Apple's Key Supplier Under Scrutiny After Employees Detained In China Over Breach Of Trust Allegations: No Harm To iPhone Partner, Says Taiwan Council
Four Taiwanese employees of Foxconn, also known as Hon Hai Precision Industry, the primary assembly partner of Apple Inc. AAPL, have been detained by the Chinese police.
What Happened: The employees were apprehended in Zhengzhou, a central mainland Chinese city, where Hon Hai operates the world’s largest iPhone assembly plant. Taiwan’s Mainland Affairs Council said that the charges against them are breach of trust, as stated by Taiwan’s Mainland Affairs Council, reported the South China Morning Post.
The council, citing information from the company, stated that the employees’ actions did not harm Hon Hai’s interests. It suggested that the incident might be a case of local police officers overstepping their authority.
According to local Taiwanese media, the detentions occurred earlier this year. However, the exact reason for the move remains unclear. The detained employees are all Taiwanese, confirmed by Elsie Tsai, a spokeswoman for Taiwan’s semi-official Straits Exchange Foundation, the report said.
Foxconn did not immediately respond to Benzinga’s request for comment.
Why It Matters: The recent detentions are part of a series of aggressive actions taken by Beijing against the staff of foreign firms. In August, an executive at Japanese drug maker Astellas Pharma was indicted for espionage.
Earlier in 2023, Beijing fined US-based Mintz Group about $1.5 million for illegal data collection and detained five of its Chinese employees. Similar incidents occurred in 2023, including the questioning of staff at the Shanghai office of American consultancy Bain & Company by Chinese authorities.
These detentions come amid rising tensions between China and Taiwan. Earlier this month, Taiwan’s President Lai Ching-te firmly asserted that it is “absolutely impossible” for Communist China to claim Taiwan as its motherland.
Despite the tensions, a majority of Taiwanese citizens believe a Chinese invasion is unlikely within the next five years, according to a poll conducted by Taiwan’s Institute for National Defence and Security Research. This sentiment reflects the current views in Taiwan regarding potential military threats from China.
U.S. President Joe Biden also approved $567 million in defense support for Taiwan, aiming to strengthen its military capabilities amid rising concerns over China’s intentions.
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S&P 500, Dow Jones Hit New Record Highs As Financial Stocks Soar On Upbeat Earnings
A remarkable rally in financial stocks boosted bullish sentiment across Wall Street on Friday, propelling both the S&P 500 and Dow Jones Industrial Average to new record levels.
Strong earnings from major U.S. banks helped fuel the broader market, with investors brushing aside mixed economic data released earlier in the day.
The S&P 500, as tracked by the SPDR S&P 500 ETF Trust SPY, surged past the 5,800-point mark, gaining 0.7% on the day and pushing year-to-date returns to nearly 23%.
Simultaneously, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF DIA, rose 0.8%, hitting 42,780 points and smashing previous records set in late September.
Chart: S&P 500, Dow Jointly Mark All-Time Highs As US Banks Top Q3 Earnings Forecasts
Financial Stocks Drive Wall Street Rally
The financial sector was the primary driver of Friday’s market gains.
The Financial Select Sector SPDR Fund XLF rallied 1.9%, marking its strongest session since November 2023 and hitting a fresh record high.
The rally came as a wave of U.S. banks reported better-than-expected third-quarter earnings, reinforcing confidence in the sector’s resilience.
JPMorgan Chase & Co. JPM delivered a robust performance, with Q3 earnings per share (EPS) of $4.37, exceeding the $4.00 consensus.
Shares surged over 4% by mid-morning trading in New York. Goldman Sachs analyst Richard Ramsden highlighted a “robust beat across every line,” for the largest U.S. bank.
Wells Fargo & Co WFC saw its shares soar 6.2% after posting an EPS of $1.42, beating expectations despite cautious guidance on net interest income for the year.
Bank of New York Mellon Corp. BK also delivered stronger-than-expected results, with BK shares rising 1.8%.
BlackRock Inc. BLK gained 3.4% after upbeat earnings and revenue, as performance fees sharply surprised estimates. BlackRock shares hit a new record high.
Other major banks participated in the rally, with Bank of America Corp. BAC, Citigroup C, Goldman Sachs Inc. GS, and Morgan Stanley MS climbing between 2% and 4.8%. Morgan Stanley also set new all-time highs.
