NN, Inc. Executive Management to Present at the Gabelli Funds 48th Annual Automotive Symposium
CHARLOTTE, N.C., Nov. 02, 2024 (GLOBE NEWSWIRE) — NN, Inc. NNBR, a global diversified industrial company that engineers and manufactures high-precision components and assemblies, announced today that Harold Bevis, President and Chief Executive Officer, and Chris Bohnert, Senior Vice President and Chief Financial Officer, will be presenting at the Gabelli Funds 48th Annual Automotive Symposium on November 4, 2024 in Las Vegas.
The presentation will begin at 11:20 a.m. PT (2:20 p.m. ET) on Monday, November 4, 2024. Investors interested in accessing the Company’s presentation may register to access the live event here. All registrants will receive a link to the event upon registration. A link to the presentation and associated materials can also be accessed through the investor section of the Company’s website at www.nninc.com.
In addition, executive management will be hosting one-on-one and group meetings with investors and analysts that have registered to attend the conference.
About NN, Inc.
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.
Investor Relations:
Joe Caminiti or Stephen Poe, Investors
NNBR@alpha-ir.com
312-445-2870
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SPZI: JP3E Issues PR Clarification
NEW YORK, Nov. 02, 2024 (GLOBE NEWSWIRE) — JP 3E Holdings, Inc. (“JP3E”), formerly known as Spooz, Inc. SPZI, is clarifying the press release issued on October 31, 2024. JP3E has no interest in the transaction with Öztürk Holding, LLC. JP3E is involved with executing EB-5 funding for Kerogen II only.
To receive information on JP3E, sign up for email news alerts at https://www.jp3e.com/subscription.
For additional information on the Global Trade Financing Platform via Bloxcross, Inc., contact sgallegos@bloxcross.com.
About JP 3E Holdings, Inc.
JP3E is a global leader in commodity trading, known for its innovative approach to optimizing trade processes and solutions across numerous sectors. With a commitment to sustainability and market leadership, JP3E continues to drive new trends and solutions in global commodity markets.
About Bloxcross, Inc.
Bloxcross is at the forefront of financial technology, specializing in blockchain-based solutions for cross-border payments and trade finance. Dedicated to streamlining global financial transactions, Bloxcross provides secure, fast, and cost-effective services to clients worldwide. To learn more about their groundbreaking solutions, visit https://www.blox.global/.
Company Contact:
John K. Park, Chairman
john.park@jp3eholdings.com
732-241-0598 Office
Websites: https://www.jp3e.com/
https://www.jp3eholdings.com/
Twitter: http://www.twitter.com/SpoozInc
Facebook: http://www.Facebook.com/SpoozInc
E-Mail: info@jp3e.com
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). The Companies caution that statements, and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, and estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Musk Can Continue Daily Million-Dollar Giveaways While Judge Mulls Legal Challenge
Billionaire Elon Musk can continue distributing cash to registered voters while a Pennsylvania state judge considers the case.
Through his America PAC, Musk has been offering daily $1 million cash rewards to registered voters in swing states who sign a petition, which some officials claim may violate electoral laws, reported BBC.
The billionaire has been actively campaigning for Trump in Pennsylvania, a crucial swing state, organizing rallies and giving away big checks to some participants. However, this week, Philadelphia District Attorney Lawrence Krasner filed a lawsuit against Musk over these giveaways, stating that he must be stopped before the upcoming presidential election.
Also Read: Elon Musk Pumps More Than $130M Into Trump And GOP Campaigns
During a hearing on Thursday, Judge Angelo Foglietta announced that the lawsuit will be paused while a federal court decides whether to accept the case. If the federal court opts not to address the issue, the case will return to state court. Following the hearing, Musk took to X, the platform he owns, to refer to the ruling as “American Justice FTW (for the win).” It is unlikely that the case will be resolved before Tuesday’s election.
John Summers, a lawyer working with Krasner, informed reporters that they intend to take the matter to federal court to address the issues and seek to have it returned to state court. These swing states indicate a closely contested race between Trump and his Democratic opponent, Kamala Harris.
On Thursday, Musk’s America PAC announced another winner: Dacey from Fremont, North Carolina, who received a $1 million check, BBC noted. To qualify for the giveaway, registered voters must provide personal information, such as addresses and phone numbers, and sign a pledge affirming their support for the U.S. Constitution.
