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Macro Economic Events

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Economics

SPDR Dow Jones Industrial Average ETF Trust

Major indexes are higher amid a drop in Treasury yields.

HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates Tenaya Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNYA#NASDAQ">TNYA</a>) with a Buy and maintains $18 price target.

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TNYA

HC Wainwright & Co. Reiterates Buy on Tenaya Therapeutics, Maintains $18 Price Target

During the recent <a href="https://www.benzinga.com/events/">Benzinga </a><a href="https://www.benzinga.com/events/">Fintech </a>Deal Day and Awards event, Rob Nardelli, director of commercial banking at DailyPay, shared his insights on embedded <a href="https://www.benzinga.com/money/personal-finance">finance&#8217;s current and future state</a>. 
Following his participation in a panel discussion, Nardelli elaborated on the importance of collaboration between fintech firms and traditional banks and provided a glimpse into what could be next for the industry.
<h3 class="wp-block-heading">The Role of Bank Partnerships</h3>
Nardelli emphasized that partnerships with banks are critical for companies looking to lead in payments. "When it comes to [progress], it takes time. In my opinion, you need to partner with banks if you want to be serious about being a true leader in payments," he said. DailyPay's current model integrates real-time payment technologies such as OCT and push-to-card rails to enable users to access wages immediately when needed.
See Also: <a href="https://www.benzinga.com/news/events/24/11/42166247/dont-stress-about-timing-the-market-advice-for-new-investors">&#8216;Don&#8217;t Stress About Timing The Market&#8217;: Advice For New Investors</a>
The company has also collaborated with financial institutions like PNC Bank, incorporating bank branding into DailyPay's fintech app. This has allowed the product to operate as a regulated bank solution while maintaining its core functionalities. "We were able to put our product with PNC's name on top of it… regulated as such," Nardelli explained, adding that the app is available through major app stores.
<h3 class="wp-block-heading">What Comes Next?</h3>
Nardelli hinted at the possibility of reversing the embedded finance model by directly integrating DailyPay's platform into banking solutions. "What if we embedded our DailyPay product in a banking solution? I'll leave it at that," he said. While he stopped short of offering specific details, the comment suggests that future developments could further align fintech solutions with traditional banking frameworks.
<h3 class="wp-block-heading">Industry Engagement and Goals</h3>
With industry leaders gathered at the event, Nardelli also reflected on the broader conversations taking place. He expressed a desire to collaborate with additional banks to expand earned wage access. "We are not exclusive. We want to work with as many banks as possible who are willing to join us on our journey," he said.
Nardelli's perspective underscores the evolving relationship between fintech companies and banks, driven by a shared goal to improve financial accessibility for users. By blending fintech solutions with traditional banking, companies like DailyPay continue to explore new ways to meet the needs of modern consumers while addressing regulatory and operational challenges.
Now Read:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42159139/microstrategy-shares-rise-in-monday-pre-market-as-michael-saylor-reveals-mstr-generating-500m-daily-amid-bitcoins-surge" target="_blank" rel="noreferrer noopener">MicroStrategy Shares Rise In Monday Pre-Market As Michael Saylor Reveals MSTR Generating $500M Daily Amid Bitcoin's Surge</a></li>
</ul>
Image: Shutterstock by PopTika

Events

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Tech

Interview

'We Want To Work With As Many Banks As Possible': The Next Steps For Earned Wage Access

Merck shares are trading higher after the company announced that the pivotal Phase 3 ZENITH trial evaluating WINREVAIR met its primary endpoint at the interim analysis.

Roth MKM analyst Bill Kirk maintains BJ's Wholesale Club (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) with a Neutral and raises the price target from $75 to $87.

