall leader, the key markets could be on the individual swing states that could determine the election. 
Here are the current <a href="https://kalshi.com/live/swing-states">odds </a>on Kalshi, with electoral college votes for each state in parentheses:
<ul>
<li>Arizona (11): Trump 64%, Harris 36%</li>
<li>Georgia (16): Trump 60%, Harris 40%</li>
<li>Michigan (15): Harris 51%, Trump 49%</li>
<li>Nevada (6): Harris 52%, Trump 48%</li>
<li>North Carolina (16): Trump 58%, Harris 42%</li>
<li>Pennsylvania (19): Trump 54%, Harris 46%</li>
<li>Wisconsin (10): Trump 52%, Harris 48%</li>
</ul>
The current odds show Harris winning two states and getting 21 electoral college votes from the seven key states and Trump winning five states and getting 72 electoral college votes from the swing states.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent101724">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network, or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). In each betting market, the winning options pays out at $1.
Polymarket could show results that skew to a more international audience, while Kalshi could provide a better look at who American voters think will win.
Both prediction markets differ from national election polls for the overall winner, where Harris is often the winner. Sportsbooks show Trump as<a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20"> the slight favorite,</a> but much closer than the prediction markets.
A<a href="https://www.benzinga.com/general/politics/24/10/41283673/trump-vs-harris-2024-election-swing-state-poll-too-close-to-call-but-this-candidate-leads"> recent Emerson College poll </a>of voters in the <a href="https://www.benzinga.com/topic/swing-states">seven key swing states </a>showed a similar result to the Kalshi markets above.
<ul>
<li>Arizona: Trump 49%, Harris 47%</li>
<li>Georgia: Trump 49%, Harris 48%</li>
<li>Michigan: Trump 49%, Harris 49%</li>
<li>Nevada: Harris 48%, Trump 47%</li>
<li>North Carolina: Trump 49%, Harris 48%</li>
<li>Pennsylvania: Trump 49%, Harris 48%</li>
<li>Wisconsin: Trump 49%, Harris 49%</li>
</ul>
That poll showed Trump leading in four states, Harris leading in one and the candidates tied in two states. The percentages were much closer than the prediction markets though.
The seven swing states in question together represent 93 electoral votes in the 2024 election. Six of the seven states were won by President Joe Biden in the 2020 election with Trump winning North Carolina. Several of the states were flipped from Trump's win in the 2016 election.
An X account shared an update from election predictor Nate Silver saying Trump has a 50% chance of winning the 2024 election. The model jumps to 93% chance if Trump wins Pennsylvania.
The tweet prompted a response from Tesla CEO Elon Musk who has publicly supported Trump and is now campaigning for him.
"That's why I'm in Pennsylvania," Musk <a href="https://x.com/elonmusk/status/1847000395912302630">said</a>.
Musk <a href="https://x.com/elonmusk/status/1846996928451826093">said </a>"making progress" earlier Thursday when sharing the Kalshi market that showed Trump with an all-time high lead in the prediction market.
The new prediction of the importance of Pennsylvania and its 19 electoral votes and Trump's growing lead in the state could illustrate why the overall presidential race is close.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">Elon Musk To End Year As Richest Man In The World? Prediction Market Says Yes, Higher Chance Than Larry Ellison Or Jensen Huang</a></li>
</ul>
Photo: Shutterstock

Politics

$ETH

$MATIC

$USDC

USDC

Trump Vs. Harris Swing State Battle: Musk Says 'That's Why I'm In Pennsylvania' With Kalshi Prediction Market Results On Display

Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) reported $630 million in catastrophe losses related to Hurricane Helene alone. The company reported total estimated catastrophe losses of $889 million for September, more than twice the amount reported <a href="https://www.benzinga.com/pressreleases/24/10/b41378242/allstate-announces-september-and-third-quarter-2024-catastrophe-losses-run-off-reserve-review-and-">for the same month last year.&nbsp;</a>
What Happened: The impact of Hurricane Helene has led to a substantial increase in Allstate&#8217;s losses for the third quarter of 2024 which the company reported as $1.7 billion, up from $1.18 billion in the same quarter in 2023. 
Other insurance companies affected by the recent hurricanes include Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), which <a href="https://www.benzinga.com/pressreleases/24/10/g41329804/progressive-reports-september-2024-results">recorded</a> $563 million in catastrophe in September as a result of Hurricane Helene. Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) reported catastrophe losses of $939 million for the third quarter of 2024 due to Hurricane Helene, an increase of $89 million compared to the same period last year.
Read Next: <a href="https://www.benzinga.com/news/24/10/41385546/ftc-click-to-cancel-rule-makes-it-easy-to-end-subscriptions-what-it-means-for-netflix-planet-fitness">FTC &#8216;Click-To-Cancel&#8217; Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More</a>
Moody's Risk Management Solutions, or RMS, said<a href="https://www.benzinga.com/news/24/10/41321615/hurricanes-helene-milton-insurance-losses-spike-to-55b-moodys"> it expects</a> combined total insured losses from Hurricane Helene and Hurricane Milton to range between $35 billion and $55 billion.
According to <a href="https://www.insurtechinsights.com/hurricanes-helene-and-milton-floridas-insurance-market-on-the-brink/">a report</a> from Insurtech Insights, Hurricanes Helene and Milton contributed to total losses for Florida insurers of more than $100 billion for the fifth consecutive year, comparable to the losses from Hurricane Katrina in 2005.&nbsp;
Why It Matters: Citizens, Florida's state-backed insurer of last resort, has seen a surge in policyholders in recent years, especially after recent destructive hurricanes. 
The rapid influx raises serious concerns about its financial stability as it has experienced massive underwriting losses, amounting to hundreds of millions of dollars. Citizens estimates it is currently at a 38% rate inadequate, meaning it needs a 38% rate increase to be solvent. However, Florida law caps its annual rate increases at 10%
Citizens is transferring more than 648,000 policies to private insurers, per<a href="https://www.clickorlando.com/news/local/2024/10/04/what-citizens-insurance-depopulation-means-for-florida-homeowners/"> Click Orlando</a>. These companies are also experiencing <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">financial strain</a> due to increased claims, likely leading to higher premiums and reduced coverage availability.
Read Also:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/government/24/10/41346351/cybersecurity-firm-warns-of-threats-to-2024-presidential-election-integrity">Cybersecurity Firm Warns Of Threats To 2024 Presidential Election Integrity</a>&nbsp;</li>
</ul>
Photo: wurliburli from Pixabay

News

Movers

Insurance

General

Allstate Records $630M In Losses From Hurricane Helene, Other Insurers Report Significant Losses As Damage Mounts

Merck also announced data from a planned interim analysis of the MK-1654-007 trial, a Phase 3 trial evaluating the safety and efficacy of clesrovimab versus palivizumab in infants and children at increased risk for severe RSV disease.
The primary endpoint of the study is the safety and tolerability of clesrovimab in infants entering their first RSV season. Interim results showed clesrovimab had a comparable safety profile to palivizumab, and no drug-related serious AEs were reported to date.
Incidence rates of RSV-associated MALRI requiring &ge; 1 indicator of LRI or severity and RSV-associated hospitalizations (secondary endpoints) were also comparable between clesrovimab (3.6%&nbsp;and&nbsp;1.3%, respectively) and palivizumab (3.0%&nbsp;and&nbsp;1.5%, respectively) through Day 150 (5 months).

Merck Reports Data From Planned Interim Analysis Of MK-1654-007 Trial; Interim Results Showed Clesrovimab Had Comparable Safety Profile To Palivizumab And No Drug-Related Serious Adverse Events Were Reported To Date

In the Phase 2b/3 trial, clesrovimab reduced RSV-associated hospitalizations (secondary endpoint) and RSV-associated lower respiratory infection hospitalizations (tertiary endpoint) by more than&nbsp;84%&nbsp;and&nbsp;90%, respectively, through 5 months.
Clesrovimab has the potential to become the first and only approved immunization designed to protect infants with the same single dose regardless of weight for the duration of their first RSV season.

Merck Reports Results From Phase 2b/3 Clinical Trial Evaluating Clesrovimab; Results From MK-1654-004 Trial Met All Prespecified Endpoints

