Trump stock trades fade after fiery presidential debate
Stocks previously seen as beneficiaries of former president Donald Trump’s prospects for a second term slumped on Wednesday after a presidential debate between the candidate and Democratic candidate Kamala Harris.
Trump Media & Technology (DJT) dropped 10% amid post-debate commentary describing Trump as defensive while Harris appeared to get under his skin.
Shares of the company, which operates Truth Social, have been sensitive to Trump’s bid for the presidency. The stock has fallen more than 50% since mid-July, when it became clear that President Biden would likely be replaced as the Democratic candidate.
Private prison stocks — a beneficiary of Trump’s staunch position on illegal immigration and support of increased border patrol — also sank on Wednesday. GEO Group (GEO), a Boca Raton, Fla.-based company that invests in private prisons, fell more than 6%.
CoreCivic (CXW), formerly the Corrections Corporation of America, which owns and manages private prisons and detention centers in the US, also dropped nearly 2.5%.
Crypto and banks
Bitcoin (BTC-US) took a sharp turn lower during the combative debate and into Wednesday trading. The former president has taken a pro-crypto position, even calling for a strategic national bitcoin stockpile.
Banks, particularly regionals, stand to benefit if Trump were to be elected in November, given the expectation of less stringent bank capital and liquidity regulation.
After Tuesday’s debate, shares of Lazard (LAZ), Moelis (MC), and Evercore (EVR), financial firms that provide merger and acquisitions services, dropped.
Meanwhile, stocks seen to benefit if Vice President Harris were elected president rallied Wednesday.
The biggest movers included beneficiaries of the current Democratic administration’s largest piece of green legislation, the Inflation Reduction Act, which Harris helped pass with a tiebreaking vote.
First Solar (FSLR) surged 15%, while Enphase Energy (ENPH) rose 5%. SunRun (RUN) also gained more than 11%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
What Happens To Jennifer Lopez And Ben Affleck's $283,666 Monthly Mortgage Post-Divorce?
When Hollywood power couple Jennifer Lopez and Ben Affleck purchased their sprawling $68 million estate in Beverly Hills last May, they envisioned turning the 38,000-square-foot mansion into their dream home.
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But less than a year later, the former lovebirds find themselves in a messy divorce – and stuck with the high costs of maintaining the property until a buyer comes along.
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According to data issued by Realtor.com last week, Lopez, 55, and Affleck, 52, are on the hook for a jaw-dropping $283,666 per month to keep the luxurious home running. Broken down, the fees include:
– Mortgage Payment: The couple took out a $20 million mortgage. Depending on the interest rate, their monthly mortgage payment could reach up to $200,000.
– Property Taxes: At California’s property tax rate of 0.75%, the annual bill is $476,000, or about $39,666 per month.
– Security and Maintenance: Privacy and security for the two stars cost roughly $340,000 a year, which is $28,333 per month.
– Homeowner Association (HOA) Fee: Just $667 per month.
– Electricity: Powering the estate, including heating, cooling, and other high-end features, could cost between $3,000 and $10,000 per month, Realtor said.
– Water: With 24 bathrooms, a heated pool, spa, and five acres of landscaping, water usage could run from $500 to $2,000 per month.
– Gas: Heating the property, cooking, and outdoor entertaining add another $500 to $3,000 to the monthly expenses.
See Also: Elon Musk’s secret mansion in Austin revealed through court filings.Here’s how to invest in the city’s growth before prices go back up.
In May of last year, the superstar couple purchased the estate for $60.8 million. According to the Realtor report, they poured millions more into a renovation, transforming the already huge home into a 12-bedroom, 24-bathroom compound with a separate 5,000-square-foot guest penthouse, caregiver house, 12-car garage, and more.
Their romance unraveled just 12 months later. In July, they listed the property for sale at $68 million – but some industry insiders are questioning whether the asking price is too high.
“That house is actually worth between $40 and $50 million,” an anonymous source told NewsNation. “It’s in a terrible location.”
The source continued, “most homes in the area are from the 1970s and are worth between $5-10 million. This is just a huge white elephant. It’s garish, too big and dated with amenities that are just silly and not necessary (like an indoor sports complex).”
However, the property’s listing agent, Santiago Arana of The Agency, defended the $68 million asking price to FOX News, describing the home as “spectacular” and “priced really well.”
According to FOX News, the real estate agent expects the 5-acre property to sell near its current asking price before the end of the year, noting that it has attracted many serious buyers since it was listed.
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He described the home as “unique,” with amenities and features that set it apart from other luxury properties. The home has an indoor sports complex with basketball and pickleball courts, a boxing ring, and additional recreational features.
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Douglas R. Rippel Implements A Sell Strategy: Offloads $476K In FirstCash Hldgs Stock
It was reported on September 10, that Douglas R. Rippel, Director at FirstCash Hldgs FCFS executed a significant insider sell, according to an SEC filing.
What Happened: According to a Form 4 filing with the U.S. Securities and Exchange Commission on Tuesday, Rippel sold 3,974 shares of FirstCash Hldgs. The total transaction value is $476,719.
FirstCash Hldgs‘s shares are actively trading at $113.52, experiencing a down of 0.0% during Wednesday’s morning session.