Roth MKM Maintains Neutral on BJ's Wholesale Club, Raises Price Target to $87

Larian Studios, the developer of Baldur's Gate 3, achieved significant financial success in 2023, as revealed by newly published records from its Dublin-based holding <a href="https://www.benzinga.com/general/gaming">company. </a>
The studio reported a pre-tax profit of 249 million euros (approximately $260.9 million) and total revenue of 427 million euros, largely driven by the release of Baldur's Gate 3 in August.
See Also: <a href="https://www.benzinga.com/general/gaming/24/11/42121273/baldurs-gate-3-sees-more-players-in-2024-than-during-launch-year-heres-why">Baldur&#8217;s Gate 3 Sees More Players In 2024 Than During Launch Year: Here&#8217;s Why</a>
This marks a substantial turnaround from Larian's 2022 financial performance, which saw 22.7 million euros in revenue and a loss of 214,000 euros. The success of Baldur's Gate 3 has not only bolstered the studio's financial standing but also established the game as a major player in the RPG market.
<h1 class="wp-block-heading">Sales and Licensing Revenue</h1>
Although Larian did not disclose exact sales figures for the game, a <a href="https://www.independent.ie/business/irish/dublin-firm-behind-baldurs-gate-game-posts-249m-profit-after-runaway-success/a2033961431.html">report</a> from the Irish Independent estimates it sold around 15 million copies by the end of 2023.
This aligns with earlier statements from publishing director Michael Douse, who noted sales exceeding 10 million. Additionally, Hasbro Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>), the parent company of Dungeons &amp; Dragons owner Wizards of the Coast, confirmed the game generated $90 million in licensing revenue.
The game's popularity continued into 2024, with Douse reporting a 20% increase in daily active users compared to the previous year, supported by ongoing interest in community-created mods.
<h1 class="wp-block-heading">Future Plans and Ownership</h1>
Larian CEO Swen Vincke pointed out the studio's strengthened position in a September<a href="https://www.ign.com/articles/baldurs-gate-3-one-year-later-larian-interview"> interview</a> with IGN, stating that Larian is now able to "pick our own destiny and our own path." Rather than developing DLC or a sequel for Baldur's Gate 3, the company plans to focus on new original projects.
Despite Vincke's majority ownership of Larian's ordinary shares, the Irish Independent reported that Chinese tech company Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) holds a significant share of preference stock through its Tencent Cloud Europe division.
<h1 class="wp-block-heading">Global Development and Growth</h1>
Larian employed a "follow the sun" development approach for Baldur's Gate 3, utilizing its network of studios across cities such as Dublin, Ghent, Kuala Lumpur and Quebec to maintain round-the-clock production. This method, combined with the game's success, has elevated Larian's profile within the industry.
While Larian has a history of well-regarded titles, such as Divinity: Original Sin, the success of Baldur's Gate 3 represents a new level of commercial achievement for the studio.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/11/42144628/gta-6-trailer-2-fans-frustrated-as-rockstar-possibly-breaks-moon-theory">GTA 6 Trailer 2 Fans Frustrated As Rockstar Possibly Breaks Moon Theory</a></li>
</ul>
Photo: Shutterstock.