The lawsuit against Musk alleges that he is running an illegal lottery and accuses him of violating consumer protection laws through misleading statements that could cause confusion.
According to U.S. law, it is illegal to pay individuals to register to vote, but legal experts have told the BBC that the legality of the giveaway under federal law remains uncertain. If a court finds Musk has violated the law, he could face a $10,000 fine and up to five years in prison.
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Berkshire Hathaway Reports Decline In Q3 Operating Earnings, Further Reduces Apple Stake
On Saturday, Berkshire Hathaway BRK BRK registered a decline in third-quarter operating earnings, driven by weakness in the insurance underwriting segment.
The Omaha-based company’s quarterly operating earnings of $10.09 billion slumped over 6% from $10.761 billion in the year-ago quarter.
Approximately 70% of the aggregate fair value was concentrated in five companies, as of September-end 2024:
- American Express Company AXP – $41.1 billion
- Apple Inc. AAPL – $69.9 billion
- Bank of America Corporation BAC – $31.7 billion
- Coca-Cola Company KO – $28.7 billion
- Chevron Corporation CVX – $17.5 billion
It seems Warren Buffett has vended another considerable slice of his Apple stake, continuing to reduce Berkshire Hathaway’s most significant equity investment for the fourth consecutive quarter.
Despite the ongoing selling spree, Berkshire did not buy back any company shares during the period.
Berkshire Hathaway’s cash reserves soared to a record $325.2 billion as of September-end, increasing from $276.9 billion in the second quarter, as Warren Buffett continued selling stocks, per a news report from CNBC.
This suggests that Buffett sold roughly a quarter of his stake, leaving around 300 million shares in his holdings. Overall, CNBC reported that his stake has decreased by 67.2% compared to the end of the third quarter of last year.
He began reducing his stake in the iPhone manufacturer during the fourth quarter of 2023 and significantly increased his selling in the second quarter, when he unexpectedly sold nearly half of his investment, the report added.
Berkshire and its subsidiaries also invest in certain businesses using the equity method, with significant holdings in common stock of The Kraft Heinz Company KHC and Occidental Petroleum Corporation OXY.
As of September 30, 2024, the firm owned 26.9% of Kraft Heinz’s outstanding shares and 28.2% of Occidental’s outstanding shares.
Q3 In Detail
The company reported third-quarter net earnings of $18,272 per average equivalent Class A share, compared with a $(8,824) loss per share in the year-ago period.
The company registered net earnings of $12.18 per average equivalent Class B share, compared with $(5.88) per share year over year.
In the third quarter, insurance underwriting generated earnings of $750 million versus $2.42 billion year over year (down 69%).
Earnings from insurance investment income were $3.664 billion, higher than $2.470 billion a year ago.
Buffett, 94, is one of the best-known fundamental investors in the world. Known as the “Oracle of Omaha,” he has a real-time net worth of $142.2 billion per Forbes.
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Trump's Provocative Rhetoric Fuels Gender Dynamics
In the lead-up to the upcoming presidential election, the political landscape is becoming increasingly charged, particularly concerning gender issues. Recent statements by Donald Trump have intensified discussions around female representation and the broader implications of his rhetoric.
In recent days, Trump has positioned himself as a protector of women, asserting this role “whether they like it or not,” reported The New York Times. However, his comments have often strayed into controversial territory. During an interview with Tucker Carlson, he suggested a violent scenario involving Liz Cheney, a prominent Republican who has criticized him, describing her as a “radical war hawk.” Trump’s graphic imagery raised eyebrows and sparked outrage, feeding into Democrats’ narrative that the election marks a crucial moment for women’s rights and societal norms.
Kamala Harris did not hold back in her response, declaring that anyone who employs such violent language is “clearly disqualified” from seeking the presidency. This statement highlights the stark contrast between her disciplined approach and Trump’s provocative style, a dynamic that many believe will play a significant role in shaping the election’s outcome.
The upcoming election is viewed by many as a referendum on how society perceives women in power. Recent political events, including the fallout from the Supreme Court’s decision to overturn Roe v. Wade, have spotlighted the challenges women face regarding autonomy and representation. Harris’s ability to maintain a composed demeanor while addressing Trump’s provocations has resonated with many voters who see this election as about more than just the presidency.