Get to Know FirstCash Hldgs Better
FirstCash Holdings Inc operates pawn stores in the United States and Latin America. Its primary business involves making small loans secured by personal property. The the company has three reportable segments: U.S. pawn; Latin America pawn; and Retail POS payment solutions (AFF). It derives majority revenue from U.S. Pawn segment. These pawn loans give the borrower the option of either repaying the loans with interest or forfeiting the property without further penalty. Close to 30% of total company revenue comes from interest earned on the loans. Close to 70% of total revenue comes from reselling forfeited property in the company’s retail stores.
FirstCash Hldgs’s Financial Performance
Revenue Growth: FirstCash Hldgs’s remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 10.71%. This signifies a substantial increase in the company’s top-line earnings. When compared to others in the Financials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Analyzing Profitability Metrics:
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Gross Margin: The company shows a low gross margin of 47.58%, suggesting potential challenges in cost control and profitability compared to its peers.
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Earnings per Share (EPS): FirstCash Hldgs’s EPS is below the industry average. The company faced challenges with a current EPS of 1.09. This suggests a potential decline in earnings.
Debt Management: With a below-average debt-to-equity ratio of 1.01, FirstCash Hldgs adopts a prudent financial strategy, indicating a balanced approach to debt management.
Financial Valuation:
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Price to Earnings (P/E) Ratio: The P/E ratio of 21.71 is lower than the industry average, implying a discounted valuation for FirstCash Hldgs’s stock.
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Price to Sales (P/S) Ratio: The Price to Sales ratio is 1.56, which is lower than the industry average. This suggests a possible undervaluation based on sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): With an EV/EBITDA ratio lower than industry benchmarks at 7.22, FirstCash Hldgs presents an attractive value opportunity.
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
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Why Insider Transactions Are Key in Investment Decisions
Insider transactions, although significant, should be considered within the larger context of market analysis and trends.
In the context of legal matters, the term “insider” refers to any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities, as outlined by Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and significant hedge funds. Such insiders are obligated to report their transactions through a Form 4 filing, which must be completed within two business days of the transaction.
Pointing towards optimism, a company insider’s new purchase signals their positive anticipation for the stock to rise.
Despite insider sells not always signaling a bearish sentiment, they can be driven by various factors.
A Closer Look at Important Transaction Codes
For investors, a primary focus lies on transactions occurring in the open market, as indicated in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of FirstCash Hldgs’s Insider Trades.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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As beer loses share to hard seltzer, US barley farmers scramble
By Heather Schlitz
Sharon, North Dakota (Reuters) – Don Nygaard, a third-generation farmer in a remote corner of North Dakota, used to grow malt barley for Rahr Malting Corporation to make into lagers, pale ales and IPAs.
But this year, he received no lucrative contracts from Minnesota-based Rahr or any beer makers, so his sprawling farm is growing food-grade barley and wheat, both crops that are priced near four-year lows.
As overall beer consumption in the U.S. slides to its lowest level since the 1970s according to data from the Brewers Association, U.S. Plains states face a huge glut of barley. Americans are buying less beer, and frequenting fewer craft breweries that use even more malt per beverage.
The exploding popularity of hard seltzers and lower alcohol consumption in general have led to plummeting barley demand from beer makers. Multiple years of excellent barley crops have further depressed prices and taken away a once high-value option in a year where farmers are struggling to break even with any crops, farmers, agronomists, and beer industry experts said.
“I’m worried with the trends that are happening,” Nygaard said. “This winter is going to be tight for all of us trying to figure out which payments we can make.”
Rahr, which has a barley procurement facility in Taft, North Dakota, did not respond to request for comment.
The most-recent U.S. crop report showed the number of acres planted with barley have fallen by 22% compared with a year ago. In North Dakota, the No. 2 producing state behind Idaho, acres nearly halved from a year ago. Supplies of barley that farmers have in storage on farms are up 51% from last year and are the highest since 2010, according to the U.S. Department of Agriculture.
U.S. malt barley prices, which farmers arrange before planting, were around $7 per bushel last year and under $5 per bushel this year depending on location, farmers said.
“To lose one of your tools to make profit is huge. The farmers are absolutely concerned,” said Frayne Olson, crop economist at North Dakota State University. “The vast majority of what they grow goes into the malting industry, so beer consumption makes a big difference.”
Major beer companies, including the world’s largest beer maker Anheuser-Busch InBev have slashed the number of U.S. barley contracts offered due to an oversupply of the crop, Mitch Konen, vice president of the National Barley Growers Association, said.
Asked for comment, a spokesperson for AB InBev, the maker of Budweiser and Michelob ULTRA, said the company has been committed to American farmers for more than 165 years.
“As the nation’s leading brewer and an American manufacturer, we purchase $700 million in the highest quality ingredients from 700+ grower partners each year,” the spokesperson said. AB InBev did not respond to questions about specific purchases this year or on changing beer consumption trends.
THE BIGGEST LOSER
Fruit-flavored hard seltzers, ready-to-drink cocktails and cannabis-infused beverages have chipped away at beer’s market share for years. From baseball games to booze-fueled college fraternity parties, White Claw seltzers are almost as ubiquitous as Bud Lights. White Claw markets itself in the U.S. as free of grains, although the products may contain grain such as barley in some locations.
