Honeywell, Salesforce And 3 Stocks To Watch Heading Into Tuesday
With U.S. stock futures trading sightly higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
- Wall Street expects Core & Main, Inc. CNM to report quarterly earnings at 65 cents per share on revenue of $1.99 billion before the opening bell, according to data from Benzinga Pro. Core & Main shares rose 0.04% to $48.31 in after-hours trading.
- Honeywell International Inc. HON announced a strategic agreement with Bombardier and slashed its 2024 outlook. The company lowered its full-year 2024 revenue guidance from a range of $38.6 billion to $38.8 billion to a new range of $38.2 billion to $38.4 billion, versus estimates of $38.69 billion. Honeywell also lowered its full-year earnings outlook from a range of $10.15 to $10.25 per share to a new range of $9.68 to $9.78 per share, versus estimates of $10.19 per share. Honeywell shares fell 1.7% to $226.00 in the after-hours trading session.
- Analysts expect Salesforce, Inc. CRM to post quarterly earnings at $2.44 per share on revenue of $9.35 billion. The company will release earnings after the markets close. Salesforce shares gained 0.3% to close at $331.01 on Monday.
Check out our premarket coverage here
- Zscaler Inc ZS reported upbeat earnings for its fiscal first quarter. The company said it expects fiscal second-quarter revenue to be in the range of $633 million to $635 million versus estimates of $633.84 million. The company anticipates second-quarter adjusted earnings of 68 cents to 69 cents per share versus estimates of 69 cents per share. Zscaler shares dipped 8.4% to $191.10 in the after-hours trading session.
- Analysts expect Marvell Technology, Inc. MRVL to post quarterly earnings at 41 cents per share on revenue of $1.46 billion after the closing bell. Marvell Technology shares gained 1.5% to $98.29 in after-hours trading.
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Shopify's Growth Is Picking Back Up and It Just Partnered With 3 Tech Giants to Keep the Momentum Going
Shopify (NYSE: SHOP) is a software company serving e-commerce businesses. And it’s one of the most important players in the world. Over just the last four quarters, its software has facilitated more than $270 billion in gross merchandise volume — the dollar value of all transactions combined.
That certainly gives Shopify a large slice of the e-commerce software pie. And as competitive as business can be, one would think that Shopify has ascended with a ruthless push to get ahead of its rivals. But in reality, the company has a long history of seeking out partnerships whenever possible, even if it’s with direct competitors.
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It’s somewhat counterintuitive. But Shopify’s management believes that the best way to grow its business is by offering its customers as many options as possible. And to offer more options than it could on its own, it finds ways to partner.
This collaborative spirit is still thriving at Shopify. Here are three partnerships the company has forged just in recent months.
Roblox (NYSE: RBLX) is a video game platform, but not like the games I grew up with in the 1980s. Rather, games tend to be more interactive, social experiences. And with nearly 90 million daily active users, it’s certainly popular.
What’s fascinating with Roblox’s business model is that games are created by third-party developers. Roblox is free to play. But certain game elements can be purchased for its in-game currency, providing an opportunity for developers to make some money.
Now Roblox is upping the opportunities for its developer community by partnering with Shopify. Just announced in September and launching in 2025, developers will be able to sell physical products with integrations to Shopify.
For Shopify, this is really a no-brainer partnership. Roblox isn’t a competitor at all. But it still will provide a new use case and a potentially expanded audience for the e-commerce player.
In 2006, tech giant Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) — then Google — acquired upstart video-sharing platform YouTube. Now YouTube is a major part of the business. And in August, it expanded on its existing partnership with Shopify.
In 2022, YouTube had already made it possible for content creators to link their Shopify sites with their YouTube channels. But now Shopify Plus and Advanced merchants can become YouTube affiliates, making it easier for content creators to highlight products.
Michael Saylor Says MARA On The 'Bitcoin Standard' As Company Doubles Market Cap, Stock Price In Last 3 Months
MARA Holdings Inc. MARA more than doubled its market valuation over the last three months, powered by gains in the apex cryptocurrency and its gradual pivot toward the Bitcoin BTC/USD “Standard.”
What happened: Shares of the leading Bitcoin mining company closed at a 9-month high of $27.42 last Friday. The rally brought the firm’s market capitalization to an all-time high of $8.825 billion.