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has dominated the electric vehicle sector for years, but is seeing its global market share under pressure in China and other territories with Chinese EV companies <a href="https://www.benzinga.com/markets/equities/24/09/40669363/teslas-china-rivals-report-steady-august-sales-performance-amid-intense-price-competition-what-i">launching low-cost models.</a>
What Happened: Tesla and the <a href="https://www.benzinga.com/electric-vehicles">electric vehicle sector </a>could have another rival soon with Chinese company Skywell unveiling new electric vehicles at the 2024 Paris Auto Show this week.
Skywell may not be a household name in the U.S. yet, but there's a chance that consumers are familiar with the company's Skyworth affordable televisions that are sold in America by Walmart and Amazon.
Skywell unveiled the Q hatchback electric vehicle at the auto show, as <a href="https://electrek.co/2024/10/17/this-maker-of-cheap-tvs-just-launched-a-solid-looking-ev/">reported </a>by Electrek. The vehicle could compete against other similar electric vehicle offerings like the VW ID.3, Cupra Born and BYD Dolphin, according to the report.
The Q is expected to go on sale in 2025 in Europe and be "competitively priced." While not all details have been released, the report notes that a larger battery option available could provide up to 300 miles of range and the 0-60mph time is quicker than the strong-selling BYD Dolphin.
The company best known for its televisions and electronics previously launched the BE11 in the U.K. and sold electric vehicles in Israel previously, Electrek reported.
Are you buying when the CEOs of the Magnificent 7 are selling?
<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>
Why It's Important: While it's early into the Q launch phase, the Electrek report said the vehicle looks to be a potential contender in the electric vehicle space.
While a transition from making affordable televisions to affordable electric vehicles may sound like a stretch, many technology companies have evolved from their early roots.
Electrek shares the examples of BYD Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) previously making mobile phones before cars, and Volvo owner Geely making refrigerator parts before vehicles. Let's not forget that Nintendo got its start as a playing cards company before getting into video games.
How the company got its start shouldn&#8217;t be the concern here for Tesla and other EV makers, the major concern should be the potential lower price point. 
The Skywell vehicle might not hit the market and might never be available for sale in the U.S. The potential release and focus on a lower price point will likely put the potential vehicle in competition with BYD and other Chinese electric vehicle companies.
These Chinese companies continue to put pressure on Tesla's global market share. While Tesla has been competitive on pricing for years thanks to its vertical integration, the company is getting beat in price by several models in the competitive battle for market share and units sold.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41027049/tesla-returns-to-paris-motor-show-for-first-time-in-6-years-cybertruck-to-be-featured-will-elon-musk">Tesla Returns To Paris Motor Show For First Time In 6 Years: Cybertruck To Be Featured, Will Elon Musk Present?</a></li>
</ul>
Photos: Unsplash/Pixabay

Global

BYDDY

TSLA

Tesla Has A New Chinese Electric Vehicle Competitor: How A Company That Used To Sell Cheap TVs Is Entering EV Race

CMCSA

Comcast Installs Its First Flagship Lift Zone In Partnership With Inspiredu In Atlanta, Georgia

The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close late in the&nbsp;fourth quarter&nbsp;of 2024.

Asset Sales

SLB Agrees To Sell Its Interests In The Palliser Block Located In Alberta, Canada; No Terms Disclosed

&quot;The transition to a facility with competitive power costs, reliable uptime, and continued upgrades to our mining fleet ensures that we are well-positioned for profitability and growth through 2025,&quot; the company said.

Guidance

Sphere 3D Anticipates Strong Bitcoin Market And Remain Focused On Executing Strategic Plan Looking Ahead To Q4 And Into 2025

Mining production decreased in September as the company focused on its long-term strategic goal of transitioning to lower-cost hosting sites. The decrease reflects significant changes at one colocation site, where the hosting provider bought out the company&#39;s contract.
This buyout has strengthened the company&#39;s balance sheet by increasing cash reserves and lowering overall cost of mining. The company is currently evaluating miners from this site and is actively exploring more affordable hosting options.
In line with this strategic shift, the company has recently added 0.21 EH/s of higher-efficiency machines to its fleet. These machines are expected to go live in October, in addition to a total of 1,000 Bitmain S21 units scheduled for energization by Q4 2024 and another 1,000 Bitmain S21s in Q1 2025.

Sphere 3D Reports 9.2 Bitcoin Mined In September 2024, Down From 63.6 Prior Year

Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) reported quarterly earnings of $1.80 per share which missed the analyst consensus estimate of $1.89 by 4.76 percent. This is a 8.63 percent decrease over earnings of $1.97 per share from the same period last year. The company reported quarterly sales of $823.10 million which beat the analyst consensus estimate of $808.19 million by 1.84 percent. This is a 14.93 percent increase over sales of $716.20 million the same period last year.

Earnings

UPDATE: Western Alliance Q3 GAAP EPS $1.80 Misses $1.89 Estimate, Sales $823.10M Beat $808.19M Estimate

To cure defaults, maintain appropriate liquidity and support the Company&#39;s transformation initiatives, Comtech entered into a new&nbsp;$25.0 million&nbsp;subordinated unsecured term loan facility with the existing holders of the Company&#39;s convertible preferred stock.
Within the terms of the amended credit facility, this new subordinated unsecured term loan allows the Company to maintain a consistent level of borrowing capacity.

