Wall Street traded lower for the second consecutive day on Tuesday, as investor sentiment turned cautious with the U.S. presidential election <a href="https://www.benzinga.com/topic/2024-elections">just two weeks away. </a>



Concerns over U.S. fiscal policies and potential shifts in economic direction fueled the pause in risk-taking.



The International Monetary Fund (IMF) upgraded its U.S. growth forecasts for 2024 and 2025 in the latest World Economic Outlook, while also flagging rising concerns about the country's debt trajectory, warning that with current large fiscal deficits, &#8220;the U.S. public debt is not stabilized.&#8221;



Commodities were the standout performers on Tuesday, with both metals and energy experiencing notable gains.



Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.8%, pushing further into record territory. This increase extended its year-to-date performance to 34%, positioning gold for its strongest <a href="https://www.benzinga.com/markets/bonds/24/10/41455678/gold-on-track-for-best-year-since-1979-veteran-investor-says-sell-bonds-buy-gold">annual gain since 1979.</a> Gold miners, as represented by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), rallied for the ninth consecutive session, hitting their highest levels in over four years.



Silver, tracked by the iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>), surged 2.8%, reaching levels not seen since October 2012.



Oil prices rallied nearly 3%, building on a 2% surge from Monday. U.S. Treasury yields ticked up modestly on Tuesday following Monday's spike, with the 10-year yield settling at 4.21%.



Meanwhile, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), climbed past the 104 mark, continuing its steady ascent and eyeing a fourth consecutive week of gains.



In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.5%, dipping to around $67,000 and marking its second consecutive day of declines.



<h3 class="wp-block-heading">Tuesday&#8217;s Performance In US Major Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %change</td></tr><tr><td>Dow Jones</td><td>42,907.57</td><td>-0.1 %</td></tr><tr><td>S&amp;P 500</td><td>5,840.39</td><td>-0.2%</td></tr><tr><td>Nasdaq 100</td><td>20,291.15</td><td>-0.3%</td></tr><tr><td>Russell 2000</td><td>2,228.60</td><td>-0.5%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3% to $581.79.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% lower to $429.14.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.4% to $493.29.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% $221.04.</li>



<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.6%. The Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 1.1%.</li>
</ul>



<h3 class="wp-block-heading">Tuesday&#8217;s Stock Performers</h3>



General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) surged 9%, on track for its strongest session in nearly a year, after reporting stronger-than-expected earnings and announcing an additional $5 billion share buyback program extending into next year.



Other stocks reacting to earnings include: 



<ul>
<li>Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), up 1.5%</li>



<li>Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>), down 6%</li>



<li>W.R. Berkley Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>), down 4.6%</li>



<li>Zion Bancorp. N.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>), up 6.8%</li>



<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>), up 1.6%</li>



<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>), up 8.8%</li>



<li>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), down over 8%</li>



<li>Danaher Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHR#NYSE">DHR</a>), down 3%</li>



<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), down 4.4%</li>



<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), down 0.4%</li>



<li>Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), down 5.8%</li>



<li>Fiserv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), down 0.4%</li>



<li>Moodys Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCO#NYSE">MCO</a>) down 4.5%</li>



<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), down 0.9%</li>



<li>Freeport-McMoran Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), up 1.4%</li>



<li>Kimberly-Clark Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), down 4%</li>



<li>PulteGroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), down 5.7%</li>
</ul>



Large-cap companies reporting earnings after the close include Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>), Seagate Technology Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>), Manhattan Associates Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>), East West Bancorp. Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWBC#NASDAQ">EWBC</a>) and Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>)



Now Read:



<ul>
<li><a href="https://www.benzinga.com/government/24/10/41455013/how-us-elections-could-impact-us-dollar-goldman-sachs-expects-greenback-will-remain-stronger-for-lon">How US Elections Could Impact US Dollar: Goldman Sachs Expects Greenback Will Remain &#8216;Stronger For Longer&#8217;</a></li>
</ul>



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ENPH

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WTFC

ZION

Stocks Fall, GM Eyes Best Day In A Year, Gold Breaks Records, Silver Hits 12-Year Highs: What's Driving Markets Tuesday?

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is set to report its third-quarter earnings on Wednesday <a href="https://www.benzinga.com/quote/BA/earnings">before the market opens</a>. Analysts are expecting a loss of $1.49 per share and quarterly revenue of $18.6 billion.



Investors, on the other hand, are more focused on whether Boeing can navigate out of the turbulence that sent its stock down 36.64% year-to-date.



<h1 class="wp-block-heading">Boeing&#8217;s Downslide: Troubles In The Skies</h1>



Boeing's stock has been battered this year, largely due to persistent production issues and delivery delays for its 737 MAX and 787 Dreamliner jets. Supply chain snags and quality control problems have plagued the aerospace giant, hindering its ability to meet growing demand from airlines. 



A recent glitch in its KC-46 tanker program has added fuel to the fire, leaving investors jittery about Boeing's ability to turn things around. 



The company&#8217;s struggles are reflected in its underperformance over the past year, with a 11.88% decline in share price.



Read Also: <a href="https://www.benzinga.com/news/24/10/41433623/boeing-stock-rises-ahead-of-wednesdays-union-vote-will-investors-breathe-a-sigh-of-relief">Boeing Stock Rises Ahead Of Wednesday&#8217;s Union Vote: Will Investors Breathe &#8216;A Sigh Of Relief?&#8217;</a>



<h1 class="wp-block-heading">Mixed Signals From Boeing's Stock Charts</h1>



On the charts, Boeing&#8217;s stock is sending mixed signals. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="455" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122936/Screenshot-2024-10-22-at-9.58.50-PM.png" alt="" class="wp-image-607900" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122936/Screenshot-2024-10-22-at-9.58.50-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122936/Screenshot-2024-10-22-at-9.58.50-PM-300x217.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Boeing&#8217;s stock price of $159.69 hovers slightly below its 50-day moving average of $160.72, creating a bearish signal, while it trades well below its 200-day average of $181.02, also bearish, long-term. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="455" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122937/Screenshot-2024-10-22-at-9.59.04-PM.png" alt="" class="wp-image-607901" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122937/Screenshot-2024-10-22-at-9.59.04-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22122937/Screenshot-2024-10-22-at-9.59.04-PM-300x217.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



The Moving Average Convergence Divergence (MACD) indicator is at negative 0.80, suggesting downward momentum. Additionally, the Relative Strength Index (RSI) of 56.00 indicates Boeing stock might be heading toward the overbought territory, further pointing to caution.



Not all is bearish. The eight-day simple moving average of $152.26 and the 20-day SMA of $153.43 both suggest a short-term buy opportunity, hinting that Boeing stock could bounce back after recent selling pressure.



<h1 class="wp-block-heading">Q3 Earnings Outlook: Time to Watch The Skies</h1>



Investors will be watching Boeing&#8217;s earnings closely for any signs of improvement in production or guidance on tackling its ongoing issues. 



With expectations of negative earnings, the focus will be on management&#8217;s forward-looking statements and any updates on resolving supply chain bottlenecks.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41424130/us-stocks-set-to-open-on-a-mixed-note-as-investors-await-earnings-from-tesla-boeing-gm-and-others-s">US Stocks Set To Open On A Mixed Note As Investors Await Earnings From Tesla, Boeing, GM And Others: Strategist Predicts Significant Gains In This Bull Market</a></li>
</ul>



Photo: Shutterstock

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Boeing Stock Braces For Bumpy Q3 Landing

With partnerships in the automotive space, SoundHound AI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUN#NASDAQ">SOUN</a>) is<a href="https://www.benzinga.com/topic/artificial-intelligence"> using artificial intelligence </a>to help consumers better connect to their vehicles and help car companies profit from transactions<a href="https://www.benzinga.com/topic/artificial-intelligence">.</a>



SoundHound Unlocks AI Opportunities: SoundHound AI has <a href="https://www.benzinga.com/news/24/10/41384497/soundhound-brings-ai-voice-assistant-to-another-stellantis-brand-whats-going-on-with-the-stock">partnerships with automotive companies</a> like Hyundai and Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), making the sector one of the most important for the growing artificial intelligence company founded in 2005.



"Automotive is something that we love," SoundHound AI COO Mike Zagorsek told Benzinga in an exclusive in-person interview in Detroit, Michigan.



SoundHound was in town taking part in an automotive conference where it demonstrated its technology to consumers and automotive executives.



"Automotives are rapidly pivoting."



Zagorsek said that the automotive sector is undergoing significant disruption, with technology now taking center stage and the applications of AI rapidly expanding. 



Using technology from SoundHound AI, automotive companies will be able to offer ways for consumers to have deeper conversations with their vehicles, order food, be more productive, and plan trips, Zagorsek added.



"We think voice is really the killer app."



The SoundHound AI executive said one way the company will help automakers is with monetization opportunities, giving an example of a person in a vehicle asking for directions to Comerica Park, where the Detroit Tigers play, and later asking for tickets to Detroit sporting events.