At Monday’s close, MARA was valued at $8.24 billion, reflecting an addition of $4.31 billion since Sept. 6, or 109%. During this time, the stock price has nearly doubled from $13.37 to $25.63.
Interestingly, its gains in this period have surpassed those of other major miners, including Riot Platforms Inc. RIOT and Core Scientific Inc. CORZ, which grew by 89% and 72%, respectively.
Why It Matters: The gains have coincided with Bitcoin’s rally, which has gained 70% since Sept. 6.
Furthermore, MARA significantly expanded its Bitcoin stockpile in the period, growing it from 25,945 to 34,794, an addition of 8,849, according to data from bitcointreasuries.net.
MARA was the second-largest corporate holder of Bitcoin as of this writing and was strongly replicating market leader MicroStrategy Inc.’s MSTR playbook of using interest-free debt to acquire more of the digital asset.
The company announced another private offering of $700 million of zero-coupon convertible senior notes Monday after completing a $1 billion offering of 0% convertible senior notes in November.
MicroStrategy co-founder Michael Saylor referred to MARA as the company on the “Bitcoin Standard.”
Price Action: At the time of writing, Bitcoin was trading at $95,953.94, down 1.02% in the last 24 hours, according to data from Benzinga Pro.
Shares of MARA closed 6.53% lower at 25.63 during Monday’s regular trading session. The stock has a consensus price target of $23.83 based on the ratings of 17 analysts.
Image via Mara
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Cathie Wood-Led Ark's Prediction: AI Will Turn Digital Wallets Into $9 Trillion E-Commerce Powerhouses — Google, Amazon Dominance Set For Disruption?
ARK Invest said in November that artificial intelligence-powered digital wallets could revolutionize e-commerce, potentially driving nearly $9 trillion in global online spending by 2030 through the integration of Large Language Models into payment platforms.
What Happened: The Cathie Wood-led firm’s latest research suggests that AI “purchasing agents” embedded in digital wallets like Shopify Inc‘s SHOP Shop Pay, Cash App owned by Block Inc SQ, and Apple Inc.’s AAPL Apple Pay could transform the traditional one-click checkout into a streamlined one-query purchase experience.
This development comes as major tech companies, including Alphabet Inc. GOOGL GOOG and Amazon.com Inc. AMZN, are rapidly advancing their AI shopping capabilities.
ARK’s research suggests AI purchasing agents could disrupt Google and Amazon’s dominance by automating product comparisons and purchase decisions, reducing reliance on search engines and marketplaces.
Klarna‘s integration with Microsoft Corp. MSFT backed OpenAI technology demonstrates early adoption of this trend, with its shopping assistant combining search and aggregation based on user preferences.
“Digital wallets helmed by purchasing agents could increase their share of global e-commerce purchase volume from 50% in 2023 to 72% by 2030,” according to Ark Invest’s analysis.
The firm projects that if 10% of global AI agent spending occurs through digital wallets with a 5% lead generation fee, these AI purchasing agents could generate $43 billion for digital wallet providers.
Why It Matters: Recent market developments support this trajectory. Amazon’s AI shopping assistant Rufus, launched nationwide in July, has already demonstrated the potential of AI in e-commerce by helping customers with product details, recommendations, and comparisons.
Meanwhile, Google’s reported development of “Project Jarvis,” an AI system designed to handle shopping and travel bookings, suggests growing competition in this space.
The impact of AI on e-commerce was particularly evident during Black Friday 2024, when online sales reached $10.8 billion, marking a 10.2% increase from 2023. Retailers using AI chatbots saw a 1,800% increase in website traffic and a 9% higher conversion rate compared to those without AI integration, according to Salesforce data.
Ark Invest emphasizes that success in this space will require digital wallet providers to balance personalization with user privacy and trust. The firm suggests that similar to credit card rewards programs which distributed $40 billion in rewards in 2022, digital wallets will need to offer compelling incentives to drive adoption.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Robbins LLP Urges ASML Stockholders with Large Losses to Contact the Firm for Information About the ASML Holding N.V. Class Action Lawsuit
SAN DIEGO, Dec. 03, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds shareholders that a class action was filed on behalf of all investors that purchased or otherwise acquired ASML Holding N.V. ASML ordinary shares between January 24, 2024 and October 15, 2024. ASML is a leading supplier to the semiconductor industry, providing chipmakers with hardware, software, and services to mass produce integrated circuits (i.e., microchips).