Many of the most popular hard seltzer brands, including Truly, High Noon, Bud Light Seltzer and White Claw are made without barley and use fermented sugar, vodka or tequila to supply the alcohol. Some seltzers, such as Vizzy, and non-alcoholic beers continue to rely on malt barley.
“Beer is the biggest loser,” Bart Watson, chief economist at the Brewers Association, said. “There’s so much competition from products that didn’t exist 50 years ago.”
Unlike major barley exporters in the European Union and Australia, American beer drinkers end up consuming most of the malt barley produced in the U.S.
Even in rural North Dakota, advertisements for hard seltzers are plastered over billboards and abound in bars in small towns. Major malt plants, where kernels of barley are turned into the key building block for beer, are signing fewer contracts with farmers as demand from breweries wanes, farmers and economists said.
High interest rates and inflated costs of pesticides and equipment, in addition to dismal crop prices have left farmers worried about their ability to pay back the loans that allowed them to plant their crops.
“It’s going to be one of the years where it’s tough to raise a commodity,” said Steve Sheffels, a fourth-generation barley and wheat farmer. “Hopefully I’ll grow enough crop to cover my costs.”
NERVE-WRACKING
A once-booming craft beer industry has slimmed down, with microbrewery closings outpacing openings for the first time in 2023, according to the Brewers Association. Craft beer requires roughly four to five times as much malt as mass-produced beer further denting barley demand, Sheffels said.
Kaj Peterson, lead maltster at Maltwerks, said his Minnesota-based malting plant has nearly halved their barley purchases compared to five years ago as demand from craft breweries across the state wanes.
“It’s hit our bottom line,” Peterson said. “We’re starting to feel the pushback from breweries – they’re cutting production. It’s nerve-wracking.”
As the explosive growth of breweries has slowed, businesses left have needed to diversify their offerings to excite customers, Mark Bjornstad, owner of Drekker Brewing Company in Fargo, North Dakota, said.
His airy brewery is perfumed with a citrus scent from the taproom’s IPA, which the company offers along with alcoholic smoothies and non-alcoholic beers they’ve added to boost business.
“Customers are very discerning,” he said.
On top of bruising competition from alternative drinks, the beer industry is facing another challenge: young people are drinking less alcohol than any previous generation.
A growing “sober curious” movement, embraced by millennials and Gen-Zers and fueled by social media, has led to drinkers re-evaluating their relationship with alcohol and sometimes choosing to abstain from it altogether.
Though healthier choices and more creative drink options have benefited customers, they have shaken the fundamentals of farmers’ business.
“I’m 67, so I did drink my share of beer growing up. Now there are these other fancy drinks that don’t need malt,” Nygaard said.
(Reporting by Heather Schlitz, Editing by Caroline Stauffer and Anna Driver)
Glass House Brands to Host Analyst & Institutional Investor Day on September 12, 2024 at the SoCal Farm in Camarillo, California
LONG BEACH, Calif. and TORONTO, Sept. 11, 2024 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) GLASF GHBWF, one of the fastest-growing, vertically integrated cannabis businesses in the U.S., today announced that it will host an Analyst & Institutional Investor Day at the Company’s SoCal Farm in Camarillo, California, on Thursday, September 12, 2024, from 11:00 a.m. to approximately 4:30 p.m. Pacific Time.
The event will include presentations by Kyle Kazan, Co-Founder, Chairman and CEO, Graham Farrar, Co-Founder, Board Member and President, Mark Vendetti, Chief Financial Officer, and other senior business leaders in the Company’s Wholesale Biomass, Wholesale CPG and Retail Dispensary Business. In-person attendees will also receive a Greenhouse Tour.
“Our team is excited to host this event at our SoCal Farm, which is the one of the largest cannabis cultivation sites in the world and the heartbeat of our company,” said Kyle Kazan, Co-Founder, Chairman & CEO of Glass House. “We pride ourselves on transparency and look forward to sharing the past, present and future of Glass House Brands with those who join us both in-person and virtually.”
Participants who cannot attend the event in-person can find a live webcast and replay here. It can also be found on the Glass House Brands website at https://glasshousebrands.com/news-events/events-and-webcasts/ then by selecting ‘Investor Day 2024′ from the drop down menu. The webcast will be archived for approximately 30 days.
The in-person portion of this event is strictly invite-only and space is limited. Please reach out to ir@glasshousebrands.com or GlassHouse@kcsa.com to inquire about attendance.
About Glass House Brands
Glass House is one of the fastest-growing, vertically integrated cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the company’s efforts are rooted in the respect for people, the environment, and the community that co-founders Kyle Kazan, Chairman and CEO, and Graham Farrar, Board Member and President, instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit www.glasshousebrands.com/ and https://glasshousebrands.com/press-releases/.
For further information, please contact:
Glass House Brands Inc.
John Brebeck, Vice President of Investor Relations
T: (562) 264-5078
E: ir@glasshousebrands.com
Mark Vendetti, Chief Financial Officer
T: (562) 264-5078
E: ir@glasshousebrands.com
Investor Relations Contact:
KCSA Strategic Communications
Phil Carlson
T: 212-896-1233
E: GlassHouse@kcsa.com
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Sentient Brands Holdings Inc. Enters into Definitive Share Exchange Agreement with AIG F&B, Inc.