Zagorsek said if the person in the vehicle reserves tickets, it can be a monetization event for the automaker.



"We think voice unlocks all of that."



Automakers can also offer subscriptions to connected services, which can include the voice features SoundHound offers, Zagorsek said.



While SoundHound's focus this week is automotive, the company offers voice AI services across several sectors, including working with restaurants and enterprises.



"We are a voice and conversational AI company. We want to voice-enable the world."



Zagorsek said the company wants to enable people to interact with products in the same natural way they communicate with each other.



"We can cover every part of the business."



Read Also: <a href="https://www.benzinga.com/news/earnings/24/08/40268547/soundhound-ai-q2-earnings-revenue-beat-eps-beat-raised-guidance-on-strong-customer-momentum">SoundHound AI Q2 Earnings: Revenue Beat, EPS Beat, Raised Guidance On &#8216;Strong Customer Momentum&#8217;</a>



What's Next: Zagorsek said the acceleration from generative AI will continue to expand, with many companies being born today in the sector and companies embracing the technology.



"It feels like a category platform shift," Zagorsek said.



He added that there will be big winners in the space with NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), who is <a href="https://www.benzinga.com/news/24/02/37158033/whats-going-on-with-soundhound-ai-stock">an investor in SoundHound</a>,  the standout on the technology side of the AI sector.



"AI is data hungry," Zagorsek said, emphasizing that SoundHound is focused on being part of the segment of companies actively applying AI technology and bringing it to market.



"That's the space people are increasingly leaning into."



Zagorsek said SoundHound is an AI developer that targets vertical markets and solves problems for them.



"This is where we will see a lot of growth."



SOUN Price Action: SoundHound AI stock is down 1.5% to $5.30 on Tuesday, versus a 52-week trading range of $1.49 to $10.25. SoundHound stock is up 153% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40079676/exclusive-restaurants-are-to-soundhound-ai-what-books-were-to-amazon-ceo-tells-benzinga">EXCLUSIVE: &#8216;Restaurants Are To SoundHound AI What Books Were To Amazon,&#8217; CEO Tells Benzinga</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;LIVE Stocks &amp; Options Trading With Benzinga &#x7C; October 22nd, 2024" width="500" height="281" src="https://www.youtube.com/embed/xT2GR8ulhnI?start=7142&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo courtesy of Benzinga YouTube.

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NVDA

SOUN

STLA

EXCLUSIVE: SoundHound AI Wants To 'Voice-Enable The World' For Effortless Conversations Between People, Products

With rising geopolitical tensions and the Federal Reserve shifting toward rate cuts, 2024 is shaping up to be gold's best year in over four decades, reigniting strong investor demand <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41390144/gold-could-reach-3-000-by-2025-bank-of-america-analyst-says-ultimate-perceived-safe">for the precious metal.</a>



Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), has surged 33% year-to-date as of Oct. 22, positioning it for its strongest year since 1979, when it spiked 136%.



In stark contrast, U.S. long-dated Treasury bonds are suffering. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) is down 6.7% for 2024, marking the fourth consecutive year of losses and a steep 48% drop since its 2020 highs.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204-1024x500.png" alt="" class="wp-image-607479" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/22094138/image-204.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Sell Bonds, Buy Gold?</h3>



Veteran Wall Street investor Ed Yardeni, president at Yardeni Research, has been urging investors to &#8216;sell bonds, buy gold&#8217; since mid-August.



&#8220;Our Aug. 19, 2024 Morning Briefing was titled, ‘Get Ready to Short Bonds?'&#8221; Yardeni said in a note on Monday, citing the Fed's overly optimistic rate-cut expectations at the time.



&#8220;Bond investors may be expecting too many interest-rate cuts too soon,&#8221; he warned, predicting that yields would rebound sharply on stronger economic data.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41434510/us-economy-eyes-3-4-growth-in-q3-is-a-soft-landing-turning-into-a-reacceleration">US Economy Eyes 3.4% Growth In Q3: Is Soft Landing Turning Into Reacceleration?</a>



The expert&#8217;s view was right. The 10-year Treasury yield, which stood at 3.88% in mid-August, has surged to 4.18% on Oct. 21— a 56-basis-point jump.



In his April 7 report, Yardeni advised investors to &#8220;add to precious metals positions,&#8221; reiterating his long-standing view that gold remains a key investment hedge, especially as geopolitical risks rise.



His argument is simple: with bond markets vulnerable to rising yields and uncertainty over Fed policy, precious metals offer a safe haven for long-term investors.



<h3 class="wp-block-heading">Why Is Gold Rallying In 2024?</h3>



Gold has traditionally been viewed as a hedge against inflation, but its recent surge comes even as inflation has moderated. Yardeni points to rising geopolitical tensions, particularly in the wake of Russia&#8217;s invasion of Ukraine, and heightened economic uncertainty as major reasons for gold&#8217;s appeal. 



With Russia&#8217;s foreign reserves still frozen and global tensions on the rise, many nations are turning to gold as a secure store of value. 



This &#8220;de-dollarization&#8221; trend is likely another catalyst behind the metal&#8217;s sharp rise, as countries seek to diversify away from U.S.-denominated assets.



&#8220;Gold is now a hedge against U.S. economic sanctions,&#8221; Yardeni said, referring to moves by China and other nations to increase their gold reserves as a safeguard against potential asset freezes.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41431485/goldman-sachs-predicts-bleak-long-term-s-p-500-returns-as-market-concentration-hits">Goldman Sachs Predicts Bleak Long-Term S&amp;P 500 Returns As Market Concentration Hits &#8216;Highest Level In 100 Years&#8217;</a></li>
</ul>



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Gold On Track For Best Year Since 1979: Veteran Investor Says 'Sell Bonds, Buy Gold'

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares hit all-time highs Monday, continuing the impressive multi-year run of going from a $1 trillion company to a company worth<a href="https://www.benzinga.com/news/24/10/41437976/nvidia-stock-hits-all-time-high-ahead-of-big-tech-earnings-whats-going-on"> over $3 trillion.</a>



Many Nvidia employees and investors have been rejoicing in the stock gains over the last year and one of the big winners is a member of Congress.



What Happened: Former House Speaker Nancy Pelosi and her husband, venture capitalist Paul Pelosi are among the investors who have been adding Nvidia stock and options to their investment portfolios <a href="https://www.benzinga.com/general/education/24/02/37269006/if-you-invested-1-000-in-nvidia-stock-when-nancy-pelosi-and-her-husband-did-heres-how-much-youd">over the last year.</a>



As a member of Congress, Nancy Pelosi has to disclose the trades made by<a href="https://www.benzinga.com/gov-trades/members/nancy-pelosi"> herself and her husband</a>. In a Dec. 23, 2023 disclosure, the former Speaker of the House reported a purchase made before the Christmas holiday.



The purchase was made on Nov. 22, 2023, for 50 call options in Nvidia, with a $120 strike price and an expiration date of Dec. 20, 2024.



The disclosure listed the purchase price range of $1 million to $5 million. Unusual Whales&nbsp;<a href="https://x.com/unusual_whales/status/1754584024562249916" target="_blank" rel="noreferrer noopener">pinned&nbsp;</a>the purchase to a price of $1.8 million.



Nvidia shares traded between $476.90 and $503.35 on Nov. 22, 2023, when the purchase was made. The call options would have been purchased for around $360 each.



Fast forward to today and the options have changed after Nvidia conducted a 10-for-1 split in June 2024.



The options contracts owned by the Pelosis are now 500 call options with a $12 strike price and an expiration date of Dec. 20, 2024.



On Monday, these $12 call options traded at $132.05, valuing the Pelosis' position at $6,602,500. Based on the estimated cost basis of $1.8 million, the Pelosis are now up $4.8 million on this trade from last November.



The options trade isn't the only one the Pelosis made over <a href="https://www.benzinga.com/markets/24/07/40077621/nancy-pelosi-loads-up-on-more-nvidia-shares-sells-part-of-microsoft-stake-before-q4-earnings" target="_blank" rel="noopener">the last year</a>. The former House Speaker also disclosed buying 10,000 NVDA shares on June 26, valued at $1 million to $5 million, and 10,000 NVDA shares on July 26, valued at $1 million to $5 million.



Here's a look at those two purchases based on the intraday highs for Nvidia stock.



<ul>
<li>June 26: 10,000 shares, $128.12 per share, purchase price $1,281,200, now worth $1,437,100</li>



<li>July 26: 10,000 shares, $116.20 per share, purchase price $1,162,000, now worth $1,437,100</li>
</ul>



The two purchases are now worth $2.87 million and up at least $430,000, depending on the timing of the purchases.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent102124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Missed Profits?: While the Pelosis are now up over $5 million from their purchases of Nvidia stock and options over the last year, they could have been sitting on more profits if they hadn't sold shares back in July 2022.