Gaming

Global

General

TCEHY

How Baldur's Gate 3 Turned Larian Studios Into A $447 Million Powerhouse

On Monday, Biohaven Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) updated the taldefgrobep alfa development programs in Spinal Muscular <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42160873/biohaven-provides-update-on-taldefgrobep-alfa-development-program-for-spinal-muscular-atrophy-and-" rel="noreferrer noopener">Atrophy (SMA) and obesity</a>.&nbsp;
In the RESILIENT SMA study, taldefgrobep showed clinically meaningful improvements in motor function at all time points on the Motor Function Measurement-32 scale (MFM-32), but the treatment arm did not statistically separate on the primary outcome at 48 weeks compared to the placebo+standard of care (SOC) group.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40984428/biohaven-stock-spikes-after-drug-candidate-to-treat-rare-neurodegenerative-disease-shows-promise" rel="noreferrer noopener">Biohaven Stock Spikes After Drug Candidate To Treat Rare Neurodegenerative Disease Shows Promise</a>
Signals of efficacy were observed in clinically relevant and biomarker-defined subgroups including those related to age, ambulatory status, background therapy, and presence of myostatin at baseline.
An unexpectedly large subgroup (35%) of subjects had no measurable levels of myostatin at baseline and had imbalances in some genetic factors (SMN2 copy number, race) across treatment arms.
Analyses of prespecified subgroups by race and ethnicity demonstrated that the largest study population (87% Caucasian; n=180) showed a 2.2-point change-from-baseline improvement with taldefgrobep treatment on the MFM-32 at Week 48 compared to a 1.1-point change-from-baseline improvement in the corresponding placebo+SOC group (p &lt; 0.039).
Non-Caucasian subjects (n=26) had a higher-than-expected placebo response and did not separate from the placebo on the MFM-32 at Week 48 (p=0.24).
In the overall study population, taldefgrobep demonstrated a greater reduction in the percent change in total body fat mass compared to the placebo+SOC arm (p=0.008).
The taldefgrobep arm also showed numerically larger increases in lean muscle mass and bone density compared to the placebo+SOC arm.&nbsp;
Biohaven intends to accelerate taldefgrobep clinical plans in 4Q24, advancing a self-administered autoinjector&nbsp;in adults living with overweight and obesity.
In reaction to the trial update, Scholar Rock&nbsp;Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRRK#NASDAQ">SRRK</a>) stock is trading higher. For the unversed, Scholar Rock&nbsp;is developing apitegromab, an investigational, fully human monoclonal antibody that inhibits myostatin <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41896394/scholar-rock-reports-third-quarter-2024-financial-results-and-highlights-business-progress" rel="noreferrer noopener">activation for SMA</a>.
In October, Scholar Rock&#8217;s Phase 3 SAPPHIRE trial of apitegromab for SMA achieved its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement for apitegromab versus placebo <a target="_blank" href="https://www.benzinga.com/general/biotech/24/10/41208885/scholar-rocks-muscle-wasting-drug-excels-in-pivotal-trial-plans-fda-submission-next-year" rel="noreferrer noopener">in motor function</a>.
Price Action: SRRK stock is up 33.2% at $39.85, and BHVN stock is up 0.91% at $46.01 at last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42164927/cassava-sciences-controversial-alzheimers-drug-fails-to-hit-primary-goal-in-pivotal-study-halts-late-stage-studies" target="_blank" rel="noreferrer noopener">Cassava Sciences&#8217; Controversial Alzheimer&#8217;s Drug Fails To Hit Primary Goal In Pivotal Study, Halts Late-Stage Studies</a></li>
</ul>
Illustration of Phrama lab worker created with MidJourney.

Biotech

Equities

Health Care

Movers

Trading Ideas

BHVN

SRRK

Scholar Rock Stock Jumps As Rival Biohaven's Muscle-Wasting Drug Flunks Pivotal Study

Roth MKM analyst Richard Baldry upgrades Synchronoss Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNCR#NASDAQ">SNCR</a>) from Neutral to Buy and raises the price target from $11 to $13.