Public sentiment reflects a growing concern over misogyny and sexism in politics, with many fearing that the discourse surrounding Trump could undermine Harris’s candidacy. As women across the country express their apprehensions, the question looms: is America ready to embrace a female president, or will ingrained societal biases hinder progress?
The New York Times added that Michelle Obama had recently echoed this sentiment, stating, “The real question is, as a country, are we ready for this moment?”
Her words resonate as Harris campaigns vigorously, emphasizing the importance of self-control and thoughtful dialogue in contrast to the often tumultuous political climate.
As the election approaches, the interplay between Trump’s provocative remarks and Harris’s measured responses will likely shape not only the candidates’ fates but also the future of women’s roles in American politics.
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3 Hypergrowth Stocks That Could Make You a Ton of Money
Any investor can find monster winners in the stock market. The important thing to remember is that Wall Street can be slow to award excellent growth stocks the valuation they deserve. But if you persistently buy shares of high-growth businesses, you are almost certain to stay ahead of the game over the long run.
To give you a jump-start on your search, three Motley Fool contributors are here to discuss three growth stocks that are poised to deliver outstanding returns to investors. Here’s why e.l.f. Beauty (NYSE: ELF), Toast (NYSE: TOST), and Deckers Outdoor (NYSE: DECK) could be timely buys right now.
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Jennifer Saibil (e.l.f. Beauty): E.l.f. is a small player in the beauty industry compared to the industry giants, but it’s growing fast and gaining market share. More importantly, it has massive opportunities.
Social media and digital shopping play a big role in e.l.f.’s success. It has developed a differentiated branding with “clean” ingredients and great prices that resonates with its core, target market of younger, eco-conscious shoppers. Customers can’t get enough of its products.
The results speak for themselves. It gained 2.6 percentage points of market share in color cosmetics in the 2025 fiscal first quarter while the market leaders all lost share, and it moved up from the No. 5 spot last year to the No. 2 spot this year in dollar share. It’s now the top-selling brand at Target. In skincare, it gained 0.6 percentage points in market share, moving up from No. 13 to No. 9. It’s just getting started in international markets, where it continues to launch, and international sales increased 91% year over year in the quarter.
Although e.l.f. has reported staggering growth for several quarters, it looks like that’s beginning to weaken. Sales increased 50% year over year in Q1, but management is expecting that to drop to about 26% for the full year. That implies a serious deceleration over the next three quarters. Worse, net income was lower year over year in Q1, and management’s guiding for full-year earnings per share (EPS) below Wall Street’s expectations.
With moderating inflation and the economy on the upswing, that could end up better than expected. But investors should focus on the long-term story. e.l.f. has a growing, differentiated brand that continues to eat away at the longtime industry leaders. e.l.f. stock is down 24% this year, and although it might take some time to rebound, in a few years patient investors will thank themselves for buying today.
This Is What OpenAI's Sam Altman Had To Say On The Future Of Open Source At ChatGPT-Parent
OpenAI CEO Sam Altman discussed the future of open source in AI development during an “Ask Me Anything” session on social media platform Reddit, hinting at the possibility of ChatGPT-parent open-sourcing more of its work.
What Happened: Kylie Robison from The Verge took to X, formerly Twitter, and shared the highlights of the AMA session in which Altman, along with other OpenAI executives participated.
During the session, Altman acknowledged the significant role of open source in the AI ecosystem and expressed his admiration for successful open-source models.
He also underscored the importance of powerful and user-friendly APIs and services, suggesting that OpenAI’s strengths align well with these aspects.
“We are pretty proud of how much value people get out of our service,” he stated, adding, “I would like us to open source more stuff in the future.”
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Why It Matters: OpenAI’s stance on open source has been a topic of debate in the tech industry. Tesla and SpaceX CEO Elon Musk, who co-founded OpenAI in 2015 and left the company in 2018, has frequently criticized ChatGPT-parent for its closed-source models.
Earlier this year, Musk called OpenAI a “lie” while announcing that his company xAI would open source the code of its AI chatbot Grok.
Musk’s criticism was echoed by Meta Platforms Inc. CEO Mark Zuckerberg, who slammed closed model providers for lobbying against open source in July 2024.
