Agree Realty Announces Third Quarter 2024 Earnings Release Date and Conference Call Information
ROYAL OAK, Mich., Oct. 1, 2024 /PRNewswire/ — Agree Realty Corporation ADC (the “Company”) today announced that it will release its third quarter 2024 operating results after the market closes on Tuesday, October 22, 2024. A conference call to discuss the Company’s operating results is scheduled for Wednesday, October 23, 2024 at 9:00 AM ET. Interested parties and shareholders may access the call via teleconference or webcast:
To participate, please dial-in or log-on at least five minutes prior to the scheduled time.
A live webcast of the conference call will also be available through the Company’s website. To access, log-on to www.agreerealty.com and go to the Investors section five minutes prior to the call.
A replay of the conference call webcast will be archived and available online through the Investors section of www.agreerealty.com.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2024, the Company owned and operated a portfolio of 2,202 properties, located in 49 states and containing approximately 45.8 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.
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SOURCE AGREE REALTY CORPORATION
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Nasdaq, S&P Futures Sag As Downside Risks Intensify, Oil Spikes, Nike Slides: Why This Strategist Is Expecting 'Stronger' Second-Half Of October
U.S. stock futures are slipping early Wednesday after Middle East tensions and the impact of Hurricane Helene set off worries and dragged the major indices in the previous session. These added concerns sapped risk appetite that was on the wane amid the overbought levels of the market, lingering economic uncertainties, and the looming presidential election and third-quarter reporting season. On Wednesday, traders may keep a close eye on ADP’s private payrolls report, often considered a precursor to Friday’s non-farm payrolls report, due ahead of the market open, as well as comments by Federal Reserve officials.
| Futures | Performance (+/-) |
| Nasdaq 100 | -0.27% |
| S&P 500 | -0.26% |
| Dow | -0.35% |
| R2K | -0.73% |
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust SPY moved down 0.17% to $567.63 and the Invesco QQQ ETF QQQ slipped 0.16% to $480.48, according to Benzinga Pro data.
Cues From Last Session:
Wall Street pulled back sharply on Tuesday as traders reacted negatively to Iran’s missile attack on Israel, the start of a dockworkers’ strike that would handicap half of the country’s shipping and the impact of Hurricane Helene, which unleashed its fury over the Southeastern states. To make matters worse, the Institute for Supply Management’s manufacturing purchasing managers’ index contracted by more than expected.
On a positive note, job openings came in at a better-than-expected 8 million in August, the Labor Department said.
The averages opened lower and languished below the unchanged line throughout the session before closing sharply lower. All but energy, utility and communication services stocks, closed lower, with IT stock coming in for a sound thrashing.
| Index | Performance (+/) | Value |
| Nasdaq Composite | -1.53% | 17,910.36 |
| S&P 500 Index | +0.93% | 5,708.75 |
| Dow Industrials | -0.41% | 42,156.97 |
| Russell 2000 | +1.48% | 2,197.03 |
Insights From Analysts:
October is a seasonally strong month but it often starts slow before picking up momentum as the third-quarter earnings announcements begin to drop, said fund manager Louis Navellier. “I am expecting that the second half of October will be stronger than the first half,” he said. The fund manager expects fundamentally superior stocks to benefit from earnings surprises.
Further ahead into November, the next president would have been elected and the Fed will cut interest rates again, he said. He expects consumer sentiment to improve with most of the economic and political uncertainty removed.
See also: How To Trade Futures
Upcoming Economic Data:
- ADP is scheduled to release the private payroll report for September at 8:15 a.m. EDT. Economists, on average, expect the private sector to have added 128,000 jobs, more than the 99,000 jobs added in August.
- Cleveland Fed President Beth Hammack is scheduled to give the welcome remarks before the 2024 Minorities in Banking Forum hosted by the Federal Reserve Bank of Cleveland, at 9 a.m. EDT.
- St. Louis Fed President Alberto Musalem will provide welcome remarks for the 2024 Community Banking Research Conference at 10.05 a.m. EDT.
- The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EDT.
- Fed Governor Michelle Bowman is due to speak at 11 a.m. EDT and Richmond Fed President Tom Barkin will make a public appearance at 12:15 p.m. EDT.
Stocks In Focus:
- NIKE, Inc. NKE shares fell over 5.50% in premarket trading following the announcement of the company’s quarterly results, while Resources Connection, Inc. RGP declined about 4.75%.