AIG-F&B, Inc. plans to launch a global, vertically integrated food and beverage manufacturing and distribution business
Acquisition is expected to be highly synergistic and accretive
NEW YORK, Sept. 11, 2024 (GLOBE NEWSWIRE) — Sentient Brands Holdings Inc. (OTC Markets: SNBH) (“Sentient Brands” and the “Company”) (www.sentientbrands.com), a next-level product and brand development company with a strategic mission to develop and market high value products and services, today announced that it has entered into a definitive share exchange agreement (the “Agreement”) with AIG-F&B, Inc. (“AIG”) as part of the Company’s M&A strategy. Under the terms of the Agreement, Sentient Brands will acquire AIG in exchange for shares of common stock of the Company in accordance with an earnout schedule, with the transaction expected to close on or before November 1, 2024. Upon the closing of the transaction, AIG will become a wholly owned subsidiary of the Company.
AIG’s current shareholders, American Industrial Group, Inc. and its affiliates (collectively, “AIG Group”), represent a global network of vertically integrated food and beverage manufacturing companies. AIG Group operates eight factories and 170 distributors across 22 countries, supplying products to major U.S. and international big-box retailers and distributors, with several of their product lines holding Organic and Kosher certifications. In line with its business plan, AIG plans to launch a global, vertically integrated food and beverage manufacturing and distribution business, based on AIG Group’s proven, cash flow-positive product lines and business models.
The Company’s Chief Operating Officer, George Furlan, stated, “We are pleased to announce this transformative potential acquisition, as we believe that AIG’s planned business venture would be highly synergistic with our existing product and brand development business, and we anticipate meaningful operation efficiency through the integration of our two organizations.” Mr. Furlan continued, “If consummated, our acquisition of AIG could potentially establish Sentient Brands as an international enterprise with global reach and distribution capabilities within the food and beverage industries, which we expect could be highly accretive for our shareholders.”
Sergey Knazev, interim CEO of AIG, further noted, “We are thrilled to join forces with Sentient Brands, leveraging AIG Group’s cutting-edge product lines, advanced technology, and robust manufacturing and distribution expertise. This prospective partnership could provide a turnkey solution for AIG Group’s proven food and beverage brands and potentially offer significant access to the U.S. and global markets. Together with the Sentient Brands platform, we are committed to driving innovation and delivering high-quality products to a worldwide audience.”
Additional details of the transaction are available in the Company’s Form 8-K, which has been filed with the Securities and Exchange Commission and is available at www.sec.gov.
About Sentient Brands Holdings Inc.
Sentient Brands Holdings Inc. (“Sentient Brands” and the “Company”) (www.sentientbrands.com) is a next-level product and brand development company with a strategic mission to develop and market world-class products and services. Guided by the ethos, “We build brands people love,” Sentient Brands is led by accomplished professionals deeply rooted in brand-building expertise. The Company strives to cultivate a high-performance culture, enrich the lives of its consumers, and add value to its shareholders.
For more information on Sentient Brands Holdings Inc.:
www.instagram.com/sentientbrandsholdings/?ref=bklyner.com
About AIG-F&B, Inc.:
AIG-F&B, Inc.’s current shareholders, American Industrial Group, Inc. and its affiliates (collectively, “AIG Group”), represent a group of international, vertically integrated food and beverage manufacturing companies, comprising eight factories and 170 distributors across 22 countries, who market and sell products through various U.S. and international big-box retailers and distributors, with several product lines holding Organic and Kosher certifications. In line with its business plan, AIG-F&B, Inc. intends to launch a global, vertically integrated food and beverage manufacturing and distribution business, based on AIG Group’s proven, cash flow-positive product lines and business models.
About American Industrial Group, Inc.:
American Industrial Group, Inc. and its affiliates (collectively, “AIG Group”), is a group of global, vertically integrated, food and beverage products manufacturers, encompassing eight factories (the oldest of which was established in 1944), U.S. co-packing and manufacturing operations, and 170 distributors spanning 22 countries. AIG Group epitomizes “quality guaranteed from seed-to-shelf”.
For more information on AIG Group:
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are based upon current estimates and assumptions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements. This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Sentient Brands Holdings Inc.
646-202-2897
info@sentientbrands.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
EVP At HealthEquity Sells $947K Of Stock
Making a noteworthy insider sell on September 10, Elimelech Rosner, EVP at HealthEquity HQY, is reported in the latest SEC filing.
What Happened: Rosner’s decision to sell 12,296 shares of HealthEquity was revealed in a Form 4 filing with the U.S. Securities and Exchange Commission on Tuesday. The total value of the sale is $947,089.
The latest market snapshot at Wednesday morning reveals HealthEquity shares down by 0.0%, trading at $74.69.
Unveiling the Story Behind HealthEquity
HealthEquity Inc provides solutions that allow consumers to make healthcare saving and spending decisions. It provides payment processing services, personalized benefit information, the ability to earn wellness incentives, and investment advice to grow their tax-advantaged healthcare savings. It manages consumers’ tax-advantaged health savings accounts (HSAs) and other consumer-directed benefits (CDBs) offered by employers, including flexible spending accounts and health reimbursement arrangements (FSAs and HRAs), and administers Consolidated Omnibus Budget Reconciliation Act (COBRA), commuter and other benefits. It also provides investment advisory services to customers whose account balances exceed a certain threshold. HealthEquity generates its revenue in the United States.
