Bentley Systems And 1 Other Stock Executives Are Selling
The Nasdaq 100 closed higher by around 2.5% during Thursday’s session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company’s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
Bentley Systems
- The Trade: Bentley Systems, Incorporated BSY Chief Product Officer Michael M Campbell sold a total of 4,578 shares at an average price of $47.27. The insider received around $216,416 from selling those shares.
- What’s Happening: On Sept. 16, Rosenblatt analyst Blair Abernethy maintained Bentley Systems with a Buy and maintained a $62 price target.
- What Bentley Systems Does: Bentley Systems is a software vendor that caters to engineers, architects, constructors, and geospatial professionals by enabling design, modeling, simulation and project, and data management of infrastructure assets.
Clean Harbors
- The Trade: Clean Harbors, Inc. CLH Director Lauren States sold a total of 309 shares at an average price of $244.09. The insider received around $75,424 from selling those shares.
- What’s Happening: On July 31, Clean Harbors reported better-than-expected second-quarter financial results and raised its FY24 adjusted EBITDA guidance.
- What Clean Harbors Does: Clean Harbors Inc is an environmental and industrial services provider.
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Boeing 'In A Death Spiral Of Their Own Making' According To A Consultant As 'Employees Already Have A Dim View Of Management'
Boeing is facing one of the toughest times in its history. Recently, 33,000 union workers left the job after rejecting the company’s latest contract offer. The strike has only added to the company’s growing list of problems, such as the 737 Max production issues, financial losses and sinking employee morale.
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The union members, most of them based in Washington state, turned down a proposal to raise wages by 25% over four years, as they were pushing for a 40% increase. Boeing’s stock has dropped by over 6% due to the rejection and analysts are warning that rating agencies may lower the company’s debt to junk status.
Robert Kelly Ortberg, Boeing’s new CEO, is entering a turbulent time after recently purchasing a $4.1 million home in Seattle. He assumed the position following the company’s staggering $1.4 billion loss in the 2024 second quarter. Now, he faces a strike that could jeopardize Boeing’s chances of recovery.
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To address these problems, Boeing’s CFO Brian West has devised several ways to cut costs, such as stopping new hiring, halting raises, reducing unnecessary travel and even considering temporary layoffs. Boeing also plans to spend less on suppliers and stop buying its own planes, such as the 737 Max, 767 and 777 models.
While these measures could help Boeing save money in the short term, experts like Jason Walker, a consultant from Thrive HR Consulting, warn they could make things worse in the long run, as they could further damage employee morale, which is already low. Walker noted, “Employees already have a dim view of management and this is just going to make it worse. I think they are really in a death spiral of their own making.”
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The Boeing management is rushing to reach a settlement with the union and prevent more harm. West has indicated that he wants to return to the negotiating table and Ortberg actively participates in the discussions.
An aerospace advisor, James Darcy, cautioned that although resolving the strike is essential for Boeing to resume aircraft deliveries and enhance cash flow, the settlement conditions “will do nothing to help” the company’s long-term financial health.
Boeing is currently in a vulnerable situation. For one of the biggest aerospace companies in the world, the future appears difficult, given the mounting mistrust between management and employees, enormous financial losses and an unclear course of action. It remains to be seen if Boeing can bounce back and win back the trust of both its staff and clients.
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This article Boeing ‘In A Death Spiral Of Their Own Making’ According To A Consultant As ‘Employees Already Have A Dim View Of Management’ originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Palantir Wins Deal Worth Multi-Million Dollars To Expand Maven Smart System Across US Army, Air Force, Space Force & Navy
Palantir Technologies Inc. (NYSE:PLTR) shares are trading lower in the premarket session on Friday.
The company announced a contract granted by the DEVCOM Army Research Laboratory (ARL) that broadens Maven Smart System access across military branches, including the Army, Air Force, Space Force, Navy, and U.S. Marine Corps.
This firm-fixed price contract totals up to $99.804 million over five years and streamlines the process for services to utilize the existing features of the Maven Smart System. Maven Smart System is part of the National Geospatial-Intelligence Agency’s Maven AI framework.
“To stay ahead of our adversaries, we must deliver software advantage at speed and at every level of the Department of Defense,” said Shannon Clark, Head of Defense Growth, Palantir.
Under the latest development, Palantir’s platform will enhance AI-enabled battlespace awareness and support global integration, force management, logistics, and joint targeting workflows to improve military interoperability and readiness.
“This contract vehicle will allow every military department to tap into the innovation that the Office of Secretary of Defense and NGA have created through Maven to accelerate their own CJADC2 programs,” said Akash Jain, President of Palantir USG.
According to Benzinga Pro, PLTR stock has gained over 149% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:AIPI) and Global X Funds Global X Defense Tech ETF(NYSE:SHLD).
Price Action: PLTR shares are trading lower by 2.39% to $35.95 premarket at last check Friday.