The strength in large-cap banks spilled over to regional players, with the SPDR S&P Regional Banking ETF KRE rallying 3.5%. This helped lift the Russell 2000 index, which gained 1.3% and outperformed large-cap counterparts.
Mixed Economic Data Overshadowed by Strong Earnings
Friday’s economic data included a higher-than-expected Producer Price Index (PPI) and a weaker-than-expected Michigan Consumer Sentiment report for October.
The headline PPI came in at 1.8% year-over-year in September, down from an upwardly revised 1.9% in August, but above expectations of 1.6%. Core producer prices – which exclude energy and food – sharply increased from 2.6% to 2.8% year-on-year, surpassing expectations of 2.7%.
According to preliminary estimates, the University of Michigan’s U.S. consumer sentiment index fell to 68.9 in October 2024, down from a five-month high of 70.1 in September and missing forecasts of 70.8.
Year-ahead inflation expectations rose slightly from 2.7% to 2.9%, while the five-year outlook dipped from 3.1% to 3%.
“Consumers continue to express frustration over high prices. Still, long run business conditions lifted to its highest reading in six months, while current and expected personal finances both softened slightly”, Surveys of Consumers Director Joanne Hsu said.
Despite the mixed economic signals, investors focused on the strong bank earnings and remained optimistic about the upcoming corporate earnings season.
S&P 500’s Top 5 Performers On Friday
| Stock | Sector | Price | 1-day Return (%) |
| Uber Technologies, Inc. UBER | Industrials | 84.21 | 8.07% |
| Fastenal Company FAST | Industrials | 75.13 | 7.34 |
| Wells Fargo & Company | Financials | 60.99 | 5.61 |
| WW. Grainger, Inc. GWW | Industrials | 1,079.38 | 5.29 |
| Bank of America Corporation | Financials | 41.97 | 4.99 |
Dow’s Top 5 Performers On Friday
| Stock | Sector | Price | 1-day Return (%) |
| JPMorgan Chase & Co. | Financials | 221.99 | 4.30 |
| The Boeing Company BA | Industrials | 150.55 | 2.68 |
| The Goldman Sachs Group, Inc. | Financials | 513.51 | 1.94 |
| Intel Corporation INTC | Information Technology | 23.63 | 1.78 |
| American Express Company AXP | Financials | 274.73 | 1.58 |
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A Restaurant That Only Sells Chicken Fingers? This 'Stupid' Idea Made Him One Of The Richest People In The U.S. With $9.5 Billion
Todd Graves had a simple idea: a fast-food restaurant that sold only chicken fingers. And while that might sound like a winning idea now, when Graves pitched it as a college assignment in the mid-90s, it was anything but well-received.
In fact, his professor at Louisiana State University gave him the lowest grade in the class, insisting that such a niche concept would never work in southern Louisiana. Banks rejected him, too. They couldn’t imagine a restaurant with such a limited menu thriving.
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But Todd Graves wasn’t one to back down. With his dream of serving high-quality chicken fingers, he worked hard labor jobs – 90-hour weeks in California as a boilermaker and long days fishing for salmon in Alaska – just to save up the money to get started.
By 1996, Graves had enough funds to open the first Raising Cane’s in Baton Rouge, Louisiana, near LSU. He named it after his beloved yellow Labrador retriever, Cane, who had been a frequent visitor at the construction site.
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The opening wasn’t smooth; technical issues delayed the grand debut until late at night, but Graves wasn’t discouraged. He took to the streets to wave in customers and the restaurant stayed open until 3:30 a.m. That grassroots hustle paid off – the chicken fingers, Texas Toast and legendary Cane’s Sauce quickly gained fans. Those early customers weren’t just patrons – they became “Caniacs,” the dedicated followers of Raising Cane’s.
Today, Raising Cane’s has over 800 locations worldwide, including flagship spots in Times Square, Miami Beach and Las Vegas. The company generated $3.7 billion in net sales last year and aims for nearly 900 restaurants by the end of 2024. Todd Graves, now worth an estimated $9.5 billion, owns over 90% of the business and has no intention of selling it. He wants his kids to take over and carry on the company’s values after he’s gone.
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Despite the initial rejections and setbacks, Graves made his dream a reality – and then some. His journey hasn’t been easy, though. He had to learn some painful lessons, such as nearly leaving the business when Hurricane Katrina caused him to close 21 of 28 restaurants. And since he had to rely on loans to launch the company, he had to learn the hard way how to balance debt and equity. But he survived those challenges and Raising Cane’s came back stronger.