Key Indicators: HealthEquity’s Financial Health
Revenue Growth: Over the 3 months period, HealthEquity showcased positive performance, achieving a revenue growth rate of 23.15% as of 31 July, 2024. This reflects a substantial increase in the company’s top-line earnings. As compared to its peers, the company achieved a growth rate higher than the average among peers in Health Care sector.
Profitability Metrics: Unlocking Value
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Gross Margin: Achieving a high gross margin of 68.03%, the company performs well in terms of cost management and profitability within its sector.
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Earnings per Share (EPS): HealthEquity’s EPS reflects a decline, falling below the industry average with a current EPS of 0.41.
Debt Management: HealthEquity’s debt-to-equity ratio surpasses industry norms, standing at 0.54. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
In-Depth Valuation Examination:
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Price to Earnings (P/E) Ratio: HealthEquity’s stock is currently priced at a premium level, as reflected in the higher-than-average P/E ratio of 62.24.
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Price to Sales (P/S) Ratio: With a relatively high Price to Sales ratio of 5.99 as compared to the industry average, the stock might be considered overvalued based on sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Boasting an EV/EBITDA ratio of 21.42, HealthEquity demonstrates a robust market valuation, outperforming industry benchmarks.
Market Capitalization Analysis: Reflecting a smaller scale, the company’s market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
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Why Insider Transactions Are Important
Insider transactions, although significant, should be considered within the larger context of market analysis and trends.
In legal terms, an “insider” refers to any officer, director, or beneficial owner of more than ten percent of a company’s equity securities registered under Section 12 of the Securities Exchange Act of 1934. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.
Essential Transaction Codes Unveiled
In the domain of transactions, investors frequently turn their focus to those taking place in the open market, as meticulously outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of HealthEquity’s Insider Trades.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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Trump Media slumps as bets on Harris victory rise after presidential debate
Shares of Republican candidate Donald Trump’s company (DJT) that owns the Truth Social slumped 14% in busy trading on Wednesday as betting odds of a win for Democratic candidate Kamala Harris grew after a combative presidential debate.
Harris put Trump on the defensive with a stream of attacks on his fitness for office, his support of abortion restrictions and his myriad legal woes, prompting a visibly angry Trump to deliver a series of falsehood-filled retorts.
Trump has a more than 50% stake in Trump Media & Technology Group, which has a market value of $3.7 billion. Its shares are popular among retail traders and sensitive to the former president’s chances of a win in the 2024 election.
The stock has slumped nearly 60% since mid-July as Harris’ chances improved against Trump after she replaced President Joe Biden as the Democratic candidate.
After the debate, pricing for a Trump victory slipped by 6 cents to 47 cents with a potential $1 payout on online betting site PredictIt, while Harris’ odds rose to 57 cents from 53 cents.
“At this point, DJT is the betting stock for Trump winning,” said Matthew Tuttle, CEO of Tuttle Capital Management.
Harris’ candidacy also received a boost after pop megastar Taylor Swift told her 280 million Instagram followers in a post that she will vote for the Democratic candidate.
“The US Presidential debate achieved its goal by providing a decisive edge to one of the candidates in what has been an exceptionally close race,” said Charu Chanana, global market strategist at investment platform Saxo.
Trump Media’s valuation equals more than 900 times the money-losing company’s revenue of $4.1 million in 2023, far exceeding the worth of companies with bigger revenue.
For instance, Meta Platforms, (META) which generated $131.9 billion from goods and services in 2023, has a price-to-revenue valuation of 9.6, according to LSEG data.
About 5.8 million shares exchanged hands within minutes of the market open, nearly the same as its 25-day moving average volume.
Since its listing through a reverse merger with a blank check firm in March, TMTG’s market value has jumped as much as $9.2 billion as expectations of Trump victory rose. The stock has slumped 76% from its March peak.
An upcoming shareholder lock-up expiry could allow Trump and other investors to offload some shares as early as next week, potentially increasing the supply of shares and adding more pressure on the stock.
If the stock price remains at or above $12 for any 20 trading days from Aug. 22, then Trump will be free to sell shares beginning Sept. 20. Otherwise, the six-month lock-up expires on Sept. 25. The stock was last trading at $16.09.
“If he wins (the election) he doesn’t have to sell his shares and DJT can grow into something. If he loses, he has to sell his shares to pay legal bills and it is unlikely DJT is a going concern,” Tuttle said.
(Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Leroy Leo)
OPTICAL CABLE CORPORATION REPORTS THIRD QUARTER OF FISCAL YEAR 2024 FINANCIAL RESULTS
ROANOKE, Va., Sept. 11, 2024 /PRNewswire/ — Optical Cable Corporation (Nasdaq GM: OCC) (“OCC®” or the “Company”) today announced financial results for its third quarter ended July 31, 2024.