The sale happened after a disclosure of buying Nvidia shares ahead of the CHIPS Act, set to benefit semiconductor stocks, drew scrutiny and increased attention.



In a filing, Pelosi reported selling 25,000 Nvidia shares at an average price point of $165.05. The total sale was valued at $4,126,250. The filing shows that the transaction was at a loss of $341,365.



The 25,000 shares would now be 250,000 shares based on the stock split from earlier this year. Based on a price of $143.71 for Nvidia shares on Tuesday, the 250,000 shares would be worth $35,927,500. This means the Pelosis missed out on potential profits of $31,801,250 from their sale in July 2022.



Nancy Pelosi says she does not share information on congressional activities with her husband. Observers remain skeptical, given the <a href="https://www.benzinga.com/markets/equities/24/01/36768614/tech-giants-nvidia-amd-ibm-microsoft-google-partner-with-us-government-for-ai-research-project" target="_blank" rel="noreferrer noopener">questionable timing</a> of her disclosed trades.



Pelosi&#8217;s annual salary falls between $174,000 and $197,000 as a senior member of Congress. When she served as Speaker of the House, her annual salary was $223,500.



An <a href="https://www.benzinga.com/markets/penny-stocks/23/02/30768851/want-to-copy-master-trader-nancy-pelosis-investments-theres-an-etf-for-that-here-are-the-hol" target="_blank" rel="noreferrer noopener">ETF to track</a> the stock trading activity of Democrats in Congress, the Unusual Whales Subversive Democratic Trading ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/NANC#BATS">NANC</a>), bears the Representative&#8217;s name in the stock ticker.



Increased calls to ban Congress members and their spouses from trading have also centered on Pelosi, a Democrat. One bill even uses her name as an acronym:<a href="https://www.benzinga.com/government/23/07/33288522/paging-nancy-pelosi-ban-on-congressional-trading-could-be-coming" target="_blank" rel="noreferrer noopener">&nbsp;the PELOSI Act.</a> NVDA Price Action: Nvidia shares closed at $143.71 on Monday, hitting new all-time highs. Nvidia stock is up 198% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/05/39011237/exclusive-nvidia-dow-jones-inclusion-a-matter-of-when-will-it-replace-intel">EXCLUSIVE: Nvidia Dow Jones Inclusion &#8216;A Matter Of When&#8217; — Will It Replace Intel?</a></li>
</ul>



This article was previously published by Benzinga and has been updated.



Photo: Shutterstock

Options

Politics

NANC

Nvidia Stock Hits All-Time Highs: Here's How Much Nancy Pelosi's 500 Call Options Are Worth Today

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is slated to post its <a href="https://www.benzinga.com/markets/equities/24/10/41445510/tesla-shareholders-demand-answers-from-elon-musk-on-growing-list-of-promises-ahead-of-q3-earning">financial results for the third quarter</a> after the market closes on Wednesday and analysts are bringing their focus back to the EV giant&#8217;s fundamentals.



Analyst Take: Researcher&nbsp;Troy Teslike expects Tesla to miss analyst consensus estimates for non-GAAP EPS of $0.6 similar to how it missed estimates in the last four quarters. The analyst sees the EV maker reporting a non-GAAP EPS of $0.55 and missing analyst consensus for overall gross margin as well as automotive gross margin excluding regulatory credits. 



According to The Future Fund LLC Managing Partner Gary Black, all eyes will be on auto gross margins excluding regulatory credits in tomorrow&#8217;s earnings report. Black expects it to come at 14.2%, lower than the analyst consensus of 14.9% but higher than Teslike&#8217;s estimate of 14%. Black&#8217;s EPS estimate for the quarter is also higher than Teslike&#8217;s at $0.56. 



&#8220;Importantly, the downward trajectory in TSLA's auto gross margin ex-rev credits continues to drift lower,&#8221; Black said in a post on social media platform X, reflecting on the company&#8217;s recent performance.



<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">Our view is that <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> 3Q auto gross margins ex-reg credits will come in at 14.2% vs WS consensus of 14.9%. This assumes TSLA's 0.99% promo loan rate was offered globally, and that CT lost an average $20K per vehicle sold (across 13,500 vehicles) in 3Q. Importantly, the… <a href="https://t.co/uqUu4jMnAA">pic.twitter.com/uqUu4jMnAA</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1848508290231394633?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Tesla bull and Wedbush analyst Daniel Ives, however, is optimistic that Tesla CEO Elon Musk will address the electric vehicle demand environment for the fourth quarter and 2025 when the company reports financial results Wednesday.



&#8220;While many investors left the Robotaxi Day clearly wanting more details on the broader autonomous and AI strategy at Tesla, we would expect Musk to address some of the timing/specifics around its FSD and Cybercab strategy on the conference call,&#8221; <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41436349/tesla-q3-earnings-preview-analyst-says-1-8-million-unit-estimate-hittable-for-2024-">Ives said</a>. 



Deliveries In Q3: Tesla delivered 462,890 vehicles in the third quarter, up 6.4% from a year earlier, but still short of estimates. The company also deployed 6.9 GWh of energy storage products, but lower than the 9.4 GWh deployed in the second quarter. 



The company is currently at risk of reporting its first-ever decline in annual deliveries, particularly after deliveries fell 8.5% year-on-year in the first quarter and 4.8% in the second quarter.



Price Action: At the time of writing, Tesla&#8217;s stock was down 0.7% in premarket trading on Tuesday, after closing at $218.85 on Monday. Year-to-date, Tesla&#8217;s shares have declined 11.90%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41447878/tesla-registrations-rise-in-eu-in-september-but-not-enough-to-make-up-for-drop-through-year">Tesla Registrations Rise In EU In September But Not Enough To Make Up For Drop Through Year</a></li>
</ul>



Photo courtesy: Shutterstock

Analyst Color

News

TSLA

Tesla Q3 Earnings: Troy Teslike, Gary Black Expects EPS To Fall Below Estimates But Dan Ives Is Optimistic About Elon Musk Addressing EV Demand, Autonomous Driving

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher on Tuesday after the company <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">reported its third-quarter results.</a>



Quarterly adjusted earnings per share of $2.96 beats the<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41446219/gm-releases-2024-third-quarter-results-and-updates-full-year-guidance" rel="noreferrer noopener"> street view of $2.43.</a>



Quarterly sales of $48.757 billion (+10.5%) beat the analyst consensus estimate of $44.585 billion.



Adjusted EBIT for the quarter improved by 15.5% to $4.115 billion, with an adjusted EBIT margin of 8.4%, up by 30 bps. Net income margin was 6.3% versus 6.9% a year ago.



General Motors exited the quarter with cash and equivalents worth $23.7 billion and had marketable debt securities of $8.5 billion. Inventories as of quarter-end totaled $17.33 billion.



Adjusted automotive free cash flow at the end of the quarter was $5.834 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/previews/24/10/41435580/general-motors-q3-earnings-preview-analyst-warns-of-rising-earnings-headwinds" rel="noreferrer noopener">General Motors Q3 Earnings Preview: Analyst Warns Of &#8216;Rising Earnings Headwinds</a>&#8216;



Equity earnings related to&nbsp;Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, were $309 million in the quarter under review, higher than the $101 million a year ago. This entity is integral to business operations by providing battery cells for the company&#8217;s electric vehicles (EVs).



According to a news <a target="_blank" href="https://www.cnbc.com/2024/10/22/general-motors-gm-earnings-q3-2024.html" rel="noreferrer noopener">report</a> by CNBC, GM CFO Paul Jacobson stated that the average transaction price per vehicle remained over $49,000 from July to September, despite market concerns. He noted that consumer demand remains strong, with no significant changes observed in recent quarters.



Yesterday, the firm&nbsp;declared a fourth-quarter cash dividend of&nbsp;12&nbsp;cents per share, payable&nbsp;Dec. 19, to all common shareholders of record<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41438648/gm-declares-quarterly-dividend" rel="noreferrer noopener"> as of the close of trading on Dec. 6.</a>



Outlook: The company raises 2024 adjusted EPS guidance from $9.50 &#8211; $10.50 to <a href="https://www.benzinga.com/calendars/guidance">$10.00 &#8211; $10.50 (consensus $10.00).</a>



The 2024 financial guidance includes anticipated capital spending of&nbsp;$10.5 billion&nbsp;&#8211;&nbsp;$11.5 billion, inclusive of investments in the company&#8217;s battery cell manufacturing joint ventures.



The company expects adjusted automotive free cash flow in the range of $12.5 billion &#8211; $13.5 billion (prior view: $9.5 billion &#8211; $11.5 billion).



Price Action: GM shares are trading higher by 0.94% at $49.39 premarket at the last check Tuesday.