Upgrades

SNCR

Roth MKM Upgrades Synchronoss Technologies to Buy, Raises Price Target to $13

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares hit a new 52-week high of $47.49 during Monday&#8217;s session. The surge follows news this month marked by the Federal Reserve's decision to <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41820253/fed-cuts-interest-rates-to-lowest-since-february-2023-sticks-to-data-driven-path">cut interest rates</a> and Donald Trump's victory in the <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">2024 presidential election</a>.
<h3 class="wp-block-heading">Fed's Rate Cut Boosts Financials</h3>
The Federal Reserve lowered the federal funds rate by 0.25 percentage points on Thursday, bringing the target range to 4.5%-4.75%. This marked the lowest level since early 2023 as policymakers aim to sustain economic growth while inflation moderates. The Fed emphasized that inflation has "made further progress" toward its 2% target but remains "somewhat elevated."
For banks like Bank of America, rate cuts are a double-edged sword. Lower rates can pressure net interest margins, but they also stimulate loan demand, particularly in mortgage and consumer lending, benefiting institutions with a strong retail banking presence.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42165391/vanguards-sp-500-etf-hits-100-billion-inflows-in-2024-is-spys-crown-at-risk">Vanguard&#8217;s S&amp;P 500 ETF Hits $100 Billion Inflows In 2024: Is SPY&#8217;s Crown At Risk?</a>
<h3 class="wp-block-heading">Market Reaction Toward Trump's Policies</h3>
Trump's election victory, coupled with a Republican-controlled Senate, has fueled expectations of pro-growth policies. Proposals to <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">extend corporate tax cuts</a>, roll back climate regulations and increase infrastructure spending could drive economic growth and enhance banking profitability. 
Meanwhile, Trump's proposed tariffs on imports could nudge inflation higher, prompting the Fed to maintain tighter monetary conditions, a potential boon for banks.
Read Also: <a href="https://www.benzinga.com/startups/24/11/42167402/we-are-disappointed-intel-ceo-criticizes-delays-as-biden-pushes-6-6-billion-to-tsmc">&#8216;We Are Disappointed.&#8217; Intel CEO Criticizes Delays As Biden Pushes $6.6 Billion To TSMC</a>
<h2 class="wp-block-heading">How To Buy BAC Stock</h2>
By now you're likely curious about how to participate in the market for Bank of America &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, BAC has a 52-week high of $47.49 and a 52-week low of $29.32.

What's Going On With Bank Of America (BAC) Shares

Joby Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) is soaring to new heights—literally and figuratively. The stock is making new 52-week highs on Monday, <a href="https://www.benzinga.com/quote/JOBY/news">fueled by news</a> of half a billion-dollar investment from Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>). 
Joby stock was up by over 10% by 10:30 AM ET on Monday.
Joby's meteoric rise — a staggering 54.75% gain in the past month and 42.34% over the last five days (both rising) — signals a market awakening to the future of air mobility.
<h2 class="wp-block-heading">Toyota's Half-Billion Dollar Lift</h2>
Toyota&#8217;s <a href="https://www.yahoo.com/news/toyota-pouring-half-billion-dollars-110001029.html">recent</a> $500 million investment into the electric vertical takeoff and landing (eVTOL) technology company has electrified the buzz around Joby. The funding is earmarked to help Joby secure crucial flight certifications and ramp up commercial production of its futuristic air taxis. This isn't Toyota's first rodeo with Joby — their partnership dates back to 2019, with nearly $900 million in total investments so far, making Toyota a cornerstone of Joby's success.
"Today's investment builds on nearly seven years of collaboration between our companies," said Joby CEO JoeBen Bevirt. Toyota's support extends beyond cash, with the auto giant contributing expertise in manufacturing and process planning. 
Together, they're chasing a shared vision of sustainable, urban air mobility.
Read Also: <a href="https://www.benzinga.com/24/11/42071065/analyst-says-faa-support-uber-partnership-push-joby-aviation-toward-air-taxi-leadership">Joby Aviation Positioned For Air Taxi Leadership, Thanks To FAA Backing And Uber Partnership: Analyst</a>
<h2 class="wp-block-heading">From Helicopters To Hovercrafts</h2>
Joby's eVTOL aircraft, powered by six electric motors, is the eco-friendly answer to traditional helicopters. With zero emissions during operation and speeds of up to 200 mph, Joby's air taxi is designed to hold one pilot and four passengers. Compared to the carbon-heavy Airbus AS350 helicopter, which spews out 950 pounds of CO2 per hour, Joby's eVTOL slashes emissions by 52%, even when charged with non-renewable energy.
<h2 class="wp-block-heading">Joby Stock Investors Strap In</h2>
Joby's recent rally has pushed the stock price well above its short- and long-term moving averages, solidifying a bullish trend:
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25104256/Screenshot-2024-11-25-at-9.12.40-PM.png" alt="" class="wp-image-663649" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25104256/Screenshot-2024-11-25-at-9.12.40-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25104256/Screenshot-2024-11-25-at-9.12.40-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
<ul>
<li>Eight-day SMA (simple moving average): $6.43</li>
<li>20-day SMA: $5.76</li>
<li>50-day SMA: $5.59</li>
<li>200-day SMA: $5.36</li>
</ul>
With Joby stock at $7.80, every metric screams &#8216;bullish&#8217;. The MACD (moving average convergence/divergence) indicator of 0.42 adds to the technical enthusiasm. 
Traders may want to watch for any signs of reversal as the RSI (relative strength index) in the overbought territory at 74.03, spelling caution.
<h2 class="wp-block-heading">What's Next For Joby Stock?</h2>
Beyond the stock chart excitement, Joby is making real-world strides. The company has <a href="https://www.investing.com/news/company-news/joby-aviation-stock-soars-to-52week-high-of-77-amid-growth-optimism-93CH-3739979">completed</a> production of its third aircraft and broken ground on a new California facility, set to double manufacturing capacity. 
Earlier this year, Joby even showcased its air taxi in New York City, capturing imaginations and headlines alike.
Needham analysts recently initiated coverage with a Buy rating and a price target of $8, citing Joby's first-mover advantage in the emerging air taxi industry. Regulatory winds are also blowing in Joby's favor, with anticipated green lights from the FAA that could unlock a $3 billion market opportunity.
<h2 class="wp-block-heading">High Hopes, Higher Stakes</h2>
With Toyota's backing, innovative tech, and a bullish stock trajectory, Joby is positioned as a frontrunner in the race to revolutionize short-distance air travel. 
But the stakes remain sky-high—securing regulatory approvals and achieving commercial viability are monumental tasks. 
For now, though, Joby stock is flying high, and investors seem ready to go along for the ride.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41754469/air-mobility-stocks-prepare-for-takeoff-will-joby-archer-blade-soar-above-certifica">Air Mobility Stocks Prepare For Takeoff: Will Joby, Archer, Blade Soar Above Certification, Cash Challenges?</a></li>
</ul>
Image: Joby Aviation