Third Quarter 2024 Financial Results
Consolidated net sales for the third quarter of fiscal year 2024 were $16.2 million, a decrease of 4.2% compared to net sales of $16.9 million for the same period in the prior year. OCC experienced an increase in net sales in its enterprise market in the third quarter of fiscal 2024, compared to the same period last year, which was offset by decreases in net sales in its specialty markets, including the wireless carrier market. OCC believes this is consistent with weakness experienced across the industry generally and in certain of its target markets, which the Company began to experience during the third quarter of fiscal year 2023.
The Company’s net sales have increased each quarter since the first quarter of fiscal year 2024. OCC’s sales order backlog/forward load has also increased since the beginning of fiscal year 2024. The Company believes this reflects improving opportunities in certain targeted markets as fiscal year 2024 has progressed.
Gross profit was $3.9 million in the third quarter of fiscal year 2024, a decrease of 23.4% compared to gross profit of $5.1 million for the same period in fiscal year 2023, and compared to $4.0 million for the second quarter of fiscal 2024.
Gross profit margin, or gross profit as a percentage of net sales, was 24.2% in the third quarter of fiscal year 2024, compared to 30.2% in the third quarter of fiscal year 2023 and 25.1% for the second quarter of fiscal year 2024.
Gross profit margin for the third quarter of fiscal year 2024, when compared to the same period last year, was impacted by lower production volumes, resulting in fixed charges being spread over lower net sales, as well as decreased plant efficiency as lower production volumes impacted the flow of products through the Company’s manufacturing facilities—both effects of operating leverage. The variability of the Company’s gross profit margin in any quarter also reflects changes in product mix.
While production volume decreased during the third quarter and first nine months of fiscal year 2024, compared to the same periods last year, the Company has not implemented reductions in production personnel. The Company’s restraint in this regard is consistent with its view of expected opportunities in fiscal year 2025, as well as the time required to train new production personnel.
SG&A expenses were $5.2 million in the third quarter of fiscal year 2024, compared to $5.0 million for the third quarter of fiscal year 2023. SG&A expenses as a percentage of net sales were 32.3% in the third quarter of fiscal 2024, compared to 29.3% in the prior year period, as fixed SG&A expenses were spread over lower net sales. By comparison, SG&A expenses as a percentage of net sales were 33.0% during the second quarter of fiscal 2024.
For the third quarter of fiscal year 2024, OCC recorded a net loss of $1.6 million, or $0.20 per basic and diluted share, compared to net income of $101,000, or $0.01 per basic and diluted share, for the third quarter of fiscal year 2023.
Fiscal Year-to-Date 2024 Financial Results
Consolidated net sales for the first nine months of fiscal year 2024 were $47.2 million, a decrease of 14.0%, compared to net sales of $54.8 million for the first nine months of fiscal year 2023, with sales decreases experienced in both the Company’s enterprise and specialty markets, including the wireless carrier market.
The Company’s net sales during the first nine months of fiscal year 2023 benefited from a higher-than-typical sales order backlog/forward load of more than $12.0 million at the end of fiscal year 2022, whereas sales order backlog/forward load at the end of fiscal year 2023 had returned to more normal levels at approximately $5.4 million. At the end of the first nine months of fiscal year 2024, sales order backlog/forward load increased to $6.5 million when compared to $5.6 million as of April 30, 2024 and $5.0 million as of January 31, 2024.
OCC reported gross profit of $11.7 million in the first nine months of fiscal year 2024, a decrease of 36.6%, compared to gross profit of $18.4 million in the first nine months of fiscal year 2023. Gross profit margin was 24.7% in the first nine months of fiscal year 2024 compared to 33.6% for the same period in fiscal year 2023.
SG&A expenses decreased 2.6% to $15.7 million during the first nine months of fiscal year 2024 from $16.1 million for the first nine months of fiscal year 2023. The decrease in SG&A expenses during the first nine months of fiscal year 2024 compared to the first nine months of fiscal year 2023 was primarily the result of decreases in employee and contracted sales personnel-related costs and shipping costs.
OCC recorded a net loss of $4.6 million, or $0.59 per basic and diluted share, for the first nine months of fiscal year 2024, compared to net income of $3.3 million, or $0.42 per basic and diluted share, for the first nine months of fiscal year 2023.
Management’s Comments
Neil Wilkin, President and Chief Executive Officer of OCC, said “Our results through the third quarter of fiscal year 2024 have been impacted by the challenging market environment affecting our industry. As a result of the OCC team’s solid execution, we have achieved higher net sales each quarter since the first quarter of fiscal 2024. While our results were not as strong as initially anticipated, we are seeing indications of improving opportunities as we near the end of our fiscal year and look ahead to fiscal year 2025. We will continue to focus on executing our plans to capture the opportunities ahead to grow OCC’s net sales, while also taking prudent steps to operate efficiently.”
Mr. Wilkin added, “I am immensely appreciative of the work of the OCC team, and their commitment to providing our customers and end-users–including our country’s military and first responders–with our suite of mission-critical products. With our strong position in our targeted markets and differentiated core strengths and capabilities, we remain confident that OCC is poised to deliver value to shareholders as macroeconomic conditions improve.”