Photo via shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41436349/tesla-q3-earnings-preview-analyst-says-1-8-million-unit-estimate-hittable-for-2024-\" target="_blank" rel="noreferrer noopener">Tesla Q3 Earnings Preview: Analyst Says 1.8 Million Unit Estimate &#8216;Hittable&#8217; For 2024, &#8216;2 Million+ Number The Focus For 2025&#8217;</a></li>
</ul>

Guidance

Dividends

Markets

Movers

General

General Motors Q3 Earnings: Revenue And EPS Beat, Raises Annual Profit Outlook On Growing Consumer Demand

NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reached a new milestone Monday, with its shares climbing 4.14% to close at an all-time high of $143.71, prompting a notable response from CNBC&#8217;s Jim Cramer.



What Happened: Following the stock&#8217;s record-setting performance, Cramer took to X (formerly Twitter) stating, &#8220;Nvidia, own it don&#8217;t trade it,&#8221; while questioning the decision of those who &#8220;sold in low 200s because of negative analysts.&#8221; 



Wedbush Securities analyst Dan Ives endorsed Cramer&#8217;s sentiment, responding with trophy emojis symbolizing achievement and success.



<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">&#x1f3c6;&#x1f3c6;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1848366347513659655?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Cramer has <a href="https://www.benzinga.com/news/24/03/37863049/jim-cramer-says-own-dont-trade-apple-or-nvidia-after-trying-vision-pro-but-user-thinks-the-fun-will">consistently used similar bullish market terminology</a> when discussing both Nvidia and Apple Inc.



On Monday, the semiconductor manufacturer&#8217;s stock traded between $138 and $143.71 during the session, marking both an intraday and 52-week high, a substantial increase from its 52-week low of $39.23. The surge reflects growing demand for Nvidia&#8217;s graphics processing units, particularly from hyperscalers expanding their <a href="https://www.benzinga.com/markets/equities/24/10/41442545/nvidia-spirit-airlines-sap-trump-media-technology-and-tesla-why-these-5-stocks-are-on-investors-">data centers with advanced AI capabilities</a>.



The company recently expanded its AI portfolio by quietly introducing a new model, Llama-3.1-Nemotron-70B-Instruct, which has reportedly outperformed <a href="https://www.benzinga.com/news/24/10/41422278/nvidias-new-free-open-source-ai-model-reportedly-outperforms-openais-gpt-4o-anthropics-claude-3-5-so">competitors in benchmark tests</a>.



See Also: <a href="https://www.benzinga.com/insights/options/24/10/41411253/palantir-technologies-unusual-options-activity?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir Technologies Unusual Options Activity</a>



Why It Matters: This development is significant as it underscores Nvidia&#8217;s continued dominance in the AI sector, a position that has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41410262/ai-creates-generational-opportunity-why-nvidia-analyst-says-stock-will-hit-190">reaffirmed by analysts</a> as a &#8220;generational opportunity.&#8221;



This move aligns with Ives&#8217; observation of an <a href="https://www.benzinga.com/markets/equities/24/10/41420779/dan-ives-acknowledges-nvidia-microsoft-as-core-drivers-of-ai-but-sees-palantir-ibm-amd-and-apple">expanding roster of companies beyond traditional AI leaders</a> that are now capitalizing on the technology revolution.



Despite the stock&#8217;s impressive performance, experts believe that there is still room for growth. Tech bulls predict that the stock could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41417379/nvidia-stock-is-up-over-233-in-the-past-year-and-tech-bulls-say-it-could-go-even-hi">double over the next several years</a>, driven by strong demand for GPU chips and early adopters starting to see ROI.



Price Action: Nvidia&#8217;s stock surged 4.1% on Monday to close at $143.71. While it is down 0.70% in premarket trading on Tuesday, year-to-date, the stock is up 198.34%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41420178/bitcoin-ethereum-dogecoin-on-the-rise-as-uptober-may-be-finally-here-analysts-predict-bull?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin On The Rise As &#8216;Uptober&#8217; May Be Finally Here: Analysts Predict Bullish Breakout For King Crypto, ETH&#8217;s Rally To $3,300</a></li>
</ul>



Image Via Shutterstock 



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

'Nvidia, Own It, Don't Trade It:' Jim Cramer Questions Short-Sellers As Stock Hits New Highs — Tech Bull Dan Ives Celebrates With Trophies

Wall Street maintained a cautious stance amid a flurry of earnings reports this week, while markets posted gains for the <a href="https://www.benzinga.com/markets/asia/24/10/41411026/bank-earnings-propel-wall-street-to-record-peaks-oil-plunges-below-70-gold-shines-at-all-time-highs">sixth consecutive week</a>.



With some important tech companies scheduled to announce their earnings this week, the Nasdaq Composite kicked off the week on a positive note even as the Dow Jones and S&amp;P 500 opened in the red.



Nearly a fifth of S&amp;P 500 companies are set to report their earnings this week. Cumulative earnings of S&amp;P 500 companies are set to rise for a fifth straight quarter, FactSet said.



On Tuesday, earnings from companies like GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), and General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will be on investors' radar.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.65%</td></tr><tr><td>S&amp;P 500</td><td>0.00%</td></tr><tr><td>Dow Jones</td><td>-0.48%</td></tr><tr><td>R2K</td><td>-0.90%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.50% to $580.71 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.65% to $492.19, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.



Cues From Last Session:



Caution reigned the markets on the first day of the week, with the S&amp;P 500 and Dow Jones both ending the day in the negative, while the Nasdaq Composite registered gains.



AI stocks led the surge, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) closing at a new all-time high. The positive sentiment rubbed off on rivals, too, with Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) emerging as some of the top gainers.



The Dow Jones Industrial Average and the S&amp;P 500 Index jumped to fresh highs in intraday trading on Friday.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.27%</td><td>18,540.01</td></tr><tr><td>S&amp;P 500</td><td>-0.18%</td><td>5,853.98</td></tr><tr><td>Dow Jones</td><td>-0.80%</td><td>42,931.60</td></tr><tr><td>Russell 2000</td><td>-1.60%</td><td>2,239.71</td></tr></tbody></table></figure>



Insights From Analysts:



Investors remained anxious about the prospect of future rate cuts amid comments from Federal Reserve officials urging for a cautious approach. Kansas City Fed President Jeff Schmid spoke in favor of moderation, saying "A cautious and deliberate course of action seems appropriate."



On the other hand, San Francisco Federal Reserve President Mary Daly said there is no reason for the Fed to hold rates steady. "I haven't seen any information that would suggest we wouldn't continue to reduce the interest rate," Daly <a href="https://www.wsj.com/livecoverage/stock-market-today-earnings-dow-sp500-nasdaq-live-10-22-2024/card/no-reason-to-pause-rate-cuts-fed-s-daly-tells-wsj-tech-live-jdoqlPmUWzaNiMQCCLSe">told</a> the Wall Street Journal.



Fundstrat Head of Research&nbsp;Tom Lee <a href="https://www.cnbc.com/video/2024/10/21/market-still-in-buy-the-dip-mode-says-fundstrats-tom-lee.html">told</a> CNBC in an interview that he expects companies in the S&amp;P 500 index to post a revenue growth of 5% this quarter.



"It is a really high-quality earnings season so far. It's a good beat season, but it's early," he said.



"Stocks which have been strong are really still a ‘buy the dip' market."



Going ahead, Lee says to watch out for industrial stocks, after a week of financial stocks having posted better-than-expected earnings.



See Also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>



Upcoming Economic Data



The economic calendar for Tuesday is light, with only one major speech scheduled so far.



<ul>
<li>Philadelphia Fed President Patrick Harker is scheduled to speak at 10 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares surged nearly 3% in premarket trading on Tuesday after the company reported better-than-expected earnings and raised its profit forecast for the third time this year.</li>



<li>Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) shares rose over 1% in premarket trading ahead of the company's third-quarter earnings.</li>



<li>Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhone 16 witnessed price cuts in China on online platforms as part of Singles' Day promotions.</li>



<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock has seen an increase in price targets due to bullish demand for artificial intelligence. Bank of America raised its price target for Nvidia from $165 to $190, while investment research firm CFRA raised its target to $160.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures edged up in the early New York session, rising nearly 1.10% as China cut key lending rates to boost its economy.



The 10-year Treasury note yield rose marginally to 4.208%.



Asian markets were mixed on Tuesday, with Chinese markets edging lower amid economic growth concerns.



European stocks showed tentativeness and were mostly lower in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41445510/tesla-shareholders-demand-answers-from-elon-musk-on-growing-list-of-promises-ahead-of-q3-earning">Tesla Shareholders Demand Answers From Elon Musk On Growing List Of Promises Ahead Of Q3 Earnings: From Affordable Models To FSD Rollout And Next-Generation Roadster</a></li>
</ul>



Photo courtesy: Shutterstock

Futures

Economics

Pre-Market Outlook

AAPL

MRVL

SMCI

US Stocks Remains On Edge Ahead Of Flurry Of Earnings From Lockheed Martin, GM And Others: This Is Still A 'Buy The Dip' Market, Says Expert

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shareholders are curious to receive timelines for the company&#8217;s upcoming products and pending promises, according to top-voted queries for the automaker <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41444334/tesla-robotaxi-reveal-falls-flat-amid-lack-of-clarity-shifting-focus-back-on-elon-m">ahead of its third-quarter earnings call</a>.