Technicals

JOBY

Joby Gets Toyota's $500M Dollar Lift: eVTOL Pioneer Making New Highs

A new report has revealed a startling trend in the cryptocurrency market: 76% of influencers on X (formerly Twitter( promoting meme coins are endorsing tokens that eventually lose <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37184038/crypto-trader-sinks-88-900-on-drake-affiliated-wynn-i-will-never-forgive-you-for-making-me">nearly all their value</a>.
What Happened: The <a href="https://coinwire.com/76-percent-twitter-influencers-promote-dead-memecoins-study/">study</a>, by CoinWire, analyzed 1,567 meme coins promoted by 377 influencers, uncovering that two out of three tokens they promoted are now classified as "dead."
The report's findings are particularly concerning for retail investors drawn to the hype surrounding popular meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>). 
While established tokens such as DOGE and SHIB have maintained significant market presence and liquidity, many of the promoted meme coins fail to replicate this success. 
Instead, they follow a pattern of rapid value decline, with 86% losing 90% of their value within three months of promotion.
Even the allure of potential 10x returns—often the centerpiece of influencer hype—proved elusive, with only 3% of promoted tokens achieving such gains. 
Larger influencers, those with over 200,000 followers, fared worse, delivering 89% negative returns on promoted tokens within three months, compared to smaller influencers who sometimes achieved positive results.
"Influencers benefit financially from these promotions, with average earnings of $399 per tweet," the report states. "However, the data shows that these endorsements frequently lead to significant losses for their followers."
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42166673/drug-cartels-use-tether-and-bitcoin-to-launder-millions-court-documents-reveal">Drug Cartels Use Tether And Bitcoin To Launder Millions, Court Documents Reveal</a>
Why It Matters: Speaking with Benzinga, Eric Chen, CEO and co-founder of Injective Labs said that influencers in crypto represent a broad spectrum of individuals and strategies. 
While some may chase momentum by promoting volatile or speculative tokens, others focus on more nuanced, qualitative insights, Chen said. 
He cautioned against oversimplifying the role of influencers, noting that token performance depends on a variety of factors, including market sentiment, retail investor activity, and decisions by larger players like whales.
"While there are undoubtedly some bad actors in the space, it's unfair to generalize the actions of a few as representative of the entire group. Market direction is driven by a wide array of participants, not just influencers," Chen added.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42165734/bitcoin-etfs-registered-record-312-billion-net-inflows-last-week">Bitcoin ETFs Registered Record $3.12 Billion Net Inflows Last Week</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$DOGE