- Among those reporting on Wednesday are Conagra Brands, Inc. CAG, RPM International Inc. RPM and Levi Strauss & Co. LEVI.
- Tesla, Inc. TSLA declined over 1% ahead of the company’s quarterly deliveries report.
- Nvidia Corp. NVDA slipped over 1.40% after it fell 3.66% on Tuesday.
Commodities, Bonds And Global Equity Markets:
Crude oil futures rose over 3% amid the Middle East tensions, while gold futures fell moderately. Bitcoin BTC/USD plunged over 3.75% and traded under $61.5K. The yield on the 10-year Treasury note rose 2.1 points to 3.764%.
Most Asian markets that were open for trading ended lower amid the multiple downside triggers, although the Hong Kong market, which reopened after Tuesday’s public holiday, soared. The Chinese, Indian and Taiwanese markets remained closed for public holidays.
European stocks traded in the red in early trading.
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Cerebras reveals revenue surge in US IPO filing, aims to challenge Nvidia in AI chip market
By Manya Saini and Pritam Biswas
(Reuters) -Cerebras Systems, a startup competing with industry leader Nvidia for a slice of the lucrative AI chip market, said late on Monday its revenue surged more than threefold in 2023, in a filing to go public in the U.S.
Initial public offerings in the U.S. have bounced back in 2024 after a two-year dry spell, driven by growing hopes of a soft landing and stocks trading at record highs. Analysts see more gains ahead as investor sentiment improves and expect AI firms to lead the charge for tech listings.
Cerebras’ revenue surged to $78.7 million in the 12 months ended Dec. 31 versus $24.6 million a year earlier. Loss narrowed to $2.92 per share compared with $4.28 apiece.
The company said 83% of its total annual revenue came from AI tech group G42, which is partly owned by Abu Dhabi’s sovereign investor Mubadala. In the IPO prospectus, Cerebras listed its commercial relationship with G42 among the key factors that can affect its performance.
Citigroup and Barclays are the lead underwriters of the offering. It is looking to list on the Nasdaq and trade under the ticker symbol “CBRS”.
While Cerebras is yet to reveal the terms of its IPO, Bloomberg News, citing sources, reported late last month it could seek to raise up to $1 billion.
AI RACE
The Silicon Valley startup will seek out investors for the share sale at a time when investor enthusiasm for all AI-linked chip companies remains robust. In its IPO prospectus, Cerebras said it expects the AI computing market to grow to $453 billion in 2027 from $131 billion in 2024.
“It seems fair to suggest that we could see a new wave of tech companies coming to market, given previous appetite for innovation among investors in the States,” Dan Coatsworth, investment analyst at AJ Bell, told Reuters.
“Anything AI-related should have an easy story to tell and investors love a good narrative when they’re seeking new opportunities.”
Nvidia’s stock has seen a monster rally this year, surging around 140%, solidifying its position as one of the world’s most valuable companies. Its advanced hardware helps OpenAI develop the underlying software that powers apps such as ChatGPT.
Cerebras is betting its roughly foot-wide chip can outperform Nvidia’s hardware, which is a cluster of thousands of chips stitched together.
In August, Cerebras launched a tool for AI developers that allows them to access the startup’s outsized chips to run applications, which it said was a much cheaper option than Nvidia processors.
(Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Devika Syamnath and Krishna Chandra Eluri)
Elon Musk Comments On JD Vance-Tim Walz Debate After User Favors Them Over Trump And Harris: 'They Were Civil'
On Tuesday, following the only vice-presidential debate of the 2024 elections, Tesla and SpaceX CEO Elon Musk spoke about his viewpoint while praising Republican Sen. JD Vance (R-Ohio.) and Governor Tim Walz (D-Minn).
What Happened: After the debate, a user on X, formerly Twitter, expressed their preference for either of the vice-presidential candidates over the presidential ones, Donald Trump and Kamala Harris.
“All I’m gleaning from this debate is that I’d prefer either one of these vice presidents over Trump or Kamala,” the user posted.
In response, Musk, who has publicly endorsed Trump, said, “They were rather civil,” referring to the two vice presidential candidates.
Why It Matters: The vice-presidential debate was held in New York City, following the previous month’s presidential debate where Democratic nominee Harris emerged victorious over Trump.
The debate between Walz and Vance was indeed civil, unlike earlier presidential debates. They targeted each other’s running mates, not one another.