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Graves also has a passion for giving back. During the pandemic, when many restaurants were struggling, he launched the Discovery+ series Restaurant Recovery, which helped independent restaurant owners get back on their feet. To keep all 25,000 of Raising Cane’s employees employed, Graves and his co-CEO, AJ Kumaran, even gave up their paychecks during that period.
As the wealthiest resident in Louisiana, Graves believes in putting his employees first and providing possibilities. As a result, the company creates more than 10,000 new jobs annually, aiming to eventually reach 1,600 locations and employ 150,000 crew members.
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Chief Accounting Officer Of Pure Storage Sold $1.06M In Stock
A substantial insider sell was reported on October 9, by Mona Chu, Chief Accounting Officer at Pure Storage PSTG, based on the recent SEC filing.
What Happened: According to a Form 4 filing with the U.S. Securities and Exchange Commission on Wednesday, Chu sold 20,647 shares of Pure Storage. The total transaction value is $1,063,320.
At Thursday morning, Pure Storage shares are down by 0.64%, trading at $52.82.
Discovering Pure Storage: A Closer Look
Pure Storage Inc is a U.S.-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs. It generates revenue from two sources: product revenue which includes the sale of integrated storage hardware and embedded operating system software and; subscription services revenue which includes Evergreen Storage subscriptions, a unified subscription which includes Pure as-a-Service, and Cloud Block Store, and Portworx. Subscription services revenue also includes professional services offerings such as installation and implementation consulting services.
Key Indicators: Pure Storage’s Financial Health
Revenue Growth: Pure Storage displayed positive results in 3 months. As of 31 July, 2024, the company achieved a solid revenue growth rate of approximately 10.91%. This indicates a notable increase in the company’s top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Information Technology sector.
Insights into Profitability:
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Gross Margin: The company excels with a remarkable gross margin of 70.71%, indicating superior cost efficiency and profitability compared to its industry peers.
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Earnings per Share (EPS): With an EPS below industry norms, Pure Storage exhibits below-average bottom-line performance with a current EPS of 0.11.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.19.
Valuation Metrics: A Closer Look
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Price to Earnings (P/E) Ratio: With a higher-than-average P/E ratio of 123.07, Pure Storage’s stock is perceived as being overvalued in the market.
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Price to Sales (P/S) Ratio: With a higher-than-average P/S ratio of 6.17, Pure Storage’s stock is perceived as being overvalued in the market, particularly in relation to sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): With an EV/EBITDA ratio of 51.34, the company’s market valuation exceeds industry averages.
Market Capitalization Perspectives: The company’s market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
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Navigating the Impact of Insider Transactions on Investments
Insider transactions serve as a piece of the puzzle in investment decisions, rather than the entire picture.
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.
Deciphering Transaction Codes in Insider Filings
Delving into transactions, investors typically prioritize those unfolding in the open market, as precisely 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 Pure Storage’s Insider Trades.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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SSDI Beneficiaries To Receive A COLA Increase Of 2.5% In 2025, Allsup Reports
Belleville, Illinois, Oct. 10, 2024 (GLOBE NEWSWIRE) — Allsup, a leading provider of Social Security Disability Insurance (SSDI) representation, return to work, disability financial solutions and veterans disability appeals services, announced today that SSDI beneficiaries will receive a 2.5% increase in their monthly benefits in 2025, according to the Social Security Administration’s (SSA) newly announced cost-of-living adjustment (COLA). This adjustment, which takes effect in January 2025, aims to help beneficiaries manage rising living expenses.
“This cost-of-living adjustment provides a much-needed increase in benefits for SSDI beneficiaries, many of whom face significant challenges covering essential expenses like medical care, housing and daily necessities,” said Steve Perrigo, Allsup vice president. “At Allsup, we understand how vital these benefits are, and this increase will help ease some of the financial pressure that individuals with disabilities experience every day.”
The average monthly SSDI benefit will increase to $1,612 in 2025 from $1,573 in 2024, which is an increase of $39 per month or $468 annually, according to the SSA. The average monthly benefit for a worker with a disability, spouse, and one or more children will increase to $2,825 from $2,756, which is $69 per month or $828 annually.
SSDI benefits are determined based on recipients’ prior earnings and their contributions to the Social Security system through payroll taxes. In addition to monthly payments, SSDI recipients are eligible for a range of benefits, including:
- Dependent benefits for children under 18.
- Medicare eligibility after 24 months of receiving SSDI.