$SHIB

Don't Get Fooled By The Success Of Dogecoin, Shiba Inu: 76% Of X (Twitter) Influencers Promote Dead Meme Coins, Study Reveals

B. Riley Securities analyst Hal Goetsch maintains Priority Tech Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTH#NASDAQ">PRTH</a>) with a Buy and raises the price target from $13 to $16.

PRTH

B. Riley Securities Maintains Buy on Priority Tech Holdings, Raises Price Target to $16

A <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.benzinga.com/topic/dea-cannabis&amp;ved=2ahUKEwi-55vk7veJAxX8IbkGHctZFHAQFnoECBkQAQ&amp;usg=AOvVaw2exrY_OTgOJ9N-asMwoMUl">DEA</a> administrative law judge has denied MedPharm's motion to participate in the December 2 marijuana rescheduling hearing, deferring to DEA Administrator Anne Milgram's authority. 
MedPharm, a DEA-registered research firm, criticized the exclusion of marijuana researchers and the inclusion of prohibitionist organizations, calling the process biased.
<h3 class="wp-block-heading">MedPharm&#8217;s Motion And Criticism</h3>
MedPharm filed a motion to intervene after being excluded from the witness list, arguing the fact that no DEA-licensed marijuana researchers were included.
"The deck appears to be stacked against those in favor" of rescheduling marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA), MedPharm noted.
It also alleged that the witness list, which included the anti-cannabis prohibitionist group <a href="https://www.benzinga.com/markets/cannabis/24/05/38733313/anti-cannabis-group-raises-money-to-scuttle-dea-rescheduling-effort">Smart Approaches to Marijuana</a> (SAM), undermines the legitimacy of the process, describing the decision as an attempt to &#8220;thwart a legitimate process,&#8221; as <a href="https://www.marijuanamoment.net/dea-judge-denies-agency-registered-drug-companys-request-to-join-marijuana-rescheduling-hearing/">reported</a> Marijuana Moment.
Read Also: <a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens">DEA Slammed For Unlawful Talks With Cannabis Opponents &#8211; The Plot Thickens</a>
Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h3 class="wp-block-heading">Judge Mulrooney's Decision</h3>
DEA Administrative Law Judge John Mulrooney denied MedPharm's motion, citing statutory limits on his authority. 
"The Administrator exercised her discretion to fix the number of participants," Mulrooney said, adding that expanding the list would exceed his role under the Administrative Procedures Act.
Mulrooney acknowledged the value of wider input but noted that the DEA prioritizes participants who can demonstrate adverse impacts from the proposed policy change, which becomes apparent by viewing the <a href="https://www.benzinga.com/markets/cannabis/24/11/41726679/village-farms-is-only-cannabis-operator-selected-to-represent-weed-industry-at-dea-rescheduling-">biased list</a>.
The exclusion of key scientific voices has <a href="https://www.benzinga.com/markets/cannabis/24/11/41726679/village-farms-is-only-cannabis-operator-selected-to-represent-weed-industry-at-dea-rescheduling-">raised concerns</a> about the process's fairness, particularly as the Department of Health and Human Services (HHS) and the DEA&#8217;s Office of Legal Counsel support rescheduling.
The upcoming hearing will allow cross-examination of witnesses from both sides, but critics warn the imbalance could skew outcomes. Mulrooney is leading another case where the DEA is accused of engaging in <a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens">unlawful conversations</a> with anti-cannabis groups ahead of the December 2 hearing.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/42093641/dea-is-compromised-doj-should-replace-it-in-cannabis-rescheduling-claims-joint-motion">DEA Is Compromised, DOJ Should Replace It In Cannabis Rescheduling, Claims Joint Motion</a></li>
</ul>
Cover: AI generated image