The sharpest moment came when Vance dodged a question about Trump’s 2020 election loss, prompting Walz to call it a “damning non-answer” and condemn the denial of the Jan. 6 riots.
The debate opened with both candidates addressing Israel’s potential strike on Iran. Walz backed Israel’s self-defense and criticized Trump’s foreign policy, while Vance praised Trump’s global stability efforts and support for Israel.
The Republican candidate also defended Trump’s immigration stance, calling for mass deportations and rebuilding the wall.
On the economy, Walz pointed to Democratic cost-cutting measures like capping insulin prices, though he overstated the pre-legislation cost.
Meanwhile, Vance blamed Harris for rising prices in essentials, arguing she’s had years to act. “If Kamala Harris has such great plans for how to address middle-class problems, then she ought to do them now,” he stated.
Image via Shutterstock
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PRINCIPAL REAL ESTATE INCOME FUND DECLARES MONTHLY DISTRIBUTIONS OF $0.105 PER SHARE
DENVER, Oct. 1, 2024 /PRNewswire/ — Principal Real Estate Income Fund (the “Fund”), which is traded on the New York Stock Exchange under the symbol “PGZ,” announced the declaration of monthly distributions of $0.105 per common share, payable on the dates noted below. Based on the Fund’s current net asset value share price of $12.22 (as of market close on September 26, 2024), the distributions represent an annualized distribution rate of 10.31%.
The following dates apply to the distributions declared:
|
Ex Date |
Record Date |
Payable Date |
|
November 8, 2024 |
November 8, 2024 |
November 22, 2024 |
|
December 16, 2024 |
December 16, 2024 |
December 31, 2024 |
|
January 16, 2025 |
January 16, 2025 |
January 31, 2025 |
RISKS
This press release is not for tax reporting purposes but is being provided to announce the amount of the Fund’s distributions. In early 2025, after definitive information is available, the Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital). An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment and exposure to below-investment grade investments (i.e., “junk bonds”). The Fund’s net asset value will vary and its distribution rate may vary and both may be affected by numerous factors, including changes in the market spread over a specified benchmark, market interest rates and performance of the broader equity markets. Fluctuations in net asset value may be magnified as a result of the Fund’s use of leverage. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund’s common shares.
Securities backed by commercial real estate assets are subject to market risks similar to those of direct ownership of commercial real estate assets including, but not limited to, declines in the value of real estate, declines in rental or occupancy rates and risks related to general and local economic conditions.
The Fund’s investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.
Sources of distributions to shareholders may include net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time, available at www.principalcef.com. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. Past performance is not a guarantee of future results.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information visit www.principalcef.com or call 855.838.9485. Please read them carefully before investing.
Shares of closed-end investment companies frequently trade at a discount from their net asset value and initial offering prices.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market’s value.
ALPS Advisors, Inc. is the investment adviser to the Fund.
Principal Real Estate Investors LLC is the investment sub-adviser to the Fund. Principal Real Estate Investors LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member firm.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Additional information about SS&C SSNC is available at www.ssctech.com.
About SS&C ALPS Advisors
SS&C ALPS Advisors, a wholly-owned subsidiary of SS&C Technologies, is a leading provider of investment products for advisors and institutions. With over $24.96 billion under management as of June 30, 2024, SS&C ALPS Advisors is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $97.7 billion in commercial real estate assets, as of June 30, 2024. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
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SOURCE Principal Real Estate Income Fund
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Donna Roberts Makes A Tactical Move: Adds Cracker Barrel Old Stock Options To Portfolio
In a new SEC filing on September 30, it was unveiled that Roberts, SVP at Cracker Barrel Old CBRL, acquired stock options for 6,554 shares.
What Happened: Disclosed in a Form 4 filing on Monday with the U.S. Securities and Exchange Commission, Roberts, SVP at Cracker Barrel Old, made a strategic derivative acquisition. This involved acquiring stock options for 6,554 shares of CBRL, providing the right to buy the company’s stock at an exercise price of $45.96 per share.
Cracker Barrel Old shares are trading up 1.46% at $46.01 at the time of this writing on Tuesday morning. Since the current price is $46.01, this makes Roberts’s 6,554 shares worth $327.