Musk has also reignited a legal battle against OpenAI, accusing the company and its co-founders, including Altman, of prioritizing commercial gains over their original mission of benefiting humanity.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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Berkshire's cash soars to $325 billion as Buffett sells Apple, BofA; operating profit falls
By Jonathan Stempel
(Reuters) -Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, further slashing holdings in Apple and boosting cash to a record $325.2 billion.
In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million.
Berkshire has now sold more than 600 million of the iPhone maker’s shares in 2024, though Apple remained its largest stock holding, at $69.9 billion.
It sold $36.1 billion of stock overall, including several billion dollars of Bank of America shares, and bought just $1.5 billion.
That made the quarter the eighth straight where Berkshire was a net seller of stocks.
The Omaha, Nebraska-based conglomerate also conducted no stock buybacks for the first time since the second quarter of 2018, and did not repurchase stock in the first three weeks of October.
“Berkshire is a microcosm of the broader economy,” said Cathy Seifert, an analyst at CFRA Research in New York. “Its hoarding cash suggests a ‘risk-off’ mindset, and investors may worry what it means for the economy and markets.”
The Class A shares of Berkshire are up 25% this year, while the Standard & Poor’s 500 has risen 20%.
Rising valuations have fueled concerns among some investors that many stocks have become too expensive.
Berkshire’s cash stake grew from $276.9 billion at the end of June, and is more than 10 times the $30 billion cushion that Buffett has pledged to maintain.
Buffett has made no major acquisitions of whole companies for his $975 billion company since 2016.
Jim Shanahan, an analyst at Edward Jones in St. Louis, said the swelling cash hoard “begs questions about whether Buffett thinks stocks are overvalued or an economic downturn is coming, or is trying to build cash for a big acquisition.”
In May, Buffett said he expected Apple to remain Berkshire’s largest stock investment, but selling made sense because the 21% federal tax rate on gains would likely grow.
OPERATING PROFIT FALLS
Berkshire’s quarterly operating profit declined 6% to $10.09 billion, or about $7,019 per Class A share, missing analyst estimates of $7,611 per share according to LSEG IBES.
The decline stemmed largely from underwriting losses on older insurance policies, insurance claims related to Hurricane Helene in September, and currency losses from a strengthening U.S. dollar.
These offset improved profitability at the Geico car insurer, where accident claims fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined.
Berkshire's cash sets record as Buffett sells Apple, BofA; operating profit falls
By Jonathan Stempel
(Reuters) -Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, further slashing holdings in Apple and boosting cash to a record $325.2 billion.
In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million.
Berkshire has now sold more than 600 million of the iPhone maker’s shares in 2024, though Apple remained its largest stock holding, at $69.9 billion.
It sold $36.1 billion of stock overall, including several billion dollars of Bank of America shares, and bought just $1.5 billion.
That made the quarter the eighth straight where Berkshire was a net seller of stocks.
The Omaha, Nebraska-based conglomerate also conducted no stock buybacks for the first time since the second quarter of 2018, and did not repurchase stock in the first three weeks of October.
“Berkshire is a microcosm of the broader economy,” said Cathy Seifert, an analyst at CFRA Research in New York. “Its hoarding cash suggests a ‘risk-off’ mindset, and investors may worry what it means for the economy and markets.”
The Class A shares of Berkshire are up 25% this year, while the Standard & Poor’s 500 has risen 20%.
Rising valuations have fueled concerns among some investors that many stocks have become too expensive.
Berkshire’s cash stake grew from $276.9 billion at the end of June, and is more than 10 times the $30 billion cushion that Buffett has pledged to maintain.
Buffett has made no major acquisitions of whole companies for his $975 billion company since 2016.
Jim Shanahan, an analyst at Edward Jones in St. Louis, said the swelling cash hoard “begs questions about whether Buffett thinks stocks are overvalued or an economic downturn is coming, or is trying to build cash for a big acquisition.”
In May, Buffett said he expected Apple to remain Berkshire’s largest stock investment, but selling made sense because the 21% federal tax rate on gains would likely grow.
OPERATING PROFIT FALLS
Berkshire’s quarterly operating profit declined 6% to $10.09 billion, or about $7,019 per Class A share, missing analyst estimates of $7,611 per share according to LSEG IBES.
The decline stemmed largely from underwriting losses on older insurance policies, insurance claims related to Hurricane Helene in September, and currency losses from a strengthening U.S. dollar.
These offset improved profitability at the Geico car insurer, where accident claims fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined.