Photo via Shutterstock
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This article Palantir Wins Deal Worth Multi-Million Dollars To Expand Maven Smart System Across US Army, Air Force, Space Force & Navy originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Claudia Sahm Underscores Fed's Mandate to Protect Jobs, Says Additional Cuts Expected: 'The Time To Support The Labor Market Is When It's Strong'
In an opinion piece in the New York Times titled “Inflation Is Ebbing. Now the Fed Must Protect Jobs,” the inventor of Sahm’s Rule Claudia Sahm said the 0.5 percentage point cut in policy interest rate by the Federal Reserve signifies a change in the central bank’s strategy towards managing inflation and employment.
What Happened: The rate cut brings the federal funds rate to a target range of 4.75 percent to 5 percent, inching closer to pre-pandemic levels. The Fed’s decision indicates a shift from its focus on inflation, which has been on a downward trend for the past two years, to strengthening employment, wrote Sahm in the Times.
Despite the rate cut, the funds rate remains high enough to deter some borrowing and spending, suggesting the Fed’s continued caution against inflation. However, the larger cut also reflects the Fed’s concern over recent indications of a labor market slowdown.
“Unlike many other central banks, however, the Fed has a mandate for maximum employment along with price stability, and the decision for a larger cut also signals that it is taking seriously recent signs of slowing in the labor market,” said Sahm, a former economist at the Federal Reserve Board of Governors.
Sahm noted that the decision was met with dissent, with Fed governor Michelle Bowman advocating for a smaller cut. Sahm said that the recent unemployment rate increase aligns with early recession trends, but the U.S. isn’t in or nearing a recession, with GDP growth on track. The Fed’s half-point rate cut, termed a “recalibration” by Chair Jerome Powell, aims to reduce risks, though it has raised concerns about a potential economic crisis.
Additional rate cuts are anticipated as inflation continues to fall. Most Fed officials predict a further reduction of at least 1.5 percentage points in the funds rate by the end of 2025, assuming only a minor increase in unemployment, according to Sahm.
Why It Matters: This bold move by the Federal Reserve breaks a four-year streak of steady rates, surprising Wall Street analysts who had predicted a more modest 0.25 point cut. The larger reduction aligns with investor sentiment favoring a more aggressive easing approach at the start of the rate-cut cycle.
Earlier, Sahm had refuted claims of a U.S. recession despite market instability. She insisted that traditional indicators might not accurately reflect the current unusual economic cycle. Sahm later defended the relevance of her economic indicator amid criticism.
Photo via Shutterstock.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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FedEx, Lennar And 3 Stocks To Watch Heading Into Friday
With U.S. stock futures trading lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
- FedEx Corp FDX reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance. The company reported first-quarter revenue of $21.6 billion, missing analyst estimates of $21.955 billion, according to Benzinga Pro. The company reported first-quarter adjusted earnings of $3.60 per share, missing analyst estimates of $4.80 per share. FedEx shares tumbled 11% to $267.25 in the after-hours trading session.
- Wall Street expects VinFast Auto Ltd. VFS to report a quarterly loss at 21 cents per share on revenue of $460.09 million before the opening bell. VinFast Auto shares rose 0.2% to $3.9665 in after-hours trading.
- Chewy Inc CHWY announced a public offering by a selling stockholder and a concurrent share repurchase. Chewy shares fell 0.8% to $30.85 in the after-hours trading session.
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- MillerKnoll, Inc. MLKN reported downbeat first-quarter financial results on Thursday. The company also said it sees second-quarter earnings of between 51 cents and 57 cents per share, versus the estimate of 61 cents, and second-quarter revenue in a range of $950 million to $990 million, versus the $948.12 million estimate. MillerKnoll shares declined 5.3% to $26.02 in the after-hours trading session.
- Lennar Corporation LEN reported better-than-expected financial results for the third quarter. The company said it sees fourth-quarter new orders in a range of 19,000 to 19,300 and deliveries between 22,500 and 23,000. The company expects the average sales price to be approximately $425,000. Lennar shares fell 2.4% to $187.75 in the after-hours trading session.
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FBI Arrests 2 People Allegedly Behind $230M Bitcoin Heist: Laundered Proceeds Were Spent On Globetrotting, High-End Wheels, And Designer Handbags
The Federal Bureau of Investigation (FBI) has arrested two people suspected of stealing and laundering over $230 million in Bitcoin BTC/USD.
What Happened: Malone Lam and Jeandiel Serrano were taken into custody on Wednesday night, according to a press release by the U.S. Department of Justice. The duo is accused of attempting to launder thousands of pilfered Bitcoins via mixing services.
They were slated to appear in separate federal courts in California and Florida on Thursday, the Justice Department said in a statement.
The authorities unearthed a sophisticated plan wherein the alleged thieves would drain cryptocurrencies out of victims’ accounts and then launder the proceeds through various mixers and exchanges using “peel chains,” pass-through wallets, and virtual private networks to conceal their identities.
The laundered funds were subsequently spent on extravagances such as international travel, nightclubs, pricey accessories, and luxury automobiles.