Discovering Cracker Barrel Old: A Closer Look
Cracker Barrel Old Country Store Inc operates hundreds of full-service restaurants throughout the United States. Its restaurants are open for breakfast, lunch, and dinner, with menus that offer home-style country food. Cracker Barrel’s biggest input costs are beef, dairy, fruits and vegetables, pork, and poultry. The company purchases its food products from a few different vendors on a cost-plus basis. All restaurants are located in freestanding buildings and include gift shops, which contribute roughly one fourth of total company revenue. Apparel and accessories are the company’s biggest revenue generators in the retail segment of the business.
Understanding the Numbers: Cracker Barrel Old’s Finances
Revenue Growth: Cracker Barrel Old’s revenue growth over a period of 3 months has been noteworthy. As of 31 July, 2024, the company achieved a revenue growth rate of approximately 6.89%. This indicates a substantial increase in the company’s top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Consumer Discretionary sector.
Navigating Financial Profits:
-
Gross Margin: The company maintains a high gross margin of 32.1%, indicating strong cost management and profitability compared to its peers.
-
Earnings per Share (EPS): The company excels with an EPS that surpasses the industry average. With a current EPS of 0.82, Cracker Barrel Old showcases strong earnings per share.
Debt Management: With a below-average debt-to-equity ratio of 2.73, Cracker Barrel Old adopts a prudent financial strategy, indicating a balanced approach to debt management.
Valuation Metrics: A Closer Look
-
Price to Earnings (P/E) Ratio: With a lower-than-average P/E ratio of 24.78, the stock indicates an attractive valuation, potentially presenting a buying opportunity.
-
Price to Sales (P/S) Ratio: With a P/S ratio of 0.29 below industry standards, the stock shows potential undervaluation, making it an appealing investment option for those focusing on sales performance.
-
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Indicated by a lower-than-industry-average EV/EBITDA ratio of 12.96, the company suggests a potential undervaluation, which might be advantageous for value-focused investors.
Market Capitalization Analysis: Below industry benchmarks, the company’s market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
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Why Pay Attention to Insider Transactions
While insider transactions should not be the sole basis for making investment decisions, they can play a significant role in an investor’s decision-making process.
Within the legal framework, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
Cracking Transaction Codes
Investors prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates grant, award or other acquisition of securities from the company.
Check Out The Full List Of Cracker Barrel Old’s Insider Trades.
Insider Buying Alert: Profit from C-Suite Moves
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Engaging In Insider Activity, Bruce Hoffmeister At Cracker Barrel Old Exercises Options
A significant insider transaction involving the exercise of company stock options was reported on September 30, by Bruce Hoffmeister, SVP at Cracker Barrel Old CBRL, as per the latest SEC filing.
What Happened: The latest Form 4 filing on Monday with the U.S. Securities and Exchange Commission uncovered Hoffmeister, SVP at Cracker Barrel Old, exercising stock options for 0 shares of CBRL. The total transaction was valued at $0.
As of Tuesday morning, Cracker Barrel Old shares are down by 0.68%, with a current price of $45.04. This implies that Hoffmeister’s 0 shares have a value of $0.
Discovering Cracker Barrel Old: A Closer Look
Cracker Barrel Old Country Store Inc operates hundreds of full-service restaurants throughout the United States. Its restaurants are open for breakfast, lunch, and dinner, with menus that offer home-style country food. Cracker Barrel’s biggest input costs are beef, dairy, fruits and vegetables, pork, and poultry. The company purchases its food products from a few different vendors on a cost-plus basis. All restaurants are located in freestanding buildings and include gift shops, which contribute roughly one fourth of total company revenue. Apparel and accessories are the company’s biggest revenue generators in the retail segment of the business.
Understanding the Numbers: Cracker Barrel Old’s Finances
Positive Revenue Trend: Examining Cracker Barrel Old’s financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 6.89% as of 31 July, 2024, showcasing a substantial increase in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Insights into Profitability:
-
Gross Margin: Achieving a high gross margin of 32.1%, the company performs well in terms of cost management and profitability within its sector.
-
Earnings per Share (EPS): Cracker Barrel Old’s EPS is notably higher than the industry average. The company achieved a positive bottom-line trend with a current EPS of 0.82.
Debt Management: Cracker Barrel Old’s debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 2.73.
Insights into Valuation Metrics:
-
Price to Earnings (P/E) Ratio: The Price to Earnings ratio of 24.78 is lower than the industry average, indicating potential undervaluation for the stock.
-
Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 0.29, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
-
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): Cracker Barrel Old’s EV/EBITDA ratio, lower than industry averages at 12.96, indicates attractively priced shares.