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that ASML Holding N.V. (ASML) Misled Investors About How Issues in the Semiconductor Industry Would Impact the Company
According to the complaint, during the class period, defendants failed to disclose that: (1) the issues being faced by suppliers, like ASML, in the semiconductor industry were much more severe than defendants had indicated to investors; (2) the pace of recovery of sales in the semiconductor industry was much slower than defendants had publicly acknowledged; (3) defendants had created the false impression that they possessed reliable information pertaining to customer demand and anticipated growth, while also downplaying risk from macroeconomic and industry fluctuations, as well as stronger regulations restricting the export of semiconductor technology, including the products that ASML sells; and (4) as a result, defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis. As a result of these acts, ASML stock has declined significantly, harming investors.
What Now: You may be eligible to participate in the class action against ASML Holding N.V. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by January 13, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
To be notified if a class action against ASML Holding N.V. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
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Can Your Bitcoin Be Confiscated If Trump Establishes A National Reserve? Analyst Says Government Can Employ Carrot-And-Stick Policy
The expectations of a U.S. strategic Bitcoin BTC/USD reserve have skyrocketed following Donald Trump’s presidential victory, with the cryptocurrency sector firmly behind the ambitious idea.
Trump called for a strategic national Bitcoin stockpile at a conference earlier this year, while also advocating against selling state-owned Bitcoin stash.
While nothing concrete has come from Trump since this advocacy, his Republican colleagues, especially Sen. Cynthia Lummis (R-Wy.), have proposed legislation, called the BITCOIN Act, to purchase one million Bitcoins over five years.
Individuals connected to the digital assets industry have given a thumbs up to the idea.
The For And Against Debate
Joe McCann, founder and CEO of cryptocurrency hedge fund Asymmetric, told Benzinga that the move could position the U.S. as a “leader in crypto.”
McCann said that if the reserve gains more buzz and moves closer to reality, it’s likely to spur Bitcoin’s increase significantly.
“The market is already somewhat anticipating the potential impact, but I don’t think a lot of people have “priced in” the idea that if this were to actually pass [BITCOIN Act], other countries would also want to acquire a percentage of the total Bitcoin supply for their reserves, driving even more demand.”
See Also: Michael Saylor Says Bitcoin Could Boost Microsoft’s Valuation By Nearly $5 Trillion And Add $584 To The Stock By 2034
However, critics like Peter Schiff have slammed the idea, predicting that such a move would end in the dollar’s devaluation and hyperinflation, as the government would have to print more money to buy more Bitcoin.
In defense, Lummis has maintained that the government won’t have to spend “any new dollars” to fund the purchases. Instead, it could use the Federal Reserve-held gold certificates, currently valued at 1970s prices, update them to the fair market value, and then sell them to buy Bitcoin.
Will Your Bitcoin Holdings Be At Risk?
Another lesser-talked-about aspect of a potential reserve is whether it’d give the federal government supreme authority on holding Bitcoin, given the asset’s limited supply. And whether, in an emergency situation, the government would enact something similar to Franklin D. Roosevelt’s Executive Order 6102 of 1933, which required Americans to surrender a large portion of their gold holdings to the Federal Reserve.
“Bitcoin is an entirely different animal from gold. It is not tied to our monetary system like gold was in 1930,” Neil Bergquist, CEO of Seattle-headquartered cryptocurrency exchange Coinme, said.
“Seizing an individual’s Bitcoin would be a logistically and legally complex operation since it is on a decentralized blockchain, and such confiscation actions would likely be determined illegal,” he argued.
Denis Sklyarov, CEO and co-founder of decentralized physical infrastructure company WiFi Map, also agreed with the view that Bitcoin’s digital, decentralized nature would make such an endeavor as difficult.
“Additionally, legal and cultural shifts in the U.S. over the past century emphasize financial freedom and personal property rights, making such a sweeping confiscation almost impossible under current laws,” he added.
McCann took a middle ground, saying that the government would encourage people to sell Bitcoin voluntarily rather than forcing them to surrender.
“If the U.S. were to establish a strategic Bitcoin Reserve, it might use tax breaks or premium buy-back programs as carrots instead of sticks,” he remarked.