Cannabis

Government

Politics

Markets

DEA Judge Blocks Researcher's Motion In Cannabis Rescheduling Case,

<a href="https://www.reuters.com/legal/government/us-justice-dept-questions-scope-realtor-groups-418-mln-settlement-2024-11-25/" title="https://www.reuters.com/legal/government/us-justice-dept-questions-scope-realtor-groups-418-mln-settlement-2024-11-25/">https://www.reuters.com/legal/government/us-justice-dept-questions-scope-realtor-groups-418-mln-settlement-2024-11-25/</a>

Legal

RMAX

'The U.S. Justice Department's Antitrust Division Warned A Federal Judge On Sunday That Part Of A Proposed $418M Settlement In A Class Action Over Home Sales Commissions Could Limit How Real Estate Brokers Compete; The Settlement With The National Association Of Realtors Would End The Practice Of Forcing Home Sellers To Pay A Commission To A Buyer's Agent In Order To List Their Homes For Sale' - Reuters

Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) stock is trading higher on Monday following a report indicating that the company is close to securing a $8 billion <a href="https://www.benzinga.com//node/42157390">grant</a>. 
What To Know: According to CNBC which <a href="https://www.cnbc.com/2024/11/25/intel-close-to-8-billion-chips-act-grant-source.html">cited</a> people familiar with the matter, the CHIPS Act Office and Intel are close to finalizing an approximately $8 billion dollar grant. 
If awarded, the $8 billion is set to fund Intel's factory building efforts. The award is expected to be finalized by the CHIPS Act Office, which operates under the U.S. Commerce Department, within the next few weeks.
The New York Times, citing people with familiar with the matter, <a href="https://www.nytimes.com/2024/11/24/business/washington-curtails-intel-grant.html">reported</a> that the government has decided to reduce the grant from $8.5 billion to about $8 billion after the company delayed certain investments and continues to face other business struggles.
Specifically, the reduction takes into account the fact that Intel decided to delay its planned investments in chip facilities in Ohio. The company intends to complete the project by the end of the decade instead of its original 2025 target.
Furthermore, Intel has struggled to match the technological capabilities of competitors like Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and recently reported its largest quarterly loss. The government&#8217;s choice to reduce the grant also takes into account a $3 billion contract to manufacture chips for the U.S. military.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42154900/crypto-expert-who-called-2022-market-crash-warns-about-bitcoin">Crypto Expert Who Called 2022 Market Crash Warns About Bitcoin</a>
INTC Price Action: At the time of pubication, Intel stock is trading 2.84% higher at $25.20, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Unsplash

INTC

What's Going On With Intel Shares Monday?

B. Riley Securities analyst Kalpit Patel maintains PDS Biotechnology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDSB#NASDAQ">PDSB</a>) with a Buy and lowers the price target from $9 to $7.