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
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The Importance of Insider Transactions
Insider transactions should be considered alongside other factors when making investment decisions, as they can offer important insights.
In the realm of legality, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock.
Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors.
A Deep Dive into Insider Transaction Codes
Taking a closer look at transactions, investors often prioritize those unfolding in the open market, meticulously cataloged in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C denotes the conversion of an option, and transaction code A signifies a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Cracker Barrel Old’s Insider Trades.
Insider Buying Alert: Profit from C-Suite Moves
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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House Democrats Urge DEA To Speed Up Cannabis Rescheduling
Top Democrats from influential House committees are urging the Drug Enforcement Administration (DEA) to expedite the process of rescheduling cannabis.
In a letter sent to Attorney General Merrick Garland and DEA Administrator Anne Milgram, Representatives Jerrold Nadler (D-NY) and Frank Pallone (D-NJ), ranking members of the Judiciary and Energy & Commerce Committees respectively, stressed the need for quick action following a scientific review by the Biden administration.
See Also: ‘No Turning Back Now’: Cannabis Rescheduling Gains Momentum, Expert Offers Timeline
According to Marijuana Moment, the lawmakers argue that cannabis has “less potential for abuse than other drugs” and serves an “accepted medical use in treatment.”
Their comments align with recommendations from the Department of Health and Human Services (HHS) and the Department of Justice, which have called for the reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA).
“We value the Department of Justice’s steadfast commitment to prevent the misuse and diversion of controlled substances that pose a threat to public health,” Nadler and Pallone wrote.
The lawmakers applauded the Biden administration for initiating the review and urged the DEA to “swiftly complete this process and transfer marijuana to schedule III.”
Push For Full Descheduling
While the immediate focus is on rescheduling to Schedule III, which would loosen some federal restrictions on cannabis, the legislators also urged federal agencies to explore further reform.
They said that “continuing to assess whether schedule IV, schedule V, or descheduling may be appropriate” could be the next step in aligning cannabis policy with evolving scientific and medical understanding.
Descheduling, which would remove cannabis from the CSA entirely, remains a key objective for many advocates and lawmakers, including Nadler, who has previously sponsored the MORE Act – a bill that would result in full legalization.
Election-Year Focal Point
The timing of the lawmakers’ push comes as cannabis policy increasingly takes center stage in U.S. election politics. Both major parties are positioning themselves on the issue as the 2024 presidential election approaches.
However, final action on the rescheduling is not expected until after November, with the DEA scheduling an administrative hearing on the matter for December 2. This hearing will allow for further input from experts and stakeholders before the agency potentially finalizes its decision.
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This Stock Just Surged Past Nvidia To Become The S&P 500's Biggest Gainer In 2024
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If someone asked you to guess which S&P 500 stock has gained the most in share value this year, you might be inclined to go with Nvidia. It would be a good guess, but it would be incorrect. Vistra, an energy stock, is the correct answer. This company’s stock is up roughly 300% on the year and almost 40% in September alone.
That’s strong enough to make it the top-gaining stock in the S&P 500 this year. So, what makes Vistra (NYSE: VST) so special? As it turns out, chipmakers like Nvidia are not the only beneficiaries of AI’s emergence as “the next big thing” in the public and private sectors. Energy companies are also seeing a kick-on effect, mainly because AI’s appetite for data only matches its appetite for power.
Check It Out:
That’s good news for energy stocks, but especially for Vistra because of the type of power it provides. Vistra specializes in operating nuclear power facilities, which AI companies and data center operators increasingly look to as an energy source for the new hyperscale data centers.
Investors are beginning to realize that AI can’t reach its potential without access to ample power. Vistra has a jump on the competition because it already has nuclear plants online. These facilities cost billions to construct and take years to come online, but AI’s power demands are already beginning to strain local power grids, making energy companies very popular with investors.
Analysts like Antoine Aurimond of Jeffries have taken notice, recently raising his outlook on Vistra’s stock price from $99 to $137. If Vistra continues its upward climb, it might hit those numbers. Vistra shares were trading around $38 in January but have since rocketed to $118.54. That news will come as music to the ears of Vistra shareholders.
Trending: Get ‘em while you can — investing in this asset class may be reaching a high-water mark but you can still make returns right now.