- Return-to-work incentives allowing beneficiaries to test employment without losing benefits.
- Extended COBRA coverage and retirement benefit protections.
Social Security will begin notifying beneficiaries of their new benefit amounts by mail starting in December 2024. For the first time this year, Social Security beneficiaries will receive a redesigned COLA notice that simplifies key information. The new, one-page format uses clear, personalized language and includes specific details on the updated benefit amounts and any deductions. This enhanced communication from the SSA aligns with efforts to provide beneficiaries with clearer, more accessible information, making it easier to understand changes to their benefits. Meanwhile, Allsup continues to provide expert guidance for individuals navigating the SSDI claims process.
With 40 years of expertise, Allsup has effectively helped more than 400,000 individuals who have disabilities or severe health issues, to secure SSDI benefits when their conditions restrict their ability to work. The SSDI experts at Allsup are known for leading clients through the SSDI claims process, which is often prolonged and may require multiple appeals with the SSA. While guiding clients through the complex SSDI process, Allsup also offers additional support to address financial challenges during the waiting period.
“As claimants get through a lengthy waiting period for approval—often spanning several months or longer—they can take advantage of Disability Financial Solutions® (DFS), an exclusive Allsup service designed to relieve financial concerns for SSDI claimants. DFS helps with concerns such as daily living expenses, credit card bills and healthcare needs,” Perrigo explained.
With this COLA increase and the continued support from Allsup, individuals with disabilities can better navigate financial challenges and secure the benefits they earned.
For more information about applying for SSDI benefits or determining eligibility, visit allsup.help/cola-2025 or call 1-800-678-3276.
ABOUT ALLSUP
Allsup and its subsidiaries provide nationwide Social Security disability, veterans disability appeal, disability financial solutions, return to work, and healthcare benefits services for individuals, their employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Illinois, near St. Louis. Learn more at AllsupLLC.com and @Allsup or download a free PDF of Applying for Social Security Disability Insurance: Getting It Right The First Time.
Rebecca Ray Allsup (618) 236-5065 r.ray@allsup.com Laura C. Sala Allsup (618) 409-7079 l.sala@allsup.com
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Tron Founder Justin Sun Appointed 'Prime Minister' Of A Crypto-Focused Micronation In Europe
Justin Sun, the founder of the Tron TRX/USD network, has been elected as the Prime Minister of Liberland, a so-called micronation with an economy built around cryptocurrencies and blockchains.
What Happened: Sun was nominated by President Vít Jedlička to serve as the acting PM after the cryptocurrency entrepreneur was declared the winner of a blockchain-based election process.
Sun’s accomplishments in space were recognized by the president’s office, and the administration hoped that the region’s blockchain initiatives would get a boost under him.
Sandwiched between Croatia and Serbia on the west bank of the Danube River, Liberland was founded by Czech politician Jedlička, who now serves as the president. Though Liberland says that the 7 km² space it occupies hasn’t been claimed by either of the two countries, Croatia has deemed it a “fictitious project” and contrary to international law.
As of this writing, there has been no diplomatic recognition of Liberland by any member nation-state of the United Nations.
A so-called libertarian utopia, the region’s entire governance and legislation is managed on-chain, while the Liberland dollar (LLD) acts as the operational token of the blockchain.
The recent elections were conducted using a blockchain-based system, which, according to Liberland, ensures transparency and removes any doubts about election results. The micronation aims to set an example for other countries still using traditional election methods.
Why It Matters: Justin Sun’s election as Prime Minister of Liberland comes after a significant setback in his career. In April last year, Sun lost his role as the Ambassador of Grenada to the World Trade Organization (WTO) following an SEC lawsuit against him. He has served in this role since November 2021 and led Grenada’s delegation at the 12th Ministerial Conference.
Interestingly. he continues to use the initials H.E. (“His Excellency”) before his name on his official X account.
Price Action: At the time of writing, TRX, Tron’s native currency was trading at $0.1587, broadly unchanged in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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Stocks Dip As Inflation Slows Less Than Expected, Oil Prices Spike Due To Hurricane Disruptions, Middle East Tensions: What's Driving Markets Thursday?
Major U.S. equity indices edged lower on Thursday following a hotter-than-expected Consumer Price Index (CPI) inflation report for September and as oil prices spiked, driven by fuel disruptions caused by Hurricane Milton and rising tensions in the Middle East.