Bettors on the popular prediction market platform Polymarket priced in a 29% possibility of Trump creating a Bitcoin reserve in the first 100 days of his presidency as of this writing.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,474.28, down 0.29% in the last 24 hours, according to data from Benzinga Pro.
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Extra Space Announces Pricing of $300 Million Add-On Offering of 5.700% Senior Notes due 2028
SALT LAKE CITY, Dec. 2, 2024 /PRNewswire/ — Extra Space Storage Inc. (“Extra Space”) EXR, a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the “operating partnership”), has priced a public offering of $300 million aggregate principal amount of additional 5.700% senior notes due 2028 (the “Notes”). The Notes will be issued as additional notes under the indenture pursuant to which the operating partnership previously issued $500 million of 5.700% senior notes due 2028 (the “Initial Notes”). The Notes will be treated as a single series of securities with the Initial Notes under the indenture and will have the same CUSIP number as, and be fungible with, the Initial Notes. The Notes were priced at 102.857% of the principal amount and will mature on April 1, 2028. J.P. Morgan, BMO Capital Markets, TD Securities, BofA Securities, PNC Capital Markets LLC, Truist Securities, Wells Fargo Securities and US Bancorp are acting as the joint book-running managers for the offering. Regions Securities LLC, BOK Financial Securities, Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities and Ramirez & Co., Inc. are acting as the co-managers for the offering. The offering is expected to close on or about December 5, 2024, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
The operating partnership intends to use the net proceeds from this offering to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
The Notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may be obtained from J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, telephone collect at (212) 834-4533; BMO Capital Markets Corp., Attention: IG Syndicate, 151 W 42nd Street, 9th Floor, New York, NY 10036, by telephone at (888) 200-0266; or TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846.
A prospectus supplement related to the offering will also be available free of charge on the SEC’s website at http://www.sec.gov.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of September 30, 2024, the Company owned and/or operated 3,862 self-storage properties, which comprise approximately 2.7 million units and approximately 296.0 million square feet of rentable storage space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.
Forward-Looking Statements:
Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the terms, timing and completion of the offering of securities by Extra Space and the operating partnership, including the anticipated use of proceeds therefrom. In some cases, forward-looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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SOURCE Extra Space Storage Inc.
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Peter Schiff Says The Bitcoin Reserve Bill Gets Plenty Of Attention, But Not On Capitol Hill — Questions Lack Of Co-Sponsors
Renowned economist Peter Schiff, on Monday, questioned the government’s plans to set up a strategic Bitcoin BTC/USD reserve, pointing out the lack of support in Congress.
What Happened: Schiff took to X to comment on the proposed legislation for a national Bitcoin stockpile. He noted that, apart from Senator Cynthia Lummis (R-Wyo.), who introduced the bill, and Rep. Ro Khanna (D-Calif.), the bill has failed to garner any co-sponsors or significant attention among lawmakers.
“The bill to establish a “strategic” Bitcoin reserve gets lots of attention among the HODL crowd on X, but not so much on Capitol Hill. The bill has no co-sponsors,” Schiff said.
Indeed, details of the bill listed on the official Congress website showed Lummis as the primary sponsor, with no co-sponsors as of this writing.
See Also: Leveraged MicroStrategy ETFs Are Playing With Fire, Experts Warn
President-elect Donald Trump advocated for a strategic national Bitcoin stockpile at a conference earlier this year, and his victory last month has boosted expectations of it becoming a reality.
However, nothing concrete has come from Trump since this advocacy, although Lummis continues to aggressively sell the idea.
The bill, called the BITCOIN Act, outlines the purchase of one million Bitcoin over five years by the Treasury Department and holding it for at least 20 years unless used to retire outstanding federal debt.
Why It Matters: Previously, Schiff had warned that such a move could lead to an economic catastrophe. He suggested that the government would have to continuously increase its Bitcoin holdings, potentially triggering a market crash as investors cash out.
He added that the exercise would end up severely devaluing the dollar, leading to hyperinflation.
On the other hand, proponents like Galaxy Digital CEO Michael Novogratz believe it could push Bitcoin prices to unprecedented levels.
That said, even he maintained that the possibility of such a strategic move is limited, particularly with a divided Congress.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,027.09, down 1.70% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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