What Happened: Tesla invites shareholders to ask and vote for questions that they would like the company to address during their earnings calls. 



The company is known for delayed delivery of promises and postponing timelines. As a result, the top-voted questions from shareholders for its upcoming third-quarter earnings call are mostly centered around timelines. 



Top-voted questions include a request for a timeline for the company delivering on its promise to introduce new and affordable models, its promise of incorporating Grok in all its vehicles, updates on the long-delayed next-generation Roadster and Semi, and a timeline for the start of shipping for the company&#8217;s Optimus humanoid robot.



Of the more than 2000 questions put forth by shareholders, most questions, however, pertain to the company&#8217;s full self-driving (FSD) driver assistance technology, which the company says will allow autonomous driving with future software updates.



Why It Matters: "There's been some questions on timing but Tesla has a specialty and that is turning the impossible into merely late," Tesla <a href="https://www.benzinga.com/government/24/04/38039010/tesla-semi-ready-to-replace-diesel-trucks-says-unit-head-as-he-cheers-epas-tough-new-standards" target="_blank" rel="noreferrer noopener">Semi Truck Engineering senior Manager</a>&nbsp;Dan Priestly&nbsp;said in May.



Earlier this month, Tesla CEO Elon Musk took to&nbsp;X&nbsp;to explain his approach to time-based predictions. He stated that he typically targets the 50% percentile date, meaning half his predictions will be late, and half will be early.



&#8220;The press never mentions the predictions that were early, so it seems like I&#8217;m always late,&#8221; he said. &#8220;It is very rare that a prediction I make does not come true over time.&#8221;



Musk initially said that the production of the Semi truck would start in 2019 and that of the Roadster in 2020. However, both the vehicles are yet to enter production. 



As long back as 2015, Musk said that Tesla would achieve complete autonomy by 2018. However, the company&#8217;s FSD technology is yet to enable autonomous driving, creating doubts among customers and shareholders about the company&#8217;s word of starting production of more affordable models in the first half of 2025 or <a href="https://www.benzinga.com/news/24/10/41288103/elon-musks-fully-autonomous-driving-dreams-now-scheduled-for-2025-but-regulatory-hurdles-stand-in-th">enabling rides with no driver intervention starting next year.</a>



Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



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<li><a href="https://www.benzinga.com/news/24/10/41443856/tesla-offers-discounts-of-up-to-4k-on-select-model-3-y-vehicles-as-it-looks-to-avert-1st-ever-declin">Tesla Offers Discounts Of Up To $4K On Select Model 3, Y Vehicles As It Looks To Avert 1st-Ever Decline In Annual Deliveries</a></li>
</ul>



Photo courtesy: Shutterstock

Tesla Shareholders Demand Answers From Elon Musk On Growing List Of Promises Ahead Of Q3 Earnings: From Affordable Models To FSD Rollout And Next-Generation Roadster

Marc Benioff, CEO of Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), took to social media on Tuesday to criticize Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) for rebranding its Copilot as &#8220;agents.&#8221;



What Happened: Benioff described this move as a sign of &#8220;panic mode&#8221; and called Copilot a failure due to Microsoft&#8217;s lack of data, metadata, and enterprise security models. He argued that these deficiencies lead to inaccuracies and data leaks, forcing customers to create their own large language models (LLMs).



Benioff likened Microsoft&#8217;s Copilot to the discontinued &#8220;Clippy&#8221; Microsoft Office assistant, suggesting that it fails to provide real corporate intelligence. In contrast, he praised Salesforce&#8217;s Agentforce, stating it is transforming businesses by autonomously managing sales, service, marketing, analytics, and commerce. He emphasized that Agentforce integrates data, LLMs, workflows, and security into a single Customer 360 platform, which he believes represents the true potential of AI.



See Also: <a href="https://www.benzinga.com/news/24/10/41420086/apple-intelligences-meh-moment-ahead-analyst-predicts-5-months-of-build-up-could-lead-to-a-thats-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Intelligence&#8217;s Meh Moment Ahead? Analyst Predicts 5 Months Of Build-Up Could Lead To A &#8216;That&#8217;s It?&#8217;</a>



<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">Microsoft rebranding Copilot as ‘agents'? That's panic mode. Let's be real—Copilot's a flop because Microsoft lacks the data, metadata, and enterprise security models to create real corporate intelligence. That is why Copilot is inaccurate, spills corporate data, and forces… <a href="https://t.co/eZpVwgoSH9">pic.twitter.com/eZpVwgoSH9</a>&mdash; Marc Benioff (@Benioff) <a href="https://twitter.com/Benioff/status/1848439092293275988?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Benioff&#8217;s comments highlight the ongoing rivalry <a href="https://www.benzinga.com/top-stories/24/10/41428765/microsoft-salesforce-battle-heats-up-as-ai-agent-technology-takes-center-stage">between Salesforce and Microsoft</a> in the AI technology sector. Recently, Microsoft announced during its &#8220;AI Tour&#8221; event in London that businesses will soon be able to develop autonomous AI agents through its Copilot Studio platform. This technology aims to streamline enterprise functions by allowing organizations to create AI-driven agents tailored to their needs. 



Benioff&#8217;s critique of Microsoft&#8217;s Copilot is not new. Last month, he <a href="https://www.benzinga.com/news/24/09/40954193/salesforce-ceo-marc-benioff-slams-microsofts-copilot-compares-it-to-failed-clippy-assistant-like-wer">compared it to Clippy,</a> stating that customers have not derived value from it, likening it to selling &#8220;science projects to companies.&#8221; His remarks underscore the competitive landscape as both companies strive to dominate the AI agent technology market. 



Read Next: 



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<li><a href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign&#8217;s Snapchat Absence Potentially Gives Harris Edge Among Young Voters</a></li>
</ul>



Photo courtesy: Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

MSFT

'Copilot's A Flop Because Microsoft Lacks The Data,' Salesforce CEO Slams Rebranding Of AI Tool To 'Agents:' 'That's Panic Mode'

Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has ceased allowing customers to subscribe to Hulu and Disney+ via Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) App Store, thereby avoiding the iPhone maker&#8217;s in-app purchase fees.



What Happened: The entertainment giant is no longer allowing new or returning subscribers to register and pay for these services through&nbsp;the App Store. However, this change will not impact existing subscribers who are billed through Apple.



Disney is now guiding customers to its websites to view all plans and directly&nbsp;sign up for a subscription. This strategy enables Disney to bypass the&nbsp;15% to 30% fee&nbsp;that Apple imposes for each transaction made via in-app purchases.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41442330/jeff-bezos-would-have-named-amazon-as-relentless-but-then-someone-said-it-sounded-sinister-hes-since?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Would Have Named Amazon As &#8216;Relentless&#8217; But Then Someone Said It Sounded Sinister — He&#8217;s Since Built A Business Empire That Knows No Limits</a>



This move is in line with Disney&#8217;s latest price increases that came&nbsp;into effect on Oct. 17.&nbsp;The cost of Disney+ plans rose&nbsp;by $2, while Hulu with&nbsp;ads and without ads experienced a $2 and $1 increase, respectively.



The removal of in-app purchase fees seems to be a part of Disney&#8217;s plan to improving streaming revenue, along with price hikes and&nbsp;a recent crackdown on password&nbsp;sharing.



In August, Disney released its financial results for the <a href="https://www.benzinga.com/news/earnings/24/08/40218880/disneys-q3-earnings-revenue-and-eps-beat-streaming-business-turns-profitable-strong-espn-revenue-bo">third quarter of fiscal 2024</a>. For the first time, Disney&#8217;s streaming segment—which includes Disney+, Hulu, and ESPN+—achieved profitability, one quarter ahead of projections.



The streaming division reported an operating profit of $47 million, a notable turnaround from a $512 million loss in the same period last year.



However, when excluding ESPN+, the direct-to-consumer streaming unit still recorded a $19 million loss. Meanwhile, revenue from Disney's traditional TV networks fell by 7%.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: Disney's move to halt subscription sign-ups for Hulu and Disney+ via Apple's App Store reflects a broader trend of tech companies pushing back against Apple's in-app purchase policies.



Earlier this year, in January, the Supreme Court gave a decision that <a href="https://www.benzinga.com/government/24/01/36646078/supreme-court-decision-shakes-up-apples-app-store-opens-door-for-cheaper-app-purchases">rejected Apple&#8217;s appeal</a> in an antitrust lawsuit concerning its App Store. The ruling, which also involved Epic Games, the creator of Fortnite, could have a notable impact on Apple&#8217;s revenue.