The S&P 500 slipped 0.2% from its record high set on Wednesday, while the Dow Jones Industrial Average and the tech-heavy Nasdaq 100 mirrored the decline. Small-cap stocks lagged, with the Russell 2000 dropping 0.9%.
Consumer prices rose 2.4% year-over-year in September, slightly down from August’s 2.5% rate but above the consensus estimate of 2.3%. Core inflation, which strips out the volatile energy and food categories, also came in higher than expected, ticking up from 3.2% to 3.3%.
Despite the inflation uptick, economists and investors remained broadly steadfast in their expectations of a 25-basis-point interest rate cut in November.
In a separate report, weekly unemployment claims surged to 258,000 for the week ending Oct. 5, exceeding forecasts. The spike was likely influenced by auto industry layoffs in Michigan and disruptions caused by Hurricane Helene.
Oil prices rebounded sharply after two days of losses, with West Texas Intermediate (WTI) crude climbing more than 3% to $75 per barrel. Natural gas prices also advanced over 2%.
Energy stocks outperformed the broader market as a result of the rally in oil prices.
Experts, cited by Reuters, indicated that power outages in Florida, the closure of several product terminals, delayed tanker truck deliveries, and pipeline disruptions would likely keep gasoline prices elevated.
In the Middle East, Israeli forces reportedly fired on UN peacekeeping bases in southern Lebanon, resulting in injuries to two soldiers, according to UN sources. This incident occurred amid ongoing hostilities between Israel and Hezbollah, a militant group based in Lebanon. The incident prompted a sharp response from Italian Defense Minister Guido Crosetto, who summoned Israeli diplomats for an explanation.
Treasury yields remained stable, while the U.S. dollar gained modestly. Gold and silver prices both rose, with gold advancing 0.5% and silver up 1.5%. Bitcoin BTC/USD softened 0.4% to $60,300.
Thursday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 20,237.38 | -0.2% |
| S&P 500 | 5,779.17 | -0.2% |
| Dow Jones | 42,346.74 | -0.4% |
| Russell 2000 | 2,178.60 | -1.0% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY fell 0.2% to $575.45.
- The SPDR Dow Jones Industrial Average DIA fell 0.4% to $423.47.
- The tech-heavy Invesco QQQ Trust Series QQQ inched 0.2% lower to $492.30.
- The iShares Russell 2000 ETF IWM tumbled 1% to $215.87.
- The Energy Select Sector SPDR Fund XLE outperformed, up 1%. The Real Estate Select Sector SPDR Fund XLRE lagged, down 1%.
Thursday’s Stock Movers
- Advanced Micro Devices Inc. AMD fell over 3%, reflecting some investor disappointment during its Advancing AI keynote.
- Celsius Holdings Inc. CELH surged 12%, building on a 6% gain from the previous session, as the energy drink stock gained momentum among retail investors. Increased social media chatter pointed to the stock bouncing off key support levels, further fueling the rally.
- Cloudflare, Inc. NET shares jumped 7% on Thursday following the company’s announcement of a new president of product and engineering.
- First Solar Inc. FSLR plunged nearly 10% after Jefferies analyst Dushyant Ailani reiterated a Buy rating but lowered the price target from $271 to $266. Peer Enphase Energy Inc. ENPH fell over 5%.
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Peter Schiff Encourages MicroStrategy Founder Micheal Saylor To 'Borrow' Another $4.3B To Buy Bitcoin That US Plans To Sell
Renowned economist Peter Schiff poked fun at Michael Saylor, recommending that the MicroStrategy Inc. (NASDAQ:MSTR) boss buy the huge stash of Bitcoin (CRYPTO: BTC) that the U.S. government planned to sell.
What Happened: On Tuesday, Schiff took to X to express his views on the U.S. government’s decision to sell 69,370 BTC it had seized from the dark web marketplace Silk Road.
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Earlier in the week, the Supreme Court declined to hear a case challenging the government’s ownership of the seized funds, clearing the door for future liquidations.
“Every once in a while, the government does something smart. I think Michael Saylor should have MicroStrategy borrow another $4.3 billion and buy it,” Schiff said, mocking the company’s Bitcoin reserve strategy.
It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024
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Why It Matters: Schiff’s suggestion is particularly noteworthy given his previous criticism of Saylor and his approach to Bitcoin. He has previously slammed the trend of companies including Bitcoin on their balance sheets, arguing that it is a gamble with shareholder’s funds.
He has also questioned the ‘never sell your Bitcoin’ strategy advocated by Saylor, also backed by presidential hopeful Donald Trump on the campaign trail.