CMTL

Comtech Reports Delay In Filing Annual Report; Expects Reporting Significantly Lower-Than-Expected Performance, Primarily In Its S&S Segment, In Q4

In connection with the Board&#39;s transformative strategy, the Company has undertaken a detailed evaluation of its S&amp;S portfolio to identify opportunities to divest, separate and/or rationalize businesses or facilities that are not core to Comtech&#39;s go-forward focus.
Consistent with this effort, in its fourth fiscal quarter, Comtech made the decision to exit its subsidiary operations in Basingstoke, United Kingdom.
Taking into consideration the significant ongoing investment as well as unfavorable contract terms on prospective antenna sales, the Board concluded the U.K. business would not generate an attractive return on invested capital and made the decision to exit these operations. After anticipated restructuring charges associated with the exit of the Basingstoke operations, Comtech expects to realize approximately&nbsp;$10 million&nbsp;of annual cash savings.

Comtech Says Working With Independent Advisors To Identify Opportunities To Align Cost Structure; Expects Near-term Restructuring Charges

Comtech Discloses Strategic Alternatives Process For Terrestrial & Wireless Networks Segment; Amends Credit Facility

Brinker International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAT#NYSE">EAT</a>) has outperformed the market over the past 5 years by 2.02% on an annualized basis producing an average annual return of 16.28%. Currently, Brinker International has a market capitalization of $4.00 billion. 
Buying $100 In EAT: If an investor had bought $100 of EAT stock 5 years ago, it would be worth $217.01 today based on a price of $89.30 for EAT at the time of writing.
<h3>Brinker International's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729200662_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

Here's How Much $100 Invested In Brinker International 5 Years Ago Would Be Worth Today

Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) has outperformed the market over the past 5 years by 5.43% on an annualized basis producing an average annual return of 19.69%. Currently, Uber Technologies has a market capitalization of $167.85 billion. 
Buying $1000 In UBER: If an investor had bought $1000 of UBER stock 5 years ago, it would be worth $2,543.78 today based on a price of $79.89 for UBER at the time of writing.
<h3>Uber Technologies's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729200657_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

UBER

If You Invested $1000 In This Stock 5 Years Ago, You Would Have $2,500 Today

Rocket Lab USA Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) shares are getting a lift in Thursday&#8217;s after-hours session following a report that the Biden administration will ease export restrictions on <a href="https://www.benzinga.com/news/earnings/24/10/41227346/the-race-for-space-3-small-cap-space-stocks-to-buy">U.S. commercial space companies</a>.
What To Know: The Biden administration is planning to soften export restrictions on U.S. space companies to ship satellites and spacecraft-related items to allies, according to Reuters.
Two people familiar with the matter reportedly said the moves are aimed at boosting sales for the commercial space industry in the U.S. while protecting national security.
The report indicates that U.S. space companies such as <a href="https://www.benzinga.com/topic/spacex">SpaceX</a> stand to benefit. The changes will also positively impact defense contractors with space units such as Lockheed Martin Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and L3Harris Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>).
RocketLab USA also stands to benefit — evidenced by the bump in shares after hours — as an end-to-end space company focused on launch services, satellite manufacturing, spacecraft components and on-orbit management solutions.
See Also: <a href="https://www.benzinga.com/news/24/10/41324450/elon-musk-says-spacexs-next-generation-starlink-satellites-will-be-so-big-that-only-starship-can-lau">Elon Musk Says SpaceX&#8217;s Next-Generation Starlink Satellites Will Be &#8216;So Big That Only Starship Can Launch Them:&#8217; Will Offer 10X Increase In Bandwidth And Reduced Latency</a>
Under the new export rules, certain spacecraft-related items will no longer require licenses to be shipped to Australia, Canada and the U.K. Less sensitive satellite and spacecraft components will no longer require licenses for shipment to more than 40 countries. The least sensitive items will reportedly be stripped of all license requirements.
The report indicates the easing of restrictions is expected to help SpaceX expand its footprint as it works on completing its reusable next-gen rocket, <a href="https://www.benzinga.com/news/24/10/41305295/spacex-notches-another-milestone-with-first-booster-catch">Starship</a>.
RKLB Price Action: Rocket Lab shares were up 0.094% in after-hours, trading at $10.68 at publication Thursday, per <a href="http://pro.benzinga.com">Benzinga Pro</a> data.
Photo: courtesy of Rocket Lab.

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