Previously, Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Match Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), the parent company of Tinder, have all <a href="https://www.benzinga.com/news/24/03/37863002/meta-and-microsoft-criticize-apple-for-evading-legal-requirements-post-epic-games-ruling">voiced strong opposition to Apple&#8217;s payment</a> policies.



In the second quarter of 2024, the Apple App Store reportedly generated $24.6 billion in revenue from users worldwide, more than twice the revenue earned by Android users through the Google Play Store.



Projections indicate that by 2027, the Apple App Store could bring in approximately $125 billion in global revenue, while the Google Play Store is expected to reach $60 billion in revenue from subscriptions and in-app purchases, according to Statista.



Image: Shutterstock/ ymgerman



Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



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<li><a href="https://www.benzinga.com/news/24/10/41418188/ai-power-demand-skyrockets-nvidia-ceo-lauds-openai-and-teslas-optimus-robots-assisted-by-humans-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Power Demand Skyrockets, Nvidia CEO Lauds OpenAI, And Tesla&#8217;s Optimus Robots Assisted By Humans: This Week In AI</a></li>
</ul>



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

Entertainment

MTCH

Disney+ And Hulu Stream Away From Apple's 30% Toll Bridge: What It Means For The iPhone Maker?

Electric vehicle giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could share more details on demand and a strategy for the upcoming Cybercab when the company reports third-quarter financial results <a href="https://www.benzinga.com/earnings">after market close Wednesday.</a>



The Tesla Analyst: Wedbush analyst Daniel Ives reiterated an Outperform rating on Tesla with a $300 price target.



Read Also: <a href="https://www.benzinga.com/general/education/24/10/41166723/how-many-evs-has-tesla-delivered-produced-each-quarter-a-look-at-the-results-since-2019">How Many EVs Has Tesla Delivered, Produced Each Quarter? A Look At The Results Since 2019</a>



The Analyst Takeaways: Ives said Tesla CEO Elon Musk will likely address the electric vehicle demand environment for the fourth quarter and 2025 when the company reports financial results Wednesday.



"While many investors left the Robotaxi Day clearly wanting more details on the broader autonomous and AI strategy at Tesla, we would expect Musk to address some of the timing/specifics around its FSD and Cybercab strategy on the conference call," Ives said.



Tesla investors and analysts didn't hear updates on Tesla's sub-$30k vehicle during the Robotaxi Day event and Ives believes this vehicle, which he expects to be released in mid-2025, could be highlighted on this week's earnings call.



"Overall we expect generally in-line 3Q headline numbers with some slight upside likely on the margins front showing a bottoming on this key metric."



Ives said the 1.8 million unit estimate for 2024 "remains hittable" after the September quarterly delivery report saw figures in-line with estimates. Going forward, Ives said, "2 million+ number the focus for 2025."



"We remain confident in Tesla's ability to hit 1.8 million deliveries for FY24 which we will view as a solid feat given the extensive white-knuckle moments seen throughout the first half of the year."



The analyst also said margins will be a key focus for analysts.



"We need to start seeing this key metric head into the high teens for 3Q/4Q to give the Street comfort much of the price cuts are in the rear-view mirror showing better margin days are ahead for 2025."



Ives said strength in China and the evolving AI strategy could be other items to watch for the "bullish Tesla narrative."



TSLA Price Action: Tesla stock is down 1.52% to $217.36 on Monday versus a 52-week trading range of $138.80 to $271. Tesla stock is down 12% year-to-date in 2024.



Read Next: 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Tesla Robotaxi Day Event &#8216;More Fanfare Than Substance&#8217;: 8 Analysts On Cybercab, Optimus, Autonomous Vehicle Vision</a></li>
</ul>



Photo: Courtesy Tesla

Price Target

Reiteration

Analyst Ratings

Tesla Q3 Earnings Preview: Analyst Says 1.8 Million Unit Estimate 'Hittable' For 2024, '2 Million+ Number The Focus For 2025'

Nvidia Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares are hitting new all-time highs on Monday as the stock continues to be a massive beneficiary of increasing AI demand. Here&#8217;s<a href="https://www.benzinga.com/quote/NVDA/news"> what you need to know.</a>



What To Know: Nvidia shares are up over 186% since the start of the year and have increased more than ninefold since the beginning of 2023, shortly after ChatGPT was launched. On Monday, the stock reached a new all-time high above $142 after it took out its previous highs from June last week.



Nvidia has benefited from strong demand for its GPUs, particularly from hyperscalers who are purchasing its chips in massive quantities in an effort to quickly build out data centers with advanced <a href="http://benzinga.com/topic/ai">AI</a> capabilities.



The company&#8217;s next-generation Blackwell GPU platform is currently experiencing &#8220;insane&#8221; demand, according to Nvidia CEO Jensen Huang.



Huang said in a CNBC interview earlier this month that Blackwell is in full production and progressing as planned as demand remains off the charts. 



"Everyone wants to have the most, and everyone wants to be first,&#8221; Huang said at the time.



Investors will get more insight into the ongoing demand for Nvidia chips when some of its biggest customers including Microsoft, Meta, Google and Amazon report earnings over the coming weeks.



Nvidia will also report its fiscal third-quarter financial results on Nov. 20. Analysts are currently forecasting earnings of 74 cents per share and revenue of $32.904 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41417379/nvidia-stock-is-up-over-233-in-the-past-year-and-tech-bulls-say-it-could-go-even-hi">Nvidia Stock Is Up Over 233% In The Past Year And Tech Bulls Say It Could Go Even Higher From Here: &#8216;…You&#8217;ll See The Stock Double Over The Next Several Years&#8217;</a>



Last week, BofA Securities analyst Vivek Arya maintained a Buy rating on Nvidia and raised the price target from $165 to $190 after boosting earnings projections for 2025 and 2026. The analyst highlighted recent earnings from Taiwan Semiconductor Manufacturing Company Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) showing that <a href="https://www.benzinga.com/content/41405653/taiwan-semiconductor-soars-on-earnings-with-more-room-to-run">demand for AI </a>remains robust.



Despite the positive momentum, the company faces potential challenges from new export restrictions, particularly on advanced AI chips to Persian Gulf countries, which has <a href="https://www.benzinga.com/news/24/10/41365061/whats-going-on-with-micron-technology-stock-wednesday">sparked some volatility</a> in the chip sector in recent weeks. The Biden administration has already placed restrictions on AI chip exports to over 40 countries across the Middle East, Africa and Asia in an effort to stop the technology from potentially reaching China.



What Else: Nvidia on Monday announced a<a href="https://www.benzinga.com/news/large-cap/24/10/41433662/nvidia-partners-with-startup-aidoc-to-accelerate-healthcare-ai-adoption"> partnership with healthcare startup Aidoc</a> to accelerate the adoption of AI in the healthcare industry.



The companies plan to release a new Blueprint for Resilient Integration and Deployment of Guided Excellence in early 2025, aimed at improving clinical workflows and patient care. The guideline will provide a comprehensive, evidence-based framework to help healthcare organizations integrate AI more effectively and scale its use to improve operational efficiency and outcomes.



NVDA Price Action: Nvidia shares were up by 2.95% at $142.08 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>



<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1727794380964569"><img loading="lazy" decoding="async" width="1024" height="543" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/21142006/NVDA-1-1024x543.png" alt="" class="wp-image-605902" style="width:453px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/21142006/NVDA-1-1024x543.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/21142006/NVDA-1-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/21142006/NVDA-1-768x407.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/21142006/NVDA-1.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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</ul>



Image: Shutterstock.

Nvidia Stock Hits All-Time High Ahead Of Big Tech Earnings: What's Going On?

<h2 class="wp-block-heading">New On The Block</h2>



Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>) tapped investment bank Moelis &amp; Company LLC to explore strategies to boost shareholder value. According to the clean electricity provider, the process should wrap up by 2025. Altus retained law firm Latham &amp; Watkins to <a href="https://www.benzinga.com/topic/clean-energy">advise on legal matters</a>. 



Motorsport Games Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSGM#NASDAQ">MSGM</a>) is also looking to increase shareholder value via a potential sale or merger. The goal is to generate enough funds to bring Le Mans Ultimate to Sony PlayStation and Microsoft Xbox gaming consoles. Le Mans Ultimate is the official game of the FIA World Endurance Championship.



<h2 class="wp-block-heading">Off The Block</h2>



Denmark-based H. Lundbeck A/S agreed to acquire Longboard Pharmaceuticals, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBPH#NASDAQ">LBPH</a>) for $60 per share in cash. The transaction is valued at approximately $2.6 billion in equity value and $2.5 billion (approximately 17 billion Danish krone). The deal is expected to close in the <a href="https://www.benzinga.com/general/biotech/24/10/41313129/why-is-epilepsy-focused-longboard-pharmaceuticals-stock-trading-higher-on-monday">fourth quarter of 2024</a>.