In the current case, the culprits robbed off 4,100 Bitcoin, worth $230 million, from a victim in Washington, D.C., last month.
The theft was first reported by prominent on-chain detective ZachXBT, who, in a joint effort with security firms like CFInvestigators, zeroshadow, and the Binance Security team, helped investigators trace some of the stolen funds.
ZachXBT added that over $9 million of the stolen assets have been frozen, and more than $500,000 have been returned to the victim.
Why It Matters: This case underscores the increasing sophistication of cybercriminals and the challenges faced by law enforcement agencies in tracking and recovering stolen cryptocurrencies.
Earlier this month, the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) revealed that Americans lost a staggering $5.6 billion to cryptocurrency-related frauds in 2023.
Alarmingly, the report indicated that while cryptocurrency-related complaints accounted for only 10% of all financial fraud reports, they represented nearly half of total financial losses.
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Executives Buying Middlefield Banc And 1 Other Stock
Although U.S. stocks closed higher on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.
Middlefield Banc
- The Trade: Middlefield Banc Corp. MBCN CEO Ronald Len. Zimmerly Jr acquired a total of 1,000 shares at an average price of $22.47. To acquire these shares, it cost around $22,470.
- What’s Happening: On July 18, Middlefield Banc reported quarterly earnings of 52 cents per share which beat the analyst consensus estimate of 40 cents per share.
- What Middlefield Banc Does: Middlefield Banc Corp is a United States-based bank holding company.
Focus Universal
- The Trade: Focus Universal Inc. FCUV Director Edward Shihai Lee acquired a total of 1,000,000 shares at an average price of $0.30. To acquire these shares, it cost around $300,000.
- What’s Happening: On Sept. 16, Focus Universal announced a $1.2 million registered direct offering of 3.75 million shares at $0.32 per share.
- What Focus Universal Does: Focus Universal Inc develops and manufactures universal smart devices.
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Trump Media stock drops as lockup expiration set to give the former president clearance to sell shares
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Trump Media stock plummeted to its lowest levels since its IPO on Thursday.
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Shares dropped as much as 4% as a lockup period was set to expire.
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Following the lockup, Trump can dump his shares, though he’s said he wouldn’t sell.
Trump Media & Technology Group shares dropped to their lowest level since the company went public earlier this year as a lockup period preventing insider selling was set to expire.
The Truth Social parent company’s shares slid as much as 4% on Thursday, dropping as low as $14.77 before paring some losses.
The company went public in March, with shares spiking to all-time highs above $70 shortly after, before steadily declining in the following months.
The most recent decline has been fueled by investor concern over the lockup period which prevents insiders from selling, and which is set to expire as soon as Thursday afternoon, CNBC reported.
Once the lockup period is over, the Republican presidential candidate has the all-clear to start selling his stock. If he chooses to do so, it could be a major headwind for investors, given that Trump owns a nearly 60% stake in the company worth $1.7 billion based on Thursday’s price.
Trump said last week he had no intention of selling the stock, which briefly calmed investors.
“No, I’m not selling. No, I love it,” the presidential candidate said in a press conference last Friday, sparking a 25% rally in DJT shares.
Read the original article on Business Insider
Diamondback Energy Announces Pricing of Upsized Secondary Common Stock Offering
MIDLAND, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. FANG (“Diamondback”) announced today the upsize and pricing of an underwritten public offering of 12,770,000 shares of its common stock (the “Secondary Offering”) by certain Legacy Endeavor Stockholders (the “Selling Stockholders”). The gross proceeds from the sale of the shares by the Selling Stockholders will be approximately $2.2 billion. Diamondback will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Secondary Offering is expected to close on September 23, 2024, subject to customary closing conditions.
The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1,615,500 shares of common stock.
In addition, Diamondback has agreed to purchase from the underwriters 2,000,000 shares of common stock that are the subject of the Secondary Offering at a price per share equal to the price per share to be paid by the underwriters to the Selling Stockholders (the “Share Repurchase”) under Diamondback’s existing share repurchase program. Diamondback plans to fund the Share Repurchase from existing cash on hand. The underwriters will not receive any compensation for the shares being repurchased by Diamondback in the Share Repurchase.
Evercore ISI, Citigroup and J.P. Morgan are acting as joint book-running managers for the Secondary Offering.
Copies of the written base prospectus and prospectus supplement for the Secondary Offering, when available, may be obtained from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via email at prospectus-eq_fi@jpmchase.com.
The common stock will be sold pursuant to an effective automatic shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Secondary Offering may only be made by means of a prospectus supplement and related base prospectus.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding the completion of the Secondary Offering, Diamondback’s future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits of strategic transactions (including acquisitions and divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release or otherwise by Diamondback, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements. Information concerning these risks and uncertainties and other factors can be found in Diamondback’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the registration statement, prospectus and prospectus supplement relating to the Secondary Offering and its reports on Forms 10-K, 10-Q and 8-K, each of which can be obtained free of charge on the SEC’s web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement unless required by applicable law.
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
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