Conference Call Information
As previously announced, OCC will host a conference call today, September 11, 2024, at 10:30 a.m. Eastern Time. Individuals wishing to participate in the conference call should call (800) 245-3047 in the U.S. or (203) 518-9765 internationally, Conference ID: OCCQ324. For interested individuals unable to join the call, a replay will be available through Wednesday, September 18, 2024 by dialing (800) 934-4245 or (402) 220-1173. The call will also be broadcast live over the internet and can be accessed by visiting the investor relations section of the Company’s website at www.occfiber.com.
Company Information
Optical Cable Corporation (“OCC®“) is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets (collectively, the non-carrier markets) and also the wireless carrier market, offering integrated suites of high-quality products which operate as a system solution or seamlessly integrate with other components.
OCC® is internationally recognized for pioneering innovative fiber optic and copper communications technologies, including fiber optic cable designs for the most demanding environments and applications, copper connectivity designs to meet the highest data communication industry standards, as well as a broad product offering built on the evolution of these fundamental technologies.
OCC uses its expertise to deliver cabling and connectivity products and integrated solutions that are best suited to the performance requirements of each end-user’s application. And OCC’s solutions offerings cover a broad range of applications—from commercial, enterprise network, datacenter, residential and campus installations to customized products for specialty applications and harsh environments, including military, industrial, mining, petrochemical and broadcast applications, as well as for the wireless carrier market.
Founded in 1983, OCC is headquartered in Roanoke, Virginia with offices, manufacturing and warehouse facilities located in Roanoke, Virginia, near Asheville, North Carolina and near Dallas, Texas. OCC’s facilities are ISO 9001:2015 registered and its Roanoke and Dallas facilities are MIL-STD-790G certified.
Optical Cable Corporation™, OCC®, Procyon®, Superior Modular Products™, SMP Data Communications™, Applied Optical Systems™, and associated logos are trademarks of Optical Cable Corporation.
Further information about OCC® is available at www.occfiber.com.
FORWARD-LOOKING INFORMATION
This news release by Optical Cable Corporation and its subsidiaries (collectively, the “Company” or “OCC”) may contain certain forward-looking information within the meaning of the federal securities laws. The forward-looking information may include, among other information, (i) statements concerning our outlook for the future, (ii) statements of belief, anticipation or expectation, (iii) future plans, strategies or anticipated events, and (iv) similar information and statements concerning matters that are not historical facts. Such forward-looking information is subject to known and unknown variables, uncertainties, contingencies and risks that may cause actual events or results to differ materially from our expectations, and such known and unknown variables, uncertainties, contingencies and risks may also adversely affect Optical Cable Corporation and its subsidiaries, the Company’s future results of operations and future financial condition, and/or the future equity value of the Company. A partial list of such variables, uncertainties, contingencies and risks that could cause or contribute to such differences from our expectations or that could otherwise adversely affect Optical Cable Corporation and its subsidiaries is set forth in Optical Cable Corporation’s quarterly and annual reports filed with the Securities and Exchange Commission (“SEC”) under the heading “Forward-Looking Information.” OCC’s quarterly and annual reports are available to the public on the SEC’s website at www.sec.gov. In providing forward-looking information, the Company expressly disclaims any obligation to update this information, whether as a result of new information, future events or otherwise except as required by applicable laws and regulations.
(Financial Tables Follow)
|
OPTICAL CABLE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (thousands, except per share data) (unaudited) |
|||||||
|
Three Months Ended |
Nine Months Ended |
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
|
Net sales |
$ 16,222 |
$ 16,941 |
$ 47,188 |
$ 54,845 |
|||
|
Cost of goods sold |
12,302 |
11,825 |
35,516 |
36,425 |
|||
|
Gross profit |
3,920 |
5,116 |
11,672 |
18,420 |
|||
|
SG&A expenses |
5,237 |
4,957 |
15,650 |
16,075 |
|||
|
Royalty expense, net |
7 |
7 |
20 |
20 |
|||
|
Amortization of intangible assets |
13 |
14 |
40 |
41 |
|||
|
Income (loss) from operations |
(1,337) |
138 |
(4,038) |
2,284 |
|||
|
Interest expense, net |
(301) |
(298) |
(881) |
(855) |
|||
|
Gain on insurance proceeds, net |
90 |
256 |
309 |
1,952 |
|||
|
Other, net |
(2) |
4 |
47 |
59 |
|||
|
Other income (expense), net |
(213) |
(38) |
(525) |
1,156 |
|||
|
Income (loss) before income taxes |
(1,550) |
100 |
(4,563) |
3,440 |
|||
|
Income tax expense |
7 |
(1) |
21 |
106 |
|||
|
Net income (loss) |
$ (1,557) |
$ 101 |
$ (4,584) |
$ 3,334 |
|||
|
Net income (loss) per share: |
|||||||
|
Basic and diluted |
$ (0.20) |
$ 0.01 |
$ (0.59) |
$ 0.42 |
|||
|
Weighted average shares outstanding: |
|||||||
|
Basic and diluted |
7,739 |
7,867 |
7,753 |
7,876 |
|||
|
OPTICAL CABLE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET DATA (thousands) (unaudited) |
|||
|
July 31, |
October 31, |
||
|
Cash |
$ 797 |
$ 1,469 |
|
|
Trade accounts receivable, net |
8,589 |
8,728 |
|
|
Inventories |
19,259 |
23,766 |
|
|
Other current assets |
546 |
1,075 |
|
|
Total current assets |
29,191 |
35,038 |
|
|
Non-current assets |
8,408 |
8,841 |
|
|
Total assets |
$ 37,599 |
$ 43,879 |
|
|
Current liabilities |
$ 6,976 |
$ 7,768 |
|
|
Non-current liabilities |
10,269 |
11,389 |
|
|
Total liabilities |
17,245 |
19,157 |
|
|
Total shareholders’ equity |
20,354 |
24,722 |
|
|
Total liabilities and shareholders’ equity |
$ 37,599 |
$ 43,879 |
|