Universal Stainless &amp; Alloy Products, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) agreed to an all-cash offer by Luxembourg-based Aperam for $45 per share. The acquisition will give Aperam its first manufacturing facility in the U.S., expanding its geographic reach and product portfolio, particularly in high-growth sectors such as <a href="https://www.benzinga.com/markets/equities/24/10/41385280/universal-stainless-finds-new-home-as-luxembourg-based-aperam-makes-big-us-move-details">aerospace and industrial applications</a>.



Bit Digital Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) purchased HPC data center company Enovum Data Centers&nbsp;for about CAD$62.8 million ($46 million). The acquisition <a href="https://www.benzinga.com/m-a/24/10/41336358/bit-digital-stock-is-rising-tuesday-whats-driving-the-action">closed on Oct. 11</a>.



<h2 class="wp-block-heading">Updates From The Block</h2>



Private equity firms TPG and Blackstone placed a joint bid to acquire eye care company Bausch + Lomb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>), per the Financial Times. Last month, Bausch + Lomb said it was considering a sale to address concerns from creditors, including&nbsp;Apollo Global Management Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>),&nbsp; over the separation from parent company,&nbsp;Bausch Health&nbsp;Companies&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>). The Bausch + Lomb spin-off was part of Bausch Health&#8217;s plan to <a href="https://www.benzinga.com/news/large-cap/24/10/41313679/bausch-lomb-sale-process-gains-momentum-as-tpg-and-blackstone-join-forces">alleviate its $21 billion debt</a>.



<h2 class="wp-block-heading">Bankruptcy Block</h2>



True Value declared bankruptcy. It plans to sell assets to rival Do it Best. The Chicago-based hardware store chain said an agreement was reached after a &#8220;robust marketing process&#8221; from which the company emerged as the top bidder. See our coverage below. 



<figure class="wp-block-embed is-type-video is-provider-dailymotion wp-block-embed-dailymotion wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="True Value Files for Chapter 11. Aims For Sale By Rival Do It Best By Year&#039;s End." frameborder="0" width="500" height="281" src="https://geo.dailymotion.com/player.html?video=x97f6ta&#038;" allowfullscreen allow="autoplay; fullscreen; picture-in-picture; web-share"></iframe>
</div></figure>



<h2 class="wp-block-heading">Notes From The Block</h2>



According to <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/m-a-activity-in-the-us-and-canada-falls-in-q3-as-deal-value-rises-85741632">S&amp;P Global</a>, M&amp;A activity in the U.S. and Canada lagged compared to 2023.



<ul>
<li>The deal tally for the U.S. and Canada announced in the third quarter was 4,153 — down 4.3% from the preceding quarter, but up 2% from the third quarter of 2023.</li>



<li>Aggregate value amounted to $365.99 billion; up from $301.62 billion in the second quarter and $282.77 billion in the year-ago period.</li>



<li>The first nine months of 2024 saw 12,680 M&amp;A deals in the U.S. and Canada. That&#8217;s less than the 13,203 deals for the same time frame in 2023.</li>



<li>M&amp;A value for the first three quarters of 2024 hovered at around $1.052 trillion — up from $838.32 billion during the three months in 2023.</li>
</ul>



Joe Mantone, who authors the quarterly M&amp;A reports at S&amp;P Global Market Intelligence, had this to say: 



BZ: Was there anything that surprised you from the latest deal data?



Mantone: The quarter-over-quarter drop in the number of deals is not that surprising given seasonal trends. Dealmaking tends to slow during the third quarter&#8217;s summer months. The year-over-year increase in deals provides a bit of evidence that M&amp;A is recovering. But activity levels are still below historical norms, and the number of transactions announced in the US and Canada haven't fluctuated much over the last six quarters.



BZ: Will Q4 finish strong with the change in benchmark <a href="https://www.benzinga.com/topic/interest-rates">interest rates</a>?



Lower rates can create a more conducive backdrop for M&amp;A, and help the number of deals announced move beyond current levels. While it&#8217;s hard to predict activity in any one given quarter, I do think lower rates will serve as a catalyst for M&amp;A as we move into 2025, especially for deals involving private equity. Private equity firms have plenty of dry powder, and the lower interest rates will decrease the cost of acquisition financing, which is beneficial for those using leverage on the buyside. Buyers having access to less expensive debt tends to increase valuations, which can lead to more private equity firms selling portfolio companies.



BZ: How do you expect dealmakers to react post-Election Day?



On the total deal value side, the fourth quarter presents a difficult year-over-year comparison because there were some extremely large deals in the fourth quarter of 2023. It wouldn&#8217;t surprise if there was some pause around the election for bigger transactions, but I doubt that dealmakers will completely change their strategic plans based on the outcome, one way or another.&nbsp;



Now Read:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41402089/goldman-sachs-highlights-20-top-short-squeeze-opportunities-for-q3-earnings-season">Goldman Sachs Highlights 20 Top Short-Squeeze Opportunities, A Pet Retailer Tops The Chart</a></li>
</ul>

AMPS

BLCO

BTBT

LBPH

MSGM

USAP

Deal Dispatch: Altus Power, Motorsport Games Explore Options, True Value Goes Bankrupt, M&A Activity Lags

Automotive giant General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will likely highlight the progress the company is making in electric vehicle production when the company reports third-quarter financial results <a href="https://www.benzinga.com/earnings">before the market opens Tuesday.</a>



Earnings Estimates: Analysts expect General Motors to report third-quarter revenue of $44.59 billion, up from $44.13 billion in last year's third quarter, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102124&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in nine straight quarters.



Analysts expect the company to report third-quarter earnings per share of $2.43, up from last year's $2.28. The company has beaten analyst estimates for earnings per share in eight straight quarters and nine of the last 10 quarters overall.



General Motors<a href="https://www.benzinga.com/news/earnings/24/04/38379260/general-motors-q1-earnings-surprise-north-america-growth-rising-profit-margin-and-annual-guidance-b"> raised its full-year </a>EPS outlook to a range of $9 to $10 after second-quarter results, marking two quarters in a row of raised estimates.



What Analysts Are Saying: Analysts have been mixed on General Motors stock over the past two months heading into the third-quarter earnings print.



"GM shares have appreciated +85% since last November, but now our data signals rising earnings headwinds, and we think there is a risk the company will announce additional capital requirements during its October CMD. We want to wait and see," Bernstein analyst Daniel Roeska recently <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40989475/general-motors-stock-falls-as-analyst-sees-caution-signs-on-road-ahead">said.</a>



The analyst downgraded General Motors shares from Outperform to Market Perform with a price target of $53.



Roeska expressed concern about General Motors&#8217; inventory build-up in the U.S., which could pressure prices in 2024. A delayed push into electric vehicles could also impact losses next year, the analyst warned.



"The company is not likely to meet its BEV sales target, it's announced a collaboration to work on new technology, has been struggling in China, and has not clearly defined its plans for Cruise. Each of these issues presents a challenge to FCF generation in the short term."



Here are other recent <a href="https://www.benzinga.com/quote/GM/analyst-ratings">analyst ratings on</a> General Motors and their price targets:



<ul>
<li>Barclays: Maintained Overweight rating, raised price target from $60 to $64</li>



<li>RBC Capital: Reiterated Outperform rating, with a price target of $54</li>



<li>Wedbush: Reiterated Outperform rating, with a price target of $55</li>



<li>Goldman Sachs: Maintained Buy rating, raised price target from $53 to $61</li>
</ul>



Read Also: <a href="https://www.benzinga.com/markets/equities/24/10/41360023/lithium-americas-shares-surge-as-gm-commits-625m-to-thacker-pass-project">Lithium Americas Shares Surge As GM Commits $625M To Thacker Pass Project</a>



Key Items to Watch: General Motors <a href="https://www.benzinga.com/news/24/10/41136007/gms-ev-sales-rise-in-q3-on-the-back-of-new-models-chevrolet-equinox-ev-tops-charts">reported third-quarter</a> vehicle deliveries of 659,601, down 2% in the U.S.



While overall vehicle deliveries were down, General Motors saw its electric vehicle sales hit records with 32,095 units sold in the third quarter. The company will likely highlight this record and progress during the results, with EV sales up 60% year-over-year and up 46% quarter-over-quarter.



The company saw strong sales of its Equinox EV and Silverado EV in the quarter. While the company's individual vehicles trail models from rivals like Ford and Tesla, GM's collective efforts are paying off with strong overall EV sales.



GM ranked second in the U.S. for electric vehicle sales in the third quarter, trailing only Tesla.



"GM's EV portfolio is growing faster than the market because we have an all-electric vehicle for just about everybody, no matter what they like to drive," GM executive vice president Rory Harvey said.



The company may use the third-quarter earnings release and conference call as a chance to highlight upcoming electric vehicle models like the 2025 Cadillac Escalade IQ and 2025 Cadillac Optiq. The company could also highlight the more <a href="https://www.benzinga.com/news/24/10/41244645/gm-rolls-out-more-affordable-silverado-ev-trim-to-compete-with-ford-f-150-lightning-tesla-cybertruck">affordable Silverado EV </a>coming this year that could better compete with Ford's F-150 Lightning pickup truck.