Aurimond told Marketwatch why he expects continued growth for Vistra, saying, “The grid is going to be super tight in terms of supply/demand and there’s just not enough new capacity coming online because that takes time.” He’s not alone in his bullish predictions on Vistra, as Morgan Stanley analyst David Arcaro has raised his expectations for Vistra shares from $110 to $132.
Much of the excitement surrounding Vistra and nuclear power providers in general tracks back to energy deals between nuclear energy provider Constellation and Microsoft or Talen Energy’s similar pact with Amazon. Although that kind of deal is not currently on the table for Vistra, it’s clear many investors and analysts believe there is potential for one.
Aurimond also pointed out that Vistra has a few other cards that make it a potential long-term winner. Vistra’s operation is not as large as Constellation’s, but other aspects of Vistra’s infrastructure may give it an advantage. Aurimond told Marketwatch that Vistra is “one of the biggest holders of efficient gas plants across the country,” which he said “could be a huge source of upside.”
The AI revolution is evolving every day and like the internal combustion engine, it will change how the world works in ways that are currently unimaginable. That will create tremendous opportunities for investors in multiple sectors, including energy and data centers. Vistra’s performance this year is just the latest example of that.
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
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VEON's Mobilink Bank and Banglalink Take Home "Digital Nations" Awards at GSMA's M360 Asia-Pacific
Seoul, 2 October 2024: VEON Ltd. VEONVEON)), a global digital operator, is delighted to announce that its operating companies Mobilink Microfinance Bank and Banglalink have been recognized for their work in digital inclusion with three awards at the M360 APAC – GSMA’s annual flagship event for the Asia Pacific region.
The “Digital Nations Award” recognizes the contributions of mobile technology in driving the digital transformation of nations. The competition attracted submissions from 11 countries, including Bangladesh, Cambodia, India, Indonesia, Japan, Malaysia, Nepal, Pakistan, Philippines, Thailand, and Vietnam.
Mobilink Bank received the “Digital Nations Video Creativity Award” for its “Invisible Heirs” campaign. The impactful video addresses a social issue in Pakistan and many other parts of the world where women don’t receive what is rightfully theirs following the death of a spouse or parent. Mobilink launched a one-of-a-kind inheritance calculator that empowers women to claim their rightful share of inheritance by helping them easily calculate their inheritance rights. Furthermore, Quratulain Chaudhary, Head of Women’s Financial Services and Sustainability at Mobilink Bank, was recognized with the “Women Digital Leadership Award“.
Another VEON Group company Banglalink received the “Excellence in Digital Inclusion Video Award” for the “MyBL Super App: Revolutionising Healthcare in Rural Bangladesh” campaign. Banglalink’s MyBL super app, which includes a healthcare module among other features and serves 7.8 million monthly active users as of September 2024, has helped make healthcare more accessible in the country, especially for underserved populations in rural Bangladesh where healthcare services are difficult and expensive to reach.
“At VEON, we are dedicated to creating solutions that serve the underserved and drive greater inclusion through the power of digital services. We sincerely congratulate our colleagues at Mobilink Bank and Banglalink for developing very impactful campaigns that address critical issues in their respective markets. The mobile industry as a whole has a huge role to play in bridging inequalities through the power of digital, and we celebrate the work of our fellow mobile operators as well as of VEON Group companies,” said Kaan Terzioglu, VEON Group CEO.
Mobilink’s “Invisible Heirs” campaign video is available at https://youtu.be/4Fui59QNaBA?si=K3QxTwj8NBD_uimG and Banglalink’s “Revolutionising Healthcare in Rural Bangladesh” video can be viewed at https://youtu.be/qK8vADjHZcM?si=5yT2gOGfw1HEzLtY
These awards add to the numerous recognitions Banglalink and Mobilink Microfinance Bank have received over the last few years. Mobilink Microfinance Bank won the prestigious 2023 Pakistan Banking Award for the Best Bank for Inclusion as well as the National Financial Literacy Programme Award from the State Bank of Pakistan.
Banglalink won the Best Sustainability Excellence Initiative award in the Disaster Response category at the Bangladesh Sustainability Excellence Awards 2023, recognizing its contribution to societal welfare through the innovative integration of an Early Warning System within the MyBL Super App during Cyclone Mocha.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on Nasdaq and Euronext. For more information visit: www.veon.com
Contact Information
VEON
Hande Asik
Group Director of Communications
pr@veon.com
TUVA Partners
Julian Tanner
Julian.tanner@tuvapartners.com
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