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SOURCE Optical Cable Corporation
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Low Voltage Contactor Market to Reach $8.0 Billion, Globally, by 2033 at 3.7% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 11, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Low Voltage Contactor Market by Type (AC Contactor and DC Contactor), Application (Motor Application, Power Switching, Telecommunication, Automation, Renewables and Others), End-User (Industrial, Residential and Commercial), Current Rating (Below 100A, 100A-250A, 250A-500A, 500A-750A and Above 750A): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the low voltage contactor market was valued at $5.6 billion in 2023, and is estimated to reach $8.0 billion by 2033, growing at a CAGR of 3.7% from 2024 to 2033.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A218871
Prime determinants of growth
The global low-voltage contactors market is experiencing growth due to government regulations and safety standards and expansion of security and surveillance systems. However, high initial investments hinder market growth to some extent. Moreover, the rising demand for smart city initiatives opens avenues for the development of innovative solutions present additional opportunities for the low-voltage contactors market.
Report coverage and details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $5.6 billion |
| Market Size in 2033 | $8.0 billion |
| CAGR | 3.7% |
| No. of Pages in Report | 300 |
| Segments Covered | Type, Current Rating, Application, End-User, and Region |
| Drivers |
|
| Opportunity |
|
| Restraint |
AC contactors segment is expected to lead the trail by 2033
Based on type, the AC contactors segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance is primarily due to the widespread use of alternating current (AC) in electrical systems worldwide, including residential, commercial, and industrial applications. AC contactors are essential for controlling AC motors, lighting, heating, and other equipment, making them highly versatile and in constant demand. Additionally, advancements in AC contactor technology have improved efficiency, reliability, and safety features, further cementing their position as the preferred choice in most electrical installations. AC contactors segment is expected to maintain its dominant market presence as AC power continues to be the standard in global infrastructure.
Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3XEbpty
Below 100A segment is expected to lead the trail by 2033
Based on current rating, the below 100A segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance can be attributed to several factors such as technological advancements that have led to the development of more compact and energy-efficient devices that fall within this lower current rating range. There is a growing demand for smaller, modular systems in various applications, including industrial machinery, HVAC systems, and smaller-scale automation projects. Cost-effectiveness and ease of integration make low voltage contactors below 100A particularly attractive for a wide range of end-users, contributing to their market dominance.
Automation segment is expected to lead the trail by 2033
Based on application, automation segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance is driven by the increasing adoption of automation across various industries, including manufacturing, automotive, and logistics. Automation demands reliable and efficient control of electrical currents, where low voltage contactors play a pivotal role in switching and protecting circuits. As industries strive for greater operational efficiency, reduced downtime, and enhanced safety protocols, the demand for advanced low voltage contactors capable of seamless integration with automated systems continues to rise, solidifying automation as the leading application segment in the market.
Industrial segment is expected to lead the trail by 2033
Based on end user, the industrial segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This is primarily due to the extensive use of contactors in industrial machinery, manufacturing processes, and infrastructure projects. Industries require robust and reliable electrical components like contactors to manage heavy electrical loads, ensure operational continuity, and protect equipment from electrical faults. Moreover, industrial applications often involve complex automation systems where contactors play a critical role in controlling motors, pumps, and other essential machinery. As industrial sectors continue to modernize and adopt advanced automation technologies, the demand for low voltage contactors is expected to remain strong, reinforcing their dominance in the market.
For Purchase Inquiry: https://www.alliedmarketresearch.com/low-voltage-contactor-market/purchase-options
Asia-Pacific is expected to experience the fastest growth throughout the forecast period
Based on region, Asia-Pacific is the fastest-growing region in terms of revenue in 2023. The region’s increasing population, urbanization, and expanding middle class are driving higher demand for telecom services and infrastructure. Moreover, governments across Asia-Pacific are investing heavily in digital transformation initiatives, fostering the deployment of advanced telecom technologies. This includes 5G networks, IoT (Internet of Things) solutions, and cloud computing, which require robust and reliable telecommunications equipment. As a result, the low-voltage contactor market in Asia-Pacific is projected to experience the fastest growth, driven by both consumer demand and strategic government investments in digital connectivity.
Leading Market Players: –
- Schneider Electric
- Siemens
- ABB Group
- Rockwell Automation
- Mitsubishi Electric Corporation
- Fuji Electric
- C&S Electric Limited
- Durakool
- Yueqing Liyond Electric Co., Ltd.
- Sensata Technologies, Inc.
The report provides a detailed analysis of these key players in the global low-voltage contactors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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