The “Bitcoin strategy playbook” has been successful in turning around MicroStrategy’s fortunes, with the company’s stock surging by 1208% since August 2020, while Bitcoin itself rose just by 445%.
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SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Symbotic
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Symbotic To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Symbotic between May 6, 2024 and July 29, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information].
NEW YORK, Oct. 11, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc. (“Symbotic” or the “Company”) SYM and reminds investors of the October 15, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose facts concerning the true state of Symbotic’s potential for margin growth in the third quarter of fiscal year 2024, and that Symbotic was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays.
On July 29, 2024, Symbotic announced their 3Q24 financial results and then lowered its revenue guidance for the fourth quarter and full fiscal year 2024. Symbotic attributed their change in guidance to “schedule growth and higher labor costs during the quarter.” Analysts commenting on the stock questioned when management first knew and responded to the issues.
Following this news, Symbotic’s stock price opened at $26.36 per share or approximately 25% below the previous day’s close of $35.63 per share.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding S’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Symbotic class action, go to www.faruqilaw.com/SYM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fdafeab3-e66c-4705-b292-211a18341546
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NextHome Selects SkySlope Suite for 600+ Franchises Amid Buyer Commission Shifts
The rapidly expanding real estate franchisor is prioritizing an advanced commission solution amid new regulations
SACRAMENTO, Calif., Oct. 10, 2024 /PRNewswire/ — As NAR®‘s buyer commission changes take effect, NextHome—a rapidly growing real estate franchise—is teaming up with SkySlope to power over 600 franchisees with transaction management and back-office accounting software.
SkySlope, a top transaction management provider trusted by half of the top 30 U.S. brokerages, now offers Books, a modern accounting platform. Books integrates seamlessly with SkySlope’s transaction management, providing efficient accounting and commission disbursement. With one of the industry’s most advanced commission frameworks, Books aims to bring more flexibility and ease to real estate brokerages.
NextHome’s rollout of SkySlope Suite follows the recent NAR commission changes introduced in August. These changes prevent agents from publishing commission rates in listings and mandate that rates be established early.
“At NextHome, we’re committed to equipping our brokers and agents with the best technology available,” says NextHome CEO James Dwiggins. “With new NAR commission standards altering previous practices, we wanted to provide a streamlined solution for our members to manage varied compensation formulas. Our research confirms that SkySlope is the ideal partner for these challenges.”
Founded in 2014, NextHome provides a launchpad for real estate franchisees, helping build brokerages with first-class branding, industry-leading technology, and unparalleled support. In 2023, NextHome closed over 29,000 transactions worth over $10 billion in volume. NextHome has been named the #1 real estate franchise in the country by the Franchise Business Review for the last six years.
“SkySlope has consistently set the standard in transaction management,” says SkySlope CEO, Tyler Smith. “With the new NAR practices, we’re not only adding a commission calculator to Books that surpasses many existing platforms’; we’re also significantly enhancing the core SkySlope Suite.”
SkySlope Suite gives NextHome members access to solutions like SkySlope Forms, DigiSign e-signature, and SkySlope Offers. These help agents manage their transactions more efficiently. In select regions, agents can also use SkySlope Breeze, which simplifies complex disclosure paperwork. With elevated design and user-friendly workflows, SkySlope makes it easy for agents (and their clients) to handle everything in one system.
In addition, SkySlope has introduced a streamlined buyer agreement flow. This new feature allows agents to effortlessly integrate buyer agreements into their workflow, enhancing efficiency and simplifying the process.
Since 2011, SkySlope has been a top platform for automating real estate transactions. Committed to enhancing the lives of real estate agents with technology, it has distinguished itself as an industry innovator, serving over 760,000 real estate professionals across the U.S. and Canada and managing nearly 3 million transactions annually.
“We’re confident our NextHome members will see significant benefits from implementing both SkySlope Suite and Books’s streamlined workflows,” says Dwiggins.
About SkySlope
Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 760,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly three million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. For more information, visit SkySlope.
About NextHome
NextHome, Inc. is an independently owned national franchisor with a focus on changing the way consumers work with local agents and shop for real estate online. Recently ranked as the No. 1 franchise in the country in owner satisfaction, the NextHome franchise has 600+ offices and 6,000+ members across the country. Each office is independently owned and operated. For more information, visit nexthome.com.
Contact:
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hello@skyslope.com
1-800-507-4117
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SOURCE SkySlope
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