General Motors could also provide a more detailed look at China and how the company's goal of returning to profit in the region is progressing.



GM Price Action: General Motors shares are down 0.33% to $49.02 on Monday versus a 52-week trading range of $26.30 to $50.50. General Motors stock is up 35% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41124506/general-motors-gives-q3-delivery-update">General Motors Gives Q3 Delivery Update</a></li>
</ul>



Photo: Shutterstock

General Motors Q3 Earnings Preview: Analyst Warns Of 'Rising Earnings Headwinds'

Cboe Global Markets, Inc. (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) has partnered with Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) to offer Robinhood customers access to index options, expanding their trading capabilities on its platform. Benzinga's Zunaid Suleman sat down with Cboe's Global President Dave Howson at HOOD Summit 2024<a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading"> to discuss the partnership.</a>



Growth Of Retail Investors: Howson highlighted the growth of retail investors and the expansion of individual investors&#8217; knowledge and skills in the years before and after the COVID-19 pandemic. He said retail investors are excited and eager for additional market tools. 



"When you look at the last five years the growth and the utilization of retail participants of options has been absolutely tremendous," Howson told Benzinga. 



Read Next: <a href="https://www.benzinga.com/news/events/24/09/41074042/zero-dte-options-fuel-record-spx-trading-volumes-with-no-signs-of-slowing-down-expert">Zero DTE Options Fuel Record SPX Trading Volumes, With No Signs Of Slowing Down: Expert</a>



Robinhood customers will <a href="https://www.benzinga.com/pressreleases/24/10/n41370742/robinhood-to-offer-cboes-index-options-expanding-retail-access">soon be able</a> to trade Cboe's index options on the S&amp;P 500, Cboe Volatility, Russell 2000 and Mini S&amp;P 500 indexes. The index options are part of Cboe's Volatility Toolkit, allowing traders to thrive throughout different market cycles and volatility regimes, Howson said. 



"The ability to manage risk, to deploy different trading strategies and hedging strategies, income generation and systematic trading strategies are tremendously important," he said. 



Market Education: Cboe offers several educational tools to expand investor knowledge and skill sets. Cboe&#8217;s Options Institute offers free online courses, webinars, interactive tutorials and insights from market experts and academics to help retail traders broaden their understanding of index options and build knowledge of the new products.&nbsp;



"It's about helping with the education, helping with the learning of what the products can actually do for a customer to help manage volatility, manage risk in their portfolio," Howson said.&nbsp;



Read Also:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/options/24/10/41389775/exclusive-cboe-ceo-says-robinhood-growth-an-eye-opener-unpredictable-2024-election-could-increase">EXCLUSIVE: Cboe CEO Says Robinhood Growth &#8216;An Eye Opener,&#8217; Unpredictable 2024 Election Could Increase Market Volatility</a></li>
</ul>



Image: Aaron Thomas

Fintech

CBOE

HOOD

Options Growth Among Retail Investors 'Absolutely Tremendous': Cboe Global President

U.S. major indices fell on Monday as rising Treasury yields and a strengthening dollar dampened risk sentiment. Investors are reassessing the economic outlook and weighing potential risks tied to the Federal Reserve&#8217;s <a href="https://www.benzinga.com/topic/interest-rates">next interest rate moves.</a>



Yields on the 10-year Treasury note surged 9 basis points to 4.18%, reaching their highest level since late July. Meanwhile, 30-year Treasury bond yields climbed to 4.5%. The spike in yields pushed the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down by 1.4%, reflecting renewed pressure on long-duration bonds.



A gauge of the greenback, as tracked by Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), rose 0.5%. 



On Monday, Dallas Fed President Lorie Logan hinted that gradual rate cuts are on the cards if the economy meets forecasts. Market-implied expectations for a 25-basis-point rate cut in November dipped slightly from 90% to 85%, according to CME FedWatch.



The CBOE Volatility Index (VIX), commonly known as Wall Street's "fear gauge," jumped 5% on Monday, marking its largest surge in two weeks.



The S&amp;P 500 traded 0.5% lower at midday trading in New York, with all its 11 sectors in the red. The Dow Jones Industrial Average shed 0.9%, while the Russell 2000, which tracks small-cap stocks, tumbled 1.7%. Technology stocks experienced minor losses. 



Despite the negative session, NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) gained over 2%, hitting $141.80 per share and notching fresh all-time highs.



In commodities, gold took a breather after four consecutive sessions of gains, while oil prices rebounded 1.6%, driven by renewed supply concerns. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell sharply, losing 2.8%. 



<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>20,290.48</td><td>-0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,840.64</td><td>-0.4%</td></tr><tr><td>Dow Jones</td><td>42,904.60</td><td>-0.9%</td></tr><tr><td>Russell 2000</td><td>2,237.90</td><td>-1.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3% to $582.24.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.7% to $429.46.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.2% to $493.66.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dipped to $222.12.</li>



<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 0.9%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.6%.</li>
</ul>



<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>



<ul>
<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) surged over 3% after the company reached a preliminary agreement with its employees to end a five-week strike. Adding to the momentum, Emirates SkyCargo placed an order for five additional Boeing 777 freighters. </li>



<li>Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>) shares jumped 6.5% following reports that activist investor Starboard Value has acquired a substantial stake in the company.</li>



<li>Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) extended its losses on Monday, falling nearly 5% after a 5% decline on Friday, as investors continued to react negatively to reports of a potential merger with Humana Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>). Oppenheimer analysts weighed in on the situation, recommending that Cigna remain independent amid skepticism about the merger's strategic value and regulatory feasibility.</li>
</ul>



Read Now:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41431485/goldman-sachs-predicts-bleak-long-term-s-p-500-returns-as-market-concentration-hits">Goldman Sachs Predicts Bleak Long-Term S&amp;P 500 Returns As Market Concentration Hits &#8216;Highest Level In 100 Years&#8217;</a></li>
</ul>



Photo: Shutterstock

Forex

KVUE

Stocks Fall As Treasury Yields, Dollar Rise; Nvidia Hits Record Highs: What's Driving Markets Monday?

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and its striking machinists reached a preliminary agreement to resolve the five-week strike over the weekend. Union members will vote <a href="https://www.benzinga.com/markets/equities/24/10/41416584/tentative-deal-announced-to-end-boeing-strike-union-will-vote-wednesday">on the proposal on Wednesday.</a>



The Details: The proposed contract includes 35% wage increases over four years, a one-time ratification bonus of $7,000, guaranteed minimums in Boeing's annual bonus program and higher 401(k) contributions.&nbsp;



Analysts at BofA Securities noted they are "more optimistic" about members voting in favor of the contract due to mounting pressure from both sides to end the strike and the involvement of U.S. Secretary of Labor Julie Su who met with both parties earlier this week.



"With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration," the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.



Read Next: <a href="https://www.benzinga.com/news/24/10/41418987/nuclear-energy-stocks-are-hot-heres-a-list-of-tickers-to-watch">Nuclear Energy Stocks Are Hot: Here&#8217;s A List Of Tickers To Watch</a>



While some see the offer as an improvement, others view it as insufficient. Boeing&#8217;s new contract offer does not include the reinstatement of a defined-benefit pension plan, which was one of the key demands of the striking workers. One machinist interviewed by Seattle's KREM 2 News said he was disappointed by the proposed contract.&nbsp;



&#8220;It&#8217;s just another slap in the face just like the past 10 years have been,&#8221; the union member said <a href="https://www.youtube.com/watch?v=OkLBAXTxzXA">in the interview</a>.



What's Next: Boeing is also set to report its third-quarter <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41341169/boeing-analysts-see-silver-lining-as-troubled-plane-maker-plans-to-shore-up-balance">financial results</a> on Wednesday after the closing bell, but before the union vote is scheduled to be held. 



A ratified contract with the workers would be a win for new CEO Kelly Ortberg who held Boeing's top executive position for only a month before the strike began.



"If union members do agree to end the strike — the supply chain, investors, and Boeing management will share a collective sigh of relief," BofA Securities wrote.&nbsp;



BA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Boeing shares are up 23.22% at $160.01 at the time of publication Monday.



Read Also:&nbsp;



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<li>&nbsp;<a href="https://www.benzinga.com/news/24/10/41415824/lucid-ceo-peter-rawlinson-talks-saudi-investment-elon-musks-political-views-and-taking-business-from">Lucid CEO Peter Rawlinson Talks Saudi Investment, Elon Musk&#8217;s Political Views And Taking Business From Tesla</a></li>
</ul>



Photo: Shutterstock&nbsp;

Boeing Stock Rises Ahead Of Wednesday's Union Vote: Will Investors Breathe 'A Sigh Of Relief?'

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