PDSB

B. Riley Securities Maintains Buy on PDS Biotechnology, Lowers Price Target to $7

Ben &amp; Jerry's and Unilever are no longer the perfect match they seemed to be 20 years ago. In 2000, Unilever bought the progressive ice cream company, hoping to bottle some of its feel-good vibes and sprinkle them across its corporate culture. For a while, it worked. Ben &amp; Jerry's became a billion-dollar brand, growing while still standing for things like same-sex marriage, climate action and even Occupy Wall Street.
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But times have changed. Last week, <a href="https://www.benzinga.com/news/global/24/11/41984983/ben-jerrys-sues-parent-company-unilever-over-alleged-gaza-protest-censorship">Ben &amp; Jerry's sued Unilever</a>, accusing the parent company of breaking an agreement by blocking its support for Palestinian rights. Ben &amp; Jerry's claims Unilever threatened to "dismantle" its independent board and sue board members if the subsidiary issued a statement calling for "peace and a permanent and immediate ceasefire" in the Middle East. This is according to a Nov. 13 complaint filed in federal court in New York. The suit also alleges Peter ter Kulve, president of Unilever's ice cream business and Jeff Eglash, Unilever's global head of litigation, warned Ben &amp; Jerry's employees of "professional reprisals" if they pushed for a ceasefire.
Unilever responded, saying its "heart goes out to all the victims of the tragic events in the Middle East." But it firmly rejected the claims made by Ben &amp; Jerry's social mission board. "We will defend our case very strongly," a spokesperson said in comments emailed to ESG Dive on Tuesday.
This rift goes back to 2021, when Ben &amp; Jerry's decided to stop selling in the Israeli-occupied West Bank, stating it was "inconsistent with our values."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
For Unilever, this is about more than just ice cream. It's about dollars and cents. Gaza and its implications for<a href="https://www.benzinga.com/news/earnings/24/07/39959838/unilever-boasts-improved-profitability-power-brands-led-gross-margin-expansion-ceo-says"> financial performance</a> are business issues for them. But Ben &amp; Jerry's sees it differently, viewing it as a moral stand. And that's where things get messy.
The clash isn't unique to these two brands. "Across corporate America, the calculus for companies has shifted wildly when it comes to speaking out and taking a stand," wrote columnist Beth Kowlitt of Bloomberg. "No topic today is apolitical, no issue uncontroversial." Supporting social or environmental causes comes with risks – boycotts, backlash and even falling profits. Brands like Bud Light, Disney and Target have learned the hard way that speaking out can cost.
Unilever used to focus heavily on brands with purpose. Vaseline helped Syrian refugees, Hellmann's fought food waste and Ben &amp; Jerry's was the crown jewel, the gold standard for doing good. But under pressure from activist investors and flagging results, Unilever started scaling back. Plastic reduction goals were cut and living wage commitments softened.
See Also: If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?
Meanwhile, Ben &amp; Jerry's stuck to its guns. When Unilever took over, its independent board was created to protect its social mission. That division – board for social causes, Unilever for the business – used to work. Not anymore. The line between mission and money has blurred and Unilever is learning this the hard way.
This isn't just about ice cream. It's about the end of an era. Companies once paid a premium for brands like Ben &amp; Jerry's, hoping their values would rub off. Coca-Cola bought Odwalla, PepsiCo picked up Naked Juice and Colgate snagged Tom's of Maine. But the shine of those "halo brands" has dimmed. Odwalla and Honest Tea are gone. Naked Juice was sold off.
Unilever plans to spin off or sell Ben &amp; Jerry's and its ice cream business. But will buyers see the brand's values as an asset or a liability? That's the billion-dollar question.
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Startups

Ben & Jerry's And Unilever Clash Over Gaza As Social Stances Threaten A $1 Billion Brand

In the current session, the stock is trading at $134.25, after a 6.19% increase. Over the past month, e.l.f. Beauty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) stock increased by 18.17%, and in the past year, by 13.25%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1732553107_0.png" alt="Past Year Chart" />

<h3>Evaluating e.l.f. Beauty P/E in Comparison to Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
e.l.f. Beauty has a better P/E ratio of 68.34 than the aggregate P/E ratio of 44.3 of the Personal Products industry. Ideally, one might believe that e.l.f. Beauty Inc. might perform better in the future than it's industry group, but it's probable that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1732553107_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

Price Over Earnings Overview: e.l.f. Beauty

RBC Capital analyst Irene Nattel maintains Dollarama (TSX:<a class="ticker" href="https://www.benzinga.com/stock/DOL#TSX">DOL</a>) with a Outperform and raises the price target from C$147 to C$160.

TSX:DOL

RBC Capital Maintains Outperform on Dollarama, Raises Price Target to C$160

B. Riley Securities analyst Josh Nichols maintains Ooma (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OOMA#NYSE">OOMA</a>) with a Buy and raises the price target from $14.5 to $15.5.

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